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251212.mbx T R O U B L E D C O M P A N Y R E P O R T E R Friday, December 12, 2025, Vol. 29, No. 345 Headlines 1291 BRITAIN: Plan Exclusivity Period Extended to December 15 215 PAPER MILL: Plan Exclusivity Period Extended to December 15 393 HOLDINGS: Seeks to Hire Counts Real Estate Group as Broker 5 STAR HOME: W. Harrison Penn Named Subchapter V Trustee 51 PARK PLACE: Case Summary & Six Unsecured Creditors 9 CROSBY: Gets Interim OK to Use Cash Collateral ALEON METALS: Seeks to Extend Plan Exclusivity to March 16, 2026 ALEXANDER PLASTICS: Seeks to Sell Acrylic Pieces ALL MOMS: Seeks to Tap Welch and Company as Legal Counsel ALL REAL SERVICES: Seeks Cash Collateral Access ANGELA HOLDINGS: Section 341(a) Meeting of Creditors on January 9 API GP VENTURE: Seeks to Hire Ordinary Course Professional APPLE TREE: Case Summary & 12 Unsecured Creditors ARAMSCO INC: T. Rowe Price Marks $1.8MM 1L Loan at 27% Off ARCHDIOCESE OF BALTIMORE:Withdraws Immunity Defense in Abuse Claims ARTIFICIAL INTELLIGENCE: Clarifies Visibility of Corporate News ARTISTIC HOLIDAY: Bid for Lease Extension Granted in Part ARTWOOD ENGINEERING: Seeks Subchapter V Bankruptcy in California ARVI MANAGEMENT: Voluntary Chapter 11 Case Summary ASOCIACION HOSPITAL: Seeks to Extend Exclusivity to Feb. 23, 2026 ASP UNIFRAX: Sixth Street Lending Marks $1.5MM 2L Loan at 50% Off ASTER OILFIELD: Seeks Chapter 11 Bankruptcy in West Virginia AVANCE MANAGEMENT: Gets Interim OK to Use Cash Collateral AVI SCHWALB: Loses Bid to Stay Chapter 7 Bankruptcy Case Conversion AZUL SA: Close to Bankruptcy Exit Plan Ruling BARMASTERS LLC: Gets Interim OK to Use Cash Collateral BARTRAM LOGISTICS: Seeks to Extend Plan Exclusivity to May 7, 2026 BAY STREET: Case Summary & Seven Unsecured Creditors BED BATH: Sixth Street Lending Marks $10.6MM Loan at 16% Off BED BATH: Sixth Street Lending Marks $44.5MM Loan at 17% Off BED BATH: Sixth Street Lending Marks $6.5MM Loan at 17% Off BELLA CAPRI: Voluntary Chapter 11 Case Summary BEXIN REALTY: Court Extends Cash Collateral Access to Dec. 31 BK & MK: Seeks to Hire David Freydin PC as Bankruptcy Counsel BLUM HOLDINGS: Executes $1.5MM in Unsecured Promissory Notes BOTW HOLDINGS: Seeks Court OK to Hire SL Biggs as Expert Witness BOWERS TRUCKING: Seeks OK for Post-Petition Factoring With ECS BRADYIFS HOLDINGS: T. Rowe Price Marks $917,000 1L Loan at 67% Off BRANDHOOT LLC: Court OKs Bicycle Inventory Sale at Auction BRIDGING THE DIVIDES: John Rhyne Named Subchapter V Trustee BURLINGTON OPERATING: Gets Interim OK to Use Cash Collateral CALIFORNIA ENVIRONMENTAL: Seeks Cash Collateral Access CCSL BILOXI: Case Summary & 20 Largest Unsecured Creditors CHARLES & COLVARD: Director Neal Goldman Steps Down from Board CHARLES & COLVARD: Elects 4 Directors; Tie Leaves Board Vacancy CHARLES & COLVARD: Receives Default Notice on $2MM Ethara Note CHESAPEAKE HOME: Hires Steven H. Greenfeld as Legal Counsel CHPPR MIDCO: Moody's Affirms 'B3' CFR, Outlook Stable CHURCH OF THE IMMACULATE: Court to OK Church Wages in Ch. 11 CITADEL ASSISTED: Hires Michael Best & Friedrich as Legal Counsel CLEARSIDE BIOMEDICAL: Seeks to Sell Biopharma Assets at Auction COMPUTE NORTH: Tribolet Can't Compel Relm to Pay $4.65MM Settlement COREWEAVE INC: S&P Rates 1.75% Sr. Unsecured Convertible Notes 'B' CORVIAS CAMPUS: Gets Court OK for Chapter 11 Sale Plan CROCKETT OPERATING: Scott Seidel Named Subchapter V Trustee D SAN JOSE: Hires Quilling Selander Lownds as Bankruptcy Counsel D&D BUYER: T. Rowe Price Marks $1.3MM 1L Loan at 57% Off DIGITAL MEDIA: Voluntary Chapter 11 Case Summary E GLUCK: Gets Interim OK for DIP Financing From Israel Discount EAGLE FENCE: Seeks to Hire Robert W. Raley as Bankruptcy Counsel EAST SIDE ASSISTED: Taps Michael Best & Friedrich as Legal Counsel EDEN ON BRAND: Case Summary & 14 Unsecured Creditors ELITE EQUIPMENT: Seeks to Extend Plan Exclusivity to May 5, 2026 EVERSTREAM SOLUTIONS: Russell R. Johnson Represents Utilities EVERSTREAM SOLUTIONS: Sussman & Moore Represents Utility Companies FALKY HOLDINGS: Court OKs Valdosta Property Sale to Valle Pines FAN SZECHUAN: Ronald Friedman Named Subchapter V Trustee FAZELI PROPERTIES: Section 341(a) Meeting of Creditors on Jan. 14 FIRST BRANDS: Races to Reassure Investors as Loan Dips to 63 Cents FREE COURTESY: Taps Joshua R. Bronstein & Associates as Counsel GACH LLC: Seeks to Tap Signature Partnership as Real Estate Broker GATES INDUSTRIAL: S&P Upgrades ICR to 'BB', Outlook Stable GENERATION HEALTHCARE: Seeks Subchapter V Bankruptcy in Ohio GENERATION HOME: Seeks Chapter 11 Bankruptcy in Ohio GENERATION HOSPICE: Seeks Subchapter V Bankruptcy in Ohio GENESIS HEALTHCARE: Democratic Lawmakers Want to Probe Ch. 11 Sale GENESIS PROJECT: Gets Extension to Access Cash Collateral GI APPLE: T. Rowe Price Virtually Writes Off $1.3MM 1L Loan GOLD TREE: Case Summary & Seven Unsecured Creditors GRACE LIMOUSINE: U.S. Trustee Unable to Appoint Committee GRAN TIERRA: Moody's Puts 'B2' CFR Under Review for Downgrade GROUP STONE: Seeks to Hire DASA Law as Bankruptcy Counsel H&T WHOLESALE: Gets OK to Hire Accrualworld as Accountant HARVARD BIOSCIENCE: Remains on Track to Complete Refinancing HARVEST REAL: Case Summary & One Unsecured Creditor HOTEL ONE: Hires Emmanuel Sheppard & Condon as Special Counsel IN HOLDINGS: Court Confirms Joint Chapter 11 Plan INCORA: Judge Says Disputed Debt Deal Didn't Breach Contracts INFORMATICA INC: S&P Withdraws 'BB-' ICR on Merger With Salesforce INFOTELECOM LLC: S Corp. Partners Must Pay More Tax After Deal INGLE & ASSOCIATES: Hires Nicholson Devine LLC as Legal Counsel INMOBILIARIA LLC: Seeks to Hire Horvath & Tremblay LLC as Realtor INOTIV INC: Warns of Going Concern Doubt Despite Narrower 2025 Loss INTERFACE INC: S&P Withdraws 'BB-' Issuer Credit Rating J.R. BUTLER: Dec. 18 Hearing Set for Ford Motor's Stay Relief Bid J.R. BUTLER: Seeks to Hire CliftonLarsonAllen LLP as Accountant JACKSON WALKER: Judge Says Romance Trial Date Still Distant JAMISHA AUTOMOTIVE: Salvatore LaMonica Named Subchapter V Trustee JAY4 INC: Gets Extension to Access Cash Collateral JENSEN HUGHES: T. Rowe Price Virtually Writes Off $3.6MM 1L Loan KANSAS CITY COSTUME: Seeks to Hire Evans & Mullinix as Counsel KEYLINK ENTERPRISES: Case Summary & One Unsecured Creditor KINGDOM AMBASSADOR: Hires Nealon & Associates as Special Counsel KLEINFELDER GROUP: T. Rowe Price Marks $2.9MM 1L Loan at 47% Off KLEINFELDER GROUP: T. Rowe Price Marks $329,000 1L Loan at 83% Off KOKOMO KEY: Seeks to Hire Swope Rodante as Litigation Counsel LANETT, AL: S&P Affirms 'BB+' Rating on Electric Revenue Warrants LAW OFFICES OF EDWARD: Gerard Luckman Named Subchapter V Trustee LENMAR ROBERTSON: Case Summary & One Unsecured Creditor LESLIE'S POOLMART: S&P Downgrades ICR to 'CCC', Outlook Negative LEVEL 3 FINANCING: Fitch Assigns CCC- Rating on Sr. Unsecured Notes LEVEL 3 FINANCING: Moody's Rates New Unsec. Notes Due 2036 'Caa1' LITTLE BROWN: Seeks Subchapter V Bankruptcy in California LUGANO DIAMONDS: FBI Probes Founder's Diamond Deals LUMEN TECHNOLOGIES: Appoints James Fowler as CTO Effective Jan. 5 MAILTROPOLIS LLC: Aaron Cohen Named Subchapter V Trustee MAPLE RIDGE: Seeks to Hire Omni Agent Solutions as Claims Agent MAXILL DENTAL: Seeks Subchapter V Bankruptcy in Ohio MAXILL INC: Case Summary & Six Unsecured Creditors MAXILL INC: Seeks Chapter 11 Bankruptcy in Ohio MAXILL REALTY: Case Summary & Four Unsecured Creditors MAXILL REALTY: Seeks Subchapter V Bankruptcy in Ohio MONTE MARTIN: Seeks Approval to Hire Bobbie L Timm as Accountant MONTE MARTIN: Seeks to Hire Shuster Law PLLC as Bankruptcy Counsel MORICI RACING: U.S. Trustee Unable to Appoint Committee MOSAIC SUSTAINABLE: Reed Smith Updates Consumer Claimants List MY GEORGIA: Gets Interim OK to Use Cash Collateral NANOVIBRONIX INC: E&Y Unit Kost Forer Gabbay Approved as Auditor NAUTICAL IMPORTS: Tarek Kiem of Kiem Law Named Subchapter V Trustee NC GAS HOUSE: Seeks to Hire Walton Law Group as Bankruptcy Counsel NERFIES MANAGEMENT: Gets Interim OK to Use Cash Collateral NEW LOOK: T. Rowe Price Marks $1.1MM 1L Loan at 82% Off NEW LOOK: T. Rowe Price Marks $1MM 1L Loan at 28% Off NEW LOOK: T. Rowe Price Marks $8.1MM 1L Loan at 28% Off NEW MEXICO TERMINAL: Hires Forman Holt as Bankruptcy Counsel NEWFOLD DIGITAL: S&P Raises ICR to 'CCC', On CreditWatch Positive NIGHTFOOD HOLDINGS: Increases Series C Preferred Shares to 800,000 NOISA INC: Seeks to Hire DeMarchi & Associates as Accountant NORDICUS PARTNERS: Raises $1.14 Million via Private Placement NORTH JAX CONCRETE: Gets Interim OK to Use Cash Collateral NORTH SHORE POKE: Mark Sharf Named Subchapter V Trustee OASIS GB: Voluntary Chapter 11 Case Summary OFFICE PROPERTIES: Hires PwC US Tax LLP as Tax Services Provider OLD TOWN: Case Summary & Five Unsecured Creditors OMNI FIBER: T. Rowe Price Marks $30.4MM 1L Loan at 81% Off OSCAR ACQUISITIONCO: S&P Downgrades ICR to 'CCC+', Outlook Neg. PAP-R PRODUCTS: Seeks to Extend Plan Exclusivity to March 31, 2026 PAVE AMERICA: T. Rowe Price Marks $5.6MM 1L Loan at 52% Off PAVMED INC: Stockholders Approve Reverse Split Amendment PERATON CORP: T. Rowe Price Marks $17.3MM 2L Loan at 40% Off PERATON CORP: T. Rowe Price Marks $6.5MM 2L Loan at 39% Off POOLE FUNERAL: Seeks 45-Day Extension of Plan Filing Deadline PRESTON CONSULTING I: Hires Keller Williams as Real Estate Broker PRINCETON LAKES: Case Summary & 13 Unsecured Creditors PROSPECT MEDICAL: Court OKs Waterbury, MPT Settlement Agreement REBORN COFFEE: Equity Rule Noncompliance Triggers Nasdaq Delisting RECREATION DISCOUNT: Files Emergency Bid to Use Cash Collateral REDEFYNE MOVING: Case Summary & 20 Largest Unsecured Creditors RIMKUS CONSULTING: T. Rowe Price Marks $1.1MM 1L Loan at 76% Off RIMKUS CONSULTING: T. Rowe Price Marks $2.2MM 1L Loan at 79% Off ROGERS LANDWORKS: Case Summary & 20 Largest Unsecured Creditors ROSEMERE ESTATES: Case Summary & Four Unsecured Creditors SALT LAKE DISTILLERY: Seeks Continued Cash Collateral Access SAVOR ACQUISITION: Moody's Affirms B2 CFR, Outlook Remains Stable SAY YES: To Sell Birmingham Property to Al Noor 21 for $55K SCILEX HOLDING: Secures $50MM Non-Recourse Loan Facility SCV GRAPHIC: Plan Exclusivity Period Extended to February 23, 2026 SHERRY ANN MCGANN: Court Dismisses Subchapter V Bankruptcy Case SKY-FRAME INC: Seeks Subchapter V Bankruptcy in California SKYX PLATFORMS: Raises $1MM via Series A-2 Preferred Stock Sale SONIM TECHNOLOGIES: Approves CFO Retention Bonus Tied to Asset Sale SPX FLOW: Moody's Puts 'B2' CFR Under Review for Upgrade SRX HEALTH: Narrows 2025 Loss to $8.6MM, Lifts Going Concern Doubt STAGGEMEYER STAVE: Oak Stave Biz Sale to Staggemeyer Wood OK'd STROMA MEDICAL: Case Summary & 20 Largest Unsecured Creditors SUBURBAN PROPANE: Moody's Rates New Unsecured Notes Due 2035 'B1' SUNBELT PLANTATIONS: Seeks to Hire Powell Group as Accountant SUPREME PLUMBING: Case Summary & 20 Largest Unsecured Creditors TC SIGNATURE: T. Rowe Price Marks $15MM 1L Loan at 40% Off TERRAFORM LABS: Do Kwon Sentenced in $40B Crypto Fraud Scam TP BRANDS: U.S. Trustee Unable to Appoint Committee TRADE WINDS: Case Summary & Two Unsecured Creditors TRANSATLANTIC BRIDGE: To Sell Mount Dora Property to Holzendorf TRICOLOR AUTO: Trustee Eyes Suit Against Founder for Collapse TRIPLETT FUNERAL: Files Amended Motion to Sell Kahoka Property TURBO REDI: Seeks Chapter 7 Bankruptcy in California UBA BROCKTON: Hires Rubin and Rudman LLC as Bankruptcy Counsel USIC HOLDINGS: T. Rowe Price Marks $2.5MM 1L Loan at 56% Off USIC HOLDINGS: T. Rowe Price Marks $5.3MM 1L Loan at 66% Off VICINITY MOTOR: To Sell Ferndale Property to C & Y Investments VISTEON CORP: Moody's Ups CFR & Senior Secured Debt to Ba1 VSM PROPERTIES: Court OKs Interim Use of Cash Collateral W.A. KENDALL: T. Rowe Price Marks $1.6MM 1L Loan at 81% Off WARNER BROS: Moody's 'Ba1' Rating Remains on Review for Downgrade WATER ENERGY: To Sell Teague Property to John Hearn Jr. WEST RIDGE: Seeks to Extend Plan Exclusivity to March 16, 2026 WESTMINSTER PRESBYTERIAN: Fitch Affirms 'BB' IDR, Outlook Stable WFO LLC: Trustee Taps South Texas Realty as Real Estate Broker WHITE ROCK: Seeks to Hire Smeberg Law Firm as Bankruptcy Counsel WML LLC: Brian Shapiro Named Subchapter V Trustee WOC EVENT: Court OKs Wedding Venue Biz Sale to Enchanted Way XCEL BRANDS: Wolf & Company Approved as Outside Auditor XWELL INC: Receives Nasdaq Bid Price Deficiency Notice YA INTERMEDIATE: T. Rowe Price Marks $2.9MM 1L Loan at 92% Off YA INTERMEDIATE: T. Rowe Price Marks $6.1MM 1L Loan at 90% Off YELLOW CORP: Committee Taps Miller Buckfire as Investment Banker ZAHAV 3310 W: Voluntary Chapter 11 Case Summary ZARATE AND ZOMENO: Seeks Chapter 7 Bankruptcy in California ZUUM TRANSPORTATION: Hires Levene Neale as Bankruptcy Counsel [] Pallas Partners' Barday Named to Seat on SDNY Bankruptcy Court ********* 1291 BRITAIN: Plan Exclusivity Period Extended to December 15 ------------------------------------------------------------- Judge Lisa Ritchey Craig of the U.S. Bankruptcy Court for the Northern District of Georgia extended 1291 Britain Dr. PCPRE, LLC's exclusive periods to file a plan of reorganization and obtain acceptance thereof to December 15, 2025 and February 13, 2026, respectively. As shared by Troubled Company Reporter, the Debtor has determined that it will need additional time and this Motion is filed within the Debtor's exclusive period to file a plan, which expires November 10, 2025. Since the commencement of the Case, the Debtor has worked diligently to maintain continuity in the everyday operation of its business, while exploring various strategies for exiting Chapter 11. The Debtor explains that it has engaged in negotiations with several potential lending partners to refinance its debt and has explored sale alternatives. While the Debtor has made significant progress in determining the path forward, it needs additional time to determine which alternative will generate the most favorable outcome for its creditors, equity holders and other interested parties. 1291 Britain Dr PCPRE is represented by: J. Robert Williamson, Esq. Ashley R. Ray, Esq. Scroggins, Williamson & Ray, P.C. 4401 Northside Parkway Suite 230 Atlanta, GA 30327 Tel: (404) 893-3880 Fax: (404) 893-3886 Email: rwilliamson@swlawfirm.com aray@swlawfirm.com About 1291 Britain Dr PCPRE 1291 Britain Dr PCPRE, LLC, operating as Britain Village Apartments, is a residential complex located at 1291 Britain Drive in Lawrenceville, Ga. The property offers two-and three-bedroom units with standard amenities and is managed by Premier Living US. 1291 Britain Dr PCPRE sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-54940) on May 5, 2025. In its petition, the Debtor reported estimated assets between $10 million and $50 million and estimated liabilities between $1 million and $10 million. The Debtor is represented by Ashley Reynolds Ray, Esq., at Scroggins, Williamson & Ray, P.C. 215 PAPER MILL: Plan Exclusivity Period Extended to December 15 --------------------------------------------------------------- Judge Lisa Ritchey Craig of the U.S. Bankruptcy Court for the Northern District of Georgia extended 215 Paper Mill Rd PCPRE, LLC d/b/a The Carolina's exclusive periods to file a plan of reorganization and obtain acceptance thereof to December 15, 2025 and February 13, 2026, respectively. As shared by Troubled Company Reporter, the Debtor has determined that it will need additional time and this Motion is filed within the Debtor's exclusive period to file a plan, which expires November 10, 2025. Since the commencement of the Case, the Debtor has worked diligently to maintain continuity in the everyday operation of its business, while exploring various strategies for exiting Chapter 11. The Debtor explains that it has engaged in negotiations with several potential lending partners to refinance its debt and has explored sale alternatives. While the Debtor has made significant progress in determining the path forward, it needs additional time to determine which alternative will generate the most favorable outcome for its creditors, equity holders and other interested parties. 215 Paper Mill Rd PCPRE LLC is represented by: J. Robert Williamson, Esq. Ashley R. Ray, Esq. Scroggins, Williamson & Ray, P.C. 4401 Northside Parkway Suite 230 Atlanta, GA 30327 Tel: (404) 893-3880 Fax: (404) 893-3886 Email: rwilliamson@swlawfirm.com aray@swlawfirm.com About 215 Paper Mill Rd PCPRE, LLC d/b/a The Carolina 215 Paper Mill Rd PCPRE LLC d/b/a The Carolina, which operates an apartment complex in Lawrenceville, Georgia. 215 Paper Mill Rd PCPRE LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-54943) on May 5, 2025. In its petition, the Debtor estimated assets between $10 million and $50 million and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Lisa Ritchey Craig handles the case. The Debtor is represented by Ashley Reynolds Ray, at Scroggins, Williamson & Ray, P.C. 393 HOLDINGS: Seeks to Hire Counts Real Estate Group as Broker -------------------------------------------------------------- 393 Holdings, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Florida to employ Counts Real Estate Group, Inc. and Jason Smoker as real estate broker/agent. The broker will market and sell the Debtor's condominium complex known as Pinewood 30-A, located at 179 S. County highway 393, Santa Rosa Beach, FL 32459. Compensation to the Broker will be based on one percent of gross sale price. Mr. Smoker assured the court that his firm is a "disinterested person" within the meaning of 11 U.S.C. 101(14). The firm can be reached through: Jason Smoker Counts Real Estate Group, Inc. 21901 Panama City Beach Pkwy Panama City Beach, FL 32413 Primary Phone: (850) 866-3848 Email: smoker@countsrealestate.com About 393 Holdings, LLC 393 Holdings, LLC, doing business as Pinewood 30-A, engages in activities related to real estate in Santa Rosa Beach, Florida. The Company manages and oversees operations associated with the Pinewood 30-A condominium property at 179 South County Highway 393. 393 Holdings, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Fla. Case No. 25-31055-JCO). At the time of filing, the Debtor reported estimated assets of between $10 million and $50 million and estimated liabilities of between $10 million and $50 million. Judge Jerry C. Oldshue Jr. oversees the case. Berger Singerman LLP serves as the Debtor's legal counsel. 5 STAR HOME: W. Harrison Penn Named Subchapter V Trustee -------------------------------------------------------- The Acting U.S. Trustee for Region 4 appointed W. Harrison Penn as Subchapter V trustee for 5 Star Home Care, Inc. Mr. Penn 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. Penn declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: W. Harrison Penn PO Box 11332 Columbia, SC 29201-1332 Phone: (803) 771-8836 Email: hpenn@pennlawsc.com About 5 Star Home Care Inc. 5 Star Home Care, Inc. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D.S.C. Case No. 25-04786) on December 4, 2025, with $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Judge Elisabetta Gm Gasparini presides over the case. Christine E. Brimm, Esq., at Barton Brimm, PA represents the Debtor as legal counsel. 51 PARK PLACE: Case Summary & Six Unsecured Creditors ----------------------------------------------------- Debtor: 51 Park Place Owners LLC 325 Washington Avenue Brooklyn, NY 11205 Business Description: 51 Park Place Owners LLC, a single-asset real estate entity, owns and leases an apartment building at 51 Park Place Brooklyn, New York 11217. Chapter 11 Petition Date: December 10, 2025 Court: United States Bankruptcy Court Eastern District of New York Case No.: 25-45919 Judge: Hon. Nancy Hershey Lord Debtor's Counsel: William C. Heuer, Esq. WESTERMAN BALL EDERER MILLER ZUCKER & SHARFSTEIN LLP 1201 RXR Plaza Uniondale, NY 11556 Tel: (516) 622-9200 Fax: (516) 622-9212 Email: wheuer@westermanllp.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Lloyd Babb as owner/sole member. A full-text copy of the petition, which includes a list of the Debtor's six unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/ROFF4NY/51_Park_Place_Owners_LLC__nyebke-25-45919__0001.0.pdf?mcid=tGE4TAMA 9 CROSBY: Gets Interim OK to Use Cash Collateral ------------------------------------------------ 9 Crosby 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 the final hearing to pay the expenses set forth in its budget, subject to a 10% variance. As adequate protection for the use of its cash collateral, the lender Mishmeret Trust Company Limited will be granted a first priority post-petition security interest in and lien on all of the Debtors' assets, with the same priority, validity and extent as their pre-bankruptcy security interest and lien. In case of any diminution in value of its collateral, the lender will be granted a superpriority claim that ranks above all administrative expenses or priority claims, subject and subordinate only to the court-approved carveout. The final hearing is set for January 7, 2026. The Debtor is the owner and operator of the NoMo SoHo Hotel located at 150 Lafayette Street/9 Crosby Street, New York, filed a Chapter 11 petition to facilitate the sale of the Hotel as a going concern, with a stalking horse bid submitted by DH 9 Crosby LLC, an entity affiliated with Dan Hotels Ltd., for $125 million, subject to higher or competing bids. Contemporaneously, the Debtor filed a motion seeking approval of sale procedures and a motion requesting authorization to use cash collateral pursuant to 11 U.S.C. sections 361, 362, and 363, and applicable Federal and Local Bankruptcy Rules. The Debtor's cash collateral consists of substantially all receipts from hotel operations, including rents, room revenues, and other income, which are necessary to continue ordinary course operations, maintain services, pay employees, and preserve the value of the Hotel pending sale. Mishmeret Trust Company Limited, as trustee under a prepetition Deed of Trust, holds first-priority liens on the Hotel's real estate, operating assets, and personal property, including accounts, accounts receivable, deposits, and revenue, secured by a Promissory Note of $90.1 million plus fees and interest. Mishmeret's interest is also protected through replacement liens on post-petition property, a superpriority administrative expense claim, and maintenance of the existing deposit account control (DACA) structure, which channels operating revenue into a DIP account to pay budgeted expenses. The Debtor and Mishmeret agreed to a 15-week post-petition operating budget, which governs the use of cash collateral and ensures ordinary operations continue without interruption. A copy of the Court's Order dated December 1, 2025, is available at https://urlcurt.com/u?l=eqFJms from PacerMonitor.com. About 9 Crosby LLC 9 Crosby LLC owns and operates the NoMo SoHo Hotel at 150 Lafayette Street, also known as 9 Crosby Street, in New York, NY, featuring 264 guest rooms and suites, meeting and event spaces, and a restaurant. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. N.Y. Case No. 25-12559) on November 17, 2025. In the petition signed by Daniel Sasson, manager, the Debtor disclosed $126,638,227 in assets and $102,847,791 in liabilities. Judge Lisa G. Beckerman oversees the case. Kevin J. Nash, Esq. at GOLDBERG WEPRIN FINKEL GOLDSTEIN LLP represents the Debtor as legal counsel. ALEON METALS: Seeks to Extend Plan Exclusivity to March 16, 2026 ---------------------------------------------------------------- Aleon Metals, LLC and affiliates asked the U.S. Bankruptcy Court for the Southern District of Texas to extend their exclusivity periods to file a plan of reorganization and obtain acceptance thereof to March 16, 2026 and May 15, 2026, respectively. The Debtors explain that the application of factors to the facts and circumstances of the Chapter 11 Cases demonstrates that the requested extension of the Exclusive Periods is both appropriate and necessary. First, the size and complexity of the Debtors' business and industry, which requires Debtors to navigate complex issues in these Chapter 11 Cases warrants approval of the requested relief. The Debtors owned and operated the largest petroleum catalyst recycling facility of its kind in North America. The cases have involved numerous first and second day motions, employment of a broad slate of professionals, the effectuation of the Sale, and the administration of assets and claims for each of the Debtors. Second, termination of the Exclusive Periods at the statutory dates would adversely impact the Debtors' efforts to preserve and maximize the value of their estates and advance these Chapter 11 Cases. Prior to the conclusion of the sale process, the Debtors, in consultation with the DIP Secured Parties and the Committee, identified a plan-based exit as a viable exit path for these Chapter 11 Cases. Consistent with this direction, the Debtors undertook substantive work to prepare a confirmable plan and disclosure statement. The Debtors claim that they have not had sufficient time to consult with the parties in interest and finalize the chapter 11 plan between the recent developments and the fact that less than four months have passed since the Petition Date. If exclusivity were terminated, the Debtors could face the prospect of competing plans, which would introduce uncertainty and potentially delay the progress made toward a value-maximizing resolution. Third, notwithstanding the short duration of these cases, the Debtors have made substantial progress to date. As discussed, the Debtors have (i) secured critical first and second day relief, (ii) obtained Court approval of the Debtors' debtor-in possession financing on interim and final bases, (iii) retained a variety of necessary professionals to successfully and efficiently administer the Debtors' estates, as well as obtained Court approval of related compensation procedures, (iv) drafted and filed the Schedules, (v) obtained Court approval of both the Bid Procedures and the Sale, which successfully closed on October 21, 2025, (vi) established bar dates for the filing of proofs of claim and the approval of procedures for the filing of omnibus claims objections, (vii) established assumption and rejection procedures for the Debtors' executory contracts, and (viii) designed and effectuated the strategy for the implementation of the sale transactions and the wind-down of the Debtors' estates through ongoing negotiations with key parties in interest, including regarding the forthcoming chapter 11 plan. Fourth, the Debtors do not seek the extension of the Exclusive Periods as a means to exert pressure on the relevant parties in interest. Instead, the extension will allow the Debtors to continue making progress with key stakeholders on the forthcoming chapter 11 plan. The Debtors seek the requested extension of the Exclusive Periods out of an abundance of caution to ensure the progress made to date is not upended by a potential loss of their Exclusive Periods. Finally, the Debtors continue to make timely payments on their undisputed postpetition obligations. Accordingly, the seventh factor weighs in favor of extending the Exclusive Periods. Co-Counsel to the Debtors: NORTON ROSE FULBRIGHT US LLP Jason L. Boland, Esq. Julie Harrison, Esq. Maria Mokrzycka, Esq. 1550 Lamar, Suite 2000 Houston, Texas 77010 Telephone: (713) 651-5151 Facsimile: (713) 651-5246 Email: jason.boland@nortonrosefulbright.com Email: julie.harrison@nortonrosefulbright.com Email: maria.mokrzycka@nortonrosefulbright.com MORRISON & FOERSTER LLP Jennifer L. Marines (admitted pro hac vice) Benjamin Butterfield (admitted pro hac vice) Andrew Kissner (admitted pro hac vice) 250 West 55th Street New York, New York 10019 Telephone: (212) 468-8000 Facsimile: (212) 468-7900 Email: jmarines@mofo.com Email: bbutterfield@mofo.com Email: akissner@mofo.com About Aleon Metals LLC Aleon Metals, LLC own and operate a multipurpose solid waste disposal facility in Freeport, Texas, specializing in the extraction and refinement of metals used in the energy industry. They focus on processing spent catalysts from petroleum refining to recover vanadium and molybdenum, which have a range of chemical and industrial applications. The Debtors are also developing a hydrometallurgical recycling process for lithium-ion batteries that would convert aluminum waste from its catalyst recycling operations into battery-grade materials for cathode production. Aleon Metals sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 25-90305) on Aug. 17, 2025. In the petition signed by Roy Gallagher, chief restructuring officer, the Debtor disclosed up to $500 million in both assets and liabilities. Judge Christopher M. Lopez oversees the case. The Debtors tapped Morrison & Foerster, LLP as bankruptcy counsel; Norton Rose Fulbright US, LLP as local counsel; Ankura Consulting Group, LLC as restructuring and financial advisor; Jefferies, LLC as investment banker; and Stretto, Inc. as claims and noticing agent. The Official Committee of Unsecured Creditors has retained Gray Reed as counsel. ALEXANDER PLASTICS: Seeks to Sell Acrylic Pieces ------------------------------------------------ Alexander Plastics, Inc., d/b/a Creations Global, seeks permission from the U.S. Bankruptcy Court for the Northern District of Texas, Dallas Division, to sell Personal Property including acrylic sheets, acrylic pieces, free and clear of liens, claims, interests, and encumbrances. The Debtor is not engaging a broker for this sale. The pool of potential purchasers in this industry is very limited and known to the Debtor and its principals. To save the estate the time and expense of retaining a broker, the Debtor has decided not to hire a broker to facilitate this sale, but to contact potential buyers personally. The Materials consist of various acrylic sheets and pieces. A complete list of the multiple pieces, sheets, and measurements of the Materials is attached as Exhibit B at https://urlcurt.com/u?l=3LeyqU The Equipment consists of various models. A complete list of the equipment is attached as Exhibit C: https://urlcurt.com/u?l=XASqQ0 The Debtor is currently marketing the Materials and Equipment for the highest and best offer. The purchase price for the Materials will be $3,500 or best offer. The purchase price for the Equipment will be the highest and best offer. The Debtor submits that the proposed sale of Materials and Equipment is in the best interest of the Debtor's estate. The property is not necessary to the Debtor's operations or to the reorganization. The proposed sale is within the Debtor's sound business judgment. The personal property is currently being marketed for the highest and best offer. The proposed consideration is fair and reasonable. The sale will provide multiple benefits to the estate, including reducing unused materials and equipment, eliminating the ongoing costs of storing and maintaining these assets, and generating immediate cash proceeds. These funds will help support the Debtor’s operations and preserve liquidity pending confirmation of the plan, thereby maximizing value for creditors. About Alexander Plastics Alexander Plastics, Inc., doing business as, Creations Global, manufactures and distributes plastic products and kiosk systems from its facility in Garland, Texas. The Company offers engineered interior systems, mobile fabrication services, and VMS hybrid kiosks for retail and commercial clients. It provides design, prototyping, and engineering support tailored to custom specifications, and also supplies wholesale plastic components to various industries through direct and contract channels. The Debtor filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Texas Case No. 25-33013) on August 6, 2025, with $100,000 to $500,000 in assets and $1 million to $10 million in liabilities. Ben Goldfarb, chairman, signed the petition. Frances A. Smith, Esq., at Ross & Smith, P.C., is the Debtor's legal counsel. ALL MOMS: Seeks to Tap Welch and Company as Legal Counsel --------------------------------------------------------- All Moms Love, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Indiana to employ Welch and Company, LLC as its counsel. The firm's services include: a. preparation of petition, schedules and statements and any amendments; b. preparation of client for duties while in a Chapter 11 bankruptcy; c. attendance at Initial Debtor Interview (IDI) scheduled by the Office of the United States Trustee and facilitation of Debtor's requirements for the IDI meeting, attendance at any initial status conference as directed by the court, and attendance at the Sec. 341 meeting of creditors; d. draft and preparation of first day motions, employment applications, and other related pleadings; e. manage the receipt, review, and filing of Monthly Operating Reports and any other documents, reports, or filings that Debtor is required to submit; f. preparation of applications for compensation of WELCH and any other professionals that may be employed by the estate; g. prepare pleadings related to sale applications or valuation motions, if any; h. attendance at hearings and meetings not otherwise designated above; i. negotiations with creditors regarding critical aspects of the Chapter 11 proceeding and the confirmation process; j. consultations with the Debtor regarding the Chapter 11 proceeding and advising the responsible party regarding various aspects of the matter; k. consultations with professionals who the estate may need to hire; l. preparation of the Combined Plan and Disclosure Statement and ballots and service upon creditors; and m. filing and representation during any adversary proceedings that may arise; n. all other responsibilities and duties of counsel not specified here will also be undertaken by WELCH. WELCH does not hold or represents any interest adverse to the estate and is a "disinterested person" within the meaning of the Bankruptcy Code, according to court filings. The firm can be reached through: Eric C. Welch, Esq. WELCH & COMPANY, LLC 117 E. Charles Street, Suite 201 Muncie, IN 47305 Phone: (765) 282-9501 About All Moms Love LLC All Moms Love LLC is a limited liability company. All Moms Love LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ind. Case No. 25-06074) on October 3, 2025. In its petition, the Debtor reports estimated assets between $100,001 and $1 million and estimated liabilities up to $100,000. Honorable Bankruptcy Judge Jeffrey J. Graham handles the case. Eric C. Welch, Esq., at Welch & Company, LLC serves as the Debtor's counsel. ALL REAL SERVICES: Seeks Cash Collateral Access ----------------------------------------------- All Real Services, LLC asks the U.S. Bankruptcy Court for the District of New Jersey for authority to use cash collateral and provide adequate protection. The Debtor moves for interim and final orders authorizing the use of cash collateral and insurance proceeds, granting adequate protection to its secured creditor, Community Loan Servicing, LLC, and providing related relief necessary for continued operations during its Chapter 11 case. The Debtor owns a fully occupied mixed-use property in Plainfield, New Jersey, generating approximately $9,930 in monthly rent. After a foreclosure judgment exceeding $828,000 and a scheduled sheriff's sale, the Debtor filed Chapter 11 on September 24, intending to preserve and reorganize the property as a Single Asset Real Estate case. The property, acquired in poor condition, has been rehabilitated through extensive renovations funded by rental income and now has an estimated value of more than $1.1 million. In July, the building sustained flood damage, and shortly after the Chapter 11 filing, the Debtor received $194,977 in insurance proceeds jointly payable to itself and Community; these funds must be used to complete essential repairs. The Debtor intends to deposit the insurance proceeds into a segregated DIP account, immediately draw $40,000 to reimburse incurred repair expenses and make contractor deposits, and release the remaining funds through a controlled process requiring Community's review and non-objection. Because Community holds a mortgage, assignment of rents, and asserted liens on post-petition rents, the Debtor acknowledges these funds constitute cash collateral under 11 U.S.C. Section 363 and cannot be used without court approval. The Debtor proposes an extensive package of adequate protection: replacement liens on post-petition rents and proceeds, maintenance of full insurance coverage naming Community as loss payee, continued payment of mortgage obligations and escrowed taxes, detailed financial reporting through monthly operating reports, and a structured disbursement process for repair funds. The Debtor argues that its continued management of the property, prompt repairs, and stable rent collection will preserve and enhance the value of Community's collateral. Under sections 105, 361–364, and Bankruptcy Rule 4001(b)(2), the Debtor asserts that interim relief is urgently needed to avoid immediate and irreparable harm such as property deterioration, tenant instability, or loss of rental income while final approval will follow a noticed hearing. A court hearing is scheduled for December 23. A copy of the motion is available at https://urlcurt.com/u?l=MkssgQ from PacerMonitor.com. Community Loan Servicing is represented by: R.A. Lebron, Esq. FEIN, SUCH, KAHN & SHEPARD, P.C. Counselors at Law 6 Campus Drive, Suite 304 Parsippany, NJ 07054 (973) 538-9300 bankruptcy@fskslaw.com About All Real Services LLC All Real Services, LLC filed a Chapter 11 bankruptcy petition (Bankr. D.N.J. Case No. 25-19988-SLM) on Sept. 24, 2025. In the petition signed by Jevon L. O'Neal, member, the Debtor disclosed up to $500,000 in assets and up to $1 million in liabilities. Judge Stacey L. Meisel oversees the case. The Debtor hires Gillman Capone LLC as counsel. ANGELA HOLDINGS: Section 341(a) Meeting of Creditors on January 9 ----------------------------------------------------------------- On December 8, 2025, Angela Holdings LLC filed for Chapter 11 protection in the Southern District of Ohio. According to court filings, the Debtor reports between $1 million and $10 million in debt owed to 1–49 creditors. A meeting of creditors under Section 341(a) to be held on January 9, 2026 at 01:30 PM. The meeting will be held telephonically. Please dial 1-888-330-1716 and enter the code 3475860# to join. About Angela Holdings LLC Angela Holdings LLC owns 19 fee-simple residential properties across Ohio and Florida, including single-family homes, small multi-family residences, and a condominium in Cape Canaveral, FL, with a total tax value of about $2.6 million. The Company leases these properties as its primary business activity. Angela Holdings LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-32459) on December 8, 2025. In its petition, the Debtor reports estimated assets and estimated liabilities in the range of $1 million to $10 million. Honorable Bankruptcy Judge Tyson A. Crist handles the case. The Debtor is represented by Dustin R. Hurley, Esq. of Hurley Law, LLC. API GP VENTURE: Seeks to Hire Ordinary Course Professional ---------------------------------------------------------- API GP Venture Partners, LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the District of Delaware to retain non-bankruptcy professionals in the ordinary course of business. The Debtors need ordinary course professionals to perform services for matters unrelated to these Chapter 11 cases. The Debtors seek to pay OCPs 100 percent of the fees and expenses incurred. The Debtors do not believe that any of the OCPs have an interest materially adverse to them, their estates, creditors, or other parties in interest in connection with the matter upon which they are to be engaged. The OCP include: Ronald L. Wolfe & Associates, Incorporated 173 Chapel Street Santa Barbara, CA 93111 --Property Management About API GP Venture Partners API GP Venture Partners, LLC and its affiliates own and operate student housing properties in Goleta, California, providing accommodations for about 70 students. The group is managed by IRC Ashland I LLC, which holds roughly 90% of the equity, while Ashland Pacific, LLC holds the remaining 10% as a non-managing member. Operations are governed by limited liability company agreements and a master property management agreement defining ownership, management, and operational structures. API GP Venture Partners and affiliates, Ashland Pacific Integrated UCSB Holdings I, LLC, API UCSB Holdings I, LLC and API 6590 Holdings, LLC, filed Chapter 11 petitions (Bankr. D. Del. Lead Case No. 25-11640) on September 4, 2025. The petitions were signed by J. Michael Issa as chief restructuring officer. At the time of the filing, API GP Venture Partners reported up to $50,000 in both assets and liabilities. Judge Karen B. Owens oversees the cases. The Debtors are represented by: Mette H. Kurth, Esq. Pierson Ferdinand, LLP 3411 Silverside Road Baynard Building, Suite 104-13 Wilmington, DE 19810 Tel: (310) 245-8784 mette.kurth@pierferd.com - and - Lynnette R. Warman, Esq. Pierson Ferdinand, LLP 1341 W. Mockingbird Lane, Suite 600W Dallas, TX 75247 Tel: (214) 872-6319 lynnette.warman@pierferd.com APPLE TREE: Case Summary & 12 Unsecured Creditors ------------------------------------------------- Lead Debtor: Apple Tree Life Sciences, Inc. 230 Park Avenue Suite 2800 New York NY 10169 Business Description: Apple Tree Partners, legally known as Apple Tree Life Sciences, Inc., is a life sciences venture capital firm that forms and invests in healthcare and biotechnology companies from early-stage concepts through public market offerings. The firm provides flexible capital and works with venture partners and entrepreneurs-in-residence to develop research-driven enterprises in the therapeutics sector. Its activities span company creation at stages ranging from pre -intellectual-property ideas to asset spinouts. Chapter 11 Petition Date: December 9, 2025 Court: United States Bankruptcy Court District of Delaware Three affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- Apple Tree Life Sciences, Inc. (Lead Case) 25-12177 ATP Life Science Ventures, L.P. 25-12178 a/k/a Apple Tree Partners IV, L.P. ATP III GP, Ltd. 25-12179 Judge: Hon. Laurie Selber Silverstein Debtors' General Bankruptcy Co-Counsel: L. Katherine Good, Esq. POTTER ANDERSON & CORROON LLP 1313 N. Market Street, 6th Floor Wilmington DE 19801 Tel: (302) 984-6000 Email: kgood@potteranderson.com Debtors' General Bankruptcy Co-Counsel: QUINN EMANUEL URQUHART & SULLIVAN, LLP Debtors' Financial & Restructuring Advisor: B. RILEY Debtors' Cayman Law Counsel: WALKERS Estimated Assets (on a consolidated basis): $1 billion to $10 billion Estimated Liabilities (on a consolidated basis): $100,000 to $500,000 The petitions were signed by Seth L. Harrison as MD, president and CEO. Full-text copies of the petitions are available for free on PacerMonitor at: https://www.pacermonitor.com/view/2DRZ6BY/Apple_Tree_Life_Sciences_Inc__debke-25-12177__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/2DQ6VZI/ATP_Life_Science_Ventures_LP__debke-25-12178__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/CZVRKHA/ATP_III_GP_Ltd__debke-25-12179__0001.0.pdf?mcid=tGE4TAMA Consolidated List of Debtors' 12 Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Pluris Valuation Professional $63,350 Advisors, LLC Services Attn: Espen Robak 61 Broadway, Suite 1000 New York, NY 10006 Email: erobak@pluris.com 2. CBIZ, Inc. Professional $42,745 Attn: Ron Burton Services 68 South Service Road, Suite 300 Melville, NY 11747 Email: ronald.burton@cbiz.com 3. The Agency Worldwide Professional $37,500 Attn: Jeff Appelbaum Services PO Box 8792 Calabasas, CA 91372 Email: jeff@theagencyworldwide.com 4. Mark Mitchnick Professional $20,000 80 Three Mile Harbor Drive Services East Hampton, NY 11937 Email: mmitchnick@appletreepartners.com 5. RXR HB Owner LLC Utilities & $12,475 PO Box 411223 Maintenance Fees Boston, MA 02241 Email: RXRarinquiry@cbre.com 6. The Regents of the Professional $10,421 University of Services California Berkeley 2195 Hearst Avenue, #120 Berkeley, CA 94720 Email: cga_receivables@berkeley.edu 7. Belay Solutions, LLC Professional $7,350 Attn: Laura Keller Services 885 Woodstock Road Suite 430-365 Roswell, GA 30075 Email: accounting@belaysolutions.com 8. Wilson Sonsini Professional $4,944 Goodrich & Rosati Services Attn: Teresa Byard PO Box 742866 Los Angeles, CA 90074 Email: tbyard@wsgr.com 9. Chelsea Technologies LLC Professional $3,919 Attn: Meyer Services 101 NE Third Avenue, Suite 1120 Fort Lauderdale, FL 33301 Email: meyer@chelsea-tech.com 10. Cogent Communications, LLC Telephone $1,112 PO Box 791087 Baltimore, MD 21279 Email: billing@cogentco.com 11. Echelon Fine Printing Office Supplies $157 PO Box 849215 Los Angeles, CA 90084 12. Maples Group Professional $90 Attn: Natalie Stanford Services PO Box 1093 Boundary Hall, Grand Cayman KY1-1102 Cayman Islands ARAMSCO INC: T. Rowe Price Marks $1.8MM 1L Loan at 27% Off ---------------------------------------------------------- T. Rowe Price OHA Select Private Credit Fund has marked its $1,898,000 loan extended to ARAMSCO Inc. to market at $1,391,000 or 73% of the outstanding amount, according to T. Rowe's Form 10-Q for the quarterly period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. T. Rowe is a participant in a First Lien Loan to ARAMSCO Inc. The loan accrues interest at a rate of 8.75% per annum. The loan matures on October 10, 2030. T. Rowe Price OHA Select Private Credit Fund was initially formed on December 16, 2021 as a Delaware limited liability company and subsequently converted into a Delaware statutory trust on March 2, 2022. OHA Private Credit Advisors, LLC is the investment adviser of the Company. The Company invests primarily in directly originated and customized private financing solutions, including loans and other debt securities with a strong focus on senior secured lending to larger companies. The Company primarily targets investments in first lien loans, unitranche loans, second lien loans and other corporate secured debt. The Company may also invest in equity interests such as common stock, preferred stock, warrants or options, which generally would be obtained as part of providing a broader financing solution. T. Rowe is led by Eric Muller as Chief Executive Officer; and Thomas Hansen as Chief Financial Officer. The Fund can be reach through: Eric Muller T. Rowe Price OHA Select Private Credit Fund 1 Vanderbilt, 16th Floor New York, NY 10017 Telephone: (212) 326-1500 About ARAMSCO Inc. Aramsco, Inc. operates as a protective equipment and specialist chemicals distributor. The Company offers restoration, remediation, surface preparation, janitorial, sanitation, traffic safety, as well as provides stone fabrication, professional cleaning, support, and training. Aramsco serves customers in the United States and Canada. ARCHDIOCESE OF BALTIMORE:Withdraws Immunity Defense in Abuse Claims ------------------------------------------------------------------- Randi Love of Bloomberg Law reports that the Archdiocese of Baltimore and a committee representing child sex abuse survivors have reached a settlement resolving the church's attempt to invoke a charitable immunity defense, just days before the issue was set for trial. During a pre-trial hearing Wednesday, December 10, 2025, committee attorney Edwin Caldie of Stinson LLP told the US Bankruptcy Court for the District of Maryland that the archdiocese agreed to withdraw its reliance on the defense in its Chapter 11 case. Caldie also noted that the archdiocese will not permit parishes, schools, or other affiliated Catholic organizations to pursue their own bankruptcy filings unless they agree to the same terms. The stipulation effectively prevents related entities from using the charitable immunity defense to shield themselves from abuse claims. About the Archdiocese of Baltimore The Archdiocese of Baltimore operates as a non-profit religious organization. The organization provides catholic charities, chancery, pastoral council, policies, presbyteral council, and child and youth protection. The Archdiocese of Baltimore sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Md. Case No. 23-16969) on Sept. 29, 2023. In the petition filed by Archbishop William E. Lori, the Debtor estimated assets between $100 million and $500 million and liabilities between $500 million and $1 billion. The Debtor is represented by Catherine Keller Hopkin, Esq. at YVS Law, LLC. ARTIFICIAL INTELLIGENCE: Clarifies Visibility of Corporate News --------------------------------------------------------------- Artificial Intelligence Technology Solutions, Inc. issued a clarification regarding the visibility of its recent corporate announcements across various investor information platforms. The Company confirmed that all news releases continue to be published through its established distribution partners and remain fully accessible directly on www.aitx.ai. All required SEC filings, including 8-K, 10-Q, and 10-K reports continue to be submitted through the EDGAR system as part of the Company's standard disclosure practices. These filings are also posted on aitx.ai to provide investors with consistent access to the Company's complete regulatory record. The Company noted that certain brokerage platforms and trading applications may not display every announcement issued by OTC listed companies due to their individual news feed configurations, vendor selections or internal content policies. These differences can result in incomplete in app visibility, even when the same announcements are fully distributed across public news outlets and financial information services. "It is disappointing when our announcements do not appear on every platform where investors expect to find them," said Steve Reinharz, CEO/CTO and founder of AITX. "We share updates almost every day because we want investors to see the full scope of our activity. If a brokerage app does not surface that information, we invite investors to connect with us directly and follow our official channels to stay fully informed." To support consistent access to corporate information, the Company is enhancing direct investor communication through its near daily email updates and its weekly video briefings on the AITX YouTube channel. These channels provide the most reliable way for interested parties to stay informed on product launches, customer activity and operational milestones regardless of how third-party platforms present OTC issuer content. The Company continues to work with its distribution partners and is encouraging brokerage platforms to display its announcements with greater consistency. Improved visibility across these services is a priority as the Company advances toward its long-term objective of securing a NASDAQ listing, which would place AITX within a broader set of news and data feeds commonly supported across major broker platforms. About Artificial Intelligence Technology Headquartered in Ferndale, Mich., Artificial Intelligence Technology Solutions Inc. provides artificial intelligence-based solutions that empower organizations to gain new insight, solve complex challenges, and fuel new business ideas. Through its next-generation robotic product offerings, AITX's RAD, RAD-R, RAD-M, and RAD-G companies help organizations streamline operations, increase ROI, and strengthen business. AITX technology improves the simplicity and economics of patrolling and guard services, allowing experienced personnel to focus on more strategic tasks. Customers augment the capabilities of existing staff and gain higher levels of situational awareness, all at drastically reduced costs. AITX solutions are well-suited for use in multiple industries such as enterprises, government, transportation, critical infrastructure, education, and healthcare. As of August 31, 2025, the Company had $9.53 million in total assets, $56.41 million in total liabilities, and a total stockholders' deficit of $47 million. Deer Park, Ill.