251211.mbx

251211.mbx T R O U B L E D C O M P A N Y R E P O R T E R Thursday, December 11, 2025, Vol. 29, No. 344 Headlines 210 AT HARRISON: Brian Walding Named Subchapter V Trustee 23ANDME HOLDINGS: Taps Pfizer Attorney as GC, CRO 350 5TH STREET: Computershare Wants Trigild's Lagowitz as Receiver 4L TOPCO: S&P Withdraws 'CCC+' Issuer Credit Rating, Outlook Neg. 904 X 4 INC: Jerrett McConnell Named Subchapter V Trustee ACCURADIO LLC: Unsecureds Will Get 50% of Claims in Plan ADAPTIV RESEARCH: Liquidation Status Update Due December 19 AL GCX HOLDINGS: S&P Downgrades ICR to 'B+' on Recapitalization ANDERSON HAY: Gets Interim OK to Use Cash Collateral Until Dec. 20 ANR INSULATION: Case Summary & 15 Unsecured Creditors ANTERO MIDSTREAM: S&P Affirms 'BB+' ICR on Announced Acquisition ANTERO MIDSTREAM: S&P Rates New $500MM Sr. Unsecured Notes 'BB+' ASCEND PERFORMANCE: Gets Court Approval for Chapter 11 Plan ASURION LLC: S&P Rates New $1.25BB Senior Secured Notes 'BB-' BCPE PEQUOD: Moody's Affirms 'B3' CFR, Outlook Remains Stable BELLE MEADE: U.S. Trustee Unable to Appoint Committee BELLRING BRANDS: Moody's Alters Outlook on 'B1' CFR to Stable BLACK SPOT: Gets Interim OK to Use Cash Collateral Until Jan. 14 BLACKHAWK MINING: Pocahontas Loses Bid to Terminate, Reform Lease BLOOMIN' BRANDS: S&P Lowers ICR to 'B+', Alters Outlook to Stable BSG CORP: Voluntary Chapter 11 Case Summary BURGESS POINT: S&P Downgrades ICR to 'CCC+', Outlook Negative CARPENTER FAMILY: Court OKs Tract 3 Carpenter Farm Sale to SSMP CARPENTER FAMILY: Tract 2 Carpenter Farm Sale to B. & P. Rush OK'd CARROLL COUNTY ENERGY: S&P Upgrades ICR to 'BB', Outlook Stable CCC INTELLIGENT: S&P Affirms 'BB-' ICR on Term Loan Increase CD&R SMOKEY: S&P Alters Outlook to Negative, Affirms 'B-' ICR CHOICE ELECTRIC: Kevin Neiman Named Subchapter V Trustee CHRISTMAS TREE: Court to Abstain from Hearing Hilco Adversary Case CHURCH OF THE IMMACULATE: Seeks Chapter 11 Bankruptcy in New York COLUMBIA COMPONENTS: Seeks Chapter 7 Bankruptcy in Oregon CONFLUENCE CORPORATION: Seeks Cash Collateral Access Thru June 2026 CREATIVE REALITIES: Names Tamra Koshewa as Chief Financial Officer DIAMONDHEAD CASINO: Former CEO Loses Bid to Stay Chapter 7 Case DYNACQ HEALTHCARE: Case Summary & 30 Largest Unsecured Creditors E&M BINDERY: Scott Rever Named Subchapter V Trustee E&M BINDERY: Seeks to Sell Remaining Equipment ECOM AUTHORITY: Jackie Nanney Steps Down as Committee Member EDELMAN FINANCIAL: S&P Affirms 'B' ICR on Stable Revenue Growth ENTRADA RESTAURANT: Section 341(a) Meeting of Creditors on Jan. 7 ENVIRI CORP: S&P Places 'B+' ICR on CreditWatch Developing ETHEMA HEALTH: Posts $66,000 Q3 Income, Warns of Cash Crunch FIRST BRANDS: Gets Clearance to Tap Advisers Amid Dispute Concerns FOREST CITY REALTY: S&P Withdraws 'CCC' LT Issuer Credit Rating FOUNDATION WERKS: Katharine Clark Named Subchapter V Trustee FREEDOM ELECTRIC: Daniel Bruton Named Subchapter V Trustee FTX TRADING: Customers Want Final $10MM Deal Approval w/ Silvergate FTX TRADING: Farmington, et al. Case Dismissed Without Prejudice GAI AIR: Judge Needs One Week to Determine How to Handle Chapter 11 GALLERIA 2425: Dismissal of Choudhri's Tax Lien Case Affirmed GENERATION HEALTHCARE: Case Summary & 20 Top Unsecured Creditors GEON PERFORMANCE: Moody's Alters Outlook on 'B2' CFR to Negative HEADWAY WORKFORCE: Plan Contemplates Two Scenarios HEYL & PATTERSON: Whiteford Taylor Wins Bid to Remand ACS Lawsuit HUDSON PACIFIC: Appoints Jon Bortz to Board of Directors I-ON DIGITAL: Retains Craft Capital as Exclusive IPO Underwriter INTERFACE INC: Moody's Withdraws Ba3 CFR Following Debt Repayment JAMES GAMBACORTO: UST Wins Bid to Supplement Appellate Record KESTRA ADVISOR: Moody's Affirms 'B3' CFR, Outlook Remains Stable KOMI INC: U.S. Trustee Unable to Appoint Committee LEARNING CARE: S&P Downgrades ICR to 'B-' on Elevated Leverage LEVEL 3 FINANCING: S&P Rates New $750MM Sr. Unsecured Notes 'CCC' LUMEXA IMAGING: S&P Assigned Prelim 'B+' Rating, On Watch Positive LUNAI BIOWORKS: Inks $11.7MM ATM Agreement with Dawson James MADISON FURNITURE: Seeks Chapter 7 Bankruptcy in Oregon MARINER WEALTH: S&P Rates $1.02BB First Lien Term Loan 'B' MEXCOL GROUP: Kimberly Ross Clayson Named Subchapter V Trustee MINISTERIOUS UNA VOZ: Case Summary & Nine Unsecured Creditors MY GEORGIA: Tamara Miles Ogier Named Subchapter V Trustee NEWFOLD DIGITAL: S&P Downgrades ICR to 'D' on Debt Restructuring NIKOLA CORP: CEO Seeks to Halt Asset Sale, Promises Higher Offer OROVILLE HOSPITAL: Case Summary & 30 Largest Unsecured Creditors OROVILLE HOSPITAL: Seeks Ch. 11 Bankruptcy, Sell Facilities PAINT INTERMEDIATE: Moody's Alters Outlook on 'B2' CFR to Stable PINE GATE: Secures $1.6-Bil. Bankruptcy Loan Amid Creditor Deals PIONEER AEROSPACE: Safran, et al. Lose Bid to Stay Fund Lawsuit PORT ELIZABETH: U.S. Trustee Appoints Creditors' Committee POSIGEN PBC: Accused of Using Illicit Funds to Finance Ch. 11 Case POSIGEN PBC: U.S. Trustee Appoints Creditors' Committee POWER REIT: Henry Posner III Holds 6.2% Stake as of December 3 PRESBYTERIAN HOMES: Gets Additional $278K DIP Loan From Stock Yards PROG HOLDINGS: Moody's Puts 'B1' CFR Under Review for Downgrade PROG HOLDINGS: S&P Alters Outlook to Negative, Affirms 'BB-' ICR R. P. HUGHES: Amy Denton Mayer Named Subchapter V Trustee RED RIVER: Judge Orders Expert Invoice Disclosure in Talc MDL SANDISK CORP: S&P Alters Outlook to Positive, Affirms 'BB' ICR SAVOR HOLDINGS: S&P Affirms 'B' Rating on First-Lien Term Loan B SCOTTISH RE: Court Okays Commissioner's Proposed Claims Procedures SEEDCO INC: Seeks Chapter 7 Bankruptcy in Ohio SIMMONS UNIVERSITY: S&P Affirms 'BB+' Rating on Revenue Bonds SINCLAIR TELEVISION: S&P Affirms 'B-' Rating on Sr. Secured Debt SLM STUDENT 2010-2: S&P Lowers Class A/B Notes Rating to 'BB (sf)' SMT TRUCKING: Ciara Rogers Named Subchapter V Trustee SMT TRUCKING: Files Emergency Bid to Use Cash Collateral SOUTHERN CHICKEN-PEACHTREE: US Trustee Unable to Appoint Committee SOUTHERN CHICKEN-WOODSTOCK: US Trustee Unable to Appoint Committee SPIRIT AIRLINES: Drops Proposal to Furlough 365 Pilots SPIRIT AVIATION: Esopus Holds 5.1%, Urges Strategic Transaction SUBURBAN PROPANE: S&P Rates New $350MM Sr. Unsecured Notes 'BB-' SUGAR HILL: U.S. Trustee Wins Dismissal of Bankruptcy Case TEDDER INDUSTRIES: Case Summary & 30 Largest Unsecured Creditors TRUE VALUE: Court Refuses to Enforce United Settlement Agreement UNC HEALTH: S&P Affirms 'BB-' LT Rating on 2021A/B Revenue Bonds UNDER ARMOUR: Moody's Lowers CFR to B1 & Alters Outlook to Stable VERRICA PHARMACEUTICALS: Affinity Entities Hold 5.47% Equity Stake WANJOGU LLC: John Whaley Named Subchapter V Trustee WEEKLEY HOMES: S&P Downgrades ICR to 'BB-', Outlook Stable WESTSIDE NEIGHBORHOOD: S&P Affirms 'BB' Rating on Revenue Bonds WITH PURPOSE: Trustee Says Winston Played Role in Collapse WORKHORSE GROUP: Executes 1-for-12 Stock Split to Aid Motiv Merger WORKZ LLC: Seeks Chapter 11 Bankruptcy in Ohio [] David Sabath SEDA Experts as Managing Director [^] Recent Small-Dollar & Individual Chapter 11 Filings ********* 210 AT HARRISON: Brian Walding Named Subchapter V Trustee --------------------------------------------------------- The U.S. Bankruptcy Administrator for the Northern District of Alabama appointed Brian Walding of Walding, LLC as Subchapter V Trustee for 210 At Harrison Court, LLC. The Subchapter V trustee can be reached at: Brian R. Walding Walding, LLC 2227 1st Avenue South, Suite 100 Birmingham, Alabama 35233 Phone: 205-307-5050 Email: bwalding@waldinglaw.com About 210 at Harrison Court LLC 210 at Harrison Court, LLC specializes in real estate investment and property management. It acquires, develops, and manages residential and commercial properties, ensuring efficient operations and tenant services in its Alabama-based holdings. 210 at Harrison Court sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ala. Case No. 25-03649) on December 2, 2025. In its petition, the Debtor reported between $1 million and $10 million in assets and liabilities. Honorable Bankruptcy Judge Tamara O. Mitchell handles the case. 23ANDME HOLDINGS: Taps Pfizer Attorney as GC, CRO ------------------------------------------------- Rose Krebs of Law360 Bankruptcy Authority reports that the 23andMe Research Institute announced December 9, 2025, that it has hired a longtime Pfizer attorney to serve as its general counsel and chief risk officer. The nonprofit medical research organization said the new hire brings deep experience in pharmaceutical regulation and corporate risk management. According to the institute, the appointment strengthens its legal and compliance infrastructure as it continues to expand its research efforts. Leadership said the addition will help guide the organization through increasingly complex regulatory and scientific environments. About 23andMe Holding Co. 23andMe Holding Co. is a genetics-led consumer healthcare and biotechnology company in San Francisco, Calif. Through its direct-to-consumer genetic testing, 23andMe offers personalized insights into ancestry, genetic traits, and health risks. The company has developed a large database of genetic information from over 15 million customers, enabling it to provide health and carrier status reports and collaborate on genetic research for drug development. On the Web: http://www.23andme.com/ On March 23, 2025, 23andMe and 11 affiliated debtors each filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Mo. Lead Case No. 25-40976). 23andMe disclosed $277,422,000 in total assets against $214,702,000 in total liabilities as of Dec. 31, 2024. Paul, Weiss, Rifkind, Wharton & Garrison, LLP, Morgan, Lewis & Bockius, LLP and Carmody MacDonald, PC serve as legal counsel to the Debtors while Alvarez & Marsal North America, LLC serve as the restructuring advisor. The Debtors tapped Reevemark, LLC and Scale Strategy Operations, LLC as communications advisors and Kroll Restructuring Administration Services, LLC as claims agent. Lewis Rice LLC, Moelis & Company LLC, and Goodwin Procter LLP serve as special local counsel, investment banker, and legal advisor to the Special Committee of 23andMe's Board of Directors, respectively. Jerry Jensen, Acting U.S. Trustee for Region 13, appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. The committee tapped Kelley Drye & Warren, LLP and Stinson, LLP as legal counsel and FTI Consulting, Inc. as financial advisor. 350 5TH STREET: Computershare Wants Trigild's Lagowitz as Receiver ------------------------------------------------------------------ Computershare Trust Company, National Association, filed a motion with the U.S. District Court for the Eastern District of New York, seeking the appointment of Ian Lagowitz of Trigild LLC, 24 Church Street, Montclair, New Jersey 07042, as an independent property receiver for 350 5th Street and 372 Baltic Street CC LLC. Computershare is the Trustee for the benefit of the registered holders of BBCMS Mortgage Trust 2023-C19, Commercial Mortgage Pass-Through Certificates, Series 2023-C19. The Trustee sued 350 5th Street CC LLC, 372 Baltic Street CC LLC, Abe Cohen, Department of Housing Preservation and Development of the City of New York, New York City Department of Finance, New York State Department of Taxation and Finance, and New York City Environmental Control Board to foreclose a commercial mortgage on which Defendants 350 5th Street and 372 Baltic Street CC LLC have been in default for several years. The collateral comprises two four-story walk-ups with eight two-bedroom units in each, located respectively at 350 5th Street, Brooklyn, New York, Block 988, Lot 11, and 372 Baltic Street, Brooklyn, New York, Block 403, Lot 30. Plaintiff seeks the appointment to preserve and protect the Property based on the receivership clause in the subject mortgage and Borrower's inability to demonstrate why a receiver should not be appointed. On March 3, 2023, LMF Commercial, LLC (the Original Lender), issued a commercial mortgage loan to the Borrower in the principal amount of $6,275,000.00. The Loan is evidenced by a Consolidated, Amended and Restated Promissory Note dated March 3, 2023. To secure repayment on the Note, Borrower executed in favor of Original Lender a Consolidated, Amended and Restated Mortgage, Assignment of Leases and Rents, Fixture Filing and Security Agreement, and Spreader Agreement dated March 3, 2023. The Borrower also provided to Original Lender an Assignment of Leases and Rents, and the parties entered into a Loan Agreement dated as of March 3, 2023. The Mortgage provides that Borrower absolutely and unconditionally assigns to Lender Borrower's right, title and interest in and to all current and future Leases and Rents; it being intended by Borrower that this assignment constitutes a present, absolute assignment and not an assignment for additional security only. Borrower was frequently delinquent with its debt service payments beginning in May 2023 and has failed to make any payment at all to Plaintiff since July 2024. Plaintiff, through its counsel, served a Notice of Default upon Borrower by letter dated September 16, 2024. Plaintiff contends there is no issue regarding the validity of the Mortgage or that multiple and longstanding defaults have occurred. Moreover, Borrower has forfeited the benefit of any equitable argument by virtue of its own misconduct in failing to pay the taxes or insurance premiums for the Property or to turn over any of the Property's rental income for the past 15 months. It could hardly be said that appointing a receiver in these circumstances would serve no useful purpose. * * * The Court has held that the Defendants have forfeited their rights to respond to Plaintiff's request for a Pre-Motion Conference. The Court noted it has repeatedly directed the Defendants to respond to Plaintiff's Motion for a Pre-Motion Conference, and the Defendants have steadfastly failed to do so. Accordingly, the Court has denied Plaintiff's Motion for a Pre-Motion Conference as unnecessary and set the following briefing schedule: Plaintiff shall file its motion for summary judgment on January 1, 2026. Defendants shall file their opposition on January 29, 2026. Plaintiff's reply, if any, is due February 12, 2026. As a courtesy to the Court, the parties are encouraged not to file their motion papers until the motion is fully briefed. In this case February 12, 2026, each party shall electronically file its motion papers. Finally, the Court notes that it cannot enter Defendants' Stipulation and Order of Substitution of Counsel, as Defendants have not addressed the discrepancy in the spelling of Counsel Ilevu Yakubov's name. The Court sua sponte extends the deadline for Counsel Yakubov to file a letter with the Court confirming the spelling of his name to December 10, 2025. If Defendants continue to shirk Court deadlines and orders, the Court will recommend that Plaintiff seek default judgment. About 350 5th Street CC LLC and 372 Baltic Street CC LLC 350 5th Street CC LLC and 372 Baltic Street CC LLC, own two four-story walk-ups with eight two-bedroom units in each, located respectively at 350 5th Street, Brooklyn, New York, Block 988, Lot 11, and 372 Baltic Street, Brooklyn, New York, Block 403, Lot 30. 350 5th Street CC LLC and 372 Baltic Street CC LLC are facing a receivership case captioned as Computershare Trust Company, National Association v. 350 5th Street CC LLC, 372 Baltic Street CC LLC, Case No. 1:24-cv-08689 (E.D.N.Y.), before the Hon. Pamela K. Chen. The case was filed on Dec. 19, 2024. Counsel for Plaintiff Computershare: Raymond A. Quaglia, Esq. Ana Blanco, Esq. BALLARD SPAHR LLP 1675 Broadway, 19th Floor New York, NY 10019-5820 Tel: (646) 346-8048 Fax: (212) 223-1942 E-mail: quaglia@ballardspahr.com blancoa@ballardspahr.com 4L TOPCO: S&P Withdraws 'CCC+' Issuer Credit Rating, Outlook Neg. ----------------------------------------------------------------- S&P Global Ratings withdrew all its ratings on 4L Topco Corp., including its 'CCC+' issuer credit rating on 4L Topco Corp. and our 'CCC+' issuer credit rating on 4L Holdings Corp., at the issuer's request. At the time of the withdrawal, its outlook on 4L was negative. 904 X 4 INC: Jerrett McConnell Named Subchapter V Trustee --------------------------------------------------------- The Acting U.S. Trustee for Region 21 appointed Jerrett McConnell, Esq., at McConnell Law Group, P.A. as Subchapter V trustee for 904 X 4, Inc. Mr. McConnell will be paid an hourly fee of $350 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. McConnell declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Jerrett M. McConnell, Esq. McConnell Law Group, P.A. 6100 Greenland Rd., Unit 603 Jacksonville, FL 32258 Phone: (904) 570-9180 info@mcconnelllawgroup.com About 904 X 4 Inc. 904 X 4 Inc. is a Florida-based company that offers specialized products or services, likely focused on the automotive or retail sector. It caters to local and regional clients, providing solutions designed to meet market demand with a focus on practical utility and service quality. 904 X 4 sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-04400) on November 25, 2025. In its petition, the Debtor reported between $100,001 and $500,000 in assets and between $500,001 and $1 million in liabilities. Honorable Bankruptcy Judge Jason A. Burgess handles the case. The Debtor is represented by Bryan K. Mickle, Esq. of Mickler & Mickler. ACCURADIO LLC: Unsecureds Will Get 50% of Claims in Plan -------------------------------------------------------- Accuradio, LLC, submitted an Amended Disclosure Statement for its Amended Plan of Reorganization dated December 4, 2025. Generally, the Plan provides that all administrative creditors will be paid in full on the Effective Date unless otherwise agreed. Priority creditors will receive payment in full on the Initial Distribution Date. Allowed claims of fully secured creditors will receive 100% of their allowed claims plus 7.5% simple interest which will be adjusted on a yearly basis. Creditors holding past due claims pursuant to executory contracts will receive a 100% of the claims pro rata on a quarterly basis over 2 years. The Plan payments will be treated as adequate assurance of cure of the past due amounts which allow for assumption of the agreements pursuant to the Plan. The allowed claims of the remaining unsecured creditors will receive the remaining disposable income pro rata after payment of the prior allowed claims which will result in approximately 50% of their claims without interest. Equity security holders will not receive any distributions. Class 1b consists of the Unsecured Claims Arising from Statutory Royalties. The allowed unsecured claims total $9,786,898.00. This Class will receive a distribution of $4,851,365.00. Allowed Claims in Class 1b will share pro rata with Class 3 the disposable income remaining after Plan payments are made to Classes 1a and 2. Payments will be made quarterly beginning on the Initial Distribution Date. The Debtor estimates that Class 1b creditors shall receive approximately 50% of their Allowed Claims. If the total yearly payments to Class 1b is less than $500.00, the payments will not be made in that year and will be added to the distributions in the following year of the Plan with the exception of payments due in Year 5 of the Plan. Class 3 consists of General Unsecured Claims. Allowed Claims in Class 3 will share pro rata with Class 1b the disposable income remaining after Plan payments are made to Classes 1a and 2 beginning in Year 2 of the Plan. Payments will be made quarterly beginning on the first anniversary of the Initial Distribution Date. Debtor estimates that Class 3 creditors shall receive approximately 50% of their Allowed Claims. The allowed unsecured claims total $58,784.00. This Class will receive a distribution of $29,280.00. This Class is impaired. The consortium of bidders for the membership interests in the reorganized debtor consists of (1) Kurt Hanson, an insider of the Debtor who is the founder and Chief Executive Officer of the Debtor, (2) John Gehron, an insider of the Debtor who is the Chairman of the Debtor's Board of Directors; (3) Michelle Erikson, an insider of the Debtor who is a member of the Debtor's Board of Directors; and (4) Warren Schlichting, a non-insider of the Debtor who is a member of Debtor's Board of Advisors. (the "Bidders") or their corporate nominee, have offered to purchase 100% of the membership interests in the reorganized Debtor for total of $50,000.00. In exchange for the consideration identified herein, Bidders will be issued membership interests in the postconfirmation Reorganized Debtor in percentages to be determined upon acceptance of the consortium's bid. The membership interests will be issued as soon as is practical after the Effective Date. Bidders have submitted an earnest money deposit in the amount of $5,000.00, which is being held in Debtor's counsel's Client Trust Fund Account. All Creditors and the general public will have an opportunity to bid for membership interests in the Reorganized Debtor upon the same terms and conditions offered by the Bidders. Other than the capital investment from the sale of the membership interests in the Reorganized Debtor, the source of payments will be the future receipts of the Debtor after payment of expenses. The hearing at which the Court will determine whether to approve this Disclosure Statement and confirm the Plan will take place on January 12, 2026 at 10:00 a.m. in Courtroom 642 at 219 South Dearborn Street, Chicago, Illinois 60604. A full-text copy of the Amended Disclosure Statement dated December 4, 2025 is available at https://urlcurt.com/u?l=WP39Zt from PacerMonitor.com at no charge. Counsel to the Debtor: Derek D. Samz, Esq. Beverly A. Berneman, Esq. Robert R. Benjamin, Esq. Derrick D. Loving, Esq. Golan Christie Taglia LLP 70 W. Madison, Ste. 1500 Chicago, IL 60602 Telephone: (312) 263-2300 Facsimile: (312) 263-0939 Email: ddsamz@gct.law baberneman@gct.law rrbenjamin@gct.law ddloving@gct.law About AccuRadio Inc. AccuRadio Inc. is a Chicago-based company that offers streaming radio service. AccuRadio sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-07366) on May 14, 2025. In its petition, the Debtor estimated assets between $500,000 and $1 million and estimated liabilities between $10 million and $50 million. Judge Michael B. Slade handles the case. The Debtor tapped Derek D. Samz, Esq., at Golan Christie Taglia, LLP as counsel; Jeffrey Jarmuth, Esq., as special counsel; and Media Financial Services as accountant. ADAPTIV RESEARCH: Liquidation Status Update Due December 19 ----------------------------------------------------------- Magistrate Judge Barbara Moses of the United States District Court for the Southern District of New York ordered the plaintiffs in the case captioned as LUXWEAR LTD., et al., Plaintiffs, -against- ADAPTIV RESEARCH & DEVELOPMENT GROUP, LLC, Defendant, Case No. 22-cv-05458-AT-BCM (S.D.N.Y.) to provide an update on the status of Adaptiv Research & Development Group, LLC's liquidation no later than December 19. On February 27, 2024, all proceedings in Adaptiv's bankruptcy case were stayed by operation of 11 U.S.C. Sec. 362. The Court received plaintiffs' letters dated November 26, 2024 and April 1, 2025, advising the Court that the bankruptcy proceedings were still ongoing and that a liquidating trustee had been appointed. A copy of the Court's Order dated December 2, 2025 is available at https://urlcurt.com/u?l=3xplen from PacerMonitor.com. About Adaptiv Research & Development Group Adaptiv Research & Development Group, LLC, has been in the business of the purchase, resale and distribution of COVID testing kits at the wholesale level. The Debtor filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 23-04227) on Sept. 25, 2023, with up to $50,000 in both assets and liabilities. Timothy W. Gensmer, Esq., at Timothy W Gensmer, PA, is the Debtor's legal counsel. AL GCX HOLDINGS: S&P Downgrades ICR to 'B+' on Recapitalization --------------------------------------------------------------- S&P Global Ratings lowered its issuer credit rating on AL GCX Holdings LLC (AL GCX Holdings) to 'B+' from 'BB' because it expects the interest coverage will be sustained below 3x. This is consistent with its methodology of assessing the issuer under our noncontrolling equity interests (NCEI) methodology. At the same time, S&P assigned its 'B+' issue-level rating, and '3' recovery rating to AL GCX Holdings' newly proposed senior secured term loan. The stable outlook reflects S&P's expectation that AL GCX Holdings will receive stable cash flows from its fully contracted GCX's asset. On Dec. 8, 2025, AL GCX Holdings announced an issuance of $1.175 billion senior secured term loan to refinance its existing $758 million term loan. The remaining proceeds will be used to distribute a dividend to the sponsor and to partially fund the company's portion of remaining growth capital expenditure (capex) for the ongoing Gulf Coast Express Pipeline LLC's (GCX) expansion project. The downgrade was driven by the company's increased leverage and deteriorating interest coverage on a stand-alone basis because of the recapitalization. S&P said, "Under our base-case forecast following the recapitalization, we expect AL GCX Holdings' stand-alone leverage will be about 7.6x in 2026 and 6.6x in 2027; interest coverage will be about 2.1x in 2026 and 2.5x in 2027. We expect the company will sustain interest coverage below 3x over our forecast period. Therefore, we applied a 'B+' rating cap consistent with our NCEI methodology. Furthermore, we revised our financial ratios assessment to negative from neutral under this methodology due to the weaker financial metrics. Our assessment of the other NCEI characteristics-- GCX's cash flow stability, corporate governance, and financial policy, as well as AL GCX Holdings' ability to liquidate its investment in GCX--are unchanged." S&P said, "We expect AL GCX Holdings will receive continued steady distributions from GCX throughout our forecast period and therefore assess the investee company's cash flow stability as positive. GCX is a 450-mile Permian natural gas pipeline with 2.02 billion cubic feet per day (bcf/d) of transport capacity, providing about 9% of total Permian and about 18% of Permian to U.S. Gulf Coast natural gas takeaway capacity. The pipeline connects Permian production to Agua Dulce in Texas, providing connectivity across Gulf Coast markets. GCX generates 100% of cash flows through take-or-pay contracts through 2029, with more than 90% of cash flow from investment-grade shippers. GCX is a new-build pipeline that went into service in 2019; therefore, we expect maintenance capex will be minimal over the coming years, which further strengthens cash flow stability. In addition, GCX reached final investment decision on an expansion project that will add an incremental 0.57 bcf/d of capacity to the pipeline. GCX's total capacity will increase to 2.59 bcf/d through increased compression on the existing pipeline. The additional capacity is fully contracted under 10-year, take-or-pay terms and anchored by investment-grade counterparties. We expect the expansion project will be in service in second-quarter 2026. "We expect ArcLight Capital Partners LLC (ArcLight) will maintain meaningful governance rights over GCX to ensure GCX will not curtail dividends to AL GCX Holdings; therefore, we assess the investee company's corporate governance and financial policy as positive. ArcLight, through its two entities, AL GCX Fund VIII Holding LLC and AL GCX Holdings, owns a 66% equity interest in GCX and therefore has 66% of voting power on GCX's board. We expect ArcLight's two entities will act consistently in making key decisions on GCX's governance, such as distribution to equity owners. We anticipate no scenarios where Kinder Morgan Inc. (KMI) can or will unilaterally decide to curtail GCX's dividends against ArcLight's interest, given that each of ArcLight's two entities together can block every voting matter that requires approval. The investee company's ability to maintain constant dividends and the implementation of significant governance and risk mitigation mechanisms in place to ensure significant control over material decisions support our positive assessment. "The stable outlook reflects our expectation that AL GCX Holdings will receive stable and steady cash flows from its highly contracted investee company, GCX. We expect the company will use the distributions to reduce its debt balance via excess cash sweeps and that debt to EBITDA will be about 7.6x in 2026, trending toward 6.6x in 2027. "We could take a negative rating action if we expect AL GCX Holdings to sustain debt to EBITDA above 8.0x, which could happen due to a lower-than-anticipated excess cash sweep or a decline in distributions from GCX. Separately, we could lower our rating on AL GCX Holdings if debt is issued at the GCX level such that it alters our view on GCX's credit quality. "Although unlikely in the near term, we could take a positive rating action on AL GCX Holdings if the company maintains interest coverage above 3x while reducing the term loan balance via mandatory amortization and excess cash sweep and our view of GCX's credit quality were unchanged." ANDERSON HAY: Gets Interim OK to Use Cash Collateral Until Dec. 20 ------------------------------------------------------------------ Anderson Hay Enterprise, Inc. and its affiliates received interim approval from the U.S. Bankruptcy Court for the Eastern District of Washington to use cash collateral to fund operations. The court authorized the Debtors to use cash collateral through December 20 pursuant to their budget. Any payments made under that budget will be free and clear of the liens held by secured creditors, PGIM Real Estate Finance, LLC and AgWest Farm Credit, PCA. As adequate protection, the secured creditors will be granted replacement liens on the Debtors' assets similar to their pre-bankruptcy collateral and acquired after the Debtors' Chapter 11 filing, subject to the fee carveout. The replacement liens will have the same priority, validity and extent as the secured creditors' pre-bankruptcy liens. These liens do not apply to claims or recoveries arising under sections 542 to 553 of the Bankruptcy Code. In case the replacement liens prove inadequate, the secured creditors will retain their rights under section 507(b) of the Bankruptcy Code. The next hearing is scheduled for December 17. The interim order is available at https://is.gd/jdYsYE from PacerMonitor.com. The Debtors have a complex secured financing structure, including AgWest's $25 million revolving note, additional term notes, and extensive security interests in machinery, equipment, crops, inventory, receivables, and valuable real property in Washington. PGIM similarly holds liens securing two loans totaling over $15 million, collateralized by real estate in Washington and Oregon. The Debtors also note agricultural liens arising under state law and UCC-perfected equipment liens held by various parties. AgWest, as secured creditor, is represented by: Daniel T. Hagen, Esq. Cairncross & Hempelmann, P.S. 524 Second Avenue, Suite 500 Seattle, WA 98104-2323 Telephone: (206) 587-0700 Facsimile: (206) 587-2308 dhagen@cairncross.com About Anderson Hay Enterprise Inc. Anderson Hay Enterprise, Inc., together with its subsidiaries, supplies Pacific Northwest-grown forage products, including three-tie hay, bagged forage, compressed hay, and MAG bales, serving both consumer and commercial markets such as horse owners, small-acreage farms, retailers, and agricultural operations. The Company operates domestically and internationally, distributing hay to partners in more than 30 countries. Founded in 1960 and family-led since its inception, it focuses on producing consistent forage and maintaining long-term relationships across its supply chain. The Debtors sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Lead Case No. 25-02074) on November 26, 2025. In the petition signed by Steve Gordon, CFO, the Debtor disclosed up to $50 million in assets and up to $100 million in liabilities. Judge Whitman L. Holt oversees the case. James L. Day, Esq., at Bush Kornfeld LLP, represents the Debtor as legal counsel. ANR INSULATION: Case Summary & 15 Unsecured Creditors ----------------------------------------------------- Debtor: ANR Insulation, LLC d/b/a King Insulation 25 N 47th Ave Phoenix, AZ 85043 Business Description: ANR Insulation, LLC, doing business as King Insulation, provides thermal and sound insulation materials and services for residential, commercial, and industrial properties in Arizona. Since 1981, the Company has supplied insulation solutions that comply with local building codes and energy efficiency standards, serving homeowners, contractors, property managers, developers, and business owners across the state. Its offerings include installation and re-insulation for projects ranging from small residential additions to large commercial warehouses. Chapter 11 Petition Date: December 7, 2025 Court: United States Bankruptcy Court District of Arizona Case No.: 25-11784 Debtor's Counsel: Christopher C. Simpson, Esq. OSBORN MALEDON, P.A. 2929 N. Central Avenue Suite 2100 Phoenix, AZ 85012 Tel: 602-640-9349 Fax: 602-640-9050 Email: csimpson@omlaw.com Total Assets as of September 30, 2025: $3,666,410 Total Liabilities as of September 30, 2025: $5,566,839 The petition was signed by Ricardo Caceres as president. A full-text copy of the petition, which includes a list of the Debtor's 15 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/NUWEGSY/ANR_Insulation_LLC__azbke-25-11784__0001.0.pdf?mcid=tGE4TAMA ANTERO MIDSTREAM: S&P Affirms 'BB+' ICR on Announced Acquisition ---------------------------------------------------------------- S&P Global Ratings affirmed its 'BB+' issuer credit rating on Antero Midstream Partners L.P. (AM) and its 'BB+' issue-level rating on its senior unsecured notes. S&P's '3' recovery rating on the notes is unchanged, indicating its expectation for meaningful (50%-70%; rounded estimate: 60%) recovery in the event of a default. S&P said, "The stable outlook on AM reflects our stable outlook on its parent, Antero Resources Corp. (AR). The stable outlook on AR reflects our expectation its financial measures will remain appropriate for the rating, including average funds from operations (FFO) to debt of more than 60% over the next three years and FFO to debt of well above 30% under our midcycle commodity price assumptions. Additionally, we expect the parent will continue repay debt using its free cash flow." On Dec. 8, 2025, AM agreed to acquire HG II Energy Midstream Holdings LLC (HG Midstream) from HG Energy II LLC (HG Energy) for $1.1 billion. The partnership also announced the divestiture of its Ohio Utica Shale gathering, compression, and water assets for $400 million. S&P expects AM will use the proceeds from the divestiture, along with borrowings from its $1.25 billion revolving credit facility (RCF), to fund its acquisition of HG Midstream. S&P Global Ratings expects both transactions will close in the second quarter of 2026. S&P said, "We anticipate the acquisition will expand AM's scale; however, we also expect it will cause its leverage to be elevated in 2026, though still well below 3.0x "We expect AM's S&P Global Ratings-adjusted debt to EBITDA will remain below 3.0x through 2027. Following the close of the acquisition and divestiture, we anticipate the net impact of both transactions will contribute to an approximately $80 million-$90 million expansion in the partnership's annual EBITDA. Therefore, we estimate AM will improve its EBITDA to $1.25 billion in 2026, which is up from our forecast for $1.12 billion in 2025. Further, we expect the partnership's debt to EBITDA will rise to 2.8x in 2026, which compares with our previous forecast for 2.6x in 2025, due to the increase in its debt to fund the acquisition. However, given our expectation AM will use its free cashflow to paydown its outstanding RCF borrowings, we forecast it will reduce its leverage to about 2.6x in 2027. In addition, we do not expect the partnership will require material capital expenditure (capex) to integrate the acquired assets into its existing asset base because of their overlap with its existing acreage. "Despite funding the majority of the acquisition with debt, our issuer credit rating on AM is unchanged, which reflects that it has paid down more than $250 million of its outstanding RCF borrowings since the beginning of 2024. We believe this debt repayment provided the partnership with a sufficient cushion to assume this quantum of debt at the current rating. "The modest expansion of AM's scale does not affect our view of its business profile. The acquisition will modestly improve the partnership's scale and footprint in the Appalachia basin, though this will be partially offset by the announced divestiture. Still, we expect AM will continue to have material geographic and customer concentrations. The acquisition will not improve the partnership's customer diversity because it will continue to depend on AR for the majority of its cash flows following the upstream company's acquisition of HG Energy. Additionally, we expect AM's contract profile will remain largely fixed fee and cost of service in nature, which exposes it to volumetric risk because adverse commodity price movements can negatively affect AR's upstream activities." The outlook, as well as the upside scenario for AM reflect that of AR. S&P said, "The stable outlook reflects our expectation that AR's financial measures will remain appropriate for the rating, including average FFO to debt above 60% over the next three years, and FFO to debt well above 30% under our midcycle commodity price assumptions. Additionally, we expect AR will continue to repay debt over time with free cash flow to bring its leverage down to its target of at or below 1.0x on a stand-alone basis, which we expect it to reach by year end 2027. Although we expect the company to continue to pursue opportunistic share repurchases, we anticipate its capital allocation strategy will remain more focused on debt reduction than buybacks over the next two years." S&P expects AM's leverage to remain below 3x through 2027. S&P said, "We could consider taking a negative rating action on AM if we lower our rating on AR by more than one notch. Separately, we could consider taking a negative rating action on the partnership if its stand-alone credit quality severely deteriorates such that its leverage exceeds 5x. This could occur if AM's volumes decline sharply or it pursues a more-aggressive financial policy. Furthermore, we could lower our rating on the partnership if our view of its strategic importance to AR deteriorates." Although unlikely in the next two years, S&P could raise its ratings on AR if: -- It expands its scale or the geographic diversity of its operations such that it more closely aligns with those of its higher-rated peers; and -- It maintains a prudent financial policy and strong financial measures, including FFO to debt of above 60% along with positive discretionary cash flow (DCF) generation, for a sustained period, including under our midcycle commodity price assumptions. S&P said, "Separately, we could raise our rating on AM if we believe it has improved its stand-alone credit profile. This could occur if the partnership materially diversifies its counterparties and improves its scale while maintaining debt to EBITDA of less than 3x. Additionally, we could raise our rating on AM if our view of its strategic importance to AR improves." ANTERO MIDSTREAM: S&P Rates New $500MM Sr. Unsecured Notes 'BB+' ---------------------------------------------------------------- S&P Global Ratings assigned its 'BB+' issue-level rating and '3' recovery rating to Antero Midstream Partners L.P.'s proposed $500 million senior unsecured notes due 2034. The '3' recovery rating indicates its expectation for meaningful (50%-70%; rounded estimate: 60%) recovery in the event of a default. The partnership will use the proceeds from this issuance, together with borrowings from its revolving credit facility and the net proceeds from its Utica Disposition, to fund the acquisition of HG II Energy Midstream Holdings LLC. S&P's 'BB+' issuer credit rating and stable outlook on Antero Midstream are unchanged. ASCEND PERFORMANCE: Gets Court Approval for Chapter 11 Plan ----------------------------------------------------------- Clara Geoghegan of Law360 reports that Ascend Performance Materials won court approval Tuesday, December 9, 2025, for its Chapter 11 plan after a Texas bankruptcy judge agreed the proposal was ready for confirmation. The judge credited the company for crafting a plan that garnered widespread creditor agreement despite the challenges that typically accompany a free-fall bankruptcy. The court emphasized that Ascend’s consensual solution, achieved only eight months after filing, demonstrates effective negotiation and a clear path toward reorganization. Confirmation of the plan allows the nylon manufacturer to begin executing its restructuring and work toward a more sustainable financial future, the report states. About Ascend Performance Materials Holdings The Debtors, together with their non-Debtor affiliates, are one of the largest, fully-integrated producers of nylon, a plastic that is used in everyday essentials, like apparel, carpets, and tires, as well as new technologies, like electric vehicles and solar energy systems. Ascend's business primarily revolves around the production and sale of nylon 6,6 (PA66), along with the chemical intermediates and downstream products derived from it. Common applications of PA66 include heating and cooling systems, air bags, batteries, and athletic apparel. Headquartered in Houston, Texas, Ascend has a global workforce of approximately 2,200 employees and operates eleven manufacturing facilities that span the United States, Mexico, Europe, and Asia. Ascend Performance Materials Holdings Inc. and its affiliates filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 25-90127) on April 21, 2025. In the petitions signed by Robert Del Genio, chief restructuring officer, the Debtors disclosed $1 billion to $10 billion in both estimated assets and liabilities. Judge Christopher M. Lopez oversees the cases. The Debtors tapped Bracewell LLP and Kirkland & Ellis LLP as counsel; PJT Partners, Inc. as investment banker; FTI Consulting, Inc. as restructuring advisor; and Deloitte LLP as tax advisor. Epiq Corporate Restructuring LLC is the Debtors' claims, noticing, and solicitation agent. ASURION LLC: S&P Rates New $1.25BB Senior Secured Notes 'BB-' ------------------------------------------------------------- S&P Global Ratings assigned its 'BB-' issue-level rating to Asurion LLC's proposed $1.25 billion senior secured notes due 2032. S&P also assigned a '2' recovery rating, indicating our expectation of substantial recovery (70%-90%; rounded estimate: 70%) in the event of payment default. All existing ratings, including the 'B+' issuer credit ratings on Asurion Group Inc., Asurion LLC, and Lonestar Intermediate Super Holdings LLC, are unchanged by the new debt issuance. Asurion is issuing the notes (along with balance sheet cash) to finance its GBP2.1 billion acquisition of D&G, a transaction it expects to close in mid-2026 pending regulatory approval. D&G is a market-leading provider of subscription-based home appliance warranty services in the U.K., with operations in Europe and an increasing presence in the U.S. As part of the transaction, Asurion will also be rolling over all of D&G's existing debt, pending regulatory approvals – about $1.1 billion spread across GBP-denominated senior secured notes and a euro-denominated term loan B. S&P said, "With the added debt, we expect Asurion's credit metrics will slip but remain within rating thresholds. Specifically, we expect pro forma S&P Global Ratings-adjusted leverage for Asurion (including D&G's EBITDA) to deteriorate to roughly 6x at the end of 2025, from 5.4x for the 12 months ended Sept. 30, 2025. We expect Asurion to decrease leverage modestly in 2026 and 2027, primarily through earnings growth, as well as slight debt reductions per the company's excess cash flow sweep and required amortization. "From a business perspective, we view D&G as a well-performing asset that will compliment Asurion's existing operations. At GBP1.2 billion in revenue for fiscal 2025, D&G is a material acquisition for Asurion, representing about 15% of the combined company revenue. The acquisition will expand Asurion's international footprint into Europe (where its presence is currently limited), widen its scope within global protection products, and modestly reduce client concentration. "Through its small but growing Connected Home offering, Asurion has begun expanding into subscription-based home protection products (mainly in the electronics category). We believe the additional capabilities and distribution partnerships D&G brings in the appliance category will further accelerate Asurion's entry into the home market with a broader suite of product offerings. If it executes its strategies successfully, we believe there will be natural cross-sell and enhanced new business opportunities for the collective enterprise over time." Issue Ratings--Recovery Analysis Key analytical factors -- S&P updated its recovery analysis of Asurion in conjunction with the proposed transaction. Our issue and recovery ratings are unchanged. -- On a pro-forma basis, Asurion and D&G are expected to maintain standalone, non-recourse debt structures. This means Asurion's first and second lien debt will have structurally senior claims to the value of the Asurion business and D&G's first lien debt will have a structurally senior claim against the D&G business. In a default scenario, S&P assumes that the D&G debt will fully absorb its standalone value with no residual equity value flowing back to Asurion's creditors. -- S&P values Asurion on a going-concern basis using a 6.5x multiple over our projected emergence EBITDA. -- In S&P's simulated scenario, it contemplates a payment default in 2029 arising from substantial decline in revenue and EBITDA related to subscriber attrition and client losses. -- S&P thinks lenders would achieve the greatest recovery value through reorganization rather than liquidation of the business. Simulated default assumptions -- Simulated year of default: 2029 -- Emergence EBITDA: $1.3 billion -- Multiple: 6.5x Simplified waterfall -- Gross recovery value: $8.7 billion -- Net recovery value (after 5% administrative expenses): $8.3 billion -- Valuation splits (consolidated basis): D&G 7%; Asurion 93% (including 16% as non-guarantors with limited equity pledges) -- Value available for Asurion's first-lien claims: $7.7 billion -- Total first-lien debt: $9.5 billion --Recovery expectations: 70%-90% (rounded point estimate: 70%) -- Value available for Asurion's second-lien claims: $0.7 billion -- Total second-lien debt: $4.5 billion --Recovery expectations: 10%-30% (rounded point estimate: 15%) Notes: Debt amounts include six months of accrued interest that S&P assumes will be owed at default. S&P generally assumes usage of 85% for cash flow revolving debt at default. BCPE PEQUOD: Moody's Affirms 'B3' CFR, Outlook Remains Stable ------------------------------------------------------------- Moody's Ratings affirmed BCPE Pequod Buyer, Inc.'s (BCPE) B3 corporate family rating and its B3 senior secured bank credit facility ratings. BCPE's outlook remains stable. The rating action follows BCPE's announcement that it intends to issue a $400 million add-on to its existing first lien term loan B to fund a distribution to shareholders. BCPE Pequod Buyer, Inc. is a holding company through which funds advised by Bain Capital Private Equity, LP (Bain Capital) acquired Envestnet, Inc. in 2024. RATINGS RATIONALE The proposed transaction results in a credit negative increase in leverage. Despite this, the ratings affirmation reflects the manageable impact of the transaction on BCPE's debt leverage and interest coverage ratios. BCPE's trailing-12 months (TTM) Moody's-adjusted Debt/EBITDA leverage ratio was 7.3x as of September 30, 2025. Pro-forma the new debt issuance, Moody's expects BCPE's trailing-12 months (TTM) Moody's-adjusted Debt/EBITDA leverage ratio will be around 8x at the end of 2025. Moody's expects that its leverage will improve to around 7.4x by the end of 2026. Additionally, pro-forma the transaction, Moody's expects that BCPE will be able to sustain a TTM EBITDA/Interest expense (Moody's-adjusted) coverage ratio above 1.5x by the end of 2025, with further improvements to around 1.8x by the end of 2026. These ratios remain within Moody's tolerances of 8.0x and 1.5x for leverage and coverage respectively. The ratings affirmation also reflects BCPE's solid franchise, scale and market position as a provider of wealth management software and services to the wealth management industry. It serves around 111,000 financial advisors and retained around $7.3 trillion of total platform assets as of September 30, 2025. Its turnkey asset management platform (TAMP) has $1.2 trillion of assets under management and administration (AUM/A) as of September 30, 2025. The company's scale has benefited from consistently strong organic growth of AUM/A ranging between 7-14% per year since 2019. Its business model produces solid and consistent cash flow. Moody's expects that BCPE will improve its earnings and EBITDA over the next year driven by continued organic growth combined with a reduction of certain non-core expenses and additional cost savings that the company is achieving under its new ownership. BCPE's credit profile is constrained by its exposure to financial markets and macroeconomic factors beyond its control. Its primary revenue source is tied to overall market levels, so fees could decline during a prolonged market downturn. The company's largely fixed cost structure creates significant operating leverage, amplifying the impact of market declines on its financial profile. Conversely, this leverage can enhance profitability if strong organic growth continues amid stable or rising markets. Ratings are further constrained by BCPE's low business-line and industry diversification and heavy reliance on wealth management services. Following the August 2025 sale of its Data and Analytics unit (Yodlee) to STG—a business that contributed minimally to revenue and EBITDA and had been underperforming—the company now focuses solely on wealth management. Moody's views this divestiture as credit positive, making BCPE leaner, more efficient, and strategically focused. BCPE operates in a highly competitive environment requiring ongoing investment in service offerings and technology infrastructure. Failure to invest could lead to client attrition, weaker pricing power, and declines in scale, profitability, and cash flow. However, BCPE maintains a strong market position as a leading provider to the wealth management industry. The stable outlook is based on Moody's expectations that BCPE will continue to grow its scale and improve its EBITDA and margins. The stable outlook also reflects Moody's expectations that the firm will not materially increase debt leverage beyond 8.0x on a sustained basis or without a credible deleveraging plan. The B3 senior secured bank credit facility rating, including the ratings on its $1.98 billion first lien term loan, its proposed $400 million term loan upsize, and revolving credit facility are in-line with BCPE's B3 CFR, since it only has one class of debt. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Demonstration of prudent financial policies and a strategic approach to inorganic growth, resulting in maintaining Moody's-adjusted debt leverage below 6.5x could also lead to an upgrade. Sustainable improvement in the quality and diversity of profitability and cash flows from the growth or development of additional business activities other than retail wealth management with similar or lower levels of risk could lead to an upgrade. BCPE's ratings could also be upgraded if it continues to improve its scale and competitive position, and reduce its expenses, resulting in a sustained increase in pretax earnings and pretax margins, with low levels of margin volatility. BCPE's ratings could be downgraded if there were a shift in its financial policy that significantly increases debt to fund further shareholder distributions or to help fund a substantial acquisition, driving Moody's-adjusted proforma debt leverage above 8.0x and/or an EBITDA/Interest Expense ratio below 1.5x on a sustained basis, especially if not accompanied by a credible near-term deleveraging strategy. A meaningful decline in profitability and scale, whether through a loss of platform accounts, platform assets, or inability to navigate adverse operating environments could also lead to a downgrade. A significant failure in regulatory compliance or technology infrastructure could also lead to a downgrade. The principal methodology used in these ratings was Securities Industry Service Providers published in February 2024. BCPE's "Assigned standalone Assessment" score of B3 is set two notches above the "Financial Profile" initial score of Caa2 to reflect the firm's strong scale and market position as well as stronger debt leverage and interest coverage compared with the end of 2024. BELLE MEADE: 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 Belle Meade Studios, LLC, according to court dockets. About Belle Meade Studios LLC Belle Meade Studios, LLC, located in Miami, Florida, offers creative services such as audio recording, video production, and photography, operating from a professional studio at 7625 Biscayne Blvd, Suite 1, catering to artists and content creators. Belle Meade Studios filed its voluntary petition for Chapter 11 protection (Bankr. S.D. Fla. Case No. 25-22016) on Oct. 13, 2025, listing between $1 million and $10 million in assets and liabilities. Rachel Dugger signed the petition as authorized manager. Judge Corali Lopez-Castro oversees the case. The Law Offices of Scott Alan Orth, P.A. serves as the Debtor's bankruptcy counsel. BELLRING BRANDS: Moody's Alters Outlook on 'B1' CFR to Stable ------------------------------------------------------------- Moody's Ratings affirmed BellRing Brands, Inc.'s ("BellRing") B1 corporate family rating, B1-PD probability of default rating, and B2 rating on the existing senior unsecured notes. The senior secured revolving credit facility is not rated. The SGL-1 speculative grade liquidity rating is unchanged. Moody's also changed the rating outlook to stable from positive. The outlook revision to stable reflects BellRing's more aggressive share repurchase strategy and rising competitive pressure in the ready-to-drink (RTD) shake category. In fiscal 2025, BellRing repurchased $475 million of shares, well above its $256 million of free cash flow, funding the shortfall with a revolver draw. Moody's expects the company to remain opportunistic with buybacks while maintaining net debt-to-EBITDA leverage near its historical range of mid-2x to low-3x (based on the company's calculation; 2.1x as of September 30, 2025). On November 18, 2025, BellRing lowered its long-term revenue growth algorithm to 7%–9% from 10%–12%, reflecting a larger revenue base and a more competitive environment. This assumes Premier Protein grows in line with the RTD category, while Dymatize slightly weighs on growth. The adjusted EBITDA margin algorithm was unchanged at 18%–20%, as cost savings initiatives are expected to mitigate higher brand investment. At the midpoint, BellRing's fiscal 2026 guidance is for a mid-single-digit revenue growth that is below algorithm growth rate because of an expected soft first quarter due to tough comps in the club channel. The company expects revenue growth to rebound to a high single digit rate for the remainder of the year driven by merchandising initiatives, advertising, innovation and easing comps in club. The 2026 guidance also reflects a high-single-digit decline in adjusted EBITDA driven by whey protein inflation, tariff-related cost increases, and higher advertising investments. Moody's projects 2026 earnings to be relatively in line with guidance, resulting in debt-to-EBITDA leverage increasing modestly from 2.5x (Moody's adjusted) as of September 30, 2025 to 2.5x-3.0x over the next 12–18 months. Leverage could rise further if the company pursues debt-funded buybacks or earnings are weaker than expected. Moody's affirmed the B1 CFR as RTD shake category growth remains healthy, and BellRing's leading market position supports long-term growth as household penetration of RTD shakes continues to increase. BellRing is strongly positioned within the rating category, reflecting modest leverage, strong free cash flow, and an increasing revenue base. Moody's expects credit metrics to remain consistent with the B1 rating over the next 12-18 months. RATINGS RATIONALE BellRing's B1 CFR reflects its concentrated product portfolio, channel mix, and reliance on contract manufacturing, partly offset by strong operating performance and favorable industry growth prospects. Premier Protein ready-to-drink (RTD) shakes account for roughly 80% of sales, and about 46% of revenue comes from club channels. While this concentration creates earnings volatility risk in a competitive market, BellRing benefits from healthy category growth and a leading position in RTD shakes. The company also reduced its manufacturing risk in recent years by expanding its co-man network. Concentration in club channels also continues to slowly diminish because of higher growth in the food, drug, mass (FDM) and e-commerce channels. While BellRing does not have an explicit leverage target, Moody's expects the company to maintain net leverage within its historical range of mid-2x to low-3x (based on the company's calculation; 2.1x as of September 30, 2025). There is event risk because of share repurchases and the company has indicated a willingness to temporarily increase leverage up to 5.0x for an acquisition. However, acquisitions could enhance business and earnings diversity, and BellRing's strong free cash flow supports deleveraging post-acquisition. Share repurchases are expected to remain a primary capital allocation tool and were an aggressive strategy in fiscal 2025 when buybacks exceeded free cash flow. BellRing's credit profile is supported by favorable demand trends for convenient, protein-enriched products, a good EBITDA margin, improving scale with approximately $2.3 billion in revenue, strong projected free cash flow, and very good liquidity. BellRing's leading market position in the RTD shake category and innovation investments support continued growth. Heightened competitive activity introduces some uncertainty around longer-term earnings performance. Intense competition in the RTD shake category also drives ongoing investment needs to sustain BellRing's good market position. BellRing's SGL-1 Speculative Grade Liquidity rating reflects the company's very good liquidity, including $248 million of availability under its $500 million senior secured revolving credit facility (net of $250 million drawn and $2 million letters of credit outstanding) and a cash balance of $72 million as of September 30, 2025. Free cash flow is projected to decline to $100–$150 million in fiscal 2026 due to an expected $90 million Joint Juice litigation payment, and then rebound to $200–$250 million in fiscal 2027. Moody's expects cash on hand and free cash flow will primarily be used for share repurchases because the company does not pay a dividend. The forecast assumes low annual capital expenditures of $5–$10 million given BellRing's outsourced co-manufacturer model. The revolver is governed by a net debt-to-EBITDA covenant capped at 6.0x, and Moody's projects significant cushion over the next year. The company faces no material debt maturities until March 2030. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The stable outlook reflects Moody's expectations that gross debt-to-EBITDA leverage will be in a 2.5x–3.0x range (Moody's adjusted) over the next 12–18 months. Free cash flow is projected to remain strong over the next 12 months, though likely allocated primarily to share repurchases rather than debt reduction. A rating upgrade could occur if BellRing is able to diversify its product offerings, channel mix, geographic reach, and supply chain. Steady organic growth with stable profitability is also necessary for an upgrade. The company would also need to sustain debt-to-EBITDA below 3.0x and free cash flow-to-debt above 12.5% to be upgraded. A rating downgrade could occur if operating performance, free cash flow, or liquidity deteriorate. A major supply disruption or loss of a key customer or volume could also result in a rating downgrade. A downgrade could also occur if debt-to-EBITDA is sustained above 4.0x. PRINCIPAL METHODOLOGY The principal methodology used in these ratings was Consumer Packaged Goods 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. COMPANY PROFILE Based in St. Louis, Missouri, BellRing sells convenient nutrition products such as ready-to-drink (RTD) protein shakes and protein powders. Prior to the company's IPO in October 2019, BellRing was reported as the Active Nutrition segment under Post Holdings. Following the IPO, Post originally retained a majority ownership interest in BellRing, but exited from its remaining ownership position in BellRing through a series of transactions in 2022. The company's primary brands are Premier Protein and Dymatize. Revenue for the LTM period ended September 30, 2025 was $2.3 billion. BLACK SPOT: Gets Interim OK to Use Cash Collateral Until Jan. 14 ---------------------------------------------------------------- Black Spot, LLC received interim approval from the U.S. Bankruptcy Court for the Southern District of New York to use cash collateral to fund operations. The court authorized the Debtor to use cash collateral through January 14, 2026, to pay the expenses set forth in its budget, subject to a 10% variance per line item. As adequate protection for any decrease in the value of its collateral, JPMorgan Chase Bank, N.A. will receive two interim payments of $8,000 each -- one due this month and the other on January 10, 2026. As additional protection, JPMorgan Chase Bank will be granted a replacement lien on the Debtor's assets constituting the secured creditor's pre-bankruptcy collateral and assets acquired after the Debtor's Chapter 11 filing. The replacement lien does not apply to avoidance claims. In case the replacement lien proves inadequate, JPMorgan Chase Bank will be granted a superpriority administrative expense claims, subject to the fee carveout. A final hearing is scheduled for January 13, 2026. The interim order is available at https://is.gd/ITBmRh from PacerMonitor.com. Black Spot filed for Subchapter V Chapter 11 relief on November 20 after experiencing a severe and unexpected decline in revenue. This downturn stemmed largely from the abrupt cancellation of a long-term production contract not set to expire until 2027, coupled with broader industry changes that shifted the nature of post-production marketing and reduced demand for the Debtor's services. As cash flow deteriorated, the Debtor fell behind on business obligations, including equipment loans and lines of credit, and ultimately turned to merchant cash advances, which became increasingly difficult to service. A UCC search confirmed JPMorgan Chase Bank as the senior secured creditor, with approximately $446,464 outstanding and an ongoing state court action for nonpayment. Several additional secured parties including Western Equipment Finance, Balboa Capital, NewCo, and First Citizens Bank—hold liens, and multiple MCA providers appear to hold security interests that the Debtor may seek to avoid pursuant to recent case law, including J.P.R. Mechanical. The Debtor has prepared a budget through December 31, 2025, noting virtually no current cash but expected receivable collections of $141,800, though collection remains unpredictable. To reduce expenses, the Debtor has implemented significant cost-cutting, including staff reductions and eliminating its office lease. JPMorgan Chase Bank is represented by: Matthew G. Roseman, Esq. Cullen and Dykman, LLP 333 Earle Ovington Boulevard, 2nd Floor Uniondale, NY 11553 (516) 357-3700 mroseman@cullenllp.com About Black Spot LLC Black Spot, LLC is a New York-based full-service production agency that provides concept-to-completion media production, including writing, shooting, editing, mixing, and finishing projects for on-air, streaming, and digital platforms. The Company produces trailers, upfronts, live award shows, sizzles, campaigns, and behind-the-scenes content, operating from its own SoHo sound stage and on global locations. Black Spot also offers delivery services that optimize media for multiple platforms, including captioning, quality control, and distribution of over 500 spots per month. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S. D. N.Y. Case No. 25-12592) on November 19, 2025. In the petition signed by John Laskas, sole shareholder of Soapy Film, Inc., majority owner of the Debtor, the Debtor disclosed $159,401 in assets and $1,465,517 in liabilities. Judge Martin Glenn oversees the case. James J. Rufo, Esq., at The Law Office of James J. Rufo, represents the Debtor as bankruptcy counsel. BLACKHAWK MINING: Pocahontas Loses Bid to Terminate, Reform Lease ----------------------------------------------------------------- In the appeals styled ROCKWELL MINING, LLC; BLACKHAWK LAND AND RESOURCES, LLC, Plaintiffs – Appellees, v. POCAHONTAS LAND LLC, Defendant – Appellant, No. 24-2051 (4th Cir.); and ROCKWELL MINING, LLC; BLACKHAWK LAND AND RESOURCES, LLC, Plaintiffs – Appellants, v. POCAHONTAS LAND LLC, Defendant – Appellee, No. 24-2110 (4th Cir.), Judges Albert Diaz, Henry F. Floyd and Patricia Tolliver Giles of the United States Court of Appeals for the Fourth Circuit affirmed the judgment of the United States District Court for the Southern District of West Virginia, at Charleston that denied Pocahontas Land LLC's request for forfeiture or reformation of a coal mining lease. In 1937, two sophisticated commercial entities executed a coal mining lease in West Virginia. The lease provides a flat-rate royalty for mined coal and gives only the lessee -- now Rockwell Mining, LLC and Blackhawk Land and Resources, LLC -- the right to renew. In July 2019, Blackhawk Mining LLC -- Rockwell and Blackhawk Land's parent company -- filed a Chapter 11 voluntary petition for reorganization. As part of the exit financing, Blackhawk Mining entered into two credit agreements in January 2020, and Rockwell pledged the 1937 lease as collateral under two deeds of trust. Rockwell didn't obtain Pocahontas Land's consent. Two months later, Pocahontas Land notified Rockwell in writing that it was in default of Article Sixteen by mortgaging the leasehold without consent. In June 2020, Blackhawk Mining merged with another company. Blackhawk Mining notified Pocahontas Land one day before the parties signed the transaction but didn't obtain Pocahontas Land's consent. Pocahontas Land sent another default notice to both Rockwell and Blackhawk Land, claiming that the 2015 Amendment mandated its consent for a direct or indirect change of control. Rockwell sought a declaratory judgment that the 2020 merger didn't require Pocahontas Land's consent and therefore didn't breach the 1937 lease. Pocahontas Land filed three counterclaims, seeking its own declaratory judgment that: (1) Article Three's flat-rate royalty provision is unconscionable and subject to reformation or termination; (2) Article Sixteen's consent requirement, as amended by the 2015 Amendment, is enforceable and Rockwell's failure to obtain consent for the 2020 merger breached the lease; and (3) Article Sixteen's prohibition against mortgages is enforceable and Rockwell's failure to obtain consent for the 2020 mortgage also breached the lease. The parties cross-moved for summary judgment. The district court granted summary judgment to Rockwell on Pocahontas Land's unconscionability counterclaim, finding no procedural unconscionability. It granted partial summary judgment to Pocahontas Land on the remaining counterclaims, concluding that both the January 2020 mortgage and the June 2020 merger breached Article Sixteen's anti-assignment provision. But the court denied Pocahontas's request for forfeiture or reformation. This appeal followed. According to the Fifth Circuit, Pocahontas Land can't pursue contractual forfeiture because the 1937 lease doesn't permit forfeiture for the breach in question. Pocahontas Land's equitable forfeiture arguments fare no better. The panel explains, "Here, there's no evidence that the coal isn't being mined or that the lessor isn't being paid. Rather, the breaches involve lease assignments without the lessor's consent the breaches involve lease assignments without the lessor's consent. In a case like this, where compensatory damages are theoretically available and any breaches don't concern the land itself, equity doesn't support forfeiture." The Fifth Circuit finds the lease's forfeiture provision is too broad under West Virginia law to permit termination for the alleged breaches. And the lease isn't unconscionable, so it can't be reformed on that basis. Pocahontas Land points to three provisions it thinks are unfair: (1) the royalty rate, (2) the unilateral perpetual renewal, and the (3) unenforceable forfeiture provision. The Circuit Judges hold, "None persuade. First Pocahontas Land hasn't shown that the ten-cent royalty rate was unreasonable in 1937. Second, perpetual leases have long been recognized as valid and binding in West Virginia. Third, the forfeiture provision is unenforceable under West Virginia law. Pocahontas Land can't rely on that clause to support its substantive unconscionability argument. Accordingly, the district court's judgment is affirmed." A copy of the Court's Opinion dated December 5, 2025 is available at https://urlcurt.com/u?l=Ou0vOp About Blackhawk Mining Founded in 2010, Blackhawk Mining LLC -- http://www.blackhawkmining.com/-- is a diversified coal mining company headquartered in Lexington, Kentucky. They are a privately-owned coal producer operating predominantly in the Central Appalachian Basin of the United States. They sell their coal production domestically and internationally to a diverse set of end markets, such as steel producers, regulated utilities, and commodity trading houses. On July 19, 2019, Blackhawk Mining and 21 affiliates sought Chapter 11 protection (Bankr. D. Del. Lead Case No. 19-11595). The Hon. Laurie Selber Silverstein acted as the case judge. The Debtors tapped Kirkland & Ellis LLP and Kirkland & Ellis International LLP as general bankruptcy counsel; Potter Anderson Corroon LLP as local counsel; and AlixPartners as restructuring advisor; and Centerview Partners LLC as investment banker. Prime Clerk LLC served as claims agent. A bankruptcy-exit plan was confirmed August 29, 2019, and the case was terminated May 28, 2021. BLOOMIN' BRANDS: S&P Lowers ICR to 'B+', Alters Outlook to Stable ----------------------------------------------------------------- S&P Global Ratings lowered the issuer credit rating on Tampa, Fla.-based casual dining company Bloomin' Brands Inc. to 'B+' from 'BB-', primarily due to its expectation for sustained higher leverage. S&P said, "We also lowered our senior secured credit rating to 'BB-' from 'BB', with a '2' recovery rating, and our senior unsecured rating to 'B-' from 'B', with a '6' recovery rating. "The outlook is stable, reflecting our expectation that leverage will remain in the mid-4x area over the next 12 months." Bloomin' Brands Inc.'s same-store sales declined for eight quarters before turning slightly positive in the third quarter of 2025, while margins contracted 400 basis points over the same period, resulting in leverage exceeding 4x. S&P anticipates the company's turnaround plan, if successfully executed, could support comparable restaurant sales growth over time, though next year will be an investment period pressuring profitability. As a result of challenged sales and margin pressure, we project leverage will weaken slightly but remain in the mid-4x area in 2026 due to a lower margin profile, despite the expected debt repayment in the fourth quarter from asset sale proceeds. S&P said, "We expect leverage will remain in the mid-4x area due to pressured profitability." Bloomin' Brands' S&P Global Ratings-adjusted leverage increased to 4.5x on a rolling 12-month (RTM) basis in the third quarter of 2025, up from 4.2x in 2024, excluding company-operated restaurants in Brazil prior to being discontinued in the fourth quarter of 2024. This increase was driven by contracting margins resulting from negative traffic growth and a shift in sales mix toward value offerings, such as the Aussie three-course meal. Its S&P Global Ratings-adjusted EBITDA margin decreased to approximately 12.4% in the third quarter on an RTM basis, compared with 13.6% in 2024. Meanwhile, lease-adjusted debt modestly decreased during this period, primarily due to the partial repayment of revolving credit facility borrowings with proceeds from the initial installment of the Brazil refranchising. S&P said, "We project the company will end 2025 with an S&P Global Ratings-adjusted EBITDA margin of approximately 12%, which is below the average for the restaurant industry. We expect margins will decline further to the low-11% area in 2026, driven by planned investments related to the company's turnaround strategy for its Outback Steakhouse locations. Consequently, we anticipate leverage will increase slightly next year, though remain within the mid-4x area." Successful implementation of the turnaround plan may increase traffic over time, though near-term profit margins will remain under pressure. The turnaround plan is predominantly focused on the Outback Steakhouse brand and includes investments in higher steak quality, menu improvement, and guest experience. The turnaround plan will require additional expenses, which will be only partially offset by non-guest-facing productivity initiatives. S&P said, "We expect the turnaround plan will take time to drive traffic because it will require a period of marketing and execution to earn back customers. Consequently, 2026 will be an investment year, and we therefore expect margins to remain pressured in the near term with S&P Global Ratings-adjusted EBITDA contracting about 100 basis points to the low-11% area. Once these operational investments and planned remodeling of Outback Steakhouse locations gains traction and begin to drive traffic, we anticipate there is potential for margin expansion in 2027 and beyond. "We continue to apply a negative one-notch comparable rating analysis modifier to our anchor score for Bloomin' Brands to reflect its underperformance relative to peers, stemming in part from diminishing value perception and inconsistent guest experience. As a result, its market share has decreased over the past several years and comparable sales growth has lagged those of higher-rated peers such as Brinker International and Darden Restaurants Group." Instead, it has trended closer to lower-rated peers like Fogo de Chao. Darden successfully positioned its Olive Garden and LongHorn Steakhouse brands for growth, in part through enhanced value perception and operational execution. Similarly, Brinker International has driven outperformance relative to the broader industry for the past six quarters by focusing on high value perception, improved service, and execution at its Chili's brand. S&P said, "We anticipate revenue growth will be modestly positive next year. Single-digit unit growth will likely be offset by restaurant closures next year, resulting in largely flat net unit growth, while a softening macroeconomic environment will be a headwind to comparable sales growth. Low consumer sentiment, value seeking behavior, and trade down trends will likely persist in the near term, limiting comparable sales growth. "We expect comparable sales to be flat to modestly positive in 2026 because we forecast largely flat traffic growth and low-single-digit percent pricing actions." The turnaround initiatives should begin stabilizing traffic next year, while value offerings such as the Aussie three-course meal at Outback Steakhouse should continue to support sales in a value-seeking consumer environment. Its third-quarter comparable growth was positive 1.2% after declining in the previous eight quarters, supported by low-single-digit percent pricing actions and partially offset by a mix shift toward value offerings. Traffic was down 10 basis points in the third quarter, an improvement relative to low- to mid-single-digit percent declines in the preceding 13 quarters. S&P anticipates there is potential for comparable growth to improve to the low-single-digit percent area in 2027 and beyond once the turnaround improvements and store remodels gain traction. S&P said, "The remodel initiative of nearly all Outback Steakhouse locations by 2028 will increase capital expenditures (capex); however, we expect free cash flow to remain modestly positive. The estimated cost to remodel Outback Steakhouse locations is $400,000 per location, which will be partially offset by a reduced pace of new unit growth. We anticipate annual capex of approximately $220 million and modest free cash flow. "However, fluctuations in net working capital, which have at times represented a significant use of cash, introduce uncertainty into our forecast. Consequently, our projections are sensitive to unexpected changes in net working capital, which could result in lower or negative free cash flow in certain years. Furthermore, our base case assumes no dividends or share repurchases throughout the forecast period, reflecting the company's suspension of dividend payments. We would consider any debt-funded share repurchases or dividend payments a credit negative. "The stable outlook on Bloomin' Brands reflects our expectation that leverage will remain in the mid-4x area over the next 12 months despite a slight increase in leverage in 2026 due to profit pressure during the implementation of the company's turnaround initiatives." S&P could lower our rating if Bloomin' Brands' operating performance falls short of our forecast such that S&P expects it to sustain leverage above 5x. This could happen if: -- Its turnaround strategy takes longer than expected and has a greater-than-anticipated impact on profits; or -- It adopts a more aggressive financial policy and returns to paying dividends or repurchasing shares ahead of deleveraging and turnaround investments in the business. S&P could raise the rating on Bloomin' Brands if it expects: -- It to sustain leverage below 4x due to improving operating results, including comparable sales growth, and margin expansion; or -- It successfully executes on its turnaround strategy and establishes a track record of maintaining or growing market share, leading us to believe it compares more closely with higher-rated peers. In this scenario, S&P would expect it to consistently grow traffic and improved profit margins. BSG CORP: Voluntary Chapter 11 Case Summary ------------------------------------------- Debtor: BSG Corp. Bio-Signal Group Corp. 28 W Houston St #18A New York NY 10012 Business Description: Bio-Signal Group Corp. (BSG Corp.) develops neurodiagnostic solutions that provide functional brain assessment across medical, military, sports, and consumer markets. The Company's offerings include the microEEG portable EEG system and a range of complementary components, such as the StatNet disposable electrode headset, the EzeNet semi-disposable headpiece, and HydroDot biosensors used for EEG signal acquisition. Bio-Signal Group also provides EEG interpretation services through its EEG Interpretation Platform and physician panel, facilitating clinical-grade brain monitoring anytime and anywhere. Chapter 11 Petition Date: December 8, 2025 Court: United States Bankruptcy Court Southern District of New York Case No.: 25-12755 Judge: Hon. John P Mastando III Debtor's Counsel: Ru Hochen, Esq. ROMANO LAW PLLC One Battery Park Plaza, 7th Fl. New York NY 10004 Tel: (212) 865-9848 E-mail: ruromanolaw.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Andre Fenton 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/J737U2A/BSG_Corp__nysbke-25-12755__0001.0.pdf?mcid=tGE4TAMA BURGESS POINT: S&P Downgrades ICR to 'CCC+', Outlook Negative ------------------------------------------------------------- S&P Global Ratings downgraded its issuer credit rating on Burgess Point Purchaser Corp. to 'CCC+' from 'B-'. At the same time, S&P also lowered its issue-level rating on the company's senior secured debt to 'CCC ' from 'B-' and revised the recovery rating to '5' (10%-30%; rounded estimate: 20%) from '4' (30%-50%; rounded estimate: 35%). The negative outlook reflects the risk that S&P could downgrade the ratings over the next 12 months if the company's cash flow deficits materially worsen or liquidity becomes constrained. Burgess Point Purchaser Corp. continues to generate material cash flow deficits while its leverage has remained elevated. The rating downgrade and negative outlook reflect Burgess Point's persistent free operating cash flow (FOCF) deficits. Year-to-date third-quarter 2025, the company generated a significant FOCF deficit of about $38 million inclusive of customer investment payments. While its EBITDA has gradually improved to cover the company's significant interest expense burden, it remains insufficient to cover substantial working capital requirements, customer investment payments, and taxes, resulting in continued significant cash burn. Although a seasonal unwind of working capital provided it with a cash flow benefit in the third quarter, we do not expect this to persist because the company will need to reinvest in working capital next year to support growth. S&P said, "We now forecast S&P Global Ratings-adjusted EBITDA margins will expand to 20.0%-20.6% in 2025 and 2026, driven by cost reductions, improved productivity, and new business wins. Despite this, we anticipate cash flow will remain negative due to the high interest burden, working capital needs, and ongoing customer investments. We now project negative FOCF through 2025 and 2026, a revision from our previous forecast of near-breakeven FOCF in 2025 and positive FOCF in 2026. "We do anticipate some interest rate cuts in 2026 will partially alleviate the company's cash burn, although the magnitude and timing of these cuts remain uncertain. Even with projected rate cuts, interest expense will remain significant due to its high leverage and fully floating rate debt structure. We project S&P adjusted leverage of about 8.5x in 2025 and 8.0x in 2026. "We expect moderate top-line improvement despite ongoing macroeconomic volatility. While business growth has continued, we see demand pressures within certain product categories. The collision repair market remains soft due to affordability concerns, resulting in fewer repairs and lower-than-expected earnings contribution from the company's recent All Star Lights acquisition. Similarly, some consumers deferred maintenance, particularly earlier in the year, due to affordability concerns. "We forecast revenue growth of approximately 18% in 2025, primarily driven by the All-Star acquisition, and approximately 6% organically in 2026 as the company secures new business wins. There could be potential upside to growth if the ongoing First Brands bankruptcy disruption results in customers looking to switch suppliers. However, this could also entail higher-than-expected working capital investments to support new business wins. Burgess Point's liquidity position could weaken further given its persistent cash flow deficits and revolving lines becoming current next year. S&P said, "Although we forecast liquidity sources will exceed uses by over 1.2x over the next 12 months, the company will need to rely on its revolving credit facilities to cover its cash flow shortfalls, gradually depleting liquidity. Furthermore, the company's asset-based lending (ABL) and revolving credit facilities will become current on July 25, 2026. At that point, we would view liquidity as constrained and anticipate a further ratings downgrade. We also believe there is some risk to the company's refinancing ability, considering our expectation for continued macroeconomic volatility through 2026 and our forecast for ongoing negative FOCF." Historically, the company has pursued an aggressive financial policy, frequently using debt-funded acquisitions to expand its global scale and diversify its product and end market offerings. While not factored into our base case, utilizing a significant portion of its revolving credit facility to finance acquisitions would substantially increase risk by reducing liquidity and the ratings' cushion for operational underperformance. Conversely, if the sponsor contributes equity to a transaction, as it did with the All-Star acquisition, it could bolster Burgess Point's liquidity position. The negative outlook reflects the risk that S&P could lower its ratings on the company over the next 12 months if its liquidity position continues to deteriorate such that it becomes constrained. S&P could lower its rating if: -- Liquidity becomes constrained due to greater-than-expected cash flow deficits or the revolving credit facilities become current; or -- S&P believes the company is likely to engage in a distressed debt restructuring that we would consider tantamount to a default, due to liquidity pressures or an unsustainable capital structure. S&P could revise its outlook to stable or raise its ratings if: -- S&P believes the company will be able to generate at least break-even FOCF through sustained operating performance improvements; -- The company refinances its ABL and revolving credit facility such that S&P doesn't have concerns about any debt going current in the near-term; and -- The company's liquidity position improves to an adequate position and S&P expects it to remain there. CARPENTER FAMILY: Court OKs Tract 3 Carpenter Farm Sale to SSMP --------------------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of Indiana, Indianapolis Division, has permitted Carpenter Family Farms LLC and Benjamin Carpenter to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor owns real estate located in Sugar Creek Township, Montgomery County, Darlington, Indiana known as Carpenter Farm, Tract 3, containing 33.94 acres. The Property does not contain any improvements and does not have a common address. The Court has authorized the Debtor to sell the Property to SSMP LLC for a purchase price of $509,100. The Court held that Proper and sufficient notice on the Sale Motion has been served on all creditors and parties in interest as indicated by the certificate of service. The Property may be transferred to the Purchaser free and clear of all Interests, with such Interests to attach to the proceeds of the sale of the Property in the order of their priority with the same validity, force, and effect as they now have against the Property. The Debtor is authorized to issue bills of sale and deeds and related documents to affect such transfer. On and after the closing date, each of the Debtor's creditors is directed to executive such documents and take all other actions as may be necessary to release its Interests, if any, against the Property. About Carpenter Family Farms LLC Carpenter Family Farms, LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Ind. Case No. 25-05527) on September 12, 2025, listing between $1 million and $10 million in assets and between $10 million and $50 million in liabilities. Judge Andrea K. Mccord presides over the case. Jeffrey M. Hester, Esq., at Hester Baker Krebs, LLC represents the Debtor as legal counsel. CARPENTER FAMILY: Tract 2 Carpenter Farm Sale to B. & P. Rush OK'd ------------------------------------------------------------------ The U.S Bankruptcy Court for the Southern District of Indiana, Indianapolis Division, has permitted Carpenter Family Farms LLC and Benjamin Carpenter, to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor owns real estate located in Sugar Creek Township, Montgomery County, Darlington, Indiana known as Carpenter Farm, Tract 2, containing 77 acres. The Property does not contain any improvements and does not have a common address. The Court has authorized the Debtor to sell the Property to Bruce Rush and Penni Rush in the purchase price of $1,232,000. The Property may be transferred to the Purchaser free and clear of all Interests, with such Interests to attach to the proceeds of the sale of the Property in the order of their priority with the same validity, force and effect as they now have against the Property. The Debtor is authorized to issue bills of sale and deeds and related documents to affect such transfer. The Debtor is directed to file a report of sale within 15 days of closing. The Debtor shall turn over Proceeds to First Farmers Bank and Trust. The Debtor is authorized, directed and empowered to fully assume, perform under, consummate and implement the sale to the Purchaser, together will all additional instruments and documents that may be reasonably necessary or desirable to implement the sale and the transactions contemplated. The transfer of the Property to the Purchaser is not subject to taxation under any state or local law imposing a stamp, transfer or similar tax. About Carpenter Family Farms LLC Carpenter Family Farms, LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Ind. Case No. 25-05527) on September 12, 2025, listing between $1 million and $10 million in assets and between $10 million and $50 million in liabilities. Judge Andrea K. Mccord presides over the case. Jeffrey M. Hester, Esq., at Hester Baker Krebs, LLC represents the Debtor as legal counsel. CARROLL COUNTY ENERGY: S&P Upgrades ICR to 'BB', Outlook Stable --------------------------------------------------------------- S&P Global Ratings raised the rating on Carroll County Energy LLC's (CCE) term loan B (TLB) due June 2031 to 'BB' from 'BB-'. S&P also revised the recovery rating to '1+' (100%), indicating its expectation for full (rounded estimate: 100%) recovery in a default scenario, from '2'. S&P said, "The upgrade reflects the project's strong operating and financial performance, underpinned by robust PJM capacity prices and attractive realized energy margins. It also incorporates our more favorable sector outlook for competitive thermal assets, which we believe are positioned to remain online longer given rising load requirements from digitalization, as well as an increased market focus on dispatchability and reliability amid growing renewable intermittency and lack of baseload supply. "Based on our view of industry factors and market-driven variables (such as power demand and the pace and magnitude of the retirement of uneconomical units) as well as commodity and capacity pricing, we forecast a minimum debt service coverage ratio (DSCR) of 2.30x and a median DSCR of 2.30x for CCE (including the post-refinancing period). "The stable outlook reflects our expectation of high dispatch levels, minimal forced outages, and elevated energy and capacity prices that provide for strong coverage over the TLB and post refinancing periods in addition to meaningful debt reduction. We expect the project to repay nearly $225 million of its debt through the TLB period (2026-2031)." On Dec. 8, 2025, CCE announced a repricing and upsizing of its TLB. The project is looking to add $50 million to its $380 million outstanding ($425 million original issue) TLB due 2031. CCE will use the proceeds from the add-on to fund distributions to its owners and pay transaction fees. Carroll County Energy LLC is a 700-megawatt (MW) combined-cycle natural gas-fired power plant. The project is in Carroll County, Ohio, and dispatches into the American Electric Power (AEP) zone of the Pennsylvania Jersey-Maryland (PJM) Interconnection. The project is owned by AP-BCPG CCE Partners LLC (17.8%), San Jacinto Carroll Holdings LLC (11.6%), BCPG CCE Holdings LLC (40%), Jera Americas, Inc. (20%), and Ullico Infrastructure Carroll County HoldCo LLC (10.6%). The proposed transaction increases leverage. However, DSCRs remain strong throughout the project's asset life, supported by favorable power-market fundamentals. The upgrade reflects the project's robust operating and financial performance, driven by elevated PJM capacity prices and attractive realized energy margins. CCE continues to benefit from a constructive market environment and advantageous spark-spread hedging, enabling substantial deleveraging since the refinancing completed in the second quarter of 2024. The project has repaid approximately $45 million of debt over that period, with current leverage now around $610/kW, which we view as relatively modest compared with recent PJM-based transactions. S&P said, "Our updated base-case forecast incorporates an incremental $50 million upsizing of the project's $380 million outstanding TLB, announced Dec. 08, 2025. CCE is also seeking to price the facility at SOFR + 300 basis points (bps), versus SOFR + 325 bps previously. We view the tightening in credit spreads as credit-positive, as lower interest expense should support stronger free cash flow generation and accelerate amortization under the cash flow sweep mechanism. "We now forecast a minimum DSCR of approximately 2.30x throughout its asset life and TLB debt outstanding at maturity of roughly $200 million. While the sponsor may elect an alternative refinancing structure, our base case assumes beginning in 2031, the facility converts to a fully amortizing loan with a sculpted repayment profile, resulting in full debt repayment by 2047. "The anticipated reduction in debt before maturity improves DSCRs in both our TLB period and post refinance period. The pay down before hypothetical default in our recovery case reduces debt claims at default and improves the recovery rating to '1+' (100%) from '2' (70% - 90%). The '1+' recovery rating indicates our expectation for full recovery (100%) in a hypothetical default scenario. "We expect CCE will continue benefitting from higher capacity prices. PJM's most recent BRA for delivery year 2026/27 cleared at the administrative cap of $329/MW-day for the RTO and all zones across PJM. This auction marked the first implementation of the price "collar," which constrains clearing prices within a range of approximately $179/MW-day to $329/MW-day. Compared to the 2025/26 BRA, which cleared near $270/MW-day for the RTO, clearing prices increased due to a tight supply-and-demand balance, namely, rising reliability requirements driven by strong peak-load growth, while incremental UCAP supply continues to lag. "We expect PJM capacity market conditions to remain tight through the end of the decade, with clearing prices projected to remain in the range of approximately $225/MW-day to $275/MW-day over the next several auctions. Similar market fundamentals are expected to drive this outcome—limited new supply additions coupled with continued load growth—until more meaningful generation development materializes in the early 2030s. "We anticipate capacity revenues will represent approximately 35%–40% of CCE's gross margins over the project's life. As a result, higher capacity prices are expected to have a positive impact on our cash-flow forecasts." CCE is a highly efficient gas-fired facility competitively positioned on the dispatch curve . CCE has been commissioning/operating since 2018 and has a track record of stable operational performance with high availability and capacity factors. Its efficiency, strategic location in the Marcellus and Utica shale region, and interconnection with the Tennessee Gas Pipeline provide reliable access to low-cost natural gas. These attributes enable base-load dispatch and above-average utilization. Since 2019, CCE's capacity factor has averaged approximately 85%, including results from the first three quarters of 2025. While this track record is credit positive, the long-term sustainability of such performance is less certain. S&P expects competitive pressures to intensify as additional dispatchable resources enter the market and renewable generation paired with storage expands. Efficient combined cycle gas turbines (CCGTs) in PJM should remain profitable owing to tailwinds from strong energy demand. S&P notes assets such as CCE are in a favorable position relative to CCGTs in the eastern PJM Hub, which are subject to increasing carbon compliance costs (Regional Greenhouse Gas Initiative [RGGI]) that affect their dispatch and margins. RGGI operates as a carbon cap-and-trade agreement between 11 northeastern states. Carbon-emitting power plants must buy allowances through an auction process. This makes electricity produced by thermal-based power generators more expensive relative to zero-carbon sources like wind, solar, and nuclear. Thermal generators in a non-RGGI state like Ohio are not subject to carbon compliance costs, giving them a competitive edge over eastern PJM plants. At the same time, Ohio, remain resistant to major decarbonization policies and are generally protective of their native fossil-fuel sectors. Coal and natural gas continue to account for the majority of electricity generation in the state, and Ohio has taken steps to promote the longevity of these industries. In 2019, the state passed legislation that terminates the Renewable Portfolio Standard after 2026 and authorizes additional cost recovery for coal plants through 2030. More recently, in 2023, Ohio enacted a law designating natural gas as a form of "green energy" and expanding opportunities for developers to drill on state lands. Given this pro-fossil-fuel positioning, it is very unlikely that Ohio will become a member of RGGI. S&P said, "We believe highly efficient generators like CCE are well positioned to benefit from these dynamics, given their low heat rates and high-dispatch characteristics, which support operation during most hours of the day. As a result, a significant share of CCE's gross margins and cash flow is directly linked to plant output and profitability per unit. We expect energy margins to comprise roughly 80% of total gross margins through the TLB term, reflecting anticipated capacity factors in the low- to mid-60% range and an average spark spread of about $15.5/MWh through 2031. On this basis, we forecast CCE will generate approximately $70 million in average annual energy margins through TLB maturity." CCE's hedge book further enhances cash flow visibility. The project has secured spark-spread hedges covering 20%–50% of expected generation volumes for 2026–2028 at very favorable strike levels of $20/MWh–$25/MWh. These positions provide a meaningful buffer against potential market volatility and should support strong cash-flow generation, assuming sustained operational reliability. S&P said, "The stable outlook reflects our expectation of high dispatch levels, minimal forced outages, and elevated energy and capacity prices that provide for strong coverage over the TLB and post refinancing periods in addition to meaningful debt reduction. We expect the project to repay nearly $225 million of its debt through the TLB period (2025-2031)." S&P could consider a negative rating action if expected DSCRs fall below 1.8x on a sustained basis in either the TLB period or the post-refinancing period. This could occur if: -- The project experiences weaker realized spark spreads, lower PJM capacity prices, and unplanned outages substantially affect generation; -- Economic factors cause the power plants to dispatch materially less than our base case expectation; or -- The project's excess cash flows do not translate into expected debt paydowns, leading to a higher-than-expected debt balance at maturity. Additionally, S&P could take a negative rating action on CCE if leverage increases materially in a way that weakens our current view of CCE's credit quality. Although unlikely in the near term, S&P could raise its rating if: -- S&P expects the project will maintain a minimum base-case DSCR greater than 3.0x in all years, including the post-refinancing period; and -- S&P believes it could rate the project 'BB+' on a qualitative basis, given its single-asset nature and exposure to inherent power price volatility, operational risk, and refinancing risk. CCC INTELLIGENT: S&P Affirms 'BB-' ICR on Term Loan Increase ------------------------------------------------------------ S&P Global Ratings affirmed its 'BB-' issuer credit rating on U.S.