-based L J Soldinger Associates, LLC, the Company's auditor since 2019, issued a "going concern" qualification in its report dated May 29, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended February 28, 2025, citing that the Company had negative cash flow from operating activities of approximately $12.2 million, an accumulated deficit of approximately $156.5 million and negative working capital of approximately $2.5 million as of and for the year ended February 28, 2025, which raises substantial doubt about its ability to continue as a going concern. ARTISTIC HOLIDAY: Bid for Lease Extension Granted in Part --------------------------------------------------------- Judge Caryl E. Delano of the United States Bankruptcy Court for the Middle District of Florida granted in part Artistic Holiday Designs, LLC's motion for authority to approve a lease extension. The lease was entered into by and between C.C. Biz Park, LLC (the "Landlord") and Artistic Holiday Designs, LLC (the "Tenant"). This lease pertains to the property located at 4409 SE 16th Place, Suite 12 & 13, Cape Coral, Florida 33904. The three-year extension option under the lease is authorized beginning as of October 1, 2025. C.C. Biz Park, LLC’s motion for relief from the automatic stay is rendered moot upon entry of this order. A copy of the Court's Order dated December 4, 2025, is available at https://urlcurt.com/u?l=uRz1M3 from PacerMonitor.com. Counsel for C.C. Biz Park, LLC: Benjamin B. Brown, Esq. QUARLES & BRADY, LLP 1395 Panther Lane, Suite 300 Naples, FL 34109 Telephone: (239) 659-5026 Facsimile: 239-213-5426 E-mail: Benjamin.brown@quarles.com - and - Randy J. Pflum, Esq. QUARLES & BRADY, LLP 33 East Main Street, Suite 900 Madison, WI 53703 Telephone: (608) 283-2634 E-mail: randy.pflum@quarles.com Counsel for Debtors, Artistic Holiday Designs, LLC and Holiday Creations Pro, Inc.: Michael Dal Lago, Esq. Christian Garrett Haman, Esq. Jennifer M. Duffy, Esq. DAL LAGO LAW 999 Vanderbilt Beach Road, Suite 200 Naples, FL 34108 Telephone: (239) 571-6877 Email: mike@dallagolaw.com chaman@dallagolaw.com jduffy@dallagolaw.com About Artistic Holiday Designs Artistic Holiday Designs, LLC filed Chapter 11 petition (Bankr. M.D. Fla. Case No. 25-00153) on January 29, 2025. listing up to $10 million in assets and up to $50 million in liabilities. Derek Norwood, managing member, signed the petition. Judge Caryl E. Delano oversees the case. Michael Dal Lago, Esq., at Dal Lago Law, represents the Debtor as legal counsel. MEP Capital Holdings III, L.P., as secured creditor, is represented by: Luis E. Rivera II, Esq. GrayRobinson, P.A. 1404 Dean Street, Suite 300 Fort Myers, FL 33901 Phone: 239.254.8460 luis.rivera@gray-robinson.com ARTWOOD ENGINEERING: Seeks Subchapter V Bankruptcy in California ---------------------------------------------------------------- On December 8, 2025, Artwood Engineering and Building Commissioning LLC filed for Chapter 11 protection in the Central District of California. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 1–49 creditors. About Artwood Engineering and Building Commissioning LLC Artwood Engineering and Building Commissioning LLC, based in Los Angeles, California, provides construction engineering and building commissioning services, including project and construction management, primarily serving commercial clients. Artwood Engineering and Building Commissioning LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-20971) on December 8, 2025. In its petition, the Debtor reports estimated assets of $0–$100,000 and estimated liabilities of $1 million–$10 million. Honorable Bankruptcy Judge Barry Russell handles the case. The Debtor is represented by Don Nguyen, Esq. of Law and Justice Legal Services. ARVI MANAGEMENT: Voluntary Chapter 11 Case Summary -------------------------------------------------- Debtor: ARVI Management Company 3 Endwood Circle Sugarloaf, PA 18249 Business Description: ARVI Management Company, based in Sugarloaf, Pennsylvania, manages an industrial property at 150 Dessen Drive in Hazle Township, PA. Chapter 11 Petition Date: December 10, 2025 Court: United States Bankruptcy Court Middle District of Pennsylvania Case No.: 25-03536 Judge: Hon. Mark J Conway Debtor's Counsel: Robert E. Chernicoff, Esq. CUNNINGHAM, CHERNICOFF & WARSHAWSKY PC 2320 N. Second St. Harrisburg, PA 17110 Tel: (717) 238-6570 Estimated Assets: $500,000 to $1 million Estimated Liabilities: $1 million to $10 million The petition was signed by Vikram S Bains as president. The Debtor has declared in the petition that there are no unsecured creditors. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/ZYNE5HY/ARVI_Management_Company__pambke-25-03536__0001.0.pdf?mcid=tGE4TAMA ASOCIACION HOSPITAL: Seeks to Extend Exclusivity to Feb. 23, 2026 ----------------------------------------------------------------- Asociacion Hospital El Maestro, Inc. asked the U.S. Bankruptcy Court for the District of Puerto Rico to extend its exclusivity periods to file a plan of reorganization and obtain acceptance thereof to February 23, 2026 and April 24, 2026, respectively. The Debtor explains that the tasks of transitioning its operations and reconciling them with this ongoing proceeding, coupled with the unique complexity of navigating into this bankruptcy proceeding, just after being subject to garnishments with IRS, managing the business basically "COD" (cash on demand), and getting access to cash through cash collateral stipulations, made forming a plan of reorganization within the first 120 days virtually impossible. This is the Debtor's first request for extension of the Exclusive Periods and comes just over three months after the Petition Date. The Debtor anticipates that the requested 60-day extension of the Exclusive Periods will allow the Debtor sufficient time to evaluate the potential claims, developing and implementing viable strategies, which in the best and hoped scenario, maximizes recovery to creditors and reinstates the facilities to their full operational state. The Debtor claims that it is not seeking an extension of its Exclusive Periods to pressure creditors. To the contrary, the Debtor has cooperated and worked constructively and in good faith with all of its officers in the three months since the filing to comply with all requirements, filing and duties, and resolve all matters that have come into play through consent. To this date the Debtor efforts have been aimed towards stabilizing Debtor's operations and reconciling them with this ongoing proceeding. Further, all matters that have arisen have been resolved in an amicable fashion with all interested parties. The Debtor asserts that consistent with its fiduciary duty, the company will use these extended Exclusive Periods to continue to negotiate with interested parties to reach a reorganization or, at the very least, propose in good faith a plan that maximizes value for all. Debtor has acted and will continue in good faith, being forthcoming in diligence, analysis, and collaboration with all parties. The Debtor's substantial progress in negotiating with its creditors and administering its case supports the extension of the Exclusive Periods. Further, whatever alternative or strategy is to be implemented, necessarily will be required to be discussed and even potentially approved by Banco Popular de Puerto Rico (BPPR) as secured creditor. Certainly, upon receipt of a formal offer from an interested party, Debtor and its secured creditor will have context and substance to engage in conversations that may lead to the filing of a consensual plan. Accordingly, debtor is currently working on receiving a formal offer from an interested party, which ultimately will aid and dictate the contents of a plan or the negotiations between the debtor, its secured creditor and to be proffered to all parties in interest. Despite this progress, however, work remains to be done, and such work requires an extension of the Debtor's Exclusive Periods. Asociacion Hospital El Maestro, Inc. is represented by: Wigberto Lugo Mender, Esq. Lugo Mender Group, LLC 100 Carr. 165 Suite 501 Guaynabo, PR 00968 Telephone: (787) 707-0404 Facsimile: (787) 707-0412 Email: wlugo@lugomender.com About Asociacion Hospital Del Maestro Inc. Asociacion Hospital Del Maestro Inc., also known as Hospital El Maestro, is a nonprofit general medical and surgical hospital located in San Juan, Puerto Rico, that was founded in 1955 to serve the teaching community and has since expanded to provide services to the broader population. The hospital operates about 126 staffed beds and offers emergency care, intensive care, radiology, surgery, hemodialysis, and a range of medical specialties for children and adults. It is accredited by the Joint Commission and functions as a 501(c)(3) organization with a focus on healthcare, education, and community service. Asociacion Hospital Del Maestro Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.P.R. Case No. 25-03780) on August 25, 2025. In its petition, the Debtor reports total assets of $13,396,955 and total liabilities of $39,669,466. Honorable Bankruptcy Judge Enrique S. Lamoutte Inclan handles the case. The Debtor tapped Wigberto Lugo Mender, Esq., at Lugo Mender Group, LLC as legal counsel; CPA Luis R. Carrasquillo & Co., P.S.C. as financial consultant; and IEC Consulting, LLC as investment consultant. Banco Popular de Puerto Rico, as secured creditor, is represented by: Luis C. Marini-Biaggi, Esq. Carolina Velaz-Rivero, Esq. Marini Pietrantoni Muniz, LLC 250 Ponce De León Ave. Suite 900 San Juan, PR 00918 Tel.: (787) 705-2171 lmarini@mpmlawpr.com cvelaz@mpmlawpr.com ASP UNIFRAX: Sixth Street Lending Marks $1.5MM 2L Loan at 50% Off ----------------------------------------------------------------- Sixth Street Lending Partners has marked its $1,588,000 loan extended to ASP Unifrax Holdings, Inc. to market at $795,000 or 50% of the outstanding amount, according to Sixth Street's Form 10-Q for the quarterly period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. Sixth Street is a participant in a Second Lien Loan to ASP Unifrax Holdings, Inc. The loan accrues interest at a rate of 7.10% (incl. 1.25% PIK) per annum. The loan matures on September 2029. Sixth Street Lending Partners is a Delaware statutory trust formed on April 5, 2022. The Company was formed primarily to lend to, and selectively invest in, upper middle-market companies in the United States. The Company is managed by Sixth Street Lending Partners Advisers, LLC. On May 12, 2022, the Company formed a wholly-owned subsidiary, SSLP Lending, LLC, a Delaware limited liability company. On December 8, 2022, the Company formed a wholly-owned subsidiary, Sixth Street LP Holding II, LLC, a Delaware limited liability company. On December 21, 2023, the Company formed a wholly-owned subsidiary, Sixth Street Lending Partners Sub, LLC, a Cayman Islands limited liability company. Sixth Street is led by Joshua Easterly as Chief Executive Officer and Ian Simmonds as Chief Financial Officer. The Company can be reach through: Joshua Easterly Sixth Street Lending Partners 2100 McKinney Avenue, Suite 1500, Dallas, TX 75201 Telephone: (469) 621-3001 About ASP Unifrax Holdings, Inc. ASP Unifrax Holdings, Inc., also known as Alkegen, is a leading global supplier of high-performance specialty materials, including ceramic fibers, thermal management solutions, battery materials, and emission control products for industrial, automotive, and other critical applications, operating as a holding company for advanced inorganic materials. ASTER OILFIELD: Seeks Chapter 11 Bankruptcy in West Virginia ------------------------------------------------------------ On December 8, 2025, Aster Oilfield Services, Inc. filed for Chapter 11 protection in the Northern District of West Virginia. According to the court filing, the Debtor reports between $1 million and $10 million in debt owed to 1–49 creditors. About Aster Oilfield Services, Inc. Aster Oilfield Services, Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D.W. Va. Case No. 25-00713) on December 8, 2025. In its petition, the Debtor reports estimated assets of $100,001–$1,000,000 and estimated liabilities of $1 million–$10 million. Honorable Bankruptcy Judge David L. Bissett handles the case. The Debtor is represented by Kelly Kotur, Esq. of Davis & Kotur Law Office Co. LPA. AVANCE MANAGEMENT: Gets Interim OK to Use Cash Collateral --------------------------------------------------------- Avance Management Inc. received interim approval from the U.S. Bankruptcy Court for the Eastern District of Texas, Sherman Division, to use cash collateral to fund operations. As of the petition date, Avance Management possessed cash deposits, accounts receivable, inventory, equipment, electronics, and vehicles necessary for continued operations, which it expects will generate sufficient revenue to support expenses and fund an eventual exit from bankruptcy. Comerica Bank holds first-priority liens on virtually all of the Debtor's real and personal property pursuant to two loan agreements from 2021 -- a $250,000 term loan and a $2,563,000 SBA real estate loan -- supported by UCC-1 filings covering accounts receivable, inventory, investment property, equipment, software, general intangibles, insurance proceeds, deposit accounts, and related records. The 1-800 Flowers franchisor holds a second lien on the Debtor's personal property, though the Debtor believes the collateral value is insufficient to reach that junior lien. Both parties assert interests in the Debtor's cash collateral under 11 U.S.C. Section 363(a), and no other entities are believed to hold such claims. To protect secured creditors, the Debtor offered granting replacement liens on post-petition collateral and proceeds to the extent of any diminution in the value of their prepetition collateral, excluding avoidance actions and their proceeds, and providing that such liens will have the same validity and priority as pre-petition liens without the need for additional filings. Adverse economic conditions combined with a heavy secured debt burden caused it to default on its obligations to Comerica Bank, prompting the commencement of this Chapter 11 case on November 30, to prevent collection actions and facilitate a reorganization. About Avance Management Inc. Avance Management Inc. operates as a local florist franchise in Texas, running multiple trade names including 1800 Flowers Allen, North Texas Flowers, and 1800FlowersAllenTX. The Company provides handcrafted floral arrangements, gifts, and event services with same-day delivery across Allen, Plano, McKinney, Richardson, and the broader North Dallas area. Its operations are centered at 710 E Main Street, Allen, Texas, classifying it within the retail florist and floral service industry. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bakr. E.D. Tex. Case No. 25-43630) on November 30, 2025. In the petition signed by Tim Avance, president, the Debtor disclosed up to $500,000 in assets ad up to $10 million in liabilties. Judge Brenda T. Rhoades oversees the case. J. Mark Chevallier, Esq., at ROCHELLE MCCULLOUGH,LLP, represents the Debtor as legal counsel. AVI SCHWALB: Loses Bid to Stay Chapter 7 Bankruptcy Case Conversion ------------------------------------------------------------------- Judge Joseph G. Rosania, Jr. of the United States Bankruptcy Court for the District of Colorado denied Avi Schwalb's motions for stay pending appeal of the October 30, 2025 Order converting his bankruptcy case to chapter 7. The Debtor filed a voluntary petition for relief under chapter 11 of the Bankruptcy Code on May 2, 2025. At the time the case was filed, the Debtor was a named defendant in multiple civil actions arising from real estate transactions, construction projects, and real estate management activities. The Debtor was also indicted by the Attorney General for the State of Colorado on 30 felony counts, including theft and organized crime, which the Debtor vehemently denies. The criminal trial is scheduled for February 2026. On September 15, 2025, the Debtor filed a motion to dismiss his chapter 11 bankruptcy case. He alleged there was no longer any purpose served by continuing in bankruptcy as creditors were likely to obtain relief to pursue state court actions and it was doubtful that he would succeed in an adversary proceeding seeking to extend the benefits of the automatic stay to non-debtor entities in which he had an interest. The Debtor's motion to dismiss drew objections from the Official Committee of Unsecured Creditors; Jeffrey Swanson; Uzi Berger; Fannie Mae; John Doe, Jane Roe; Brianna Tanner, Douglas Tanner; Benjamin Davidson, Karen Davidson; and David Amster-Olszweki, Kirby Lance Jones. In addition, Fannie Mae filed a motion to convert the case to chapter 7. The objecting creditors adamantly opposed dismissal of the chapter 11 case, pointing to numerous discrepancies in the Debtor's disclosures, listing of assets, and reporting to the Court. The creditors emphasized the need to appoint an independent party to take control, safeguard, and prevent dissipation of the Debtor's remaining assets. The Debtor filed his motion to dismiss under 11 U.S.C. Sec. 1112(b)(1). On October 30, 2025, the Court issued an oral ruling in open court. The Court analyzed the facts to determine whether dismissal or conversion was appropriate in the case and determined that all of the salient factors favored conversion. No creditors expressed support for dismissal, including creditors holding prepetition judgment liens. The Court determined that conversion would avoid a chaotic race to the courthouse and allow for the equitable distribution of the Debtor's nonexempt assets to his creditors. The allegations raised at the hearing pointed to numerous issues in need of investigation by a fiduciary. Conversion to chapter 7 would centralize the control and administration of estate property. Finally, the Debtor who sought bankruptcy protection was the only party that would benefit from dismissal. The Debtor argues conversion was not proper under 11 U.S.C. Sec. 1112(b) asserting there was no cause because: Debtor did not act in bad faith; there was no continuing loss; no gross mismanagement; and multiple secured creditors supported chapter 11. In the Debtor's second motion, he argues that the appeal is likely to succeed on the merits. The Court finds the Debtor has failed to establish any likelihood of success on appeal. The Debtor submits he will suffer irreparable harm as a result of financial hardship imposed by: The chapter 7 trustee replacing management (presumably in LLC's in which the Debtor held membership interests); his loss of rents and control; interference with LLC operations; asset deterioration; and the prospect of the appeal becoming equitably moot. According to Judge Rosania, "Here, the liquidation of assets in a chapter 7 bankruptcy case is on orderly process with sales of properties and distributions to secured and unsecured subject to notice and hearing in the future. There is no threat of immediate or irreparable harm." The Debtor argues the granting of the stay would not harm secured creditors who are fully protected, supported Chapter 11 continuation, and remained adequately collateralized. The Debtor contends unsecured creditors will not be harmed by the imposition of a stay because the claims are unliquidated, no judgments have been obtained, and unsecured creditors would suffer no present prejudice from a temporary pause. Judge Rosania explains, "The reality of this case is the Debtor wants to remain in control of the real properties and the rents generated therefrom. The effect of granting the stay would extend the benefits of bankruptcy protection to the Debtor without bankruptcy supervision. Thus, the Debtor's creditors would be harmed by the granting of a stay." A copy of the Court's Order dated December 2, 2025 is available at https://urlcurt.com/u?l=XgtiNq from PacerMonitor.com. Avi Schwalb filed for Chapter 11 bankruptcy protection (Bankr. D. Colo. Case No. 25-126666) on May 2, 2025, listing under $1 million in both assets and liabilities. The Debtor is represented by Jeffrey Weinman, Esq., at Allen Vellone Wolf Helfrich & Factor P.C. The case was converted to Chapter 7 on October 30, 2025. AZUL SA: Close to Bankruptcy Exit Plan Ruling --------------------------------------------- Angelica Serrano-Roman of Bloomberg Law reports that a bankruptcy judge indicated he is prepared to issue a ruling on Azul SA's restructuring plan on Friday, December 12, 2025, a decision that would allow the Brazilian airline to recapitalize and finalize settlements with its lenders, unsecured creditors, and its largest aircraft lessor. The confirmation would mark a major step forward in Azul’s effort to stabilize its financial position. Thursday's hearing, however, featured objections from the US Trustee, which argued that the plan's liability releases for nondebtor parties are improper. The watchdog pointed to a recent New York ruling that struck down similar third-party releases in the bankruptcy of Gol Linhas Aéreas Inteligentes SA. As the judge noted, the remaining concerns appear to center on those contested shields. About Azul S.A. Azul S.A. (B3: AZUL4, NYSE: AZUL), the largest airline in Brazil by number of flight departures and cities served, offers 900 daily flights to over 150 destinations. With an operating fleet of over 200 aircrafts and more than 15,000 Crewmembers, the Company has a network of 300 non-stop routes. Azul was named by Cirium (leading aviation data analysis company) as the most on-time airline in the world in 2023. In 2020, Azul was awarded best airline in the world by TripAdvisor, the first time a Brazilian flag carrier earned the number one ranking in the Traveler's Choice Awards. On the Web: http://www.voeazul.com.br/imprensa On May 28, 2025, Azul S.A. and 19 affiliated debtors filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 25-11176). The cases are pending before Judge Sean H. Lane. The Company is supported by Davis Polk & Wardwell LLP, White & Case LLP, and Pinheiro Neto Advogados as legal counsel; FTI Consulting as financial advisor; Guggenheim Securities, LLC as investment banker; SkyWorks Capital LLC as fleet advisor; and FTI Consulting, C Street Advisory Group, and MassMedia as strategic communications advisors. Stretto is the claims agent. The Participating Lenders are supported by Cleary Gottlieb Steen & Hamilton LLP and Mattos Filho as legal counsel and PJT Partners as investment banker. United Airlines is supported by Hughes Hubbard & Reed LLP and Sidley Austin LLP as legal counsel and Barclays Investment Bank as investment banker. American Airlines is supported by Latham & Watkins LLP as legal counsel. AerCap is supported by Pillsbury Winthrop Shaw Pittman LLP as legal counsel. The U.S. Trustee for Region 2 appointed an official committee to represent unsecured creditors in the Chapter 11 cases. The Committee retained Willkie Farr & Gallagher LLP as its counsel, Alvarez & Marsal North America, LLC, as its financial advisor, Houlihan Lokey Capital, Inc., as its investment banker. The Backstop Commitment Parties are represented by Cleary Gottlieb Steen & Hamilton and Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga Advogados. The Subscription Agent is Stretto. BARMASTERS LLC: Gets Interim OK to Use Cash Collateral ------------------------------------------------------ Barmasters, LLC got the green light from the U.S. Bankruptcy Court for the Middle District of Florida, Orlando Division, to use cash collateral. At the recent hearing, the court authorized the Debtor's interim use of cash collateral until the next hearing scheduled for January 27, 2026. The Debtor needs to use cash collateral to fund operations despite any existing liens held by its secured creditors, U.S. Bank and Accion Opportunity Fund Community Development. It argued that continued operations will preserve, rather than diminish, the value of their collateral. To provide adequate protection, the Debtor offered its secured creditors replacement liens on post-petition cash collateral with the same validity and priority as any pre-bankruptcy liens, noting that the eight-week cash budget projects positive cash flow throughout the interim period. About Barmasters LLC Barmasters LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-07727) on November 26, 2025. In the petition signed by Dylan Forsythe, sole-managing member, the Debtor disclosed up to $500,000 in assets and up to $10 million in liabilities. Daniel A. Velasquez, Esq. at LATHAM LUNA EDEN & BEAUDINE LLP, represents the Debtor as legal counsel. BARTRAM LOGISTICS: Seeks to Extend Plan Exclusivity to May 7, 2026 ------------------------------------------------------------------ Bartram Logistics LLC asked the U.S. Bankruptcy Court for the Middle District of Tennessee to extend its exclusivity periods to file a plan of reorganization and obtain acceptance thereof to May 7, 2026 and July 6, 2026, respectively. The Debtor explains that the the size and scope of its business strongly support an extension. The Debtor is a substantial electrical subcontractor involved in several projects throughout the Southeastern United States, specializing in multifamily, hotel, and restaurant construction projects. The breadth of the Debtor's operations, customer relationships, and contractual obligations underscores the complexity of assembling complete claims data, evaluating project-level financial performance, and crafting a comprehensive reorganization strategy. The Debtor claims that identifying parties in interest, reconciling outstanding claims, and determining accurate project level obligations are necessarily time-intensive tasks, and additional time to file a plan will enable the Debtor to ensure that its proposed plan accurately incorporates all relevant stakeholders, obligations, and operational realities, thereby promoting a fair, efficient, and confirmable restructuring. The Debtor cites that it has made substantial and continuous good faith progress in this Chapter 11 Case. At the outset of the case, the Debtor devoted significant time and resources to obtaining approval of critical first-day relief necessary to stabilize operations, ensure business continuity, and facilitate a smooth transition into chapter 11, including the consensual use of cash collateral. In addition, the Debtor is in the process of engaging a financial consultant to assist in developing and refining restructuring strategies, financial projections, and plan feasibility, further demonstrating the Debtor's good-faith commitment in advancing towards a successful reorganization. In light of the Debtor's steady and demonstrable progress in this Chapter 11 Case, an extension of the Exclusive Periods is fair, reasonable, and warranted under the circumstances. The Debtor asserts that it is not seeking an extension of the Exclusivity Periods to pressure creditors or gain any tactical advantage in these Chapter 11 proceedings. Rather, the Debtor's request arises from the genuine need for additional time to address the operational and financial complexities of its business, reconcile outstanding claims, and continue good-faith negotiations with its creditors and contracting partners. Further, nothing in the record suggests that the Debtor is attempting to leverage exclusivity to compel creditors to accede to any specific reorganization terms. To the contrary, the Debtor's efforts reflect a transparent and good faith approach to restructuring, focused on gathering accurate information, stabilizing operations, and preparing a confirmable plan. Accordingly, this factor also weighs in favor of extending the Exclusive Periods. Bartram Logistics, LLC is represented by: Erin Malone-Smolla, Esq. Austin McMullen, Esq. BRADLEY ARANT BOULT CUMMINGS LLP 1221 Broadway, Suite 2400 Nashville, TN 37203 Phone: (615) 244-2582 Email: esmolla@bradley.com amcmullen@bradley.com About Bartram Logistics LLC Bartram Logistics, LLC, doing business as Bartram Electric, operates as an electrical subcontractor providing installation and related services for construction projects in the Southeastern United States. The company focuses on multifamily, hotel, and restaurant developments and undertakes electrical scopes of work under general contractors. It has completed more than 70 projects in the region and continues to work on dozens of active and contracted assignments. Bartram Logistics sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Tenn. Case No. 25-03788) on September 9, 2025. In its petition, the Debtor reported between $1 million and $10 million in assets and liabilities. Honorable Bankruptcy Judge Randal S. Mashburn handles the case. The Debtor is represented by Erin Malone-Smolla, Esq., at Bradley Arant Boult Cummings, LLP. BAY STREET: Case Summary & Seven Unsecured Creditors ---------------------------------------------------- Debtor: Bay Street Capital LLC 509 West Bay Street Suite 305 Tampa, FL 33606 Business Description: Bay Street Capital LLC owns six residential properties in Florida with a total comparable sale value of $1.6 million, holding its real estate investments on a fee-simple basis. Chapter 11 Petition Date: December 10, 2025 Court: United States Bankruptcy Court Middle District of Florida Case No.: 25-09287 Debtor's Counsel: Samantha L Dammer, Esq. BLEAKLEY BAVOL DENMAN & GRACE 15316 N. Florida Avenue Tampa, FL 33613 Tel: (813) 221-3759 E-mail: sdammer@bbdglaw.com Total Assets: $1,550,750 Total Liabilities: $1,828,000 Josh Kantor signed the petition as managing member. A full-text copy of the petition, which includes a list of the Debtor's seven unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/OF2KNMQ/Bay_Street_Capital_LLC__flmbke-25-09287__0001.0.pdf?mcid=tGE4TAMA BED BATH: Sixth Street Lending Marks $10.6MM Loan at 16% Off ------------------------------------------------------------ Sixth Street Lending Partners has marked its $10,629,000 loan extended to Bed Bath and Beyond Inc. to market at $8,973,000 or 84% of the outstanding amount, according to Sixth Street's Form 10-Q for the quarterly period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. Sixth Street is a participant in a ABL FILO term Loan to Bed Bath and Beyond Inc. The loan accrues interest at a rate of 14.06% per annum. The loan matures on August 20, 2027. Sixth Street Lending Partners is a Delaware statutory trust formed on April 5, 2022. The Company was formed primarily to lend to, and selectively invest in, upper middle-market companies in the United States. The Company is managed by Sixth Street Lending Partners Advisers, LLC. On May 12, 2022, the Company formed a wholly-owned subsidiary, SSLP Lending, LLC, a Delaware limited liability company. On December 8, 2022, the Company formed a wholly-owned subsidiary, Sixth Street LP Holding II, LLC, a Delaware limited liability company. On December 21, 2023, the Company formed a wholly-owned subsidiary, Sixth Street Lending Partners Sub, LLC, a Cayman Islands limited liability company. Sixth Street is led by Joshua Easterly as Chief Executive Officer and Ian Simmonds as Chief Financial Officer. The Company can be reach through: Joshua Easterly Sixth Street Lending Partners 2100 McKinney Avenue, Suite 1500, Dallas, TX 75201 Telephone: (469) 621-3001 About Bed Bath and Beyond Inc. Bed Bath & Beyond was an American big-box retail chain specializing in housewares, furniture, and specialty items. Headquartered in Union, New Jersey, the chain operated stores in the United States and Canada. BED BATH: Sixth Street Lending Marks $44.5MM Loan at 17% Off ------------------------------------------------------------ Sixth Street Lending Partners has marked its $44,549,000 loan extended to Bed Bath and Beyond Inc. to market at $37,198,000 or 83% of the outstanding amount, according to Sixth Street's Form 10-Q for the quarterly period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. Sixth Street is a participant in a Roll Up DIP term loan to Bed Bath and Beyond Inc. The loan accrues interest at a rate of 12.06% PIK per annum. The loan matures on September 2029. Sixth Street Lending Partners is a Delaware statutory trust formed on April 5, 2022. The Company was formed primarily to lend to, and selectively invest in, upper middle-market companies in the United States. The Company is managed by Sixth Street Lending Partners Advisers, LLC. On May 12, 2022, the Company formed a wholly-owned subsidiary, SSLP Lending, LLC, a Delaware limited liability company. On December 8, 2022, the Company formed a wholly-owned subsidiary, Sixth Street LP Holding II, LLC, a Delaware limited liability company. On December 21, 2023, the Company formed a wholly-owned subsidiary, Sixth Street Lending Partners Sub, LLC, a Cayman Islands limited liability company. Sixth Street is led by Joshua Easterly as Chief Executive Officer and Ian Simmonds as Chief Financial Officer. The Company can be reach through: Joshua Easterly Sixth Street Lending Partners 2100 McKinney Avenue, Suite 1500, Dallas, TX 75201 Telephone: (469) 621-3001 About Bed Bath and Beyond Inc. Bed Bath & Beyond was an American big-box retail chain specializing in housewares, furniture, and specialty items. Headquartered in Union, New Jersey, the chain operated stores in the United States and Canada. BED BATH: Sixth Street Lending Marks $6.5MM Loan at 17% Off ----------------------------------------------------------- Sixth Street Lending Partners has marked its $6,500,000 loan extended to Bed Bath and Beyond Inc. to market at $5,427,000 or 83% of the outstanding amount, according to Sixth Street's Form 10-Q for the quarterly period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. Sixth Street is a participant in a Super-Priority DIP term loan to Bed Bath and Beyond Inc. The loan accrues interest at a rate of 12.06% PIK per annum. The loan matures on September 2029. Sixth Street Lending Partners is a Delaware statutory trust formed on April 5, 2022. The Company was formed primarily to lend to, and selectively invest in, upper middle-market companies in the United States. The Company is managed by Sixth Street Lending Partners Advisers, LLC. On May 12, 2022, the Company formed a wholly-owned subsidiary, SSLP Lending, LLC, a Delaware limited liability company. On December 8, 2022, the Company formed a wholly-owned subsidiary, Sixth Street LP Holding II, LLC, a Delaware limited liability company. On December 21, 2023, the Company formed a wholly-owned subsidiary, Sixth Street Lending Partners Sub, LLC, a Cayman Islands limited liability company. Sixth Street is led by Joshua Easterly as Chief Executive Officer and Ian Simmonds as Chief Financial Officer. The Company can be reach through: Joshua Easterly Sixth Street Lending Partners 2100 McKinney Avenue, Suite 1500, Dallas, TX 75201 Telephone: (469) 621-3001 About Bed Bath and Beyond Inc. Bed Bath & Beyond was an American big-box retail chain specializing in housewares, furniture, and specialty items. Headquartered in Union, New Jersey, the chain operated stores in the United States and Canada. BELLA CAPRI: Voluntary Chapter 11 Case Summary ---------------------------------------------- Debtor: Bella Capri, LLC 17875 Collins Avenue PH 4506 Sunny Isles Beach, FL 33160 Business Description: Bella Capri, LLC owns the residential unit at 17875 Collins Avenue, PH 4506, Sunny Isles Beach, FL 33160, which has an appraised value of $15.5 million. Chapter 11 Petition Date: December 9, 2025 Court: United States Bankruptcy Court Southern District of Florida Case No.: 25-24523 Judge: Hon. Laurel M Isicoff Debtor's Counsel: Jeffrey N. Schatzman, Esq. SCHATZMAN & SCHATZMAN, P.A. 9990 S.W. 77th Ave Penthouse 2 Miami, FL 33156-8115 Tel: (305) 670-6000 Email: jschatzman@schatzmanlaw.com Total Assets: $15,500,025 Total Liabilities: $9,528,111 The petition was signed by Semyon Shtayner as manager. The Debtor declared in the petition that there are no unsecured creditors. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/YNW4UTA/Bella_Capri_LLC__flsbke-25-24523__0001.0.pdf?mcid=tGE4TAMA BEXIN REALTY: Court Extends Cash Collateral Access to Dec. 31 ------------------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of New York issued its eighth interim order extending Bexin Realty Corporation's authority to use its lender's cash collateral. The eighth interim order authorized the Debtor to use the cash collateral of Cathay Bank through December 31 to pay the expenses set forth in its budget, with a 10% variance. Cathay Bank also holds a senior priority lien on substantially all of the Debtor's assets, including cash, rents, rents receivables and leases, which constitute cash collateral. The bank claims it was owed an amount not less than $17,395,111.73 as of the petition date. As protection, Cathay Bank will continue to receive a monthly payment of $20,000 and will be granted replacement security interests in and liens on all property of the Debtor to the extent and with the same priority as its pre-bankruptcy lien. To the extent of any diminution in value of its collateral, Cathay Bank will have a superpriority administrative expense claim Bexin's authority to use cash collateral will terminate if certain events occur, including a default under the order; a conversion of the Debtor's Chapter 11 case to one under Chapter 7; or the appointment of a Chapter 11 trustee. A final hearing is scheduled for December 18. About Bexin Realty Corporation Bexin Realty Corporation is a single asset real estate debtor (as defined in 11 U.S.C. Section 101(51B)). Bexin Realty filed Chapter 11 petition (Bankr. S.D.N.Y. Case No. 24-12080) on November 27, 2024, listing between $10 million and $50 million in both assets and liabilities. Bahram Benaresh, president of Bexin Realty, signed the petition. Judge Martin Glenn handles the case. The Debtor is represented by Jonathan S. Pasternak, Esq., at Davidoff Hutcher & Citron, LLP. Cathay Bank, as lender, is represented by: Conrad K. Chiu, Esq. Amanda Schaefer, Esq. Pryor Cashman LLP 7 Times Square New York, NY 10036-6569 Telephone: (212) 421-4100 Facsimile: (212) 326-0806 cchiu@pryorcashman.com aschaefer@pryorcashman.com BK & MK: Seeks to Hire David Freydin PC as Bankruptcy Counsel ------------------------------------------------------------- BK & MK, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Illinois to hire the Law Offices of David Freydin PC as its bankruptcy counsel. The firm's services include: (a) negotiating with creditors; (b) preparing of a plan and financial statements; and (c) examining and resolving claims filed against the estate. The Debtor proposes to retain the Law Offices of David Freydin PC on an hourly basis at these rates: David Freydin $450 Jan Michael Hulstedt $425 Derek V. Lofland $425 The firm received a $15,000 pre-petition retainer. As disclosed in the court filings, Law Offices of David Freydin PC believes he does not hold or represent any interest adverse to the Estate and is a "disinterested person" within the meaning of Section 327(a) of the Bankruptcy Code. The firm can be reached at: David Freydin, Esq. Law Offices of David Freydin, Ltd. 8707 Skokie Blvd, Suite 312 Skokie, IL 60077 Telephone: (847) 972-6157 Facsimile: (866) 897-7577 E-mail: david.freydin@freydinlaw.com About BK & MK LLC BK & MK LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-18130) on November 24, 2025, listing between $500,001 and $1 million in assets and between $1 million and $10 million in liabilities. Judge Deborah L. Thorne presides over the case. David Freydin, Esq., at the Law Offices of David Freydin Ltd. represents the Debtor as bankruptcy counsel. BLUM HOLDINGS: Executes $1.5MM in Unsecured Promissory Notes ------------------------------------------------------------ Blum Holdings, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Company executed and delivered a series of Unsecured Promissory Notes in the aggregate principal amount of $1,500,000 to an accredited investor, who is a related person under Regulation S-K. The Unsecured Promissory Notes formalized the advance payments the Company received from the lender. Dec 1 Note On December 1, 2025, the Company executed and delivered an Unsecured Promissory Note in the principal amount of $200,000 to an accredited investor, who is a related person under Regulation S-K. The Unsecured Promissory Note is a formal agreement for the advance payment of $200,000 received on September 26, 2025 as disclosed in the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2025. The December 1st Note has a maturity date of September 26, 2027 and bears interest at a rate of 8.0% per annum payable monthly in arrears, commencing on March 31, 2026. The Company may prepay the principal balance in full at any time without penalty. The December 1st Note is convertible at the Lender's election into a convertible promissory note that shall include an automatic conversion into the shares of capital stock issued by Blum at a conversion price equal to 85% of a $20,900,000 pre-money valuation of Blum (equal to a per share price of $0.98 on a fully diluted basis). The Company grants to the Lender warrants to purchase up to 228,571 shares of the Company's common stock, at an exercise price of $0.35 per share. The warrants may be exercised at the election of the Lender on a cashless basis in the event that the underlying common shares are unregistered. The warrants are exercisable until December 8, 2028 upon which the warrants shall be automatically exercised on a cashless basis. Dec 2 Note On December 2, 2025, the Company executed and delivered an Unsecured Promissory Note in the principal amount of $200,000 to the Lender. The Unsecured Promissory Note dated December 2, 2025 is a formal agreement for the advance payment of $200,000 received on October 30, 2025 as disclosed in the Quarterly Report on Form 10-Q for the quarter ended September 30, 2025. The December 2nd Note has a maturity date of October 30, 2027 and bears interest at a rate of 8.0% per annum payable monthly in arrears, commencing on March 31, 2026. The Company may prepay the principal balance in full at any time without penalty. The December 2nd Note is convertible at the Lender's election into a convertible promissory note that shall include an automatic conversion into the shares of capital stock issued by Blum at a conversion price equal to 85% of a $20,900,000 pre-money valuation of Blum (equal to a per share price of $0.98 on a fully diluted basis). The Company shall grant to the Lender warrants to purchase up to 228,571 shares of the Company's common stock, at an exercise price of $0.35 per share. The warrants may be exercised at the election of the Lender on a cashless basis in the event that the underlying common shares are unregistered. The warrants are exercisable until December 2, 2028 upon which the warrants shall be automatically exercised on a cashless basis. Dec 3 Note On December 3, 2025, the Company executed and delivered an Unsecured Promissory Note in the principal amount of $500,000 to the Lender. The December 3rd Note has a maturity date of October 31, 2027 and bears interest at a rate of 8.0% per annum payable monthly in arrears, commencing on March 31, 2026. The Company may prepay the principal balance in full at any time without penalty. The December 3rd Note is convertible at the Lender's election into a convertible promissory note that shall include an automatic conversion into the shares of capital stock issued by Blum at a conversion price equal to 85% of a $20,900,000 pre-money valuation of Blum (equal to a per share price of $0.98 on a fully diluted basis). The Company shall grant to the Lender warrants to purchase up to 571,429 shares of the Company's common stock, at an exercise price of $0.35 per share. The warrants may be exercised at the election of the Lender on a cashless basis in the event that the underlying common shares are unregistered. The warrants are exercisable until December 3, 2028 upon which the warrants shall be automatically exercised on a cashless basis. Dec 4 Note On December 4, 2025, the Company executed and delivered an Unsecured Promissory Note in the principal amount of $100,000 (the "December 4th Note") to the Lender. The December 4th Note has a maturity date of November 14, 2027 and bears interest at a rate of 8.0% per annum payable monthly in arrears, commencing on March 31, 2026. The Company may prepay the principal balance in full at any time without penalty. The December 4th Note is convertible at the Lender's election into a convertible promissory note that shall include an automatic conversion into the shares of capital stock issued by Blum at a conversion price equal to 85% of a $20,900,000 pre-money valuation of Blum (equal to a per share price of $0.98 on a fully diluted basis). The Company shall grant to the Lender warrants to purchase up to 114,286 shares of the Company's common stock, at an exercise price of $0.35 per share. The warrants may be exercised at the election of the Lender on a cashless basis in the event that the underlying common shares are unregistered. The warrants are exercisable until December 4, 2028 upon which the warrants shall be automatically exercised on a cashless basis. Dec 5 Note On December 5, 2025, the Company executed and delivered an Unsecured Promissory Note in the principal amount of $500,000 (the "December 5th Note") to the Lender. The December 5th Note has a maturity date of November 25, 2027 and bears interest at a rate of 8.0% per annum payable monthly in arrears, commencing on March 31, 2026. The Company may prepay the principal balance in full at any time without penalty. The December 5th Note is convertible at the Lender's election into a convertible promissory note that shall include an automatic conversion into the shares of capital stock issued by Blum at a conversion price equal to 85% of a $20,900,000 pre-money valuation of Blum (equal to a per share price of $0.98 on a fully diluted basis). The Company shall grant to the Lender warrants to purchase up to 571,429 shares of the Company's common stock, at an exercise price of $0.35 per share. The warrants may be exercised at the election of the Lender on a cashless basis in the event that the underlying common shares are unregistered. The warrants are exercisable until December 5, 2028 upon which the warrants shall be automatically exercised on a cashless basis. Full-text copies of the form of Notes, are available at: * December 1st Note: https://tinyurl.com/eybhhudd * December 2nd Note: https://tinyurl.com/375kttuw * December 3rd Note: https://tinyurl.com/3rcp7mfc * December 4th Note: https://tinyurl.com/n5jtrxd7 * December 5th Note: https://tinyurl.com/5a6me43j Full text copies of the form of Warrants, are available at: * December 1st Warrant: https://tinyurl.com/yc6zsd88 * December 2nd Warrant: https://tinyurl.com/45edzhrf * December 3rd Warrant: https://tinyurl.com/4m52c6nt * December 4th Warrant: https://tinyurl.com/4bem7a7d * December 5th Warrant: https://tinyurl.com/23raekea About Blum Holdings Headquartered in Downey, California, Blum Holdings, Inc. -- www.blumholdings.com -- is a publicly listed parent company with operations across California, dedicated to delivering top-tier medical and recreational cannabis products and associated services. The Company is home to Korova, a brand of high potency products across multiple product categories, currently available in California. The Company formerly operated Blum Santa Ana, a premier cannabis dispensary in Orange County, California, which was sold in June 2024. The Company previously owned dispensaries in California which operated as Blum in Oakland and Blum in San Leandro, which were sold in November 2024. In May 2024, the Company began operating the retail store, Cookies Sacramento, and providing consulting services for two additional dispensaries located in Northern California. The Company is organized into two reportable segments: (i) Cannabis Retail -- Includes cannabis-focused retail, both physical stores and non-store front delivery; and (ii) Cannabis Distribution -- Includes cannabis distribution operations. As of September 30, 2025, the Company had $45.1 million in total assets, $52.3 million in total liabilities, and $7.3 million in total mezzanine equity and stockholders' deficit. Costa Mesa, California-based GuzmanGray, the Company's auditor since 2024, issued a "going concern" qualification in its report dated March 13, 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 and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. BOTW HOLDINGS: Seeks Court OK to Hire SL Biggs as Expert Witness ---------------------------------------------------------------- BOTW Holdings, LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the District of Wyoming to expand the scope of employment of SL Biggs, a Division of SingerLewak, LLP as expert witness. The Debtors seek to expand the scope of SL Biggs' employment to include an opinion of economic damages suffered by Holdings and its nondebtor affiliates resulting from destructive actions taken by adversarial counterparties in these bankruptcy cases. Such engagement will include preparation of an expert report, attendance at the hearing on confirmation of the Plan, and expert witness testimony. Mark D. Dennis of SL Biggs will remain the primary representative for this engagement, with a rate of $495 per hour. Mr. Dennis disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Mark D. Dennis SL Biggs, a Division of SingerLewak, LLP 2000 South Colorado, Blvd. Tower II Suite 200 Denver, CO 80222 Tel: (303) 694-6700 Fax: (303) 694-6761 About BOTW Holdings, LLC BOTW Holdings, LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Wyo. Case No. 24-20138) on April 19, 2024. The petition was signed by Jeff Edwards, manager of Stryk Group Holdings, LLC. At the time of filing, the Debtor estimated $1 million to $10 million in both assets and liabilities. Judge Cathleen D. Parker presides over the case. Bradley T Hunsicker, Esq., at Markus Williams Young & Hunsicker LLC, is the Debtor's counsel. BOWERS TRUCKING: Seeks OK for Post-Petition Factoring With ECS -------------------------------------------------------------- Bowers Trucking, Inc seeks the U.S. Bankruptcy Court for the Western District of Oklahoma's approval for post-petition factoring services from its long-time factor, England Carrier Services, LLC, retroactive to the petition date. The Debtor, which employs about 25 people and projects $9 million in annual revenue, explains that it relies on the daily sale of accounts receivable to ECS for liquidity to meet payroll, fuel costs, repairs, and other direct operating expenses. Before bankruptcy, the parties entered a 2022 Accounts Receivable Purchase and Security Agreement, under which ECS purchased the Debtor's accounts and held a perfected security interest in all accounts and proceeds. As of the petition date, the Debtor owed ECS at least $208,672 plus accruing fees. Because the Debtor did not initially disclose its bankruptcy filing, ECS unknowingly continued purchasing accounts and remitting funds under the pre-petition agreement until learning of the Chapter 11 case on November 7. Afterward, ECS continued advancing funds on a discretionary emergency basis while negotiating a formal debtor-in-possession arrangement. The Debtor now requests an order approving a DIP Factoring Addendum, permitting continued post-petition factoring and granting ECS extensive protections. These include: (1) authorization, nunc pro tunc, to continue buying and collecting accounts pursuant to the pre-petition factoring agreement; (2) a first-priority, priming lien on all accounts securing both pre- and post-petition obligations; (3) replacement liens on other personal property collateral (excluding Chapter 5 claims) as adequate protection for use of cash collateral; (4) superpriority administrative status for all obligations to ECS, subject only to limited carveouts for U.S. Trustee fees, $20,000 in professional fees, and $10,000 for a potential Chapter 7 trustee; and (5) modification of the automatic stay, retroactive to the petition date, to allow ECS to continue purchasing and collecting accounts. Under the Addendum, ECS will continue factoring eligible accounts at a 2% discount fee (minimum $15 per invoice), with all advances provided solely at ECS's discretion. The Debtor asserts that post-petition factoring is indispensable to its survival: without immediate liquidity, it cannot make payroll, pay drivers, buy fuel, maintain equipment, or satisfy critical vendor obligations. A shutdown would destroy enterprise value and jeopardize any chance of successful reorganization. Because traditional DIP financing is unavailable and factoring is the Debtor's only workable funding mechanism, approval of the DIP factoring arrangement is necessary to preserve going-concern value and maintain operations throughout the Chapter 11 case. A court hearing is scheduled for December 16. A copy of the motion is available at https://urlcurt.com/u?l=RZzerK from PacerMonitor.com. England Carrier Services is represented by: Lori E. Eropkin, Esq. LEVINSON ARSHONSKY KURTZ & KOMSKY, LLP 100 West Ninth Street Shawnee, OK 74801 Telephone: (405) 395-0516 Facsimile: (818) 382-3433 leropkin@lakklawyers.com About Bowers Trucking Inc. Bowers Trucking, Inc. is a commercial transportation company operating in 48 U.S. states and Canada. Bowers Trucking sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Okla. Case No. 25-12884) on September 18, 2025, listing between $1 million and $10 million in assets and liabilities. Garrett Bowers, chief executive officer, signed the petition. Judge Janice D. Loyd oversees the case. The Debtor tapped Stephen J. Moriarty, Esq., at Fellers Snider, Blankenship, Bailey & Tippens, P.C. as bankruptcy counsel; and Matthew R. McKinlay and Ampleo Turnaround & Restructuring, LLC as accountant and restructuring advisor. BRADYIFS HOLDINGS: T. Rowe Price Marks $917,000 1L Loan at 67% Off ------------------------------------------------------------------ T. Rowe Price OHA Select Private Credit Fund has marked its $917,000 loan extended to Bradyifs Holdings, LLC to market at $301,000 or 33% of the outstanding amount, according to T. Rowe's Form 10-Q for the quarterly period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. T. Rowe is a participant in a First Lien Loan to Bradyifs Holdings, LLC. The loan accrues interest at a rate of 9.31% per annum. The loan matures on October 31, 2029. T. Rowe Price OHA Select Private Credit Fund was initially formed on December 16, 2021 as a Delaware limited liability company and subsequently converted into a Delaware statutory trust on March 2, 2022. OHA Private Credit Advisors, LLC is the investment adviser of the Company. The Company invests primarily in directly originated and customized private financing solutions, including loans and other debt securities with a strong focus on senior secured lending to larger companies. The Company primarily targets investments in first lien loans, unitranche loans, second lien loans and other corporate secured debt. The Company may also invest in equity interests such as common stock, preferred stock, warrants or options, which generally would be obtained as part of providing a broader financing solution. T. Rowe is led by Eric Muller as Chief Executive Officer; and Thomas Hansen as Chief Financial Officer. The Fund can be reach through: Eric Muller T. Rowe Price OHA Select Private Credit Fund 1 Vanderbilt, 16th Floor New York, NY 10017 Telephone: (212) 326-1500 About Bradyifs Holdings, LLC BradyIFS stands at the forefront of the foodservice and JanSan industries, renowned for its excellence in sourcing, management, and distribution. BRANDHOOT LLC: Court OKs Bicycle Inventory Sale at Auction ---------------------------------------------------------- The U.S. Bankruptcy Court for the District of Minnesota has approved BrandHoot LLC to sell bicycle inventory, free and clear of liens, claims, interests, and encumbrances. The owner of the Debtor is Nathanael Nordstrom. BrandHoot, LLC, is a Minnesota limited liability company headquartered in Rochester, Minnesota. The Debtor previously operated New Spin Bicycle Shop in Rochester, Minnesota. It has ceased traditional retail operations and will focus its post-petition business on software development. The Debtor currently owns a quantity of new and used bicycles, parts, and related retail equipment (Inventory). The Debtor is authorized to sell the Inventory free and clear of liens, claims, and encumbrances. All valid and perfected liens, including that of the U.S. Small Business Administration, shall attach to the sale proceeds in the same validity, priority, and extent as such liens existed immediately prior to the sale. Grafe Auction Co. is authorized to deduct from gross sale proceeds its commission of 17% and to retain its 18% buyer's premium, together with reimbursement of sale-related expenses. Within twelve banking days after the auction, Grafe shall remit the net proceeds to the Debtor in accordance with the agreement. The Debtor is authorized to use the sale proceeds to pay allowed administrative expenses, including the fees and expenses of the Debtor's attorneys and other professionals, when expenses were necessary to preserving and disposing of estate property subject to a secured claim. The Debtor and Grafe are authorized to take all actions reasonably necessary to effectuate the sale and the terms of the Order. About Brandhoot LLC BrandHoot, LLC is a Rochester, Minnesota-based web design and mobile app development firm that provides digital strategy, UI/UX design, and custom software solutions. It develops and operates technology products, including Easy Board, a board management software platform. BrandHoot also maintains affiliated retail operations through New Spin Bicycle Shop, which sells bicycles and related goods under a separate trade name. Brandhoot, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Minn. Case No. 25-33565) on November 7, 2025, listing between $500,001 and $1 million in assets and between $500,001 and $1 million in liabilities. Judge Mychal A. Bruggeman presides over the case. Jeffrey H. Butwinick, Esq., represents the Debtor as legal counsel. BRIDGING THE DIVIDES: John Rhyne Named Subchapter V Trustee ----------------------------------------------------------- Brian Behr, the U.S. Bankruptcy Administrator for the Eastern District of North Carolina appointed John Rhyne as Subchapter V trustee for Bridging The Divides. Mr. Rhyne will be paid an hourly fee of $375 for his services as Subchapter V trustee. Mr. Rhyne disclosed in an affidavit that he does not have an interest materially adverse to the interest of Fuel Homestead's estate, creditors or equity security holders. The Subchapter V trustee can be reached at: John G. Rhyne P.O. Box 8327 Wilson, NC 27893 (252) 234-9933 About Bridging The Divides Bridging The Divides filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. E.D.N.C. Case No. 25-04828) on December 3, 2025, with $100,001 to $500,000 in assets and liabilities. Judge Joseph N. Callaway presides over the case. BURLINGTON OPERATING: Gets Interim OK to Use Cash Collateral ------------------------------------------------------------ The U.S. Bankruptcy Court for the District of New Jersey, Camden Division, entered a second interim order allowing Burlington Operating Group, Inc. to use cash collateral and granting adequate protection to secured creditors. The second interim order authorized the Debtor to use cash collateral through January 23, 2026, to fund operations consistent with its budget, subject to a 10% variance. Creditor Itria Ventures, LLC claims a secured interest in real and personal property of the Debtor while Performance Food Groups asserts a claim against inventory. As adequate protection, secured creditors will be granted replacement liens on the Debtor's post-petition assets, with the same validity, priority and extent as their pre-bankruptcy liens; and a superpriority administrative expense claim under Section 507(b) of the Bankruptcy Code, if necessary. In addition, Itria Ventures will receive payment of $3,500. A continued hearing is scheduled for January 23, 2026, with objections due by January 15, 2026. Itria Ventures is represented by: Andrew J. Pincus, Esq. Seidman & Pincus, LLC 77 Brant Avenue, Suite 202 Clark, NJ 07066 Office Tel: (201) 473-0047 Remote Office Tel. (973) 464-1704 ap@seidmanllc.com About Burlington Operating Group Inc. Burlington Operating Group, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. N.J. Case No. 25-21214) with $100,001 to $500,000 in both assets and laibilities. Judge Hon. Jerrold N Poslusny Jr oversees the case. The Debtor is represented by: Albert Anthony Ciardi, III Ciardi Ciardi & Astin Tel: 215-557-3550 Email: aciardi@ciardilaw.com Daniel S. Siedman Ciardi Ciardi & Astin Email: 215-557-3550 Email: dsiedman@ciardilaw.com CALIFORNIA ENVIRONMENTAL: Seeks Cash Collateral Access ------------------------------------------------------ California Environmental Systems, Inc. asks the U.S. Bankruptcy Court for the Eastern District of California, Sacramento Division, for authority to use cash collateral and provide adequate protection. The Debtor, formed in 2011 and majority-owned by Jeanette Pierce, provides plumbing, heating, and air conditioning services to healthcare, commercial, industrial, and institutional clients across the western U.S., employing 27 full-time staff from its leased Auburn, California facility. On March 26, 2024, the court approved the Debtor's initial cash collateral motion, allowing use of cash collateral through December 31, with adequate protection payments to certain secured creditors, including Bank of America, Zurich American Insurance Company, Great American Insurance Company, Collectronics of California (assignee for Gary Looney dba Aaction Rents), the IRS, and the Employment Development Department (EDD). The Debtor seeks approval for continued use of cash collateral from January 1 through June 30, 2026, to fund the Debtor's operating expenses as outlined in the attached budget. CES’s cash collateral comprises accounts receivable, equipment, machinery, tools, and materials, generating post-petition proceeds. The Debtor identifies six secured creditors with liens on these assets: Bank of America (first priority, $877,710), Zurich (second priority, $263,743), GAIC (third priority, $11,162,408), Collectronics (fourth priority, $18,981), IRS (fifth priority, $1,763,865), and EDD (sixth priority, $306,605). Adequate protection for these secured creditors will be provided through replacement liens on both pre- and post-petition assets and monthly payments beginning January 2026. The Debtor asserts that continued use of cash collateral is critical to prevent irreparable harm, maintain ongoing operations, and preserve going-concern value for creditors. It also confirms compliance with Local Rule 4001-1(c), indicating no cross-collateralization, no binding findings of fact against non-parties, no waiver of rights under 11 U.S.C. Section 506(c), and no other extraordinary relief provisions. A court hearing is scheduled for December 16. A copy of the motion is available at https://urlcurt.com/u?l=nOJNVe from PacerMonitor.com. About California Environmental Systems California Environmental Systems, Inc. is a full-service mechanical contractor specializing in the installation and design/build of plumbing, heating, and air conditioning systems. California Environmental Systems filed Chapter 11 petition (Bankr. E.D. Calif. Case No. 25-20329) on February 27, 2025, listing up to $10 million in both assets and liabilities. Jeanette Pierce, secretary of California Environmental Systems, signed the petition. Judge Ronald H. Sargis oversees the case. Gabriel E. Liberman, Esq., at Law Offices of Gabriel Liberman, represents the Debtor as bankruptcy counsel. CCSL BILOXI: Case Summary & 20 Largest Unsecured Creditors ---------------------------------------------------------- Debtor: CCSL Biloxi, LLC 12971 Seaway Rd. Gulfport, MS 39503 Business Description: CCSL Biloxi, LLC, based in Gulfport, Mississippi, provides commercial laundry and linen services, primarily serving hotels and casinos in the Gulf Coast region. The Company manages a fleet of vehicles for transporting laundered goods and maintains facilities for washing, drying, and handling linens. Chapter 11 Petition Date: December 9, 2025 Court: United States Bankruptcy Court Southern District of Mississippi Case No.: 25-51843 Judge: Hon. Katharine M. Samson Debtor's Counsel: W. Jarrett Little, Esq. THE LITTLE LAW FIRM, PLLC 2505 14th St., Ste. 212 Gulfport, MS 39501 Tel: (228) 867-6050 E-mail: jarrett@thelittlelaw.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Gentry Williams as member/manager. A copy of the Debtor's list of 20 largest unsecured creditors is available for free on PacerMonitor at: https://www.pacermonitor.com/view/CTHWDPY/CCSL_Biloxi_LLC__mssbke-25-51843__0004.0.pdf?mcid=tGE4TAMA A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/CPMPPGY/CCSL_Biloxi_LLC__mssbke-25-51843__0001.0.pdf?mcid=tGE4TAMA CHARLES & COLVARD: Director Neal Goldman Steps Down from Board -------------------------------------------------------------- Charles & Colvard, Ltd. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on November 26, 2025, the Board of Directors accepted the resignation of Neal Goldman from the Board and purported withdrawal from consideration for re-election as a member of the Board, effective immediately. Mr. Goldman's resignation was not due to any disagreement or matter relating to the Company's operations, financials, policies, or practices. About Charles & Colvard Ltd. Charles & Colvard, Ltd., a North Carolina corporation, was founded in 1995. The Company manufactures, markets, and distributes Charles & Colvard Created Moissanite and finished jewelry featuring moissanite, including Forever One, the Company's premium moissanite gemstone brand, for sale in the worldwide fine jewelry market. The Company also markets and distributes Caydia lab-grown diamonds and finished jewelry featuring lab grown diamonds and created color gems for sale in the worldwide fine jewelry market. As of March 31, 2025, the Company had $29.11 million in total assets, $10.02 million in total liabilities, and total stockholders' equity of $19.09 million. The Company concluded in the quarterly period ended March 31, 2025 that its existing cash and cash equivalents and availability of other resources combined will not be sufficient to meet working capital and capital expenditure needs over the next 12 months, and therefore, there is substantial doubt about the Company's ability to continue as a going concern. The Company has not yet filed its Quarterly Report on Form 10-Q for the period ended September 30, 2025. CHARLES & COLVARD: Elects 4 Directors; Tie Leaves Board Vacancy --------------------------------------------------------------- Charles & Colvard, Ltd. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on November 18, 2025, the North Carolina Business Court issued a preliminary injunction ordering the certification of the results of the Annual Meeting, excluding the shares issued pursuant to the previously disclosed Note Conversion Agreement dated August 29, 2025, between the Company and Ethara Capital LLC. As previously disclosed, the Company held its Annual Meeting of Shareholders on October 13, 2025. The shareholders considered one proposal, to elect five nominees to the Board, as described in more detail in the Notice of Annual Meeting of Shareholders filed with the Securities and Exchange Commission on September 12, 2025. Due to the pending litigation filed against the Company and the members of the Board by Company shareholder Riverstyx Fund L.P. related to the Annual Meeting, the Company had been unable to present the results following the Annual Meeting. The results of the election were certified on November 26, 2025. The votes were cast as follows: 1. Ruten Bhanderi * For: 520,135 * Withheld: 1,096,007 2. Anne M. Butler * For: 529,138 * Withheld: 1,087,004 3. Benjamin Franklin * For: 1,087,005 * Withheld: 529,137 4. Neal I. Goldman * For: 529,671 * Withheld: 1,086,471 5. Michael R. Levin * For: 1,086,471 * Withheld: 529,671 6. Don O'Connell * For: 529,671 * Withheld: 1,086,471 7. Duc Pham * For: 1,087,005 * Withheld: 529,137 8. Lloyd M. Sems * For: 1,086,471 * Withheld: 529,671 9. James Tu * For: 529,137 * Withheld: 1,087,005 Based on the votes cast, Benjamin Franklin, Michael R. Levin, Duc Pham and Lloyd M. Sems were elected to the Board. The tie between Don O'Connell and Neal I. Goldman for the fifth seat on the Board created a vacancy on the Board, which the Board will fill at a future date. About Charles & Colvard Ltd. Charles & Colvard, Ltd., a North Carolina corporation, was founded in 1995. The Company manufactures, markets, and distributes Charles & Colvard Created Moissanite and finished jewelry featuring moissanite, including Forever One, the Company's premium moissanite gemstone brand, for sale in the worldwide fine jewelry market. The Company also markets and distributes Caydia lab-grown diamonds and finished jewelry featuring lab grown diamonds and created color gems for sale in the worldwide fine jewelry market. As of March 31, 2025, the Company had $29.11 million in total assets, $10.02 million in total liabilities, and total stockholders' equity of $19.09 million. The Company concluded in the quarterly period ended March 31, 2025 that its existing cash and cash equivalents and availability of other resources combined will not be sufficient to meet working capital and capital expenditure needs over the next 12 months, and therefore, there is substantial doubt about the Company's ability to continue as a going concern. The Company has not yet filed its Quarterly Report on Form 10-Q for the period ended September 30, 2025. CHARLES & COLVARD: Receives Default Notice on $2MM Ethara Note -------------------------------------------------------------- Charles & Colvard, Ltd. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on November 25, 2025, the Company received a notice of default from Ethara Capital LLC, asserting that an event of default by the Company had occurred due to the Company's failure to pay the accreted principal amount and the accrued and unpaid interest on the maturity date of the Note. As previously disclosed, on June 24, 2025, the Company entered into a Convertible Secured Note Purchase Agreement with Ethara, a Delaware limited liability company. In connection with the Note Purchase Agreement, the Company issued a convertible secured note to Ethara for an aggregate total purchase price of $2.0 million, dated July 3, 2025 and due and payable on October 3, 2025. As a result of the Event of Default, Ethara contends that the interest rate of the Note increased from an annual rate equal to 5% to 9%, effective October 3, 2025. In addition, Ethara contends that it may, among other remedies, demand immediate full payment of all obligations owing under the Note, and the right to repossess and take other action with respect to any or all collateral, including the liquidation thereof pursuant to the security interest granted under the related Security Agreement. The Company has taken the matter under advisement with legal counsel. The Company is considering the validity of the Event of Default, which is currently the subject of litigation in the North Carolina Business Court, and has opened discussions with the Holder of the Note. There can be no assurance that Ethara will agree to amend the Note or waive the Event of Default, or that the Note will otherwise be determined to be invalid or unenforceable. About Charles & Colvard Ltd. Charles & Colvard, Ltd., a North Carolina corporation, was founded in 1995. The Company manufactures, markets, and distributes Charles & Colvard Created Moissanite and finished jewelry featuring moissanite, including Forever One, the Company's premium moissanite gemstone brand, for sale in the worldwide fine jewelry market. The Company also markets and distributes Caydia lab-grown diamonds and finished jewelry featuring lab grown diamonds and created color gems for sale in the worldwide fine jewelry market. As of March 31, 2025, the Company had $29.11 million in total assets, $10.02 million in total liabilities, and total stockholders' equity of $19.09 million. The Company concluded in the quarterly period ended March 31, 2025 that its existing cash and cash equivalents and availability of other resources combined will not be sufficient to meet working capital and capital expenditure needs over the next 12 months, and therefore, there is substantial doubt about the Company's ability to continue as a going concern. The Company has not yet filed its Quarterly Report on Form 10-Q for the period ended September 30, 2025. CHESAPEAKE HOME: Hires Steven H. Greenfeld as Legal Counsel ----------------------------------------------------------- Chesapeake Home Health Care Inc. seeks approval from the U.S. Bankruptcy Court for the District of Maryland to hire the Law Offices of Steven H. Greenfeld, LLC as counsel. The firm will render these services: (a) give the Debtor legal advice with respect to his powers and duties as debtor-in-possession in the continued management of his business affairs and property; (b) prepare on behalf of the Debtor as debtor-in-possession necessary applications, answers, orders, reports and other legal papers; and (c) perform all other legal services for the Debtor as debtor-in-possession which may be necessary. Steven Greenfeld, Esq., the primary attorney in this representation, will be paid at his hourly rate of $495. Mr. Greenfeld disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Steven H. Greenfeld, Esq. Law Office of Steven H. Greenfeld, LLC 325 Ellington Boulevard, A#620 Gaithersburg, MD 20878 Telephone: (301) 881-8300 Email: Steveng@cohenbaldinger.com About Chesapeake Home Health Care Inc. Chesapeake Home Health Care, Inc. provides professional home health services in Maryland, including Charles, Prince George's, Montgomery, Calvert, St. Mary's, Howard, Baltimore, and Anne Arundel counties, through teams of skilled nurses, caregivers, and administrators. The Company offers a range of services such as skilled nursing care, pediatric care, personal care, senior and companionship care, private duty nursing, and respite care, delivering care in clients' homes. Its operations emphasize patient safety, infection control, and clinical quality management to support continuous care and reduce the risk of re-hospitalization. Chesapeake Home Health Care Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Md., Case No. 25-21083) on November 24, 2025. In its petition, the Debtor reports estimated assets of $100,001-$1,000,000 and estimated liabilities of $1 million to $10 million. The case is handled by the Honorable Judge Maria Ellena Chavez-Ruark. The Debtor is represented by Steven H. Greenfeld, Esq., Law Offices of Steven H. Greenfeld, LLC. CHPPR MIDCO: Moody's Affirms 'B3' CFR, Outlook Stable ----------------------------------------------------- Moody's Ratings affirmed CHPPR MidCo Inc.'s (dba Air Methods) B3 corporate family rating and B3-PD probability of default rating following the announced cancellation of the company's dividend recapitalization transaction. Moody's also affirmed the B3 rating on the senior secured first lien term loan due 2029 and withdrew the senior secured first lien term loan due 2032. The outlook is stable. On November 25th, Air Methods disclosed that it had decided not to pursue the previously announced refinancing of its existing senior secured bank credit facility due 2029. The company planned to use proceeds from the new senior secured first lien term loan due 2032 to fully refinance its existing senior secured first lien term loan and fund a sizeable dividend to shareholders. The affirmation of the ratings reflects Moody's views that Air Methods' operating performance will remain strong, supported by high net revenue per transport. The maintenance of the stable outlook considers that, while Air Methods' current leverage is very low, there is event risk of future debt-funded shareholder returns. Governance considerations, including financial strategy and risk management, were a key driver of the rating action. Risk of a leveraging transaction to fund shareholder returns remains present for Air Methods. RATINGS RATIONALE Air Methods' B3 CFR reflects the company's market position as one of the two largest providers of medical air transportation services in the United States. The rating also reflects the company's broad geographic presence across the US and sizeable revenue base of around $1.7 billion per annum. The rating is supported by solid credit metrics, including Moody's expectations that financial leverage will remain below 3x over the forecasted period. The rating is counterbalanced by the requisite capital investment to maintain fleet age, which burdens free cash flow generation. Continued uncertainty related to an evolving reimbursement environment is another risk that could impact revenue and profitability. Inflationary cost pressures including labor shortages and volatility from weather conditions also constrain the rating. Moody's expects Air Methods to maintain good liquidity over the next 12 to 18 months, supported by $285 million of cash on the balance sheet as of September 30, 2025 and Moody's expectations of moderate free cash flow. The company has access to a $200 million accounts receivable securitization facility expiring in November 2027, which is fully available up to the $200 million borrowing base calculated as of September 30, 2025. The accounts receivable securitization facility has a springing minimum fixed charge covenant, which Moody's do not expect the company to trigger or to violate. The B3 rating on the company's senior secured first lien term loan considers the diminished collateral pool available to secured obligations available for the term loan after the accounts receivable securitization facility. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Air Methods' ratings could be upgraded if the company continues to grow its earnings and profitability while maintaining good liquidity, including consistent positive free cash flow. Moody's could also consider upgrading the ratings if the company demonstrates a track record of prudent financial policies. Quantitatively, sustained financial leverage below 5x could support an upgrade. Air Methods' ratings could be downgraded if the company's liquidity weakens or if the company experiences a material deterioration in operating performance, EBITDA, and earnings quality. Ratings could also be downgraded if the company exhibits aggressive financial policies, such as debt-funded acquisitions or large shareholder distributions. Significant policy changes affecting reimbursement rates could also prompt consideration for a downgrade. Air Methods is one of the largest providers of air medical emergency services in the United States. In addition to its core air medical emergency services business, the company also provides aerial tours in select US tourist destinations. The company also has a small presence in the design, manufacturing, and installation of medical aircraft interiors for domestic and international customers. The company generated about $1.7 billion of net revenue for the last twelve months ended September 30, 2025. The principal methodology used in these ratings was Business and Consumer Services published in November 2021. Air Methods' B3 rating is six notches below the LTM scorecard-indicated outcome of Baa3 as it is weighted toward the company's track record of aggressive financial policies including its Chapter 11 filing in 2023. The strong quantitative credit metrics are a result of the company's debt restructuring following emergence from bankruptcy. CHURCH OF THE IMMACULATE: Court to OK Church Wages in Ch. 11 ------------------------------------------------------------ Emlyn Cameron of Law360 reports that a New York bankruptcy judge said Tuesday, December 9, 2025, he would grant interim approval for first-day relief in the Chapter 11 case filed by the Church of the Immaculate Heart of Mary. The approval includes permission for the parish to continue paying employee wages as it seeks to temporarily pause ongoing abuse claims. The bankruptcy filing is intended to give the Archdiocese time to negotiate a broader resolution for the sexual abuse litigation. The judge indicated that granting initial relief is necessary to maintain the parish's day-to-day operations while discussions toward a comprehensive settlement proceed. 