-based automotive insurance and repair solutions provider CCC Intelligent Solutions Inc. (CCC) and issue-level ratings on its senior secured term loan and revolving credit facility. S&P said, "The stable outlook reflects our expectation that CCC will maintain organic revenue growth of about 6%-8% in 2025 and 2026 despite lower auto insurance claim volumes. We also expect leverage of 3x-3.5x and annual free operating cash flow (FOCF) well above $200 million despite slightly lower EBITDA margins with the consolidation of EvolutionIQ." CCC should have sufficient levers to maintain good organic revenue growth despite macroeconomic uncertainties. Lower automotive damage insurance claims volumes as consumer premiums increased have been a minor revenue headwind in 2025. S&P said, "We expect 6%-8% organic revenue growth over the next 12 months from secular demand for digital transformation, cross-selling and upselling on CCC's cloud platform and product innovation. Including contributions from EvolutionIQ, acquired in January, we expect total revenues to increase 11%-12% in 2025 and 7%-9% in 2026. While the macroeconomic environment remains uncertain, we expect the company's largely recurring revenue model (subscriptions are about 80% of total revenues), with about 99% gross retention and 105%-107% net retention rates, to provide good revenue visibility. At the same time, our rating on CCC also reflects its lower revenue and EBITDA scale, and end-market diversification compared to some other 'BB' rated cloud-based software companies." CCC's solid FOCF generation should allow it to achieve its capital allocation goals and keep leverage below 4x. S&P said, "We believe S&P Global Ratings-adjusted EBITDA margins may decrease slightly over the next 12-24 months because of dilutive tuck-in acquisitions, one-time costs to implement go-to-market enhancement initiatives, or a lower mix of share-based compensation. Nonetheless, we expect increasing EBITDA to drive annual reported FOCF of $240 million-$260 million over 2025 and 2026 even with higher interest payments due to the larger expected term loan balance." Greater acquisition spending and shareholder distributions this year may increase S&P Global Ratings-adjusted leverage above 3x at the end of 2025 from 1.3x in 2024. S&P said, "However, we believe solid FOCF will allow CCC to maintain a capital allocation strategy that balances shareholder returns and growth investments while keeping long-term leverage below 4x. We particularly note CCC's track record of leverage below 4x since it went public in 2021 and the reduced risk of financial sponsor influence on its business strategy or financial policy following Advent's exit. We now net accessible cash from our adjusted debt calculation." S&P said, "The stable outlook reflects our expectation that CCC's upselling and cross-selling, production innovation, and continued expansion of its network ecosystem will support 6%-8% organic revenue growth in 2025 and 2026 despite lower auto insurance claims volumes. Although we expect that consolidating EvolutionIQ will contribute to slightly lower EBITDA margins of about 35%, the company should maintain leverage at 3x-3.5x, and annual FOCF well above $200 million over the next 12 months." S&P could lower its rating on CCC if: -- S&P expects long-term leverage to increase above 4x or forecast FOCF to debt below 10%, which could be due to a more aggressive financial policy than expected; or -- Operational mishaps or competitive losses significantly reduce revenue or EBITDA margins such that S&P believes the company's competitive position or long-term profitability profile has weakened. S&P could raise the rating if the company: -- Maintains consistent organic revenue expansion and solid EBITDA margins such that leverage remains well below 3x and FOCF to debt remains above 15%; and -- Maintains a sufficient track record of a conservative financial policy that supports these metrics even after acquisitions and shareholder distributions. Alternatively, S&P could raise its rating if CCC significantly expands its revenue scale and total addressable market, while expanding its product portfolio or diversifying its geographical and end-market presence. CD&R SMOKEY: S&P Alters Outlook to Negative, Affirms 'B-' ICR ------------------------------------------------------------- S&P Global Ratings revised its outlook on Knoxville, Tenn.-based CD&R Smokey Buyer Inc. (dba PetSafe) to negative from stable. S&P said, "We also affirmed our 'B-' issuer credit rating on PetSafe and our 'B-' issue-level rating on the company's senior secured notes. The '3' recovery rating is unchanged, indicating our expectation for meaningful (50%-70%; rounded estimate: 50%) recovery in the event of a payment default. "The negative outlook reflects our expectation that PetSafe will continue to be pressured by intensifying competition, weak consumer discretionary spending, and tariffs, potentially leading to further credit metric deterioration and an unsustainable capital structure." PetSafe remains challenged by weak consumer discretionary spending and increased competition, which are pressuring its top line. These factors, combined with tariffs, have weakened its profitability and credit metrics. PetSafe is currently managing a strategic turnaround plan to address these headwinds, though S&P expects its operating performance will likely remain weak over the coming quarters, which will continue to pressure its credit measures and lead to negative free operating cash flow (FOCF) and EBITDA interest coverage sustained below 1.5x. PetSafe's operating underperformance resulted in weaker credit metrics than S&P previously expected. In late 2024, sales to key online and retail partners declined amid higher-than-expected inventory destocking and the company's inability to achieve expected volume gains from increased marketing spend. Online channels also faced pressure from new low-priced entrants in the waste-management category, contributing to an approximate 10% revenue decline and an 18% contraction in S&P Global Ratings–adjusted EBITDA for fiscal 2024. Over the past year, the revenue trajectory has continued to deteriorate, with net sales declining 6.3% for the 12 months ended Sept. 30, 2025, primarily due to lower unit volumes sold driven by reduced retail traffic. At the same time, its S&P Global Ratings-adjusted EBITDA margin contracted 290 basis points and EBITDA interest coverage declined to 1.2x on a last-12-months basis through Sept. 30, 2025. Tariff policies have also added macroeconomic uncertainty, further weakening consumer sentiment and discretionary spending patterns. Given these pressures, S&P expects the company's top line to remain soft and not fully stabilize until at least the back half of fiscal 2026. Execution risk for PetSafe's strategic turnaround is elevated. The recent underperformance prompted management to hire McKinsey consultants in February 2025 to evaluate strategic options to boost sales and improve margins. PetSafe engaged the advisors under a year-long mandate, incurring ongoing professional fees, which have materially weighed on profitability but are expected to roll off once the engagement concludes. S&P said, "While management anticipates the operational and strategic adjustments recommended by McKinsey may begin to support performance in the back half of 2026, we believe the company's credit metrics will remain pressured over the next year. These initiatives are being executed amid soft macroeconomic conditions and weak category demand for pet durables, and we do not forecast meaningful EBITDA improvement until McKinsey fees roll off and the benefits from strategic initiatives materialize in earnest later in 2026. Consequently, we expect EBITDA interest coverage to remain below our downside trigger of 1.5x in the near term absent a faster return to profitable growth. "We expect modest FOCF deficits but adequate liquidity. FOCF turned negative in fiscal 2024 with a $7 million deficit primarily due to declining profitability and working capital investment in inventory, and these deficits were sustained through the first half of fiscal 2025. Notably, the company returned to positive FOCF of $6.5 million on a trailing-12-month basis through Sept. 30, 2025, due to a strong working capital inflow from increased payables and accrued liabilities, which we expect will be temporary. "We continue to forecast modest FOCF deficits of $4 million-$5 million for fiscal years 2025 and 2026. The cash burn is primarily driven by muted demand and ongoing margin pressure. Even so, we assess PetSafe's liquidity as adequate, supported by roughly $126 million of available liquidity, including $26 million of cash and full availability under the borrowing base of the company's asset-based lending (ABL) facility. The company also has no near-term debt maturities, but its capital structure could become unsustainable absent a successful turnaround and improvement in operating performance. "The negative outlook reflects our view that industry headwinds, namely weak consumer discretionary spending in the pet category and rising competitive pressures, will persist and could lead us to lower the rating if the company's capital structure becomes unsustainable." S&P could lower the rating if PetSafe sustains EBITDA interest coverage below 1.5x and FOCF remains negative. This could occur if: -- Strategic initiatives are not effectively executed, resulting in sustained top-line weakness and insufficient cost reductions to support EBITDA growth; -- Weak consumer discretionary spending and lower-priced competitors continue to suppress point-of-sale trends and digital market share; -- Margins come under pressure from higher input costs or tariff-related expense; or -- Supply chain disruptions or a macroeconomic slowdown drive higher working capital needs and further negative FOCF. S&P could revise its outlook to stable if EBITDA interest coverage remains above 1.5x and FOCF turns and remains positive. This could occur if: -- Strategic initiatives start to show positive impact, and the company successfully grows and preserves EBITDA from revenue growth and cost reductions through disciplined marketing spend and selling, general, and administrative management; -- Industry headwinds, including elevated competition and soft consumer spending, moderate; or -- The company effectively manages working capital, supporting a sustained positive FOCF trajectory. CHOICE ELECTRIC: Kevin Neiman Named Subchapter V Trustee -------------------------------------------------------- The Acting U.S. Trustee for Region 19 appointed Kevin Neiman as Subchapter V trustee for Choice Electric, LLC. Mr. Neiman will be paid an hourly fee of $350 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Neiman declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Kevin S. Neiman PO Box 100455 Denver, CO 80250 Tel: (303) 996-8637 Fax: (877) 611-6839 Email: trustee@ksnpc.com About Choice Electric LLC Established in 1985, Choice Electric, LLC is a full-service electrical contractor serving the Greater Denver area, including Lakewood, Aurora, Littleton, and Boulder, Colorado. The company specializes in commercial and industrial projects, providing design and installation, system upgrades and tenant improvements, new construction wiring, and ongoing maintenance, while also offering custom electrical solutions for high-end residential homes. It serves a range of sectors, including commercial and office buildings, warehouses, entertainment venues, retail spaces, community facilities, airports, hangars, and municipal buildings. Choice Electric filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Colo. Case No. 25-17873) on December 1, 2025, with $1 million to $10 million in assets and liabilities. Eric Berger, general manager, signed the petition. Judge Thomas B. McNamara presides over the case. Jeffrey A. Weinman, Esq., at Michael Best & Friedrich, LLP represents the Debtor as legal counsel. CHRISTMAS TREE: Court to Abstain from Hearing Hilco Adversary Case ------------------------------------------------------------------ The United States Bankruptcy Court for the District of Delaware will abstain from adjudicating the adversary proceeding captioned as Corbin v. Hilco Merchant Resources, LLC (In re Christmas Tree Shops, LLC), Adv. Pro. No. 25-50003-TMH (Bankr. D. Del.) under 28 U.S.C. Sec. 1334(c)(1). Plaintiffs Christoper Corbin and Rich Seronick are Massachusetts residents who worked for debtor Christmas Tree Shops, LLC ("CTS") at locations in Massachusetts. Defendant Hilco Merchant Resources, LLC was a "consultant" to the debtors under a contract that the Debtors assumed pursuant to the bankruptcy court's Final Order (I) Authorizing, on Final Basis, the Debtors to Assume the Store Closing Agreement, (II) Authorizing and Approving Closing Sales Free and Clear of All Liens, Claims and Encumbrances, and (III) Granting Related Relief (the "Final Store Closing Order"). In their Amended Complaint, the plaintiffs seek certification of two subclasses under Fed. R. Civ. P. 23, which applies to this adversary proceeding under Fed. R. Bankr. P. 7023. The first subclass would consist of all Massachusetts based employees as of August 12, 2023 who worked in CTS' Massachusetts corporate office or in certain retail stores in Massachusetts (the "Massachusetts Subclass"). The second subclass would consist of all CTS store-level employees other than in a Massachusetts store (the "Nationwide Subclass"). The Amended Complaint contains four counts. Count I, on behalf of the Massachusetts Subclass, seeks recovery for late paid wages and retention bonuses under MASS. GEN. LAWS ch. 149, Sec. 148. Count II is a claim for misrepresentation on behalf of the Massachusetts Subclass store-level employees and the nationwide Subclass. Count III is a claim for negligent misrepresentation on behalf of the Massachusetts Subclass store-level employees and the nationwide Subclass. Count IV is a claim for unjust enrichment on behalf of the Massachusetts Subclass store-level employees and the nationwide Subclass. Hilco has moved to dismiss the Amended Complaint, asserting, among other things, that the relief the plaintiffs seek is barred under the Final Store Closing Order. Bankruptcy Judge Thomas M. Horan explains, "None of the claims here arise under bankruptcy law. They are either Massachusetts statutory or common law claims. And while the trial court will need to analyze the effect, if any, of the Final Store Closing Order to decide Hilco's motion to dismiss, there is no magic in this court's interpretation of this order. While this court has jurisdiction to interpret and enforce these orders, it is not exclusive jurisdiction. Its authority is co-extensive with any other court of competent jurisdiction." He concludes, "It is also worth noting that the Final Store Closing Order was not litigated before this court. It was approved on an interim basis without a substantive hearing after the debtors made revisions to address comments from the Office of the United States Trustee, certain landlords, and the Prepetition Agent. Then, although the debtors received informal comments regarding the final form of the order -- and the Official Committee of Unsecured Creditors filed a formal objection -- the debtors resolved those comments and the objection and the Final Store Closing Order was entered without contest. While this court reviewed the orders and determined that they should be entered, the provisions that may be interpreted in connection with this proceeding were not contested such that this court has any special insight that may be lost on a different court of competent jurisdiction. This factor favors permissive abstention." Because the claims in this proceeding are state law claims by non-debtors against non-debtors, if there is a judgment in favor of the plaintiffs, this Court will have no role in the enforcement of that judgment. The only potential knock-on effect might be whether the debtors are required to indemnify Hilco. Given that, at this juncture, there is every indication that there might be no recovery for unsecured creditors, any indemnification obligation likely would be on paper only, with little prospect of any actual recovery. The Court finds this factor favors abstention. A copy of the Court's Letter Ruling dated December 4, 2025 is available at https://urlcurt.com/u?l=ROrqkz About Christmas Tree Shops Christmas Tree Shops is a home-decor retailer that was spun off from Bed Bath & Beyond in 2020. Christmas Tree Shops Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 23-10576) on May 5, 2023. In its petition, the Debtor reports between $50 million and $100 million in assets and between $100 million and $500 million in debt. The Debtor's counsel: Evelyn J. Meltzer Troutman Pepper Hamilton Sanders, LLP Tel: 302-777-6500 E-mail: evelyn.meltzer@troutman.com The case was converted to chapter 7 on August 16, 2023. CHURCH OF THE IMMACULATE: Seeks Chapter 11 Bankruptcy in New York ----------------------------------------------------------------- The Good Newsroom reports that the Immaculate Heart of Mary Parish (IHM) in Scarsdale announced on December 8, 2025 that it had filed for Chapter 11 bankruptcy protection, according to Father Stephen Ries, the parish pastor. The parish cited numerous legal claims under the Child Victims Act connected to a now-deceased former lay employee. Father Ries explained that the decision, though difficult, was necessary to secure the long-term sustainability of the parish. He noted that extensive prayer and deliberation preceded the filing, which aims to address legal and financial challenges while preserving the parish’s mission. The pastor emphasized that the bankruptcy will not affect the parish's operations. Masses, parish ministries, sacramental activities, and community programs will continue as normal, and both Father Ries and Father Thumma will remain available for pastoral care and support, the report states. Regarding the parish school, Sister Mary Grace Walsh, superintendent of schools for the Archdiocese of New York, assured families that the daily routines, educational programs, and activities at Immaculate Heart of Mary School will proceed without interruption. She highlighted the importance of maintaining stability and continuity for students and the broader school community throughout the bankruptcy process, according to report. About the Church of the Immaculate Heart of Mary Church of the Immaculate Heart of Mary is a Roman Catholic parish based in Scarsdale, New York. Church of the Immaculate Heart of Mary sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-23180) on December 8, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Sean H. Lane handles the case. The Debtor is represented by Lauren Catherine Kiss, Esq. and Sean C. Southard, Esq. of Klestadt Winters Jureller. COLUMBIA COMPONENTS: Seeks Chapter 7 Bankruptcy in Oregon --------------------------------------------------------- On December 8, 2025, Columbia Components, Inc. filed for Chapter 7 protection in the District of Oregon Bankruptcy Court. According to court filing, the Debtor reports between $1,000,001 and $10,000,000 in debt owed to approximately 1–49 creditors. About Columbia Components, Inc. Columbia Components, Inc. is a professional supplier of electronic and mechanical parts, providing custom and standard components to businesses and manufacturers. Columbia Components, Inc. sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 25-34080) on December 8, 2025. In its petition, the Debtor reports estimated assets of $0–$100,000 and estimated liabilities of $1,000,001–$10,000,000. Honorable Bankruptcy Judge Peter C. McKittrick handles the case. The Debtor is represented by Theodore J. Piteo, Esq. of Michael D. O’Brien & Associates, P.C. CONFLUENCE CORPORATION: Seeks Cash Collateral Access Thru June 2026 ------------------------------------------------------------------- Confluence Corporation asks the U.S. Bankruptcy Court for the District of Hawaii for authority to use cash collateral from January 1 through June 30, 2026. The Debtor seeks authorization to use the cash collateral of Wynwood Capital and the U.S. Small Business Administration under a six-month operating budget showing an opening balance of about $504,842 and an ending balance of roughly $166,000. The funds would be used for ordinary operating expenses, with spending capped at 120% of budgeted amounts on an aggregate basis. The Debtor outlines its secured-lender landscape: the SBA holds a senior blanket lien securing a $1.9 million EIDL loan, accruing interest at 3.75% with monthly payments of $9,979, while Wynwood Capital holds a junior blanket lien and a July 2025 New York judgment exceeding $554,000. Several other previously listed UCC creditors -- Slim Capital, Direct Biz Capital, and Fox Capital Group -- had their loans satisfied or unperfected. As adequate protection, the Debtor proposes continued full monthly debt service to the SBA and the granting of replacement liens to both prepetition secured lenders on post-petition assets and proceeds, in the same priority and extent as their prepetition liens, limited to any actual diminution in collateral caused by the Debtor's use of cash collateral. The replacement liens will attach automatically and be valid and perfected without further action, though they remain subordinate to certain Chapter 7 trustee fees if a conversion occurs. The Debtor filed for Chapter 11 on July 17, with approximately $263,579 in cash and $1 million in receivables. A prior unopposed cash collateral motion was granted, authorizing use through December 31, 2025, based on projections showing substantial year-end liquidity. The Debtor's financial position later deteriorated significantly, however, because five anticipated contracts worth $3.75 million were lost to lower bidders, resulting in an actual December 1, 2025 cash balance of roughly $801,114—far below the projected $2.17 million. A copy of the motion is available at https://urlcurt.com/u?l=f8GFeO from PacerMonitor.com. About Confluence Corporation Confluence Corporation doing business as Regal Service Company sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Hawaii Case No. 25-00623) on July 17, 2025, listing between $1 million and $10 million in both assets and liabilities. Christopher W. Caliedo, president of Confluence, signed the petition. Judge Robert J. Farris oversees the case. Chuck C. Choi, Esq., at Choi & Ito, represents the Debtor as legal counsel. CREATIVE REALITIES: Names Tamra Koshewa as Chief Financial Officer ------------------------------------------------------------------ Creative Realities, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on December 1, 2025, the Company appointed Tamra Koshewa to serve as the Chief Financial Officer of the Company. As Chief Financial Officer, Ms. Koshewa will perform the duties of the principal financial officer and principal accounting officer of the Company. Effective November 30, 2025, Richard Mills no longer served the Company as interim Chief Financial Officer. Ms. Koshewa possesses over 30 years of financial leadership experience with multiple companies across diverse industries including manufacturing, technology, and services. Most recently she was CFO for private equity owned entities including Manna Beverages, LLFlex and HMI. Previously she held senior finance positions at Equipment Depot, AAF International, Time Warner Cable, American Commercial Lines and General Electric, where, over the course of a decade, she graduated from GE's Experienced Financial Leadership Program and was certified as a Six Sigma Master Black Belt. Early in her career, she was a certified public accountant with KPMG. Ms. Koshewa has a bachelor's degree in accounting from Bellarmine University and an MBA from Vanderbilt's Owen Graduate School of Management. In addition, Ms. Koshewa has been a member of the board of directors of Maryhurst, a Kentucky-based nonprofit health care organization for children, since 2012. In connection with Ms. Koshewa's appointment as Chief Financial Officer, the Company and Ms. Koshewa entered into an employment agreement. The employment agreement provides that the Company will employ Mr. Koshewa on an "at will" basis, and pay Ms. Koshewa an annual base salary of $350,000, and a minimum bonus for 2025 of no less than $50,000. If Ms. Koshewa's employment is terminated by the Company without cause, as defined, or within 12 months following a change in control, as defined, for any reason other than for death, disability or cause, Ms. Koshewa will be entitled to receive aggregate severance payments equal to six months of Ms. Koshewa's annual base salary. The agreement provides that any severance payments would be paid in installments over the course of the severance. The agreement contains certain non-solicitation provisions that continue after employment for a period of one year. The agreement also contains other customary restrictive and other covenants relating to the confidentiality of information, the ownership of inventions and other matters. On December 1, 2025, the Company granted to Ms. Koshewa stock options to purchase up to 100,000 shares of the Company's common stock. These stock options were issued from the Company's 2023 Stock Incentive Plan. The stock options have an exercise price of $2.89 per share, will vest in three equal installments on December 1 annually, beginning in 2026 and ending in 2028, and are subject to the terms of the Plan and the general form of the Company's stock option agreement. There are no other arrangements or understandings between Ms. Koshewa and any other person pursuant to which Ms. Koshewa was appointed as Chief Financial Officer. There are also no family relationships between Ms. Koshewa and any director or executive officer of the Company and Ms. Koshewa has no direct or indirect interest in any related party transaction required to be disclosed pursuant to Item 404(a) of Regulation S-K. About Creative Realities Headquartered in Louisville, Ky., Creative Realities -- https://cri.com/ -- designs, develops and deploys digital signage-based experiences for enterprise-level networks utilizing its Clarity, ReflectView, and iShowroom Content Management System (CMS) platforms. The Company is actively providing recurring SaaS and support services across diverse vertical markets, including but not limited to retail, automotive, digital-out-of-home (DOOH) advertising networks, convenience stores, foodservice/QSR, gaming, theater, and stadium venues. In addition, the Company assists clients in utilizing place-based digital media to achieve business objectives such as increased revenue, enhanced customer experiences, and improved productivity. This includes the design, deployment, and day to day management of Retail Media Networks to monetize on-premise foot traffic utilizing its AdLogic and AdLogic CPM+ programmatic advertising platforms. As of September 30, 2025, the Company had $61.3 million in total assets, $39.4 million in total liabilities, $21.9 million in total stockholders' equity. The independent registered public accounting firm's report on the Company's Consolidated Financial Statements for the fiscal year ended Dec. 31, 2024, included a note stating that there is significant uncertainty regarding the Company's ability to continue as a going concern within one year from the date the Consolidated Financial Statements are issued. Grant Thornton LLP, the Company's auditor since 2014 and based in Cincinnati, Ohio, emphasized that the Company is facing challenges in generating adequate cash flow to meet its contingent consideration obligations, which raises considerable doubt about its ability to remain a going concern. DIAMONDHEAD CASINO: Former CEO Loses Bid to Stay Chapter 7 Case --------------------------------------------------------------- In the appeal styled DEBORAH A. VITALE, Appellant, v. EDSON ARNEAULT, et al., Appellees, Case No. 25-cv-01167-MN (D. Del.), Judge Maryellen Noreika of the United States District Court for the District of Delaware denied the Emergency Motions for Stay Pending Appeal filed by pro se appellant Deborah Vitale seeking to stay the Order for Relief in Diamondhead Casino Corp.'s involuntary chapter 7 case entered by the Bankruptcy Court on July 31, 2025. Appellant's main argument is that the Petitioning Creditors' claims against the Debtor are based on a consent judgment between Diamondhead and the Petitioning Creditors which should be vacated. Prior to the bankruptcy, Appellant was the President, Chief Executive Officer, Secretary, Treasurer, and Chief Financial Officer of Diamondhead. Appellant is also a licensed attorney. Diamondhead has had no operations since 2000. Diamondhead is a holding company whose most valuable asset is its interest in its wholly owned subsidiary, Mississippi Gaming Corporation. MGC owns approximately 400 acres of undeveloped land located in Diamondhead, Mississippi ("the Property"). The Consent Judgment To raise capital, Diamondhead borrowed from various individuals and entities under collateralized convertible senior debentures. To recover the $1,500,000 due and owing under the Debentures, in 2016, the Petitioning Creditors, other than John Hawley, filed, inter alia, an action against Diamondhead in this Court, Arneault v. Diamondhead, 16-989-LPS (D. Del. 2016). In December 2019, the parties entered into a settlement agreement pursuant to which Diamondhead agreed to pay Petitioning Creditors the principal owed on the Debentures, plus interest and other amounts. Under the terms of the Settlement Agreement, if a written contract for the sale of the Property was not signed by December 31, 2021, the holders were entitled to a judgment. That agreement was amended effective as of April 1, 2022, providing that if the Petitioning Creditors were not paid in full by March 31, 2023, they were authorized to enter into an agreed upon consent judgment. After failing to reach further agreement for forbearance, in July 2023, the Petitioning Creditors moved to reopen the 2016 District Court Action, vacate the dismissal, and enter the consent judgment. On September 20, 2023, the Honorable Leonard P. Stark entered the consent judgment, which was executed by Appellant on behalf of Diamondhead, in which Diamondhead conceded its liability to the Petitioning Creditors. The Consent Judgment was not satisfied. The Motion to Dismiss or Convert On June 12, 2024, the Petitioning Creditors filed the involuntary petition seeking to enforce the Consent Judgment. Diamondhead moved to dismiss the petition, or alternatively, to convert the case to a case under chapter 11. On July 30, 2025, the Bankruptcy Court issued an Order denying the motion to dismiss or convert. Finding the statutory requirements of Sec. 303(b) were met, the Bankruptcy Court entered the Order for Relief on July 31, 2025. On August 1, 2025, George L. Miller was appointed as Chapter 7 Trustee of the Debtor's bankruptcy estate. According to the District Court, Appellant cites no case in support of her contention that although she lacked authority to challenge the involuntary petition under the plain language of the Bankruptcy Code, she may not only appeal it, but, also in the meantime, seek a stay of the entire Chapter 7 case pending her appeal. Although these arguments may be more fully addressed in merits briefing, the case law presented does not demonstrate a likelihood of success. The District Court finds Appellant has not demonstrated that she is likely to succeed on the merits of her challenge to the sufficiency of the involuntary petition based on her challenge to the Consent Judgment. Judge Noreika explains, "Even if Appellant is acting in her capacity as a creditor or shareholder of the Debtor, as she asserts, she does not have standing to assert claims or causes of action that are property of estate. The right to vacate any judgment against Diamondhead in the District Court Action -- including the Consent Judgment against -- belongs solely to the bankruptcy estate, and, thus, the Chapter 7 Trustee is the only party with standing. For these reasons, Appellant has not shown a likelihood of success in prevailing on her challenge to Order for Relief." The District Court agrees that the alleged harms in the Emergency Stay Motions are speculative. The sole purpose of the Chapter 7 bankruptcy is to do that which the Debtor, through Appellant, stated they were going to do: monetize the Property. Other than halting a potential sale, Appellant does not explain how staying the Order for Relief -- meaning the Debtor remains in bankruptcy, the Chapter 7 Trustee remains in control, but nothing happens -- would prevent irreparable harm. The Chapter 7 Trustee is currently seeking potential stalking horse bidders and proposes an arms-length sale of the Property and/or the Debtor's interest in the Property. A copy of the Court's Memorandum Opinion dated December 3, 2025 is available at https://urlcurt.com/u?l=R9rb1e from PacerMonitor.com. About DiamondHead Casino Corp. Headquartered in Alexandria, Va., Diamondhead Casino Corporation owns, operates, and manages a casino resort. The Company constructs a casino resort and hotel and associated amenities. Diamondhead Casino serves customers in the United States. Marlton, N.J.-based Marcum LLP, the Company's auditor since 2004, issued a "going concern" qualification in its report dated March 31, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has a significant working capital deficiency, has incurred significant losses and needs to raise additional funds to meet its obligations and sustain its operations. As of Dec. 31, 2024, the Company had $5.6 million in total assets, $20.3 million in total liabilities, and a total stockholders' deficit of $14.7 million. DYNACQ HEALTHCARE: Case Summary & 30 Largest Unsecured Creditors ---------------------------------------------------------------- Lead Debtor: Dynacq Healthcare, Inc. 4301 Vista Road Pasadena, TX 77504 Business Description: The Debtors own and operate a general acute care hospital in Pasadena, Texas, that focuses on specialized surgical services and maintains eight operating rooms along with 37 hospital beds. The facility includes pre- and post-operative space, intensive care and nursing units, and diagnostic capabilities. The hospital also features adjacent medical office buildings that support its clinical operations. Chapter 11 Petition Date: December 8, 2025 Court: United States Bankruptcy Court Southern District of Texas Seven affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- Dynacq Healthcare, Inc. (Lead Case) 25-90798 Vista Community Medical Center, L.L.P. 25-90799 Vista Land & Equipment, L.L.C. 25-90800 Doctors Practice Management, Inc. 25-90801 Surgery Specialty Clinicians, Inc. 25-90802 Vista Hospital of Dallas, L.L.P. 25-90803 Ambulatory Infusion Therapy Specialists, Inc. 25-90804 Judge: Hon. Alfredo R Perez Debtors' General Bankruptcy Counsel: William Hotze, Esq. Nicholas Zugaro, Esq. Dominique A. Douglas, Esq. DYKEMA GOSSETT PLLC 5 Houston Center 1401 McKinney Street, Suite 1625 Houston, TX 77010 Email: whotze@dykema.com nzugaro@dykema.com ddouglas@dykema.com Debtors' Financial Advisor: STOUT RISIUS ROSS, LLP Debtors' Conflicts Counsel: COKINOS | YOUNG Debtors' Investment Banker: GORDIAN GROUP, LLC Debtors' Claims, Noticing & Solicitation Agent: DONLIN, RECANO & COMPANY, LLC Lead Debtor's Estimated Assets: $10 million to $50 million Lead Debtor's Estimated Liabilities: $10 million to $50 million The petitions were signed by Eric Chan as authorized signatory. A full-text copy of the Lead Debtor's petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/VR6J4TA/Dynacq_Healtchare_Inc__txsbke-25-90798__0001.0.pdf?mcid=tGE4TAMA Consolidated List of Debtors' 30 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Texas Mutual Insurance Company Refund Claim $3,086,989 6210 East Hway 290 Austin TX 78723 2. Harris County Hospital District Government $2,281,676 PO Box 66769 Houston TX 77266 Julie Rabat-Torki Tel: 346-426-0478 Email: julie.rabat-torki@harrishealth.org 3. W.L Gore & Associates Inc. Litigation $1,126,444 960 W. Elliott Road Suite 202 Tempe AZ 85284 Andrew B. Totz Tel: 713-275-0305 Email: atotz@tetlegal.com 4. American Home Assurance Company Refund Claim $1,043,854 1271 Ave of The Americas Floor 37 New York NY 10020-1304 5. Zurich American Insurance Refund Claim $972,348 Company P.O. Box 14152 Lexington KY 40512 6. Travelers Indemnity Company Refund Claim $774,651 of Connecticut One Tower Square Hartford CT 06183 7. Insurance Company of the Refund Claim $753,582 State of Pennsylvania 500 West Madison Street Suite 3000 Chicago IL 60661 8. IRS- United States Treasury Payroll Taxes $384,644 PO Box 742562 Cincinnati OH 45280 9. Bard Peripheral Vascular Inc Trade Debt $246,624 PO Box 75767 Charlotte NC 28275 10. Travelers Indemnity Company Refund Claim $237,103 One Tower Square Hartford CT 06183 11. National Union Fire Insurance Refund Claim $212,802 Company of Pittsburgh, PA 5235 North Frot Street Harrisburg PA 17110 12. Gulf Insurance Company Refund Claim $182,270 10002 Marsh Lane Dallas TX 75229 13. Lumbermens Mutual Casualty Refund Claim $178,072 Company 1 Corporate Drive Suite 200 Lake Zurich IL 60047 14. New Hampshire Insurance Refund Claim $171,084 Company c/o AIG Claims, Inc. P.O. Box 25974 Shawnee Mission KS 66225 15. Hartford Insurance Company of Refund Claim $158,207 the Midwest One Hartford Plaza Hartford CT 06155 16. IPFS Corporation Insurance $147,877 2900 N. Loop West Premium Suite 1150 Financing Houston TX 77092 17. Travelers Company of Refund Claim $145,516 Connecticut One Tower Square Hartford CT 06183 18. Hartford Underwriters Refund Claim $143,414 Insurance Company One Hartford Plaza Hartford CT 06155 19. TPCIGA for Home Indemnity Refund Claim $132,110 Company c/o Zurich Insurance Co P.O. Box 968023 Shaumburg IL 60196 20. Dallas Anthony & Jeffords, PLLC Professional $125,474 4400 Old Canton Rd Services Suite 170 Jackson MS 39211 21. Illinois National Insurance Refund Claim $119,240 Company 500 West Madison Street Suite 3000 Chicago IL 60661 22. Twin City Fire Insurance Refund Claim $119,085 Company One Tower Square Hartford CT 06183 23. Target Corporation Refund Claim $118,209 c/o Sedgwick Claims Management Services Inc. P.O. Box 14498 Charlotte NC 28219 24. MedCOMP (Medical Trade Debt $113,207 Components, Inc) 1499 Delp Dr. Harleysville PA 19438 25. Reliance National Refund Claim $112,584 Insurance Company c/o TPCIGA for Reliance Ins., Sedgwick Claims Management Services Inc. P.O. Box 14152 Lexington KY 40512 26. Amerisure Insurance Refund Claim $112,493 26777 Halsted Rd Farmington Hills MI 48331-3586 27. Royal Indemnity Company Refund Claim $109,008 Arrowpoint Capital Corp P.O. Box 19809 Charlotte NC 28219 28. ESIS Refund Claim $108,133 436 Walnut St. Philadelphia PA 19106 29. American Insurance Company Refund Claim $105,623 P.O. Box 740174 Atlanta GA 30374 30. Facility Insurance Corporation Refund Claim $103,297 7700 Chevy Chase Dr. Suite 400 Austin TX 78752 E&M BINDERY: Scott Rever Named Subchapter V Trustee --------------------------------------------------- The U.S. Trustee for Regions 3 and 9 appointed Scott Rever, Esq., at Genova Burns, LLC as Subchapter V trustee for E&M Bindery, Inc. Mr. Rever will be paid an hourly fee of $450 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Rever declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Scott S. Rever, Esq. Genova Burns LLC 110 Allen Rd., Suite 304, Basking Ridge, NJ 07920 Telephone: (973) 387-7801 Email: Rever@genovaburns.com About E&M Bindery Inc. E&M Bindery, Inc. provides mechanical binding, perfect binding, die cutting, embossing, folding, mailing, collating, tabbing and other post-press services from its headquarters in Clifton, New Jersey. It serves individuals, businesses, brokers and institutions with trade binding, finishing and related production work. Founded in 1962, the company operates as one of the larger binderies on the U.S. East Coast. E&M Bindery sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 25-22444) on November 21, 2025, with $2,744,279 in assets and $2,623,698 in liabilities. Gary Markovits, president of E&M Bindery, signed the petition. Judge Stacey Meisel presides over the case. David Edelberg, Esq., at Scarinci Hollenbeck represents the Debtor as legal counsel. E&M BINDERY: Seeks to Sell Remaining Equipment ---------------------------------------------- E&M Bindery Inc. seeks approval from the U.S. Bankruptcy Court for the District of New Jersey, to sell Equipment, free and clear of liens, claims, interests, and encumbrances. The Debtor's sole shareholder is Gary Markovits, who manages the Debtor's daily operations. The Debtor employs approximately 70 full time salaried employees and five hourly employees. The Debtor filed a voluntary Chapter 11 petition on November 21, 2025. Subsequently, the Debtor has remained in possession of its assets and business operations. The Remaining Equipment is consists of numerous pieces of equipment set fort in the three page list as Exhibit A. https://urlcurt.com/u?l=iimJNq The Debtor anticipates utilizing Broker's services to locate buyers and enter into multiple multiple private sales of the Remaining Equipment. The Debtor submits that it can fully satisfy the claim of Milberg Factors through the pending sale to Bind-Rite and the proposed private sales of the Remaining Equipment, while simultaneously gradually vacating its leased premises. The Debtor's primary assets are consist of cash on deposit in the amount of approximately $60,000, accounts receivable in the amount of approximately $1.1 million dollars, and machinery equipment having an appraised orderly liquidation value of approximately $1.4 million dollars. The Debtor owes approximately $807,000 to Milberg. Milberg's claim is secured by a lien upon Debtor's accounts receivable, machinery and equipment, inventory, and other assets. Certain pieces of the Remaining Equipment are subject to lease agreements having an estimated balance due in the aggregate amount of $102,000. As previously noted, Bind-Rite is seeking to acquire approximately half of the Debtor's machinery and equipment. The Remaining Equipment represents equipment that is not part of the pending sale to Bind-Rite. The Debtor submits that liquidating the Remaining Equipment through a series of private sales is the most effective way to maximize the Debtor's recovery. The Debtor further submits that pre-authorizing such sales will maximize administrative efficiency and maximize the net proceeds available for payment of creditors. The Debtor is further mindful of its monthly rental obligation of $60,000 and seeks to vacate its leased premises within the next few months. The Debtor anticipates that the series of private sales of the Remaining Equipment combined with the sale to Bind-Rite, is likely to fully satisfy Millberg's secured claims. The Debtor believes that the proposed series of private sales of the Remaining Equipment represents a prudent and proper exercise of its business judgment, is supported by articulated business reasons, and is justified, necessary and appropriate. The Debtor seeks to proceed with the proposed series of private sales in an expeditious manner in order to limit its leasehold expenses and the interest accruing on Millberg's claims. About E&M Bindery Inc. E&M Bindery & Finishing, Inc. provide mechanical binding, perfect binding, die cutting, embossing, folding, mailing, collating, tabbing and other post-press services from its headquarters in Clifton, New Jersey. The Company serves individuals, businesses, brokers and institutions with trade binding, finishing and related production work. Founded in 1962, it operates as one of the larger binderies on the U.S. East Coast. E&M Bindery sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. N.J. Case No.: 25-22444). In the petition signed by Gary Markovits as president, the Debtor disclosed total assets of $2,744,279 and total liabilities of $2,623,698. Judge Stacey L. Meisel presides over the case. David Edelberg at Scarinci & Hollenbeck LLC represents the Debtor as legal counsel. Scott S. Rever, Esq. has been appointed Subchapter V Trustee. ECOM AUTHORITY: Jackie Nanney Steps Down as Committee Member ------------------------------------------------------------ Guy Van Baalen, Acting U.S. Trustee for Region 21, disclosed in a court filing the resignation of Jackie Nanney of Product-9, LLC from the official committee of unsecured creditors in the Chapter 11 case of Ecom Authority, LLC. The bankruptcy watchdog also disclosed the appointment of Austin Collins as new member of the committee. The committee is now composed of: 1. Brett Johnston Limitless Consulting Services, LLC 2701 Toledo Ave. S. Minneapolis, MN 55416 (612) 607-9680 Brettandrewjohnston@gmail.com 2. Po-Yu Paul Chen P Chen Consulting, LLC 2803 Richmar Ave. Henderson, NV 89074 (770) 833-7115 Paulchen221@gmail.com 3. Victoria Harker Philips VHP Product and Services, LLC 18500 Wayne Road Odessa, FL 33556 (612) 963-3658 V2Philips@gmail.com 4. Austin Collins 104 Checkerberry Rd. Oakridge, TN 37830 (865)227-8604 5. David Schmid Jamanota Advisors LLC 97 Injun Hollow Road East Hampton, CT 06424 (860) 899-8093 Dschmid@davidkschmid.com Ecom Authority LLC Ecom Authority, LLC is a wholesaler doing business in Texas. On July 9, 2025, Austin Collins and four other creditors filed Chapter 7 involuntary petition against Ecom Authority (Bankr. S.D. Fla. Case No. 25-17808). The creditors are represented by Patricia A. Redmond, Esq., at Stearns Weaver Miller Weissler Alhadeff & Sitterson, P.A. On October 6, 2025, the Chapter 7 case was converted to one under Chapter 11. Judge Laurel M. Isicoff presides over the case. The Debtor tapped Michael S. Hoffman, Esq., at Lesse Hoffman, PLLC as bankruptcy counsel; and Bast Amron, LLP and Phang & Feldman, PA as special litigation counsel. Guy Van Baalen, Acting U.S. Trustee for Region 21, appointed an official committee to represent unsecured creditors in the Debtor's Chapter 11 case. EDELMAN FINANCIAL: S&P Affirms 'B' ICR on Stable Revenue Growth --------------------------------------------------------------- S&P Global Ratings affirmed its 'B' issuer credit rating on The Edelman Financial Engines Center LLC (Edelman), its 'B' issue-level rating on the company's $2.1 billion first-lien secured term loan and revolving credit facility due April 2028, and its 'CCC+' issue-level rating on the $575 million second-lien secured term loan due October 2028. S&P said, "Separately, we revised our recovery rating on the company's first-lien secured debt to '3' (rounded estimate: 60%) from '4' (round estimate: 45%) based on our estimate of higher emergence EBITDA than we previously assumed. "The stable outlook reflects our expectation that Edelman's adjusted debt to EBITDA will remain well below 8.0x (5.8x as of Sept. 30, 2025) while growing its AUM in both retail and workplace segments." Edelman has experienced stable revenue and earnings growth in the past year primarily driven by higher average assets under management (AUM) for both the private wealth planning and workplace segments. SP said, "We expect Edelman will continue to focus on organic growth while pursuing opportunistic acquisitions to expand its product and service offerings, planner network and geographic presence. "We expect Edelman to maintain a solid market position due to its scale and specialization. We expect the company will maintain its market position as the largest 401(k) managed account provider in the U.S. while continuing to grow its retail wealth management segment. Recent performance demonstrates moderate growth in total AUM, which reached $323 billion as of Sept. 30, 2025, compared to $293 billion at the end of 2024. This growth, primarily attributable to positive market conditions, was partially tempered by net outflows, but still resulted in a 4% revenue increase year-to-date. "We expect the company will continue to expand its capabilities into adjacent planning areas such as tax, estate, and insurance planning, which we view positively, as it is likely to drive client stickiness and boost retention rate. "We anticipate Edelman's credit metrics to remain largely stable, with debt to EBITDA of 5.5x-6.5x and EBITDA interest coverage of 2.0x-3.0x. Edelman reported relatively flat EBITDA for the last 12 months ended Sept. 30, 2025, compared to full-year 2024. Despite steady AUM growth, fee pressure in the workplace segment and a tiered pricing model (with accounts moving to lower fee tiers as they grow larger) limit revenue growth. Additionally, a strategic shift in planners' compensation structure and a slight uptick in planner departures limited the company's earnings. Nevertheless, Edelman continues to demonstrate prudent financial management. Its adjusted debt to EBITDA has improved gradually to 5.8x in September 2025 from 6.5x-7.5x in 2022-2023. "We expect Edelman to periodically supplement organic growth with acquisitions. Favorable industry trends will likely support continued organic growth for Edelman across both its private wealth planning and workplace benefit management segments. The increasing demand for personalized financial planning and investment management services, driven by individuals, families, and employers seeking expert guidance, presents a significant opportunity for all wealth managers, including Edelman. "Edelman has been less active in pursuing acquisitions compared to its peers in recent years, amid its strategic emphasis on growing organically and enhancing its existing service offerings. Edelman's strategy of providing uniform wealth management advice makes mergers and acquisitions more difficult than for many peers that take a multi boutique approach. However, we anticipate that the company may explore opportunistic acquisitions to further bolster its retail and institutional wealth management capabilities. "We expect Edelman's business to remain stronger than those of Hightower and Mariner, given its greater scale and presence in retirement managed accounts. We compare Edelman to rated wealth managers such as Focus Financial Partners (B/Stable/--), Hightower Holding (B-/Stable/--), and Mariner Wealth Advisors (B/Stable/--). All three peers are acquisitive aggregators. Focus is similar in size, has downside revenue protection in its agreements with partner companies, and has similar leverage and EBITDA interest coverage." The stable outlook reflects S&P Global Ratings' expectation for leverage to remain well below 8.0x over the next 12 months, with AUM growth remaining stable in both retail and workplace segments. S&P said, "We could lower the ratings if leverage increases to near 8.0x--due to weakening earnings or rising debt--or if the company's business materially worsens, reflected in sustained net outflows or an increase in planner departures or sponsor cancellations. "We could raise the ratings if leverage declines and remains below 5.0x on a sustained basis while EBITDA interest coverage remains above 2.0x, and we expect financial policy to remain supportive of those levels." ENTRADA RESTAURANT: Section 341(a) Meeting of Creditors on Jan. 7 ----------------------------------------------------------------- On December 1, 2025, Entrada Restaurant Partners LLC filed for Chapter 11 protection in the Northern District of Texas. According to court filing, the Debtor reports between $1 million and $10 million in debt. A meeting of creditors under Section 341(a) to be held on January 7, 2026 at 11:00 AM by TELEPHONE. About Entrada Restaurant Partners LLC Entrada Restaurant Partners LLC is a single-asset real estate entity with its principal assets located at 55 and 65 Tarragona, Westlake TX 76262. Entrada Restaurant Partners LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-44683) on December 1, 2025. In its petition, the Debtor reports estimated assets between $10 million and $50 million and estimated liabilities between $1 million and $10 million. The Debtor is represented by Howard Marc Spector, Esq. of SPECTOR & COX, PLLC. ENVIRI CORP: S&P Places 'B+' ICR on CreditWatch Developing ---------------------------------------------------------- S&P Global Ratings placed all of its ratings on Pennsylvania-based industrial recycling and environmental resource management provider Enviri Corp., including the 'B+' issuer credit rating, on CreditWatch with developing implications. S&P plans to resolve the CreditWatch placement around the time of the close of the divestiture of the Clean Earth business. Enviri Corp. recently announced the sale of Clean Earth to Veolia for $3.04 billion. The company indicated that it plans to use a portion of the proceeds to pay down a significant amount of debt. If the transaction closes as planned, the new Enviri Corp. will likely improve its capital structure. Enviri entered into a definitive agreement with Veolia Environnement S.A. whereby Veolia will acquire 100% of Clean Earth. To close the Clean Earth sale, Enviri will execute a taxable spin-off of its Harsco Environmental and Rail businesses to shareholders of Enviri as of the closing date of the Clean Earth sale, which is expected to close around mid-2026. The company intends to use the proceeds from the sale of its Clean Earth segment to pay down roughly $1.35 billion in debt and return $1.3 billion-$1.5 billion in cash to shareholders. If the transaction closes as proposed, S&P believes Enviri's credit quality could improve due to lower leverage and stronger credit metrics, whereby it could affirm or raise its issuer credit rating on the company by one notch. However, Enviri's operating performance continues to be challenged by persistently negative FOCF generation, lower volumes in the Harsco Environmental segment, and still-limited headroom under the company's recently amended covenants. The company faces significant challenges in its Harsco Environmental and Harsco Rail businesses. Rail remains a major drag, posting negative EBITDA due to weak demand and contract timing. Furthermore, demand is expected to remain subdued in early 2026 due to delayed infrastructure spending and contract execution. The Environmental business remains highly exposed to global steel production trends, which are expected to stay weak due to slower industrial activity, cheaper Asian alternatives, and geopolitical uncertainties. S&P said, "Absent the sale of the Clean Earth business, we expect weighted average S&P Global Ratings-adjusted debt to EBITDA of 5x-5.5x which is stretched at the current rating. If the divestiture fails to close, we believe the company may breach its leverage covenants, or the company's credit metrics do not improve, we could take a negative rating action over the next few quarters." Upside: If the transaction closes as proposed, and debt leverage declines sufficiently to more than offset credit weaknesses from the loss of the Clean Earth business, S&P could raise its issuer credit rating by one notch. Ratings will remain unchanged: If the transaction closes in a manner that results in lower-than-expected strengthening in debt leverage or if currently unforeseen credit risks arising from the execution of the transaction offset any improvement in debt leverage. Downside: S&P said, "We could take a negative rating action if the company's current underperformance and industry weakness persists such that metrics do not improve from our current base case of debt to EBITDA above 5x and if we expect the Clean Earth divestiture to be delayed beyond mid-2026 or to a point where liquidity or covenant compliance becomes challenged. We could also review ratings for a downgrade if the transaction does not go through as planned especially with regard to the improvement in debt leverage, or if there is an unexpected negative impact on credit quality in the execution of the complex transaction." ETHEMA HEALTH: Posts $66,000 Q3 Income, Warns of Cash Crunch ------------------------------------------------------------ Ethema Health Corp. filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net income of $66,136 for the three months ended September 30, 2025, compared to a net loss of $1 million for the three months ended September 30, 2024. For the nine months ended September 30, 2025, the Company reported a net loss of $1.1 million, compared to a net loss of $1.8 million for the same period in 2024. Total revenues for the three months ended September 30, 2025 and 2024, were $5.5 million and $1.8 million, respectively. For the nine months ended September 30, 2025 and 2024, the Company had total revenues of $14 million and $4.6 million, respectively. As of September 30, 2025, the Company had $30.3 million in total assets, $38.8 million in total liabilities, and $8.6 million in total stockholders' deficit. Cash used in operating activities was $339,135 and $377,954 for the nine months ended September 30, 2025 and 2024, respectively, a decrease of $38,819. Cash used in operating activities from the acquisition of the business of ERC was $182,327. The cash used in operating activities from the existing business was $156,808 and $377,954 for the nine months ended September 30, 2025 and 2024, respectively, a decrease of $221,146. The decrease is primarily due to the following: * A decrease in net loss of $725,702. * Offset by an increase in the movement of non-cash items of $654,139, primarily due to the increase in the movement of right of use asset of $642,241, the increase in the movement of depreciation and amortization of $259,669 the increase in the movement of amortization of debt discount of $168,427 and the increase in the movement of provision for credit losses of $103,012. * Working capital movements decreased by $(1.3 million) primarily due to an increase in the movement in the investment in accounts receivable of $(1.6 million), a movement in the operating lease liabilities of $(592,473), offset by the movement in accounts payable and accrued liabilities of $607,867 and the movement in related party accruals of $162,990. Cash used in investing activities was $134,655 and $1,033,915 for the nine months ended September 30, 2025 and 2024, respectively. In the current period, the Company acquired the business of ERC for gross proceeds of $250,000 net of cash on acquisition of $299,492, resulting in a net cash generated on acquisition of $49,492. In the current period, the Company also invested in property and equipment of $158,716 and deposits related to properties leased from third parties and certain new utility deposits of $25,431. In the prior period, the Company paid $625,000 for the acquisition of the minority interest in ATHI, a further $240,000 for the acquisition of the assets of Boca Cove Detox and a further $83,393 for the assumption of the real property deposit on the Boca Cove facility. Property and equipment purchased during the prior period was $85,522. Cash provided by financing activities was $330,141 and $1,415,265 for the nine months ended September 30, 2025 and 2024. During the current period, the Company raised $1.9 million from funding arrangements and repaid $1.7 million, a net movement of $182,126, the Company received an additional bank loan of $300,000 and $310,000 from the issuance of two promissory notes to investors and a short term advance of $70,000, additionally it repaid $173,377 of short term notes. The Company repaid assumed liabilities of $159,085, promissory notes of $110,000, and received proceeds from related parties of $31,000 and repaid $1,200 during the current period. In the prior period the Company received $1.9 million and repaid $(801,323) of short-term notes and received $542,000 and repaid $378,688 from funding arrangements, it repaid $40,000 of promissory notes, and in addition the Company received an advance of $250,000 from related parties and repaid $11,538. Over the next 12 months, the Company estimate that it will require approximately $1.5 million in working capital as it continues to develop its Florida and Kentucky operations. The Company is also exploring several other treatment center options and sources of patients throughout the country. The Company may have to raise equity or secure debt. There is no assurance that the Company will be successful with future financing ventures, and the inability to secure such financing may have a material adverse effect on the Company's financial condition. As of September 30, 2025, the Company had an accumulated deficit of $45.5 million, a working capital deficiency of $12.2 million and total liabilities in excess of total assets of $8.6 million. These matters raise substantial doubt about the Company's ability to continue as a going concern. Management believes that current available resources will not be sufficient to fund the Company's planned expenditures over the next 12 months. Accordingly, the Company will be dependent upon the raising of additional capital through placement of common shares, and/or debt financing in order to implement its business plan and generating sufficient revenue in excess of costs. If the Company raises additional capital through the issuance of equity securities or securities convertible into equity, stockholders will experience dilution, and such securities may have rights, preferences or privileges senior to those of the holders of common stock or convertible senior notes. If the Company raises additional funds by issuing debt, the Company may be subject to limitations on its operations, through debt covenants or other restrictions. If the Company obtains additional funds through arrangements with collaborators or strategic partners, the Company may be required to relinquish its rights to certain geographical areas, or techniques that it might otherwise seek to retain. There is no assurance that the Company will be successful with future financing ventures, and the inability to secure such financing may have a material adverse effect on the Company's financial condition. Based on these uncertainties, the Company believes its business plan does not alleviate the existence of substantial doubt about its ability to continue as a going concern within the next 12 months. A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/5dd6z3s7 About Ethema Health Ethema Health Corp. is a Colorado-based company headquartered in West Palm Beach, Florida, focused on addiction treatment services in the United States. Originally established as an oil and gas exploration firm, the Company transitioned through various sectors, including electronics -- before shifting to healthcare. It now operates primarily through Evernia, maintaining in-network relationships with healthcare providers to source most of its clients. As of June 30, 2025, the Company had $28.9 million in total assets, $37.54 million in total liabilities, and $8.64 million in total stockholders' deficit. In an audit report dated May 23, 2025, RBSM LLP issued a "going concern" qualification citing that the Company has suffered recurring losses from operations, generated negative cash flows from operating activities, has working capital deficiency and accumulated deficit. These conditions raise substantial doubt about the Company's ability to continue as a going concern. FIRST BRANDS: Gets Clearance to Tap Advisers Amid Dispute Concerns ------------------------------------------------------------------ Alex Wittenberg of Law360 Bankruptcy Authority reports that a Texas bankruptcy judge on Monday, December 9, 2025, approved First Brands Group's request to retain restructuring advisers, including Weil Gotshal & Manges LLP, in its ongoing Chapter 11 case. The ruling came despite objections from some lenders, who argued that certain units of the auto-parts maker should hire separate professionals to prevent potential conflicts of interest. The judge sided with the company, allowing it to maintain a single advisory team to oversee its restructuring efforts. First Brands Group, which has faced financial difficulties, is working to stabilize operations and develop a plan to address its obligations to creditors while streamlining its business under bankruptcy protection. 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 CITY REALTY: S&P Withdraws 'CCC' LT Issuer Credit Rating --------------------------------------------------------------- S&P Global Ratings withdrew its 'CCC' long-term issuer credit rating on real estate operator Forest City Realty Trust Inc., as well as its 'CCC' issue-level rating on the company's term loan at the issuer's request. The withdrawal follows the refinancing of the company's term loan due in December 2025. The outlook was negative at the time of the withdrawal. FOUNDATION WERKS: Katharine Clark Named Subchapter V Trustee ------------------------------------------------------------ The U.S. Trustee for Region 6 appointed Katharine Battaia Clark of Thompson Coburn, LLP as Subchapter V trustee for Foundation Werks, LLC. Ms. Clark will be paid an hourly fee of $525 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Clark declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Katharine Battaia Clark Thompson Coburn, LLP 2100 Ross Avenue, Ste. 3200 Dallas, TX 75201 Office: 972-629-7100 Mobile: 214-557-9180 Fax: 972-629-7171 Email: kclark@thompsoncoburn.com About Foundation Werks LLC Foundation Werks, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. E.D. Texas Case No. 25-43573) on November 25, 2025, with $100,001 to $500,000 in assets and liabilities. FREEDOM ELECTRIC: Daniel Bruton Named Subchapter V Trustee ---------------------------------------------------------- John Paul H. Cournoyer, the U.S. Bankruptcy Administrator for the Middle District of North Carolina, appointed Daniel Bruton as Subchapter V trustee for Freedom Electric Marine, Inc. Mr. Bruton will be paid an hourly fee of $375 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Bruton declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. About Freedom Electric Marine Inc. Freedom Electric Marine, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D.N.C. Case No. 25-10835) on November 30, 2025, with $50,001 to $100,000 in assets and $500,001 to $1 million in liabilities. Judge Benjamin A. Kahn presides over the case. Samantha K. Brumbaugh, Esq., at Ivey, McClellan, Siegmund, Brumbaugh & Mcdonough, LLP represents the Debtor as legal counsel. FTX TRADING: Customers Want Final $10MM Deal Approval w/ Silvergate ------------------------------------------------------------------- Sydney Price of Law360 reports that the customers of the defunct crypto exchange FTX have asked a California federal judge to grant final approval to a $10 million settlement resolving claims that Silvergate Bank and its parent company helped enable the exchange's multibillion-dollar fraud. They contend the agreement fairly addresses the bank’s alleged role in facilitating FTX's misconduct and provides victims with a concrete path to recover funds. In their filing, the customers emphasized that Silvergate's bankruptcy leaves little chance of securing any greater recovery through continued litigation. They argued that the settlement represents the best and likely only meaningful opportunity for compensation, noting that further proceedings would be costly, prolonged, and uncertain given the lender's limited remaining resources. 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. FTX TRADING: Farmington, et al. Case Dismissed Without Prejudice ---------------------------------------------------------------- Chief Judge Karen B. Owens of the United States Bankruptcy Court for the District of Delaware entered an amended order clarifying that the Court's dismissal of the amended complaint in the adversary proceeding captioned as FTX RECOVERY TRUST, Plaintiff, v. FARMINGTON STATE CORPORATION (f/k/a FARMINGTON STATE BANK, d/b/a GENIOME BANK, d/b/a MOONSTONE BANK), FBH CORPORATION, and JEAN CHALOPIN, Defendants, Adv. Proc. 24-50197-KBO (Bankr. D. Del.) is without prejudice. The motion filed by the defendants to stay discovery pending a resolution of the motion to dismiss the FTX Recovery Trust's amended complaint is denied as moot. The plaintiff may file a motion for leave to amend pursuant to Federal Rule 15 within thirty (30) days of this Memorandum Order. In 2022, debtor Clifton Bay Investments LLC (formerly known as Alameda Ventures LLC) invested $11.5 million into Defendant FBH Corporation in exchange for a 10% interest in FBH. At the time of the Transfer, FBH was a holding company with a single asset valued at $5.7 million; namely an equity interest in Farmington State Bank, a single-branch bank and community lender to the small agricultural town of Farmington, Washington. FBH is owned and controlled by Defendant Jean Chalopin. In 2020, Chalopin formed FBH and orchestrated FBH's acquisition of Farmington. Though the acquisition received the approval of regulators from both the Federal Reserve and the State of Washington, it was subject to certain restrictions. This included, among other things, the requirement that written regulatory approval be obtained prior to changes in senior management, changes in the business plan, and significant forays into digital banking services. Prior to the Transfer, Chalopin was known to the FTX Group because of his affiliation with other companies that assisted with the FTX Group's banking and insurance operations, including Bahamas-based Deltec Bank and Trust Company Limited, a subsidiary of Deltec International Group, in which Chalopin has ultimate beneficial ownership of a controlling interest. The FTX Group held several accounts at Deltec Bank, which processed hundreds of thousands of transactions worth billions of dollars. Chalopin helped lay the foundation necessary for the FTX Group to move to the Bahamas, as he and Deltec Bank used their connections in the Bahamas to advance the FTX Group's interests. Having done profitable business together for years, Chalopin and the FTX Group set their sights on recreating this symbiosis of banks and cryptocurrency companies in the United States. In 2021, Chalopin became acquainted with a legal officer for the FTX Group with whom he began discussing a potential investment in FBH by the FTX Group. By January 2022, the agreement between Alameda and FBH was executed (the "Subscription Agreement") and on February 2, 2022, the Transfer was made. At the time of the Transfer, FBH contemplated a new business plan for Farmington. The FTX Recovery Trust commenced this adversary proceeding against the Defendants asserting claims for fraudulent transfer, aiding and abetting breach of fiduciary duty, and aiding and abetting corporate waste. Defendants seek dismissal of the Amended Complaint. Defendants argue that the Plaintiff has not established that Chalopin, a resident of the Bahamas, has the necessary contacts with the United States. They contend that Chalopin's only alleged contact with the forum is his interaction with an FTX Legal Officer, which is not enough to support jurisdiction. Plaintiff argues that jurisdiction over Chalopin is proper because the transaction at issue -- the Debtors' investment in FBH -- arose directly from Chalopin's actions either taken within or directed towards the United States. The Court agrees with Plaintiff and finds that the facts alleged establish with reasonable particularity that there are sufficient contacts between Chalopin and the United States to support jurisdiction. Accordingly, the Amended Complaint sets forth a prima facie case of jurisdiction. Constructive Fraud (Counts II and IV) In Counts II and IV, Plaintiff seeks to avoid and recover the Transfer from Chalopin as a fraudulent transfer pursuant to sections 544, 548, and 550 of the Bankruptcy Code. Defendants move to dismiss these claims on the ground that Plaintiff has failed to plausibly allege that Chalopin was a transferee as required by section 550. The Court finds Plaintiff's allegation that the payment was made for the benefit of Chalopin, who was the controller of FBH, is insufficient to support the conclusion that Chalopin was a beneficial transferee. Accordingly, Counts II and IV will be dismissed. Aiding And Abetting Breach Of Fiduciary Duty (Count V) In Count V, Plaintiff alleges Chalopin aided and abetted Samuel Bankman-Fried's breach of his fiduciary duties by inducing the FTX Group co-founder and Chief Executive Officer to cause Alameda to invest into FBH at an inflated valuation. The Court finds Plaintiff has alleged no facts to support the conclusion that Chalopin had the level of knowledge necessary to support its claim. Nothing in the Amended Complaint suggests that Chalopin had anything more than limited insight into the FTX Group's plans regarding its investment into FBH or that Chalopin induced the investment. For these reasons, Count V will be dismissed. Aiding and Abetting Corporate Waste (Count VI) In Count VI, Plaintiff asserts a claim against Chalopin for aiding and abetting corporate waste. Defendants move to dismiss this claim for Plaintiff's failure to plead knowing participation. The Court agrees. Even assuming, arguendo, that Plaintiff has sufficiently alleged that the Transfer was an act of corporate waste, Plaintiff has not alleged facts to support the remaining elements of the claim. Accordingly, Count VI will be dismissed. Claims Against The Corporate Defendants (Counts I & III) Plaintiff seeks to avoid and recover the Transfer from Farmington and FBH as a constructive fraudulent transfer pursuant to section 548(a)(1)(B) of the Code (Count I) and section 544(b) of the Bankruptcy Code and the Delaware Uniform Fraudulent Transfer Act ("DUFTA") (Count III). Defendants move to dismiss the constructive fraudulent transfer counts for Plaintiff's failure to allege that that the Transfer was for less than reasonably equivalent value at a time when the Debtors were insolvent. While the Court concludes that Plaintiff adequately pleads insolvency, it agrees with the Defendants that Plaintiff does not adequately plead reasonably equivalent value. Because Plaintiff has failed to allege that the Transfer was for less than reasonably equivalent value, Counts I and III will be dismissed, the Court holds. Judge Owens explains, "As correctly highlighted by the Defendants, the problem with this whole-cloth reliance upon Farmington's reported net worth at the time of the transfer for establishing lack of reasonably equivalent value is that Plaintiff ignores its own acknowledgement in the Amended Complaint that the Transfer occurred when a future business plan existed to expand Farmington from a small community bank into one offering cutting-edge cryptocurrency services. Plaintiff makes no factual allegations from which the Court can reasonably infer that the possible, future value of this plan at the time of the Transfer was less than Alameda's investment. This is an element necessary to adequately state the fraudulent transfer claims, and it is unaddressed in the Amended Complaint." A copy of the Court's Memorandum Order dated December 2, 2025, is available at https://urlcurt.com/u?l=WgaSTN from PacerMonitor.com. About FTX Group FTX Trading Ltd., trading as FTX, formerly operated a cryptocurrency exchange and crypto hedge fund. Before its collapse in 2022, FTX was the world's second-largest cryptocurrency firm. Then CEO and co-founder Sam Bankman-Fried said Nov. 10, 2022, that FTX paused customer withdrawals after it was hit with roughly $5 billion worth of withdrawal requests. Faced with liquidity issues, FTX on Nov. 9, 2022, struck a deal to sell itself to its giant rival Binance, but Binance walked away from the deal amid reports on FTX regarding mishandled customer funds and alleged US agency investigations. SBF agreed to step aside, and restructuring vet John J. Ray III was quickly named new CEO. FTX Trading Ltd (d/b/a FTX.com), West Realm Shires Services Inc. (d/b/a FTX US), Alameda Research Ltd. and certain affiliated companies then commenced Chapter 11 proceedings (Bankr. D. Del. Lead Case No. 22-11068) on an emergency basis on Nov. 11, 2022. Additional entities sought Chapter 11 protection on Nov. 14, 2022. FTX Trading and its affiliates each listed $10 billion to $50 billion in assets and liabilities, making FTX the biggest bankruptcy filer in the US that year. According to Reuters, SBF shared a document with investors on Nov. 10, 2022, showing FTX had $13.86 billion in liabilities and $14.6 billion in assets. However, only $900 million of those assets were liquid, leading to the cash crunch that ended with the company filing for bankruptcy. The Hon. John T. Dorsey is the case judge. The Debtors tapped Sullivan & Cromwell, LLP as bankruptcy counsel; Landis Rath & Cobb, LLP as local counsel; and Alvarez & Marsal North America, LLC as financial advisor. Kroll is the claims agent, maintaining the page https://cases.ra.kroll.com/FTX/Home-Index The Official Committee of Unsecured Creditors tapped Paul Hastings as counsel, FTI Consulting, Inc., as financial advisor, and Jefferies LLC as the investment banker. Young Conaway Stargatt & Taylor LLP is the Committee's Delaware and conflicts counsel. Montgomery McCracken Walker & Rhoads LLP, led by partners Gregory T. Donilon, Edward L. Schnitzer, and David M. Banker, represented SBF in the Chapter 11 cases. White-collar crime specialist Mark S. Cohen was reportedly hired to represent SBF in litigation. Lawyers at Paul Weiss previously represented SBF but later renounced representing the entrepreneur due to a conflict of interest. * * * In October 2024, FTX won confirmation of its bankruptcy plan that cleared a path for it to start repaying as much as $16.5 billion to creditors, including former customers. FTX has said its customers will receive 100% recovery on their claims under the plan. FTX reached a deal with CFTC, in which the Commission agreed not to collect any payment from FTX until all its customers are repaid, with interest. The CFTC settlement required FTX to pay $8.7 billion in restitution and $4 billion in disgorgement, which would be used to further compensate victims for losses suffered during the exchange's collapse. GAI AIR: Judge Needs One Week to Determine How to Handle Chapter 11 ------------------------------------------------------------------- Rick Archer of Law360 reports that on Tuesday, December 9, 2025, a Texas bankruptcy judge said he needs a week to decide how to address the Chapter 11 case of a Texas aviation company, after the prevailing party in a contract dispute claimed the debtor filed bankruptcy solely to sidestep a $3.4 million judgment. According to the creditor, the debtor’s timing shows the filing was aimed at avoiding payment rather than reorganizing. The judge said he will take time to assess whether the bankruptcy was filed in good faith and whether the case should continue. His decision will determine the next steps for both the debtor and the judgment creditor. About GAI Air LLC GAI Air LLC operates within the aviation and air logistics sector. GAI Air LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-90526) on October 24, 2025. In its petition, the Debtor reports estimated assets between $10 million and $50 million and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Christopher M. Lopez handles the case. The Debtor is represented by Susan Tran Adams, Esq. of Tran Singh LLP. GALLERIA 2425: Dismissal of Choudhri's Tax Lien Case Affirmed ------------------------------------------------------------- In the appeal styled Ali Choudhri, Appellant, versus National Bank of Kuwait, S.A.K.P., New York Branch, Appellee, No. 25-20096 (5th Cir.), Judges Stephen A. Higginson, Leslie H. Southwick and Dana M. Douglas of the United States Court of Appeals for the Fifth Circuit affirmed the order of the United States District Court for the Southern District of Texas that upheld the bankruptcy court's denial of the motion to remand and dismissal of the adversary proceeding filed by Ali Choudhri against the National Bank of Kuwait. In this bankruptcy appeal, Ali Choudhri appeals the dismissal of his third amended complaint asserting various claims against the National Bank of Kuwait relating to tax liens against property of the Galleria 2425 Owner, LLC bankruptcy estate. Choudhri is the member/manager of a series of limited liability companies through which he controlled the debtor. He is also the principal of several related entities who filed claims against the debtor. Choudhri has engaged in protracted litigation in both the Texas state courts and the bankruptcy court to prevent the Bank from foreclosing on an office building in Houston, Texas. Despite the property having now been sold, pursuant to a confirmed bankruptcy plan, Choudhri continues to pursue claims against the Bank relating to a confidential settlement agreement dated August 22, 2022 (the "CSA"). The parties to the CSA are the Bank, the debtor, Choudhri, and related Choudhri entity Naissance Galleria, LLC. Choudhri individually filed two proofs of claim against the debtor on April 9, 2024. One of these claims, Claim No. 21, was based on Choudhri's claim to the tax liens, which he had transferred to the Bank as part of the CSA. Despite raising his claims in the bankruptcy case, on April 26, 2024, Choudhri filed a lawsuit in Texas state court naming the Bank as a defendant. On June 7, 2024, the Bank removed the State Court Suit to the bankruptcy court. On appeal, Choudhri first contests the jurisdiction of the bankruptcy court. According to the Fifth Circuit, the Bank's removal of the State Court Suit pursuant to 28 U.S.C. Sec. 1452 was proper. The panel explains, "On April 9, 2024, Choudhri filed Proof of Claim No. 21, asserting a secured claim of $4,176,657.46 against the bankruptcy estate, and attaching an assignment of the tax liens. The trustee filed an objection to the claim. Filing the proof of claim subjected Choudhri to the jurisdiction of the bankruptcy court. The allowance or disallowance of a claim against the bankruptcy estate is a core proceeding. Choudhri then filed the original state court petition on April 26, 2024. The State Court Suit sought adjudication of the same tax liens that were the subject of Choudhri's Claim No. 21. As the district court correctly held, the bankruptcy court had 'related-to' jurisdiction over Choudhri's state court suit." Dismissal of Adversary Proceeding The district court affirmed the bankruptcy court's dismissal because Choudhri failed to state a claim. The bankruptcy court held that because it had already found the Bank had not breached the CSA, there was no further claim that could be brought. The bankruptcy court also dismissed the conversion and unjust enrichment claims relating to the tax liens for multiple reasons including that the confirmed chapter 11 plan had adjudicated the ownership of the tax liens. On June 22, 2024, the bankruptcy court confirmed the plan of reorganization. Choudhri did not file an objection to plan confirmation or appeal plan confirmation. Further, after the chapter 11 trustee objected to Choudhri's claim, he settled with trustee, agreeing to withdraw Claim No. 21. The Fifth Circuit emphasizes that the confirmed plan made specific provisions for the treatment of the tax liens. Choudhri was bound by the confirmed plan, the other bankruptcy court orders relating to the tax liens, and the purported breach of the CSA. The Fifth Circuit concludes the bankruptcy court's dismissal of the adversary proceeding under Rule 12(b)(6) was proper. Motion to Remand Choudhri argues that the motion to remand was improperly denied because a forum selection clause in the CSA specified that this matter should be brought in Harris County, Texas state court. The Fifth Circuit finds a review of the supplemental brief does not show that he raised the forum selection clause. Choudhri has forfeited this issue. A copy of the Court's Opinion dated December 4, 2025 is available at https://urlcurt.com/u?l=b3fCd2 About Galleria 2425 Owner, LLC Galleria 2425 Owner LLC is a Single Asset Real Estate as defined in 11 U.S.C. Section 101(51B). Galleria 2425 Owner LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 23-60036) on July 5, 2023. In the petition filed by Dward Darjean, as manager, the Debtor reports estimated assets between $10 million and $50 million and estimated liabilities between $50 million and $100 million. The Honorable Bankruptcy Judge Christopher M. Lopez oversees the case. The Debtor is represented by Melissa S Hayward, Esq., at Hayward & Associates PLLC. GENERATION HEALTHCARE: Case Summary & 20 Top Unsecured Creditors ---------------------------------------------------------------- Debtor: Generation Healthcare Inc. 43 E. College Street Westerville, OH 43081 Business Description: Generation Healthcare, Inc., based in Westerville, Ohio, provides home health and hospice services, including skilled nursing, therapy, and medical support for patients in their homes. The Company operates primarily in Ohio and offers care for individuals requiring medical and supportive services outside of hospital settings, with hospice services encompassing palliative and end-of- life care. Chapter 11 Petition Date: December 8, 2025 Court: United States Bankruptcy Court Southern District of Ohio Case No.: 25-55396 Judge: Hon. Tiffany Strelow Cobb Debtor's Counsel: David Whittaker, Esq. ALLEN STOVALL NEUMAN & ASHTON LLP 10 West Broad Street, Suite 2400 Columbus OH 43215 Tel: (614) 221-8500 Email: whittaker@asnalaw.com Total Assets: $5,702 Total Liabilities: $1,601,142 The petition was signed by Robert Becker as president and CEO. A full-text copy of the petition, which includes a list of the Debtor's 20 largest unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/4DLIF7Y/Generation_Healthcare_Inc__ohsbke-25-55396__0001.0.pdf?mcid=tGE4TAMA GEON PERFORMANCE: Moody's Alters Outlook on 'B2' CFR to Negative ---------------------------------------------------------------- Moody's Ratings affirmed GEON Performance Solutions, LLC's (GEON) B2 Corporate Family Rating, the B2-PD probability of default rating and B2 ratings on the senior secured first lien revolving credit facility and senior secured first lien term loan due in 2028. The outlook was changed to negative from stable. "The negative outlook reflects bigger than expected declines in the legacy compounding business and as a result weaker credit metrics," said Moody's Ratings' lead analyst Anastasija Johnson. RATINGS RATIONALE The B2 corporate family rating reflects the company's small scale, high leverage and its significant exposure to cyclical end markets such as the building and construction, transportation, industrial and appliances industries. Moody's adjusted debt/EBITDA was 7.2x in the twelve months ended September 2025. Moody's EBITDA does not include one-time items, such as severance and footprint optimization, and expenses related to the Foster acquisition and Foster pro forma earnings. If those items were included, leverage would be around 6.2x during this period. The Foster acquisition has performed in line with expectations and is benefitting from the pricing actions the company has implemented, however, the legacy PVC and polypropylene compounding business has continued to suffer from weak demand as a result of the US housing market slowdown and a decline in auto build rates. The company lowered its volume and earnings forecast for the year again on the third quarter earnings call. Moody's do not expect a significant improvement in demand in 2026 but are projecting modest earnings growth from self-help measures. As a result, Moody's expects leverage will remain elevated above 6x in 2026. The company needs to demonstrate volume and EBITDA improvements and improve its free cash flow generation and liquidity to bring leverage below the downgrade trigger and in line with the rating. GEON's rating is supported by its extensive industry expertise with a leading position in the polyvinyl chloride (PVC) compounding market and as one of the top independent polypropylene (PP) formulators and its considerable expertise in other polymers such as polyethylene, polycarbonates and nylons. The credit profile is tempered by the fragmented nature of the compounding business with relatively low barriers to entry. GEON has a large, well-established manufacturing footprint, well-known brand name and a diverse customer base with stable and long-term relationships. GEON's rating also incorporates low capital expenditure requirements due to its asset-light business model, which should enable the company to translate most of the EBITDA into free cash flow on unlevered basis, however, high absolute debt level and interest service have reduced free cash flow generation. GEON has adequate liquidity. The company had $15 million of cash as of September 2025. The company has extended its $60 million revolving credit facility to February 2028, six months before the term loan matures. The revolver has maximum First Lien Net Leverage Ratio maintenance covenant of 6.65x. The company has a modest cushion (approximately 14%) under the covenant as of September 2025 and no borrowings on the revolver. The company has almost full availability on the revolver under the current covenant constraints. Moody's expects the company to have flat to slightly positive free cash flow in 2025 and some improvement in free cash flow in 2026. Amortization payments are 1% per year or $7 million. Most of the assets are encumbered leaving limited sources of alternative liquidity. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Given the small scale and acquisition-driven growth strategy, an upgrade is unlikely at this time. Moody's would likely upgrade the rating with expectations for adjusted financial leverage (Debt/EBITDA) sustained below 4.0x, retained cash flow-to-debt (RCF/Net Debt) above 12.5% on a sustained basis and if its sponsors adhere to more conservative financial policies, including absolute debt reduction and no further dividends to shareholders. Moody's could downgrade the rating if the company's acquisitive strategy results in sustained increase in balance sheet debt without commensurate growth in earnings, such that adjusted financial leverage sustainably exceeds 6.0x, EBITDA/Interest declines below 1.5x, free cash flow is negative and liquidity deteriorates. Moody's could also downgrade the rating if underperformance results in unsustainable capital structure that increases refinancing risk. The negative outlook reflects weaker than expected performance in 2025 and the need to demonstrate earnings and volume growth to improve credit metrics in line with the rating and position the company to refinance its capital structure. GEON Performance Solutions, LLC, headquartered in Westlake, OH, was formed after SK Capital Partners completed the acquisition of Avient Corporation's (fka PolyOne Corporation) Performance Products & Solutions business in October 2019. GEON is the leading polyvinyl chloride compounder for the building and construction, industrial and wire and cable end markets, a top 4 independent polyolefin formulator and also provides contract manufacturing services for customers. The company operates in two primary segments, Vinyl and Engineered Polymer Solutions and has added capabilities with Thermoplastics and Medical Compounding with recent acquisitions. GEON reported revenue of $677 million in the twelve months ended September 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. HEADWAY WORKFORCE: Plan Contemplates Two Scenarios -------------------------------------------------- Headway Workforce Solutions, Inc., and its affiliates filed with the U.S. Bankruptcy Court for the Eastern District of North Carolina a Disclosure Statement in support of Plan of Reorganization dated December 4, 2025. The Debtors are a staffing agency that operates nationwide and matches qualified job candidates with employers seeking to recruit and hire. The Debtors commenced these Chapter 11 Cases in order to obtain necessary financing, to effectuate the Sale of various assets with which to satisfy the Noor Loan and the Noor DIP Loans, to restructure Staffing 360's balance sheet and to maximize recoveries to Holders of Allowed Claims. In the Plan, the Debtors propose two, alternative approaches to address Creditors' Allowed Claims and Unclassified Claims: The first approach is a sale of certain Equity Interests in connection with the reorganization of all of the Debtors. If the first approach is not successful, the Debtors will file a notice to that effect with the Bankruptcy Court and resort to the second approach, a liquidation of all of the Debtors. For purposes of both approaches, on the Plan's Effective Date the Debtors will establish a Litigation Trust that will be administered by the Litigation Trustee. On the Effective Date, the Litigation Trust Assets will pass and be transferred to the Litigation Trust for the benefit of Creditors. Under the first approach, the Debtors will either implement that terms of an anticipated settlement with Jackson Investment that would be approved by the Bankruptcy Court prior to the Confirmation Date or, if the settlement with Jackson Investment is not approved, the Debtors will engage a broker to market for sale, to the Person or Entity making the highest or best offer, the equity interests to be issued at or shortly after the Effective Date of this Plan by the "Reorganized Staffing 360 Solutions, Inc." (the direct or indirect parent company of the other Debtors and certain non-Debtor affiliates). If that sale is approved by the Bankruptcy Court and is consummated to that buyer, or if the Jackson Investment settlement is approved by the Bankruptcy Court, then the existing equity interests in Staffing 360 Solutions Inc. will be cancelled and extinguished and new equity interests in Reorganized Staffing 360 Solutions, Inc. will be issued in accordance with the terms of the Jackson Investment settlement or the purchase agreement with the purchaser, as the case may be. Any proceeds derived from any such sale will be included among the Litigation Trust Assets that pass and are transferred to the Litigation Trust. Thereafter, the Litigation Trustee will be responsible for conducting litigation, liquidating any unsold property in the Litigation Trust Assets, and making distributions to Creditors in accordance with the provisions in the Plan. If, on the other hand, the Debtors are unable to consummate the sale of those equity interests under the settlement with Jackson Investment or in connection with the bidding process described herein by the Equity Sale Deadline (the deadline by which to consummate that sale that the Bankruptcy Court will establish in the order confirming the Plan), then the Debtors will file a Liquidation Notice to inform the Bankruptcy Court and parties in interest of record of this, and the Debtors then will pursue the second approach: The Debtors shall forego that sale of the equity interests and shall proceed, instead, with an orderly liquidation of their assets and estates. This second approach is referred to in the Plan as the Orderly Liquidation Alternative. Classes 7A, 7B, 7C, 7D, and 7E consists of General Unsecured Claims. Each Holder of an Allowed General Unsecured Claim in Class 7 shall receive that Holder's Pro Rata share of the distributable Litigation Trust Assets (after payment therefrom in full of all Allowed Administrative Claims and all Allowed Priority Claims) until such Holder in Class 7 receives 100% of such Holder's Allowed General Unsecured Claim, which distribution to each Holder of an Allowed General Unsecured Claim shall commence on the latest of (I) the Initial Distribution Date, (II) the Periodic Distribution Date that is at least twenty-one calendar days after the date upon which such Holder's General Unsecured Claim becomes Allowed, or (III) as promptly after the later of (I) or (II) as is reasonably practicable under the circumstances, and shall continue on one or more Periodic Distribution Dates, until the Final Distribution Date. Estimated Recovery on Allowed Claims in Class 7: TBD% from Pro Rata distributions of distributable Litigation Trust Assets initially, and up to 100% from distributions of any future recoveries on Trust Causes of Action from the Litigation Trust. Class 7 is impaired. The Litigation Trust Assets will be the sources of Cash (or property that will be reduced to Cash) with which to pay Allowed Claims and Unclassified Claims. If the Sale Order is entered, at or before the Closing the Buyer shall deliver the Equity Sale Proceeds, in full and in immediately available funds, to the Debtors or Reorganized Debtors. They will turn those Equity Sale Proceeds over to the Litigation Trust as of the Effective Date. The Debtors or Reorganized Debtors, as applicable, are authorized to execute and deliver any documents necessary or appropriate to obtain from the Buyer the Equity Sale Proceeds. Notwithstanding anything to the contrary in the Plan, the Buyer's obligation to provide the Equity Sale Proceeds is excluded from any release or injunction provisions of this Plan. The Litigation Trust shall hold any and all Claims or Causes of Action against the Buyer for any violation of its obligation to provide the Equity Sale Proceeds on or before the Closing Date. A full-text copy of the Disclosure Statement dated December 4, 2025 is available at https://urlcurt.com/u?l=irxkTe from PacerMonitor.com at no charge. Counsel to the Debtors: Jason L. Hendren, Esq. Rebecca Redwine Grow, Esq. Benjamin E.F.B. Waller, Esq. Lydia C. Stoney, Esq. Hendren, Redwine & Malone, PLLC 4600 Marriott Drive, Suite 150 Raleigh, NC 27612 Tel: (919) 573-1422 Fax: (919) 420-0475 E-mail: jhendren@hendrenmalone.com rredwine@hendrenmalone.com bwaller@hendrenmalone.com lstoney@hendrenmalon.com - and - Kirk B. Burkley, Esq. Bernstein-Burkley, PC 601 Grant Street, 9th Floor Pittsburg, PA 15219 Tel: (412) 456-8100 E-mail: kburkley@bernsteinlaw.com About Headway Workforce Solutions Headway Workforce Solutions, Inc., sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.C. Case No. 25-01682-5-JNC) on May 5, 2025. In the petition signed by Brendan Flood, chief executive officer, the Debtor disclosed up to $50 million in both assets and liabilities. Judge Joseph N. Callaway oversees the case. Rebecca Redwine Grow, Esq., at Hendren, Redwine & Malone, PLLC, is the Debtor's legal counsel. Noor Staffing Group, LLC, as DIP lender, is represented by: Pamela P. Keenan, Esq. Kirschbaum, Nanney, Keenan & Griffin, P.A. PO Box 19766 Raleigh, NC 27619-9766 Telephone: (919) 848-0420 Facsimile: (919) 848-8755 Email: pkeenan@kirschlaw.com HEYL & PATTERSON: Whiteford Taylor Wins Bid to Remand ACS Lawsuit ----------------------------------------------------------------- Judge Christy Criswell Wiegand of the United States District Court for the Western District of Pennsylvania granted Whiteford, Taylor & Preston, L.L.P.'s motion to remand the case captioned as WHITEFORD, TAYLOR & PRESTON, L.L.P., Plaintiff, vs. ALBERT'S CAPITAL SERVICES, LLC, Defendant, Case No. 2:25-cv-00588-CCW (W.D. Pa.) to to the Court of Common Pleas for Allegheny County. In April 2016, non-party H&P, Inc., f/k/a Heyl & Patterson, Inc. filed a Chapter 11 bankruptcy case in the United States Bankruptcy Court for the Western District of Pennsylvania. After Debtor and the committee of unsecured creditors filed their Chapter 11 Plan of Liquidation, the bankruptcy court confirmed the Plan, and it became effective on September 13, 2017. That same day, Defendant Albert's Capital Services, LLC became the Plan Administrator for the post-bankruptcy liquidating trust established by the Plan. At that time, ACS hired Plaintiff Whiteford, Taylor & Preston, L.L.P., a law firm, to represent ACS in matters relating to assisting in the administration of the chapter 11 plan confirmed in the Liquidating Estate of H&P, Inc., f/k/a Heyl & Patterson, Inc., Case No. 16-21620. Whiteford represented ACS from September 2017 until July 2024, when the the firm's attorneys who had represented ACS left Whiteford