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. CITADEL ASSISTED: Hires Michael Best & Friedrich as Legal Counsel ----------------------------------------------------------------- Citadel Assisted Living LLC seeks approval from the U.S. Bankruptcy Court for the District of Colorado to hire Michael Best & Friedrich, LLP as its general bankruptcy counsel. The firm's services include: a. advising the Debtor with respect to its rights, duties, and powers under the Bankruptcy Code; b. preparation of bankruptcy statements and schedules; c. proposing a plan of reorganization and disclosure statement; d. representing the Debtor in connection with any contested matters, adversary proceedings, or other litigation; e. performing all other necessary and appropriate legal services for the Debtor in connection with their chapter 11 cases. The firm's current hourly rates are: Jeffrey A. Weinman (Of Counsel) $750 Bailey Pompea (Senior Counsel) $595 Destiney Parker-Thompson (Associate) $445 Davis W. Sullivan (Associate) $445 Emily Sexton (Associate) $385 Partners $325 to $1,500 Paralegals $225 to $365 The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. The firm received a prepetition retainer in the amount of $20,000. Jeffrey A. Weinman, Esq. a partner at Michael Best & Friedrich LLP, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Jeffrey A. Weinman, Esq. Bailey C. Pompea, Esq. MICHAEL BEST & FRIEDRICH LLP 675 15th Street, Suite 2000 Denver, CO 80202 Tel: (720) 240-9515 Email: jeffrey.weinman@michaelbest.com bailey.pompea@michaelbest.com About Citadel Assisted Living LLC Citadel Assisted Living LLC is a healthcare services provider dedicated to senior care and assisted living. The company manages residential facilities designed to support aging adults with medical supervision, social engagement, and personalized care plans that enhance overall well-being. Citadel Assisted Living LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-17658) on November 21, 2025. In its petition, the Debtor reports estimated assets between $100,001 and $1,000,000 and estimated liabilities in the same range. Honorable Bankruptcy Judge Michael E. Romero handles the case. The Debtor is represented by Jeffrey Weinman, Esq. of Michael Best & Friedrich LLP. CLEARSIDE BIOMEDICAL: Seeks to Sell Biopharma Assets at Auction --------------------------------------------------------------- Clearside Biomedical, Inc., seeks approval from the U.S. Bankruptcy Court for the District of Delaware, to sell Assets at auction, free and clear of liens, claims, interests, and encumbrances. The Debtor commenced this Chapter 11 Case to pursue a value-maximizing Sale of all or substantially all of its assets for the benefit of its estate and its stakeholders. The Debtor is a clinical-stage biopharmaceutical company focused on therapies for serious eye diseases. Its primary assets include its proprietary suprachoroidal space (SCS) injection platform and related clinical and preclinical candidates utilizing its SCS Microinjector technology, its intellectual property portfolio, and its interest in its wholly owned non-debtor subsidiary, Clearside Royalty, LLC. After experiencing sustained financial distress and a deteriorating liquidity position, the Debtor and its advisors commenced a comprehensive marketing process to gauge interest for either a merger, sale, or other strategic transaction. Given that the Debtor operates in a specialized segment of the pharmaceutical and life sciences sector, the number of potential buyers was relatively confined and largely known to the Debtor and its advisors. As a result, Piper Sandler & Co., the Debtor's prepetition investment banker, together with the Debtor's management, focused on identifying potential buyers that represented a potential strategic fit, including existing licensing partners and other pharmaceutical, biotechnology, and life sciences companies with complementary platforms or therapeutic pipelines. In response to its deteriorating liquidity position, the Debtor explored additional pathways for potential financing sources, including efforts to raise funding through existing and prospective investors, as well as strategic partners, in a private offering of its securities. The Debtor has actively engaged with multiple parties to identify a potential stalking horse bidder for the Assets. After several weeks of extensive, arm's-length negotiations with certain potential bidders, the Debtor, in consultation with its advisors and in the exercise of its sound business judgment, continues to negotiate the terms of a potential stalking horse proposal. The Debtor proposes the Bidding Procedures while continuing to market its assets and negotiate the terms of a potential stalking horse proposal for the sale of all or substantially all of the Debtor's Assets. The Debtor believes that designating a Stalking Horse Bidder and entering into a Stalking Horse Purchase Agreement, subject to higher or otherwise better offers and consistent with the Bidding Procedures, is in the Debtor's best interest and will position the Debtor to maximize value by setting an initial price "floor" for any competing bids. The Bidding Procedures reflect the Debtor's objective of conducting the sale process in a controlled, fair, and open manner to ensure that the highest or best bid is generated for the Assets. The Bidding Procedures recognize the Debtor's fiduciary obligations to maximize the value of its Assets and, as such, does not impair the Debtor's ability to consider all Qualified Bids. The Debtor believes a prompt Sale of the Assets, consistent with the proposed key dates set forth below represents the best, if not the only, current option available to maximize value for all stakeholders in this Chapter 11 Case. The Sale, conducted in accordance with the Bidding Procedures, will generate maximum value for the Debtor's estate and represents the best path forward for maximizing recoveries for the Debtor's stakeholders. About Clearside Biomedical Inc. Clearside Biomedical, Inc. is a biopharmaceutical firm specializing in the development and commercialization of treatments for eye diseases. Clearside Biomedical Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-12109) on November 23, 2025. In its petition, the Debtor reports estimated assets of $1 million to $10 million and estimated liabilities of $50 million to $100 million. The Debtor is represented by Daniel J. DeFranceschi, Esq. COMPUTE NORTH: Tribolet Can't Compel Relm to Pay $4.65MM Settlement ------------------------------------------------------------------- Judge Marvin Isgur of the United States Bankruptcy Court for the Southern District of Texas denied the motion of Tribolet Advisors LLC, the Plan Administrator and Litigation Trustee of the Mining Project Wind Down Holdings, Inc. Litigation Trust, seeking an order to compel Relm Insurance Ltd. to fund a $4.65 million within-limits settlement demand under its postpetition directors' and officers' liability insurance policy. It is undisputed that, in November 2022, BitNile sued David Perrill, an insured D&O Defendant, along with other directors and officers not in this adversary, for fraud, fraudulent concealment, and civil conspiracy. Compute North's Plan was confirmed on February 16, 2023. The Mining Project Wind Down Litigation Trust was established on the Effective Date and Tribolet Advisors LLC was appointed as Plan Administrator and Trustee. In July 2024, Tribolet commenced this adversary proceeding to freeze the distribution of insurance proceeds from the D&O policies to the Defendants in the BitNile suit until Tribolet resolved the Estate's D&O claims. Compute North maintained three management liability insurance policies: (1) Relm's pre-petition D&O policy with a policy limit of $2.5 million, (2) Banyan's pre-petition D&O policy with a policy limit of $2.5 million, and (3) Relm's post-petition D&O policy with a policy limit of $5 million In December 2024, Tribolet commenced Tribolet Advisors LLC v. Perrill, Adv. Pro. No. 24-30278 ("D&O Adversary"), to recover damages from Compute North's directors and officers1 for alleged wrongful acts occurred before and after the Petition Date. The wrongful acts center around the Defendants' failure to physically maintain 62 containers stored in Granbury, Texas and Greenville, North Carolina ("Container Claims"). In March 2025, Tribolet made an oral settlement demand of $5.5 million to resolve the Estate's D&O claims. Relm did not communicate that demand to the D&O Defendants. On June 4, 2025, Tribolet made his first within limits settlement demand of $2 million under the pre-petition policies to settle his prepetition claims and $5 million under the Policy at Issue. On July 21, 2025, Tribolet made his second settlement demand of $4.65 million under the Policy at Issue to settle his claims against the Defendants in the D&O adversary. The proposed settlement would resolve and release Tribolet's claims asserted in the D&O Adversary along with his claims asserted in the related adversary proceedings. On July 31, 2025, Tribolet filed his emergency motion to determine that its $4.65 settlement demand under the Policy at Issue is reasonable and that Relm unreasonably withheld consent. The first issue is whether Tribolet's within limits settlement demand of $4.65 million is reasonable. Relm's primary defense in its refusal to settle is that most of the wrongful acts occurred pre-petition and that Relm is not obligated under the Policy at Issue to provide coverage for the Defendants. The Court finds that Tribolot's settlement demand of $4.65 million is reasonable, and Relm's refusal is inconsistent with its settlement obligations under its policy. The second issue is whether the Court has authority to compel Relm to accept this reasonable settlement demand. According to Judge Isgur, "It does not. Under Texas law, the insurer's refusal to settle a reasonable demand gives rise only to post judgment or post settlement monetary relief, not prospectivespecific performance." The Court cannot compel Relm, the nonconsenting insurer, to accept a reasonable settlement demand. Accordingly, Tribolet's emergency motion to compel is denied. Relm will be exposed to limitless potential liability for both defense costs and indemnity if it fails to pay the settlement amount. That is a risk that it is free to take under applicable law. The adversary proceeding is captioned as TRIBOLET ADVISORS LLC, AS PLAN ADMINISTRATOR AND TRUSTEE FOR THE MINING PROJECT WIND DOWN HOLDINGS, INC. LITIGATION TRUST, Plaintiff, VS. RELM INSURANCE LTD., et al., Defendants, ADVERSARY NO. 24-3144 (Bankr. S.D. Tex.). The Trustee was represented by: Robin Cohen, Esq. Cindy Jordano, Esq. Orrie Levy, Esq. Evan Jaffe, Esq. COHEN ZIFFER FRENCHMAN & MCKENNA LLP 1325 Avenue of the Americas New York, NY 10019 Telephone: (212) 584-1890 Fax: (212) 584-1891 E-mail: rcohen@cohenziffer.com cjordano@cohenziffer.com olevy@cohenziffer.com ejaffe@cohenziffer.com About Compute North Holdings Computer North Holdings, Inc., now known as Mining Project Wind Down Holdings Inc. -- https://www.computenorth.com/ -- operated crypto mining data centers -- two in Texas and one in both South Dakota and Nebraska. Compute North Holdings and 18 affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Lead Case No. 22-90273) on Sept. 22, 2022. In the petitions signed by Harold Coulby, as authorized signatory, the Debtors reported between $100 million and $500 million in both assets and liabilities. Judge Marvin Isgur oversees the cases. The Debtors tapped Paul Hastings, LLP and Ferguson Braswell Fraser Kubasta, PC as bankruptcy counsels; Jefferies, LLC as investment banker; and Portage Point Partners as financial advisor. Epiq Corporate Restructuring, LLC is the claims, noticing and solicitation agent. On Oct. 6, 2022, the Office of the U.S. Trustee for Region 7 appointed an official committee of unsecured creditors. The committee tapped McDermott Will & Emery LLP as legal counsel; and Miller Buckfire & Co., LLC and its affiliate, Stifel, Nicolaus & Co., Inc., as investment banker. On Nov. 23, 2022, the Debtors filed their proposed joint Chapter 11 liquidating plan and disclosure statement. In February 2023, the Debtors secured Bankruptcy Court approval of its liquidation after selling off its assets. The Debtors, which entered bankruptcy with about $250 million in secured debt, sold off assets through 13 separate sales and reached key settlements with all of their largest creditors and constituents. COREWEAVE INC: S&P Rates 1.75% Sr. Unsecured Convertible Notes 'B' ------------------------------------------------------------------ S&P Global Ratings assigned its 'B' issue-level rating and '5' recovery rating to New Jersey-based provider of generative AI infrastructure, software, and cloud services CoreWeave Inc.'s $2.25 billion 1.75% senior unsecured convertible notes due 2031. At the same time, S&P affirmed its 'B' issue-level rating on the company's existing unsecured notes issued in May and July 2025, respectively. S&P said, "The '5' recovery rating indicates our expectation for modest (10%-30%; rounded estimate: 15%) recovery in the event of a default. Our updated recovery analysis assumes a slightly lower, rounded recovery estimate of 15%, down from 25%, primarily due to the extension and upsizing of its senior secured revolving credit facility, its additional unsecured claims after the convertible issuance, and a placeholder lease-rejection claim on its leases with parent guarantees. Our revised, rounded estimate also reflects the removal of certain Core Scientific debt following the termination of its acquisition." S&P's 'B+' issuer credit rating on CoreWeave is unchanged. In the third quarter, the company increased revenue by 134% year-over-year to $1.4 billion, driven by the ramping of contracts signed over the last few quarters. More importantly, CoreWeave recorded new contract signings of nearly $25 billion, increasing its remaining performance obligations (RPO) balances and revenue backlog to more than $50 billion and $55.6 billion, respectively, fueled by new major contracts with Meta (over $14 billion) and Nvidia (over $6 billion), indicating sustained demand for its offerings and driving improvements in its customer diversity. New partnerships with AI labs, such as Poolside and Periodic Labs, and completed acquisitions, including OpenPipe and Marimo, should help enhance its developer ecosystem and enable it to play a larger supporting role in industrial AI adoption. CoreWeave also continued to add data center capacity while diversifying its providers. The company added eight new U.S. data centers and entered Europe through a facility in Scotland backed by the U.K. government. Following these additions, CoreWeave's footprint now includes 41 data centers--eight added in the third quarter of 2025--with 590 megawatts of active power and 2.9 gigawatts of contracted power. The company faces construction and performance risks if its data center infrastructure comes online later than planned, which it recently experienced due to ongoing supply chain challenges. This delay led to a reduction in CoreWeave's capital expenditure (capex) in the third quarter, which totaled only $1.9 billion. S&P said, "It also caused the company to revise its fiscal-year 2025 guidance, with management now projecting revenue of $5.05 billion-$5.15 billion (our previous forecast contemplated revenue of about $5.4 billion) and capex of between $12 billion and $14 billion (our previous forecast contemplated capex of about $20 billion). This will likely also reduce CoreWeave's free cash flow deficits and its S&P Global Ratings-adjusted debt balances, supporting stronger credit metrics for 2025. Still, the company has reworked its customer delivery dates and now expects the data center to become available by the first quarter, thus we expect it will simply delay the capex we previously assumed for the fourth quarter of this year to the first quarter of 2026." S&P continues to expect the company will increase its funds from operations to debt above 12% and its cash flow from operations to debt to the 10%-15% range by 2027, which are levels it considers appropriate for the current rating. ISSUE RATINGS--RECOVERY ANALYSIS Key analytical factors -- CoreWeave is rapidly evolving its complex debt capital structure as it seeks to finance its significant capital expenditure needs. S&P is likely to alter our recovery analysis approach or its view of the recovery prospects for its senior unsecured noteholders as part of our ongoing surveillance. -- S&P's simulated default scenario assumes a default in 2029 because CoreWeave fails to scale or build its platform effectively amid intense competition and significant shifts in customer needs. A key assumption is that new special-purpose vehicles (SPVs) will increasingly be structured as bankruptcy-remote vehicles that lack parent guarantees, and debt issued at subsidiaries will amortize before the accounting depreciation of the underlying assets. Accordingly, the emergence value available for CoreWeave Inc.'s noteholders excludes dilution from the SPVs' parent guarantees. It reflects our assumption that the SPVs will continue operating in our default scenario without triggering defaults or cross-defaults. However, in the interim, our waterfall analysis now includes a moderate level of lease rejection claims. The company has created a new holding company, CoreWeave Debt Holdco I LLC, which strengthened the prospects for its senior secured lenders and provides the unsecured noteholders with priority over CoreWeave Inc.'s other unsecured obligations. Currently, CoreWeave Compute Acquisition Co. VII LLC and CoreWeave Compute Acquisition Co. VI are subsidiaries of Debt Holdco I. S&P expects the company to continue adding guarantor holding companies as its capital structure evolves. S&P said, "Another key assumption within our default scenario is that the SPVs continue to service their respective debt obligations and remain performing. Accordingly, our recovery waterfall primarily focused on the CoreWeave's holding company emergence valuation and recovery waterfall." Simulated default assumptions -- Simulated year of default: 2029 -- Implied enterprise value multiple: 5.0x -- EBITDA at emergence: About $1.08 billion Simplified waterfall -- Gross emergence enterprise value of parent: $5.4 billion -- Administrative expenses: 5% of gross enterprise value -- Valuation distribution for senior secured revolving credit facility lenders: 35% -- Valuation distribution for OEM financing lenders: 50% -- Valuation distribution for unpledged: 15% -- Senior secured revolving credit facility (85% draw assumption and limited by letters of credit availability) plus prepetition interest outstanding at default: $1.9 billion -- Senior secured revolving credit facility deficiency claim: $560 million -- OEM equipment financing plus prepetition interest outstanding at default: $2.34 billion -- Operating lease rejection claims: About $500 million -- Unsecured notes plus prepetition interest and revolving credit facility deficiency claim outstanding at default: $6.86 billion (including $2.09 billion of the senior unsecured notes due 2030 and prepetition interest, $1.83 billion of senior notes due 2031, $2.27 billion senior convertible notes due 2031, Magnetar Loan of about $280 million, and secured revolving credit facility deficiency claim) -- Net enterprise value available to 2030 senior noteholders, 2031 senior noteholders, and 2031 senior convertible noteholders: $1. 1.4 billion --Recovery expectations: 10%-30% (rounded estimate: 15%) CORVIAS CAMPUS: Gets Court OK for Chapter 11 Sale Plan ------------------------------------------------------ Rick Archer of Law360 reports that a Delaware bankruptcy judge on Thursday, December 11, 2025, approved the Chapter 11 plan for Corvias Campus Living–USG LLC, the operator of dormitories serving multiple public university campuses in Georgia, despite opposition from a creditor objecting to the scope of certain claims releases in the plan. The judge overruled that objection at the confirmation hearing, allowing the plan to move forward and clearing a key hurdle in the company’s restructuring process. Corvias, which filed for Chapter 11 in Delaware earlier this 2025 as part of efforts to reorganize its student housing operations, will now proceed under the confirmed plan that includes releases and injunctions affecting certain claims and parties tied to the case. Opponents had argued that the releases were overly broad, but the bankruptcy court found that the plan met statutory requirements and that the releases were appropriate as part of the overall restructuring, allowing the debtor to complete its Chapter 11 process, the report relays. About Corvias Campus Living - USG, LLC Corvias Campus Living is a campus housing operator that manages student living facilities for universities within the University System of Georgia. Corvias Campus Living sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-11214) on June 25, 2025. In its petition, the Debtor reports estimated assets between $10 million and $50 million and estimated liabilities between $500 million and $1 billion. The Debtor is represented by Derek C. Abbott, Esq. at Morris, Nichols, Arsht & Tunnell. CROCKETT OPERATING: Scott Seidel Named Subchapter V Trustee ----------------------------------------------------------- The U.S. Trustee for Region 6 appointed Scott Seidel as Subchapter V trustee for Crockett Operating, LLC. Mr. Seidel will be paid an hourly fee of $520 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Seidel 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 Seidel 6505 West Park Blvd., Suite 306 Plano, TX 75093 214-234-2500-main 214-234-2503-direct Email: scott@scottseidel.com About Crockett Operating LLC Crockett Operating, LLC operates as a U.S.-based limited liability company focused on overseeing its business operations and managing related assets. Crockett Operating sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-44700) on December 1, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities in the same range. Honorable Bankruptcy Judge Mark X. Mullin handles the case. The Debtor is represented by Joshua N. Eppich, Esq., at Bonds Ellis Eppich Schafer Jones, LLP. D SAN JOSE: Hires Quilling Selander Lownds as Bankruptcy Counsel ---------------------------------------------------------------- D San Jose LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Texas to hire Quilling, Selander, Lownds, Winslett & Moser, P.C. as general counsel. The firm will render these services: (a) furnish legal advice to the Debtor with regard to its powers, duties and responsibilities as a debtor-in-possession and the continued management of its affairs and assets under chapter 11; (b) prepare, for and on behalf of the Debtor, all necessary applications, motions, answers, orders, reports and other legal papers; (c) prepare a plan of reorganization and disclosures and other services incident thereto; (d) investigate and prosecute preference and fraudulent transfers actions arising under the avoidance powers of the Bankruptcy Code; and (e) perform all other legal services for the Debtor which may be necessary. The firm's normal hourly rates are: Shareholders $325 to $550 per hour Associates $225 to $325 per hour Paralegals $75 to $150 per hour The firm received a retainer in the amount of $20,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. John Paul Stanford, Esq., a partner at Quilling, Selander, Lownds, Winslett & Moser, P.C., disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: John Paul Stanford, Esq. QUILLING, SELANDER, LOWNDS, WINSLETT & MOSER, P.C. 2001 Bryan Street, Suite 1800 Dallas, TX 75201 Tel: (214) 880-1805 Fax: (214) 871-2111 Email: jstanford@qslwm.com About D San Jose LLC D San Jose LLC operates in the hospitality industry and is associated with Cosmo Hotels Management and D Tur Hotel LLC. D San Jose LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Tex. Case No.: 25-43157) on October 22, 2025. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million each. Honorable Bankruptcy Judge Brenda T. Rhoades handles the case. The Debtor is represented by Joyce Lindauer, Esq. of JOYCE W. LINDAUER ATTORNEY, PLLC. D&D BUYER: T. Rowe Price Marks $1.3MM 1L Loan at 57% Off -------------------------------------------------------- T. Rowe Price OHA Select Private Credit Fund has marked its $1,382,000 loan extended to D&D Buyer LLC to market at $592,000 or 43% of the outstanding amount, according to T. Rowe's Form 10-Q for the quarterly period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. T. Rowe is a participant in a First Lien Loan to D&D Buyer LLC. The loan accrues interest at a rate of 10.6% per annum. The loan matures on October 4, 2028. T. Rowe Price OHA Select Private Credit Fund was initially formed on December 16, 2021 as a Delaware limited liability company and subsequently converted into a Delaware statutory trust on March 2, 2022. OHA Private Credit Advisors, LLC is the investment adviser of the Company. The Company invests primarily in directly originated and customized private financing solutions, including loans and other debt securities with a strong focus on senior secured lending to larger companies. The Company primarily targets investments in first lien loans, unitranche loans, second lien loans and other corporate secured debt. The Company may also invest in equity interests such as common stock, preferred stock, warrants or options, which generally would be obtained as part of providing a broader financing solution. T. Rowe is led by Eric Muller as Chief Executive Officer; and Thomas Hansen as Chief Financial Officer. The Fund can be reach through: Eric Muller T. Rowe Price OHA Select Private Credit Fund 1 Vanderbilt, 16th Floor New York, NY 10017 Telephone: (212) 326-1500 About D&D Buyer LLC D&D Buyer, LLC is a specialty retailer. The Company operates in the United States. DIGITAL MEDIA: Voluntary Chapter 11 Case Summary ------------------------------------------------ Debtor: Digital Media Chain, LLC 100 Universal City Plaza, Bungalow 5183 Universal City, CA 91608 Chapter 11 Petition Date: December 9, 2025 Court: United States Bankruptcy Court Central District of California Case No.: 25-12297 Judge: Hon. Martin R Barash Debtor's Counsel: Matthew D. Resnik, Esq. RHM LAW LLP 17609 Ventura Blvd. Suite 314 Encino, CA 91316 Tel: (818) 285-0100 Fax: (818) 855-7013 E-mail: matt@rhmfirm.com Estimated Assets: $500,000 to $1 million Estimated Liabilities: $1 million to $10 million The petition was signed by Timothy Marlowe as managing member. The Debtor has confirmed in the petition that there are no unsecured creditors. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/3KGPEWY/Digital_Media_Chain_LLC__cacbke-25-12297__0001.0.pdf?mcid=tGE4TAMA E GLUCK: Gets Interim OK for DIP Financing From Israel Discount --------------------------------------------------------------- E. Gluck Corporation received interim approval from the U.S. Bankruptcy Court for the Southern District of New York to obtain post-petition financing to get through bankruptcy. The financing is a $29 million senior secured, superpriority, priming debtor-in-possession revolving credit facility from Israel Discount Bank of New York. It authorizes up to $3.3 million on an interim basis and up to $29 million after final court approval, with interest at prime plus 0.25% or the federal funds rate plus 3.12%, depending on the loan. The Debtor said the financing from Israel provides short-term liquidity pending a court-approved asset sale, for which it already has a stalking-horse agreement. The DIP facility is designed to roll pre-bankruptcy debt into DIP obligations and requires that the pre-bankruptcy debt must be paid first from asset-sale proceeds before DIP borrowings. Israel is the Debtor's long-time pre-bankruptcy lender and is owed about $27 million under a pre-bankruptcy credit agreement. As security for the DIP obligations, Israel will be granted first-priority post-petition security interests and liens on all of the Debtor's property. Moreover, the DIP obligations constitute an allowed superpriority administrative expense claim. Use of Cash Collateral The court's interim order also authorized the Debtor to use the lender's cash collateral until an event of default occurs. Israel will be provided with adequate protection in the form of cash payments; superpriority administrative expense claims under section 507(b) of the Bankruptcy Code. and replacement and additional post-petition security interests in and liens on the collateral. The interim order is available at https://is.gd/1AbgCK from PacerMonitor.com. The final hearing is scheduled for December 22. E. Gluck is a six-decade-old watch designer, importer, and distributor anchored by brands such as Armitron, Anne Klein, and Nine West. Despite long-standing retail relationships and historically strong revenue, the company's performance deteriorated due to shifts in consumer behavior, competition from smart devices, pandemic-era supply chain disruptions, increased tariffs and freight costs, and reduced retailer ordering. A major contributor to the Debtor's financial distress was its acquisition of WITHit, intended to diversify the company into wearable-tech accessories. Instead, the new line proved more competitive and less scalable than anticipated; integration issues, higher costs, and missed growth projections worsened the company's financial position. As a result, E. Gluck entered Chapter 11 to shed unproductive contracts, restructure operations, reduce overhead, streamline international and domestic operations, and preserve its core brand portfolio. About E. Gluck Corporation E. Gluck Corporation -- https://egluck.com/ -- is an American watch manufacturer headquartered in Little Neck, New York. E. Gluck sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. N.Y. Case No. 25-12683) on December 1, 2025, listing between $10 million and $50 million in assets and liabilities. Judge Martin Glenn presides over the case. Alan D. Halperin at Halperin Battaglia Benzija, LLP, represents the Debtor as legal counsel. Israel Discount Bank of New York, as DIP lender, is represented by: Jonathan N. Helfat, Esq. Matthew Breen, Esq. OTTERBOURG P.C. 230 Park Avenue New York, NY 10169 Tel: (212) 661-9100 jhelfat@otterbourg.com mbreen@otterbourg.com EAGLE FENCE: Seeks to Hire Robert W. Raley as Bankruptcy Counsel ---------------------------------------------------------------- Eagle Fence and Iron Work, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Louisiana to hire Robert W. Raley, Esq. as the bankruptcy counsel. The firm will render these services: a) assist and advise Debtor relative to the administration of this proceeding; b) advise Debtor with respect to its powers and duties as debtor-in-possession in the continued management and operation of its business and property; c) represent the Debtor before the Bankruptcy Court and advise the Debtor on pending litigation, hearings, motions, and decisions of the Bankruptcy Court; d) review and advise the Debtor regarding applications, orders, and motions filed with the Bankruptcy Court by third parties in this proceeding; e) attend meetings conducted pursuant to section 341(a) of the Bankruptcy Code and represent Debtor at all examinations; f) communicate with creditors and other parties in interest; g) assist Debtor in preparing all motions, applications, answers, orders, reports, and papers necessary to the administration of the estate; h) confer with other professionals retained by Debtor and other parties in interest; i) negotiate and prepare Debtor's chapter 11 plan, related disclosure statement, and all related agreements and documents and take any necessary actions on Debtor's behalf to obtain confirmation of the plan; and j) perform all other necessary legal services and provide all other necessary legal advice to Debtor in connection with this chapter 11 case. The firm will be paid at the rate of Robert W. Raley $390 per hour Attorneys $350 to $400 per hour Paralegals $60 to $90 per hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Robert Raley, Esq., a partner, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Robert W. Raley, Esq. 290 Benton Spur Road Bossier City, LA 71111 Telephone: (318) 747-2230 E-mail: bankruptcy@robertraleylaw.com About Eagle Fence and Iron Work LLC Eagle Fence and Iron Work, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. La. Case No. 25-11374) on November 11, 2025, listing between $100,001 and $500,000 in assets and between $1 million and $10 million in liabilities. Judge John S. Hodge presides over the case. Robert W. Raley, Esq., represents the Debtor as legal counsel. EAST SIDE ASSISTED: Taps Michael Best & Friedrich as Legal Counsel ------------------------------------------------------------------ East Side Assisted Living LLC seeks approval from the U.S. Bankruptcy Court for the District of Colorado to hire Michael Best & Friedrich, LLP as its general bankruptcy counsel. The firm's services include: a. advising the Debtor with respect to its rights, duties, and powers under the Bankruptcy Code; b. preparing bankruptcy statements and schedules; c. proposing a plan of reorganization and disclosure statement; d. representing the Debtor in connection with any contested matters, adversary proceedings, or other litigation; e. performing all other necessary and appropriate legal services for the Debtor in connection with their chapter 11 cases. The firm's current hourly rates are: Jeffrey A. Weinman (Of Counsel) $750 Bailey Pompea (Senior Counsel) $595 Destiney Parker-Thompson (Associate) $445 Davis W. Sullivan (Associate) $445 Emily Sexton (Associate) $385 Partners $325 to $1,500 Paralegals $225 to $365 The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. The firm received a prepetition retainer in the amount of $20,000. Jeffrey A. Weinman, Esq. a partner at Michael Best & Friedrich LLP, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Jeffrey A. Weinman, Esq. Bailey C. Pompea, Esq. MICHAEL BEST & FRIEDRICH LLP 675 15th Street, Suite 2000 Denver, CO 80202 Tel: (720) 240-9515 Email: jeffrey.weinman@michaelbest.com Email: bailey.pompea@michaelbest.com About East Side Assisted Living LLC Eastside Active Living, situated in Hollywood, Florida, offers a senior living community with both Assisted Living and Independent Senior Living options, allowing residents to choose the level of support that suits their lifestyle. East Side Assisted Living LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-17663) on November 21, 2025. In its petition, the Debtor reports estimated assets in the range of $0-$100,000 and estimated liabilities in the range of $100,001-$1,000,000. Honorable Bankruptcy Judge Thomas B. McNamara handles the case. The Debtor is represented by Jeffrey Weinman, Esq. of Michael Best & Friedrich LLP. EDEN ON BRAND: Case Summary & 14 Unsecured Creditors ---------------------------------------------------- Debtor: Eden on Brand, Inc. d/b/a Eden on Brand 214 N. Brand Blvd. Glendale, CA 91203 Business Description: Eden on Brand, Inc. operates a fine-dining restaurant in Glendale, California, offering modern American cuisine with global influences across steak, seafood, and pasta dishes. It provides multi-course dining that includes soups, salads, appetizers, entrees, sides, and desserts in a full- service setting. The restaurant also supports reservations, private event services, and online ordering. Chapter 11 Petition Date: December 9, 2025 Court: United States Bankruptcy Court Central District of California Case No.: 25-21059 Debtor's Counsel: Michael Jay Berger, Esq. LAW OFFICES OF MICHAEL JAY BERGER 9454 Wilshire Boulevard, 6th Floor Beverly Hills, CA 90212 Tel: (310) 271-6223 Fax: (310) 271-9805 E-mail: michael.berger@bankruptcypower.com Estimated Assets: $100,000 to $500,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Erik Khodzhoyan as CEO. A full-text copy of the petition, which includes a list of the Debtor's 14 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/GMLO5JY/Eden_on_Brand_Inc__cacbke-25-21059__0001.0.pdf?mcid=tGE4TAMA ELITE EQUIPMENT: Seeks to Extend Plan Exclusivity to May 5, 2026 ---------------------------------------------------------------- Elite Equipment Leasing LLC and affiliates asked the U.S. Bankruptcy Court for the District of Montana to extend their exclusivity periods to file a plan of reorganization and obtain acceptance thereof to May 5, 2026 and July 6, 2026, respectively. The Debtors explain that their cases are relatively large and complex. The Debtors' annual revenue in 2024 was $93 million, and the business has over 200 current employees. There are approximately 25 different secured creditors and well over 300 pieces of heavy equipment and vehicles. As described, the Debtors are working with numerous creditors and other parties in interest to evaluate their reorganization and bankruptcy exit options. The Debtors claim that for the first two months following the Petition Date, the companies spent considerable time stabilizing their operations and complying with the numerous requirements of the Bankruptcy Code and Rules, including finalizing their DIP financing and use of cash collateral and other firstday motions, filing their Schedules and Statements of Financial Affairs, preparing for and attending Section 341(a) meetings of creditors and Initial Debtor Interviews, complying with the numerous other requirements of the Office of the United States Trustee, and interacting with creditors, vendors and customers regarding the chapter 11 process. More recently, the Debtors, along with their legal and financial advisors, have been working diligently to evaluate their reorganization and bankruptcy exit options, including discussions with numerous creditors and other parties in interest. The Debtors assert that they have minimized costs and are current with respect to their post-petition obligations as they are paying their bills as they become due. The Debtors further assert that they are not seeking an extension of the Exclusivity Periods for the purpose of pressuring any parties to accede to the Debtors' demands. The Debtors have worked efficiently and determinedly to maximize value for their constituencies. Termination of the Exclusivity Periods at this stage could jeopardize the progress made (and continue to make) and could delay the Debtors' exits from these chapter 11 cases and dramatically increase expenses to the detriment of all parties in interest. Counsel to the Debtors: James A. Patten, Esq. Molly S. Considine, Esq. PATTEN, PETERMAN, BEKKEDAHL & GREEN PLLC 401 N. 31st Street, Suite 800 P.O. Box 7207 Billings, MT 59103 Telephone: (406) 252-8500 Facsimile: (406) 294-9500 Email: apatten@ppbglaw.com Mconsidine@ppbglaw.com Matthew A. Lesnick (pro hac vice) Christopher E. Prince (pro hac vice) Kaitlyn M. Husar (pro hac vice) Lisa R. Patel (pro hac vice) LESNICK PRINCE PAPPAS & ALVERSON LLP 315 W. Ninth Street, Suite 705 Los Angeles, CA 90015 Telephone: (213) 493-6496 Facsimile: (213) 493-6596 Email: matt@lesnickprince.com cprince@lesnickprince.com khusar@lesnickprince.com lpatel@lesnickprince.com About Elite Equipment Leasing LLC Elite Equipment Leasing LLC is a Billings, Montana-based crane rental group. Elite Equipment Leasing LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mon. Case No. 25-10145) on September 7, 2025. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million each. The Debtors are represented by James A. Patten, Esq. at Patten, Peterman, Bekkedahl & Green, PLLC and Lesnick Prince Pappas & Alverson LLP. Garrett Stiepel Ryder LLP is the Debtors' Special Corporate and Transactional Counsel. Curt Kroll of SierraConstellationPartners LLC is the Debtors' Financial Advisor. Epiq Corporate Restructuring LLC is the Debtors' Claims Agent. EVERSTREAM SOLUTIONS: Russell R. Johnson Represents Utilities ------------------------------------------------------------- In the Chapter 11 bankruptcy cases of Everstream Solutions, LLC and its debtor-affiliates, Russell R. Johnson III of Russell R. Johnson III, PLC, filed with the United States Bankruptcy Court for the Southern District of Texas, Houston Division, a Verified Statement pursuant to Federal Rule of Bankruptcy Procedure 2019, disclosing that the firm represents several utility companies. The names and addresses of the Companies represented by the Firm are: A. Indiana Michigan Power Company d/b/a American Electric Power AEP OH Company d/b/a American Electric Power Attn: Jason Reid American Electric Power 1 Riverside Plaza, 13th Floor Columbus, Ohio 43215 B. The Toledo Edison Company Ohio Edison Company The Cleveland Electric Illuminating Company Potomac Edison Company Monongahela Power Company Jersey Central Power and Light Company FirstEnergy Pennsylvania Electric Company f/k/a West Penn Power Company f/k/a Pennsylvania Power Company f/k/a Pennsylvania Electric Company f/k/a Metropolitan Edison Company Attn: Kathy M. Hofacre FirstEnergy Corp. 76 S. Main St., A-GO-15 Akron, OH 44308 The nature and the amount of claims and interests and the times of acquisition are as follows: A. Each of the Companies are contract counterparties to executory pole attachment contracts with the Debtors and has unsecured prepetition and post-petition claims arising thereunder; B. These Companies have unsecured claims against the Debtors for prepetition utility usage: The Cleveland Electric Illuminating Company, Ohio Edison Company, The Toledo Edison Company, Pennsylvania Power Company, and Metropolitan Edison Company; C. These Companies held prepetition cash deposits that wholly secured prepetition debt: Jersey Central Power & Light Company and Pennsylvania Electric Company The Firm was retained to represent the Companies in May 2025. Mr. Johnson says the circumstances and terms and conditions of employment of the Firm by the Companies are protected by the attorney-client privilege and attorney work product doctrine. The firm may be reached at: Russell R. Johnson, III, Esq. RUSSELL R. JOHNSON III, PLC 2258 Wheatlands Drive Manakin-Sabot, VA 23103 Tel: (804) 749-8861 Fax: (804) 749-8862 E-mail: russell@russelljohnsonlawfirm.com About Everstream Solutions LLC Everstream Solutions LLC is a business-focused provider of data, internet, and communications services, operating a fiber network spanning over 34,000 miles across 13 states in the U.S. Midwest and Northeast. Headquartered in Cleveland, Ohio, the Company offers enterprise-grade solutions such as dedicated internet access, dark fiber, Ethernet, and network security. Founded in 2014 as a subsidiary of nonprofit OneCommunity, Everstream has expanded through a mix of organic growth and acquisitions. Everstream Networks LLC and affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 25-90144) on May 28, 2025. In its petition, the Debtor reports estimated assets (on a consolidated basis) between $500 million and $1 billion and estimated liabilities (on a consolidated basis) between $1 billion and $10 billion. Honorable Bankruptcy Judge Christopher M. Lopez handles the case. The Debtor is represented by Gabriel A. Morgan, Esq., Clifford W. Carlson, Esq., Matthew S. Barr, Esq., Andriana Georgallas, Esq., and Alexander P. Cohen, Esq. at WEIL, GOTSHAL & MANGES LLP. The Debtors' Special Counsel is RICHARDS, LAYTON & FINGER, P.A. BANK STREET GROUP LLC is the Debtors' M&A Advisor. ALVAREZ & MARSAL NORTH AMERICA, LLC is the Debtors' Financial Advisor. STRETTO, INC. is the Debtors' Claims, Noticing & Solicitation Agent. EVERSTREAM SOLUTIONS: Sussman & Moore Represents Utility Companies ------------------------------------------------------------------ In the Chapter 11 bankruptcy cases of Everstream Solutions, LLC and its debtor-affiliates, Weldon L. Moore, III of Sussman & Moore, LLP, filed with the United States Bankruptcy Court for the Southern District of Texas, Houston Division, a Verified Statement pursuant to Federal Rule of Bankruptcy Procedure 2019, disclosing that the firm represents several utility companies. The names and addresses of the Companies represented by the Firm are: A. Indiana Michigan Power Company d/b/a American Electric Power AEP OH Company d/b/a American Electric Power Attn: Jason Reid American Electric Power 1 Riverside Plaza, 13th Floor Columbus, OH 43215 B. The Toledo Edison Company Ohio Edison Company The Cleveland Electric Illuminating Company Potomac Edison Company Monongahela Power Company Jersey Central Power and Light Company FirstEnergy Pennsylvania Electric Company f/k/a West Penn Power Company f/k/a Pennsylvania Power Company f/k/a Pennsylvania Electric Company f/k/a Metropolitan Edison Company Attn: Kathy M. Hofacre FirstEnergy Corp. 76 S. Main St., A-GO-15 Akron, OH 44308 The nature and the amount of claims and interests and the times of acquisition are as follows: A. Each of the foregoing Companies are contract counterparties to executory pole attachment contracts with the Debtors and has unsecured prepetition and post-petition claims arising thereunder; B. The following Companies have unsecured claims against the Debtors for prepetition utility usage: The Cleveland Electric Illuminating Company, Ohio Edison Company, The Toledo Edison Company, Pennsylvania Power Company, and Metropolitan Edison Company; C. The following Companies held prepetition cash deposits that wholly secured prepetition debt: Jersey Central Power & Light Company and Pennsylvania Electric Company The Firm was retained to represent the foregoing Companies in May 2025. The circumstances and terms and conditions of employment of the Firm by the Companies are protected by the attorney-client privilege and attorney work product doctrine. The firm may be reached at: Weldon L. Moore III, Esq. SUSSMAN & MOORE, LLP 2911 Turtle Creek Blvd., Suite 1100 Dallas, TX 75219 Tel: (214) 378-8270 Fax: (214) 378-8290 E-mail: wmoore@csmlaw.net About Everstream Solutions LLC Everstream Solutions LLC is a business-focused provider of data, internet, and communications services, operating a fiber network spanning over 34,000 miles across 13 states in the U.S. Midwest and Northeast. Headquartered in Cleveland, Ohio, the Company offers enterprise-grade solutions such as dedicated internet access, dark fiber, Ethernet, and network security. Founded in 2014 as a subsidiary of nonprofit OneCommunity, Everstream has expanded through a mix of organic growth and acquisitions. Everstream Networks LLC and affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 25-90144) on May 28, 2025. In its petition, the Debtor reports estimated assets (on a consolidated basis) between $500 million and $1 billion and estimated liabilities (on a consolidated basis) between $1 billion and $10 billion. The Honorable Bankruptcy Judge Christopher M. Lopez handles the case. The Debtor is represented by Gabriel A. Morgan, Esq., Clifford W. Carlson, Esq., Matthew S. Barr, Esq., Andriana Georgallas, Esq., and Alexander P. Cohen, Esq. at WEIL, GOTSHAL & MANGES LLP. The Debtors' Special Counsel is RICHARDS, LAYTON & FINGER, P.A. BANK STREET GROUP LLC is the Debtors' M&A Advisor. ALVAREZ & MARSAL NORTH AMERICA, LLC is the Debtors' Financial Advisor. STRETTO, INC. is the Debtors' Claims, Noticing & Solicitation Agent. FALKY HOLDINGS: Court OKs Valdosta Property Sale to Valle Pines --------------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Florida, Tallahassee Division, has permitted Falky Holdings Inc., to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor owns five acres of vacant land in Valdosta, Georgia (Property), which is encumbered by a first mortgage held by Renasant Bank in the amount of approximately $1,866,458.54. The Court has authorized the Debtor to sell the Property to Valle Pines Land Corporation or its assigns free and clear of all liens, claims, encumbrances, and interests. The Debtor is authorized to execute and deliver such documents and perform all things necessary to effectuate the Sale. The Buyer is a good faith purchaser and shall be entitled to the protections. All net sale proceeds from the Sale shall be paid to Renasant Bank, the holder of the first mortgage on the Property. Sale and release of Secured Creditor's mortgage against the Property is conditioned on Secured Creditor’s receipt of $300,000.00 in immediately available funds to be applied to Secured Creditor's mortgage. The payment to Secured Creditor pursuant to this Order shall be final and indefeasible and not subject to avoidance, claw-back, or recovery of any kind by any party, including without limitation, the Debtor, any creditor, any trustee, successor or assignee of the Debtor, the Debtor's estate, or any party acting on behalf of the Debtor's estate. The Buyer will pay all closing costs or other amounts necessary to ensure the Secured Creditor receives all proceeds from the Sale in an amount no less than $300,000.00. About Falky Holdings, Inc. Falky Holdings Inc. is a corporation based in Florida with operations in both Clearwater and Tallahassee. Falky Holdings sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Fla. Case No. 25-40378) on August 13, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. The Debtor is represented by Byron W. Wright III, Esq., at BrunerWright, P.A. FAN SZECHUAN: Ronald Friedman Named Subchapter V Trustee -------------------------------------------------------- The U.S. Trustee for Region 2 appointed Ronald Friedman, Esq., at Rimon, PC as Subchapter V trustee for Fan Szechuan Cuisine Inc. Mr. Friedman will be paid an hourly fee of $800 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Friedman declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Ronald J. Friedman, Esq. Rimon PC 100 Jericho Quadrangle, Ste. 300 Jericho, NY 11753 Email: ronald.friedman@rimonlaw.com About Fan Szechuan Cuisine Inc. Fan Szechuan Cuisine, Inc. is a restaurant operator focusing on authentic Szechuan dishes. Fan Szechuan Cuisine, Inc. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. N.Y. Case No. 25-12701) on December 3, 2025, with $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Judge Lisa G. Beckerman presides over the case. FAZELI PROPERTIES: Section 341(a) Meeting of Creditors on Jan. 14 ----------------------------------------------------------------- On December 5, 2025, Fazeli Properties LLC filed for Chapter 11 protection in the Central District of California. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 1–49 creditors. A meeting of creditors under Section 341(a) to be held on January 14, 2026 at 01:30 PM at UST-RS1, TELEPHONIC MEETING. CONFERENCE LINE:1-888-330-1716, PARTICIPANT CODE:9718357. About Fazeli Properties LLC Fazeli Properties LLC is a single-asset real estate entity under 11 U.S.C. Section 101(51B) that engages in property management, real estate appraisal, and related support functions within the real estate services sector. Fazeli Properties LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-18771) on December 5, 2025. In its petition, the Debtor reports estimated assets of $10 million–$50 million and estimated liabilities of $1 million–$10 million. Honorable Bankruptcy Judge Magdalena Reyes Bordeaux handles the case. The Debtor is represented by James E. Till, Esq. of Till Law Group. FIRST BRANDS: Races to Reassure Investors as Loan Dips to 63 Cents ------------------------------------------------------------------ Reshmi Basu, Eliza Ronalds-Hannon, and Irene García Perez of Bloomberg News reported on Dec. 10 that First Brands Group rushed to manage investor anxiety after significant stakeholders dumped portions of their debt holdings, sending the value of its top-ranking loan plummeting. The sudden deterioration pushed the troubled auto supplier to accelerate a lender call aimed at restoring stability. Sources said Marathon Asset Management and Redwood Capital Management were among the funds that recently sold pieces of the super-senior loan they issued prior to the company's Chapter 11 filing. Their sales contributed to the sharp market reaction surrounding the restructuring. Meanwhile, Diameter Capital Partners, Monarch Alternative Capital and UBS Asset Management have attempted to sell some of their own debt stakes. Whether those sales went through is still uncertain, underscoring continued unease among First Brands' creditors, the report states. About First Brands Group, LLC Rochester Hills, Mich.