and joined a new law firm. ACS then retained the new law firm so it could have continuity of counsel. Also in July 2024, Whiteford sent ACS a bill for unpaid legal fees totaling $592,247.71, which included amounts that had been contained in prior invoices. A flurry of activity ensued in the bankruptcy court in the next several months, culminating in ACS and its new law firm moving to close the bankruptcy case, and the bankruptcy court closing the case on September 30, 2024. Whiteford now contends that ACS and its counsel hid from the bankruptcy court the dispute over the unpaid attorney's fees. On March 12, 2025, Whiteford filed a complaint in the Allegheny County Court of Common Pleas against ACS, asserting two Pennsylvania state-law claims, one for breach of contract and a second for negligent breach of contract. The thrust of the suit is that ACS did not pay Whiteford for amounts due under the engagement agreement between them, for services Whiteford provided between 2017 and 2024 in connection with ACS's administration of liquidating trust in the bankruptcy case. After ACS filed the state court case, a second flurry of activity occurred in bankruptcy court. ACS moved to reopen the bankruptcy case, which Whiteford opposed, but ultimately the bankruptcy court reopened the bankruptcy case on April 25, 2025 following a hearing with the parties. Days later, on April 30, 2025, ACS timely removed the state court case to this Court, pursuant to 28 U.S.C. Sec. 1446(b)(1). The notice of removal asserts that this federal District Court has original jurisdiction because the action either arises in, or is related to, the bankruptcy case, 28 U.S.C. Sec. 1334(b), and that removal is proper under 28 U.S.C. Sec. 1452(a), which allows removal of claims over which the district courts have jurisdiction under Sec. 1334. Whiteford moved to remand the case to state court on May 9, 2025. On May 22, 2025, ACS moved to refer the case back to bankruptcy court. Whiteford argues that this case against ACS is not related to the H&P bankruptcy case, because it is not brought against the Debtor and the Debtor's estate was fully administered before this case was filed, such that this case does not, and will not, impact the Debtor, its bankruptcy estate or the creditors of the estate. The District Court agrees with Whiteford that this case is not "related to" the bankruptcy case and therefore it lacks subject matter jurisdiction under 28 U.S.C. Sec. 1334(b). The outcome of Whiteford's current state-law claims against ACS, which relate to the attorney fee dispute, will not possibly impact the Debtor, or the handling or administration of the bankruptcy estate, which was fully administered before this case was filed. And ACS has not provided any substantive argument to the contrary. Consequently, the District Court does not have subject matter jurisdiction under the "related to" prong of 28 U.S.C. Sec. 1334(b). Because the District Court lacks jurisdiction under Sec. 1334(b), which was the only basis for removal to this Court, remand is required. A copy of the Court's Opinion dated December 1, 2025 is available at https://urlcurt.com/u?l=uTmrRi About Heyl & Patterson Heyl & Patterson Inc. is an American specialist engineering company, founded in 1887 and based in Pittsburgh, Pennsylvania. Heyl & Patterson sought protection under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Pa. Case No. 16-21620) on April 29, 2016. The petition was signed by John R. Edelman, CEO. The case is assigned to Judge Carlota M. Bohm. The Debtor estimated assets and liabilities in the range of $1 million to $10 million. The Debtor tapped George T. Snyder, Esq., at Stonecipher Law Firm, as counsel; and Gleason & Associates as financial advisors. On May 31, 2016, the Office of the U.S. Trustee appointed an official committee of unsecured creditors. The committee retained Whiteford, Taylor & Preston, LLC, as its legal counsel; and Albert's Capital Services, LLC, as its financial advisor. On April 28, 2017, the Debtor filed a Chapter 11 plan of liquidation. HUDSON PACIFIC: Appoints Jon Bortz to Board of Directors -------------------------------------------------------- Hudson Pacific Properties, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on December 2, 2025, Mr. Jonathan Glaser notified the Board of Directors of his resignation from the Board after 15 years of service, effective immediately, due to his desire to devote more of his time to other professional commitments. In tendering his resignation, Mr. Glaser expressed no disagreement with the Company. On the same day, the Board voted to appoint Mr. Jon Bortz as Mr. Glaser's successor, effective immediately. Mr. Bortz will serve on the Audit and Compensation Committees of the Board, also succeeding Mr. Glaser in those roles. Mr. Bortz will be compensated for his service on the Board in accordance with the Company's Non-Employee Director Compensation Plan. In addition, the Company and Mr. Bortz expect to enter into the Company's standard form of indemnification agreement for its non-employee directors to be effective as of December 2, 2025, which requires the Company to indemnify each indemnitee to the fullest extent permitted by the Maryland General Corporation Law. A full-text copy of the Company's indemnification agreements, outlined in the Company's Proxy Statement for its 2015 annual meeting of stockholders, is available at https://tinyurl.com/549c77fj Mr. Bortz is Founder, Chairman of the Board, and Chief Executive Officer of Pebblebrook Hotel Trust and Founder and Chairman of Curator Hotel & Resort Collection. Mr. Bortz was Founder and served as President, Chief Executive Officer and a Trustee of LaSalle Hotel Properties, a publicly traded hotel REIT, from its formation in April 1998 until his retirement in September 2009. In addition, he served as Chairman of the Board of LaSalle Hotel Properties from January 1, 2001 until his retirement. Prior to forming LaSalle Hotel Properties, Mr. Bortz founded the Hotel Investment Group of Jones Lang LaSalle Incorporated in January 1994 and as its President oversaw all of Jones Lang LaSalle's hotel investment and development activities. From January 1995 to April 1998, as Managing Director of Jones Lang LaSalle's Investment Advisory Division, he was also responsible for certain East Coast development projects. From January 1990 to 1995, he was a Senior Vice President of Jones Lang LaSalle's Investment Division, with responsibility for East Coast development projects and workouts. Mr. Bortz joined Jones Lang LaSalle in 1981. He currently serves as member of the Board of Governors of the National Association of Real Estate Investment Trusts, or NAREIT, and served on the board of trustees for Federal Realty Investment Trust. "Jon Bortz is a widely respected and accomplished executive who will bring a unique perspective to our Board of Directors," said Victor Coleman, Hudson Pacific's Chairman and CEO. "His strategic vision, combined with four decades of experience founding, scaling and leading highly successful public REITs, will be invaluable to Hudson Pacific as we continue to reposition and strengthen our platform." Coleman added, "We are also profoundly grateful for Jonathan Glaser's many years of service. Since our IPO, his strategic insight, commitment to strong governance and steady leadership have been instrumental in guiding the company through pivotal moments and advancing our long-term vision." Glaser commented, "Serving on Hudson Pacific's Board for the past 15 years has been a privilege, and collaborating with such a dedicated and capable team has been incredibly rewarding. I am confident that Jon Bortz's experience and insights will further strengthen the company and contribute meaningfully to long-term value creation for shareholders." There are no arrangements or understandings between Mr. Bortz and any other person pursuant to which Mr. Bortz was appointed as a director, and Mr. Bortz is not a party to any transaction with the Company reportable pursuant to Item 404(a) of Regulation S-K. About Hudson Pacific Hudson Pacific Properties, Inc. is a Maryland corporation formed on November 9, 2009, as a fully integrated, self-administered and self-managed real estate investment trust. Through its controlling interest in the operating partnership and its subsidiaries, Hudson Pacific Properties, Inc. owns, manages, leases, acquires and develops real estate, consisting primarily of office and studio properties. As of September 30, 2025, the Company had $7.8 billion in total assets, $4.3 billion in total liabilities, and $3.4 billion in total stockholders' equity. * * * In October 2025, S&P Global Ratings affirmed its 'CCC' issue-level rating on Hudson Pacific Properties Inc.'s (HPP) preferred stock. S&P said, "We revised the outlook to stable from negative, reflecting our view of the company's improved liquidity position and eased refinancing concerns. The stable outlook also incorporates our view that HPP's portfolio will likely continue to be challenged despite improved leasing activity. We forecast S&P Global Ratings-adjusted debt to EBITDA will remain around 13x in 2025 before declining to around 12x in 2026." HPP's recent refinancing efforts have reduced its near-term refinancing risk and improved its liquidity position. I-ON DIGITAL: Retains Craft Capital as Exclusive IPO Underwriter ---------------------------------------------------------------- I-ON Digital Corp. said it has entered into a strategic engagement with Craft Capital Management, LLC to strengthen its capital markets strategy, support upcoming financing initiatives, and guide the Company's preparations for a potential national exchange uplisting. The Company entered into an engagement letter, dated November 18, 2025 with Craft Capital Management LLC with Craft Capital having the exclusive right to act as the sole manager and bookrunner for the underwriting of an initial public offering on The Nasdaq Stock Market LLC on a firm commitment basis of shares of the Company's common stock by the Company or its subsidiaries. The Agreement is for a term of 12 months. The Agreement does not constitute a commitment by Craft Capital to purchase Shares of the Company, and does not guarantee the completion of the IPO or the securing of any other financing on behalf of the Company. The Company has agreed to pay Craft Capital an underwriting discount or spread of 7.5% of the IPO price. In addition, pursuant to the Agreement, the Company has also agreed to grant to Craft Capital, or its designees, at the closing, warrants to purchase that number of Shares equal to 7% of the aggregate number of Shares sold in the IPO The Underwriter's Warrants issued to Craft Capital will have a term of five years and an exercise price equal to 125.0% of the IPO price her Share at the IPO. The Company also agreed to pay Craft Capital a non-accountable expense allowance of 1.0% payable at the closing of the IPO, up to $150,000 for fees and expenses of legal counsel and other out-of-pocket expenses, and a $25,000 advance toward IPO expenses due and payable immediately upon signing the Agreement. The Agreement has indemnity and other customary provisions. Craft Capital, headquartered in Garden City, New York, is a full-service broker-dealer and investment bank providing institutional and retail brokerage, private and public capital advisory, uplisting expertise, and comprehensive corporate finance solutions. The collaboration is designed to align I-ON's accelerating RWA tokenization activity with disciplined, market-ready capital formation. This engagement comes at a time of accelerating operational and transactional momentum for I-ON Digital--momentum that increases the importance of experienced capital markets guidance as the Company scales. Recent activity leveraging ION.au's institutional gold treasury includes: * An institutional transaction with RAAC.io, a co-founder of the RWA Federation, integrating ION.au – I-ON Digital's fully backed, LBMA-priced digital gold asset - into RAAC's regulated DeFi lending, borrowing, and $PMUSD stablecoin infrastructure. * Commercial deployment by GGBR, Inc. (goldfishgold.com) of ION's institutional gold treasury as the backing for retail, micro-denominated, gold-backed digital stablecoins. * Advancement of the I-ON's Digital Asset Platform (DAP), enabling regional and local banks to integrate RWA digitization and gold-backed asset tools into their emerging digital-asset ecosystems. Rising institutional demand for I-ON's regulated RWA solutions underscore the importance of securing seasoned capital markets guidance at this stage of the Company's growth. Craft Capital's expertise and advisory support will help guide I-ON through a period of expected expansion and increasing capital requirements. Craft Capital's involvement reinforces the Company's commitment to building a compliant, transparent, and scalable digital asset ecosystem that delivers long-term value for stakeholders. "Craft Capital's institutional advisory capabilities, capital markets experience, and uplisting expertise align with I-ON's long-term objective of establishing a fully compliant, transparent, and scalable digital asset banking platform." shared I-ON Digital's CEO, Carlos X. Montoya. "Recent transactions reflect increasing market validation for our gold-tokenization model and digital treasury hypothecation framework. Craft will assist us in preparing for increased institutional engagement, structured capital formation, and the requirements associated with a national exchange uplisting." Montoya continued, "We believe these developments position I-ON for meaningful expansion in 2026 as the market for regulated real-world-asset tokenization continues to accelerate." I-ON's multi-layered strategic direction aligns with broader global trends in the RWA market. Independent analyses from major financial institutions project multi-trillion-dollar expansion in tokenized assets over the next decade--driven by institutional demand for transparent, asset-backed instruments; improved capital efficiency; and enhanced auditability and reporting. Investors and stakeholders may access company updates at https://www.iondigitalcorp.com. About I-On Digital Corp. Headquartered in Chicago, Ill., I-ON develops and provides advanced asset-digitization and securitization solutions designed to deliver a secure, fast, and transparent digital asset ecosystem. The Company converts documentary evidence of ownership into secure, asset-backed digital certificates, enhancing liquidity and value across a range of asset classes. Its hybrid blockchain architecture integrates smart contracts and workflow automation, augmented by artificial intelligence technologies. This system enables the digitization of ownership records for recoverable gold, precious metals, and mineral reserves, supporting value transfer through innovative financial instruments. In its report dated April 10, 2025, the Company's auditor, Mac Accounting Group & CPAs, LLP, issued a "going concern" qualification attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has limited revenues and has suffered recurring losses from operations that raise substantial doubt about its ability to continue as a going concern. As of September 30, 2025, I-ON Digital reported total assets of $18.2 million, total liabilities of $3.3 million, and total stockholders' equity of $14.9 million. INTERFACE INC: Moody's Withdraws Ba3 CFR Following Debt Repayment ----------------------------------------------------------------- Moody's Ratings has withdrawn Interface, Inc.'s (Interface) ratings including the company's Ba3 Corporate Family Rating and the Ba3-PD Probability of Default Rating. Moody's also withdrew the B1 rating on the company's senior unsecured notes and SGL-1 Speculative Grade Liquidity Rating. Prior to the withdrawal, the rating outlook was stable. The ratings withdrawal follows Interface's full repayment of its previously rated debt. RATINGS RATIONALE Moody's have withdrawn the ratings because Interface's debt previously rated by us has been fully repaid. Interface, Inc., based in Atlanta Georgia, is a global flooring designer and manufacturer that specializes in carbon neutral carpet tile and resilient flooring, including luxury vinyl tile (LVT) and nora® rubber flooring. The company's products are used in offices, schools, hospitals, medical office buildings, life sciences, retail locations, hospitality, public buildings, airports, transportation vessels, and multi-residential facilities. The company is publicly traded and generated revenue of $1.4 billion for the last 12 month period (LTM) ending September 30, 2025. JAMES GAMBACORTO: UST Wins Bid to Supplement Appellate Record ------------------------------------------------------------- In the appeal styled HUGH MAGEE, et al., Appellant, v. UNITED STATES TRUSTEE, Appellee, Case No. 25-13028-MAS (D.N.J.), Judge Michael A. Shipp of the United States District Court for the District of New Jersey granted the United States Trustee's Motion to Supplement the Appellate Record. This case involves the Bankruptcy Court's denial of Hugh Magee and Magee Realty Consultants Co., LLC's Nunc Pro Tunc Application to Receive a Broker's Commission on the sale of 187 Riverside Avenue, Red Bank, New Jersey relating to the Chapter 11 proceedings of debtor, James Gambacorto. The Trustee moves pursuant to Federal Rules of Bankruptcy Procedure' 8009(e)(2)(C) and 8013 to supplement the record on appeal to include the following items: (1) an October 1, 2019 Certification of Gambacorto; (2) a November 11, 2019 Certification of Gambacorto; (3) a November 18, 2019 Supplemental Certification of David Kanegis; (4) an April 16, 2024 Consent Order; (5) a November 12, 2024 Application to Employ AuctionAdvisors, LLC; and (6) a March 18, 2025 Hearing Transcript regarding the sale of the Property. The Trustee argues that these items should be considered to present a more "fulsome" picture of the relationship between Magee and Gambacorto regarding the Property, to provide context for statements made at the hearing that resulted in the order on appeal, and because, other than the Hearing Transcript, the items were presented to the Bankruptcy Court below. Regarding the Hearing Transcript, the Trustee avers that it reflects the argument that took place in Bankruptcy Court regarding the sale from which Magee seeks a commission, which is at issue in this case. In response, Magee challenges the introduction of the Hearing Transcript as procedurally inappropriate and prejudicial. The District Court finds the Hearing Transcript: (1) is from the underlying Gambacorto Chapter 11 proceeding; (2) directly relates to the issue on appeal (the sale of the Property for which Magee seeks a commission); and (3) was created before the order being appealed. The District Court will therefore use its discretion to permit the Trustee's proposed supplementation to the record because the material was relevant to the bankruptcy court's decision. A copy of the Court's Memorandum Order dated December 2, 2025 is available at https://urlcurt.com/u?l=Kdu7Lp James Gambacorto filed for Chapter 11 bankruptcy protection (Bankr. D.N.J. Case No. 19-10696) on January 11, 2019, listing under $1 million in both assets and liabilities. The Debtor is represented by Joseph Casello, Esq., at COLLINS, VELLA & CASELLO. KESTRA ADVISOR: Moody's Affirms 'B3' CFR, Outlook Remains Stable ---------------------------------------------------------------- Moody's Ratings has affirmed the B3 corporate family rating of Kestra Advisor Services Holdings A, Inc. (Kestra), as well as the B3 ratings on its backed senior secured bank credit facilities. The outlook remains stable. The rating action follow's Kestra's announcement that it plans to raise a $250 million incremental term loan, fungible with its existing first lien term loan, and to upsize the capacity of its revolving credit facility. The proceeds will be used to repay amounts drawn on the revolver, fund acquisition-related expenses, and add cash to the company's balance sheet. RATINGS RATIONALE The ratings affirmation reflects Kestra's strong operating performance over recent quarters, despite the anticipated increase in leverage resulting from the proposed transaction. Pro forma debt-to-EBITDA will rise to 7.0x, compared to 6.1x for the last twelve months ended 30 September. However, this level of leverage remains consistent with the company's current rating profile. Favorable market conditions have resulted in increased client assets and along with substantial net new asset inflows, have contributed to the company's positive operating performance. For the LTM Q3 2025 period, Kestra's reported run-rate revenue and EBITDA increased by over 15% and 30% year-over-year, respectively. Looking ahead, strong recruiting and a robust acquisition pipeline are expected to further support revenue and EBITDA growth, which should drive deleveraging and return leverage to current levels by year-end 2026. The stable outlook reflects Moody's expectations that Kestra will maintain leverage and coverage metrics in line with its credit profile, supported by ongoing revenue and EBITDA growth, disciplined capital management, and a robust liquidity position. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Kestra's ratings could be upgraded if the company demonstrates sustained improvement in profitability, pretax margin, and EBITDA growth that results in debt leverage below 6.5x. An upgrade would also be supported by evidence of a more conservative financial policy, such as a reduced appetite for new debt issuance or a clear commitment to maintaining leverage targets. Conversely, the ratings could face downward pressure if there is a sustained decline in broad financial market levels that weakens financial performance, particularly if debt leverage remains above 7.5x or interest coverage falls below 1x. Additional factors that could lead to a downgrade include a deterioration in liquidity resulting in increased reliance on the revolving credit facility, a significant decline in advisor productivity, worsening advisor retention rates, or the emergence of material regulatory compliance issues. The principal methodology used in these ratings was Securities Industry Service Providers published in February 2024. Kestra's "Assigned Standalone Assessment" adjusted score of B3 is set three notches above the "Financial Profile" score of Caa3 to reflect the steady performance and growth of its franchise. KOMI INC: U.S. Trustee Unable to Appoint Committee -------------------------------------------------- The U.S. Trustee for Region 18 disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of KOMI Inc. About KOMI Inc. KOMI Inc. owns a $3 million commercial property in Olympia, Washington, and operates in real estate-related activities. KOMI filed Chapter 11 petition (Bankr. W.D. Wash. Case No. 25-42705) on October 30, 2025, listing between $1 million and $10 million in assets and liabilities. Judge Mary Jo Heston oversees the case. Brett H. Ramsaur, Esq., at Ramsaur Law, P.C. is the Debtor's legal counsel. LEARNING CARE: S&P Downgrades ICR to 'B-' on Elevated Leverage -------------------------------------------------------------- S&P Global Ratings lowered its ratings, including the issuer credit rating on Learning Care Group and its first-lien debt to 'B-' from 'B.' The outlook is stable. The stable outlook reflects the risk that S&P Global Ratings-adjusted leverage will remain elevated in the low-7x area as enrollment and weakening utilization pressure EBITDA. It also reflects our expectation for continued positive free operating cash flow (FOCF). S&P has revised its base-case scenario for U.S.-based child care operator Learning Care Group (US) No. 2 Inc. due to weaker than expected back-to-school enrollment. S&P expects continued enrollment softness will dampen revenue and EBITDA growth, with S&P Global Ratings-adjusted leverage above 6x in fiscal years 2026 and 2027 (ending in June). Leverage will remain elevated in the low-7x area during fiscal 2026. S&P said, "Under our base-case forecast, enrollment and utilization pressures amid an uncertain macroeconomic backdrop will limit EBITDA expansion in fiscal 2026. This, combined with S&P Global Ratings-adjusted debt increasing due to the payment-in-kind preferred instrument, will lower credit metrics. Further, Learning Care drew on its revolver during the first quarter of fiscal 2026 and we expect Learning Care to use its revolver from time to time for seasonal working capital needs, consistent with its historical cash flow seasonality. This increased debt load, coupled with minimal EBITDA improvement, will lead to elevated leverage in the low- to mid-7x area during fiscal 2026. We expect some improvement in 2027 to the mid-6x area as EBITDA improves due to labor cost efficiencies." Soft macroeconomics and consumer price sensitivity will temper enrollment. S&P said, "We expect that full-time enrollment will decline up to 1% year-over-year as Learning Care navigates a more challenging operating environment. We attribute this to increased macroeconomic uncertainty and consumer pricing sensitivity and delays in government child care vouchers. We still expect low-single-digit percentage growth in 2026 because of additional child care centers opening and tuition increases." Learning Care benefits as one of the largest child care operators in the U.S. The industry is highly fragmented. Learning Care benefits from a competitive advantage and economies of scale as the second-largest U.S. operator with a diverse school portfolio and geography, 11 brands, and 1,120 child care centers. Additionally, about one-third of its revenue comes from state and federal budgets through various subsidy programs, which provides some revenue stability, even during an economic downturn. Despite delays and longer waitlists for government vouchers, S&P understands this is largely a timing issue that will be resolved. Support for key government child care grants, such as the Child Care and Development Block Grant, remains robust. The company will continue to generate positive FOCF. S&P said, "We forecast working capital inflow in the second half of 2026 and that prudent capital deployment will generate discretionary cash flow. We expect Learning Care will prioritize reinvesting in centers to increase occupancy and engagement. It will continue to expand its overall center base via new builds, business-to-business partnerships, and tuck-in acquisitions. We anticipate that management will adjust capital expenditure (capex) as needed to support cash flow and can scale back most spending if needed." The stable outlook reflects S&P's expectation of leverage in the low-7x area in fiscal 2026 and that it will generate positive FOCF during the next 12-24 months. S&P could lower its rating on Learning Care if it believes: -- Liquidity is less than adequate; or -- The capital structure is unsustainable. This could occur if rising unemployment and a weaker-than-expected macroeconomic environment decrease enrollment and revenue, sustaining operating cash flow deficits. S&P could raise its rating on Learning Care if S&P believes it will: -- Maintain leverage below 6x; and -- Generate meaningful FOCF to debt above 5%. This could occur if it benefits from some combination of enrollment improvements, new center development, and acquisitions funded with cash flow such that it sustains stronger margins. LEVEL 3 FINANCING: S&P Rates New $750MM Sr. Unsecured Notes 'CCC' ----------------------------------------------------------------- S&P Global Ratings assigned its 'CCC' issue-level rating and '6' recovery rating to Level 3 Financing Inc.'s proposed $750 million senior unsecured notes due 2036. The company is a wholly owned subsidiary of U.S.-based telecommunications service provider Lumen Technologies Inc. The '6' recovery rating indicates itsour expectation for negligible (0%-10%; rounded estimate: 0%) recovery in the event of a payment default. Level 3 will use the proceeds from these notes, along with $250 million of balance sheet cash, to redeem portions of its various Level 3 outstanding second-lien notes totaling about $1,070 million at a tender price below par. S&P said, "At the same time, we raised our issue-level rating on Level 3's existing second-lien notes to 'B+' from 'B-' and revised the recovering rating to '1' from '3' to reflect the repayment of about $1.1 billion of its outstanding second-lien debt. The '1' recovery rating indicates our expectation for very high (90%-100%; rounded estimate: 95%) recovery in the event of a payment default. "We view the transaction as credit positive for Lumen because it will push out some of its second-lien debt maturities to 2036 from 2029-2031. "Our 'B-' issuer credit rating on Lumen is unchanged, given its large amount of cash to fund its hyperscaler projects. However, we also expect the company's leverage will rise over the near term because of declining revenue and one-time expenses, which we include in our calculation of its S&P Global Ratings-adjusted EBITDA, as it transitions its business to accommodate hyperscalers signing contracts to build out their fiber for data transport. Lumen's S&P Global Ratings-adjusted leverage was 5.9x as of the end of the third quarter of 2025 and we expect it will rise above 6.0x in 2025." LUMEXA IMAGING: S&P Assigned Prelim 'B+' Rating, On Watch Positive ------------------------------------------------------------------ S&P Global Ratings assigned its preliminary 'B+' issue-level rating and '3' recovery rating to Lumexa Imaging Equity Holdco LLC's (previously US Radiology Specialist Holdings LLC) proposed credit facility and placed the issue-level rating on CreditWatch with positive implications. The '3' recovery rating indicates its expectation for average (50%-70%; rounded estimate: 50%) recovery in the event of a default. S&P said, "We assigned a preliminary 'B+' issue-level rating to the proposed secured credit facility. The '3' recovery rating indicates our expectation for average (50%-70%; rounded estimate: 50%) recovery in the event of a default. We expect the final rating to be aligned with our expected 'B+' issuer credit rating on Lumexa following the successful close of its IPO." Pro forma for the IPO, private-equity sponsors will have 30% ownership and minority representation on the board of directors. S&P said, "We view this as credit positive in terms of the company's financial policy because private-equity investors tend to favor high levels of leverage to enhance their returns. Pro forma for the IPO, we expect 30% of Lumexa's shares will be owned by Welsh, Carson, Anderson & Stowe (WCAS), 43% by existing and prior employees and founders (unaffiliated with private equity), 26% by public shareholders, and 1% by current and prior senior management. We expect WCAS will have only one seat on the nine-person board and anticipate six of the company's nine board members will be independent. If this occurs, we will no longer view the company as being controlled by private-equity investors.” S&P Global Ratings-adjusted leverage will likely be generally below 5x. S&P said, "With the anticipated reduction in the company's private-equity ownership and management's indications of a more conservative financial policy, we expect leverage will generally be below 5x. Although we expect Lumexa's leverage will initially be modestly above 5x upon the close of the IPO, down from 7.4x for the 12-months ended Sept. 30, 2025, our base case assumes it will reduce its leverage below 5x within one year and generally maintain leverage of below 5x going forward. We see limited risk that the company will maintain leverage of more than 5x on a sustained basis, given the strength of its business and ongoing tailwinds, management's stated financial policy priorities, and because public shareholders tend to be averse to companies maintaining very high leverage." The CreditWatch positive placement indicates the uncertainty around the timing and success of Lumexa's IPO, as well as the amount of proceeds it will generate. S&P said, "We expect to resolve the CreditWatch once the company has completed the IPO and we learn the final amount of the offering. At that time, we expect to upgrade Lumexa by two notches to 'B+' and assign a stable outlook." LUNAI BIOWORKS: Inks $11.7MM ATM Agreement with Dawson James ------------------------------------------------------------ Lunai Bioworks, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on December 2, 2025, the Company entered into an At-the-Market Sales Agreement with Dawson James Securities, Inc., pursuant to which the Company may offer and sell shares of its common stock, par value $0.0001 per share, having an aggregate offering price of up to $11.70 million, from time to time through the Sales Agent as the Company's sales agent. Pursuant to the Sales Agreement, sales of the shares of Common Stock, if any, will be made under the Company's Registration Statement on Form S-3 (File No. 333-282898), which was declared effective by the Securities and Exchange Commission on November 6, 2024, and the related prospectus and prospectus supplement. The Company may sell the Shares in transactions that are deemed to be "at the market offerings" as defined in Rule 415 under the Securities Act of 1933, as amended, including sales made directly on or through the Nasdaq Capital Market or any other trading market for the Common Stock. The Sales Agent is entitled to compensation of 3.0% of the gross proceeds from the sales of any Shares pursuant to the Sales Agreement, and will be reimbursed for certain expenses. The Sales Agreement contains customary representations, warranties, and covenants of the Company and the Agent, indemnification and contribution provisions, and conditions precedent to the sale of the Shares pursuant to the Sales Agreement. The Company may terminate the Sales Agreement at any time upon 10 days' notice to the Agent. The Company is not obligated to sell any Shares under the Sales Agreement, and may at any time suspend sales pursuant to the Sales Agreement upon notice to the Sales Agent and subject to the terms of the Sales Agreement. The Sales Agreement may be terminated by either party at any time upon notice to the other party. The Company may be reached through: David H. Weinstein, Chief Executive Officer Nathan Fuentes, Chief Financial Officer Lunai Bioworks Inc. 3400 Cottage Way, Suite G2 #32562 Sacramento, CA 95825 Email: dweinstein@renovarogroup.com nfuentes@renovarogroup.com Dawson James Securities, Inc. may be reached through: Joel D. Mayersohn, Esq. Dickinson Wright 350 East Las Olas Blvd., Suite 1750 Ft. Lauderdale, FL 33301 Email: jmayersohn@dickinson-wright.com The Sales Agent: InvestmentBanking@DawsonJames.com With copies to: cwachowiz@dawsonjames.com - and - David Mannheim Nelson Mullins Riley & Scarborough LLP 301 Hillsborough Street, Suite 1400 Raleigh, N.C. 27603 E-Mail: david.mannheim@nelsonmullins.com A full text of the Sales Agreement, is available at https://tinyurl.com/2vfkn4zs A copy of the opinion of Dickinson Wright, PLLC relating to the validity of the Shares issued in the Offering is available at https://tinyurl.com/4psw367b About Lunai Bioworks Headquartered in Los Angeles, Calif., Lunai Bioworks Inc. (formerly Renovaro Inc.) is an AI-powered drug discovery and biodefense company pioneering safe and responsible generative biology. With proprietary neurotoxicity datasets, advanced machine learning, and a focus on dual-use risk management, Lunai is redefining how artificial intelligence can accelerate therapeutic innovation while safeguarding society from emerging threats. As of June 30, 2025, the Company had total assets of $8.23 million, $29.58 million in total liabilities, and $21.35 million in total shareholders' deficit. Draper, Utah-based Sadler, Gibb & Associates, LLC, the Company's auditor since 2018, issued a "going concern" qualification in its report dated September 29, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended June 30, 2025, citing that the Company has incurred substantial recurring losses from operations, has used cash in the Company's continuing operations, and is dependent on additional financing to fund operations, which raises substantial doubt about its ability to continue as a going concern. MADISON FURNITURE: Seeks Chapter 7 Bankruptcy in Oregon ------------------------------------------------------- On December 4, 2025, Madison Furniture Inc. filed for Chapter 7 protection in the District of Oregon Bankruptcy Court. According to court filing, the Debtor reports between $1,000,001 and $10,000,000 in debt owed to approximately 1–49 creditors. About Madison Furniture Inc. Madison Furniture Inc. provides both residential and commercial furniture solutions, including modern, traditional, and custom-made designs. Madison Furniture Inc. sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 25-34062) on December 4, 2025. In its petition, the Debtor reports estimated assets of $0–$100,000 and estimated liabilities of $1,000,001–$10,000,000. Honorable Bankruptcy Judge Peter C. McKittrick handles the case. The Debtor is represented by Theodore J. Piteo, Esq. of Michael D. O’Brien & Associates, P.C. MARINER WEALTH: S&P Rates $1.02BB First Lien Term Loan 'B' ---------------------------------------------------------- S&P Global Ratings assigned its 'B' issue ratings to Mariner Wealth Advisors LLC's proposed $1.02 billion first-lien term loan B and $150 million fungible add-on due December 2030. The recovery rating on the loan is '3', indicating its expectation for a meaningful recovery (50%) in the event of a default. S&P said, "We expect Mariner to use the proceeds to refinance and reprice its existing $1.02 billion term loan B and $150 million second lien term loan. Because there is no incremental debt, we view this transaction as leverage neutral. Leverage was about 6.0x as of Sept. 30, 2025, below the downside threshold of 7.0x. Mariner's leverage is roughly in line with those of other wealth managers seeking to rapidly gain market share, including Hightower, Chicago US Midco III (d/b/a Wealthspire), Edelman Financial Engines, and, to a lesser extent, Focus Financial. "The stable outlook reflects our expectation that Mariner's leverage, as measured by S&P Global Ratings-adjusted debt to EBITDA, will be 5x-7x, and EBITDA interest coverage will be 2x-3x for the next 12 months, while the company continues to expand its assets under management and advisement." Issue Ratings--Recovery Analysis Key analytical factors -- S&P's recovery analysis includes 85% usage of the company's $200 million revolving credit facility due 2029 and $1.02 billion first-lien term loan B and $150 fungible add-on due 2030. -- S&P applies a 5x multiple for all asset managers because it believes this represents an average multiple for asset managers emerging from a default scenario. Simulated default assumptions -- S&P's simulated default scenario includes poor investment performance or market depreciation leading to a substantial reduction of AUM/A and a decline in EBITDA sufficient to trigger a payment default. Simplified waterfall -- Emergence EBITDA: $140 million -- Multiple: 5x -- Gross recovery value: $701 million -- Net recovery value for waterfall after 5% administrative expenses: $666 million -- Obligor/nonobligor valuation split: 100%/0% -- Estimated priority claims: None -- Remaining recovery value: $666 million -- Estimated first-lien claim: $1.329 billion -- Value available for first-lien claim: $666 million -- Recovery expectations: 50%-70%, rounded estimate: 50% Note: All debt amounts include six months of prepetition interest. MEXCOL GROUP: Kimberly Ross Clayson Named Subchapter V Trustee -------------------------------------------------------------- The U.S. Trustee for Regions 3 and 9 appointed Kimberly Ross Clayson, Esq., as Subchapter V trustee for Mexcol Group, LLC. Ms. Clayson, an attorney at Taft Stettinius & Hollister, LLP, will be paid an hourly fee of $425 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Clayson declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Kimberly Ross Clayson, Esq. Taft Stettinius & Hollister, LLP 27777 Franklin Rd., Ste. 2500 Southfield, MI 48034 Phone: (248) 727.1635 Email: kclayson@taftlaw.com About Mexcol Group LLC Mexcol Group LLC, doing business as Casa Real, operates a restaurant and bar at 21 S. Washington Street in Oxford, Michigan, specializing in Mexican food such as tacos, burritos, chimichangas, and fajitas. Mexcol Group filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. E.D. Mich. Case No. 25-52229) on December 2, 2025, listing between $1 million and $10 million in assets and liabilities. Judge Mark A. Randon oversees the case. George E. Jacobs, Esq., at Bankruptcy Law Offices represents the Debtor as counsel. MINISTERIOUS UNA VOZ: Case Summary & Nine Unsecured Creditors ------------------------------------------------------------- Debtor: Ministerios Una Voz Profetica En Las Naciones Inc. 8331 Atlantic Ave. Bell CA 90201 Business Description: Ministerios Una Voz Profetica En Las Naciones Inc. is a nonprofit religious corporation that provides faith-based services and religious education programs Chapter 11 Petition Date: December 1, 2025 Court: United States Bankruptcy Court Central District of California Case No.: 25-20769 Judge: Hon. Barry Russell Debtor's Counsel: Sheila Esmaili, Esq. LAW OFFICES OF SHEILA ESMAILI 10940 Wilshire Blvd. Suite 1600 Los Angeles, CA 90024 Tel: 310-734-8209 E-mail: selaw@bankruptcyhelpla.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Maria Amado as CEO. A full-text copy of the petition, which includes a list of the Debtor's nine unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/UVY4ZXI/Ministerios_Una_Voz_Profetica__cacbke-25-20769__0001.0.pdf?mcid=tGE4TAMA MY GEORGIA: Tamara Miles Ogier Named Subchapter V Trustee --------------------------------------------------------- The Acting U.S. Trustee for Region 21 appointed Tamara Miles Ogier, Esq., at Ogier, Rothschild & Rosenfeld, PC as Subchapter V trustee for My Georgia Plumber, Inc. Ms. Ogier will be paid an hourly fee of $450 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Ogier declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Tamara Miles Ogier, Esq. Ogier, Rothschild & Rosenfeld, PC P.O. Box 1547 Decatur, GA 30031 Phone: (404) 525-4000 About My Georgia Plumber Inc. My Georgia Plumber, Inc., formerly known as Michaels Plumbing Service, Inc., provides residential and commercial plumbing services across the North Metro Atlanta area from its base in Canton, Georgia, offering work such as waterline and sewer repairs, drain cleaning, water-heater services, gas-line work, and general plumbing installation. My Georgia Plumber filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-64002) on December 1, 2025, with $500,000 to $1 million in assets and $1 million to $10 million in liabilities. Katrina Rief-Derrico, chief executive officer, signed the petition. Cameron M. McCord, Esq., at Jones & Walden, LLC represents the Debtor as legal counsel. NEWFOLD DIGITAL: S&P Downgrades ICR to 'D' on Debt Restructuring ---------------------------------------------------------------- S&P Global Ratings lowered its issuer credit rating on Newfold Digital Holdings Group Inc. to 'D' (default) from 'CCC'. S&P also lowered its issue-level ratings on the existing first-lien debt and secured notes to 'D' from 'CCC' and on the unsecured notes to 'D' from 'CC'. Newfold announced a private debt exchange with a large majority of its first-lien term loan, secured notes, and unsecured notes holders at a discount. The company also obtained a new $102 million first-out term loan and extended its revolver to bolster its liquidity. Newfold also opened the transaction to lenders that did not participate in the initial exchange. S&P said, "We view this transaction as distressed, tantamount to default, because lenders received less than the original promise of the securities. We believe Newfold would have faced considerable near-term liquidity challenges given its upcoming revolver maturity. "The downgrade follows a debt restructuring that we view as tantamount to default. On Dec. 8, 2025, Newfold completed a private debt exchange of most of its debt for new instruments below par." Revolving credit facility lenders rolled outstanding borrowings into a new facility due in January 2029. First-lien term loan lenders exchanged at a discount into a combination of new first-out term loans and second-out term loans due in April 2029. Secured noteholders exchanged at a discount into a combination of new first-out and second-out exchange notes. Unsecured noteholders also exchanged at a discount into the new second-out exchange notes (albeit at a higher coupon than the existing unsecured notes). Certain lenders contributed a $102 million first-out new-money term loan. All first-out debt is pari passu and matures in 2029. In aggregate, more than 90% of lenders participated in the initial transaction. The company also launched a subsequent transaction offering remaining minority lenders a chance to participate at a steeper discount to par. S&P said, "We view the transaction as tantamount to default because lenders received less than originally promised under the securities. The transaction is distressed rather than opportunistic, in our view, because we do not believe Newfold would have had sufficient cash on hand to repay revolver borrowings coming due in February 2026. Recent performance has been impaired by increased competition, higher customer acquisition costs, and underperforming growth initiatives, resulting in slower bookings, revenue declines, and margin compression. "We will reevaluate our ratings to reflect the new capital structure and liquidity position. The review will also incorporate Newfold's recent performance and our forward-looking opinion of its creditworthiness. The company's near-term liquidity position is much better because of the maturity extensions and the additional cash on the balance sheet. If 100% of lenders participate in the transaction, total debt will decrease by about 7%. However, leverage is still high, interest expense and free operating cash flow are relatively unchanged, and revenue is declining." NIKOLA CORP: CEO Seeks to Halt Asset Sale, Promises Higher Offer ---------------------------------------------------------------- Rick Archer of Law360 reports that an affiliate of Nikola's former CEO has asked a Delaware bankruptcy judge to unwind an August asset sale, arguing the transaction was fundamentally unfair and failed to secure proper value for the estate. The entity claims the sale process disadvantaged competing bidders and left significant money on the table. The former CEO–affiliated bidder told the court it is now prepared to submit an offer more than double the price previously approved. It argued that reversing the sale is necessary to protect creditors and ensure a truly competitive bidding process that reflects the assets’ actual worth. About Nikola Corp. Nikola Corporation and affiliates specialize in the design and manufacture of zero-emissions commercial vehicles, including battery-electric and hydrogen fuel cell trucks. The companies operate in two business units: Truck and Energy. The Truck business unit is commercializing heavy-duty commercial hydrogen-electric (FCEV) and battery-electric (BEV) Class 8 trucks that provide environmentally friendly, cost-effective solutions to the short, medium and long-haul trucking sectors. The Energy business unit is developing hydrogen fueling infrastructure to support FCEV trucks covering supply, distribution and dispensing. Founded in 2015, Nikola is headquartered in Phoenix, Ariz. Nikola and nine of its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del., Lead Case No. 25-10258) on February 19, 2025. In the petitions, the Debtors reported total assets as of Jan. 31, 2025 of $878,094,000 and total debts as of Jan. 31, 2025 of $468,961,000. Bankruptcy Judge Thomas M. Horan handles the cases. Potter Anderson & Corroon LLP serves as general bankruptcy counsel to the Debtors, and Pillsbury Winthrop Shaw Pittman LLP serves as bankruptcy co-counsel. Houlihan Lokey Capital, Inc. acts as investment banker to the Debtors; M3 Advisory Partners LP acts as financial advisor to the Debtors; while EPIQ Corporate Restructuring LLC is the Debtors' claims and noticing agent. The U.S. Trustee for Region 3 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. The committee tapped Morrison & Foerster LLP and Morris James, LLP as legal counsels; Ducera Securities, LLC as investment banker; and FTI Consulting, Inc. as financial advisor. OROVILLE HOSPITAL: Case Summary & 30 Largest Unsecured Creditors ---------------------------------------------------------------- Lead Debtor: Oroville Hospital 2767 Olive Highway Oroville, CA 95966 Business Description: Oroville Hospital, a California nonprofit public benefit corporation, along with OroHealth Corporation and affiliated entities, operates a nonprofit health care system serving Butte County, California, and surrounding areas, offering approximately 133 general acute care beds, an active emergency room, 14 flex beds, and 126 skilled nursing facility beds. The system provides 33 specialty services across 31 clinics (including 10 rural health clinics) in Oroville, Yuba City, and Chico, and delivers laboratory services through Valley Clinical Laboratory with 23 outpatient draw stations in multiple Northern California locations. Chapter 11 Petition Date: December 8, 2025 Court: United States Bankruptcy Court Eastern District of California Two affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- Oroville Hospital (Lead Case) 25-26876 Orohealth Corporation: A Nonprofit Healthcare System 25-26877 Judge: Hon. Christopher M Klein Debtors' General Bankruptcy Counsel: Nicholas A. Koffroth, Esq. FOX ROTHSCHILD LLP 10250 Constellation Blvd. Suite 900 Los Angeles, CA 90067 Tel: (424) 285-7070 Email: nkoffroth@foxrothschild.com Debtors' Special Healthcare Regulatory & Transactional Counsel: HOOPER LUNDY & BOOOKMAN LLP Debtors' Conflicts Counsel: GREENBERG GLUSKER, LLP Debtors' Investment Banker: CAIN BROTHERS A Division of KeyBanc Capital Markets Debtors' Claims & Noticing Agent: EPIQ SYSTEMS, INC. Debtors' Financial Advisor: FTI CONSULTING, INC. Oroville Hospital's Estimated Assets: $500 million to $1 billion Oroville Hospital's Estimated Liabilities: $100 million to $500 million Orohealth Corporation's Estimated Assets: $10 million to $50 million Orohealth Corporation's Estimated Liabilities: $1 million to $10 million The petitions were signed by Robert J. Wentz as president and chief executive officer. Full-text copies of the petitions are available for free on PacerMonitor at: https://www.pacermonitor.com/view/K6SRPQQ/OROVILLE_HOSPITAL__caebke-25-26876__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/LWPBIGQ/OROHEALTH_CORPORATION_A_NONPROFIT__caebke-25-26877__0001.0.pdf?mcid=tGE4TAMA Consolidated List of Debtors' 30 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount 1. California Department Of Settlement $26,267,285 Health Care Services 1501 Capitol Ave Ste 71.2048 Sacramento, CA 95814-5005 Contact: Christine Oguro Email: christine.oguro@dhcs.ca.gov 2. Modern-Sundt Lawsuit $16,889,445 C/O Gibbs Giden 12100 Wilshire Blvd Los Angeles, CA 90025 Contact: Sara Kornblatt, Esq. Phone: 310-552-3400 Email: skomblatt@gibbsgiden.com 3. Change Healthcare Litigation $15,477,600 1999 Avenue Of The Stars, Suite 1400 Los Angeles, Ca 90067 Contact: Vassi Iliadis, David Willner, Oren Kreps Email: vassi.iliadis@hoganlovells.com; david.willner@hoganlovells.com; oren.kreps@hoganlovells.com 4. U.S. Department Of Justice Settlement $9,515,327 Civil Division, Fraud Section 175 N Street NE Washington, DC 200004 Contact: Edward C. Crooke Email: jennifer.gregory@doj.ca.gov 5. Cardinal Health Trade Debt $2,422,039 P.O. Box 742946 Los Angeles, CA 90074-2946 Contact: Tyronza Walton Phone: 800-678-7889 Email: tyronza.walton@cardinalhealth.com 6. Phoenix Settlement Admin. Settlement $1,250,000 1411 N. Batavia St., Suite 105 Orange, CA 92867 Contact: Yami Burns Email: yami@phoenixclassaction.com 7. Medline Industries Trade Debt $1,037,209 Dept. LA 21558 Pasadena, CA 91185-1558 Ontact: Michelle Curtin Phone: 847-643-4712 Email: mcurtin@medline.com 8. OHPAC Partners, LLC Trade Debt $1,024,373 10100 Santa Monica Blvd Los Angeles, CA 90067 Contact: Richard Pachulski Phone: 310-277-6910 Email: rpachulski@pszjlaw.com 9. Beta Healthcare Group Trade Debt $990,678 Po Box 500030 San Diego, CA 92150-0030 Contact: Ray Bastin Phone: 916-266-6100 Email: ray.bastin@betahg.com 10. Oroville Medical Complex, LLC Trade Debt $874,269 10100 Santa Monica Blvd Los Angeles, CA 90067 Contact: Richard Pachulski Phone: 310-277-6910 Email: rpachulski@pszjlaw.com 11. Zimmer, Inc. Trade Debt $548,305 14235 Collections Center Dr Chicago, IL 60693 Contact: Daniel Caraballo Phone: 800-613-6131 Email: daniel.caraballo@zimmerbiomet.com 12. Pacific Parks Landscaping, Inc Lawsuit $518,275 Law Offices Of Abdulazaz, Grosspart & Dudman 6454 Coldwater Canyon Ave. North Hollywood, CA 91606 Contact: Ken Grossbart Phone: 310-734-3391 13. Vitel Net Trade Debt $403,406 1640 Boro Place 4th Floor, Suite 505 Mclean, VA 22102 Contact: Michael Kollar Phone: 703-762-9992 Email: info@vitelnet.com 14. Boston Scientific Corporation Trade Debt $351,335 Po Box 951653 Dallas, TX 75395-1653 Contact: Ketnouvong, Bountiap Phone: 800-525-8576 Email: bountiap.ketnouvong@bsci.com 15. Vitalant Trade Debt $346,526 P.O. Box 29650 Phoenix, AZ 85038-9650 Contact: Misty Johnson Phone: 602-414-3540 Email: ar@vitalant.org 16. Cannon Design Trade Debt $324,480 222 Broadway, Suite 1503 Oakland, CA 94507 Contact: Samuel J. Muir, Esq. Phone: 310-229-2770 Email: sam@muir.law 17. Change Healthcare Trade Debt $314,878 P.O. Box 98347 Chicago, Il 60693-8347 Contact: Luanne Anderson Phone: 866-455-9430 Email: luanne.anderson@optum.com 18. Stryker Sales LLC Trade Debt $308,734 21343 Network Place Chicago, IL 60673-1213 Contact: Noel Pereira Phone: 800-253-3210 Email: noel.pereira@stryker.com 19. Medical Solutions Trade Debt $298,591 P.O. Box 850737 Minneapolis, MN 55485-0737 Contact: Darrel Reichenberg Phone: 866-633-3548 Email: darrel.reichenberg@medicalsolutions.com 20. Omnicell, Inc. Trade Debt $284,817 P.O. Box 204650 Dallas, TX 75320-4650 Contact: Dorthea Carmon Phone: 650-331-8185 Email: accounts.receivable@omnicell.com 21. Curative Talent, LLC Trade Debt $277,780 Po Box 122549 Dallas, TX 75312-2549 Contact: Blake Bear Email: bbear@doximity.com 22. Landmark Healthcare Facilities Trade Debt $261,838 839 N. Jefferson St Milwaukee, WI 53202 Contact: Michael D. Cleary Email: mcleary@landmarkleadership.com 23. California Healthcare Ins, Inc Trade Debt $234,784 9229 Sierra College Blvd Roseville, CA 95661-5919 Contact: President And COO Phone: 916-773-3992 Email: mhiggins@optimahealthcare.com 24. CHG Medical Staffing, Inc. Trade Debt $228,252 P.O. Box 972670 Dallas, TX 75397-2670 Contact: Evonne Orwin Phone: 800-328-3021 Email: evonne.orwin@chghealthcare.com 25. Intuitive Surgical Trade Debt $224,331 Po Box 883629 Los Angeles, CA 90088-3629 Phone: 408-523-2100 Email: customerservice@intusurg.com 26. Pacific Gas & Electric Trade Debt $221,868 P.O. Box 997300 Sacramento, CA 95899-7300 Phone: 800-743-5000 Email: customerservice@pge.com 27. Steris Corporation Trade Debt $202,241 P.O. Box 644063 Pittsburgh, PA 15264-4063 Contact: Alex Sylvan Phone: 440-354-2600 Email: alex_sylvan@steris.com 28. Clinicomp International, Inc. Trade Debt $199,835 9655 Towne Centre Dr San Diego, CA 92121 Contact: Sean Gallagher Phone: 858-546-8202 Email: sean.gallagher@clinicomp.com 29. ALE USA, Inc. Trade Debt $198,687 P.O. Box 660367 Dallas, TX 75266-0367 Contact: Carmen Azevedo Phone: 972-519-4305 Eenterprise orderdesk@al-enterprise.com 30. Weatherby Locums, Inc. Trade Debt $190,078 P.O. Box 972633 Dallas, TX 75397-2633 Contact: Evonne Orwin Email: evonne.orwin@chghealthcare.com OROVILLE HOSPITAL: Seeks Ch. 11 Bankruptcy, Sell Facilities ----------------------------------------------------------- Vince Sullivan of Law360 reports that Oroville Hospital and its parent company filed for Chapter 11 protection on Monday, reporting more than $100 million in debt. The California healthcare provider said the bankruptcy filing is necessary to stabilize operations and preserve value for creditors while it navigates financial distress. According to the filing, the hospital intends to use the Chapter 11 process to pursue a value-maximizing sale of its facilities. Leadership emphasized that the restructuring will allow the hospital to continue serving patients without disruption as it seeks a buyer capable of supporting long-term sustainability. About Oroville Hospital Oroville Hospital is a full-service community healthcare provider located in Oroville, California. The hospital offers a broad range of medical services, including emergency care, inpatient and outpatient treatment, surgical procedures, diagnostic imaging, and specialty care programs. Committed to patient-centered care, Oroville Hospital focuses on quality outcomes, compassionate service, and maintaining strong community health partnerships. Oroville Hospital sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Cal. Case No. 25-26876) on December 8, 2025. In its petition, the Debtor reports estimated assets between $500 million and $1 billion and estimated liabilities between $100 million and $500 million. Honorable Bankruptcy Judge Christopher M. Klein oversees the case. The Debtor is represented by Nicholas A. Koffroth, Esq. PAINT INTERMEDIATE: Moody's Alters Outlook on 'B2' CFR to Stable ---------------------------------------------------------------- Moody's Ratings affirmed Paint Intermediate III, LLC's (dba Wesco) B2 corporate family rating, B2-PD probability of default rating and B2 backed senior secured bank credit facility, inclusive of the new proposed $775 million fungible add-on term loan which will be used to partially fund the acquisition of National Coatings & Supplies (NCS). The outlook was changed to stable from negative. The change in outlook to stable reflects Moody's expectations that Wesco will benefit from increased size and scale with the NCS acquisition which is expected to close in the first half of 2026. The transaction will double the size of the company's revenue and expand its product offerings and customer base. While the acquisition is being partially funded with debt, Moody's expects Wesco to meaningfully reduce leverage within 12 to 18 months after the closing and forecast debt-to-EBITDA to be under 6.0x at that time. RATINGS RATIONALE Wesco's B2 CFR reflects its leading position as an independent paint coatings and associated products distributor to the fragmented automotive collision repair market. Wesco's scale will increase considerably with the acquisition of NCS. Wesco will expand its geographic presence with locations in 43 states and five provinces in Canada. The rating is also supported by Wesco's modest positive free cash flow but constrained by high financial leverage. Moody's expects debt-to-EBITDA to decline as the company implements measures to expand its EBITDA margin. Moody's forecasts revenue growth in the low mid-single digits, improved margins and mandatory debt amortization payments. Moody's do not forecast optional debt repayments as the company will likely continue to make tuck-in acquisitions with available cash. Wesco has demonstrated its ability to integrate large acquisitions as well as tuck-in acquisitions to grow the business. The company serves the automotive aftermarket which continues to face headwinds due to lower collision repairs despite the growing number of vehicles in operation, as well as rising vehicle miles driven. Lower used vehicle values, rising total collision rates and some consumer's preference to avoid automotive insurance claims contribute to the aftermarket weakness. Moody's expects Wesco's liquidity to be adequate and supported by a solid cash position and its unrated $150 million ABL facility, which is expected to be upsized to $200 million and remain undrawn over the near term. Moody's also expects modest positive free cash flow. The ABL has a springing minimum fixed charge coverage ratio of 1.0x if availability falls below a specific threshold. Moody's do not expect the covenant to be tested. The proposed and existing term loans do not have any financial maintenance covenants. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if Wesco generates free cash flow on a consistent basis and debt to EBITDA approaches 4.5x. An upgrade could also occur if retained cash flow to debt exceeds 10% and EBITA-to-interest exceeds 2.0x. Maintenance of good liquidity would also be a precursor to a ratings upgrade. The ratings could be downgraded if operating performance deteriorates due to a loss of customers or increased operating expenses as a percentage of net revenues. Specifically, the ratings could be downgraded if debt to EBITDA is expected to be above 6.0x or EBITA-to-interest is below 1.5x. Negative free cash flow on a sustained basis could also result in a rating downgrade. The principal methodology used in these ratings was Distribution and Supply Chain Services published in November 2025. Wesco's B2 CFR is two notches above the Caa1 scorecard indicated outcome based on the trailing twelve months ended September 30, 2025. However, on a forward-looking basis, the scorecard indicated outcome is B3, reflecting the increased scale following the NCS acquisition and Moody's expectations of improving metrics Paint Intermediate III, LLC (dba Wesco), headquartered in Lynnwood, WA, is a leading distributor of paint, coatings, and related products to the automotive aftermarket refinishing market. Products are distributed from over 220 locations including 20 distribution centers throughout the US and in certain regions in Canada. Paint Intermediate III, LLC is majority owned by private equity firm, BDT & MSD Partners. PINE GATE: Secures $1.6-Bil. Bankruptcy Loan Amid Creditor Deals ---------------------------------------------------------------- Ben Zigterman of Law360 Bankruptcy Authority reports that a Texas bankruptcy judge said Tuesday, December 9, 2025, he will grant final approval to more than $1.6 billion in Chapter 11 financing for solar developer Pine Gate Renewables. The decision follows a series of settlements the debtor reached with major creditor groups, clearing the last significant hurdles to confirmation of its restructuring support arrangements. The judge noted that the agreements helped streamline the case and provided clarity on the company's short-term liquidity needs as it works to stabilize operations. With the financing approved, Pine Gate can move forward with its reorganization efforts while continuing development across its renewable energy portfolio. About Pine Gate Renewables, LLC Pine Gate Renewables, LLC develops, finances, constructs, and operates renewable energy projects across the United States. Founded in 2016, the Company manages an operational portfolio of more than two gigawatts of solar and storage assets and maintains a development pipeline exceeding 30 gigawatts. It has arranged and secured roughly $10 billion in project financing and capital investment and, through its wholly owned subsidiary ACT Power Services, provides operations and maintenance support for over seven gigawatts of third-party solar and storage facilities. Pine Gate Renewables sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-90669) on November 6, 2025. In the petition signed by Ray Shem as president and chief financial officer, the Debtor disclosed 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. One hundred nineteen affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- Pine Gate Renewables, LLC (Lead Case) 25-90669 BF Dev Holdco Pledgor, LLC 25-90691 BF Dev Holdco, LLC 25-90694 Blue Northern Power, LLC 25-90697 Blue Ridge Power Holding Company, LLC 25-90703 Blue Ridge Power, LLC 25-90707 Blue Ridge Solar, LLC 25-90713 BRP Construction, Inc. 25-00008 BRP HBC Guarantor, LLC 25-00009 BRP HBC Holdco, LLC 25-00010 Cascade Dev Holdco, LLC 25-00011 Cascade NTP Holdco, LLC 25-00012 Cascade Pledgor, LLC 25-00013 Catalina Solar Borrower, LLC 25-00014 Catalina Solar Holdings, LLC 25-00015 FP 2021 Dev Holdco, LLC 25-00016 GA Solar 5, LLC 25-00017 GH Pledge Borrower, LLC 25-00018 Grande Holdco Borrower II, LLC 25-00019 Grande Holdco Borrower, LLC 25-00020 Grande Holdco, LLC 25-00021 Limewood Bell Renewables LLC 25-00022 Lotus Solar, LLC 25-00023 Magnolia Solar Development LLC 25-00024 NPA 2023 Holdco, LLC 25-90671 NPA PGR Blocker Holdco, LLC 25-90673 NPA Polaris DevCo Holdco, LLC 25-90675 NPA Polaris DevCo Pledgor, LLC 25-90678 NPA Polaris OpCo Holdco, LLC 25-90682 Old Hayneville Solar, LLC 25-00030 PG Dev Carver Holdco, LLC 25-90686 PGC Solar Holdings Holdco I, LLC 25-90698 PGC Solar Holdings Holdco II, LLC 25-90702 PGC Solar Holdings I Managing Member, LLC 25-90705 PGC Solar Holdings I, LLC 25-90708 PGR 2020 Lessor 7, LLC 25-90711 PGR 2021 Fund 13, LLC 25-00037 PGR 2021 Fund 17, LLC 25-00038 PGR 2021 Fund 18, LLC 25-00039 PGR 2021 Fund 4, LLC 25-00040 PGR 2021 Fund 9, LLC 25-00041 PGR 2021 Holdco 11, LLC 25-00042 PGR 2021 Holdco 12, LLC 25-00043 PGR 2021 Holdco 13, LLC 25-00044 PGR 2021 Holdco 15, LLC 25-00045 PGR 2021 Holdco 17, LLC 25-90670 PGR 2021 Holdco 18, LLC 25-90674 PGR 2021 Holdco 19, LLC 25-90676 PGR 2021 Holdco 4, LLC 25-00049 PGR 2021 Holdco 9, LLC 25-00050 PGR 2021 Manager 13, LLC 25-00051 PGR 2021 Manager 17, LLC 25-90685 PGR 2021 Manager 18, LLC 25-90687 PGR 2021 Manager 4, LLC 25-90679 PGR 2021 Manager 9, LLC 25-90680 PGR 2022 Fund 1, LLC 25-90689 PGR 2022 Fund 2, LLC 25-90690 PGR 2022 Fund 4, LLC 25-90693 PGR 2022 Fund 5, LLC 25-90695 PGR 2022 Fund 8, LLC 25-90696 PGR 2022 Fund 9, LLC 25-90699 PGR 2022 Holdco 1, LLC 25-90700 PGR 2022 Holdco 2, LLC 25-90704 PGR 2022 Holdco 8, LLC 25-90706 PGR 2022 Holdco 9, LLC 25-90709 PGR 2022 Manager 1, LLC 25-90712 PGR 2022 Manager 2, LLC 25-00067 PGR 2022 Manager 4, LLC 25-00068 PGR 2022 Manager 5, LLC 25-00069 PGR 2022 Manager 8, LLC 25-00070 PGR 2022 Manager 9, LLC 25-90672 PGR 2022 Sponsor Holdco, LLC 25-90677 PGR 2023 Fund 1, LLC 25-90681 PGR 2023 Fund 6, LLC 25-90688 PGR 2023 Holdco 1, LLC 25-90692 PGR 2023 Lessee 6, LLC 25-90701 PGR 2023 Manager 1, LLC 25-90710 PGR 2023 Manager 6, LLC 25-00078 PGR 2024 Sponsor Holdco, LLC 25-00079 PGR Blocker Holdco, LLC 25-00080 PGR Blue Ridge Power Holdings, LLC 25-00081 PGR Carver Holdco, LLC 25-00082 PGR CC Affiliate Purchaser LLC 25-00083 PGR Guarantor, LLC 25-00084 PGR Holdco GP, LLC 25-00085 PGR Holdco, LP 25-00086 PGR MS Affiliate Purchaser LLC 25-00087 PGR Procurement, LLC 25-00088 PGR Signature Fund 1 Manager, LLC 25-00089 Pine Gate Asset Management, LLC 25-00090 Pine Gate Assets, LLC 25-00091 Pine Gate Carver Holdings, LLC 25-00092 Pine Gate Dev Holdco, LLC 25-00093 Pine Gate Development, LLC 25-00094 Pine Gate Energy Capital, LLC 25-00095 Pine Gate EPC, LLC 25-00096 Pine Gate Fund Management, LLC 25-00097 Pine Gate O&M, LLC 25-00098 Polaris DevCo Borrower A, LLC 25-00099 Polaris DevCo Borrower B, LLC 25-00100 Polaris DevCo Pledgor A, LLC 25-00101 Polaris DevCo Pledgor B, LLC 25-00102 Polaris OpCo Borrower B, LLC 25-00103 Polaris OpCo Pledgor A, LLC 25-00104 Polaris OpCo Pledgor B, LLC 25-00105 PW Blocker Holdco, LLC 25-00106 PW Revolver Borrower, LLC 25-00107 Rio Lago Solar, LLC 25-90668 Solar Carver 1, LLC 25-00109 Solar Carver 3, LLC 25-00110 Stowe Solar, LLC 25-00111 Sunstone Solar 1, LLC 25-00112 Sunstone Solar 2, LLC 25-00113 Sunstone Solar 3, LLC 25-00114 Sunstone Solar 4, LLC 25-00115 Sunstone Solar 5, LLC 25-00116 Sunstone Solar 6, LLC 25-00117 Sunstone Solar, LLC 25-00118 West River Solar, LLC 25-00119 The Judge is Hon. Christopher M. Lopez. The Debtors' Bankruptcy Co-Counsel is Timothy A. Davidson II, Esq., at Hunton Andrews Kurth LLP, in Houston, Texas, and LATHAM & WATKINS LLP. The Debtors' Financial Advisor is ALVAREZ & MARSAL NORTH AMERICA, LLC. The Debtors' Investment Banker is LAZARD FRERES & CO. LLC. The Debtors' Claims, Noticing & Solicitation Agent is OMNI AGENT SOLUTIONS, INC. PIONEER AEROSPACE: Safran, et al. Lose Bid to Stay Fund Lawsuit --------------------------------------------------------------- In the case captioned as THE NATIONAL RETIREMENT FUND and THE BOARD OF TRUSTEES OF THE NATIONAL RETIREMENT FUND, Plaintiffs, -v.- SAFRAN SA; SAFRAN USA, INC.; FAN BLADE ASSOCIATES, INC.; SAFRAN AEROSPACE COMPOSITES, LLC; SNECMA PARTICIPATIONS, INC.; SAFRAN POWER UNITS SAN DIEGO, LLC; SAFRAN POWER UNITS USA, LLC; SAFRAN HELICOPTER ENGINES USA, INC.; SAFRAN LANDING SYSTEMS KENTUCKY, LLC; SAFRAN LANDING SYSTEMS WHEEL & BRAKE SERVICES, LLC; SAFRAN LANDING SYSTEMS SERVICES MIAMI, INC.; LABINAL INVESTMENTS, LLC; SAFRAN ELECTRICAL & POWER USA, LLC; SAFRAN POWER USA, LLC; SAFRAN ELECTRICAL COMPONENTS USA, INC.; OPTICS 1, INC.; SAFRAN ELECTRONICS & DEFENSE, AVIONICS USA, LLC; SAGEM USA, INC.; SAFRAN DATA SYSTEMS INC.; IDD AEROSPACE CORP.; SAFRAN TRUSTED 4D, INC.; TALEN-X, INC.; OROLIA GOVERNMENT SYSTEMS, INC.; AVOX SYSTEMS INC.; AIR CRUISERS COMPANY, LLC; ENGINEERED ARRESTING SYSTEMS CORPORATION; SAFRAN AEROSYSTEMS SERVICES AMERICAS, LLC; SAFRAN CABIN STERLING, INC.; SAFRAN CABIN GALLEYS US, INC.; SAFRAN CABIN MATERIALS, LLC; SAFRAN CABIN INC.; SAFRAN CABIN BELLINGHAM, INC.; SAFRAN SEATS USA, LLC; SAFRAN VENTILATION SYSTEMS USA, LLC; NORTHWEST AEROSPACE TECHNOLOGIES, INC.; GREENPOINT TECHNOLOGIES, INC.; SAFRAN PASSENGER INNOVATIONS, LLC; MAG AEROSPACE INDUSTRIES, LLC; and JOHN DOES 1-10, Defendants, Case No. 24-cv-09902-KPF (S.D.N.Y.), Judge Katherine Polk Failla of the United States District Court for the Southern District of New York denied the defendants' motion for a stay of the instant litigation in favor of the arbitration. Plaintiffs are the National Retirement Fund and its Board of Trustees; through the Board of Trustees, the Fund sponsors and administers a multiemployer pension plan (the "Legacy Plan") subject to the Employee Retirement Income Security Act of 1974. Non-party Pioneer Aerospace Corporation participated for several years in the Legacy Plan pursuant to a collective bargaining agreement. As of February 2018, Pioneer was a wholly-owned subsidiary of Safran USA. According to Plaintiffs, Pioneer requested, and the Fund provided, a withdrawal liability estimate for the then-existing plan year in July 2020 and again in June 2021. Thereafter, in March 2022, Safran USA entered into a Stock Purchase Agreement with Aviation Safety Resources, Inc., whereby ASR purchased the stock of Pioneer (the "Sale"). However, in November 2023, Pioneer filed for Chapter 11 bankruptcy protection, and in that same month the company withdrew from the Fund. Plaintiffs allege that Safran USA sold Pioneer in the Sale with a principal purpose to evade or avoid withdrawal liability. Safran USA did not pay the first withdrawal liability installment payment for Pioneer that was due on August 1, 2024, nor the second installment due on November 1, 2024. Based on Safran's failures to pay, as well as Defendants' failure to respond to certain requests for information from the Fund that bore on the issue of whether Defendants would be unable to pay the withdrawal liability, Plaintiffs contended that Defendants had defaulted under the relevant plan documents, and that the Fund was entitled to accelerate and demand full and immediate payment of the outstanding withdrawal liability, as well as interest, liquidated damages, attorneys' fees, and costs. Plaintiffs filed the complaint in this matter on December 23, 2024. On March 13, 2025, the parties submitted a joint letter and proposed case management plan. Among other information conveyed in the joint letter, Defendants demanded arbitration and offered their view that the instant litigation should be stayed during the pendency of arbitration. The Court adopted the parties' proposed case management plan. Defendants timely commenced an arbitration and claim that they are (and will continue to be) current on making quarterly withdrawal payments to the Fund. Defendants seek a stay of this litigation on the basis that this Court cannot resolve the amount of damages they owe to Plaintiffs because only an arbitrator can resolve the antecedent issue of Defendants' liability. In Plaintiffs' estimation, by contrast, granting a stay would flip "pay now, dispute later" on its head by allowing Defendants to avoid paying the defaulted withdrawal liability amount and mandatory statutory damages until the Arbitration is over. The Court has identified both legal and factual bases for the relief that Plaintiffs seek in their Complaint. Such relief is permitted under ERISA without contravening that statute's directive that disputes regarding withdrawal liability be resolved in arbitration. Though Plaintiffs have not yet moved the Court to require Defendants to make this payment on an interim basis, the Court understands that such a motion is forthcoming. Therefore, the Court will not issue a stay, which would only have the effect of upending ERISA's "pay now, dispute later" framework. A copy of the Court's Order dated December 1, 2025 is available at https://urlcurt.com/u?l=C67uY5 from PacerMonitor.com. Pioneer Aerospace Corporation is based in Bloomfield, Connecticut. Pioneer Aerospace Corporation sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 23-04643) on November 1, 2023. In its petition, the Debtor reports estimated assets between $500,000 and $1 million and estimated liabilities between $1 million and $10 million. The Debtor is represented by Daniel R. Fogarty, Esq., at STICHTER, RIEDEL, BLAIN & POSTLER, P.A. PORT ELIZABETH: U.S. Trustee Appoints Creditors' Committee ---------------------------------------------------------- The U.S. Trustee for Regions 3 and 9 appointed an official committee to represent unsecured creditors in the Chapter 11 cases of Port Elizabeth Terminal & Warehouse Corp. and its affiliates. The committee members are: 1. Seagis East Rutherford, LLC 100 Front St., Suite 1100 Conshohocken, PA 19428 Attn: Steven Pron Tel: 215-740-3573 spron@seagisproperty.com 2. DWS 100 Summer St., Suite 800 Boston, MA 02110 Attn: Dave Crane Tel: 617-538-0716 dave.crane@db.com 3. Ryder Transportation Services 2333 Ponce De Leon Blvd. Coral Gables, FL 33134 Attn: Michael Mandell, Chairperson Tel: 954-439-4477 mandms@ryder.com 4. F. Greek Bristol Properties, LP 1 Kimberly Road, Suite 105 East Brunswick, NJ 08816 Attn: David Weissman Tel: 732-257-7353 david.weissman@greekrep.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 Port Elizabeth Terminal & Warehouse Corp. Port Elizabeth Terminal & Warehouse Corp. and affiliates provide transportation, logistics, and warehousing services in the U.S., including rail boxcar and container handling, multi-modal shipping, specialized material handling, cross-docking, packing, specialized handling of beverages -- including alcoholic products -- and product care and protection. Port Elizabeth and affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. N.J. Lead Case No. 25-22123) on November 14, 2025. In its petition, Port Elizabeth reported between $50 million and $100 million in assets and liabilities. Five affiliated entities simultaneously filed voluntary Chapter 11 petitions under the Bankruptcy Code. Debtor Case No. ------ -------- P. Judge & Sons, Inc. 25-22127 Amex Shipping Agent, Inc. 25-22129 The Judge Organization, LLC 25-22130 P. Judge & Sons Trucking, LLC 25-22131 Judge Warehousing, LLC 25-22132 Honorable Bankruptcy Judge John K. Sherwood handles the cases. The Debtors are represented by Turner Falk, Esq. of Saul Ewing, LLP. POSIGEN PBC: Accused of Using Illicit Funds to Finance Ch. 11 Case ------------------------------------------------------------------ Clara Geoghegan of Law360 Bankruptcy Authority reports that a solar project financing company has accused PosiGen, the bankrupt solar panel leasing firm, of withholding $10.5 million in project revenue that should have been transferred. The company asked a Texas bankruptcy judge to step in, claiming PosiGen is improperly using those funds while continuing to navigate its Chapter 11 case. In its filing, the financing company argued that the missing revenue jeopardizes ongoing solar projects and violates PosiGen's contractual obligations. It is seeking court intervention to ensure the money is properly allocated and to prevent further misuse of project-related funds, the report states. About PosiGen PBC PosiGen PBC is a residential solar energy company. PosiGen PBC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-90787) on November 24, 2025. In its petition, the Debtor reports estimated assets and liabilities between $100 million and $500 million each. Honorable Bankruptcy Judge Alfredo R. Perez handles the case. The Debtor is represented by Charles R. Koster, Esq. of White & Case. POSIGEN PBC: U.S. Trustee Appoints Creditors' Committee ------------------------------------------------------- The U.S. Trustee for Region 7 appointed an official committee to represent unsecured creditors in the Chapter 11 cases of PosiGen PBC and its affiliates. The committee members are: 1. SolarEdge Technologies, Inc. 700 East Tasman Drive Milplitas, CA 95035 Representative: Asaf Akoerivutz legal@solaredge.com 2. Alex Ruperto c/o Stuart J. Miller 100 Church Street, 8th Floor New York, NY 10007 Representative: Alex Ruperto alexruperto5@gmail.com 3. EMT Renewables, LLC dba EMT Solar and Roofing 523 Hollywood Avenue, 3rd Floor Cherry Hill, NJ 08002 Representative: Thomas Cleary tom@emtsolar.com 4. Capgemini America, Inc. 79 Fifth Avenue, 3rd Floor New York, NY 10003 Representative: Frasher Ashworth fraser.ashworth@capgemini.com 5. Consolidated Electrical Distributors Dba Greentech Renewables 7527 Exchange Drive Orlando, FL 32809 Representative: Andrew Smith Andrew.smith@greentechrenewables.com 6. GAF Energy LLC 1 Campus Drive Parsippany, NJ 07054 Representative: Jason Pollack jason.pollack@standardindustries.com 7. Dataplatr Corp. 419 Brassinga Court Palo Alto, CA 94306 Representative: Aku Patel aku.patel@dataplatr.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 PosiGen PBC PosiGen PBC is a residential solar energy company based in Houston, Texas. PosiGen and nine affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Lead Case No. 25-90787) on November 24, 2025. In its petition, PosiGen reported between $100 million and $500 million in assets and liabilities. Honorable Bankruptcy Judge Alfredo R. Perez handles the cases. The Debtors tapped White & Case, LLP as general bankruptcy counsel; FTI Consulting, Inc. as financial advisor; and Kroll Restructuring Administration, LLC as claims and noticing agent. POWER REIT: Henry Posner III Holds 6.2% Stake as of December 3 -------------------------------------------------------------- Henry Posner III disclosed in a Schedule 13D (Amendment No. 1) filed with the U.S. Securities and Exchange Commission that as of December 3, 2025, he beneficially owns 211,000 shares of common stock of Power REIT's Common Stock, par value $0.001 per share, representing 6.2% of the 3,389,661 shares of common stock outstanding as of October 22, 2025. Henry Posner III may be reached through: Henry Posner III 535 Smithfield Street, Suite 960 Pittsburgh, Pa. 15222 Tel: (412) 928-7700 - or - Briar McNutt Epstein Becker & Green, P.C. 875 Third Avenue New York, N.Y. 10022 Tel: (212) 351-4500 A full-text copy of Henry Posner's SEC report is available at: https://tinyurl.com/msryc5jx About Power REIT Old Bethpage, N.Y.-based Power REIT is a Maryland-domiciled, internally-managed real estate investment trust that owns a portfolio of real estate assets related to transportation, energy infrastructure, and Controlled Environment Agriculture in the United States. Houston, Texas-based MaloneBailey, LLP, the Company's auditor since 2015, issued a "going concern" qualification in its report dated March 31, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has suffered recurring losses, reduced revenues, and increase of expenses from operations and has a net capital deficiency that raises substantial doubt about its ability to continue as a going concern. As of June 30, 2025, the Company had $27.88 million in total assets, $21.93 million in total liabilities, and $5.95 million in total equity. PRESBYTERIAN HOMES: Gets Additional $278K DIP Loan From Stock Yards ------------------------------------------------------------------- Presbyterian Homes and Services of Kentucky, Inc. and St. James Group, Inc. got the green light from the U.S. Bankruptcy Court for the Western District of Kentucky, Louisville Division, to borrow an additional $278,000 from Stock Yards Bank & Trust Company, raising their total available debtor-in-possession financing from $959,623 to $1,237,623. The added financing will be enabled by (i) extending the DIP loan maturity to February 1, 2026; (ii) allowing the Debtors to use $40,716 from the Cedar Creek sale that otherwise would have gone to the lender; and (iii) increasing the DIP loan's principal availability by $237,284, raising the total maximum credit to $1,177,623. Stock Yards' claim will remain secured by a priming, first-priority lien on all Debtors' assets, including unearned insurance premiums and their equity in Westminster Terrace Apartments GP, LLC, and will continue to hold the same superpriority status as its adequate protection claim. As part of the financing arrangement, the Debtors agreed to retain Oxford Restructuring Advisors, LLC as chief restructuring officer. The CRO would have full authority to take actions necessary to wind down the Debtors' operations and liquidate remaining assets. The projected use of proceeds from the additional DIP financing, outlined in the Debtors' budget, includes payment of administrative expenses, employee obligations, and costs necessary to complete the orderly closure of the Debtors' operations. The Debtors emphasized that no other lenders were available to provide the needed funding, making the extension critical to avoiding defaults, protecting ongoing asset sales, and preserving value for creditors. The court order is available at https://is.gd/wNCu1k from PacerMonitor.com. The Debtors, nonprofit organizations organized under Kentucky law, operate senior living and low-income housing facilities, including the Rose Anna Hughes Home (opened in 1947) and the Cedar Creek Assisted Living Community in Pikeville, Kentucky. St. James owns the real estate on which PHSK operates. The Debtors filed voluntary petitions under Chapter 11 on December 15, 2024, and have been operating as debtors in possession pursuant to 11 U.S.C. sections 1107 and 1108. The Debtors are actively liquidating their assets to wind down operations by the end of 2025. They have sold bed licenses, the Cedar Creek facility, and portions of Louisville real property, but still hold significant assets, including PHSK's general partnership interest in Westminster Terrace Apartments, LLLP, and the vacant building formerly operating as the Rose Anna Hughes Home. To fund operations during this wind-down period, the Debtors previously obtained post-petition financing from Stock Yards, with an original borrowing limit of $959,623 under a DIP loan, as approved in a prior order dated May 6. As of November 30, $553,513 of the DIP loan remained outstanding, and $60,000 of borrowing capacity was available. About Presbyterian Homes and Services of Kentucky, Inc. Presbyterian Homes and Services of Kentucky, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Ky. Case No. 24-33060) on December 15, 2024, listing up to $10 million in both assets and liabilities. Hattie H. Wagner, president and chief executive officer of Presbyterian, signed the petition. Judge Alan C. Stout oversees the case. Charity S. Bird, Esq., at Kaplan Johnson Abate & Bird, LLP, represents the Debtor as legal counsel. Stock Yards Bank & Trust Company, as secured creditor, is represented by Edward M. King, Esq., and Jamie Brodsky, Esq., at Frost Brown Todd, LLP, in Louisville, Kentucky. Hardin KY Opco and Hardin KY Propco, as secured creditors, are represented by Mary Elisabeth Naumann, Esq., and Chacey R. Malhouitre, Esq., at Jackson Kelly, PLLC, in Lexington, Kentucky. PROG HOLDINGS: Moody's Puts 'B1' CFR Under Review for Downgrade --------------------------------------------------------------- Moody's Ratings has placed on review for downgrade the B1 corporate family rating and B1 senior unsecured rating of PROG Holdings, Inc.'s (Prog) following the company's announcement that it plans to acquire Purchasing Power (PP). Previously, Prog's outlook was stable. PP is a voluntary employee benefit program provider, offering employees financing options and payroll payment services. Moody's expects that Prog will use about $175 million of cash from its balance sheet and borrow about $260 million in secured debt to finance the $420 million purchase price and related fees and expenses. Prog expects the acquisition to close in early 2026. RATINGS RATIONALE / FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The purpose of the review for downgrade is to assess the impact of the planned acquisition on Prog's overall credit profile, including the combined entity's capitalization and funding and liquidity profiles. Although the planned acquisition should complement Prog's existing businesses and payment platforms, it will lead to a significant decline in the company's capitalization and the introduction of secured debt into the company's capital structure, which reduces availability of unencumbered assets for unsecured creditors. During the review, Moody's will assess Prog's ability and timeline to rebuild capital and its prospective funding plan. Moody's will also assess the combined entity's governance and risk appetite. Prog's B1 CFR reflects the company's solid franchise as a provider of point-of-sale lease-to-own solutions, solid capitalization and strong profitability. Its franchise is reinforced by its vast network of third-party merchant partners, including exclusive long-term agreements with some of the nation's largest retailers, which supports origination volumes and revenue. However, Prog's reliance on and significant concentration in these partnerships poses moderate credit risk. Other credit challenges include Prog's elevated asset risk associated with its focus on serving non-prime consumers, which has resulted in weak asset quality metrics and heightened exposure to macroeconomic conditions that affect consumer demand and payment behavior. Asset quality challenges are partially mitigated by the company's flexible lease origination technology and its track record of quickly tightening underwriting standards amid weaker portfolio performance. Given the review for downgrade, a ratings upgrade is unlikely over the next 12-18 months. However, the ratings could be confirmed upon conclusion of the review if Moody's expects Prog to rebuild its capitalization and eliminate its reliance on secured funding in a timely manner, while maintaining strong profitability. Longer term, the ratings could be upgraded if the acquisition is successfully integrated and it enhances Prog's credit profile. Prog's ratings could be downgraded if Moody's do not expect the company to rebuild its capitalization and eliminate its reliance on secured funding in a timely manner, or if its risk profile otherwise weakens as a result of the acquisition. Moody's could also downgrade Prog's ratings if the company's franchise deteriorates due to a loss of retail partnerships, reputational damage, or other incidents that materially affect Prog's financial condition or operating results; if there is a material deterioration in profitability and/or liquidity; or if regulatory change threatens the profitability or viability of its business model. The principal methodology used in these ratings was Finance Companies published in July 2024. Prog's "Assigned Standalone Assessment" adjusted score of b1 is set ten notches below the "Financial Profile Score" score of Aa3 to reflect the company's weak asset quality driven by its focus on non-prime consumers, heightened exposure to macroeconomic conditions, shareholder-friendly financial policy which weighs on the company's capitalization, and risks related to high retail partner concentration. PROG HOLDINGS: S&P Alters Outlook to Negative, Affirms 'BB-' ICR ---------------------------------------------------------------- S&P Global Ratings revised its outlook on Draper, Utah-based virtual lease-to-own (VLTO) services provider PROG Holdings Inc. (Progressive) to negative from stable and affirmed the 'BB-' long-term issuer credit rating. At the same time, S&P lowered its issue-level rating on the company's senior unsecured secured notes to 'B+' from 'BB-' and revised the recovery rating to '5' from '4' due to the higher level of secured debt in its capital structure. The '5' recovery rating indicates its expectation for modest (10%–30%; rounded estimate: 15%) recovery in a hypothetical default. The negative outlook reflects S&P's view that PROG's S&P Global Ratings-adjusted leverage may remain above 3x due to the material increase in its debt to finance its acquisition of Purchasing Power LLC, as well as its increasingly stretched customer base. The outlook revision reflects the material increase in PROG's S&P Global Ratings–adjusted leverage. S&P said, "We expect the purchase of Purchasing Power, which it will fund with a combination of new debt and cash on hand, will increase the company's S&P Global Ratings-adjusted leverage. Specifically, PROG's financing for the transaction includes its issuance of a new $125 million term loan A, a $135 million draw on its existing $350 million revolving credit facility, and approximately $171 million of balance sheet cash. In addition, the company will assume roughly $330 million of securitized non-recourse debt from Purchasing Power LLC comprising about $130 million outstanding across two warehouse facilities and a $200 million 2024-A loan facility. On a pro forma basis, we forecast PROG's S&P Global Ratings-adjusted leverage will rise to about 3.4x as of the close of the acquisition, which is up from our prior forecast of 2.2x. However, we expect the company will improve its leverage to roughly 3.1x by year-end 2026 and 2.9x by year-end 2027, which reflects our belief it will use a material portion of its available cash to reduce its outstanding revolver borrowings over the next 12 months." S&P said, "We believe the acquisition of Purchasing Power LLC could provide PROG with long-term growth opportunities. The target company operates an employee-focused payroll deduction benefits platform that enables workers to purchase everyday goods and services through automatic payroll deductions. The acquisition will complement PROG's lease-to-own and subprime financing operations by expanding its customer base and introducing a recurring, payroll-based payment model, which may provide it with more predictable cash flows than traditional installment leases. In addition, Purchasing Power's digital platform and employer partnerships could create cross-selling opportunities and enhance the company's distribution capabilities, potentially broadening its product penetration and customer engagement across both legacy and new financing channels. "PROG's customer base is concentrated among near-prime and subprime consumers. We view this as a risk because this cohort remains financially pressured despite relatively stable headline consumer credit metrics. Although aggregate delinquency rates have been broadly flat to modestly improving, the elevated debt burden in the subprime segments indicates that a sizable portion of PROG's addressable market will likely remain vulnerable through 2026 amid persistent cost-of-living pressures and subdued consumer sentiment. Recent declines in subprime credit card delinquencies and lower write-offs point to some stabilization in this risk tier, which may help moderate potential losses. Nevertheless, PROG continues to face material retail-partner concentration risk and increasing competition from emerging fintech players and buy now, pay later (BNPL) providers, which could erode its competitive position as consumer financing preferences evolve. Given its exposure to higher-risk borrowers and a dynamic competitive landscape, the company's ability to maintain stable revenue and earnings while preserving its credit quality will require continued underwriting discipline, prudent capital deployment, and close monitoring of consumer credit conditions. "In connection with the acquisition, PROG will assume additional layers of priority debt. We believe this assumed debt will worsen the relative positioning of the company's unsecured obligations in a hypothetical default scenario. Upon the close of the transaction, PROG's debt structure will include a $125 million term loan A facility, two warehouse facilities with total commitments of $150 million and $177 million, a $200 million Purchasing Power 2024-A loan facility, and a $350 million revolving credit facility, all of which will rank ahead of its outstanding $600 million senior unsecured notes. Therefore, we lowered our issue-level rating on the senior unsecured notes to 'B+' from 'BB–' and revised the recovery rating to '5' from '4' to reflect the increased secured debt burden in our assumed recovery waterfall, which reduces the collateral available to unsecured lenders in a simulated default. The '5' recovery rating indicates our expectation for modest recovery (10%–30%; rounded estimate: 15%) in a hypothetical default. "PROG's divestiture of Vive Financial will provide it with additional liquidity to support its growth initiatives. The company sold the business, which offered revolving credit and credit card products to near- and below-prime consumers, in October 2025 for approximately $150 million of cash. This transaction removed about $165 million of receivables from PROG's balance sheet. In addition, we believe the divestiture will simplify the company's operations and free capital that it can redeploy to fund its acquisition of Purchasing Power and other strategic investments. However, the sale also reduced PROG's business diversity and eliminated a source of recurring revolving credit revenue, which could diminish its flexibility to serve certain customer segments or adapt to shifts in consumer credit demand. "The negative outlook reflects our view that PROG's S&P Global Ratings-adjusted leverage may remain elevated at more than 3x due to the material increase in its debt to finance its acquisition of Purchasing Power LLC, as well as macroeconomic headwinds." S&P could lower our ratings on PROG if S&P expects its S&P Global Ratings-adjusted leverage will remain above 3x for more than 12 months. This could occur if: -- The company's EBITDA contracts because of challenges integrating its acquisition or intensifying competition and its operating performance weakens due to soft demand or a loss of market share; -- Management's financial policy becomes more aggressive such that we do not envision a deleveraging path through material debt repayment; or -- S&P anticipates additional acquisitions, higher debt-funded share buybacks, or dividend distributions exceeding our base-case assumptions. S&P could revise its outlook on PROG to stable if: -- The company demonstrates a resilient operating performance despite the weak macroeconomic environment, enabling it to paydown a material level of debt, while it maintains consistent S&P Global Ratings-adjusted EBITDA margins; and -- S&P expects it will reduce its S&P Global Ratings-adjusted leverage below 3x and maintain it at that level, supported by a conservative financial policy. R. P. HUGHES: Amy Denton Mayer Named Subchapter V Trustee --------------------------------------------------------- The Acting U.S. Trustee for Region 21 appointed Amy Denton Mayer of Stichter Riedel Blain & Postler, P.A. as Subchapter V trustee for R. P. Hughes & Company, LLC. Ms. Mayer 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. Mayer declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Amy Denton Mayer Stichter Riedel Blain & Postler P.A. 110 East Madison Street, Suite 200 Tampa, FL 33602 Phone: (813)229-0144 Email: amayer@subvtrustee.com About R. P. Hughes & Company LLC R. P. Hughes & Company, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-02403) on December 2, 2025, with $500,001 to $1 million in assets and $50,001 to $100,000 in liabilities. Erik J. Washington, Esq., at The Washington Law Firm, P.A. represents the Debtor as legal counsel. RED RIVER: Judge Orders Expert Invoice Disclosure in Talc MDL ------------------------------------------------------------- George Woolston of Law360 reports that on Monday, December 8, 2025, a New Jersey federal judge held that the plaintiffs steering committee can access Johnson & Johnson’s expert invoices tied to the talc MDL, which involves claims that the company’s talcum powder caused ovarian cancer and mesothelioma. The committee had pressed for the records as part of broader disputes over expert transparency. But the judge ordered a sequential approach: the plaintiffs must provide their own expert invoices before receiving any documents from J&J. The ruling ensures that both sides participate equally in expert-related disclosures as the litigation moves forward, the report states. About J&J Talc Units LLT Management, LLC (formerly known as LTL Management LLC) was a subsidiary of Johnson & Johnson that was formed to manage and defend thousands of talc-related claims and oversee the operations of Royalty A&M. Royalty A&M owns a portfolio of royalty revenue streams, including royalty revenue streams based on third-party sales of LACTAID, MYLANTA/MYLICON and ROGAINE products. LTL Management first filed a petition for Chapter 11 protection (Bankr. W.D.N.C. Case No. 21-30589) on Oct. 14, 2021. The case was transferred to New Jersey (Bankr. D.N.J. Case No. 21-30589) on Nov. 16, 2021. The Hon. Michael B. Kaplan is the case judge. At the time of the filing, the Debtor was estimated to have $1 billion to $10 billion in both assets and liabilities. In the 2021 case, LTL Management tapped Jones Day and Rayburn Cooper & Durham, P.A., as bankruptcy counsel; King & Spalding, LLP and Shook, Hardy & Bacon LLP as special counsel; McCarter & English, LLP as litigation consultant; Bates White, LLC as financial consultant; and AlixPartners, LLP as restructuring advisor. Epiq Corporate Restructuring, LLC, served as the claims agent. On Dec. 24, 2021, the U.S. Trustee for Regions 3 and 9 reconstituted the talc claimants' committee and appointed two separate committees: (i) the official committee of talc claimants I, which represents ovarian cancer claimants, and (ii) the official committee of talc claimants II, which represents mesothelioma claimants. The official committee of talc claimants I tapped Genova Burns LLC, Brown Rudnick LLP, Otterbourg PC and Parkins Lee & Rubio LLP as its legal counsel. Meanwhile, the official committee of talc claimants II is represented by the law firms of Cooley LLP, Bailey Glasser LLP, Waldrep Wall Babcock & Bailey PLLC, Massey & Gail LLP, and Sherman Silverstein Kohl Rose & Podolsky P.A. Re-Filing of Chapter 11 Petition On Jan. 30, 2023, a panel of the Third Circuit issued an opinion directing this Court to dismiss the 2021 Chapter 11 Case on the basis that it was not filed in good faith. Although the Third Circuit panel recognized that the Debtor "inherited massive liabilities" and faced "thousands" of future claims, it concluded that the Debtor was not in financial distress before the filing. On March 22, 2023, the Third Circuit entered an order denying the Debtor's petition for rehearing. The Third Circuit entered an order denying LTL's stay motion on March 31, 2023, and, on the dame day,issued its mandate directing the Bankruptcy Court to dismiss the 2021 Chapter 11 Case. The Bankruptcy Court entered an order dismissing the 2021 Case on April 4, 2023. Johnson & Johnson on April 4, 2023, announced that its subsidiary LTL Management LLC (LTL) has re-filed for voluntary Chapter 11 bankruptcy protection (Bankr. D.N.J. Case No. 23-12825) to obtain approval of a reorganization plan that will equitably and efficiently resolve all claims arising from cosmetic talc litigation against the Company and its affiliates in North America. In the new filing, J&J said it has agreed to contribute up to a present value of $8.9 billion, payable over 25 years, to resolve all the current and future talc claims, which is an increase of $6.9 billion over the $2 billion previously committed in connection with LTL's initial bankruptcy filing in October 2021. LTL also has secured commitments from over 60,000 current claimants to support a global resolution on these terms. In August 2023, U.S. Bankruptcy Judge Michael Kaplan in Trenton, New Jersey, ruled that the second bankruptcy case should be dismissed. 