-based First Brands Group, LLC is a global supplier of aftermarket automotive parts. On September 24, 2025, the Company's non-operational special purpose entities, Global Assets LLC, Global Lease Assets Holdings, LLC, Carnaby Capital Holdings, LLC, Broad Street Financial Holdings, LLC, Broad Street Financial, LLC, Carnaby Inventory II, LLC, Carnaby Inventory Holdings II, LLC, Carnaby Inventory III, LLC, Carnaby Inventory Holdings III, LLC, Patterson Inventory, LLC, Patterson Inventory Holdings, LLC, Starlight Inventory I, LLC and Starlight Inventory Holdings I, LLC each filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of Texas. Commencing on September 28, 2025, First Brands Group, LLC and 98 affiliated debtors each filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of Texas. In its petition, First Brands Group listed $1 billion to $10 billion in estimated assets and $10 billion to $50 billion in estimated liabilities. The cases are pending before the Hon. Christopher M. Lopez, and are jointly administered under Case No. 25-90399, and consolidated for procedural purposes only. The Debtors tapped Weil, Gotshal and Manges, LLP as legal counsel; Lazard Freres & Co. as investment banker; Alvarez & Marsal North America, LLC as financial advisor; and C Street Advisory Group as strategic communications advisor. Kroll Restructuring Administration, LLC is the Debtors' claims, noticing and solicitation agent. Gibson, Dunn & Crutcher, LLP and Evercore serve as the Ad Hoc Group of Lenders' legal counsel and investment banker, respectively. The U.S. Trustee for Region 7 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. FREE COURTESY: Taps Joshua R. Bronstein & Associates as Counsel --------------------------------------------------------------- Free Courtesy Shuttle, LLC, seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to hire Joshua R. Bronstein & Associates PLLC as attorneys. The firm will render these services: (a) give advice to the Debtor with respect to their powers and duties as a Debtor-in-Possession and the continued management of their property and affairs; (b) negotiate with creditors of the Debtor and work out a plan of reorganization and take the necessary legal steps in order to effectuate such a plan including, if need be, negotiations with the creditors and other parties in interest; (c) prepare the necessary answers, orders, reports and other legal papers required for the Debtor who seeks protection from its disputed and legitimate creditors under Chapter 11 of the Bankruptcy Code; (d) appear before the Bankruptcy Court to protect the interests of the Debtor and to represent the Debtor in all matters pending before the Court; (e) attend meetings and negotiate with representatives of creditors and other parties in interest; (f) advise the Debtor in connection with any potential refinancing of secured debt and any potential sale of its assets; (g) represent the Debtor in connection with obtaining post- petition financing; To take any necessary action to obtain approval of a disclosure statement and confirmation of a plan of reorganization; and (h) perform all other legal services for the Debtor in this Chapter 11 case which may be necessary for the preservation of the Debtor's estate and to promote the best interests of the Debtor, its creditors and estate. Bronstein's billing rates are: Joshua Bronstein $350 per hour The firm received a retainer in the amount of $2,500. As disclosed in the court filings, Joshua R. Bronstein & Associates PLLC is a disinterested person within the meaning of Sec. 101(14) of the Bankruptcy Code. The firm can be reached through: Joshua Bronstein, Esq. Joshua R. Bronstein & Associates PLLC 46 Grace Ave Apt 3n Great Neck, NY 11021-2626 Phone: (516) 698-0202 Email: jbrons5@yahoo.com About Free Courtesy Shuttle Free Courtesy Shuttle, LLC, is in the business of renting and leasing real estate properties. It is the fee simple owner of a mixed-use property located at 83-07 31st Ave., East Elmhust, N.Y., having a sale value of $1 million. Free Courtesy Shuttle sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-41003) on February 27, 2025. At the time of the filing, the Debtor estimated between $1 million and $10 million in both assets and liabilities. The case is assigned to Judge Nancy Hershey Lord. Joshua R Bronstein, Esq. at The Law Offices Of Joshua R. Bronstein & Associates, PLLC serves as the Debtor's counsel. GACH LLC: Seeks to Tap Signature Partnership as Real Estate Broker ------------------------------------------------------------------ GACH, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of New York to employ Signature Partnership, LLC as brokers. The firm will market and sell its commercial condominium unit located 43-51 East 25th Street, Unit C6, New York. The broker would paid a total commission of five percent of the sales price. AS disclosed in the court filings, Signature Partnership is a "disinterested person" within the meaning of 11 U.S.C. 101(14). The broker can be reached through: Michael Pinney Signature Partnership, LLC 200 Madison Avenue,Suite 1910 New York, NY 10016 Tel: (212) 813-3573 Email: pinney@signaturepartners.com About GACH, LLC GACH LLC owns commercial real estate at 43-51 East 25th Street, Unit C6, New York, NY 10010, in the building known as The Stanford. The property comprises approximately 4,800 square feet of office and medical space, including patient waiting areas, an x-ray suite, examination rooms, kitchen space, and offices, with an appraised value of $4.8 million. The Company is classified as a single-asset real estate entity. GACH LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-11800 on August 18, 2025. In its petition, the Debtor reports total assets of $4,829,200 and total liabilities of $3,210,885. Honorable Bankruptcy Judge Michael E. Wiles handles the case. The Debtor is represented by Michelle L. Trier, Esq. at GENOVA, MALIN & TRIER, LLP. GATES INDUSTRIAL: S&P Upgrades ICR to 'BB', Outlook Stable ---------------------------------------------------------- S&P Global Ratings raised its issuer credit rating on U.S.-based manufacturer of power transmission and fluid power solutions Gates Industrial Corp. PLC (Gates) to 'BB' from 'BB-'. S&P said, "At the same time, we raised our issue-level rating on the company's first-lien debt ($500 million revolving credit facility (undrawn), $575 million dollar term loan due 2029 ($458 million outstanding as of Sept. 27, 2025), and $1.3 billion dollar term loan due 2031) to 'BB' from 'BB-' and our issue-level rating on the company's $500 million unsecured notes to 'BB-' from 'B+'. The '3' recovery rating on the first-lien debt and '5' recovery rating on the unsecured notes remain the same. "The stable outlook reflects our expectation that Gates will maintain S&P Global Ratings-adjusted debt to EBITDA below 3x, which provides it with a cushion for leverage to increase to up to 4x during a cyclical downturn or a more challenging operating environment." The upgrade reflects Gates' operational discipline and continued deleveraging. For the nine months ended Sept. 27, 2025, Gates' S&P Global Ratings-adjusted leverage improved to 2.7x from 2.9x in the prior year period and marks the seventh consecutive quarter below 3x. Despite some weakness in its top line over the past several quarters, the company has maintained its margin profile and generated strong FOCF, enabling it to make a $100 million voluntary prepayment on its term loan due 2029. Improving EBITDA, lower debt, and a disciplined financial policy should support leverage in the mid-2x area over the next 12 months. Gates continues to demonstrate solid operational performance and a disciplined financial policy, supporting modest deleveraging in 2025. S&P expects credit metrics will remain largely steady over the next 12-24 months under our base-case forecast, with S&P Global Ratings-adjusted debt to EBITDA in the mid-2x-area and free operating cash flow (FOCF) to debt of 17%-19%. S&P said, "We forecast relatively flat revenue growth in 2025 before rebounding to the mid-single-digit percent area in 2026. Gates began experiencing softening demand in late 2023 in its agriculture, commercial on-highway, and construction end markets from channel de-stocking and the higher interest-rate environment. Weaker demand in these markets, as well as auto original equipment manufacturers (OEMs), persisted through the first half of 2025 amid macroeconomic uncertainty and a still-high interest rate environment. However, this weakness has been partially offset by strength in Gates' largest end market, automotive replacement, driven by an aging car parc and the need for aftermarket parts. In addition, sales for products in the global off-highway vehicle market have begun to turn positive on stabilizing demand in the construction markets, leading to S&P's assumption for flat to modestly positive total company revenue growth in 2025. While a turnaround in the agriculture and auto OEM markets is uncertain, lower interest rates and more normalized order patterns in commercial vehicles could help soften the decline in those markets over the next 12 months. Gates also continues to focus on product offerings in its Mobility business, tied to urban transportation and powersports, and the growing need for liquid cooling applications in data centers. Therefore, S&P forecasts organic revenue growth of 2%-4% in 2026. S&P anticipates S&P Global Ratings-adjusted EBITDA margins of 22%-23% and continued healthy FOCF. For the last 12 months ended Sept. 27, 2025, Gates' margin declined about 30 basis points (bps) to 22% as improvement in material costs and pricing initiatives were offset by higher restructuring charges related to the company's footprint optimization program. The program, aimed at improving labor realignment and enterprise resource program (ERP) conversions in multiple facilities, is expected to continue through mid-2026 and could modestly hinder 2025 EBITDA margins before the cost savings from the program are recognized in 2026. Gates' short conversion cycle, which enables it to convert orders to cash within a relatively quick time frame, will lead to good FOCF generation of $300 million-$400 million in 2025 and 2026. S&P said, "While we expect the company to remain disciplined in its working capital management, we do forecast moderately higher working capital spend over the next 12 months as Gates builds inventory for expected demand. Furthermore, we anticipate a capital allocation strategy that balances opportunistic bolt-on acquisition spend and slightly higher capital expenditures (capex) with share repurchases and debt repayment such that leverage remains below 3x in normal market conditions." The stable outlook reflects S&P's expectation that Gates will maintain S&P Global Ratings-adjusted debt to EBITDA below 3x, which provides it with a cushion for leverage to increase to up to 4x during a cyclical downturn or a more challenging operating environment. S&P could lower its rating on Gates if: -- S&P expects its leverage will rise above 4x. This could occur, for example, due to a more severe downturn in the company's end markets, an inability to realize continued margin improvement from operational initiatives to offset declining volumes, or large, debt-funded acquisitions or share repurchases; or -- S&P believes the company is unable to consistently generate FOCF to debt of 10% or higher across the business cycle. Although unlikely over the next 12 months, S&P could raise its rating on Gates if: -- S&P expects S&P Global Ratings-adjusted leverage will remain below 2x inclusive of potential debt-funded acquisitions or share repurchases, which would provide it with a sufficient cushion to weather a moderate cyclical downturn; and -- S&P expects the company will consistently generate FOCF to debt of 15% or higher across the business cycle. GENERATION HEALTHCARE: Seeks Subchapter V Bankruptcy in Ohio ------------------------------------------------------------ On December 8, 2025, Generation Healthcare Inc. filed for Chapter 11 protection in the Southern District of Ohio. According to court filings, the Debtor reports between $1 million and $10 million in debt owed to 1–49 creditors. About Generation Healthcare Inc. 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. Generation Healthcare Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-55396) on December 8, 2025. In its petition, the Debtor reports estimated assets between $0–$100,000 and estimated liabilities between $1 million–$10 million. Honorable Bankruptcy Judge Tiffany Strelow Cobb handles the case. The Debtor is represented by David M. Whittaker, Esq. of Allen Stovall Neuman & Ashton LLP. GENERATION HOME: Seeks Chapter 11 Bankruptcy in Ohio ---------------------------------------------------- On December 8, 2025, Generation Home Health LLC filed for Chapter 11 protection in the Southern District of Ohio. According to court filings, the Debtor reports between $100,001 and $1,000,000 in debt owed to 1-49 creditors. About Generation Home Health LLC Generation Home Health LLC offers in-home healthcare services designed to meet the needs of patients requiring medical attention or personal care. Generation Home Health LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-55403) on December 8, 2025. In its petition, the Debtor reports estimated assets and estimated liabilities in the range of $100,001-$1,000,000. Honorable Bankruptcy Judge Tiffany Strelow Cobb handles the case. The Debtor is represented by David M. Whittaker, Esq. of Allen Stovall Neuman & Ashton LLP. GENERATION HOSPICE: Seeks Subchapter V Bankruptcy in Ohio --------------------------------------------------------- On December 8, 2025, Generation Hospice LLC filed for Chapter 11 protection in the Southern District of Ohio. According to the court filing, the Debtor reports between $100,001 and $1,000,000 in debt owed to 1–49 creditors. About Generation Hospice LLC Generation Hospice LLC is a healthcare services provider specializing in end-of-life and palliative care. The company delivers compassionate, patient-centered support aimed at enhancing comfort and quality of life for individuals with life-limiting illnesses. Its services typically include in-home hospice care, pain and symptom management, caregiver support, and interdisciplinary care coordination. Generation Hospice LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ohio Case No. 25-55406) on December 8, 2025. In its petition, the Debtor reports estimated assets of $0–$100,000 and estimated liabilities of $100,001–$1,000,000. Honorable Bankruptcy Judge Tiffany Strelow Cobb handles the case. The Debtor is represented by David M. Whittaker, Esq. of Allen Stovall Neuman & Ashton LLP. GENESIS HEALTHCARE: Democratic Lawmakers Want to Probe Ch. 11 Sale ------------------------------------------------------------------ James Nani of Bloomberg Law reports that a group of Democratic lawmakers has asked a Texas bankruptcy court to appoint an independent examiner to review Genesis Healthcare Inc.'s selection of an insider-connected buyer for its assets. They say the proposed sale raises potential conflicts that warrant further investigation. Sen. Elizabeth Warren, Sen. Richard Blumenthal, and Rep. Maggie Goodlander filed a brief Monday, December 8, 2025, urging the court to analyze the ownership structures of all bidders and to examine whether awarding the assets to an existing investor could disadvantage unsecured creditors. They contend that these issues cannot be resolved without independent oversight, according to report. "The conduct of bankruptcy proceedings not only should be right but must seem right," the lawmakers said, calling for greater transparency in the asset-sale process. About Genesis Healthcare Inc. Based in Culver City, Calif., Genesis Healthcare Inc. is a medical group that provides physician services in Southern California. Genesis Healthcare has operated under the names Daehan Prospect Medical Group and Prospect Genesis Healthcare. Genesis Healthcare Inc. and several affiliated debtors sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Lead Case 25-80185) on July 9, 2025. In its petition, Genesis Healthcare Inc. listed between $1 billion and $10 billion in estimated assets and liabilities. The Hon. Bankruptcy Judge Stacey G. Jernigan handles the jointly administered cases. The Debtors employed McDermott Will & Schulte LLP as counsel; Jefferies LLC as investment banker; and Ankura Consulting Group, LLC, as restructuring advisors, and designated Louis E. Robichaux IV and Russell A. Perry as co-chief restructuring officers. Katten Muchin Rosenman LLP serves as special counsel at the sole direction of Jonathan Foster and Elizabeth LaPuma in their capacity as independent directors and members of the special investigation committee. The U.S. Trustee appointed an official committee of unsecured creditors in the Chapter 11 cases of Genesis Healthcare Inc. and affiliates. The Committee retained Proskauer Rose LLP and Stinson LLP as its co-counsel; FTI Consulting, Inc., as its financial advisors; and Houlihan Lokey Capital, Inc. as its investment banker. The U.S. Trustee also appointed: * Melanie Cyganowski of Otterbourg, PC as patient care ombudsman for the healthcare facilities listed at https://is.gd/uSxEBx She tapped Otterbourg as her counsel. * Susan Goodman of Pivot Health Law as PCO for the healthcare facilities listed at https://is.gd/M5zlls. She is represented by Kane Russell Coleman Logan PC as counsel. * Suzanne Koenig of SAK Healthcare as PCO for the healthcare facilities listed at https://is.gd/qv5SwV. She is represented by Greenberg Traurig, LLP, as counsel. SAK Management Services, LLC d/b/a SAK Healthcare serves as her medical operations advisor. Brown Rudnick LLP and Stutzman, Bromberg, Esserman, & Plifka, PC represent an ad hoc group of holders of personal injury and wrongful death claims. Whitaker Chalk Swindle & Schwartz represents a personal injury claimant and six wrongful death claimants. GENESIS PROJECT: Gets Extension to Access Cash Collateral --------------------------------------------------------- Genesis Project 1, Inc. received another extension from the U.S. Bankruptcy Court for the Western District of North Carolina, Charlotte Division, to use cash collateral. At the hearing held on December 9, the court approved the Debtor's continued use of cash collateral pending a further hearing on January 6, 2026. The Debtor intends to use its secured lenders' cash collateral in accordance with its budget and offers to grant such lenders replacement liens as adequate protection. The lenders include Payroll Funding Company, LLC and The Merchant Marketplace Corp. As of the petition date, the Debtor believes the total amount owed to PFC is approximately $80,000. Meanwhile, The Debtor disputes the amounts owed to MMC as well as its purported security interest. About Genesis Project 1 Inc. Genesis Project 1 Inc. provides behavioral health and substance use addiction treatment services to individuals and families in North Carolina. Founded in 2007 and based in Charlotte, the organization offers individual and family counseling, intensive in-home care, peer support, crisis intervention, and tailored care management programs. It also operates a Substance Abuse Intensive Outpatient Program (SAIOP) and community support team services aimed at promoting recovery and stability. Genesis Project 1 Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D.N.C. Case No. 25-31074) on October 9, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Ashley Austin Edwards handles the case. The Debtor is represented by Rashad Blossom, Esq. of BLOSSOM LAW, PLLC. GI APPLE: T. Rowe Price Virtually Writes Off $1.3MM 1L Loan ----------------------------------------------------------- T. Rowe Price OHA Select Private Credit Fund has marked its $1,322,000 loan extended to GI Apple Midco LLC to market at $28,000 or 2% of the outstanding amount, according to T. Rowe's Form 10-Q for the quarterly period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. T. Rowe is a participant in a First Lien Loan to GI Apple Midco LLC. The loan accrues interest at a rate of 10.75% per annum. The loan matures on April 19, 2029. T. Rowe Price OHA Select Private Credit Fund was initially formed on December 16, 2021 as a Delaware limited liability company and subsequently converted into a Delaware statutory trust on March 2, 2022. OHA Private Credit Advisors, LLC is the investment adviser of the Company. The Company invests primarily in directly originated and customized private financing solutions, including loans and other debt securities with a strong focus on senior secured lending to larger companies. The Company primarily targets investments in first lien loans, unitranche loans, second lien loans and other corporate secured debt. The Company may also invest in equity interests such as common stock, preferred stock, warrants or options, which generally would be obtained as part of providing a broader financing solution. T. Rowe is led by Eric Muller as Chief Executive Officer; and Thomas Hansen as Chief Financial Officer. The Fund can be reach through: Eric Muller T. Rowe Price OHA Select Private Credit Fund 1 Vanderbilt, 16th Floor New York, NY 10017 Telephone: (212) 326-1500 About GI Apple Midco LLC GI Apple Midco LLC is a special purpose entity created by investment funds managed by GI Manager L.P. to acquire Atlas Technical Consultants, Inc. (ATCX) in a 2023 merger. GOLD TREE: Case Summary & Seven Unsecured Creditors --------------------------------------------------- Debtor: Gold Tree Studios LLC 8721 W. Sunset Blvd., Ste. 200 Los Angeles, CA 90069 Business Description: Gold Tree Studios LLC, based in West Hollywood, California, provides post-production and sound-stage services for the film and video industry, including editing suites, color-grading, Dolby Atmos sound mixing, and green-screen facilities, operating within the motion picture and video production sector. The Company offers comprehensive production support from filming to finishing, serving independent filmmakers, studios, and streaming-content producers. Chapter 11 Petition Date: December 9, 2025 Court: United States Bankruptcy Court Central District of California Case No.: 25-21049 Judge: Hon. Sheri Bluebond Debtor's Counsel: Joseph P. Simon, Esq. JOSEPH P. SIMON LAW 432 S. Fairfax Ave. Los Angeles CA 90036 Tel: 213-399-4066 Email: jsimon@josephsimonlaw.com Estimated Assets: $100,000 to $500,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Timothy R. Chonacas as CEO. A full-text copy of the petition, which includes a list of the Debtor's seven unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/GMKRLIA/Gold_Tree_Studios_LLC__cacbke-25-21049__0001.0.pdf?mcid=tGE4TAMA GRACE LIMOUSINE: U.S. Trustee Unable to Appoint Committee --------------------------------------------------------- The U.S. Trustee for Region 1 disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of Grace Limousine. LLC. About Grace Limousine LLC Grace Limousine LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.H. Case No. 25-10775) on November 3, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Kimberly Bacher handles the case. The Debtor is represented by Matthew J. Delude, Esq. of Bernstein, Shur, Sawyer & Nelson, PA. GRAN TIERRA: Moody's Puts 'B2' CFR Under Review for Downgrade ------------------------------------------------------------- Moody's Ratings has placed Gran Tierra Energy Inc.'s ("Gran Tierra") Corporate Family Rating and senior secured notes B2 ratings under review for downgrade. Previously, the outlook was positive. RATINGS RATIONALE / FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The review of Gran Tierra's ratings reflects weaker-than-expected operating performance, lower production, and Moody's views that credit metrics will stay pressured over the next 12–18 months without a significant improvement in cash flow and reduced refinancing risk. Gran Tierra's adjusted EBITDA declined to around $289 in the 12 months ended September 2025 from an expected $365, while Moody's-adjusted leverage (debt/EBITDA) increased to 2.7 from an expected 2.0 during the same period. Moody's expects metrics and liquidity to remain weaker than expectations over the next 12–18 months, reflecting uncertain oil price trends and weaker production levels, but could improve over time if production increases and prices remain above $65. Gran Tierra's liquidity position remains constrained, primarily due to upcoming debt maturities in 2027 and 2028, which under Moody's projections include repayment of the prepayment in four installments and assume that credit facilities will need to be either refinanced or fully repaid by 2027 at the latest. For 2026, Moody's expects adequate resources supported by approximately $49 million in cash, an undrawn $70 million credit facility, and about $150 million available under the prepayment and marketing agreement for future Ecuadorian oil barrels. These sources provide flexibility to address near-term obligations. However, the ability to manage later maturities will depend on sustained production growth, stable oil prices, and reduced capital spending. While the recent acquisition of i3 Energy expanded reserves, it has yet to materially strengthen EBITDA and cash flow generation, leaving refinancing risk elevated if operating performance does not improve. The review will focus on Gran Tierra's ability to strengthen liquidity and mitigate refinancing risk through measures such as asset sales, cost reductions, and a defined refinancing strategy. Failure to announce and execute such initiatives could result in a downgrade. Conversely, ratings could be confirmed if Gran Tierra demonstrates a sustainable improvement in operating performance and liquidity, interest coverage of at least 4.0, RCF/Net Debt of at least 25% and no refinancing risk. Additionally, the uncertain outlook for near-term oil prices poses a significant risk. If lower prices materialize, they would further pressure liquidity and impair the company's ability to refinance upcoming maturities. Company Profile Gran Tierra Energy Inc., headquartered in Calgary, Canada, is an independent international energy company engaged mainly in the acquisition, exploration, development and production primarily of oil and gas, with a focus on onshore properties in Colombia, Ecuador and Canada. Although the company also owns certain rights to oil and gas properties in Ecuador, the Colombian and Canadian properties represented 96% of its proved reserves. In terms of revenue, Colombia represented 69%, Canada 19% and Ecuador 12%, during the third quarter of 2025, when its assets amounted to around $1.66 billion. About 99.8% of its shares are publicly traded on the New York, Toronto and London stock exchanges. Gran Tierra's operations are small compared with that of its global peers that Moody's rate. As of September 2025, its average daily production was 37,000 boe/d, respectively, after royalties. The principal methodology used in these ratings was Independent Exploration and Production published in December 2022. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. GROUP STONE: Seeks to Hire DASA Law as Bankruptcy Counsel --------------------------------------------------------- Group Stone Investment Inc. seeks approval from the U.S. Bankruptcy Court for the Middle District of Florida to hire DASA Law as attorneys. The firm will render these services: a) advise the Debtor with respect to its powers and duties as a Debtor in possession and the continued management of its business operations; b) advise the Debtor with respect to its responsibilities in complying with the U.S. Trustee's Operating Guidelines and Reporting Requirements and with the rules of the court; c) prepare motions, pleadings, orders, applications, adversary proceedings, and other legal documents necessary in the administration of the case; d) protect the interest of the Debtor in all matters pending before the court; and e) represent the Debtor in negotiation with its creditors in the preparation of a plan. DASA Law received a retainer in the amount of $16,000. DASA Law's Jesus Santiago, Esq. and Elee Dammous, Esq. are disinterested parties as required by 11 U.S.C. Sec. 327(a), according to court filings. The firm can be reached through: Jesus Santiago, Esq. Elee Dammous, Esq. DASA Law 14100 Palmetto Frontage Road, Suite 370 Miami Lakes, FL 33016 Tel: (888) 343-DASA (3272) Fax: (659) 901-1780 Email: eService@Dasa.Law About Group Stone Investment Inc. Group Stone Investment Inc., a company based in Ormond Beach, Florida, distributes natural and engineered stone products, including marble, granite, quartz, and quartzite. It imports stone slabs internationally and supplies materials for construction and renovation projects through regional warehouse and distribution operations. Group Stone Investment filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-06982) on October 29, 2025, listing between $500,001 and $1 million in assets and between $1 million and $10 million in liabilities. Jesus Santiago, Esq., at Dasa Law represents the Debtor as bankruptcy counsel. H&T WHOLESALE: Gets OK to Hire Accrualworld as Accountant --------------------------------------------------------- H&T Wholesale Flowers, Inc. received approval from the U.S. Bankruptcy Court for the District of Arizona to hire Accrualworld Accounting, Inc. as accountant. The firm will assist the Debtor in the preparation of necessary tax returns, financial statements, monthly operating reports, and any other accounting matters that may require assistance during the Chapter 11 proceeding. The firm will be paid a flat fee of $4,750 per month for its services. Antonella DeMari, a principal at AccrualWorld Accounting, assured the court that the firm is a "disinterested person" within the meaning of 11 U.S.C. 101(14). The firm can be reached through: Antonella DeMari AccrualWorld Accounting, Inc. 14241 East Skyla Circle Prescott Valley, AZ 86315 Tel: (928) 499-5459 About H&T Wholesale Flowers Inc. H&T Wholesale Flowers, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ariz. Case No. 25-09545) on October 8, 2025, listing between $100,001 and $500,000 in assets and between $1 million and $10 million in liabilities. Judge Paul Sala presides over the case. Allan Newdelman, Esq., at Allan D. Newdelman PC represents the Debtor as legal counsel. HARVARD BIOSCIENCE: Remains on Track to Complete Refinancing ------------------------------------------------------------ Harvard Bioscience, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that it is engaged in ongoing discussions relating to its existing credit agreement, dated December 22, 2020, as amended, with Citizens Bank, N.A., Wells Fargo Bank, N.A., and First-Citizens Bank & Trust Company, and remains on track to complete the refinancing or repayment of the Credit Agreement during the fourth quarter of 2025. About Harvard Bioscience, Inc. Harvard Bioscience, Inc. is a developer, manufacturer and seller of technologies, products and services that enable fundamental advances in life science applications, including research, drug and therapy discovery, bioproduction and preclinical testing for pharmaceutical and therapy development. The Company's products and services are sold globally to customers ranging from renowned academic institutions and government laboratories to the world's leading pharmaceutical, biotechnology and contract research organizations. With operations in the United States, Europe and China, the Company sells through a combination of direct and distribution channels to customers around the world. Hartford, Connecticut-based L J Soldinger Associates, LLC, the Company's auditor since 2017, issued a "going concern" qualification in its report dated March 13, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended February 28, 2025, citing that as of December 31, 2024, the Company was in default of certain debt covenants under its existing credit agreement, in which the Company had outstanding indebtedness of $37.4 million. On March 10, 2025, the Company entered into an amendment to its credit agreement pursuant to which the lenders and administrative agent agreed to waive such non-compliance provided that, among other things, the Company's failure to achieve certain refinancing milestones and consummate a refinancing of its credit agreement by June 30, 2025, would constitute an event of default which would render the amounts outstanding under the credit agreement as immediately due and payable. The Company's business plan contemplates exploring alternatives to refinance its outstanding debt by June 30, 2025. However, the Company's ability to refinance its debt by June 30, 2025, is uncertain and raises substantial doubt about its ability to continue as a going concern. As of September 30, 2025, the Company had $78 million in total assets, $63.9 million in total liabilities, and $14.1 million in total stockholders' equity. HARVEST REAL: Case Summary & One Unsecured Creditor --------------------------------------------------- Debtor: Harvest Real Estate Management LLC 16491 Scientific Way Irvine, CA 92618 Business Description: Harvest Real Estate Management LLC, a single-asset real estate entity, owns and manages the property at 16491 Scientific Way in Irvine, California, which is appraised at about $2.5 million. Chapter 11 Petition Date: December 9, 2025 Court: United States Bankruptcy Court Central District of California Case No.: 25-13464 Debtor's Counsel: Krystina Tran, Esq. LAW OFFICES OF KRYSTINA T. TRAN 17011 Beach Blvd Suite 830 Huntington Beach, CA 92647-5995 Tel: 949-797-9090 Fax: 949-393-3999 E-mail: ktran@ktranlaw.com Total Assets: $2,707,000 Total Liabilities: $2,281,368 The petition was signed by Zunfeng Zhao as member. The Debtor listed Jing Li of 2010 Dacian Drive, Walnut, California, as its sole unsecured creditor with a $32,278 loan-related claim. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/ZYLG2EI/Harvest_Real_Estate_Management__cacbke-25-13464__0001.0.pdf?mcid=tGE4TAMA HOTEL ONE: Hires Emmanuel Sheppard & Condon as Special Counsel -------------------------------------------------------------- Hotel One Partners Miramar Beach, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Florida to employ Emmanuel Sheppard & Condon as special counsel. The firm will assist the Debtor in connection with the State Court case and issues related to claims against the general contractor and addressing related claims of subcontractors. The firm's hourly rates are: Wes Reeder $400 Adam J. White $350 John G. Terhaar $325 Paralegal $150 The firm requires the sum of $30,000 as an advance payment. As disclosed in the court filing, Emmanuel Sheppard & Condon is a "disinterested person" within the meaning of 11 U.S.C. 101(14). The firm can be reached through: John G. Terhaar, Esq. Law Office of Emmanuel Sheppard & Condon 30 S. Spring Sitreet Pensacola, FL 32502 Office: (850) 433-6581 Fax: (850) 434-5856 Email: hwr@esclaw.com About Hotel One Partners Miramar Beach LLC Hotel One Partners Miramar Beach, LLC is a Kentucky limited liability company and the owner of the 116-unit Staybridge Suites hotel in Miramar Beach, Florida. Hotel One Partners sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Fla. Case No. 25-31131) on November 7, 2025. In its petition, the Debtor reported between $10 million and $50 million in assets and liabilities. Honorable Bankruptcy Judge Jerry C. Oldshue Jr. handles the case. The Debtor is represented by Edward J. Peterson, III, Esq., at Berger Singerman, LLP. IN HOLDINGS: Court Confirms Joint Chapter 11 Plan ------------------------------------------------- The Honorable Victoria S. Kaufman of the United Sates Bankruptcy Court for the Central District of California confirmed the Joint Chapter 11 Plan of Reorganization Dated October 1, 2025 filed by IN Holdings, Inc. and its related debtor entities and the Official Committee of Unsecured Creditors. The Plan and each of its provisions are confirmed under Section 1129. The Plan was proposed with the legitimate purpose of maximizing the value of the Debtors' estates for the benefit of their creditors and interest holders and to effectuate a successful reorganization of the Debtors. The Plan was the product of extensive negotiations conducted at arms' length among representatives of the Debtors and representatives of the Committee. Further, the Plan's classification, injunctions, exculpations and releases have been negotiated in good faith and at arms' length. As reported by the Troubled Company Reporter on Sept. 19, 2025, IN Holdings, Inc., f/k/a Irwin Naturals and its related debtor entities, and the Official Committee of Unsecured Creditors submitted a Joint Disclosure Statement describing Joint Plan of Reorganization dated September 10, 2025. Prior to the sale of its supplement business in August of 2025, IN Nevada was a popular dietary supplement company that was founded in 1994 and operated profitably for approximately thirty years. IN Nevada is the operating entity through which the Debtors' business is conducted. IN Canada is the ultimate "parent company" of the Debtors. IN Canada does not have any employees and only transacts limited business with its subsidiaries. DAI is a wholly owned subsidiary of IN Canada. DAI is solely a holding company that owns 100% of the Class A Voting Shares of IN Nevada amounting to 2% of beneficial ownership of IN Nevada (with Klee Irwin owning the other 98% personally or through his family trust in the form of 100% of the Class B non voting shares of IN Nevada). 5310 is a wholly owned subsidiary of IN Nevada. Given the multiple competing plans filed in these cases, the Debtors subsequently determined that a 363 sale process made more sense under the circumstances than a competing plan process. Subsequently, on June 2, 2025, the Debtors entered into a term sheet with FitLife pursuant to which FitLife was named the Stalking Horse Bidder under terms where FitLife would acquire the Debtors' supplement business as a going concern for, among other things, (a) $36 million in cash, (b) the assumption of certain liabilities including, among others, the Debtors' post-petition ordinary course accounts payable, and (c) certain excluded assets including the Debtors' cash estimated to be $5 million at the time of closing. The Debtors file a bid procedures motion on June 6, 2025 (the "Bid Procedures Motion"). The Sale Motion was approved by the Bankruptcy Court by order entered July 31, 2025 (the "Sale Order"). Pursuant to the Sale Order, the Debtors' supplement business was sold to FitLife in exchange for payment by FitLife to the Debtors of $42,500,000 in cash plus the assumption of certain liabilities. The sale to FitLife closed on August 8, 2025 (the "Sale Closing"). The Plan described in this Disclosure Statement is a reorganizing plan, which will be funded by the sale proceeds from the sale of the Debtors' supplement business, which sale closed on August 8, 2025. Among other assets, the Debtors retain significant net operating losses ("NOLs") and are in the process of determining whether they start a new consumer packaged goods business and/or merge with an existing consumer packaged goods business. Class 3 consists of General Unsecured Claims [Excluding Insider Claims]. Estimated at approximately $5 to $7 million. (This number may change based upon resolution of objections to Disputed Claims). Allowed General Unsecured Claims will be paid in full by the Plan Distribution Trustee within fourteen days of the Effective Date (assuming the Plan Distribution Trustee is in possession of a W-9 for each creditor holding an Allowed Claim). Interest shall accrue at the California default state law rate of 10% on all Allowed General Unsecured Claims commencing as of the Petition Date. Upon resolution of the Debtors' objections to disputed General Unsecured Claims, the respective claimants shall be paid their Allowed General Unsecured Claim in full within ten days of a final non-appealable order allowing such claim. The treatment proposed herein shall be in full settlement and satisfaction of all General Unsecured Claims. This Class is impaired. Class 4 consists of General Unsecured Claim of Insider Klee Irwin ($1,035,682.49 - plus 4.43% interest from the Petition Date). Subordinated to Allowed General Unsecured Claims of non-insiders. Paid in full after the payment in full of Class 3 Allowed Claims by the Plan Distribution Trustee. This Class is impaired. Class 5 consists of General Unsecured Claim of Insider Mark Green ($1 million due only upon certain types of liquidation events as described in the contract). Subordinated to Allowed General Unsecured Claims of non-insiders. Late filed and no basis for claim per contract terms. The Debtors intend to object. If allowed, payment by the Plan Distribution Trustee after payment in full of Class 3 Allowed Claims. This Class is impaired. The Plan will be funded by the Debtors' cash of $20.5 million. The Reorganized Debtors will be responsible for directly paying, among other things, any allowed claim of the IRS, any allowed claim of EWB, ordinary course administrative expenses, and UST quarterly fees. The Plan Distribution Trustee will be responsible for paying all other allowed claims including pre-Effective Date professional fees, administrative tax claims, 503(b)(9) claims, priority claims and general unsecured claims. The Plan Distribution Trust will be funded with $13.5 million in Cash contributed by the Reorganized Debtors from the aforementioned $20.5 million in Cash on the Effective Date. Against this amount, the total amount of claims to be paid from the Plan Distribution Trust are approximately $13.27 million. The Plan Distribution Trust shall be established and shall become effective on the Effective Date. The Plan Distribution Trust is created pursuant to the Plan and the Confirmation Order, and no separate trust instrument shall be required. The sole purpose of the Plan Distribution Trust will be to hold $13.5 million in Cash to make the Distributions required of it by the Plan. A full-text copy of the Joint Disclosure Statement dated September 10, 2025 is available at https://urlcurt.com/u?l=NAnI8H from Omni Agent Solutions, Inc., claims agent. A copy of the Court's Findings of Fact and Conclusions of Law, and Order dated December 3, 2025, is available at https://urlcurt.com/u?l=grJTVp from PacerMonitor.com. About IN Holdings, Inc. IN Holdings, Inc. fka Irwin Naturals, a Nevada corporation, along with its affiliates, sought protection under Chapter 11 of the Bankruptcy Code (Bankr. C.D. Cal. Case No. 1:24-bk-11323-VK, jointly administered with Case Nos. 1:24-bk-11324-VK, 1:24-bk-11325-VK, 1:24-bk-11326-VK) on August 9, 2024. At the time of the filing, Debtors had estimated assets between $10,000,001 and $50 million and liabilities between $10,000,001 and $50 million. Honorable Judge Victoria S. Kaufman oversees the case. BG LAW LLP serves as the Debtors' legal counsel. INCORA: Judge Says Disputed Debt Deal Didn't Breach Contracts ------------------------------------------------------------- Randi Love of Bloomberg Law reports that in a ruling issued Monday, December 8, 2025, a Texas federal court found that aerospace supplier Incora acted within its rights under existing debt agreements when it completed a $250 million restructuring that changed the relative standing of its bondholders. The court rejected claims from a group of noteholders who argued the transaction breached the indenture. According to the decision, the indenture for the 2026 notes contained language that permitted the structure Incora used in the March 2022 transaction. The contract did not explicitly prohibit issuing additional 2026 notes — and under its terms, the company's actions were legitimate. Judge Randy Crane concluded that the indenture did not create inviolable "sacred rights" for bondholders to block such transactions. The court declined to find a breach, effectively giving Incora clearance to continue under the revised debt structure, the report states. About Incora Incora -- http://www.incora.com/-- is the trade name for the group of companies formed by Wesco Aircraft and Pattonair, a provider of comprehensive supply chain management services to the global aerospace and other industries. Beginning with a strong foundation in aerospace and defense, Incora also utilizes its supply chain expertise to serve industrial manufacturing, marine, pharmaceutical and beyond. Incora incorporates itself into customers' businesses, managing all aspects of supply chain from procurement and inventory management to logistics and on-site customer services. The company is headquartered in Fort Worth, Texas, with a global footprint that includes 68 locations in 17 countries and more than 3,800 employees. Wesco Aircraft Holdings, Inc., doing business as Incora, and 43 affiliates sought Chapter 11 protection (Bankr. S.D. Texas Lead Case No. 23-90611) on June 1, 2023. Wesco Aircraft estimated assets and debt of $1 billion to $10 billion as of the bankruptcy filing. The Debtors tapped Milbank, LLP and Haynes and Boone, LLP as bankruptcy counsel; PJT Partners, Inc. as investment banker; Alvarez & Marsal North America, LLC as restructuring advisor; and Quinn Emanuel Urquhart & Sullivan, LLP as special litigation and conflicts counsel. Kurtzman Carson Consultants, LLC is the claims agent. The U.S. Trustee for Region 7 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. The committee tapped McDermott Will & Emery, LLP and Morrison Foerster, LLP as its counsel; Piper Sandler & Co. as investment banker; and Province, LLC as financial advisor. INFORMATICA INC: S&P Withdraws 'BB-' ICR on Merger With Salesforce ------------------------------------------------------------------ S&P Global Ratings withdrew its 'BB-' issuer credit rating on Informatica Inc. and discontinued its 'BB-' rating on the company's first-lien facilities. These