3rd Try In May 2024, J&J announced its subsidiary LLT Management LLC is soliciting support for a consensual prepackaged bankruptcy plan to resolve its talc-related liabilities. Under the terms of the plan, a trust would be funded with over $5.4 billion in the first three years and more than $8 billion over the course of 25 years, which J&J calculates to have a net present value of $6.475 billion. If the Plan is accepted by at least 75% of voters, a bankruptcy was to be filed under the case name In re Red River Talc LLC. Epiq Corporate Restructuring, LLC is serving as balloting and solicitation agent for LLT. On Sept. 20, 2024, Red River Talc LLC filed a Chapter 11 bankruptcy petition (Bankr. S.D. Tex. Case No. 24-90505). Porter Hedges LLP and Jones Day serve as counsel in the new Chapter 11 case. Epiq is the claims agent. Paul Hastings LLP is counsel to the Ad Hoc Committee of Supporting Counsel. Randi S. Ellis is the proposed prepetition legal representative of future claimants. SANDISK CORP: S&P Alters Outlook to Positive, Affirms 'BB' ICR -------------------------------------------------------------- S&P Global Ratings affirmed its 'BB' rating on Sandisk Corp. and revised the outlook to positive. The positive outlook reflects S&P's expectation that revenue will grow at a brisk pace in fiscal 2026 and 2027, margins will improve, and S&P Global Ratings-adjusted leverage will continue to decline. Sandisk Corp. repaid debt in the first quarter and will likely benefit from strong demand and a favorable pricing environment in the near term. The outlook revision reflects the potential for stronger cash flow generation and improving leverage, as the company benefits from favorable market dynamics. S&P said, "We expect strong demand and a supply shortage resulting from production cuts across the industry will drive significant revenue growth. Management projects continued NAND undersupply conditions through calendar-year 2026, supporting ongoing price increases. Demand is strong across all segments. The consumer business grew 27% year over year in the first quarter. Sandisk's data center business will likely grow at a brisk rate given recent hyperscale customers' qualifications. Windows 11 adoption should also fuel the company's client segment growth for the next couple of quarters. We now expect revenue to increase substantially, to $10 billion in fiscal-year 2026 from $7.3 billion in fiscal-year 2025, and anticipate further growth in fiscal-year 2027." These market conditions should also drive margin growth and stronger free cash flow generation. NAND average selling prices are likely to rise for the next few quarters given the favorable supply and demand dynamics. Further, the ramp-up of lower cost-per-bit BiCS8 technology will be a key contributor of margin growth. Additionally, startup costs associated with joint venture fabrication facilities should moderate. S&P expects capital expenditures (capex) between $600 million and $650 million to support its back-end facilities and for equipment purchases at Flash Ventures and free cash flow generation approaching $1 billion in fiscal year-end ending June 2026. Stronger cash flow generation could further improve leverage metrics. The company paid down $500 million in debt during the first quarter of fiscal year 2026 (ended Oct. 3, 2025) and achieved a net cash position on reported debt, a couple of quarters ahead of its expectations. S&P said, "S&P Global Ratings-adjusted leverage for the trailing twelve months ended October 3, 2025 is higher at roughly 1.1x, because we make additional adjustments to our adjusted credit metrics, such as adding the company's guarantees on its manufacturing joint ventures' (Flash Ventures) equipment leases to debt. As EBITDA and cash flow expands, we project S&P Global Ratings-adjusted leverage to decline below 0.5x in fiscal-year 2026 and potentially to a net cash position in fiscal-year 2027." S&P said, "The positive outlook reflects our expectation that revenue will grow at a brisk pace in fiscal-years 2026 and 2027, margins will improve, and S&P Global Ratings-adjusted leverage will continue to decline. "We could revise the outlook back to stable if we anticipate the company will not maintain an S&P Global Ratings-adjusted net cash position. This could occur if demand or pricing dynamics reverse or if the company becomes more aggressive with capital spending or with shareholder returns than we anticipate. "We could raise the rating if cash flow generation grows, and we anticipate the company will sustain an S&P Global Ratings-adjusted net cash position." SAVOR HOLDINGS: S&P Affirms 'B' Rating on First-Lien Term Loan B ---------------------------------------------------------------- S&P Global Ratings affirmed its 'B' issue-level rating on Savor Holdings Inc.'s (dba Sauer Brands) first-lien term loan B due 2032 following the company's announced plan to issue an $80 million add-on. S&P's '3' recovery rating on Sauer's first-lien credit facilities, including the term loan B, is unchanged, indicating its expectation for meaningful (50%-70%; rounded estimate: 60%) recovery in the event of a default. The company will use the proceeds from this add-on, along with cash from its balance sheet, to fund a shareholder dividend and pay transaction-related costs. S&P's 'B' issuer credit rating and stable outlook on Sauer are also unchanged. S&P said, "We estimate the transaction will increase the company's S&P Global Ratings-adjusted leverage to about 5.5x from approximately 5.0x for the 12-months ended Sept. 30, 2025. We anticipate Sauer will sustain leverage below our 7x downside threshold for the current rating over the next year, inclusive of acquisitions and shareholder distributions. "The company expanded its reported sales by 5.8% over the nine months ended Sept. 30, 2025, which compares with our forecast for about a 2% increase at the start of the year. The company's Duke's and Mateo's brands continue to experience strong volume growth, supported by new customer wins and expansion with existing customers. Sauer also increased its pricing to offset higher costs for eggs and soybean oil. We believe more-cautious consumer spending, given the slowing pace of real income growth in the U.S., along with still high inflation levels and a weakening labor market may pressure the demand for the company's products over the near term. That said, we believe Sauer will more than offset these demand pressures though its new business wins and geographic expansion. We also believe the company's retail sales may benefit from an increase in at-home consumption as consumers forego dining out amid the reduction in their discretionary income and ongoing macroeconomic uncertainty, offsetting weaker demand from foodservice customers. Therefore, we forecast Sauer will expand its sales by about 4.5% in 2025 and 3.0% in 2026. "While we expect the ongoing regional expansion of its brands will support the company's organic growth and facilitate deleveraging, we believe its financial sponsor will prioritize the use of its excess cash flow and available debt capacity to support acquisitions for continued business expansion into adjacent categories or to build scale. Absent acquisitions, we believe Sauer could opportunistically fund shareholder distributions, which would likely prevent it from sustaining leverage below 5x over the long term." Issue Ratings--Recovery Analysis Key analytical factors -- The company's debt capital structure will comprise a $135 million first lien revolving credit facility due 2030, an $875 million (including the proposed $80 million add-on) first-lien term loan B due 2032, and a $75 million first-lien delayed draw term loan due 2032 (undrawn). -- Savor Acquisition Inc. is the borrower of the first-lien credit facilities. The revolver, term loan, and delayed-draw term loan rank pari passu. The obligations of the borrower under the first-lien facilities are guaranteed jointly and severally on a senior secured first-lien basis by each existing and subsequently acquired or organized direct or indirect wholly owned U.S. restricted subsidiary of the borrower, subject to customary exceptions and limitations. The first-lien debt facilities are secured by collateral comprising substantially all the assets of the borrowers and guarantors. Simulated default assumptions -- The company's assets, operations, and debt issuances are primarily in the U.S. S&P said, "Therefore, we assume a bankruptcy proceeding would take place in the U.S. and would not include foreign jurisdictions. Our hypothetical default scenario assumes a payment default occurring in the first half of 2028 due to a key commodity shortage or a product recall that damages the company's reputation, leading to the loss of key customers, cash flow deficits, and liquidity pressure." As a result, Sauer is unable to continue operating without lender relief. -- S&P said, "To maximize the recovery prospects for its creditors, we assume Sauer would be reorganized rather than liquidated because of its brands and market share in its core region. Therefore, we estimate the recovery for its creditors based on the company's enterprise value as a going concern at its emergence from bankruptcy. Our enterprise valuation is based on a multiple of its expected EBITDA at emergence from bankruptcy. We estimate Sauer Brands' bankruptcy emergence gross enterprise value at about $640 million." -- Debt service assumption: $66.5 million (assumed default year interest plus amortization) -- Minimum capital expenditure assumption: $7.2 million (1% of revenue) -- Operational adjustment: $33.2 million (to reflect an operational rebound following bankruptcy restructuring) -- Emergence EBITDA: $106.8 million -- EBITDA multiple: 6.0x -- Gross enterprise value: $640.7 million Simplified waterfall -- Net recovery value (after 5% administrative expenses): $608.6 million -- Obligor/nonobligor valuation split: 100%/0% -- Enterprise value available for senior secured claims: $608.6 million -- Estimated senior secured claims: $1 billion --Recovery expectations: 50%-70% (rounded estimate: 60%) Note: All debt amounts include six months of prepetition interest. SCOTTISH RE: Court Okays Commissioner's Proposed Claims Procedures ------------------------------------------------------------------ The Delaware Chancery Court granted the motion of the Insurance Commissioner of the State of Delaware seeking approval for procedures to govern a claims process in Scottish RE (U.S.), Inc.'s liquidation. Scottish Re (U.S.), Inc. is an insolvent insurer. The Insurance Commissioner obtained an order placing the Company in liquidation under the Delaware Uniform Insurance Liquidation Act. The Commissioner is serving as receiver and conducting the liquidation. Various stakeholders objected to aspects of the proposed procedures. A threshold question involves the standard of review that the Court applies when determining whether to adopt the procedures. This decision holds that the procedures must both comply with law (principally DUILA) and otherwise not constitute an abuse of discretion. Another question is the standard of review for considering the Commissioner's claim recommendations. Under the proposed procedures, the Commissioner will evaluate each claim in the first instance and make a recommendation on the outcome. A party dissatisfied with the Commissioner's recommendation can seek review from the Court. This decision holds that as to any issue involving legal compliance, the Court will review the Commissioner's recommendation de novo. As to any issue requiring the exercise of judgment or the weighing of evidence, the Court will review the Commissioner's recommendation under an abuse of discretion standard. Under the proposed procedures, the Commissioner will solicit information from each claimant, then send each claimant an initial assessment of the value of its claim. A claimant may accept that value or formally file a claim. The Objectors say this approach violates the order of operations under DUILA because they should file their claims before anything else happens. This decision holds that the Commissioner's approach does not violate DUILA and is not an abuse of the Commissioner's discretion. The Objectors also challenge the methodology the Commissioner proposes to use when making its assessments. This decision holds that the Commissioner's methodology does not inherently constitute an abuse of discretion. This decision defers determining what methodology should apply to particular claims until the Commissioner has made recommendations where the methodology is disputed. The Objectors complain that the proposed claims procedures do not contemplate arbitrating claims under contracts that contain mandator arbitration provisions. This decision holds that DUILA does not require the Commissioner to arbitrate a claim simply because the Company entered into a contract with an arbitration provision. Delaware's regulatory scheme takes precedence. A claimant who believes a claim should be arbitrated may ask the Court to lift the antisuit injunctions barring litigation or arbitration outside of the liquidation process. The Court will do so only when resolving a claim outside the liquidation process comports with DUILA and its policy goals. The Objections also complain about access to information. They want to be able to obtain plenary discovery from the Commissioner. But the special nature of the claims proceeding does not accommodate plenary discovery. The Court finds the claims procedures contain an appropriate mechanism for obtaining information from the Commissioner. The Objectors also challenge a procedure that would allow the Commissioner to reject a claim if the Commissioner requests information and the claimant fails to provide it. According to the Court, that procedure is neither contrary to law nor an abuse of discretion, but the Commissioner must properly exercise discretion when applying it. The last two objections concern the Company's reinsurers. They complain that the procedures do not comply with contractual provisions that require the Commissioner to give them notice of any claims the Company receives, followed by an opportunity to investigate the claims and interpose defenses the Commissioner has not raised. Under Delaware law, those provisions do not bind the Commissioner. Regardless, the Commissioner has committed to give reasonable notice of claims, permit the reinsures to investigate at their own expense, and allow them to raise additional defenses by objection after the Commissioner submits a recommendation to the Court. That is all the reinsurers would be entitled to even if Delaware law validated the provisions at issue. The objection is therefore overruled, the Court holds. The reinsurers last ask the Court to modify the proposed procedures so that their contracts with the Company terminated on the same date as the Company's contracts with its ceding insurers. The Commissioner has declined to set a termination date. The Court finds that decision is not contrary to law, nor is it an abuse of discretion. The Commissioner's motions are granted. The objections are overruled. Within 30 days, the Commissioner must file updated versions of the procedures consistent with this decision. A copy of the Court's Opinion dated November 28, 2025, is available at https://urlcurt.com/u?l=GnqBjk SEEDCO INC: Seeks Chapter 7 Bankruptcy in Ohio ---------------------------------------------- On December 4, 2025, Seedco, Inc. filed for Chapter 7 protection in the Southern District of Ohio. According to court filing, the Debtor reports between $0 and $100,000 in debt owed to 1–49 creditors. About Seedco, Inc. Seedco, Inc. is a company that delivers financing, consulting, and developmental programs to support small business growth. Seedco, Inc. sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 25-55346) on December 4, 2025. In its petition, the Debtor reports estimated assets between $0 and $100,000 and estimated liabilities in the same range. Honorable Judge Mina Nami Khorrami handles the case. The Debtor is represented by Thomas McK Hazlett, Esq. of Hanlon, McCormick, Schramm, Bickford & Schramm Co., LPA. SIMMONS UNIVERSITY: S&P Affirms 'BB+' Rating on Revenue Bonds ------------------------------------------------------------- S&P Global Ratings affirmed its 'BB+' long-term rating and underlying rating (SPUR) on various Massachusetts Development Finance Agency's revenue bonds, issued for Simmons University. The outlook is negative. S&P analyzed Simmons' environmental, social, and governance credit factors pertaining to the university's demand, management and governance, and financial performance, and view them as neutral in our credit rating analysis. S&P said, "The negative outlook reflects our expectation that enrollment will show signs of stabilization during the outlook period, slowing what has been a steady decline in net tuition revenue over the past six years. We expect that this relative stability, together with expense reduction and revenue growth strategies, should support operating improvements over time, but believe management will use supplemental endowment draws to meet operating needs during the outlook period. In our view, Simmons has sufficient financial resources to provide the university some cushion as it works to stabilize enrollment and improve operations; however, continued deficit operations and extraordinary endowment draws could depress financial resources and possibly create liquidity challenges in the near term. "We could consider a negative rating action if operations do not demonstrate signs of improvement due to continued enrollment declines, an inability to effectively implement expense reduction measures, or otherwise. We could also consider a lower rating if, to meet operating needs, Simmons requires extraordinary draws from its endowment beyond what is currently expected. We would view negatively any deterioration of financial resource ratios. "We could consider revising the outlook to stable if enrollment stabilizes and ongoing expense reduction measures begin to materialize, leading to improved financial performance and a clearer path toward operating stability absent supplemental endowment draws. A revision to stable would also be predicated on the university's financial resources remaining at least at current levels." SINCLAIR TELEVISION: S&P Affirms 'B-' Rating on Sr. Secured Debt ---------------------------------------------------------------- S&P Global Ratings affirmed its 'B-' issue-level ratings on Sinclair Inc. indirect subsidiary Sinclair Television Group Inc.'s (STG) senior secured second-out, first-lien debt and revised the recovery ratings to '4' from '3'. The affected rated tranches are STG's $238 million outstanding, 4.375% notes due in 2032; $708 million outstanding term loan B-6 maturing in 2029; and $728 million outstanding term loan B-7 maturing in 2030. The '4' recovery rating reflects S&P's expectation for average (30%-50%; rounded estimate: 30%) recovery in the event of a payment default. The recovery rating revision follows STG's announcement that it entered into a $375 million accounts receivable securitization facility to raise incremental, low-cost capital. S&P believes the company likely will draw down the entire facility to facilitate either debt repayment or mergers and acquisitions, reducing the collateral available to existing debtholders. S&P said, "Our issue-level and recovery ratings on STG's other tranches of debt are unaffected given our view that Sinclair's senior secured first-out, first-lien debt claims will still have recovery prospects in excess of 95%. We still assume no recovery prospects for STG's senior secured second-lien debtholders, senior secured third-lien debtholders, and senior unsecured debtholders." ISSUE RATING – RECOVERY ANALYSIS Key analytical factors S&P bases its analysis on STG as a stand-alone entity. It is the borrower of: -- $375 million accounts receivable securitization facility due 2028 (not rated); -- $575 million senior secured first-out, first-lien revolving credit facility maturing in 2030 (not rated); -- $1.43 billion outstanding, 8.125% senior secured first-out, first-lien notes due in 2033; -- $238 million outstanding, 4.375% senior secured second-out, first-lien notes due in 2032; -- $708 million outstanding senior secured second-out, first-lien term loan B-6 maturing in 2029; -- $728 million outstanding senior secured second-out, first-lien term loan B-7 maturing in 2030; -- $432 million outstanding, 9.75% senior secured second-lien notes due in 2033; -- $37.5 million senior secured third-lien revolving credit facility maturing in 2027 (not rated); -- $3 million outstanding senior secured third-lien term loan B-3 maturing in 2028 (not rated); -- $485 million outstanding, 5.5% senior unsecured notes due in 2030; -- $4 million outstanding, 4.125% senior unsecured notes due in 2030 (not rated). Simulated default assumptions -- S&P simulated default scenario considers a default in 2027 due to advertising revenue declines as the result of economic weakness and increased competition from alternative media, declines in retransmission revenue from elevated subscriber declines, and pressure from affiliated networks to remit a significant portion of its retransmission fees. -- Other default assumptions include an 85% draw on the revolving credit facility, the spread on the revolving credit facility increasing to 5% as STG obtains covenant amendments, a 100% draw on the accounts receivable securitization facility, and all debt including six months of prepetition interest. -- S&P values STG on a going-concern basis using a 6x multiple of its projected emergence EBITDA, in line with that of similar size local TV broadcasters that it rates. Simplified waterfall -- EBITDA at emergence: $518 million -- EBITDA multiple: 6x -- Gross recovery value: $3.1 billion -- Net recovery value for waterfall after administrative expenses (5%): $3 billion -- Value available for priority debt claims: $3 billion -- Estimated priority debt claims (accounts receivable securitization facility): $382 million -- Value available for senior secured first-out, first-lien debt claims: $2.6 billion -- Estimated senior secured first-out, first-lien debt claims: $2 billion --Recovery expectations: 90%-100% (rounded estimate: 95%) -- Value available for senior secured second-out, first-lien debt claims: $576 million -- Estimated senior secured second-out, first-lien debt claims: $1.7 billion --Recovery expectations: 30%-50% (rounded estimate: 30%) -- Value available for senior secured second-lien debt claims: $0 -- Estimated senior secured second-lien debt claims: $453 million --Recovery expectations: 0%-10% (rounded estimate: 0%) -- Value available for senior secured third-lien debt claims: $0 -- Estimated senior secured third-lien debt claims: $36 million --Recovery expectations: Not applicable -- Value available for senior unsecured debt claims: $0 -- Estimated senior unsecured debt claims: $502 million* --Recovery expectations: 0%-10% (rounded estimate: 0%) *Includes the stub amount of the senior notes due in 2030 for which liens were released as part of the debt exchange in January 2025. SLM STUDENT 2010-2: S&P Lowers Class A/B Notes Rating to 'BB (sf)' ------------------------------------------------------------------ S&P Global Ratings lowered its ratings on the class A and B notes from SLM Student Loan Trust 2010-2 to 'BB (sf)' from 'A (sf)'. The transaction is backed by a pool of loans originated through the U.S. Department of Education's (ED's) Federal Family Education Loan Program (FFELP). FFELP loans are supported by a guarantee from ED of at least 97% of defaulted loan principal and interest and, as such, S&P's rating actions primarily reflect the liquidity pressure on the class A notes, relative to the maturity date in approximately seven years, and not the credit enhancement available to the notes for ultimate principal repayment. Rationale In assigning ratings to FFELP ABS notes, S&P calculates a principal payment liquidity haircut based on the periodic principal payments made on notes in the preceding 12 months. The liquidity haircut indicates the maximum percentage decline that the current average periodic note payment can immediately withstand for the remaining payment dates but still fully repay the note by its legal final maturity date. A lower haircut indicates that a note can withstand a smaller decline in its principal payment amount than a higher haircut. A negative haircut implies that a note will need to experience a sustained periodic increase in principal payments from its current payment rate to be fully paid off by its legal final maturity date. S&P said, "On Aug. 22, 2025, we lowered our ratings on the class A and B notes to 'A (sf)' from 'AAA (sf)' and 'AA+ (sf)', respectively, due to declining principal payments and the resulting liquidity pressure on the class A notes to be able to pay off fully by legal final maturity in eight years. According to our FFELP criteria, notes maturing within seven years that have a negative liquidity haircut should be rated 'B (sf)' or lower. Since August 2025, the principal payment rate liquidity haircut for the class A notes which was at -7.8%, continued to decline and stands at -24.3% as of the November 2025 distribution date. The class A notes' legal final maturity will enter the seven-year window in April 2026. Accordingly, based on the continued, slower principal payment rate over the last year, the negative liquidity haircut, and the class A notes' legal final maturity date, we are further lowering the class A notes' ratings to 'BB (sf)'. "While the class B notes have a significantly longer term to maturity in December 2043, failure to pay the senior class notes on the legal final maturity date would constitute an event of default under the transaction documents and allow for potential actions by noteholders that could negatively affect payments to the subordinate notes. As such, we have also lowered the rating for the subordinate class to 'BB (sf)'." Transaction Summary This transaction's collateral pool is primarily composed of Stafford and Parent Loan for Undergraduate Students (PLUS) loans that are supported by a guarantee from ED of at least 97% of defaulted loan principal and interest. Loans that have been serviced according to the FFELP guidelines are supported by this guarantee; therefore, S&P expects net losses to be minimal. The transaction has two classes outstanding, A and B, which have coupons based on a spread above the compounded SOFR index. The transaction pays principal sequentially to the class A and B notes based on principal distribution amount. The principal distribution is defined as the amount required to maintain the specified overcollateralization amount of $5 million. As the transaction is at the specified overcollateralization amount, we expect the credit enhancement for both classes to increase. S&P will continue to monitor the performance of the underlying student loans backing the transaction, as well as the available credit enhancement and liquidity for the notes and take rating actions as it deems appropriate. SMT TRUCKING: Ciara Rogers Named Subchapter V Trustee ----------------------------------------------------- Brian Behr, the U.S. Bankruptcy Administrator for the Eastern District of North Carolina, appointed Ciara Rogers, Esq., as Subchapter V trustee for SMT Trucking, LLC. Ms. Rogers is a partner at Waldrep Wall Babcock & Bailey, PLLC. She will be paid an hourly fee of $375 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. The Subchapter V trustee can be reached at: Ciara L. Rogers, Esq. Waldrep Wall Babcock & Bailey, PLLC 3600 Glenwood Avenue, Suite 210 Raleigh, NC 27612 Phone: (984) 480-2005 Email: crogers@waldrepwall.com About SMT Trucking LLC SMT Trucking LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. N.C. Case No. 25-04795) on December 01, 2025, with up to $50,000 in assets and $100,001 to $500,000 in liabilities. Judge David M. Warren presides over the case. Laurie Biggs, Esq., at Biggs Law Firm, PLLC represents the Debtor as bankruptcy counsel. SMT TRUCKING: Files Emergency Bid to Use Cash Collateral -------------------------------------------------------- SMT Trucking, LLC asks the U.S. Bankruptcy Court for the Eastern District of North Carolina, Greenville Division, for authority to use cash collateral to sustain its business during its Chapter 11 reorganization. SMT Trucking, a North Carolina trucking company based in Conway, filed for Chapter 11 on December 1, and continues to operate as a debtor-in-possession. It previously entered into several secured obligations, most notably a 2020 SBA loan secured by a blanket lien on all assets. The Debtor also entered into merchant cash advance agreements with McKenzie Capital, CFI, and Aspire Funding, which filed financing statements asserting liens on all assets; however, the Debtor believes its assets have sufficient value only to secure the SBA's lien. Because proceeds from trucking operations, cash on hand, and accounts receivable fall within the definition of cash collateral, their use requires either creditor consent or court approval. The Debtor argues that this collateral is its only source of operating funds and is necessary to cover payroll, utilities, fuel, insurance, rent, and other essential expenses. Without immediate access to cash collateral, the Debtor warns it would face immediate and irreparable harm, jeopardizing its ability to maintain operations and diminishing recovery for all creditors. To protect secured creditors, the Debtor proposes granting them post-petition replacement liens on all property of the same extent, priority, and validity as their pre-petition liens, automatically perfected with no additional filings required. A detailed budget governing the use of cash collateral will be submitted at the hearing. A copy of the motion is available at https://urlcurt.com/u?l=NimQTS from PacerMonitor.com. About SMT Trucking LLC SMT Trucking, LLC is a trucking company based in Conway, North Carolina. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. N.C. Case No. 25-04795-5-DMW) on December 1, 2025. In the petition signed by Perrendous T. Vaughan, president, the Debtor disclosed up to $50,000 in assets and up to $500,000 in liabilities. Judge David M. Warren oversees the case. Laurie B. Biggs, Esq., at Biggs Law Firm PLLC, represents the Debtor as bankruptcy counsel. SOUTHERN CHICKEN-PEACHTREE: US Trustee Unable to Appoint Committee ------------------------------------------------------------------ The U.S. Trustee for Region 21 disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of Southern Chicken-Peachtree City, LLC. About Southern Chicken-Peachtree City Southern Chicken-Peachtree City, LLC is identified as a single-asset real estate entity under 11 U.S.C. Section 101(51B), whose primary business is owning and operating a single income-producing property. Southern Chicken-Peachtree City sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-63031) on November 3, 2025. In the petition signed by Robert Sowinski, manager, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Paul W. Bonapfel handles the case. The Debtor tapped Leslie M. Pineyro, Esq., at Jones & Walden LLC as counsel. SOUTHERN CHICKEN-WOODSTOCK: US Trustee Unable to Appoint Committee ------------------------------------------------------------------ The U.S. Trustee for Region 21 disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of Southern Chicken-Woodstock, LLC. About Southern Chicken-Woodstock LLC Southern Chicken-Woodstock LLC is identified as a single-asset real estate entity under 11 U.S.C. Section 101(51B), indicating its primary business centers on owning and operating a single income-generating property. Southern Chicken-Woodstock sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-62780) on November 3, 2025. In its petition, the Debtor reported between $1 million and $10 million in assets and liabilities. Honorable Bankruptcy Judge Paul W. Bonapfel handles the case. The Debtor is represented by Leslie Pineyro, Esq., at Jones & Walden, LLC. SPIRIT AIRLINES: Drops Proposal to Furlough 365 Pilots ------------------------------------------------------ Doyinsola Oladipo of Reuters reports that Spirit Airlines announced on Friday that it has canceled plans to furlough up to 365 pilots in the first quarter of next year and has scaled back the number of captain downgrades, which were part of the airline's restructuring efforts following its Chapter 11 filing in August 2025. The carrier did not specify a reason for the change, but the pilots’ union said management revised its staffing model after discussions over attrition assumptions. A company spokesperson confirmed, "We are no longer moving forward with the previously announced furlough," and noted that the number of captain downgrades to first officer positions has been reduced from 170 to 25. Spirit currently employs approximately 2,400 pilots. Earlier in the year, Spirit filed for Chapter 11 for a second time as it struggled with dwindling cash reserves and mounting losses. To cut costs, the airline had announced a series of pilot and flight attendant furloughs as well as plans to shrink its fleet. The Air Line Pilots Association said the assumptions behind the October announcement were outdated and no longer reflected the carrier's current staffing and attrition data. About Spirit Airlines Spirit Airlines, LLC (SAVE) is a low-fare carrier committed to delivering the best value in the sky by offering an enhanced travel experience with flexible, affordable options. Spirit serves destinations throughout the United States, Latin America and the Caribbean with its Fit Fleet, one of the youngest and most fuel-efficient fleets in the U.S. On the Web: http://wwww.spirit.com/ Spirit Airlines and its affiliates sought Chapter 11 protection (Bankr. S.D.N.Y. Case No. 24-11988) on Nov. 18, 2024, after reaching terms of a pre-arranged plan with bondholders. At the time of the filing, Spirit Airlines reported $1 billion to $10 billion in both assets and liabilities. Judge Sean H. Lane oversees the case. The Debtors tapped Davis Polk & Wardwell, LLP as legal counsel; Alvarez & Marsal North America, LLC, as financial advisor; and Perella Weinberg Partners LP as investment banker. Epiq Corporate Restructuring, LLC, is the claims agent. Paul Hastings, LLP and Ducera Partners, LLC serve as legal counsel for the Ad Hoc Group of Convertible Noteholders. Akin Gump Strauss Hauer & Feld, LLP and Evercore Group LLC represent the Ad Hoc Group of Senior Secured Noteholders. The official committee of unsecured creditors retained Willkie Farr & Gallagher LLP as counsel. Citigroup Global Markets, Inc., is serving as financial advisor and Latham & Watkins LLP is serving as legal counsel to Frontier. 2nd Attempt Spirit Airlines and its affiliates sought Chapter 11 protection (Bankr. S.D.N.Y. Case No. 25-11896) on August 29, 2025. In its petition, the Debtors reports estimated assets and liabilities between $1 billion and $10 billion each. Honorable Bankruptcy Judge Sean H. Lane handles the case. The Debtor is represented by Marshall Scott Huebner, Esq. and Darren S. Klein, Esq. at Davis Polk & Wardwell LLP. SPIRIT AVIATION: Esopus Holds 5.1%, Urges Strategic Transaction --------------------------------------------------------------- Esopus Creek Value Series Fund LP - Series A, Esopus Creek Advisors LLC, and Andrew L. Sole, disclosed in a Schedule 13D (Amendment No. 3) filed with the U.S. Securities and Exchange Commission that as of December 3, 2025, they beneficially own 1,315,400 shares of common stock of Spirit Aviation Holdings, Inc.'s common stock, par value $0.0001 per share, representing 5.1% of the shares outstanding. The Esopus Entities have acquired the securities based on their belief that the securities are undervalued and represent an attractive investment opportunity. Spirit has now filed for bankruptcy protection twice in rapid succession, which creates a serious lack of confidence in current management. Since the Company is now a serial bankruptcy petition filer, the Esopus Entities are concerned that the value of the equity will be eroded or extinguished through mismanagement. The Esopus Entities believe that to preserve shareholder value Spirit should now engage in a strategic transaction. The Esopus Entities previously requested that the United States Trustee consider seeking the appointment of an examiner to review the affairs of Spirit, including the facts and circumstances that led Spirit to file for chapter 11 bankruptcy protection again only a few months after emerging from its prior chapter 11 case. The Esopus Entities appreciate that the United States Trustee was able to obtain a stipulation from Spirit allowing for the appointment of an Examiner. Based on the published stipulation, the Esopus Entities understand that the Examiner may review Spirit's challenges and the actions or inactions of Spirit's advisors in the period preceding the current chapter 11 filing. The Esopus Entities believe it would be appropriate for the Examiner's scope of review to include the activities of Spirit, including the Company's interactions with various third-parties, in the months leading up to the purported default declared by one of Spirit's largest aircraft lessors in August 2025. Spirit stated in a sworn bankruptcy court declaration that it believed this purported default, despite Spirit's assertion that it had remained current on its lease obligations, was the event that precipitated the second chapter 11 filing. The Esopus Entities support expanding the Examiner's mandate to include the foregoing review and believe the Examiner should seek authorization from the bankruptcy court to conduct a more in-depth inquiry, with sufficient time and resources to do so thoroughly. Depending upon overall market conditions, other investment opportunities available to the Esopus Entities, and the availability of securities of Spirit at prices that would make the purchase or sale of such securities desirable, the Esopus Entities may endeavor from time to time to: (i) increase or decrease its position in Spirit through, among other things, the purchase or sale of securities of Spirit on the open market or in private transactions or otherwise, on such terms and at such times as the Esopus Entities may deem advisable and/or (ii) enter into transactions that increase or hedge its economic exposure to the securities of Spirit without affecting its beneficial ownership. The Esopus Entities intend to review their investment in Spirit on a periodic basis and may from time to time engage in discussions with management and the Board and other shareholders and potential shareholders of Spirit concerning, among other things, the business, operations and future plans of Spirit. Depending on various factors including, without limitation, Spirit's financial position and investment strategy, the price levels of the securities of Spirit, conditions in the securities markets and general economic and industry conditions, the Esopus Entities may in the future take such actions with respect to their investments in Spirit as they deem appropriate including, without limitation, making proposals concerning changes to the capitalization, ownership structure, Board composition or operations, purchasing additional securities, selling some or all of its securities of the Company, engaging in short selling of or any hedging or similar transaction with respect to the securities of Spirit becoming involved in bankruptcy proceedings, or changing its intention with respect to any and all matters referred to. Esopus Creek Value Series Fund LP - Series A may be reach through: Andrew L. Sole Managing Member Esopus Creek Advisors LLC c/o Martin Sklar Kleinberg, Kaplan, Wolff & Cohen P.C. 500 Fifth Avenue New York, NY 10110 Tel: (212) 986-6000 A full-text copy of Esopus Creek Value Series Fund LP - Series A's SEC report is available at: https://tinyurl.com/mry8tc46 About Spirit Aviation Holdings Inc. Spirit Aviation Holdings, Inc. and its subsidiaries operate Spirit Airlines, a U.S.-based low-cost carrier providing air transportation services across the United States, Latin America, and the Caribbean. They employ approximately 25,000 direct employees and independent contractors. Spirit Aviation Holdings and its subsidiaries sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. N.Y. Lead Case No. 25-11897) on August 29, 2025. In the petition signed by Frederick Cromer, authorized signatory, Spirit Aviation Holdings disclosed $8,576,287,000 in assets and $8,096,842,000 in liabilities as of June 30, 2025. Judge Sean H. Lane oversees the cases. The Debtors tapped Davis Polk & Wardwell, LLP as bankruptcy counsel; PJT Partners LP as investment banker; FTI Consulting, Inc. as restructuring, fleet and communications advisor; Debevoise & Plimpton, LLP as fleet counsel; Morris, Nichols, Arsht & Tunnell, LLP as conflicts counsel, and Ernst & Young, LLP as its audit and tax services provider. Epiq Corporate Restructuring, LLC is the claims, noticing, solicitation and administrative agent. The U.S. Trustee for Region 2 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. The committee tapped Willkie Farr & Gallagher, LLP as legal counsel; Alton Aviation Consultancy, LLC as specialized aviation advisor; Jefferies. LLC as investment banker; and AlixPartners, LLP as financial advisor. SUBURBAN PROPANE: S&P Rates New $350MM Sr. Unsecured Notes 'BB-' ---------------------------------------------------------------- S&P Global Ratings assigned its 'BB-' issue-level rating and '3' recovery rating to Suburban Propane Partners L.P.'s proposed $350 million senior unsecured notes due 2035. The '3' recovery rating indicates its expectation for meaningful (50%-70%; rounded estimate: 50%) recovery in the event of a default. The partnership will use the proceeds from these notes to fully redeem its $350 million senior unsecured notes due 2027. S&P's 'BB-' issuer credit rating and stable outlook on Suburban are unchanged. SUGAR HILL: U.S. Trustee Wins Dismissal of Bankruptcy Case ---------------------------------------------------------- Chief Judge Martin Glenn of the United States Bankruptcy Court for the Southern District of New York granted the motion of the United States Trustee to dismiss Sugar Hill 473, LLC's bankruptcy case with prejudice. The Debtor is a "single-asset real estate" (or "SARE") business, with property consisting of one, four-unit residential dwelling located at 453 West 140th Street, New York, New York. On March 12, 2025, the Debtor filed a voluntary petition for relief, signed by its principal Biagio Belmonte, under chapter 11 of the Bankruptcy Code. Mr. Belmonte commenced this case to stave off a foreclosure sale of the Property. Pending before this Court is the U.S. Trustee's motion to dismiss or convert to chapter 7. The U.S. Trustee argues that there is no reasonable prospect of a successful reorganization. Debtor lacks equity in the Property and has demonstrated no tangible progress toward refinancing or securing new investment in the time since the petition date. Furthermore, the Debtor has failed to satisfy its monthly operating reporting requirements as well as his requirement to pay quarterly fee to the U.S. Trustee. These circumstances constitute causes for dismissal. Section 1112(b)(2) provides that the Debtor can avoid dismissal by showing an unusual circumstance establishing that dismissal is not in the best interest of the Creditors and the estate, such an unusual circumstance is unlikely to arise as the Debtor has not demonstrated unusual circumstances that weigh against dismissal. The U.S. Trustee recommends dismissal over conversion, as the lack of equity in the Property would render a Chapter 7 liquidation futile, leaving no assets for a trustee to administer for the benefit of creditors. In response to the Motion, the Debtor filed: (i) a new plan for reorganization (the "Amended Plan") and its attendant disclosure statement; (ii) five monthly operating reports for the months of April through August; and (iii) the Objection. The Debtor is again behind in filing Operating Reports. The Debtor's Amended Plan is substantially similar to the First Plan. The Amended Plan still provides three "unimpaired" classes, paid in full in cash, funded by the refinancing of the Debtor's Property. Again, no source of refinancing has been identified, nor has the Debtor provided an appraisal or evidence of value. The monthly operating reports show that cash flow from the property is insufficient to pay debt service and operating expenses. The Court finds the Debtor has not demonstrated a reasonable justification for its deficiencies, and it has not demonstrated that it will confirm a plan within a reasonable time. Accordingly, the Court concludes the Debtor has failed to demonstrate an "exceptional circumstance" to mandatory conversion or dismissal under sections 1112(b)(2) or 1112(b)(2)(B). The Court says there is evidence that this case is an effort by Debtor to stall and delay the foreclosure instead of seeking effective rehabilitation. A copy of the Court's Memorandum Opinion and Order dated December 3, 2025 is available at https://urlcurt.com/u?l=84byhd Andrea B. Schwartz, Esq, WILLIAM K. HARRINGTON UNITED STATES TRUSTEE, REGION 2 Alexander Hamilton U.S. Custom House One Bowling Green New York, NY 10004 Attorney for Debtor Sugar Hill 473 LLC: Gregory A. Flood, Esq. Law Offices of Gregory A Flood 900 South Avenue – Ste 300 Staten Island NY 10314-3428 Attorney for U.S. Trust Company, National Association: Gregory Sanda, Esq. McMICHAEL TAYLOR GRAY, LLC 3550 Engineering Drive, Suite 260 Peachtree Corners, GA 30092 Sugar Hill 473, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-10462) on March 12, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. The Debtor is represented by Gregory A. Flood, Esq. at Law Offices of Gregory A. Flood. TEDDER INDUSTRIES: Case Summary & 30 Largest Unsecured Creditors ---------------------------------------------------------------- Debtor: Tedder Industries, LLC Alien Gear Holsters 4411 W Riverbend Ave Post Falls, ID 83854-8150 Business Description: Tedder Industries, LLC is a Texas limited liability company with a principal place of business in Idaho that operates a consumer- brand manufacturing business in the firearms and accessories market, producing American- made injection-molded gun holsters for institutional purchasers, B2B partners, and direct-to-consumer channels. The Company conducts business in the marketplace under the name Alien Gear Holsters and manufactures various holster types, including hybrid and modular designs, for concealed-carry users and other end markets. It supplies its products to U.S. military branches, international militaries, defense organizations, and law-enforcement agencies. Chapter 11 Petition Date: December 8, 2025 Court: United States Bankruptcy Court Southern District of Texas Case No.: 25-90805 Judge: Hon. Alfredo R Perez Debtor's Counsel: Jeff Protok, Esq. VARTABEDIAN HESTER & HAYNES LLP 301 Commerce St. Ste 2200 Fort Worth TX 76102 Tel: (817) 877-4223 E-mail: jeff.prostok@vhh.law Estimated Assets: $10 million to $50 million Estimated Liabilities: $10 million to $50 million The petition was signed by Thomas Magrath as president. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/3XIBREQ/Tedder_Industries_LLC__txsbke-25-90805__0001.0.pdf?mcid=tGE4TAMA List of Debtor's 30 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Spokane Pacakaging $5,141 PO BOx 74809 Los Angeles, CA 90074-8079 2. Allegra $5,400 Coeur d' 3917 N. Schreiber Way Alene, ID 83815 3. Shenzhen Chiheng Precision Co. Ltd. $139,457 201, Block A. ChangAnZhiGu, No. 199 of ShaJiangLu Songgang Town BaoAn District ShenZhen 518105 China 4. FedEx - 8836-1422-4 $77,045 PO Box 10306 Palatine, IL 60055 5. Formerra, LLC $68,778 JP Morgan Chase Attn: Formerra LLC Box 735499 131 S Dearborn 6th Floor Chicago, IL 60603 6. Tetiri, LLC $62,123 4300 W. Riverbend Ave. Post Falls, ID 83854 7. Humanix Corp. $60,969 15920 Indiana Ave Suite 100 Spokane Valley, WA 92216 8. Alternative Molding Concepts, Inc. $41,403 5575 W Riverbend Ave Suite 103 Post Falls, ID 83854 9. Truk TMS $39,013 Truk TMS 4412 W Riverbend Ave Post Falls, ID 83854 10. SPS Commerce $1,461 PO Box 205782 Dallas, TX 75320 11. The Trade Group Unknown 2900 Genesis Way Suite 100, Grapevine, Texas 76051, US 12. RFSmart $21,251 3563 Philips Hwy, Suite F-601 Jacksonville, FL 32207 13. M2 International Inc. $351 142 Hegeman Avenue VT Colchester Suite 103 5446 14. First Interstate Bank - $204,433 Credit Card 401 N 31st St, Billings, MT 59101-1200 15. Hi Tech Fasteners $14,237 PO Box 64874 Baltimore, MD 21264-4874 16. Fatbeam LLC $618 2065 W Riverstone Dr Ste 202 Coeur d'Alene ID 83814 17. Covenant Arms & Coatings $2,185 6165 E Commerce Loop Ste A Post Falls, ID 83854 18. Meta (Facebook and Instagram) Unknown 1 Meta Way Menlo Park, CA 94025 19. Google Unknown 1600 Amphitheatre Parkway Mountain View, CA 94043 20. Nunya Business, LLC $8,333 4788 Road M NE Moses Lake, WA 98837 21. Willis Towers Watson Northeast, Inc. $4,761 51 Lime Street London, EC3M 7DQ 22. Oracle Unknown 2300 Cloud Way Austin, Texas 23. Klaviyo Inc Unknown 125 Summer Street, Floor 6 Boston, MA 02111 24. Avalara Inc $4,849 512 Mangum Street, Suite 100 Durham, NC 27701 25. Avista Unknown 1411 E Mission Ave. Spokane, WA 99202 26. Ecolite $13,483 2622 N Woodruff Spokane Valley WA 99206 27. Grin Unknown 400 Capitol Mall, 9th Fllor Sacramento, CA 95814 28. VisiPak - Sinclair & Rush Co $4,988 PO Box 804957 Kansas City, MO 94180-4957 29. Dell Unknown 1 Dell Way Round Rock, TX 78682 30. Northwest Wire EDM $250 1620 N Mamer Rd F104 Spokane Valley WA 99216 United States TRUE VALUE: Court Refuses to Enforce United Settlement Agreement ---------------------------------------------------------------- Judge Ann Marie McIff Allen of the United States District Court for the District of Utah denied the motion of Plaintiffs M.H. and C.H. to enforce a confidential settlement agreement entered into by the parties in the case captioned as M.H., and C.H., Plaintiffs, v. UNITED HEALTHCARE INSURANCE COMPANY, UNITED BEHAVIORAL HEALTH, TRUE VALUE and the TRUE VALUE COMPANY MEDICAL PROGRAM, Defendants, Case No. 2:22-cv-00307-AMA-DAO (D. Utah). On January 17, 2025, the parties reached a deal to resolve the case through a second proposed settlement agreement that tracked with the terms of the first proposed settlement agreement. In exchange for the settlement payment, plaintiffs agreed to dismiss the action and release their claims against Defendants. Defendants United Healthcare Insurance Company and United Behavioral Health maintained that they were not responsible for paying the settlement consideration. On March 17, 2025, Plaintiffs filed the motion to enforce the settlement agreement, asking the Court to order the United Defendants to make the settlement payment without regard to Defendant True Value's bankruptcy. Plaintiffs contend that an enforceable settlement agreement was reached at the hearing before this Court on January 17, 2025. But at that time, unknown to the Court and to at least Defendants' counsel, Defendant True Value was engaged in bankruptcy proceedings, and the automatic stay had been in force as to True Value since it filed its bankruptcy petition on October 14, 2024. Thus, the hearing and any settlement negotiations made thereat were conducted despite the pendency of True Value's bankruptcy petition. As such, even assuming a settlement agreement was reached between the Parties at the hearing, it was reached in violation of the automatic stay and is, therefore, void. According to Judge Allen, "This Court cannot hold that an enforceable agreement was reached on January 17, 2025, without potentially obligating True Value's bankruptcy estate in violation of the automatic stay, which remains in place. While the Court appreciates the complications True Value's bankruptcy presents to Plaintiffs in pursuing their claims, this Court lacks the power to approve and enforce a settlement agreement Plaintiffs and the United Defendants entered with True Value while its bankruptcy petition was pending. Doing so would interfere with the bankruptcy court's jurisdiction over the bankruptcy estate and would deny True Value's creditors the requisite notice of financial obligations True Value agrees to undertake that may impact their claims." She holds, "In sum, even assuming a settlement agreement was reached at the January 17, 2025 hearing, this Court cannot hold that an enforceable agreement exists between the Parties as such an agreement was entered in violation of the automatic stay of section 362(a) and is void. The Court therefore denies Plaintiffs' request to enforce the purported settlement agreement against the United Defendants." A copy of the Court's Memorandum Decision Order dated December 1, 2025 is available at https://urlcurt.com/u?l=hidN50 from PacerMonitor.com. About True Value Company True Value Company, headquartered in Chicago, is one of the world's leading hardlines wholesalers with over 75 years of experience. True Value Company has an international network of 4,500 independently owned and operated stores that are committed to providing customers exceptional products and expert guidance for their DIY and home maintenance projects. True Value Company, L.L.C. and certain of its affiliates initiated voluntary Chapter 11 proceedings (Bankr. D. Del. Lead Case No. 24-12337) on October 14, 2024. True Value estimated total assets of $100 million to $500 million and liabilities of $500 million to $1 billion as of the bankruptcy filing. Skadden, Arps, Slate, Meagher & Flom LLP; Glenn Agre Bergman & Fuentes LLP; and Young Conaway Stargatt & Taylor, LLP, are serving as legal counsel, M3 Partners, LP, is serving as financial advisor; and Houlihan Lokey is serving as investment banker to the Company. Omni Agent Solutions is the claims agent. In April 2025, True Value won confirmation of its amended Joint Chapter 11 Plan, which distributed the proceeds of its $153 million sale to stalking horse bidder Do It Best. UNC HEALTH: S&P Affirms 'BB-' LT Rating on 2021A/B Revenue Bonds ---------------------------------------------------------------- S&P Global Ratings revised the outlook to stable from negative and affirmed its 'BB-' long-term rating on the Public Finance Authority, Wis.' series 2021A, series 2021B, and series 2022A revenue bonds, issued for UNC Health Southeastern (Southeastern; formerly Southeastern Regional Medical Center), N.C. The outlook revision reflects the hospital's trend of operational improvement that S&P expects Southeastern will sustain over the outlook period, in conjunction with improvement in key balance-sheet metrics including days' cash on hand (DCOH) and a trend of deleveraging. S&P said, "We view Southeastern's social capital risk as elevated given that the hospital operates in a PSA with a small population and projected negative population and employment growth. We also view Southeastern's physical risk as elevated given its location near North Carolina's coastal shores that has materially affected performance in previous years. Lastly, we view governance risk as neutral in our analysis but note it has been elevated over the past several years given Southeastern's operating challenges resulted in going concern opinions in fiscal years 2022 and 2023, although the 2024 audit removed the concern. However, we also view the MSA with UNC Health as mitigating the governance risk through joint management, strategy development, and oversight. "The stable outlook reflects our expectation that Southeastern will generate stable-to-improving operating performance and cash flow through the outlook period. In addition, an improved, but still pressured, balance sheet and debt metrics support the outlook. The outlook further reflects our expectation that the hospital will maintain its market position with steady-to-improved volumes. "We could revise the outlook to negative or lower the rating if operations decline such that maximum annual debt service (MADS) coverage weakens to levels below rating expectations or if there is a decline in unrestricted reserves or DCOH. Although unlikely, we could also lower that rating if Southeastern experiences an increase in long-term debt or a material deterioration in enterprise characteristics, particularly market share. "We could revise the outlook to positive or raise the rating should Southeastern continue to demonstrate meaningful financial operating improvement and a trend of margin growth in conjunction with improvement to key balance-sheet metrics including DCOH and a continued trend of deleveraging. Improved underlying operations, absent HASP funds, would also inform a positive rating action." UNDER ARMOUR: Moody's Lowers CFR to B1 & Alters Outlook to Stable ----------------------------------------------------------------- Moody's Ratings downgraded Under Armour, Inc.'s (Under Armour) ratings, including its corporate family rating to B1 from Ba3, probability of default rating to B1-PD from Ba3-PD and senior unsecured notes rating to B2 from B1. The company's speculative grade liquidity rating (SGL) was upgraded to SGL-2 from SGL-3. The outlook was changed to stable from negative. The CFR downgrade to B1 reflects Moody's expectations that Under Armour's operational turnaround will be more challenging than previously anticipated as a result of cautious retailer orders, slow consumer discretionary spending and higher tariffs. The upgrade in SGL to SGL-2 reflects the recent refinancing of Under Armour's $600 million notes due 2026, which addressed its near term debt maturity. It also reflects Moody's expectations for modestly positive free cash flow, discretionary balance sheet cash and good excess availability under its $1.1 billion revolving credit facility due June 2030. RATINGS RATIONALE Under Armour's B1 CFR reflects the company's well-recognized brand and diversified global distribution in the athletic apparel and footwear market. The comprehensive turnaround led by CEO and founder Kevin Plank aims to elevate the brand and revamp the company's product, marketing and market segmentation. Under Armour's strategic initiatives have resulted in improved gross margin prior to the impact of tariffs through lower promotions, and early signs of stronger consumer engagement benefiting from the introduction of new, premium products and more effective marketing. The company's relatively low level of funded debt and good liquidity profile also provide key credit support while it addresses its underperformance. At the same time, the credit profile is constrained by the company's weak operating performance and low operating margin. Moody's expects revenues and earnings to continue to decline in the second half of fiscal 2026, as the company's strategic initiatives are offset by higher tariffs and cautious discretionary spending. While Moody's expects Under Armour's turnaround to generate earnings growth over time, there is significant execution risk, given intense competition and the company's prior struggles to improve brand health. Moody's projects Moody's-adjusted debt/EBITDA (which does not add back significant restructuring and one-time charges) to increase to high-5x at year-end FYE March 2026 from 4.3x as of September 30, 2025 and subsequently decline to low- to mid-3x in FY 2027. In FY 2027, Moody's projects earnings growth in the second half, driven by lower restructuring charges and higher gross profit as the company starts to mitigate tariffs with higher pricing and its revamped products gain more traction with retail partners. However, Moody's projects Moody's-adjusted EBITA/interest expense to remain relatively low, in the low 2x range in FY 2027. Additionally, Moody's views Under Armour's executive turnover, including four CEO transitions in the past 4 years and significant recent key executive changes, as a moderate governance concern. The stable outlook reflects Moody's expectations for good liquidity and significant earnings improvement in fiscal 2027. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if operating performance improves on a sustained basis, including revenue growth and margin expansion, reflecting successful execution of the company's turnaround strategies. Quantitatively, the ratings could be upgraded if Moody's-adjusted debt/EBITDA is sustained below 4x and EBITA/interest expense above 2.5x. An upgrade would also require continued balanced financial strategies and continued good liquidity, including solid positive free cash flow. The ratings could be downgraded if earnings are weaker than anticipated in fiscal 2026 or do not start to recover significantly in fiscal 2027. Quantitatively, the ratings could be downgraded if Moody's-adjusted debt/EBITDA is sustained above 4.75x or if EBITA/interest expense is sustained below 2x. Weaker liquidity or more aggressive financial policies, such as material share repurchases prior to earnings recovery could also result in a downgrade. Headquartered in Baltimore, Maryland, Under Armour, Inc. is a designer, marketer and retailer of apparel, footwear, equipment and accessories for a wide variety of sports and fitness activities. Revenue for the last twelve months ended September 30, 2025 was about $5.0 billion. The principal methodology used in these ratings was Retail and Apparel published in September 2025. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. VERRICA PHARMACEUTICALS: Affinity Entities Hold 5.47% Equity Stake ------------------------------------------------------------------ Affinity Asset Advisors, LLC and Affinity Healthcare Fund, LP disclosed in a Schedule 13G filed with the U.S. Securities and Exchange Commission that as of 11/25/2025, they beneficially own 884,172 shares (consisting of 707,338 shares of common stock directly held plus 176,834 shares of common stock issuable upon the exercise of currently exercisable warrants) of Verrica Pharmaceuticals Inc.'s Common Stock, $0.0001 par value per share, representing 5.47% of the class based on 16,166,695 shares of common stock outstanding as of November 25, 2025. The Affinity Entities may be reached through: Andrew Weinstein, CFO and CEO Affinity Asset Advisors, LLC / Affinity Healthcare Fund, LP 450 Park Avenue, Suite 1403 New York, NY 10022 Tel: 917-826-4533 A full-text copy of Affinity Asset's SEC report is available at: https://tinyurl.com/4d8d7a82 About Verrica Pharmaceuticals West Chester, Pa.-based Verrica Pharmaceuticals Inc. is a dermatology therapeutics company developing and selling medications for skin diseases requiring medical intervention. Philadelphia, Pennsylvania-based KPMG LLP, the Company's auditor since 2008, issued a "going concern" qualification in its report dated March 11, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has incurred substantial operating losses since inception and has negative cash flows from operations that raise substantial doubt about its ability to continue as a going concern. As of September 30, 2025, the Company had $40.9 million in total assets, $57.9 million in total liabilities, and $17 million in total stockholders' deficit. WANJOGU LLC: John Whaley Named Subchapter V Trustee --------------------------------------------------- The Acting U.S. Trustee for Region 21 appointed John Whaley, a practicing accountant in Atlanta, Ga., as Subchapter V trustee for Wanjogu, LLC. Mr. Whaley will be paid an hourly fee of $425 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Whaley declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: John T. Whaley, CPA P.O. Box 76362 Atlanta, GA 30358 Phone: 404-946-5272 Email: trustee@jtwcpa.net About Wanjogu LLC 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. Wanjogu filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-63986) on December 1, 2025, listing between $1 million and $10 million in assets and liabilities. William A. Rountree, Esq., at Rountree Leitman Klein & Geer, LLC represents the Debtor as legal counsel. WEEKLEY HOMES: S&P Downgrades ICR to 'BB-', Outlook Stable ---------------------------------------------------------- S&P Global Ratings lowered its issuer credit rating and existing issue-level ratings to 'BB-' from 'BB' on Houston-based Weekley Homes LLC. At the same time, S&P assigned its 'BB-' issue-level ratings on the company's proposed $400 million unsecured notes with a '3' recovery rating. S&P's stable outlook on Weekley Homes reflects its expectation for leverage to remain commensurate with that of its 'BB-' rating through the end of 2026, with debt to EBITDA of 3x-4x and EBITDA interest coverage of 3x-6x. Weekley Homes LLC is proposing to issue $400 million senior unsecured notes to repay its outstanding revolver balance and add excess cash to the balance sheet. The company's profitability metrics have weakened due to slow home buying demand, elevated and volatile mortgage rates, and consumer hesitancy, resulting in leverage that S&P expects will remain elevated through the end of next year. S&P Global Ratings assigned its 'BB-' issue-level rating and '3' recovery rating (50%-70%; rounded estimate: 65%) to Weekley Homes LLC.'s proposed $400 million senior unsecured notes due in 2034. Weekley Homes intends to use the net proceeds of its proposed senior unsecured notes due 2023 to repay outstanding borrowings under its $550 million revolving credit facility due in 2028 and add excess cash to the balance sheet. S&P said, "The downgrade and stable outlook reflect the company's current and forecasted leverage compared with our downgrade threshold of debt to EBITDA above 2x or debt to capital above 35%. As of the third quarter ended Sept. 30, 2025, our S&P Global Ratings-adjusted debt to EBITDA was 2.2x and adjusted debt to capital was approximately 35%. Our adjustments include the company's non-recourse VIE (variable interest entity) debt and is net of available cash balances." S&P said, "We expect the company's S&P Global Ratings-adjusted 2025 year-end debt balance to increase to more than $900 million from $534 million in 2024. We also forecast adjusted EBITDA of $325 million-$350 million, down from $509 million over the same period last year. Furthermore, the company is focused on its goal of 10,000 closings by 2030, and we believe debt balances could continue to increase as the company uses the excess cash for land and lot cost and development. The transaction transfers its obligations from revolving debt to fixed debt, allowing Weekley to increase leverage by providing it with the flexibility to operate with higher draws on its revolver during this stage of growth, amid a cooler macroeconomic environment. "We now forecast Weekley Homes's S&P Global Ratings-adjusted debt-to-EBITDA ratio will be 3x-4x over the next 12 months. We expect revenues to rise approximately 15% in 2026 due to more closings stemming from an increase in communities and continued use of incentives to stimulate demand. However, weaker profitability could be an offsetting factor. We anticipate EBITDA margins will decline toward 8%-10% through the end of fiscal 2026 and 2027 from 11.2% as of Sept. 2025, a reversion to our historical pre-pandemic mean. Consequently, we expect EBITDA of $325 million to $425 million through 2027, resulting in debt to EBITDA between 3x-4x. "We expect Weekley Homes to close more than 7,000 homes in fiscal 2026. The increase in closings is a product of more stable building material supply chains, a forecasted 30%-35% increase in communities in its existing key markets such as Texas, Florida, and the Carolinas, consistent labor, and continued use of incentives for sales. Selling and advertising spending remain elevated compared with peers because of the cost and timing to grow communities. We expect SG&A as a percentage of sales to remain between 13.5% and 14% through 2026. "We expect flat to slightly down market conditions in 2026, leading to a 5% decrease in EBIDTA. Weekley has financial flexibility to maintain its growth strategy as it historically operates with positive free operating cash flow (FOCF), as it has done for the past five years. Yet, the company generated a discretionary cash flow deficit of approximately $68 million last year, as it invests in a large land inventory position and makes owner tax and profit distributions, amid a cooling market. "As part of its growth strategy, we expect land spend to increase in 2025 and 2026, precipitating a material use of working capital resulting in a FOCF deficit. Weekley is normally focused on organic growth through internal cash flow generation, and we forecast it will increase its community count and owned and controlled lots by approximately 55% by year-end 2026. Subsequently over that time, we do not expect any material acquisitions. We believe Weekley has the size, geographic diversity (in Texas, Florida, Mid-Atlantic, and Mountain regions), profitability metrics, and liquidity profile to deleverage through cash flow generation. "Our stable outlook on Weekley Homes reflects our expectation for 2026 net debt to EBITDA to remain between 3x and 4x and EBITDA to interest coverage of 3x-6x." S&P could lower the rating over the next 12 months if debt to EBITDA rises above 4x or EBITDA interest coverage below 3x. This could occur if: -- Debt-financed land spending or shareholder returns increase adjusted debt compared with our forecast; or -- A sharp regression in demand or profitability metrics. S&P could raise the rating over the next 12 months if: -- A rebound in demand or our profitability forecasts result in leverage falling below 3x on a sustained basis and EBITDA interest coverage ratios above 6x, and -- Its revenue base, closing volume, and profitability metrics were more in line with 'BB' rated peers. WESTSIDE NEIGHBORHOOD: S&P Affirms 'BB' Rating on Revenue Bonds --------------------------------------------------------------- S&P Global Ratings affirmed its 'BB' long-term rating on the California Municipal Finance Authority's series 2024A and 2024B education revenue bonds issued for Westside Neighborhood School (WNS). The outlook is stable. S&P Global Sustainable1 data shows that Los Angeles County, relative to other locations nationally, faces elevated exposure to seismic activity and wildfire risks. S&P said, "In our view, based on WNS' location, the elevated exposure to seismic risk could pose future challenges to the school's existing infrastructure, which could become material to our view of creditworthiness. However, we believe this risk is partly mitigated by strong state building codes. Although the region is exposed to elevated wildfire risks, in our view, this is partly mitigated by WNS' urban location. Consequently, we consider the physical risk exposure as neutral in our credit rating analysis. We consider WNS' social and governance factors neutral in our credit rating analysis." S&P said, "The stable outlook reflects our expectation that WNS will meet enrollment targets, sustain healthy demand, and manage operations and finances consistent with current expectations. We also believe that its weak resources, highly leveraged balance sheet, and projected deficit operations in the near term will limit the rating at the 'BB' rating level. "We could consider a negative rating action if WNS misses enrollment or projected operating targets, resulting in a longer trend of operating losses beyond the current near-term deficit projections, softening financial resources from already thin levels, or significant construction delays or unplanned cost overruns that affect finances. "Although unlikely during the near term given the significant capital and debt plans, we could consider a positive rating action over time if WNS produces consistent operational surpluses supporting notable growth in financial resources and a moderating debt burden, meets planned enrollment targets, and executes successfully on the construction project." WITH PURPOSE: Trustee Says Winston Played Role in Collapse ---------------------------------------------------------- Lynn LaRowe of Law360 reports that the trustee overseeing the bankruptcy of GloriFi, the self-proclaimed "anti-woke" financial technology startup, told a Texas federal court that Winston & Strawn LLP should not be permitted to escape a malpractice lawsuit tied to the company's collapse. According to the trustee, the firm was not merely providing routine legal services but was an active and knowing participant in the allegedly unlawful conduct of GloriFi's former CEO, which ultimately contributed to the company's $1.7 billion failure. The filing argues that Winston & Strawn's bid to dismiss the case ignores detailed allegations that its attorneys were aware of -- and enabled -- actions that violated corporate and regulatory standards. By remaining involved despite these red flags, the trustee said, the firm helped push GloriFi deeper into insolvency. The trustee maintains that these facts are more than sufficient to allow the malpractice lawsuit to proceed, the report states. About With Purpose Inc. With Purpose, Inc., doing business as GloriFi, operates as a bank. The Bank offers credit cards, mortgages, insurance, and banking services. GloriFi serves clients in the United States. With Purpose sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 23-30246) on February 8, 2023. Honorable Bankruptcy Judge Michelle V. Larson handles the case. The Debtor is represented by Clay Marshall Taylor, Esq. of Dentons Us LLP, Bryan C. Assink, Esq. and Christopher Joshua Osborne, Esq. of Bonds Ellis Eppich Schafer Jones LLP, andFrank Jennings Wright, Esq. of Law Offices Of Frank J. Wright, PLLC. WORKHORSE GROUP: Executes 1-for-12 Stock Split to Aid Motiv Merger ------------------------------------------------------------------ Workhorse Group Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on November 25, 2025, the stockholders approved a proposal authorizing the Board of Directors to effect a reverse stock split of the Company's outstanding shares of common stock, par value $0.001 per share, pursuant to Nevada Revised Statutes 78.2055, by a ratio of any whole number between 1-for-8 and 1-for-12, at any time prior to June 30, 2026, to be determined at the discretion of the Board. Following stockholder approval, the Board approved a 1-for-12 reverse stock split of the Company's issued and outstanding shares of Common Stock. The Reverse Split is effective as of December 8, 2025, and the Common Stock begins trading on a split-adjusted basis on the Nasdaq Capital Market at market open on December 8, 2025. The authorized number of shares of Common Stock will not be affected by the Reverse Split. As a result of the Reverse Split, every 12 shares of pre-Reverse Split Common Stock will be combined into one share of post-Reverse Split Common Stock, without any change in par value per share. Proportionate voting rights and other rights of Common Stockholders will not be affected by the Reverse Split, other than as a result of the treatment of fractional shares. No fractional shares will be issued in connection with the Reverse Split, and fractional shares resulting from the Reverse Split will be rounded up to the nearest whole share. As of November 19, 2025, there were 26,037,208 shares of Common Stock outstanding. As a result of the Reverse Split, the Company expects there will be approximately 2,169,768 shares of Common Stock outstanding, subject to certain adjustments, including as a result of rounding up fractional shares. The Reverse Split is intended to allow the Company to comply with Nasdaq Listing Rules applicable to the Company's proposed merger with Motiv Power Systems, Inc., but there can be no assurance that the Reverse Split will have such effect. If the Company fails to meet the Minimum Share Price Requirements, the Proposed Merger may not be consummated, which could adversely affect the Company's financial condition and business. The trading symbol for the Common Stock will remain "WKHS," and the new CUSIP number of the Common Stock following the Reverse Split will be 98138J503. The Company will adjust the exercise price, number of shares issuable on exercise or vesting and/or other terms of its outstanding stock options, warrants, restricted stock, and restricted stock units to reflect the effects of the Reverse Split. The Company's transfer agent, Empire Stock Transfer, Inc., is acting as the exchange agent for the Reverse Split. About Workhorse Group Workhorse Group Inc. -- http://www.workhorse.com-- is an American technology company with a vision to pioneer the transition to zero-emission commercial vehicles. The Company designs, develops, manufactures and sells fully electric ground and air-based electric vehicles. New York, N.Y.-based Berkowitz Pollack Brant Advisors + CPAs, the Company's auditor since 2024, issued a "going concern" qualification in its report dated March 31, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has incurred a net loss of $101.8 million and used $47.6 million of cash in operating activities during the year ended December 31, 2024, and as of December 31, 2024 the Company had total working capital of $8.2 million, including $4.1 million of cash and cash equivalents, and an accumulated deficit of $853.4 million. These conditions, along with the other matters, raise substantial doubt about the Company's ability to continue as a going concern. As of September 30, 2025, the Company had $116.7 million in total assets, $84.7 million in total liabilities, and $32.1 million in total stockholders' equity. WORKZ LLC: Seeks Chapter 11 Bankruptcy in Ohio ---------------------------------------------- On December 4, 2025, The Workz, LLC, filed for Chapter 11 protection in the Northern District of Ohio 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 The Workz, LLC The Workz, LLC is a service-oriented company specializing in business solutions and workforce support. The Workz, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-52060) 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 Alan M. Koschik handles the case. The Debtor is represented by Steven Heimberger, Esq. of Roderick Linton Belfance, LLP. [] David Sabath SEDA Experts as Managing Director ------------------------------------------------- SEDA Experts LLC, a leading expert witness firm providing world-class financial expert witness services, announced on Dec. 4 that David Sabath joined the firm as Managing Director. "We are excited to continue the build-out of our bankruptcy and restructuring practice with the addition of David," said Peter Selman, Managing Partner of SEDA Experts. David Sabath is an expert in bankruptcy and restructuring with over 30 years of experience in distressed investing. His background includes leading and building asset management businesses, analyzing and trading across asset classes, and managing portfolios through major market dislocations. Mr. Sabath co-founded Latigo Partners, a hedge fund focused on distressed and event-driven credit strategies, which he launched in 2005. Over 15 years, he built and managed a $1 billion AUM platform with 20 employees, investing successfully through major market dislocations, including the global financial crisis and the 2015 commodity downturn. Latigo Partners was sold to Pretium Partners in 2020. Following the acquisition, Mr. Sabath served as Senior Managing Director at Pretium and sat on both the Executive Committee and the Credit Investment Committee. He co-headed the Corporate Opportunistic Investing and Distressed platform and invested across the credit spectrum, including investment grade, high yield, leveraged loans, and distressed securities, deploying capital dynamically through a range of market environments, including during the COVID-19 disruption. Earlier in his career, Mr. Sabath held senior roles at major financial institutions. At JPMorgan, he served as Managing Director in the Proprietary Positioning Business, leading the North America credit investing team and managing a portfolio spanning long/short credit, relative-value and, distressed strategies. At Goldman Sachs, he was Head of Distressed Loan Research, managing the research team, deploying capital, advising clients on distressed opportunities, and speaking at industry events such as the Milken Conference. He began his investing career at Highbridge Capital as its first distressed analyst and previously served as Portfolio Manager at Chase Manhattan Bank, leading loan restructurings and investing in distressed securities. He started his career at KPMG as a Senior Tax Accountant (CPA). He holds an MBA from Northwestern University and a B.S. in Accountancy from the University of Missouri. About SEDA Experts LLC SEDA is a leading expert witness firm specializing in financial services. It supports international law firms by offering the highest level of expertise across the financial industry and providing access to the most influential financial services industry leaders. It provides superior independent advice, data analytics, valuation, and elite expert reports and testimony services to law firms, regulators, and leading financial institutions. [^] Recent Small-Dollar & Individual Chapter 11 Filings ------------------------------------------------------- In re Global Group Properties, Inc. Bankr. C.D. Cal. Case No. 25-20711 Chapter 11 Petition filed November 29, 2025 See https://www.pacermonitor.com/view/66LKD4Q/Global_Group_Properties_Inc_a__cacbke-25-20711__0001.0.pdf?mcid=tGE4TAMA represented by: Michael Cisneros, Esq. MICHAEL A. CISNEROS, ATTORNEY AT LAW E-mail: mcisneros@mac.com In re Miggs Restaurant LLC Bankr. M.D. Fla. Case No. 25-08989 Chapter 11 Petition filed November 29, 2025 See https://www.pacermonitor.com/view/FK7QFAQ/Miguel_Rosado_Miggs_Restaurant__flmbke-25-08989__0001.0.pdf?mcid=tGE4TAMA represented by: Samuel P. Bennett, Esq. SPB LAW PA In re JIC Contracting LLC Bankr. E.D. Pa. Case No. 25-14873 Chapter 11 Petition filed November 29, 2025 See https://www.pacermonitor.com/view/RSNHAFA/JIC_Contracting_LLC__paebke-25-14873__0001.0.pdf?mcid=tGE4TAMA represented by: Mark A. Berenato, Esq. BERENATO LAW FIRM E-mail: mark@berenatolawfirm.com In re Freedom Electric Marine, Inc. Bankr. M.D.N.C. Case No. 25-10835 Chapter 11 Petition filed November 30, 2025 See https://www.pacermonitor.com/view/5LHJMYI/Freedom_Electric_Marine_Inc__ncmbke-25-10835__0001.0.pdf?mcid=tGE4TAMA represented by: Samantha K. Brumbaugh, Esq. IVEY, MCCLELLAN, SIEGMUND, BRUMBAUGH & MCDONOUGH, LLP E-mail: skb@iveymcclellan.com In re William A Neal and Yuliya Morchiladze Neal Bankr. W.D. Mo. Case No. 25-60810 Chapter 11 Petition filed December 1, 2025 In re Burton Hills LLC Bankr. D.N.J. Case No. 25-22717 Chapter 11 Petition filed December 1, 2025 See https://www.pacermonitor.com/view/N33ZB6Q/Burton_Hills_LLC__njbke-25-22717__0001.0.pdf?mcid=tGE4TAMA represented by: Jose R. Torres, Esq. TORRES LEGAL E-mail: jrt@torreslegal.com In re David P. Ludington and Leslie L. Ludington Bankr. E.D.N.C. Case No. 25-04798 Chapter 11 Petition filed December 1, 2025 represented by: Danny Bradford, Esq. In re SMT Trucking LLC Bankr. E.D.N.C. Case No. 25-04795 Chapter 11 Petition filed December 1, 2025 See https://www.pacermonitor.com/view/T6EUKHA/SMT_Trucking_LLC__ncebke-25-04795__0001.0.pdf?mcid=tGE4TAMA represented by: Laurie B. Biggs, Esq. BIGGS LAW FIRM PLLC E-mail: lbiggs@biggslawnc.com In re Vitagroup, Inc. Bankr. W.D.N.C. Case No. 25-31291 Chapter 11 Petition filed December 1, 2025 See https://www.pacermonitor.com/view/HQ6AUNQ/Vitagroup_Inc__ncwbke-25-31291__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Nextgen Sleep, LLC Bankr. W.D. Okla. Case No. 25-13738 Chapter 11 Petition filed December 1, 2025 See https://www.pacermonitor.com/view/33LCPLA/Nextgen_Sleep_LLC__okwbke-25-13738__0001.0.pdf?mcid=tGE4TAMA represented by: Gary D Hammond, Esq. HAMMOND LAW FIRM E-mail: gary@okatty.com In re 1822 S. Dover Street, LLC Bankr. E.D. Pa. Case No. 25-14905 Chapter 11 Petition filed December 1, 2025 See https://www.pacermonitor.com/view/6SNQB2Y/1822_S_Dover_Street_LLC__paebke-25-14905__0001.0.pdf?mcid=tGE4TAMA represented by: Maggie Soboleski, Esq. CENTER CITY LAW OFFICES, LLC Email: msoboles@yahoo.com In re Kenneth Antonio Shaw Bankr. W.D. Tenn. Case No. 25-26202 Chapter 11 Petition filed December 1, 2025 In re Endocrine Associates of Dallas, P.A. Bankr. N.D. Tex. Case No. 25-34774 Chapter 11 Petition filed December 1, 2025 See https://www.pacermonitor.com/view/RWJC7OA/Endocrine_Associates_of_Dallas__txnbke-25-34774__0001.0.pdf?mcid=tGE4TAMA represented by: Melissa S. Hayward, Esq. HAYWARD PLLC E-mail: mhayward@haywardfirm.com In re Vintage Restoration Services, LLC Bankr. N.D. Tex. Case No. 25-44658 Chapter 11 Petition filed December 1, 2025 See https://www.pacermonitor.com/view/2LF4M6A/Vintage_Restoration_Services_LLC__txnbke-25-44658__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Durvall Properties LLC Bankr. S.D. Tex. Case No. 25-37214 Chapter 11 Petition filed December 1, 2025 See https://www.pacermonitor.com/view/QHMDVCI/Durvall_Properties_LLC__txsbke-25-37214__0001.0.pdf?mcid=tGE4TAMA represented by: Thaison Hua, Esq. HUA LAW GROUP PLLC E-mail: thaison@hualawgroup.com In re 210 At Harrison Court, LLC Bankr. N.D. Ala. Case No. 25-03649 Chapter 11 Petition filed December 2, 2025 See https://www.pacermonitor.com/view/LTTCWQY/210_At_Harrison_Court_LLC__alnbke-25-03649__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Kelly L James Bankr. E.D. Ark. Case No. 25-14212 Chapter 11 Petition filed December 2, 2025 represented by: Sheila Campbell, Esq. In re Marmar Bedford, LLC Bankr. C.D. Cal. Case No. 25-20775 Chapter 11 Petition filed December 2, 2025 See https://www.pacermonitor.com/view/PFOIO6A/Marmar_Bedford_LLC__cacbke-25-20775__0001.0.pdf?mcid=tGE4TAMA represented by: Thomas B. Ure, Esq. URE LAW FIRM Email: tom@urelawfirm.com In re Capital Security Solutions, Inc. Bankr. E.D. Cal. Case No. 25-26786 Chapter 11 Petition filed December 2, 2025 See https://www.pacermonitor.com/view/QKDP4TA/Capital_Security_Solutions_Inc__caebke-25-26786__0001.0.pdf?mcid=tGE4TAMA represented by: David C. Johnston, Esq. DAVID C. JOHNSTON Email: david@johnstonbusinesslaw.com In re Abry N. Garfoot and Kristen S Garfoot Bankr. D. Colo. Case No. 25-17910 Chapter 11 Petition filed December 2, 2025 See https://www.pacermonitor.com/view/AA6YU4Q/Abry_N_Garfoot_and_Kristen_S_Garfoot__cobke-25-17910__0001.0.pdf?mcid=tGE4TAMA represented by: Jonathan M. Dickey, Esq. KUTNER BRINEN DICKEY RILEY, P.C. Email: jmd@kutnerlaw.com In re R. P. Hughes & Company, LLC Bankr. M.D. Fla. Case No. 25-02403 Chapter 11 Petition filed December 2, 2025 See https://www.pacermonitor.com/view/7UZ4PQA/R_P_Hughes__Company_LLC__flmbke-25-02403__0001.0.pdf?mcid=tGE4TAMA represented by: Erik Washington, Esq. THE WASHINGTON LAW FIRM, PA Email: ewashesq@gmail.com In re Wagner Restoration, LLC Bankr. M.D. Fla. Case No. 25-07831 Chapter 11 Petition filed December 2, 2025 See https://www.pacermonitor.com/view/N667A5I/Wagner_Restoration_LLC__flmbke-25-07831__0001.0.pdf?mcid=tGE4TAMA represented by: Scott W. Spradley, Esq. THE LAW OFFICES OF SCOTT W. SPRADLEY E-mail: scott@flaglerbeachlaw.com In re 128 S Main Street LLC Bankr. N.D. Ga. Case No. 25-64033 Chapter 11 Petition filed December 2, 2025 Filed Pro Se In re 7855 Rivertown Rd LLC Bankr. N.D. Ga. Case No. 25-64032 Chapter 11 Petition filed December 2, 2025 Filed Pro Se In re Ellis International Holdings LLC Bankr. N.D. Ga. Case No. 25-64035 Chapter 11 Petition filed December 2, 2025 See https://www.pacermonitor.com/view/QDX6MOY/Ellis_International_Holdings_LLC__ganbke-25-64035__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Kristen M. Misiaszek Bankr. N.D. Ga. Case No. 25-64080 Chapter 11 Petition filed December 2, 2025 represented by: Thomas T. McClendon, Esq. JONES & WALDEN, LLC Email: tmcclendon@joneswalden.com In re 823 Suffield Square, LLC Bankr. N.D. Ill. Case No. 25-18489 Chapter 11 Petition filed December 2, 2025 See https://www.pacermonitor.com/view/5TGCCTA/823_Suffield_Square_LLC__ilnbke-25-18489__0001.0.pdf?mcid=tGE4TAMA represented by: William E. Jamison, Jr., Esq. WILLIAM E. JAMISON & ASSOCIATES E-mail: wjami39246@aol.com In re 19 Schuyler Ave LLC Bankr. D.N.J. Case No. 25-22790 Chapter 11 Petition filed December 2, 2025 Filed Pro Se In re Himatlal Invest Group LLC Bankr. D.N.J. Case No. 25-22771 Chapter 11 Petition filed December 2, 2025 See https://www.pacermonitor.com/view/KSWGOEQ/Himatlal_Invest_Group_LLC__njbke-25-22771__0001.0.pdf?mcid=tGE4TAMA represented by: David Chapman, Esq. Email: chapmanlaw646@gmail.com In re Daniel Joseph Texeira Bankr. E.D.N.Y. Case No. 25-45779 Chapter 11 Petition filed December 2, 2025 In re 520 E LLC Bankr. S.D.N.Y. Case No. 25-12693 Chapter 11 Petition filed December 2, 2025 See https://www.pacermonitor.com/view/WRA6I5I/520_E_LLC__nysbke-25-12693__0001.0.pdf?mcid=tGE4TAMA represented by: Michael L. Previto, Esq. MICHAEL L. PREVITO ESQ. E-mail: mchprev@aol.com In re Hill Investments LLC Bankr. E.D. Pa. Case No. 25-14916 Chapter 11 Petition filed December 2, 2025 See https://www.pacermonitor.com/view/UPHQ2VY/Hill_Investments_LLC__paebke-25-14916__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Jebco Properties, LLC Bankr. N.D. Tex. Case No. 25-44709 Chapter 11 Petition filed December 2, 2025 See https://www.pacermonitor.com/view/43JIAVQ/Jebco_Properties_LLC__txnbke-25-44709__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re The Retreat at CK7, LLC Bankr. N.D. Tex. Case No. 25-10236 Chapter 11 Petition filed December 2, 2025 See https://www.pacermonitor.com/view/3GLN5KA/The_Retreat_at_CK7_LLC__txnbke-25-10236__0001.0.pdf?mcid=tGE4TAMA represented by: Stephen W Sather, Esq. BARRON & NEWBURGER, P.C. E-mail: ssather@bn-lawyers.com In re X & N Ventures Inc Bankr. N.D. Tex. Case No. 25-44706 Chapter 11 Petition filed December 2, 2025 See https://www.pacermonitor.com/view/U4YF6TY/X__N_Ventures_Inc__txnbke-25-44706__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re AARTI Western LLC Bankr. S.D. Tex. Case No. 25-37297 Chapter 11 Petition filed December 2, 2025 See https://www.pacermonitor.com/view/WOFZ7SI/AARTI_Western__txsbke-25-37297__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Maximillian Kolbe Investment Capital, LLC Bankr. S.D. Tex. Case No. 25-37298 Chapter 11 Petition filed December 2, 2025 See https://www.pacermonitor.com/view/WKZO7PY/Maximillian_Kolbe_Investment_Capital__txsbke-25-37298__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Robert Lee Scherer and Sandra Lee Scherer Bankr. S.D. Tex. Case No. 25-37303 Chapter 11 Petition filed December 2, 2025 In re DFTHOME801 Bankr. W.D. Tex. Case No. 1:25-bk-11916 Chapter 11 Petition filed December 2, 2025 See https://www.pacermonitor.com/view/CUOAVXQ/Darwin_Layne_DFTHOME801__txwbke-25-11916__0001.0.pdf?mcid=tGE4TAMA represented by: Darwin McKee, Esq. DARWIN MCKEE, ATTORNEY E-mail: darwinmckee@yahoo.com In re HSB Cobalt Enterprises, Inc. Bankr. W.D. Tex. Case No. 25-11907 Chapter 11 Petition filed December 2, 2025 See https://www.pacermonitor.com/view/YR37YLY/Darwin_Layne_HSB_COBALT_ENTERPRISES__txwbke-25-11907__0001.0.pdf?mcid=tGE4TAMA represented by: Darwin McKee, Esq. In re Kelly L James Bankr. E.D. Ark. Case No. 25-14212 Chapter 11 Petition filed December 2, 2025 represented by: Sheila Campbell, Esq. In re Sherwood Trust, dated October 14, 2016 Bankr. C.D. Cal. Case No. 25-11647 Chapter 11 Petition filed December 3, 2025 See https://www.pacermonitor.com/view/BRTDSJY/Sherwood_Trust_dated_October_14__cacbke-25-11647__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Jose Cortez Ramos Bankr. E.D. Cal. Case No. 25-14031 Chapter 11 Petition filed December 3, 2025 In re Robert Grosvenor Blodgett Bankr. N.D. Cal. Case No. 25-51872 Chapter 11 Petition filed December 3, 2025 In re Svangvitaya L.L.C. dba Sala Thai Bankr. S.D. Cal. Case No. 25-05083 Chapter 11 Petition filed December 3, 2025 See https://www.pacermonitor.com/view/P2UM3WA/Svangvitaya_LLC_dba_Sala_Thai__casbke-25-05083__0001.0.pdf?mcid=tGE4TAMA represented by: Michael Jay Berger, Esq. LAW OFFICES OF MICHAEL JAY BERGER Email: michael.berger@bankruptcypower.com In re Ronnie D Alpha Bankr. E.D. La. Case No. 25-12911 Chapter 11 Petition filed December 3, 2025 represented by: Phillip Wallace, Esq. In re Jay A. Gillian and Michele B. Gillian Bankr. D.N.J. Case No. 25-22827 Chapter 11 Petition filed December 3, 2025 See https://www.pacermonitor.com/view/A6ODFBI/Jay_A_Gillian_and_Michele_B_Gillian__njbke-25-22827__0001.0.pdf?mcid=tGE4TAMA represented by: Maureen P. Steady, Esq. KURTZMAN | STEADY, LLC Email: steady@kurtzmansteady.com In re 1363 First Owner LLC Bankr. E.D.N.Y. Case No. 25-45804 Chapter 11 Petition filed December 3, 2025 See https://www.pacermonitor.com/view/UHB6RRQ/1363_First_Owner_LLC__nyebke-25-45804__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Dwight Halstead Bankr. E.D.N.Y. Case No. 25-45801 Chapter 11 Petition filed December 3, 2025 represented by: Vivian M Williams, Esq. In re Jamisha Automotive Corp Dba Jerry's Towing Bankr. E.D.N.Y. Case No. 25-74641 Chapter 11 Petition filed December 3, 2025 See https://www.pacermonitor.com/view/5SV23VA/Jamisha_Automotive_Corp_Dba_Jerrys__nyebke-25-74641__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Fawad Rashid Bankr. E.D.N.Y. Case No. 25-45814 Chapter 11 Petition filed December 3, 2025 represented by: Mark E Cohen, Esq. In re Fan Szechuan Cuisine Inc Bankr. S.D.N.Y. Case No. 25-12701 Chapter 11 Petition filed December 3, 2025 See https://www.pacermonitor.com/view/KAGQJCI/Fan_Szechuan_Cuisine_Inc__nysbke-25-12701__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Bridging The Divides Bankr. E.D.N.C. Case No. 25-04828 Chapter 11 Petition filed December 3, 2025 See https://www.pacermonitor.com/view/OLOZDWY/Bridging_The_Divides__ncebke-25-04828__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Phyllis Martens Bankr. W.D.N.C. Case No. 25-10236 Chapter 11 Petition filed December 3, 2025 represented by: Richard Wright, Esq. In re Bowie Enterprises LLC Bankr. E.D. Tex. Case No. 25-43687 Chapter 11 Petition filed December 3, 2025 See https://www.pacermonitor.com/view/4N3FCSQ/Bowie_Enterprises_LLC__txebke-25-43687__0001.0.pdf?mcid=tGE4TAMA represented by: Steven E. Wallace, Esq. WALLACE LAW, PLLC Email: wallacelaw1@me.com In re 345 Properties LLC Bankr. E.D. Va. Case No. 25-34812 Chapter 11 Petition filed December 3, 2025 See https://www.pacermonitor.com/view/5CKWJIY/345_Properties_LLC__vaebke-25-34812__0001.0.pdf?mcid=tGE4TAMA represented by: Kimberly Kalisz, Esq. CONWAY LAW GROUP, PC Email: Kimberly@conwaylegal.com In re North Shore Poke Co., Inc. Bankr. C.D. Cal. Case No. 25-13413 Chapter 11 Petition filed December 4, 2025 See https://www.pacermonitor.com/view/IS6VH6Q/North_Shore_Poke_Co_Inc__cacbke-25-13413__0001.0.pdf?mcid=tGE4TAMA represented by: James Dumas, Esq. DUMAS & KIM, APC Email: jdumas@dumas-law.com In re Epona Holdings LLC Bankr. E.D. Cal. Case No. 25-26813 Chapter 11 Petition filed December 4, 2025 See https://www.pacermonitor.com/view/4VEC55A/Epona_Holdings_LLC__caebke-25-26813__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Vintrendi Wine Company Bankr. N.D. Ill. Case No. 25-18650 Chapter 11 Petition filed December 4, 2025 See https://www.pacermonitor.com/view/2X4MTEQ/Vintrendi_Wine_Company__ilnbke-25-18650__0001.0.pdf?mcid=tGE4TAMA represented by: Gregory K. Stern, Esq. GREGORY K. STERN, P.C. Email: greg@gregstern.com In re The Workz, LLC Bankr. N.D. Ohio Case No. 25-52060 Chapter 11 Petition filed December 4, 2025 See https://www.pacermonitor.com/view/RDHFL4Y/The_Workz_LLC__ohnbke-25-52060__0001.0.pdf?mcid=tGE4TAMA represented by: Steven J. Heimberger, Esq. RODERICK LINTON BELFANCE LLP Email: sheimberger@rlbllp.com In re Alain Perpetus Joseph Bankr. D.D.C. Case No. 25-00563 Chapter 11 Petition filed December 4, 2025 represented by: Megan Bleskoski, Esq. In re Little Mike's Market, Inc. Bankr. E.D. Mich. Case No. 25-52371 Chapter 11 Petition filed December 4, 2025 See https://www.pacermonitor.com/view/JZX4BDI/Little_Mikes_Market_Inc__miebke-25-52371__0001.0.pdf?mcid=tGE4TAMA represented by: Robert N. Bassel, Esq. Email: bbassel@gmail.com In re 5 Star Home Care, Inc. Bankr. D.S.C. Case No. 25-04786 Chapter 11 Petition filed December 4, 2025 See https://www.pacermonitor.com/view/2ETIA3A/5_Star_Home_Care_Inc__scbke-25-04786__0001.0.pdf?mcid=tGE4TAMA represented by: Christine E. Brimm, Esq. BARTON BRIMM, PA Email: cbrimm@bartonbrimm.com In re Allen & Sons Trucking, Inc. Bankr. W.D. Tenn. Case No. 25-26293 Chapter 11 Petition filed December 4, 2025 See https://www.pacermonitor.com/view/SD3LC7Q/Allen__Sons_Trucking_Inc__tnwbke-25-26293__0001.0.pdf?mcid=tGE4TAMA represented by: Toni Campbell Parker, Esq. LAW FIRM OF TONI CAMPBELL PARKER Email: tparker002@att.net In re Jesse Nathanael Prescod and Jana Mareike Prescod Bankr. W.D. Wash. Case No. 25-13428 Chapter 11 Petition filed December 4, 2025 represented by: Dalton Cannon, Esq. GRAVIS LAW PLLC Email: dalton@gravislaw.com In re Danny Joe Brewer and Elisabeth Marie Brewer Bankr. D. Ariz. Case No. 25-11769 Chapter 11 Petition filed December 5, 2025 represented by: Patrick F Keery, Esq. KEERY MCCUE, PLLC Email: pkeery@keerymccue.com In re Church of All Faiths Bankr. N.D. Cal. Case No. 25-42280 Chapter 11 Petition filed December 5, 2025 See https://www.pacermonitor.com/view/KI2EZ7Q/Church_of_All_Faiths__canbke-25-42280__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Chic & Company Studio, LLC Bankr. S.D. Ga. Case No. 25-41151 Chapter 11 Petition filed December 5, 2025 See https://www.pacermonitor.com/view/IHDDOTY/Chic__Company_Studio_LLC__gasbke-25-41151__0001.0.pdf?mcid=tGE4TAMA represented by: Jon Levis, Esq. LEVIS LAW FIRM, LLC Email: levis@levislawfirmllc.com In re Pulaski Roofing & Construction Co. Bankr. N.D. Ill. Case No. 25-18718 Chapter 11 Petition filed December 5, 2025 See https://www.pacermonitor.com/view/6IKPERY/Pulaski_Roofing__Construction__ilnbke-25-18718__0001.0.pdf?mcid=tGE4TAMA represented by: Ted A. Smith, Esq. TED A. SMITH Email: ted.smith@smithortiz.com In re Aron Z. Lax Bankr. E.D.N.Y. Case No. 25-45855 Chapter 11 Petition filed December 5, 2025 represented by: Vivian Sobers, Esq. SOBERS LAW, PLLC In re James Sanchez Bankr. S.D.N.Y. Case No. 25-23175 Chapter 11 Petition filed December 5, 2025 represented by: Carl Nelson, Esq. In re Villa Del Mar LLC Bankr. D.P.R. Case No. 25-05526 Chapter 11 Petition filed December 5, 2025 See https://www.pacermonitor.com/view/GHH7BAQ/VILLA_DEL_MAR_LLC__prbke-25-05526__0001.0.pdf?mcid=tGE4TAMA represented by: Homel Mercado Justiniano, Esq. Email: hmjlaw2@gmail.com In re Creative Build LLC Bankr. D. Rhode Island Case No. 25-10961 Chapter 11 Petition filed December 5, 2025 See https://www.pacermonitor.com/view/RSJXONA/Creative_Build_LLC__ribke-25-10961__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Mezmereyes, PLLC Bankr. E.D. Tex. Case No. 25-43708 Chapter 11 Petition filed December 5, 2025 See https://www.pacermonitor.com/view/TKWAB2Q/Mezmereyes_PLLC__txebke-25-43708__0001.0.pdf?mcid=tGE4TAMA represented by: Brandon Tittle, Esq. TITTLE LAW FIRM, PLLC Email: btittle@tittlelawgroup.com In re Upgrade Salon Inc. Bankr. S.D. Tex. Case No. 25-37406 Chapter 11 Petition filed December 5, 2025 See https://www.pacermonitor.com/view/QDNKKBY/UPGRADE_SALON_INC__txsbke-25-37406__0001.0.pdf?mcid=tGE4TAMA represented by: Jeremy Wood, Esq. LAW OFFICE OF JEREMY T. WOOD, PLLC Email: jeremy@jeremywoodlaw.com In re Ali Choudhri Bankr. S.D. Tex. Case No. 25-90797 Chapter 11 Petition filed December 5, 2025 represented by: Bruce Duke, Esq. ********* 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 ***