actions follow the completion of Informatica's merger with Salesforce Inc. on Nov. 18, 2025, and all ratings have been withdrawn at Informatica's request. All outstanding rated debt has been repaid. At the time of withdrawal, S&P's ratings on Informatica were on CreditWatch positive. INFOTELECOM LLC: S Corp. Partners Must Pay More Tax After Deal -------------------------------------------------------------- Tristan Navera of Bloomberg Law reports that the U.S. Tax Court ruled Monday, December 8, 2025, that shareholders of a telecom company must capitalize all payments related to their acquisition of a bankrupt VoIP provider. The court found that the payments, made during the purchase of Infotelecom LLC, could not be deducted as ordinary business expenses. Judge Elizabeth A. Copeland held that the IRS properly assessed tax deficiencies for five Broadvox Inc. partners stemming from the 2012 transaction. According to the ruling, the partners owed between $2,000 and $500,000 each after Broadvox reported payments made to the acquired company and to major creditors Verizon and AT&T as cost of goods sold. By categorizing all three payments this way, Broadvox claimed an improper loss on its returns, leading the IRS to challenge the deductions and the Tax Court to ultimately affirm the agency's position, the report states. About Infotelecom LLC Infotelecom LLC was a telecommunications company that provided Voice over Internet Protocol (VoIP) services and related network solutions. The company operated as a service provider delivering internet-based communication tools to businesses and carriers seeking cost-efficient calling and data connectivity options. Infotelecom LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ohio Case No. 11-18945) on October 18, 2011. In its petition, the Debtor reports estimated assets between $1,000,001 and $10,000,000 and estimated liabilities between $1,000,001 and $10,000,000. Honorable Bankruptcy Judge Jessica E. Price Smith handles the case. The Debtor is represented by Dov Frankel, Esq. and William T. Miller, Esq., of TAFT STETTINIUS & HOLLISTER LLP. INGLE & ASSOCIATES: Hires Nicholson Devine LLC as Legal Counsel --------------------------------------------------------------- Ingle & Associates, LLC seeks approval from the U.S. Bankruptcy Court for the District of Massachusetts to hire Nicholson Devine LLC as counsel. The firm's services include: a. advising the Debtor with respect to its rights, powers and duties as a debtor-in-possession in the continued operation and management of its business; b. advising the Debtor with respect to any plan of reorganization and any other matters relevant to the formulation and negotiation of a plan or plans of reorganization in this case; c. representing the Debtor at all hearings and matters pertaining to its affairs as a debtor and debtor-in-possession; d. preparing, on the Debtor's behalf, all necessary and appropriate applications, motions, answers, orders, reports, and other pleadings and other documents, and reviewing all financial and other reports filed in this Chapter 11 case; e. advising the Debtor with respect to, and assisting in the negotiation and documentation of, financing agreements, debt and cash collateral orders and related transactions; f. reviewing and analyzing the nature and validity of any liens asserted against the Debtor's property and advising the Debtor concerning the enforceability of such liens; g. advising the Debtor regarding its ability to initiate actions to collect and recover property for the benefit of its estate; h. advising and assisting the Debtor in connection with any potential sale of the Debtor's assets; i. advising the Debtor concerning executory contracts and unexpired lease assumptions, lease assignments, rejections, restructurings and recharacterization of contracts and leases; j. reviewing and analyzing the claims of the Debtor's creditors, the treatment of such claims and the preparation, filing or prosecution of any objections to claims; k. commencing and conducting any and all litigation necessary or appropriate to assert rights held by the Debtor, protect assets of the Debtor's chapter 11 estate or otherwise further the goal of completing the Debtor's successful reorganization other than with respect to matters to which the Debtor retains special counsel; and l. performing all other legal services and providing all other necessary legal advice to the Debtor as debtor-in-possession which may be necessary in the Debtor's bankruptcy proceeding. The firm will be paid at these rates: Kate E. Nicholson, Esq. $400 per hour Christine E. Devine, Esq. $400 per hour Associates $250 to $325 per hour Paralegals $125 to $150 per hour The firm received a $19,000.00 retainer pre-petition. As disclosed in the court filings, Nicholson Devine LLC does not represent or hold any interest adverse to the estate and is a "disinterested person" as defined by 11 U.S.C. Sec. 101(14) as it applies to Sec. 327. The firm can be reached through: Kate E. Nicholson, Esq. Angelina M. Savoia, Esq. NICHOLSON DEVINE LLC 21 Bishop Allen Dr. Cambridge, MA 02139 Telephone: (857) 600-0508 E-mail: kate@nicholsondevine.com angelina@nicholsondevine.com About Ingle & Associates LLC Ingle & Associates LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 25-12458) on November 13, 2025. In the petition signed by Robert C. Ingle, manager, the Debtor disclosed up to $100,000 in assets and up to $10 million in liabilities. Kate E Nicholson, Esq., at Nicholson Devine LLC, represents the Debtor as legal counsel. INMOBILIARIA LLC: Seeks to Hire Horvath & Tremblay LLC as Realtor ----------------------------------------------------------------- Inmobiliaria LLC seeks approval from the U.S. Bankruptcy Court for the District of Columbia to hire Horvath & Tremblay DC LLC as realtors. The firm will market and sell the Debtor's property located at 1324 18th St., NW Washington, DC 20036. The commission to realtors is 2.25% of the gross purchase price. As disclosed in the court filings, Horvath & Tremblay DC LLC is a "disinterested person" within the meaning of 11 U.S.C. 101(14). The firm can be reached through: Dennis Cravedi, Esq. Horvath & Tremblay DC LLC 4500 East West Highway, Suite 150 Bethesda, MD 20814 Phone: (202) 221-8426 Email: dcravedi@htapartments.com About Inmobiliaria LLC Inmobiliaria LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Colo. Case No. 25-00519) on November 12, 2025, listing $1,000,001 to $10 million in both assets and liabilities. Judge Elizabeth L Gunn presides over the case. Justin Philip Fasano, Esq. at Mcnamee Hosea, P.A. represents the Debtor as counsel. INOTIV INC: Warns of Going Concern Doubt Despite Narrower 2025 Loss ------------------------------------------------------------------- Inotiv, Inc. filed with the U.S. Securities and Exchange Commission its Annual Report on Form 10-K reporting a consolidated net loss of $68.6 million for the fiscal year ended September 30, 2025, compared to a consolidated net loss of $108.9 million for the fiscal year ended September 30, 2024. During the fiscal year ended September 30, 2025, revenue and operating loss were $513 million and $30.9 million, respectively, as compared to $490.7 million and $86.4 million, respectively, in the fiscal year ended September 30, 2024. Despite these results, the Company had negative operating cash flows, operating losses and net losses. As of September 30, 2025, the Company has cash and cash equivalents of $21,741 and access to a $15,000 revolver, which had a $3,000 balance outstanding as of September 30, 2025. The Company was in compliance with its financial covenants under its Credit Agreement as of September 30, 2025. If the Company's results of operations in the 12 months following the date of this report do not improve relative to its fiscal 2025 results, the Company will be at risk of non-compliance with its financial covenants under its Credit Agreement. Further, the Company's Term Loan Facility, Delayed Draw Term Loan and Incremental Term Loans mature in the next 12 months. If at any time in the 12 months following the date of this report, the Company fails to comply with its financial covenants which remains unremedied for the period of time stipulated under the Credit Agreement, this would constitute an event of default under the Credit Agreement and the lenders may, among other remedies set out under the Credit Agreement, declare all or any portion of the outstanding principal amount of the borrowings plus accrued and unpaid interest to be immediately due and payable. Furthermore, if the lenders were to accelerate the loans under the Credit Agreement, such acceleration would constitute a default under our indentures governing the Company's Convertible Senior Notes and the Company's 15.00% Senior Secured Second Lien PIK Notes due 2027 which, if not cured within 30 days following notice of such default from such trustees or holders of 25 percent of the Notes and from the trustee or holders of 30 percent of the Second Lien Notes, would permit the trustee or such holders to accelerate the Notes and the Second Lien Notes. If the loans under the Credit Agreement, the Notes and the Second Lien Notes are accelerated, the Company does not believe its existing cash and cash equivalents, together with cash generated from operations, would be sufficient to fund its operations, satisfy its obligations, including cash outflows for planned targeted capital expenditures, and repay the entirety of its outstanding senior term loans, outstanding Notes, outstanding revolving credit facility balance and outstanding Second Lien Notes in the next twelve months. Additionally, access to the revolver would be restricted, and such funds would not be available to pay for any operating activities. Inotiv said, "Our evaluation of the Company's ability to continue as a going concern in accordance with U.S. generally accepted accounting principles entailed analyzing prospective fully implemented operating budgets and forecasts for expectations of our cash needs and comparing those needs to the current cash and cash equivalent balances in order to satisfy our obligations, including cash outflows for planned targeted capital expenditures, and to comply with minimum liquidity and financial covenant requirements under our debt covenants related to borrowings pursuant to its Credit Agreement for at least the next 12 months." "This evaluation initially does not take into consideration the potential mitigating effect of management's plans that have not been fully implemented and are outside of its control as of the date the consolidated financial statements are issued. "When substantial doubt exists under this methodology, we evaluate whether the mitigating effect of our plans sufficiently alleviates substantial doubt about our ability to continue as a going concern. "The mitigating effect of management's plans, however, is only considered if both: (1) it is probable that the plans will be effectively implemented within one year after the date that the consolidated financial statements are issued, and (2) it is probable that the plans, when implemented, will mitigate the relevant conditions or events that raise substantial doubt about the entity's ability to continue as a going concern within one year after the date that these consolidated financial statements are issued." Management efforts: No doubt, management is trying to stabilize its flight. The Company disclosed that Management has developed its fiscal 2026 annual operating plan in which it plans to continue its efforts to optimize its capital allocation and expense base. Additionally, the Company's plan is to continue its efforts to improve its operating results through increases to our NHP-related product and service revenue and increasing our volume of discovery and safety assessment contract awards. In connection with management's fiscal 2026 annual operating plan, the Company believes its existing cash and cash equivalents, together with cash generated from operations, will be sufficient to fund its operations and satisfy its obligations, including cash outflows for planned targeted capital expenditures for at least the next 12 months, excluding the maturity of the Company's Term Loan Facility, Delayed Draw Term Loan and Incremental Term Loans in November 2026. However, management's fiscal 2026 annual operating plan forecasts noncompliance with its financial covenants pursuant to the Seventh Amendment to the Credit Agreement. In the event that the Company fails to comply with the requirements of the financial covenants set forth in the Credit Agreement, the Company has approximately 55 days subsequent to any fiscal quarter, and approximately 100 days subsequent to fiscal year-end, to cure non-compliance. The Company also continues to discuss its current business conditions with its lenders. Additionally, the Company is exploring potential debt refinancing alternatives. There is no assurance that the Company's lenders will agree to any amendment or extension to the Credit Agreement, nor can there be any assurance that the Company would be able to raise additional capital, whether through selling additional equity or debt securities or obtaining a line of credit or other loan on terms acceptable to the Company or at all. The Company's liquidity needs and compliance with covenants depend, among other things, on its ability to source and sell NHPs, its ability to fill its expanded DSA capacity, its ability to generate cash from other operating activities and its ability to manage its forecasted capital expenditures. Although management believes that it will be able to implement its plan, there can be no assurances that its plan will prove successful. As a result, substantial doubt about the Company's ability to continue as a going concern exists. Indianapolis, Indiana-based Ernst & Young LLP, the Company's auditor since 2021, also expressed substantial doubt regarding the Company's ability to continue as a going concern. In its "going concern" qualification dated December 5, 2025, included in the Company's Annual Report on Form 10-K for the year ended September 30, 2025, Ernst & Young reported that the Company has negative operating cash flows, operating losses and net losses, is forecasting non-compliance with certain covenants under its loan agreements, and has significant debt obligations due within the next 12 months. A full text copy of the 10-K Report is available at https://tinyurl.com/4masxrzc About Inotiv Inotiv, Inc. is a contract research organization dedicated to providing nonclinical and analytical drug discovery and development services primarily to the pharmaceutical and medical device industries and selling a range of research-quality animals and diets to the same industries as well as academia and government clients. The Company's products and services focus on bringing new drugs and medical devices through the discovery and preclinical phases of development and, in certain cases, the clinical phases of development, all while focusing on increasing efficiency, improving data, and reducing the cost of discovering and taking new drugs and medical devices to market. As of September 30, 2025, the Company had $771.1 million in total assets, $635.1 million in total liabilities, and $136 in total equity attributable to common shareholders. INTERFACE INC: S&P Withdraws 'BB-' Issuer Credit Rating ------------------------------------------------------- S&P Global Ratings withdrew all of its ratings on Interface Inc., including its 'BB-' issuer credit rating, following the full repayment of its outstanding rated debt. At the time of the withdrawal, the outlook on the company was stable. J.R. BUTLER: Dec. 18 Hearing Set for Ford Motor's Stay Relief Bid ----------------------------------------------------------------- Judge Thomas B. McNamara of the United States Bankruptcy Court for the District of Colorado granted Ford Motor Credit Company LLC's request to extend time to respond to motion for relief from stay and reset hearing in the bankruptcy case of J.R. Butler Inc. The in-person preliminary hearing on Ford's motion for relief from stay set to commence at 9:00 a.m. on December 11, 2025, is vacated and continued to December 18, 2025, at 9:00 a.m., in Courtroom E, United States. In the event that the parties reach a resolution of the motion for relief from stay, the parties must file their stipulation(s), and an appropriate form of order by December 15, 2025. If Ford fails to comply with the deadlines, the motion for relief from stay will be denied, without prejudice, and the continued hearings will be vacated. A copy of the Court's Order dated December 5, 2025, is available at https://urlcurt.com/u?l=pizm81 from PacerMonitor.com. About J.R. Butler Inc. J.R. Butler Inc. is an Englewood, Colorado-based specializing in unitized glazing systems. The company designs, engineers, and manufactures glazing systems for commercial construction projects. J.R. Butler Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-15598) on August 29, 2025. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million each. Judge Thomas B. McNamara oversees the case. The Debtor is represented by Jeffrey Weinman, Esq. at Allen Vellone Wolf Helfrich & Factor P.C. J.R. BUTLER: Seeks to Hire CliftonLarsonAllen LLP as Accountant --------------------------------------------------------------- J.R. Butler, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Colorado to renew the employment of CliftonLarsonAllen, LLP as accountant. The firm will provide accounting services, including tax preparation, corporate structuring consultations, and specialized reporting for the 2024 fiscal year. The firm's hourly rates are: Principals and Signing Directors $400 to $800 Managers and Directors $300 to $450 Senior Accountants $200 to $350 Associate Accountants $100 to $200 Dennis Buelow, principal of CliftonLarsonAllen, assured the court that his firm does not hold or represent any interest adverse to the Debtor or the estate and is a "disinterested person" as that term is defined in 11 U.S.C. Sec. 101(14). The firm can be reached through: Dennis P. Buelow, CPA CLA Denver 2001 16th Street, Suite 1700 Denver, CO 80202 Tel: (303) 265-7957 Email: dennis.buelow@claconnect.com About J.R. Butler Inc. J.R. Butler Inc. is an Englewood, Colorado-based specializing in unitized glazing systems. The company designs, engineers, and manufactures glazing systems for commercial construction projects. J.R. Butler Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-15598) on August 29, 2025. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million each. Judge Thomas B. McNamara oversees the case. The Debtor is represented by Jeffrey Weinman, Esq. at Allen Vellone Wolf Helfrich & Factor P.C. JACKSON WALKER: Judge Says Romance Trial Date Still Distant ----------------------------------------------------------- James Nani of Bloomberg Law reports that a federal judge signaled Tuesday, December 9, 2025, that the Justice Department's effort to hold Jackson Walker LLP responsible for allegedly concealing a romantic relationship between a former partner and a bankruptcy judge remains far from reaching trial. The litigation, brought by the US Trustee's office, centers on allegations that the Texas firm failed to disclose the relationship while appearing before the judge in major Chapter 11 cases. At issue is Jackson Walker's argument that the US Trustee lacks constitutional standing to seek clawbacks of fees the firm earned in cases overseen by former Judge David R. Jones. Attorneys for the firm reiterated at the status hearing that only the entities that paid the fees -- not the government -- may pursue such recovery. The case has grown increasingly complex, with numerous legal disputes unfolding while proposed settlements have been paused by a district court, according to report. Judge Eduardo Rodriguez stressed that the matter is nowhere near trial-ready, especially after the firm recently lost its request for a jury trial. The US Trustee seeks to unwind more than $23 million in fees related to at least 34 cases connected to Jones, alleging the firm breached ethical duties by failing to disclose the years-long relationship between Jones and former partner Elizabeth Freeman. Jackson Walker has maintained it acted appropriately and complied with its obligations. The dispute has been pending for more than two years and has shifted among courts. District Judge Alia Moses previously removed certain fee matters from the bankruptcy court to accelerate resolution but later returned some issues to Judge Rodriguez, directing him to prepare a report and recommendation. Meanwhile, several bankruptcy estates expressed concerns over how protracted litigation could undermine settlements and reduce creditor recoveries, the report cites. Rodriguez acknowledged the competing positions and ongoing procedural challenges but noted that even if the US Trustee lacks authority to pursue disgorgement, the court itself may order such relief. The coming trial—whenever scheduled—is expected to be lengthy, potentially involving nearly 50 witnesses. Attorneys for Jones and Freeman have already indicated their clients will not testify due to ongoing criminal investigations. The case is In re: Professional Fee Matters Concerning the Jackson Walker Law Firm, Bankr. S.D. Tex., hearing 12/9/25. About Jackson Walker LLP Jackson Walker LLP is a law firm. The Firm's practice areas include aviation, antitrust, bankruptcy, energy, environmental, entertainment, health care, immigration, insurance, intellectual property, international, labor and employment, real estate, and tax law. JAMISHA AUTOMOTIVE: Salvatore LaMonica Named Subchapter V Trustee ----------------------------------------------------------------- The U.S. Trustee for Region 2 appointed Salvatore LaMonica, Esq., at LaMonica Herbst & Maniscalco, LLP, as Subchapter V trustee for Jamisha Automotive Corp., doing business as Jerry's Towing. Mr. LaMonica will be paid an hourly fee of $725 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. LaMonica declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Salvatore LaMonica, Esq. LaMonica Herbst & Maniscalco, LLP 3305 Jerusalem Avenue, Suite 201 Wantagh, NY 11793 Phone: (516) 826-6500 Email: sl@lhmlawfirm.com About Jamisha Automotive Corp Jamisha Automotive Corp, doing business as Jerry's Towing, filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-74641) on December 03, 2025. At the time of the filing, the Debtor listed $50,001 to $100,000 in assets and $100,001 to $500,000 in liabilities. Judge Alan S. Trust presides over the case. JAY4 INC: Gets Extension to Access Cash Collateral -------------------------------------------------- Jay4, Inc. received another extension from the U.S. Bankruptcy Court for the Middle District of Tennessee to use cash collateral to fund operations. The court issued a second interim order authorizing the Debtor to use cash collateral until a final hearing in accordance with its initial order and the Debtor's budget, subject to a 10% variance. The Debtor initially obtained an interim order on November 18, authorizing use of cash collateral through December 12. As adequate protection secured creditors will receive a replacement security interest in the Debtor's post-petition property and its proceeds, with the same priority and extent as their pre-bankruptcy security interest. The creditors include U.S. Bank N.A., Fintegra SPV I, LLC and Highland Hills Capital, which assert secured claims of $48,500, $45,018, and $100,000, respectively. The court ordered all parties holding funds owed to the Debtor to immediately remit those funds to the Debtor. The second interim order is available at https://is.gd/F2zw34 from PacerMonitor.com. The next hearing is set for January 6, 2026. U.S. Bank asserts a secured claim pursuant to a UCC-1 financing statement filed in 2021, while the other secured creditors are largely merchant cash advance lenders whose claims are complex, aggressive, and of uncertain validity or priority. The MCA loans were sought temporarily to address short-term funding gaps beginning in July but the high repayment demands and inflexible terms exacerbated financial strain. Additional MCA offers intensified pressure, creating a situation where ongoing operations were jeopardized despite good-faith efforts to avoid bankruptcy. About Jay4, Inc Jay4, Inc. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Tenn. Case No. 25-04796) on November 14, 2025, listing up to $500,000 in assets and liabilities. Michael Abelow, Esq., at Sherrard Roe Voigt & Harbison, PLC, serves as Subchapter V trustee. Judge Randal S. Mashburn oversees the case. Michelle L. Spezia, Esq., at Johnson Legal, PLLC, represents the Debtor as legal counsel. JENSEN HUGHES: T. Rowe Price Virtually Writes Off $3.6MM 1L Loan ---------------------------------------------------------------- T. Rowe Price OHA Select Private Credit Fund has marked its $3,668,000 loan extended to Jensen Hughes Inc. to market at $89,000 or 2% of the outstanding amount, according to T. Rowe's Form 10-Q for the quarterly period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. T. Rowe is a participant in a First Lien Loan to Jensen Hughes Inc. The loan accrues interest at a rate of 9.32% per annum. The loan matures on September 2, 2031. T. Rowe Price OHA Select Private Credit Fund was initially formed on December 16, 2021 as a Delaware limited liability company and subsequently converted into a Delaware statutory trust on March 2, 2022. OHA Private Credit Advisors, LLC is the investment adviser of the Company. The Company invests primarily in directly originated and customized private financing solutions, including loans and other debt securities with a strong focus on senior secured lending to larger companies. The Company primarily targets investments in first lien loans, unitranche loans, second lien loans and other corporate secured debt. The Company may also invest in equity interests such as common stock, preferred stock, warrants or options, which generally would be obtained as part of providing a broader financing solution. T. Rowe is led by Eric Muller as Chief Executive Officer; and Thomas Hansen as Chief Financial Officer. The Fund can be reach through: Eric Muller T. Rowe Price OHA Select Private Credit Fund 1 Vanderbilt, 16th Floor New York, NY 10017 Telephone: (212) 326-1500 About Jensen Hughes Inc. Jensen Hughes is a global leader in safety, security and risk-based engineering and consulting. KANSAS CITY COSTUME: Seeks to Hire Evans & Mullinix as Counsel -------------------------------------------------------------- Kansas City Costume Co. Inc. seeks approval from the U.S. Bankruptcy Court for the Western District of Missouri to hire Evans & Mullinix, P.A. as counsel. The firm will provide these services: (a) represent the Debtor and Debtor-in-Possession during these proceedings; (b) provide legal advice with respect to the Debtor's powers and duties in the continued operation of its business and management of its property; (c) prepare applications, motions, answers, orders, reports, and other necessary legal documents; and (d) perform all other legal services that may be required in connection with the Chapter 11 case. The firm will be paid at these rates: Colin N. Gotham $350 per hour Paralegals $125 per hour The firm received from the Debtor a retainer of $16,780. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Evans & Mullinix, P.A. is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Colin N. Gotham, Esq. Evans & Mullinix, P.A. 7225 Renner Road, Suite 200 Shawnee, KS 66217 Telephone: (913) 962-8700 Facsimile: (913) 962-8701 E-mail: cgotham@emlawkc.com About Kansas City Costume Co. Inc. Kansas City Costume Co., Inc., a company based in Kansas City, Missouri, provides costume rental, design, and fabrication services primarily for theatrical productions, including musicals and plays. It operates a large facility that houses an extensive inventory of costumes and offers custom costume creation for clients, ranging from professional theatre companies to individual renters. Founded in the 1920s, Kansas City Costume Co. continues to serve the performing arts and event communities with specialized costume solutions. Kansas City Costume Co. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. W.D. Mo. Case No. 25-41943) on November 21, 2025, with $135,200 in assets and $1,608,234 in liabilities. Robert S. Short, president of Kansas City Costume Co., signed the petition. Judge Cynthia A. Norton presides over the case. Colin N. Gotham, Esq., at Evans & Mullinix, P.A. represents the Debtor as legal counsel. KEYLINK ENTERPRISES: Case Summary & One Unsecured Creditor ---------------------------------------------------------- Debtor: Keylink Enterprises d/b/a Keylink Enterprice 16491 Scientific Irvine, CA 92618 Business Description: Keylink Enterprises, a single-asset real estate entity, owns and manages the property at 38261 Shoal Creek Drive in Murrieta, California, valued at $1.56 million. Chapter 11 Petition Date: December 9, 2025 Court: United States Bankruptcy Court Central District of California Case No.: 25-13463 Debtor's Counsel: Krystina Tran, Esq. LAW OFFICES OF KRYSTINA T. TRAN 17011 Beach Blvd., Suite 830 Huntington Beach, CA 92647-5995 Tel: 949-797-9090 Fax: 949-393-3999 E-mail: ktran@ktranlaw.com Total Assets: $1,562,539 Total Liabilities: $1,215,976 The petition was signed by Zunfeng Zhao as managing member. The Debtor identified Jing Li of 2010 Dacian Drive, Walnut, CA 91789, as its sole unsecured creditor, holding a $22,738 loan claim. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/ND24NUA/Keylink_Enterprises__cacbke-25-13463__0001.0.pdf?mcid=tGE4TAMA KINGDOM AMBASSADOR: Hires Nealon & Associates as Special Counsel ---------------------------------------------------------------- Kingdom Ambassador Center & Ministry Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern District of Virginia to hire Nealon & Associates, P.C. as special counsel. Nealon will represent the Debtor in petitioning the Prince William County Circuit Court for a determination that it is tax-exempt for real estate tax purposes from the City of Manassas for all local taxes. Nealon will charge $300 per hour for attorney work and $100 per hour for paralegal work and seek reimbursement of all out-of-pocket expenses incurred. The firm has received a retainer in the amount of $2,500. As disclosed in the court filings, Nealon is a disinterested person within the meaning of 11 U.S.C. Sec. 327. The firm can be reached through: Robert B. Nealon, Esq. Nealon & Associates, P.C. 119 N Henry Street Alexandria, VA 22314 Tel: (703) 684-5755 Email: intake@nealon.com About Kingdom Ambassador Center & Ministry Inc. Kingdom Ambassador Center & Ministry Inc. operates as a Christian church and ministry engaged in preaching, teaching, and community outreach. The organization conducts worship services, discipleship programs, and evangelistic missions aimed at spreading Christian teachings and strengthening faith communities. It focuses on spiritual education, charitable activities, and the integration of individuals into the broader Christian fellowship. Kingdom Ambassador Center & Ministry Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Va. Case No. 25-12126) on October 14, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. The Debtor is represented by Jonathan B. Vivona, Esq. of VIVONA PANDURANGI, PLC. KLEINFELDER GROUP: T. Rowe Price Marks $2.9MM 1L Loan at 47% Off ---------------------------------------------------------------- T. Rowe Price OHA Select Private Credit Fund has marked its $2,903,000 loan extended to The Kleinfelder Group, Inc. to market at $1,546,000 or 53% of the outstanding amount, according to T. Rowe's Form 10-Q for the quarterly period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. T. Rowe is a participant in a First Lien Loan to The Kleinfelder Group, Inc. The loan accrues interest at a rate of 9.31% per annum. The loan matures on September 18, 2030. T. Rowe Price OHA Select Private Credit Fund was initially formed on December 16, 2021 as a Delaware limited liability company and subsequently converted into a Delaware statutory trust on March 2, 2022. OHA Private Credit Advisors, LLC is the investment adviser of the Company. The Company invests primarily in directly originated and customized private financing solutions, including loans and other debt securities with a strong focus on senior secured lending to larger companies. The Company primarily targets investments in first lien loans, unitranche loans, second lien loans and other corporate secured debt. The Company may also invest in equity interests such as common stock, preferred stock, warrants or options, which generally would be obtained as part of providing a broader financing solution. T. Rowe is led by Eric Muller as Chief Executive Officer; and Thomas Hansen as Chief Financial Officer. The Fund can be reach through: Eric Muller T. Rowe Price OHA Select Private Credit Fund 1 Vanderbilt, 16th Floor New York, NY 10017 Telephone: (212) 326-1500 About Kleinfelder Group, Inc. The Kleinfelder Group, Inc. provides architectural, engineering, and scientific consulting solutions. The Company offers civil engineering, construction management, environmental analysis and remediation, and natural resource management services. Kleinfelder Group serves customers worldwide. KLEINFELDER GROUP: T. Rowe Price Marks $329,000 1L Loan at 83% Off ------------------------------------------------------------------ T. Rowe Price OHA Select Private Credit Fund has marked its $329,000 loan extended to The Kleinfelder Group, Inc. to market at $301,000 or 17% of the outstanding amount, according to T. Rowe's Form 10-Q for the quarterly period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. T. Rowe is a participant in a First Lien Loan to The Kleinfelder Group, Inc. The loan accrues interest at a rate of 11.25% per annum. The loan matures on September 18, 2029. T. Rowe Price OHA Select Private Credit Fund was initially formed on December 16, 2021 as a Delaware limited liability company and subsequently converted into a Delaware statutory trust on March 2, 2022. OHA Private Credit Advisors, LLC is the investment adviser of the Company. The Company invests primarily in directly originated and customized private financing solutions, including loans and other debt securities with a strong focus on senior secured lending to larger companies. The Company primarily targets investments in first lien loans, unitranche loans, second lien loans and other corporate secured debt. The Company may also invest in equity interests such as common stock, preferred stock, warrants or options, which generally would be obtained as part of providing a broader financing solution. T. Rowe is led by Eric Muller as Chief Executive Officer; and Thomas Hansen as Chief Financial Officer. The Fund can be reach through: Eric Muller T. Rowe Price OHA Select Private Credit Fund 1 Vanderbilt, 16th Floor New York, NY 10017 Telephone: (212) 326-1500 About Kleinfelder Group, Inc. The Kleinfelder Group, Inc. provides architectural, engineering, and scientific consulting solutions. The Company offers civil engineering, construction management, environmental analysis and remediation, and natural resource management services. Kleinfelder Group serves customers worldwide. KOKOMO KEY: Seeks to Hire Swope Rodante as Litigation Counsel ------------------------------------------------------------- Kokomo Key Properties, Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Florida to employ Swope, Rodante P.A. as its special litigation counsel. The firm will represent the Debtor pertaining to seeking bad faith claims against its insurance carrier arising out of the final judgment rendered in the case styled Lonetta Carter as Personal Representative of the Estate of Bobby Hopkins, deceased v. Kokomo Key Properties, Inc. d/b/a Swamp Car Washes, filed in the Circuit Court of the Eighteenth Judicial Circuity, Alachua County, Florida, Case No. 01-2022-CA-000762. If there is a recovery, the firm will be paid at these fees: a. Fifteen percent (15%) of any funds recovered in excess of the known conceded policy limits of $1,000,000.00, plus any fees associated with any appellate proceeding as described in section (B), if applicable, plus the hourly fees described in section (C) below. b. An additional five percent (5) of any recovery, after any appellate proceeding related to the Bad Faith Claim is filed or required, plus c. Time based fees calculated by considering the number of hours expended in the case at every level, times a fair hourly rate, multiplied by an appropriate factor to account for the risk of recovery, all taking into account the factors considered when setting a court awarded fee under the principals of Standard Guaranty Ins. Co. v. Quanstrom, 555 So.2d 828 (Fla. 1990), and Florida Patient’s Comp. Fund v. Rowe, 472 So.2d 1145 (Fla. 1985). These charges are not continent on the amount of the recovery or amount of any court awarded fee but are continent on a recovery being made and payable only if a recovery is made. As disclosed in the court filings, Swope, Rodante P.A. is a "disinterested person" as defined within § 101(14) of the Bankruptcy Code. The firm can be reached through: Daniel Greene, Esq. Swope, Rodante, P.A. 1234 E 5th Avenue Tampa, FL 33605 Tel: (813) 273-0017 About Kokomo Key Properties, Inc. Kokomo Key Properties, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 24-01268) on May 1, 2024, with up to $50,000 in assets and up to $10 million in liabilities. Larry H. Cheshire, shareholder, signed the petition. Judge Jacob A. Brown presides over the case. Justin M. Luna, Esq., at Latham Luna Eden & Beaudine, LLP represents the Debtor as legal counsel. LANETT, AL: S&P Affirms 'BB+' Rating on Electric Revenue Warrants ----------------------------------------------------------------- S&P Global Ratings revised the outlook to stable from negative and affirmed its 'BB+' underlying (SPUR) rating on Lanett, Ala.'s electric revenue warrants outstanding. The revised outlook reflects the utility's improved liquidity position over the past two fiscal years, which S&P expects will be maintained. S&P said, "Affordability risk factors are moderately credit negative. While rates are slightly below the state average (95%), we believe the city's weak income indicators (70% of the national level) could limit financial flexibility given there are no rate adjustments planned. In considering the high unpredictability of federal policy--along with the economy's stressors and the associated financial pressures consumers are facing--we are monitoring the strength and stability of electric utilities' revenue streams for signs of delinquent payments or other revenue erosion. "In our view, governance practices related to risk management, culture, and oversight remain a credit weakness due to the electric utility management's lack of control over the size of annual transfers, which constrain the utility's ability to consistently build liquidity and reserves year over year. This results in very limited financial flexibility to address unexpected costs in a financially distressed event. Additionally, we view management's lack of financial forecasting and the absence of formal liquidity targets as a credit weakness." Energy transition risk factors are credit neutral given our opinion of the utility's diverse energy portfolio through Energy Southeast's power supply contracts, supported its power supply transition, which will fully replace coal with natural gas, solar, and hydro resources by 2026. S&P said, "The stable outlook reflects our view that, although transfers to the city's general fund are projected to increase, the utility will produce sufficient fixed-charge coverage equal to at least 1.0x based on unaudited fiscal 2025 results, and we anticipate a modest improvement in liquidity in the near term as it cash-funds its capital needs. "We could lower the rating over the next two years if the utility's financial performance is not sustained at fiscal 2024's improved levels, or if coverage or liquidity metrics significantly decline because of sizable transfers to the city's general fund. We could also consider lowering the rating if the utility issues additional debt on behalf of other city departments for nonelectric purposes. "It is unlikely that we will raise the rating during our two-year outlook horizon because city leadership has for many years called on the electric system to transfer much of its excess margins to the city's general fund and other city enterprise funds, which has left the electric utility without a meaningful liquidity cushion. Upward movement would be contingent on our view that this is no longer the case." *Total available liquidity includes available committed credit line balances, where applicable. Debt service coverage--Revenues minus expenses divided by debt service. Fixed-charge coverage--Sum of revenues minus expenses minus total net transfers out plus capacity payments (or their proxy), divided by the sum of debt service plus capacity payments (or their proxy). N.A.--Not available. LAW OFFICES OF EDWARD: Gerard Luckman Named Subchapter V Trustee ---------------------------------------------------------------- The U.S. Trustee for Region 2 appointed Gerard Luckman, Esq., at Forchelli Deegan Terrana, LLP as Subchapter V trustee for The Law Offices of Edward J. Lake, LLC. Mr. Luckman will be paid an hourly fee of $725 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Luckman declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Gerard R. Luckman, Esq. Forchelli Deegan Terrana, LLP 333 Earle Ovington Blvd., Suite 1010 Uniondale, NY 11553 Tel: (516) 812-6291 Email: gluckman@ForchelliLaw.com About The Law Offices of Edward J. Lake The Law Offices of Edward J. Lake, LLC, doing business as The Lake Law Firm, operates as a sole proprietorship providing legal services in the United States, focusing on personal injury, mass tort, and class action litigation. The firm represents clients affected by serious injuries or death resulting from negligence, defective products, or faulty medical devices, and has a network of attorneys who have litigated over 20,000 cases. Its practice areas include Employee Retention Tax Credit (ERTC) claims, pharmaceutical and consumer product litigation, and environmental or chemical exposure cases. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-74647) on December 3, 2025, with $500,000 to $1 million in assets and $1 million to $10 million in liabilities. Edward J. Lake, principal, signed the petition. Judge Louis A Scarcella presides over the case. Edward J. Lake, Esq., at The Law Offices of Edward J. Lake, PC, represents the Debtor in the case. LENMAR ROBERTSON: Case Summary & One Unsecured Creditor ------------------------------------------------------- Debtor: Lenmar Robertson, LLC 493 S. Robertson Blvd. Beverly Hills, CA 90211 Chapter 11 Petition Date: December 10, 2025 Court: United States Bankruptcy Court Central District of California Case No.: 25-21079 Judge: Hon. Deborah J. Saltzman Debtor's Counsel: Thomas B. Ure, Esq. URE LAW FIRM 8280 Florence Avenue, Suite 200 Downey, CA 90240 Tel: 213-202-6070 Fax: 213-202-6075 E-mail: tom@urelawfirm.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Marvin Markowitz as managing member. The Debtor identified a single unsecured creditor, Peter Koral, whose $818,108 claim is administered by Beacon Default Management, Inc., located at 30101 Agoura Court, Suite 203, Agoura Hills, CA 91301. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/RN4KYSY/Lenmar_Robertson_LLC__cacbke-25-21079__0001.0.pdf?mcid=tGE4TAMA LESLIE'S POOLMART: S&P Downgrades ICR to 'CCC', Outlook Negative ---------------------------------------------------------------- S&P Global Ratings lowered its issuer credit rating on U.S. specialty pool supply retailer Leslie's Poolmart Inc.'s to 'CCC' from 'CCC+'. The outlook is negative. S&P said, "At the same time, we lowered our issue-level rating on the company's $757 million senior secured term loan due in 2028 to 'CCC' from 'CCC+'. The '4' recovery rating is unchanged. The negative outlook reflects our expectation for uneven free operating cash flow (FOCF) over the next 12 months due to depressed profitability and sales declines, increasing the likelihood of a liquidity crisis, debt exchange, or restructuring that we view as tantamount to default." The downgrade reflects significant execution risk with its turnaround plan. Leslie's reported its third consecutive year of high-single-digit percent sales declines and deteriorating margins in fiscal 2025, with revenue down nearly 7% and preliminary S&P Global Ratings-adjusted EBITDA margin down nearly 300 basis points to 10.8%. Leslie's also reported a roughly $15 million FOCF deficit. S&P largely attributes its weak performance to increased competitive pressures and a high fixed cost structure given its large store base. Leslie's recently announced transformation plan, intended to stabilize the business and return to profitable growth, includes price adjustments, 80-90 store closures (8%-9% of its base), and inventory optimization. S&P said, "While we expect price investments in core chemicals will better align its value proposition with other players, it may take time to regain lost market share. We also believe Leslie's high funded debt, looming maturities (its $757 million term loan in March 2028), and uneven cash flow prospects amplify the execution risk associated with its turnaround plan. "We continue to forecast unsustainably high leverage in fiscal 2026. We expect S&P Global Ratings-adjusted leverage to remain 7x-8x. This compares with a reported nearly 20x due to the relatively short terms of Leslie's operating leases, which are deleveraging in our adjusted ratio. We also expect S&P Global Ratings-adjusted EBITDA margin will remain about 10.5% (150-200 bps below our prior forecast) as price investments, increased promotional activity to clean up slow moving inventory, and declining sales more than offset cost controls and benefits from the closure of unprofitable stores. "We view Leslie's liquidity position as less than adequate. Although Leslie's ended fiscal 2025 with $168 million of liquidity from cash on hand and availability under its $250 million asset-based-lending (ABL) facility, we believe its uneven FOCF prospects, borrowing base reductions from inventory optimization, and clean-down clause limit its ability to absorb additional operating disruptions. We also forecast reported EBITDA interest coverage of less than 1x. We anticipate Leslie's will continue to pause share repurchases and limit acquisitions over the next 12 months while it preserves liquidity. To the extent that operating pressures mount beyond our base case, we expect it to further reduce growth capital spending--annual maintenance capital spending is approximately $20 million--and pursue potential asset sales. "The negative outlook on Leslie's reflects our expectation for uneven FOCF over the next 12 months due to depressed profitability and sales declines, increasing the likelihood of a liquidity shortfall, a debt exchange, or a restructuring that we view as tantamount to default. "We could lower our rating on Leslie's if we believe a payment default, distressed exchange, or restructuring appears inevitable within the next six months. "We could raise our rating on Leslie's if it addresses looming maturities and we believe it can sustain improvements in operating results, credit metrics, and cash flow." LEVEL 3 FINANCING: Fitch Assigns CCC- Rating on Sr. Unsecured Notes ------------------------------------------------------------------- Fitch Ratings has assigned Level 3 Financing, Inc.'s senior unsecured notes offering a 'CCC-' rating with a Recovery Rating of 'RR6'. Fitch has also placed the notes on Rating Watch Positive (RWP). The notes will be pari passu with Level 3 Financing's existing senior unsecured borrowings. Level 3 Financing intends to use proceeds from the issuance to partially redeem a portion of its second-lien senior secured notes due between 2029 and 2031. Key Rating Drivers AT&T Transaction Offers Material Delevering: Level 3's sale of its Mass Markets fiber-to-the-home (FTTH) segment to AT&T for approximately $5.75 billion is expected to close in the first half of 2026. Fitch views the sale as a material milestone in both delevering the company's balance sheet and realigning the business to focus on enterprise opportunities. Fitch expects Lumen to receive approximately $4.2 billion in net cash proceeds from the sale, which it plans to use to repay all its super-priority debt. Level 3 Refinancing Improves Balance Sheet: Level 3's extensive 2025 refinancing materially strengthens its balance sheet and flexibility. The March Term Loan B, June bond refinancing, August bond issuance, and September TLB repricing and bond refinancing together cut year-to-date interest expense by over $180 million, lowered the weighted average cost of debt, and extended key maturities. The activity delivers meaningful cash interest savings and enhances financial flexibility ahead of remaining maturities. Eased Refinancing Pressures: The recent Level 3 refinancing, coupled with expected paydowns after the AT&T deal closes, provides the company with healthy breathing room regarding its maturity obligations. The company will not face another significant maturity until 2028. PCF Deals Help Liquidity: Recent private connectivity fabric (PCF) contract wins totaled approximately $8.5 billion. The corresponding initial cash payments are currently being received and will continue to be received over the next couple of years. These contract wins have significantly bolstered Lumen's near-term liquidity. They also indicate the asset value inherent in parts of its network. The contracts include the provision of dark fiber and other services to Microsoft Corporation. They also cover other hyperscaler, social media, and technology companies. The contracts are long term, some for up to 20 years. Expected Decline in Capex: Fitch expects the sale of the Mass Markets FTTH business to AT&T to reduce overall annual capex by approximately $1 billion, or nearly one-fourth of overall capex, while the revenue and EBITDA impact is much smaller at roughly 3%-6%, by Fitch's estimate. After the heavy capex spend in 2025 to support initial PCF contract wins, the company anticipates a gradual decline in capital intensity in the later years of the rating period. Telecoms Faces Challenges: Lumen faces similar industry-wide challenges as other wireline operators, as customers migrate to newer products and services from legacy offerings. The company seeks to address these challenges more aggressively through increased investment in its enterprise business and the upcoming sale of its consumer fiber assets to AT&T. Execution risk exists regarding this strategy, but Fitch believes the investments could eventually support revenue growth over time. Peer Analysis Lumen has a solid competitive position based on the scale and size of its wireline operations in the enterprise/business services market. Its business segment, which comprised nearly 80% of its 2024 revenue, is smaller than both AT&T Inc. (BBB+/Negative) and Verizon Communications Inc. (A-/Stable). All three companies have extensive U.S. footprints. AT&T and Verizon maintain lower financial leverage, generate materially higher EBITDA and FCF, and have wireless offerings providing more service diversification compared with Lumen. Lumen has not displayed an ability to stabilize its revenue or EBITDA and does not yet generate sustainable FCF, unlike its larger peers. Lumen has a larger enterprise business that differentiates it from other wireline operators, such as Windstream Services, LLC (B-/Stable) and Frontier Communications Parent, Inc. (B+/Watch Positive). Fitch’s Key Rating-Case Assumptions - Revenue declines in the low single digits in 2025, expected to remain in the same range through 2028; - EBITDA margins flat in 2025 due to ramp-up costs from PCF deals partially offset by ongoing cost savings, but are expected to improve in subsequent years to reach the low-to-mid-30% range, given it will no longer be supporting its consumer FTTH business coupled with enterprise margin expansion from recognition of PCF deals; - Capex increases significantly in 2025 to facilitate new PCF deals, but expected to decline starting in 2026 due to selling its consumer FTTH business to AT - Positive FCF in 2025, driven by upfront cash receipts from PCF deals; - Fitch assumes $4.2 billion in cash proceeds in 2026 from the consumer FTTH sale to AT&T, and subsequent paydown of all super-priority debt. Recovery Analysis Fitch undertakes a tailored analysis of recovery upon default for each issuance for entities rated 'B+' and below, where default is closer and recovery prospects are more meaningful to investors. The resulting debt instrument rating includes a Recovery Rating (scale from 'RR1' to 'RR6') and is notched from the IDR accordingly. This analysis has three steps: estimating the distressed enterprise value (EV), estimating creditor claims, and distribution of value. Fitch assumes Lumen would emerge from a default scenario through the GC approach rather than liquidation. Fitch has conducted two separate recovery analyses incorporating the primary borrower entities: Level 3 Financing, Qwest Corporation and Lumen Technologies. Key assumptions in each recovery analysis: Level 3 Financing, Inc. GC EBITDA: Assumed at $1.2 billion, below Fitch's 2025 projection, reflecting revenue pressures and EBITDA margins trending toward the low-20% range, indicating potential competitive and pricing challenges in bankruptcy. EV Multiple: A 5.5x multiple is applied, aligned with Fitch-rated peer Frontier Communications and supported by sector trading multiples, M&A activity, and bankruptcy precedents in TMT. Qwest Corporation GC EBITDA: Assumed at $2.0 billion, higher than previous $1.73 billion, but below the 2025 projection. This factors the likely completion of the AT&T transaction and the use of proceeds to repay super-priority debt. Fitch will reassess if the transaction or related debt repayment does not proceed as expected. EV Multiple: A 5.0x multiple is used, lower than Level 3 and Frontier Communications due to greater secular pressures in local business segments but similarly supported by market and bankruptcy benchmarks. Lumen Technologies, Inc. Given Lumen's super-priority debt guarantee (under the 2024 TSA agreement) and Lumen's ability to transfer 49% of Qwest Corporation assets to other subsidiaries within the Lumen structure, Fitch believes this super-priority debt would take precedence in bankruptcy. Fitch assumes the remaining 51% of Qwest's value, after the first 49% is exhausted, could allow Qwest's senior unsecured notes to recover in line with any deficiency claims of the second-out super-priority instruments and the secured intercompany loan to Level 3. Fitch estimates that all Lumen super-priority debt and Qwest senior unsecured notes would recover at an 'RR1' level, while the first lien term loan B, Qwest Capital Funding unsecured notes, and Lumen's unsecured notes would be 'RR6' under current assumptions. For senior unsecured instruments issued by Qwest Corp., Fitch's Corporates Recovery Ratings and Instrument Ratings Criteria indicates unsecured instruments for 'CCC+' IDR issuers are capped at 'RR2'. However, this cap may be exceeded in instances when the issuer is a structurally senior subsidiary issuer in a multi-level corporate group structure, which Fitch believes applies to this scenario. RATING SENSITIVITIES Fitch expects to resolve the Rating Watch Positive upon completion of the Mass Markets transaction and subsequent debt reduction, which should close by mid-year 2026. Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - A weakening of Lumen's operating results, including deteriorating margins and consistent mid-single-digit or greater revenue erosion; - Increased liquidity pressure or difficulties refinancing parts of the capital structure. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Closure of the Mass Markets fiber asset sale and expected debt paydown; - Operating fundamentals improve, including sustained revenue and EBITDA growth or positive FCF; - Capital structure changes that are positive for the overall credit profile. Liquidity and Debt Structure As of 3Q25, Lumen had $2.40 billion in cash and equivalents supported by asset sales, tax refunds, and upfront payments from long-term hyperscaler contracts. It also had approximately $723 million available on its super-priority senior secured revolvers. Fitch projects positive FCF for 2025, in line with management's updated $1.2 billion to $1.4 billion guidance, mainly due to upfront PCF contract receipts. However, FCF losses may return in 2026-2027 without improvements in the core business or further debt and cost reductions. Lumen has over $17 billion in pro forma debt, excluding finance leases and certain adjustments, spread across term loans and secured/unsecured notes at three main borrowing entities. Its super-priority debt is secured by guarantees from Qwest, CenturyTel, Wildcat Holdco and other subsidiaries, with additional unsecured guarantees from Qwest Corporation. Some revolving facility debt also benefits from Level 3 subsidiary guarantees, although these will decrease as assets shift. Lumen also has a $1.2 billion secured intercompany loan and a $1.825 billion unsecured intercompany revolver. Super-priority secured debt covenants limit net leverage to 5.50x (5.25x after December 2025) and require at least 2.0x interest coverage. Issuer Profile Lumen is one of the largest U.S. wireline providers. Its business is largely focused on the enterprise market, although it also serves residential customers. The company is publicly traded on the NYSE under the ticker LUMN. Date of Relevant Committee 15 July 2025 MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery ----------- ------ -------- Level 3 Financing, Inc. senior unsecured LT CCC- New Rating RR6 LEVEL 3 FINANCING: Moody's Rates New Unsec. Notes Due 2036 'Caa1' ----------------------------------------------------------------- Moody's Ratings assigned a Caa1 rating to Level 3 Financing, Inc.'s (Level 3) backed senior unsecured notes due 2036. The rating of the backed senior unsecured notes was also placed on review for upgrade. All other credit ratings at Lumen Technologies, Inc. (Lumen), Level 3 and Qwest Corporation (Qwest) remain on review for upgrade, including Lumen's B3 corporate family rating and B3-PD probability of default rating. Lumen's SGL-1 Speculative Grade Liquidity Rating (SGL) remains unchanged. The outlooks for Lumen, Level 3 and Qwest remain Ratings Under Review. Proceeds from the proposed offering along with cash from the balance sheet, will be used to fund the cash tender offer for Level 3's outstanding backed senior secured second lien notes with various maturities. The proposed backed senior unsecured notes contain no financial maintenance covenants. Pro forma for this refinancing, Moody's projects Lumen's total debt-to-EBITDA (inclusive of Moody's adjustments) will be around 5.4x at year-end 2025. The Caa1 rating assigned to the senior unsecured notes is one notch below Lumen's CFR reflecting its structural subordination to Level 3's backed senior secured first lien notes rated B1 and backed senior secured second lien notes rated B3, and Lumen's super priority revolving credit facility rated B3 which receives a first lien senior secured guarantee from Level 3 on $150 million of the super priority facility. RATINGS RATIONALE Lumen's ratings remain on review for upgrade. The ratings on review for upgrade reflects (i) the announced sale of the company's Mass Market fiber-to-the-home (FTTH) business to AT&T Inc. (Baa2 stable) for a total of $5.75 billion in cash, and (ii) the company's stated objective of using all the net proceeds from the sale and some cash on hand to retire $4.8 billion worth of outstanding debt, reducing Lumen's (the parent) financial leverage (total debt-to-EBITDA) by more than 1.0x turn of EBITDA. The review for upgrade reflects Moody's expectations that Lumen's credit quality will materially improve upon closing of the sale transaction. Lumen's existing B3 CFR reflects the company's high leverage, sizable capex program and elevated execution risks associated with the company's on-going plans to modernize and expand its fiber rich network. In addition, Moody's rating considers the continued declining revenue and EBITDA trends mainly driven by the Mass Market division, and the remaining uncertainty around the pace of recovery in earnings. To offset these competitive challenges Lumen is aggressively reinvesting in its business division to (i) deliver compelling value add solutions such as network-as-a-service for its enterprise customers, and (ii) deploy additional fiber strands to meet growing demand from large corporations to secure future fiber capacity. As a result, in the short term, Moody's expects capex spending and operating expenses to remain elevated negatively impacting the company's credit profile until year end 2026. At the same time Moody's rating considers the company's very good liquidity and recent customer wins. As of September 30, 2025, Lumen had secured more than $9 billion in new orders to provide fiber capacity and network management to large customers (including AWS, Google, Meta and Microsoft). These twenty year contracts were structured with upfront cash payments to be received between 2024 and 2027, materially strengthening the company's near term free cash flow and liquidity. The SGL-1 speculative grade liquidity rating reflects Moody's expectations that Lumen will have very good liquidity over the next 12 months, supported by (i) around $2.4 billion in cash as of September 30, 2025 (ii) about $723 million in availability (net of $232 million in letter of credits) under the company's approximately $954 million senior secured revolving credit facility expiring in June 2028, (iii) Moody's expectations of more than $1 billion in free cash flow in 2025, and (iv) a long dated debt maturity schedule with no significant maturities due prior to 2028. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING Moody's reviews for upgrade will focus on the transaction concluding as planned and the expected post-transaction debt structure, liquidity and financial policies. Furthermore, the review will (i) consider execution risks associated with the company's capex program to expand its business segment infrastructure and (ii) evaluate the revenue contribution from hyperscalers and operating improvement as the company shifts its primary focus to the business segment. Headquartered in Monroe, Louisiana, Lumen Technologies, Inc., is an integrated communications company that provides an array of communications services to large enterprise, mid-market enterprise, government and wholesale customers in its larger Business segment. The company's smaller Mass Markets segment primarily provides broadband services to its residential and small business customer base. The principal methodology used in this rating was Telecommunications Service Providers published in December 2025. LITTLE BROWN: Seeks Subchapter V Bankruptcy in California --------------------------------------------------------- On December 8, 2025, The Little Brown Box Pizza, LLC filed for Chapter 11 protection in the Central District of California. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 200–999 creditors. About The Little Brown Box Pizza, LLC The Little Brown Box Pizza, LLC, doing business as Pieology, operates fast-casual pizza restaurants in the United States, offering customizable pizzas and related menu items, and is headquartered in Irvine, California. The Little Brown Box Pizza, LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Lead Case No. 25-13452) on December 8, 2025. In its petition, the Debtor reports estimated assets of $100,001–$1,000,000 and estimated liabilities of $1 million–$10 million. Honorable Bankruptcy Judge Mark D. Houle handles the case. The Debtor is represented by Belinda M. Vega, Esq. of Venable LLP. LUGANO DIAMONDS: FBI Probes Founder's Diamond Deals --------------------------------------------------- Jonathan Randles of Bloomberg Law reports that the federal investigators are scrutinizing a series of off-balance-sheet diamond transactions linked to Lugano Diamonds & Jewelry, a luxury retail chain that has accused its founder of misleading affluent clients about investment opportunities. The inquiry focuses on arrangements the company claims were improperly handled outside its financial records. Sources familiar with the investigation say the FBI has interviewed multiple individuals who negotiated diamond deals with the chain's founder and former CEO, Mordechai "Moti" Ferder. Lugano has confirmed it is cooperating with the federal probe as authorities continue gathering information. The boutique operator, based in Newport Beach and largely owned by Compass Diversified, filed suit against Ferder in June. In that lawsuit, Lugano alleges Ferder misrepresented key details of the transactions and steered lucrative business away from the company, the report states. About Lugano Diamonds & Jewelry Inc. Lugano Diamonds & Jewelry Inc. designs jewelry. The Company offers rings, bracelets, earrings, and chain. Lugano Diamonds & Jewelry serves customers in the State of California. Lugano Diamonds & Jewelry Inc. and affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-12055) on November 16, 2025. In its petition, the Debtor reports estimated assets between $100 million and $500 million and estimated liabilities between $500 million and $1 billion. The affiliates that filed for Chapter 11 separately include Lugano Buyer Inc. (Case No. 25-12052),K.L.D. Jewelry LLC (Case No. 25-12053),Lugano Prive LLC (Case No. 25-12054), and Lugano Prive LLC (Case No. 25-12056). The Debtor is represented by Timothy R. Powell, Esq. and Edmon L. Morton, Esq. of Young Conaway Stargatt & Taylor, LLP. LUMEN TECHNOLOGIES: Appoints James Fowler as CTO Effective Jan. 5 ----------------------------------------------------------------- Lumen Technologies, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on December 1, 2025, David Ward, Executive Vice President, Chief Technology and Product Officer, resigned from his roles at the Company and its principal subsidiaries to assume the role of President and Chief Architect at Salesforce, Inc. Mr. Ward will cease to serve as Executive Vice President, Chief Technology and Product Officer on January 5, 2026, while continuing to serve as an employee to support his transition through January 23, 2026. On December 3, 2025, the Board of Directors appointed James Fowler, a member of the Board, to succeed Mr. Ward as the Company's Executive Vice President, Chief Technology and Product Officer, effective January 5, 2026. In connection with his appointment as an officer of the Company, on December 4, 2025, Mr. Fowler resigned from the Board, effective December 5, 2025. Mr. Fowler will serve as an advisor to the Company through his employment start date. Mr. Fowler, age 54, has served as the Executive Vice President and Chief Technology Officer of Nationwide Mutual Insurance Company, a large U.S. insurance and financial services organization, since 2018. Prior to such role, he served as Group Chief Information Officer for General Electric, a multinational conglomerate, from 2015 to 2018 and in other leadership roles since 2000. During his tenure at GE, he served in business unit CIO roles responsible for digital transformation at GE Capital, GE Power and Water, GE Intelligent Platforms, and GE Aviation. Mr. Fowler began his career at AT&T in 1993 and worked at Accenture before joining General Electric. About Lumen Technologies Headquartered in Monroe, Louisiana, Lumen Technologies, Inc. -- https://lumen.com/ -- is a facilities-based technology and communications company that provides a broad array of integrated products and services to its domestic and global business customers and its domestic mass markets customers. The Company's platform empowers its customers to swiftly adjust digital programs to meet immediate demands, create efficiencies, accelerate market access, and reduce costs, which allows its customers to rapidly evolve their IT programs to address dynamic changes. As of September 30, 2025, the Company had $34.29 billion in total assets, $35.46 billion in total liabilities, and $1.17 billion in total stockholders' deficit. * * * In July 2025, Fitch Ratings has placed the Long-Term Issuer Default Ratings (IDRs) of Lumen Technologies Inc., Level 3 Parent LLC, Level 3 Financing Inc., Qwest Corporation and related subsidiaries on Rating Watch Positive (RWP). The current Long-Term IDR for each rated entity is 'CCC+'. MAILTROPOLIS LLC: Aaron Cohen Named Subchapter V Trustee -------------------------------------------------------- The Acting U.S. Trustee for Region 21 appointed Aaron Cohen, Esq., a practicing attorney in Jacksonville, Fla., as Subchapter V trustee for Mailtropolis, LLC. Mr. Cohen will be paid an hourly fee of $315 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Cohen declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Aaron R. Cohen, Esq. P.O. Box 4218 Jacksonville, FL 32201 Tel: (904) 389-7277 Email: aaron@arcohenlaw.com About Mailtropolis LLC Mailtropolis, LLC, doing business as We Are Kymera, provides full-service marketing solutions that include strategy and consulting, branding and design, website development, and digital marketing services across multiple channels. It offers lead-generation programs, social media management, search engine optimization, and campaign execution along with print and direct-mail capabilities. It serves businesses seeking integrated marketing support across both digital and traditional platforms. Mailtropolis sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-07813) on December 2, 2025, listing between $100,001 and $500,000 in assets and between $1 million and $10 million in liabilities. Jeffrey Ainsworth, Esq., at Bransonlaw, PLLC represents the Debtor as legal counsel. MAPLE RIDGE: Seeks to Hire Omni Agent Solutions as Claims Agent --------------------------------------------------------------- Maple Ridge Property Owners Association, Inc. seeks approval from the U.S. Bankruptcy Court for the Western District of North Carolina to hire Omni Agent Solutions, Inc. as claims, noticing, and solicitation agent. Omni will oversee the distribution of notices and will assist in the maintenance, processing, and docketing of proofs of claim filed in the Chapter 11 cases of the Debtors. Prior to the petition date, the Debtors provided Omni an advance payment in the amount of $10,000. Paul Deutch, an executive vice president at Omni, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Paul Deutch Omni Agent Solutions, Inc. 1120 Avenue of the Americas, 4th Floor New York, NY 10036 Telephone: (212) 302-3580 Facsimile: (212) 302-3820 About Maple Ridge Property Owners Association, Inc. Maple Ridge Property Owners Association, Inc. manages interval ownership interests for a resort community at 747 Buffalo Creek Road in Lake Lure, North Carolina, overseeing the rights and obligations of property owners within the development. Maple Ridge Property Owners Association, Inc. filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. W.D.N.C. Case No. 25-40271) on November 25, 2025, listing $1 million to $10 million in assets and $500,000 to $1 million in liabilities. Michael Guelcher signed the petition as president. Judge Ashley Austin Edwards presides over the case. Michael L. Martinez, Esq. at GRIER WRIGHT MARTINEZ, PA serves as the Debtor's counsel. MAXILL DENTAL: Seeks Subchapter V Bankruptcy in Ohio ---------------------------------------------------- On December 9, 2025, Maxill Dental, Inc. filed for Chapter 11 protection in the Northern District of Ohio. According to the court filing, the Debtor reports between $100,001 and $1,000,000 in debt owed to 1–49 creditors. About Maxill Dental, Inc. Maxill Dental Inc. is a full-service dental care provider offering comprehensive oral health services to patients of all ages. The company specializes in general dentistry, preventive care, cosmetic procedures, and restorative treatments, aiming to improve both dental health and patient confidence. Maxill Dental, Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ohio Case No. 25-41502) on December 9, 2025. In its petition, the Debtor reports estimated assets of $0–$100,000 and estimated liabilities of $100,001–$1,000,000. Honorable Bankruptcy Judge Tiiara N.A. Patton handles the case. The Debtor is represented by Michael A. Steel, Esq. of Steel & Company Law Firm. MAXILL INC: Case Summary & Six Unsecured Creditors -------------------------------------------------- Debtor: Maxill, Inc. 500 W. Main St. Cortland, OH 44410 Chapter 11 Petition Date: December 9, 2025 Court: United States Bankruptcy Court Northern District of Ohio Case No.: 25-41500 Judge: Hon. Tiiara Patton Debtor's Counsel: Michael A Steel, Esq. MICHAEL STEEL 2950 West Market Street Suite G Fairlawn, OH 44333 E-mail: msteel@steelcolaw.com Estimated Assets: $0 to $50,000 Estimated Liabilities: $10 million to $50 million The petition was signed by John D. Shaw as president. A full-text copy of the petition, which includes a list of the Debtor's six unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/TF6NEZY/Maxill_Inc__ohnbke-25-41500__0001.0.pdf?mcid=tGE4TAMA MAXILL INC: Seeks Chapter 11 Bankruptcy in Ohio ----------------------------------------------- On December 9, 2025, Maxill, Inc. filed for Chapter 11 protection in the Northern District of Ohio. According to court filing, the Debtor reports between $10 million and $50 million in debt owed to 1–49 creditors. About Maxill, Inc. Maxill, Inc. is a company engaged in the dental products and services industry, providing innovative solutions and equipment for dental practices. Maxill, Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ohio Case No. 25-41500) on December 9, 2025. In its petition, the Debtor reports estimated assets of $0–$100,000 and estimated liabilities of $10 million–$50 million. Honorable Bankruptcy Judge Tiiara N.A. Patton handles the case. The Debtor is represented by Michael A. Steel, Esq. of Steel & Company Law Firm. MAXILL REALTY: Case Summary & Four Unsecured Creditors ------------------------------------------------------ Debtor: Maxill Realty, Inc. 500 W. Main Street Cortland, OH 44410 Chapter 11 Petition Date: December 9, 2025 Court: United States Bankruptcy Court Northern District of Ohio Case No.: 25-41501 Debtor's Counsel: Michael A Steel, Esq. MICHAEL STEEL 2950 West Market Street Suite G Fairlawn, OH 44333 E-mail: msteel@steelcolaw.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Christine Thompson as president. A full-text copy of the petition, which includes a list of the Debtor's four unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/KBMKRII/Maxill_Realty_Inc__ohnbke-25-41501__0001.0.pdf?mcid=tGE4TAMA MAXILL REALTY: Seeks Subchapter V Bankruptcy in Ohio ---------------------------------------------------- On December 9, 2025, Maxill Realty, Inc. filed for Chapter 11 protection in the Northern District of Ohio. According to the court filing, the Debtor reports between $1 million and $10 million in debt owed to 1–49 creditors. About Maxill Realty, Inc. Maxill Realty, Inc. is a full-service real estate firm providing property management, investment, and leasing services for commercial and residential properties. Maxill Realty, Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ohio Case No. 25-41501) on December 9, 2025. In its petition, the Debtor reports estimated assets of $1 million–$10 million and estimated liabilities of $1 million–$10 million. Honorable Bankruptcy Judge Tiiara N.A. Patton handles the case. The Debtor is represented by Michael A. Steel, Esq. of Steel & Company Law Firm. MONTE MARTIN: Seeks Approval to Hire Bobbie L Timm as Accountant ---------------------------------------------------------------- Monte Martin, Inc seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas to hire Bobbie L Timm - Business & Accounting Services as accountant. The firm will provide comprehensive financial management and accounting services essential to this Subchapter V reorganization, including: (i) bankruptcy reporting and cash flow management; (ii) monthly financial close and review; (iii) accounts receivable/payable management; (iv) sales tax compliance; (v) budget creation and forecasting; (vi) liaison with legal counsel and the Subchapter V Trustee; and (vii) general ledger review and adjustments. The firm's standard hourly rates are: Bobbie Timm, Director $75 Victoria Spencer, Accounting Associate $45 Bobbie Timm, director of Timm Accounting, assured the court that his firm is a "disinterested person" within the meaning of 11 U.S.C. 101(14). The firm can be reached through: Bobbie L Timm Bobbie L Timm -- Business & Accounting Services 3207 Grantham Dr Richardson, TX 75082 About Monte Martin Inc. Based in Dallas, Texas, Monte Martin Inc. provides fine art services, exhibit design and fabrication, lighting design, and electrical contracting through its headquarters at 2819 Anode Lane. It serves a diverse clientele including galleries, museums, institutions, restaurants, retail establishments, hotels, and private collectors, integrating art and lighting in its projects. Monte Martin formerly conducted business under the names Martin & Martin Design Services, LLC, Martin & Martin Design Electrical, LLC, Martin & Martin Design Fine Art Services, LLC, and Martin & Martin Design Exhibition Design, LLC. Monte Martin Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Texas Case No. 25-34580) on November 19, 2025. In its petition, the Debtor reports estimated assets between $100,000 and $500,000 and estimated liabilities between $1 million and $10 million. The Debtor is represented by David Shuster, Esq., at Shuster Law, PLLC. MONTE MARTIN: Seeks to Hire Shuster Law PLLC as Bankruptcy Counsel ------------------------------------------------------------------ Monte Martin, Inc seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas to hire Shuster Law, PLLC to handle the bankruptcy proceedings. The firm will be paid at these rates: David Shuster, Attorney $450 per hour Associates $300 per hour Scott Berken, Paralegal $150 to $175 per hour The firm has been paid a retainer of $16,738. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Mr. Shuster disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: David Shuster, Esq. Shuster Law, PLLC 118 Lynn Ave Ste 204 Lewisville, TX 75057 Tel: (972) 315-6222 Fax: (972) 315-6223 Email: david@shusterlawfirm.com About Monte Martin Inc. Based in Dallas, Texas, Monte Martin Inc. provides fine art services, exhibit design and fabrication, lighting design, and electrical contracting through its headquarters at 2819 Anode Lane. It serves a diverse clientele including galleries, museums, institutions, restaurants, retail establishments, hotels, and private collectors, integrating art and lighting in its projects. Monte Martin formerly conducted business under the names Martin & Martin Design Services, LLC, Martin & Martin Design Electrical, LLC, Martin & Martin Design Fine Art Services, LLC, and Martin & Martin Design Exhibition Design, LLC. Monte Martin Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Texas Case No. 25-34580) on November 19, 2025. In its petition, the Debtor reports estimated assets between $100,000 and $500,000 and estimated liabilities between $1 million and $10 million. The Debtor is represented by David Shuster, Esq., at Shuster Law, PLLC. MORICI RACING: 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 Morici Racing Stable, LLC, according to court dockets. About Morici Racing Stable LLC Morici Racing Stable, LLC sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-22997) on October 31, 2025, listing under $1 million in both assets and liabilities. Judge Mindy A. Mora oversees the case. Mark S. Roher, Esq., at Law Office of Mark S. Roher, P.A. represents the Debtor as counsel. MOSAIC SUSTAINABLE: Reed Smith Updates Consumer Claimants List -------------------------------------------------------------- In the Chapter 11 bankruptcy cases of Mosaic Sustainable Finance Corporation and its debtor-affiliates, Reed Smith LLP filed with the United States Bankruptcy Court for the Southern District of Texas, Houston Division, an Amended Verified Statement pursuant to Federal Rule of Bankruptcy Procedure 2019. According to the Amended Verified Statement: 1. Reed Smith represents consumer claimants in connection with the Chapter 11 cases of the debtors and debtors-in-possession. 2. Each claimant has the right to payment or recovery under a consumer credit contract and/or in relation to consumer protection laws against one or more Debtors, and the amount of the payment or recovery is unknown. 3. The Consumer Claimants are each represented by the Prevost Law Firm, PC, which has been retained to protect and assert their consumer protection claims. Pursuant to the authority that the Consumer Claimants granted to the Prevost Firm in their respective engagement agreements to preserve and pursue such claims. 4. The Prevost Firm has engaged Reed Smith to represent the Consumer Claimants in the Chapter 11 cases. 5. Reed Smith does not represent the Consumer Claimants in any other proceedings. 6. Reed Smith reserves the right to amend this verified statement. The borrowers' names, addresses, and nature and amount of disclosable economic interests held are listed on a 90-page Exhibit A, a copy of which is available at https://urlcurt.com/u?l=WFNQ5I Counsel for the Consumer Claimants Keith M. Aurzada, Esq. Bradley J. Purcell, Esq. REED SMITH, LLP 2850 N. Harwood Street, Ste. 1500 Dallas, TX 75201 Tel: (469) 680-4200 Fax: (469) 680-4299 E-mail:kaurzada@reedsmith.com bpurcell@reedsmith.com About Solar Mosaic Mosaic is a fintech platform for sustainable home improvements. Founded in 2010, Mosaic is a pioneer in clean energy lending providing innovative solutions for financing solar, battery storage, and more. Mosaic has funded $15 billion in loans to date, helping more than 500,000 households make their homes more sustainable and efficient. On June 6, 2025, Mosaic Sustainable Finance Corporation and four affiliated debtors each filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 25-90156). The cases are pending before the Honorable Christopher M. Lopez. The Company tapped Paul Hastings LLP as legal counsel, Berkeley Research Group, LLC for managing director Mark A. Renzi as chief restructuring officer, and C Street Advisory Group as strategic communications advisor. Jefferies LLC served as investment banker to the Debtors. Kroll, formerly Prime Clerk LLC, is the claims agent. Porter Hedges LLP served as special counsel to the special committee of the Board of Directors. Blank Rome LLP served as legal counsel and Huron Consulting Group as financial advisor to Forbright Bank. On June 19, 2025, the Office of the United States Trustee for Region 7 appointed an official committee of unsecured creditors in these Chapter 11 cases. The committee tapped DLA Piper LLP (US) as counsel and FTI Consulting, Inc. as financial advisor. On Sept. 5, 2025, the Court entered an order confirming the Debtors' Fourth Amended Joint Chapter 11 Plan. The Plan was declared effective on Sept. 22. Olive Advisors LLC was appointed Plan Administrator to the Wind Down Debtor. It is represented by Bradley Arant Boult Cummings LLP. MY GEORGIA: Gets Interim OK to Use Cash Collateral -------------------------------------------------- My Georgia Plumber, Inc. received interim approval from the U.S. Bankruptcy Court for the Northern District of Georgia, Atlanta Division to use cash collateral to fund operations. The court authorized interim use of cash collateral in accordance with its budget (subject to a 15% variance) through the next hearing scheduled for January 7, 2026. The Debtor projects total operational expenses of $161,250 for December. The creditors that may assert interests in the Debtor's cash collateral based on multiple UCC-1 financing statements include CFG Merchant Solutions, Fox Capital Group, GFE Holdings, Rival Funding, CT Corporation System, CSC, and Vivian Capital Group. As protection from any diminution in the value of their collateral, these creditors will be granted automatically perfected replacement liens on the Debtor's post-petition assets of the same type and priority as their pre-bankruptcy liens. The interim order is available at https://is.gd/nrfLtA from PacerMonitor.com. My Georgia Plumber is a Georgia corporation operating a full-service residential and commercial plumbing business in Canton, Georgia. As a debtor-in-possession, My Georgia Plumber continues to run the business and must maintain access to cash to preserve the estate's value, sustain operations, and protect its workforce. 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. NANOVIBRONIX INC: E&Y Unit Kost Forer Gabbay Approved as Auditor ---------------------------------------------------------------- NanoVibronix, Inc. held its Annual Meeting on December 4, 2025. As of the close of business on October 27, 2025, the record date for the Annual Meeting, there were 1,011,102 shares of Common Stock, outstanding and entitled to vote. Holders of the Company's Common Stock with a total aggregate voting power of 430,514 votes were present in person or represented by proxy at the Annual Meeting. The matters described were submitted to a vote of the Company's stockholders at the Annual Meeting. Each proposal is described in detail in the Company's Proxy Statement. All proposals were approved by the Company's stockholders. Proposal 1 - Election of Directors A proposal to elect five nominees to serve on the Company's Board, for a term of one year or until their respective successors are elected and qualified, for which the following were nominees: Doron Besser, M.D., David Johnson, Zeev Rotstein, M.D., Nino Pionati, and Alison Geiger Burgett. All nominees were elected to serve as directors. The results of the voting were as follows: 1. Doron Besser, M.D. *Votes For: 68,322 * Withheld: 14,295 * Broker Non-Votes: 347,897 2. David Johnson * Votes For: 68,884 * Withheld: 13,733 * Broker Non-Votes: 347,897 3. Zeev Rotstein, M.D. * Votes For: 68,322 * Withheld: 14,295 * Broker Non-Votes: 347,897 4. Nino Pionati * Votes For: 69,167 * Withheld: 13,450 * Broker Non-Votes: 347,897 5. Alison Geiger Burgett * Votes For: 68,294 * Withheld: 14,323 * Broker Non-Votes: 347,897 As previously disclosed in the Company's Current Report on Form 8-K filed with the Securities and Exchange Commission, on October 30, 2025, each of Christopher Fashek, Thomas Mika, Martin Goldstein, M.D. and Brian Murphy advised the Board of Directors that they do not intend to stand for reelection and would retire from the Board and all committees thereto, effective immediately prior to the 2025 Annual Meeting of Stockholders. Immediately prior to the Annual Meeting, each of Christopher Fashek, Thomas Mika, Martin Goldstein, M.D., and Brian Murphy ceased to be directors of the Board and all committees thereto. Each of Messrs. Fashek, Mika, Goldstein and Murphy's decision not to stand for reelection as directors of the Board was solely for personal reasons and did not arise or result from any disagreement with the Company on any matters relating to the Company's operations, policies or practices. Proposal 2 - Ratification of Appointment of Auditor A proposal to ratify the appointment of Kost Forer Gabbay & Kasierer, a member of Ernst & Young Global, as the Company's independent registered public accounting firm for the fiscal year ending December 31, 2025. The results of the voting were as follows: * For: 414,595 * Against: 7,639 * Abstentions: 8,280 * Broker Non-Votes: N/A Proposal 3 - Approval of the First Amendment to the NanoVibronix, Inc. 2024 Long-Term Incentive Plan A proposal to approve the First Amendment to the NanoVibronix, Inc. 2024 Long-Term Incentive Plan. The results of the voting were as follows: * For: 44,462 * Against: 36,765 * Abstentions: 1,390 * Broker Non-Votes: 347,897 The First Amendment further increases the number of shares of common stock, par value $0.001 per share available for issuance pursuant to awards under the Incentive Plan by an additional 1,200,000 shares of Common Stock, to a total of 1,205,454 shares of Common Stock. A full text of the First Amendment is available at https://tinyurl.com/ybytk9ue Proposal 4 - Approval of the Issuance Proposal A proposal to approve, for purposes of complying with Nasdaq Listing Rule 5635(d), the issuance of shares of Common Stock underlying shares of convertible preferred stock and warrants issued by the Company in a private placement in July 2025, in an amount equal to or in excess of 19.99% of Common Stock outstanding before the issuance of such convertible preferred stock and warrants (including upon the operation of anti-dilution provisions applicable to such convertible preferred stock). The results of the voting were as follows: * For: 44,647 * Against: 34,703 * Abstentions: 3,267 * Broker Non-Votes: 347,897 Proposal 5 - Adjournment Proposal A proposal to approve an adjournment of the Annual Meeting to a later date or dates, if necessary, to permit further solicitation and vote of proxies in the event there are not sufficient votes in favor of any one or more of the proposals presented at the Annual Meeting. The results of the voting were as follows: * For: 352,101 * Against: 68,714 * Abstentions: 9,699 * Broker Non-Votes: N/A Although the Adjournment Proposal received sufficient votes to be approved, no motion to adjourn the Annual Meeting was made because the adjournment of the Annual Meeting was determined not to be necessary or appropriate. The results reported are final voting results. No other matters were considered or voted upon at the Annual Meeting. About NanoVibronix Elmsford, N.Y.-based NanoVibronix, Inc., a Delaware corporation, commenced operations on October 20, 2003, and is a medical device company focusing on noninvasive biological response-activating devices that target wound healing and pain therapy and can be administered at home without the assistance of medical professionals. Southfield, Mich.-based Zwick CPA, PLLC, the Company's auditor since 2023, issued a "going concern" qualification in its report dated Mar. 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 suffered recurring losses from operations and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about its ability to continue as a going concern. As of September 30, 2025, it had $54.4 million in total assets, $11.9 million in total liabilities, and $42.5 million in total stockholders' equity. NAUTICAL IMPORTS: Tarek Kiem of Kiem Law Named Subchapter V Trustee ------------------------------------------------------------------- The Acting U.S. Trustee for Region 21 appointed Tarek Kiem, Esq., at Kiem Law, PLLC as Subchapter V trustee for Nautical Imports, LLC. Mr. Kiem 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. Kiem declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Tarek Kiem, Esq. Kiem Law, PLLC 8461 Lake Worth Road, Suite 114 Lake Worth, FL 33467 Tel: (561) 600-0406 tarek@kiemlaw.com About Nautical Imports LLC Nautical Imports, LLC is a Florida-based company that imports seashells, sea-life products, and coastal-themed home decor and distributes them through multiple channels. It sells individual items through its e-commerce websites, The Seashell Company, HS Seashells and Coastal Decor Store, offering craft shells and coastal home furnishings. Nautical Imports filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-24369) on December 4, 2025, listing between $1 million and $10 million in assets and liabilities. Judge Scott M. Grossman presides over the case. Jeffrey Ainsworth, Esq., at Bransonlaw, PLLC represents the Debtor as bankruptcy counsel. NC GAS HOUSE: Seeks to Hire Walton Law Group as Bankruptcy Counsel ------------------------------------------------------------------ NC Gas House Gang LLC seeks approval from the U.S. Bankruptcy Court for the District of Maryland to hire Walton Law Group, LLC as counsel. The firm will render these services: a. prepare and file all necessary bankruptcy pleadings on behalf of the Debtor; b. negotiate with secured creditors regarding post-petition payments and a Chapter 11 Plan; c. represent with respect to Adversary and other proceedings in connection with the Bankruptcy; d. prepare the Debtor status reports and assist with preparing monthly operating reports, disclosure statements, and a plan of reorganization; e. prepare and respond to any and all necessary pleadings and requests from the court, trustee, creditors, and any other interested party; and f. advise the debtor regarding his powers and duties as a debtor in his continued and future financial affairs. The firm will be paid at these rates: Charles E. Walton $375 per hour Senior Associates $275 per hour Junior Associates $200 per hour Paralegal $125 per hour Financial Analysis $75 per hour Charles Walton, Esq., an attorney at Walton Law Group, disclosed in a court filing that the firm is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Charles E. Walton, Esq. Walton Law Group, LLC 10905 Fort Washington Road, Suite 201 Fort Washington, MD 20744 Telephone: (301) 233-0607 Facsimile: (202) 595-9121 Email: cwalton@cwaltonlaw.com About NC Gas House Gang NC Gas House Gang LLC was started in 2020 for the purpose of owning and operating a minor league baseball team under the banner of The Atlantic League of Professional Baseball Clubs, Inc. (the "League"). The Debtor filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Md. Case No. 23-18766) on Dec 1, 2023. The petition was signed by Brandon Bellamy as manager. At the time of filing, the Debtor estimated $1 million to $10 million in both assets and liabilities. Judge Lori S. Simpson presides over the case. Ronald Drescher, Esq. at DRESHCHER & ASSOCIATES, PA, is the Debtor's counsel. NERFIES MANAGEMENT: Gets Interim OK to Use Cash Collateral ---------------------------------------------------------- Nerfies Management, LLC received interim approval from the U.S. Bankruptcy Court for the Eastern District of Texas, Sherman Division, to use cash collateral. The court authorized the Debtor to use cash collateral to pay the expenses set forth in its budget. As adequate protection, Comerica Bank will be granted automatic perfected replacement liens on all property currently owned or to be acquired by the Debtor after the petition date; and superpriority administrative claims in case the replacement lien fails to protect the lender. As further protection, the lender will receive monthly payments of $3,500. A final hearing is set for January 6, 2026. The interim order is available at https://is.gd/hKuj92 from PacerMonitor.com. Nerfies filed for Chapter 11 protection on November 30 after deteriorating economic conditions and a high secured debt burden left it unable to effectively service its obligations to Comerica Bank, its primary secured lender, though the default triggering the filing arose from a cross-default tied to an affiliate’s loan. It continues to operate as a debtor-in-possession with no trustee, examiner, or creditors' committee appointed. Comerica asserts fully perfected liens on virtually all of the Debtor's assets including accounts receivable, inventory, equipment, general intangibles, deposit accounts, and proceeds—under an August 2024 loan agreement and related UCC filings supporting a $100,000 revolving/installment note. Comerica is the only creditor holding an interest in the cash collateral, and that the Debtor has no other revenue source with which to fund payroll, vendor payments, taxes, insurance, and other operational expenses essential to preserving estate value. Comerica, as lender, is represented by: Annmarie Chiarello, Esq. Winstead PC 500 Winstead Building 2728 N. Harwood Street Dallas, TX 75201 Telephone: (214) 745-5400 Facsimile: (214) 745-5390 achiarello@winstead.com About Nerfies Management, LLC Nerfies Management, LLC doing business as Nerfies, operates a recreational entertainment facility in Plano, Texas, offering Nerf gun parties, team-building events, and youth programs such as summer camps. The Company also hosts event-venue services including birthday parties, adult and bachelor parties, bar mitzvahs, corporate events, field trips, holiday parties, and sports celebrations, and provides equipment rental while managing a themed arena for interactive Nerf blaster games that serves children and adults across Plano and surrounding areas. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Tex. Case No. 25-43632) on November 30, 2025. In the petition signed by Tim Avance, manager, the Debtor disclosed up to $50,000 in assets and up to $10 million in liabilities. Judge Brenda T. Rhoades oversees the case. J. Mark Chevallier, Esq. at Rochelle McCullough, LLP, represents the Debtor as legal counsel. NEW LOOK: T. Rowe Price Marks $1.1MM 1L Loan at 82% Off ------------------------------------------------------- T. Rowe Price OHA Select Private Credit Fund has marked its $1,125,000 loan extended to New Look Vision Group, Inc. to market at $202,000 or 18% of the outstanding amount, according to T. Rowe's Form 10-Q for the quarterly period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. T. Rowe is a participant in a First Lien Loan to New Look Vision Group, Inc. The loan accrues interest at a rate of 7.95% per annum. The loan matures on May 26, 2028. T. Rowe Price OHA Select Private Credit Fund was initially formed on December 16, 2021 as a Delaware limited liability company and subsequently converted into a Delaware statutory trust on March 2, 2022. OHA Private Credit Advisors, LLC is the investment adviser of the Company. The Company invests primarily in directly originated and customized private financing solutions, including loans and other debt securities with a strong focus on senior secured lending to larger companies. The Company primarily targets investments in first lien loans, unitranche loans, second lien loans and other corporate secured debt. The Company may also invest in equity interests such as common stock, preferred stock, warrants or options, which generally would be obtained as part of providing a broader financing solution. T. Rowe is led by Eric Muller as Chief Executive Officer; and Thomas Hansen as Chief Financial Officer. The Fund can be reach through: Eric Muller T. Rowe Price OHA Select Private Credit Fund 1 Vanderbilt, 16th Floor New York, NY 10017 Telephone: (212) 326-1500 About New Look Vision Group, Inc. New Look Vision Group Inc. is the leading provider of eye care products and services across Canada and the largest luxury optical retailer in North America. NEW LOOK: T. Rowe Price Marks $1MM 1L Loan at 28% Off ----------------------------------------------------- T. Rowe Price OHA Select Private Credit Fund has marked its $1,046,000 loan extended to New Look Vision Group, Inc. to market at $752,000 or 72% of the outstanding amount, according to T. Rowe's Form 10-Q for the quarterly period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. T. Rowe is a participant in a First Lien Loan to New Look Vision Group, Inc. The loan accrues interest at a rate of 7.96% per annum. The loan matures on May 26, 2028. T. Rowe Price OHA Select Private Credit Fund was initially formed on December 16, 2021 as a Delaware limited liability company and subsequently converted into a Delaware statutory trust on March 2, 2022. OHA Private Credit Advisors, LLC is the investment adviser of the Company. The Company invests primarily in directly originated and customized private financing solutions, including loans and other debt securities with a strong focus on senior secured lending to larger companies. The Company primarily targets investments in first lien loans, unitranche loans, second lien loans and other corporate secured debt. The Company may also invest in equity interests such as common stock, preferred stock, warrants or options, which generally would be obtained as part of providing a broader financing solution. T. Rowe is led by Eric Muller as Chief Executive Officer; and Thomas Hansen as Chief Financial Officer. The Fund can be reach through: Eric Muller T. Rowe Price OHA Select Private Credit Fund 1 Vanderbilt, 16th Floor New York, NY 10017 Telephone: (212) 326-1500 About New Look Vision Group, Inc. New Look Vision Group Inc. is the leading provider of eye care products and services across Canada and the largest luxury optical retailer in North America. NEW LOOK: T. Rowe Price Marks $8.1MM 1L Loan at 28% Off ------------------------------------------------------- T. Rowe Price OHA Select Private Credit Fund has marked its $8,183,000 loan extended to New Look Vision Group, Inc. to market at $5,881,000 or 72% of the outstanding amount, according to T. Rowe's Form 10-Q for the quarterly period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. T. Rowe is a participant in a First Lien Loan to New Look Vision Group, Inc. The loan accrues interest at a rate of 7.96% per annum. The loan matures on May 26, 2028. T. Rowe Price OHA Select Private Credit Fund was initially formed on December 16, 2021 as a Delaware limited liability company and subsequently converted into a Delaware statutory trust on March 2, 2022. OHA Private Credit Advisors, LLC is the investment adviser of the Company. The Company invests primarily in directly originated and customized private financing solutions, including loans and other debt securities with a strong focus on senior secured lending to larger companies. The Company primarily targets investments in first lien loans, unitranche loans, second lien loans and other corporate secured debt. The Company may also invest in equity interests such as common stock, preferred stock, warrants or options, which generally would be obtained as part of providing a broader financing solution. T. Rowe is led by Eric Muller as Chief Executive Officer; and Thomas Hansen as Chief Financial Officer. The Fund can be reach through: Eric Muller T. Rowe Price OHA Select Private Credit Fund 1 Vanderbilt, 16th Floor New York, NY 10017 Telephone: (212) 326-1500 About New Look Vision Group, Inc. New Look Vision Group Inc. is the leading provider of eye care products and services across Canada and the largest luxury optical retailer in North America. NEW MEXICO TERMINAL: Hires Forman Holt as Bankruptcy Counsel ------------------------------------------------------------ New Mexico Terminal Services LLC seeks approval from the U.S. Bankruptcy Court for the District of New Mexico to employ Formanlaw LLC d/b/a Forman Holt as counsel. The firm will render these services: a. represent and to render legal advice to Debtor regarding all aspects of this bankruptcy case including adversary proceedings and including, without limitation, the continued operation of Debtor's business, meetings of creditors, cash collateral matters (if any, Debtor believes no creditors possess cash collateral claims), claims objections, plan confirmation, and all hearings before this Court; b. prepare on behalf of Debtor necessary amended schedules, complaints, answers, motions, applications, orders, reports and other legal papers, including Debtor's plan of reorganization; and c. assist Debtor in taking actions required to effect reorganization under chapter 11 of the Bankruptcy Code. The firm's hourly rates are: Charles M. Forman $850 Erin J. Kennedy $675 Michael E. Holt $675 Kimberly J. Salomon $525 Paralegals $325 Legal Assistants $300 The firm received an initial retainer in the amount of $20,000. Erin Kennedy, Esq., managing member of Forman Holt, disclosed in a court filing that his firm is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Erin J. Kennedy, Esq. Forman Holt 365 West Passaic Street, Suite 400 Rochelle Park, NJ 07662 Telephone: (201) 857-7111 Facsimile: (201) 655-6650 Email: ekennedy@formanlaw.com About New Mexico Terminal Services LLC New Mexico Terminal Services LLC is classified as a single-asset real estate entity under 11 U.S.C. Section 101(51B). New Mexico Terminal Services LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.M. Case No. 25-11291) on October 16, 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 Robert H Jacobvitz handles the case. The Debtor is represented by Victor Gerald Grafe III, Esq. of VICTOR GRAFE LAW FIRM LLC. NEWFOLD DIGITAL: S&P Raises ICR to 'CCC', On CreditWatch Positive ----------------------------------------------------------------- S&P Global Ratings raised its issuer credit rating on Newfold Digital Holdings Inc. to 'CCC' from 'D' (default) and placed it on CreditWatch with positive implications. The CreditWatch indicates S&P may raise the rating following its review of the company's business strategy, earnings and cash flow profile, and capital structure. Newfold completed a private debt exchange that S&P viewed as tantamount to default. The exchange addressed its 2026 revolver maturity, eliminating a potential near-term liquidity shortfall, and put almost $100 million of new cash on the balance sheet. The transaction will likely improve the company's liquidity and debt maturity profile, but the sustainability of the capital structure is unclear. S&P expects to review Newfold's credit profile over the coming weeks. S&P said, "We raised our rating on Newfold following the private debt exchange. The transaction addressed its 2026 revolver maturity, rolling the balance into a new facility due in January 2029, alleviating a potential near-term liquidity shortfall. Certain lenders also provided a $102 million new-money term loan ($98.5 million net cash proceeds) to enhance liquidity and invest in growth initiatives. With these benefits, we believe there is minimal downside risk to the rating over the next 12 months. Newfold is still working to complete a subsequent exchange with minority lenders that did not participate in the initial transaction. This represents $84 million of debt due in 2028 and $64 million due in 2029. "We may raise the 'CCC' rating once the subsequent exchange outcome is clear and we review the company's credit profile. The CreditWatch positive placement indicates a possible upgrade following a more comprehensive analysis of Newfold's post-transaction business strategy, earnings and cash flow prospects, and capital structure. We also want to complete an updated recovery analysis that accounts for the terms of the new debt. Newfold's near-term liquidity position is much better because of the maturity extensions and the additional cash on the balance sheet. Total debt will decrease by up to 7% (depending on final participation in the subsequent exchange) and likely further with proceeds from its pending Markmonitor sale." However, the sustainability of the capital structure is unclear. Interest expense is largely unchanged given the higher cost of some of the exchange debt. Leverage remains high and free operating cash flow as a percentage of debt has been relatively weak recently, in the low-single-digits. 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. S&P said, "The CreditWatch indicates we may raise the rating following our review of Newfold's business strategy, earnings and cash flow profile, and capital structure. We expect to reassess our issuer credit rating on Newfold and assign ratings to its new debt as soon as practical." NIGHTFOOD HOLDINGS: Increases Series C Preferred Shares to 800,000 ------------------------------------------------------------------ Nightfood Holdings, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on December 3, 2025, the Certificate of Designation of Preferences, Rights and Limitations of Series C Convertible Preferred Stock was amended to increase the number of shares designated as Series C Preferred Stock. Prior to filing the Amended Series C COD there were 500,000 shares designated as Series C Preferred Stock. Effective as of filing the Amended Series C COD, the number of shares designated as Series C Preferred Stock is 800,000 shares. No other material changes were made to the Amended Series C COD. NGTF's board of directors unanimously approved the Amended Series C COD. A copy of the Amended Series C COD is available at https://tinyurl.com/374w6zp5 About Nightfood Holdings Tarrytown, N.Y.-based Nightfood Holdings, Inc. is focused on identifying and exploiting explosive market trends within the hospitality, food services, and consumer goods sectors. By leading newly emerging categories and by identifying opportunities in markets undergoing transformational upheaval, the Company's aim is to create upside potential unmatched in more mature markets. As of September 30, 2025, the Company had $128,793,702 in total assets, $40,350,129 in total liabilities, $106,324,241 in total temporary equity, and $17,880,668 in total stockholders' deficit. Spokane, Wash.-based Fruci & Associates II, PLLC, the Company's auditor since 2024, issued a "going concern" qualification in its report dated October 14, 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 an accumulated deficit, limited available cash resources and does not believe cash on hand will be sufficient to fund operations and growth. These factors, among others, raise substantial doubt about the Company's ability to continue as a going concern. NOISA INC: Seeks to Hire DeMarchi & Associates as Accountant ------------------------------------------------------------ Noisa, Inc., Isano, Inc., and Isano 3, Inc. seek approval from the U.S. Bankruptcy Court for the Western District of Pennsylvania to employ DeMarchi & Associates as accountant. The firm will render these services: (a) update and correct accounting records; (b) assist in the preparation of the payroll; (c) assist in maintaining financial records; (d) provide financial statements and documents; (e) assist in the preparation of Monthly Operating Reports; (f) provide annual federal, state, and local tax returns; (g) assist in preparing projections needed for Debtors' cases; and (h) provide other general accounting advice. The firm's hourly rates are: Accountant $225 Paraprofessionals $75 As disclosed in the court filings, DeMarchi & Associates is a "disinterested person" within the meaning of U.S.C. 101(14). The firm can be reached through: Kathleen L. DeMarchi, CPA DeMarchi & Associates 156 Clay Pike North Huntingdon, PA 15642 Phone: (724) 863-6866 About Noisa Inc Noisa, Inc., doing business as Las Velas Mexican Restaurant, operates a full-service Mexican dining establishment, offering a range of traditional dishes and catering services in Pennsylvania. Its affiliate, Isano Inc., runs a Mexican restaurant in Murrysville, featuring tacos, burritos, enchiladas, and other regional fare. Meanwhile, Isano 3, Inc., doing business as La Cantina by Madero, manages a restaurant concept that combines Mexican staples with American casual items such as wings and burgers, operating as part of the same broader restaurant group in the state. Noisa and its affiliates filed Chapter 11 petitions (Bankr. W.D. Pa. Lead Case No. 25-22682) on October 6, 2025. In the petition signed by David Montanez, company owner, Noisa disclosed up to $500,000 in assets and up to $1 million in liabilities. Judge Carlota M. Bohm oversees the cases. David Z. Valencik, Esq., at Calaiaro Valencik, represents the Debtors as legal counsel. NORDICUS PARTNERS: Raises $1.14 Million via Private Placement ------------------------------------------------------------- Nordicus Partners Corporation disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that in October through December 2025, it issued to eight private investors a total of 416,000 restricted shares of common stock, par value $0.01 per share. The price per share was $2.75. On December 5, 2025, the Company determined to close the private offering of such shares on these terms. The shares of common stock have not been registered under the Securities Act of 1933, as amended, or any state or other applicable jurisdiction's securities laws, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and applicable state or other jurisdiction's securities laws. About Nordicus Partners Headquartered in Beverly Hills, Calif., Nordicus Partners Corporation is a financial consulting company specializing in providing Nordic companies with the best possible conditions to establish themselves in the U.S. market. The Company leverages management's combined 90+ years of experience in the corporate sector, serving in various capacities both domestically and globally. Additionally, Nordicus operates as a business incubator, offering support resources and services such as office space, legal and accounting services, and marketing expertise to facilitate a smooth transition for companies entering the U.S. marketplace. Spokane, Washington-based Fruci & Associates II, PLLC, the Company's auditor since 2023, issued a "going concern" qualification in its report dated July 29, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended March 31, 2025, citing that the Company has nominal revenue and has incurred losses since inception resulting in an accumulated deficit. These factors, among others, raise substantial doubt about the Company's ability to continue as a going concern. The ability to continue as a going concern is dependent upon the Company's recent acquisitions, its generating profitable operations in the future and/or obtaining the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they come due. Management intends to finance operating costs over the next 12 months with existing cash on hand and the private placement of Common Stock. As of September 30, 2025, the Company had $75.8 million in total assets, $11.2 million in total liabilities, and $64.7 million in total stockholders' equity. NORTH JAX CONCRETE: Gets Interim OK to Use Cash Collateral ---------------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Florida, Jacksonville Division, issued a third interim order allowing North Jax Concrete and Construction LLC to use cash collateral. The interim order signed by Judge Jacob Brown authorized the Debtor to use cash collateral to pay the amounts expressly authorized by the court, including payments to the Subchapter V trustee; and the expenses set forth in its budget. This authorization will continue until further hearing on the Debtor's bid to use cash collateral. The Debtor projects total operational expenses of $28,045.00 for the period from November 20 to December 19, 2025. As adequate protection, lenders will be granted a replacement lien on the Debtor's cash collateral, with the same validity, priority and extent as their pre-bankruptcy liens. The next hearing is scheduled for January 6, 2026. North Jax has financed its operations on a cash basis and via business credit cards. The Debtor has three pre-bankruptcy merchant cash advance lenders that have a lien on its cash and receivables. Those lenders are Forward Financing, LLC, Fora Financial, and the U.S. Small Business Administration. The Debtor relies on current revenues to fund its operations. The Debtor primarily generates income from engaging in the concrete and construction industry. At the time of filing, the Debtor had a total balance of approximately $22,000 in its business checking account. The business generates approximate gross receipts of $22,840.46 per month. About North Jax Concrete and Construction LLC North Jax Concrete and Construction LLC a concrete contractor based in Jacksonville, Florida. It provides concrete construction services in the Jacksonville area, working with various concrete suppliers and equipment rental companies. North Jax Concrete and Construction sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-02841) on August 18, 2025. In its petition, the Debtor reported estimated assets up to $50,000 and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Jacob A. Brown handles the case. The Debtor is represented by Thomas C. Adam, Esq., at Adam Law Group, P.A. NORTH SHORE POKE: Mark Sharf Named Subchapter V Trustee ------------------------------------------------------- The U.S. Trustee for Region 17 appointed Mark Sharf, Esq., a practicing attorney in Los Angeles, as Subchapter V trustee for North Shore Poke Co., Inc. Mr. Sharf will charge $660 per hour for his services as Subchapter V trustee and $150 per hour for his trustee administrator's services. In addition, the Subchapter V trustee will seek reimbursement for work-related expenses incurred. Mr. Sharf declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Mark Sharf, Esq. 6080 Center Drive, 6th Floor Los Angeles, CA 90045 Telephone: (323) 612-0202 Email: mark@sharflaw.com About North Shore Poke Co. Inc. North Shore Poke Co. Inc. specializes in fast-casual Hawaiian cuisine, with a focus on poke bowls. North Shore Poke Co. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. Case No. 25-13413) on December 4, 2025. In its petition, the Debtor reports estimated assets in the range of $0 to $100,000 and estimated liabilities in the range of $100,001 to $1 million. Honorable Bankruptcy Judge Mark D. Houle handles the case. The Debtor is represented by James A. Dumas, Jr., Esq., at Dumas & Kim, APC. OASIS GB: Voluntary Chapter 11 Case Summary ------------------------------------------- Debtor: Oasis GB, LLC DBA Tickfaw Landing Marina 7120 Woodstock Drive Baton Rouge, LA 70809 Business Description: Oasis GB, LLC, doing business as Tickfaw Landing, operates a full-service marina and waterfront residential development in Killian, Louisiana, offering boat storage, concierge boat services, and access to the Tickfaw River. The Company provides 250 dry boat slips across 48,750 square feet, alongside 62 waterfront residential lots and community amenities such as a pool and social events. Oasis GB serves recreational boating and waterfront property markets in the greater Baton Rouge area and southeastern Louisiana. Chapter 11 Petition Date: December 10, 2025 Court: United States Bankruptcy Court Middle District of Louisiana Case No.: 25-11131 Debtor's Counsel: Markus E. Gerdes, Esq. GERDES LAW FIRM, L.L.C. P.O. Box 2862 Hammond, LA 70404 Tel: (985) 345-9404 Fax: (985) 543-0434 E-mail: Markus@gerdeslaw.net Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Glenn R. Bartels Sr. as managing member. The Debtor failed to attach a list of its 20 largest unsecured creditors to the petition. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/WHZHA2I/Oasis_GB_LLC__lambke-25-11131__0001.0.pdf?mcid=tGE4TAMA OFFICE PROPERTIES: Hires PwC US Tax LLP as Tax Services Provider ---------------------------------------------------------------- Office Properties Income Trust and its affiliates seek approval from the U.S. Bankruptcy Court for the Southern District of Texas to hire PwC US Tax LLP as a tax services provider. The firm's services include: a. Recurring Tax Consulting Letter: i. Tax Compliance and Consulting Services -- PwC US Tax may perform tax compliance and tax consulting services as mutually agreed to with OPI when one or more statements of work are issued under the Recurring Tax Consulting Letter. From time to time, OPI may also request that PwC US Tax provide tax services that may not be significant enough to require a separate agreement or SOW ("Ad-Hoc Tax Services") The terms of the Recurring Tax Consulting Letter will govern such Ad-Hoc Tax Services if no SOW or separate agreement is executed. OPI agrees that a SOW or separate agreement typically will be appropriate for engagements with fees expected to exceed $25,000. b. Tax Compliance SOW: i. Tax Compliance 1. PwC US Tax will prepare and sign as preparer the U.S. federal and state tax returns and extensions for OPI for the tax year(s) listed in Exhibit I (the "Tax Period") as well as the U.S. and federal and state tax estimates for the subsequent tax year, as requested by Client for the entities listed in Exhibit I. Client and PwC may mutually agree in writing (including e-mail) to revise the listing of entities and tax returns included in Exhibit I and make a related adjustment to PwC's fees. The entities listed in the Exhibit are considered Affiliates in the Tax Compliance SOW and are bound by this agreement. Specific detail, responsibilities and scope regarding the nature of exact deliverables agreed to and or impacting the Services are also included in the Exhibit. 2. Unless otherwise agreed with PwC US Tax, OPI will be responsible for preparation and filing of all other required tax or information returns, including, for example, city and county income or gross receipts filings, payroll tax filings, sales and use tax filings, information reporting filings, etc. OPI is required to maintain and retain adequate documentation to support the tax returns as filed, as penalties can be imposed by taxing authorities for the failure to produce adequate documentation supporting items included in a tax return. 3. OPI is responsible for understanding and agreeing with the amounts, computations, and statements made in all of the tax returns before they are filed with the taxing authorities. Most of the tax returns that PwC US Tax will prepare require the taxpayer to sign, under the penalties of perjury, affirming that the tax returns and the accompanying schedules and statements are true, correct, and complete to the best of his or her knowledge. 4. OPI agrees to provide PwC US Tax all requested information, including Schedules K-1, with sufficient time for PwC US Tax to prepare and complete OPI's filings and other services under the Tax Compliance SOW. 5. PwC US Tax will complete the preparation of the tax returns so they can be timely filed by the applicable due date for such tax returns. PwC US Tax will provide OPI with draft tax returns for OPI's review. If OPI does not provide PwC US Tax with information or assistance within the agreed timeframe, the completion date for PwC US Tax's services may be adjusted, including after the applicable due date. If OPI provides the information timely but unforeseen circumstances occur that impact PwC US Tax's ability to meet the final completion date, PwC US Tax will contact OPI to discuss an acceptable revised completion date. 6. In addition, please advise PwC US Tax of any significant transactions or other anticipated changes that could impact PwC US Tax's services. If OPI does not specifically request PwC US Tax's advice with respect to such matters, PwC US Tax assumes no responsibility for the tax consequences related to those matters. 7. Certain circumstances may arise that require the performance of additional work ("Additional Services") outside the scope of PwC US Tax's base tax compliance services. In the event such circumstances arise, PwC US Tax and OPI will mutually agree to the Additional Services to be performed and the associated fees for such Additional Services (a) pursuant to a separate agreement or Statement of Work or (b) pursuant to the ‘Ad Hoc Tax Services' section of the Recurring Tax Consulting Letter. Examples of Additional Services include: i. PwC US Tax and OPI may mutually agree in writing (including e-mail) for PwC US Tax to provide Additional Services related to subsequent year tax compliance, such as the preparation of year end estimates, allocations, compliance coordination and related tax consulting. ii. When certain taxpayers' specified foreign financial assets exceed a specific threshold during the year, federal law requires them to include in their income tax returns a report (on IRS Form 8938) of all specified foreign financial assets held by them during that year. Preparation of IRS Form 8938, including related data gathering and valuation services, constitute Additional Services. iii. Additional Services may be required to the extent OPI has participated in virtual currency transactions. Certain taxing authorities, including the Internal Revenue Service ("IRS"), treat virtual currencies, including cryptocurrencies and noncrypto virtual currencies, as property for tax purposes. Generally, U.S. taxpayers must report all sales, exchanges, and other dispositions of any virtual currency, regardless of whether the account is held in the U.S. or abroad. An exchange of a virtual currency includes the use of the virtual currency to pay for or purchase goods, services, or other property, including another virtual currency. OPI must report virtual currency transactions on OPI's return, regardless of whether or not OPI received a payee statement for the transaction (e.g., Form W-2 or Form 1099). OPI agrees to provide PwC US Tax the details for all of OPI's virtual currency transactions that occurred during the tax year, as well as any reporting virtual currency transactions letters OPI received from the IRS or other tax authorities. iv. The potential implications of newly proposed or recently enacted tax rules are often complex, and interpretative guidance from taxing authorities may not be available. Analysis of such rules, including related reporting requirements, constitute Additional Services. v. If requested, PwC US Tax may agree to assist OPI in mailing to tax authorities ("Authorities") paper returns and/or other submissions (collectively, "Returns") that PwC US Tax has prepared under this agreement ("Mailing Service"). Prior to such mailing, OPI must review, approve and sign the Returns and confirm to PwC US Tax writing OPI's mailing instructions. If requested, PwC US Tax will include OPI's tax payment checks with the applicable Returns. OPI will specify the delivery service to be used, and if OPI fails to specify, PwC US Tax may use any commercially available service. OPI agrees that PwC US Tax is not responsible, and assumes no liability, for the actions or performance of the delivery service, including any failure of the delivery service to deliver timely Returns to the Authorities. OPI agrees that it will be responsible for retaining each applicable proof of mailing. Notwithstanding any other provision of this agreement, OPI acknowledges that PwC US Tax may use PwC Subcontractors in the performance of the Mailing Service. Many Authorities, including the IRS, do not allow for electronic signatures or inked signatures sent by facsimile (collectively "esignature(s)"). If OPI directs PwC US Tax to file a Return with OPI's e-signature(s), OPI acknowledges that the Authority may reject the filing, and that OPI is solely responsible for any resulting consequences, including missed elections, penalties, interest and/or late filing fees assessed by the Authority vi. As part of PwC US Tax's Services, PwC US Tax will complete Schedule UTP for certain entities, if applicable, based on information OPI provides to PwC US Tax. To facilitate OPI's providing PwC US Tax with this information, PwC US Tax may provide OPI with a checklist or information request. To the extent OPI requires assistance in gathering or analyzing the information requested for Schedule UTP reporting purposes, such assistance will constitute Additional Services. vii. The rules for cross-border transfers of assets and stock under Internal Revenue Code Sec. 367 and associated regulations are complex. Certain transactions require gain recognition agreements ("GRAs") and disclosures to qualify for an exception from gain recognition. Review of transactions involving cross-border transfers, and preparation and review of GRAs and related disclosures, constitute Additional Services not included in the base tax compliance services. viii. IRS regulations require annual country-by-country ("CbC") reporting for certain US-parented multinational enterprise groups. Services related to CbC reporting requirements constitute Additional Services. ii. Subsequent Year's Tax Compliance Services: For tax compliance and related planning purposes, it is common to provide services for the subsequent tax year as mutually agreed. Such services relating to recurring and non-recurring tax work such as the preparation of year end estimates, estimated tax payments, allocations, compliance coordination and related tax consulting will be covered under the terms and conditions of this engagement letter with mutually agreed upon adjustments for fees. The firm will be paid at these rates: a. Recurring Tax Consulting Letter: The Recurring Tax Consulting Letter is pursuant to an hourly fee arrangement for Ad- Hoc Tax Services, and the hourly rates are set forth below, exclusive of expenses. Staff Class Tax Compliance Letter per Hour Rate Partner/Principal $948 Director $710 Senior Manager $605 Manager $488 Senior Associate $380 Associate $295 b. Tax Compliance SOW: The Tax Compliance SOW is pursuant to a fixed fee arrangement, exclusive of expenses, whereby PwC US Tax has agreed to be paid $247,648 for Tax Compliance Services. Payments are due in accordance with the following schedule of payments: March 31, 2026 - $123,824 August 31, 2026 - $123,824. AS disclosed in the court filings, PwC US Tax LLP is a "disinterested person" within the meaning of section 101(14) of the Bankruptcy Code, as modified by section 1107(b) of the Bankruptcy Code, and as required by section 327(a) of the Bankruptcy Code. The firm can be reached through: Cole A. Bramley, CPA PwC US Tax LLP 101 Seaport Boulevard, Suite 500 Boston, MA 02210 Tel: +1 (617) 530 5000 About Office Properties Income (OPI) Trust Office Properties Income (OPI) Trust is a national REIT focused on owning and leasing office properties to high-credit-quality tenants in markets throughout the United States. OPI's property portfolio consists of 124 wholly owned properties located in 29 states and the District of Columbia, containing approximately 17.2 million rentable square feet. As of June 30, 2025, approximately 59% of OPI's revenues were from investment-grade-rated tenants. In 2024, OPI was named an Energy Star(R) Partner of the Year for the seventh consecutive year. OPI is managed by The RMR Group (Nasdaq: RMR), a leading U.S. alternative asset management company with approximately $39 billion in assets under management as of September 30, 2025, and more than 35 years of institutional experience in buying, selling, financing, and operating commercial real estate. OPI is headquartered in Newton, Massachusetts. Office Properties Income Trust and 72 affiliates filed separate petitions for Chapter 11 bankruptcy protection (Bankr. S.D. Texas Lead Case No. 25-90530) on October 30, 2025, before the Hon. Christopher M Lopez. As of Sept. 30, 2025, Office Properties Income Trust has 3,501,385,950 in total assets and$2,501,583,119 in total liabilities. The petitions were signed by John R. Castellano, their chief restructuring officer. Lawyers at Latham & Watkins LLP and Hunton Andrews Kurth LLP serve as the Debtors' counsel. Moelis & Company serves as the Debtors' investment banker and AlixPartners LLP as their restructuring advisors. Kroll Restructuring Administration LLC serves as the Debtors' claims, noticing & solicitation agent. White & Case LLP represents an ad hoc group of noteholders holding 90% senior secured notes due in September 2029 with an aggregate outstanding principal amount of $567,429,000. Milbank LLP and Porter Hedges LLP represent an ad hoc group of secured noteholders holding 3.25% senior secured notes due in 2027. Paul, Weiss, Rifkind, Wharton & Garrison LLP and Munsch Hardt Kopf & Harr, P.C. represent an ad hoc group of secured noteholders holding (a) 90% senior secured notes due in March 2029; (b) 90% senior secured notes due 2029; (c) 3.25% senior secured notes due 2027 and (d) a short position in OPI's common equity interests. Acquiom Agency Services, LLC, is the DIP agent and is represented by White & Case LLP. OLD TOWN: Case Summary & Five Unsecured Creditors ------------------------------------------------- Debtor: Olde Town Apartments Owner LLC 748 Bruns Ln Springfield, IL 62702 Business Description: Olde Town Apartments Owner LLC, based in Springfield, Illinois, owns and manages the Olde Towne Apartments complex located at 748 Bruns Lane, which consists of a multi- building residential community. The Company operates within the real estate and property management industry, overseeing leasing, maintenance, and related services for the apartment units. Chapter 11 Petition Date: December 9, 2025 Court: United States Bankruptcy Court Central District of Illinois Case No.: 25-70986 Judge: Hon. Mary P Gorman Debtor's Counsel: Ariel Weissberg, Esq. WEISBERG AND ASSOCIATGES, LTD. 125 South Wacker Drive, Suite 300 Chicago, IL 60606 Tel: 312-663-0004 Fax: 312-663-1514 E-mail: ariel@weissberglaw.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $10 million to $50 million The petition was signed by Yaacov Amar as manager. A full-text copy of the petition, which includes a list of the Debtor's five unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/ISVAWMQ/Olde_Town_Apartments_Owner_LLC__ilcbke-25-70986__0001.0.pdf?mcid=tGE4TAMA OMNI FIBER: T. Rowe Price Marks $30.4MM 1L Loan at 81% Off ---------------------------------------------------------- T. Rowe Price OHA Select Private Credit Fund has marked its $30,475,000 loan extended to Omni Fiber, LLC to market at $5,790,000 or 19% of the outstanding amount, according to T. Rowe's Form 10-Q for the quarterly period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. T. Rowe is a participant in a First Lien Loan to Omni Fiber, LLC. The loan accrues interest at a rate of 9.58% per annum. The loan matures on July 3, 2029. T. Rowe Price OHA Select Private Credit Fund was initially formed on December 16, 2021 as a Delaware limited liability company and subsequently converted into a Delaware statutory trust on March 2, 2022. OHA Private Credit Advisors, LLC is the investment adviser of the Company. The Company invests primarily in directly originated and customized private financing solutions, including loans and other debt securities with a strong focus on senior secured lending to larger companies. The Company primarily targets investments in first lien loans, unitranche loans, second lien loans and other corporate secured debt. The Company may also invest in equity interests such as common stock, preferred stock, warrants or options, which generally would be obtained as part of providing a broader financing solution. T. Rowe is led by Eric Muller as Chief Executive Officer; and Thomas Hansen as Chief Financial Officer. The Fund can be reach through: Eric Muller T. Rowe Price OHA Select Private Credit Fund 1 Vanderbilt, 16th Floor New York, NY 10017 Telephone: (212) 326-1500 About Omni Fiber, LLC Omni Fiber LLC is a privately-held company that provides internet services. OSCAR ACQUISITIONCO: S&P Downgrades ICR to 'CCC+', Outlook Neg. --------------------------------------------------------------- S&P Global Ratings lowered its issuer credit rating on U.S.-based glass, glazing products, and related hardware provider Oscar AcquisitionCo LLC to 'CCC+' from 'B-'. At the same time, S&P lowered its issue-level ratings on the company's senior secured term loan and senior unsecured notes to 'CCC+' and 'CCC-', respectively. S&P's '3' and '6' recovery ratings on the senior secured term loan and senior unsecured notes, respectively, are unchanged. The negative outlook reflects the possibility that we will lower our rating on Oscar if we envision a specific default scenario over the next 12 months. Specifically, this could occur if we believe the company will maintain elevated leverage and its liquidity weakens significantly. In our view, Oscar depends on favorable business and economic conditions to meet its financial obligations over the long term. Oscar AcquisitionCo will likely remain highly leveraged over the next year due to continued softness in its end-market demand and inflation, which have caused it to underperform its previous expectations. Therefore, S&P Global Ratings forecasts the company's S&P Global Ratings- adjusted debt to EBITDA will remain elevated at more than 10x, which S&P views as unsustainable over the long term. In addition, S&P expects it will generate negative free operating cash flow (FOCF) over the next 12 months. S&P said, "We believe it depends on a favorable operating performance and financing conditions to service its capital structure. Therefore, we now expect the company's S&P Global Ratings-adjusted debt leverage will remain above 10x, with EBITDA interest coverage of about 1x, over the next 12 months. This stems from Oscar's weaker-than-expected operating performance through the third quarter of 2025 due to lower end-market demand. We also expect cost inflation and increased interest expense will continue to pressure the company's credit metrics. Furthermore, we anticipate the company will continue to face weaker demand in its commercial construction end markets, which account for about 65% of its sales, through 2026. "We expect EBITDA margins in the 11%-13% range. The company's margins have been adversely affected by elevated input costs, especially for aluminum (aluminum prices rose to $2,600/ton in 2025 from $2,300/ton in 2024), which have been negatively affected by tariffs. These elevated costs caused Oscar's EBITDA margins to decline to the 11%-13% range in 2025 from 20% in 2024, which reflects its inability to sustain its profitability through lower demand cycles. We expect overall demand conditions in the company's residential and commercial end markets will remain soft, particularly through the first half of 2026, with some potential improvement toward the end of the year. While we expect Oscar performance will recovery modestly in 2026, given our macroeconomic views, we do not anticipate it achieve the level of earnings it has reported in prior years. Nonetheless, we believe the company's current investments in efficiency initiatives may support an improvement in its profitability over the longer term once business conditions normalize. "Despite minimal funds from operations (FFO) generation, our liquidity assessment remains adequate. Although we expect Oscar will generate negative FOCF over the next few quarters, it doesn't face any near-term debt maturities and its liquidity sources will be more than 3x its uses over the next 12 months. As of Sept. 27, 2025, the company had $7.7 million of cash on hand and $323 million available under its revolving credit facility. Nonetheless, if Oscar's revenue and EBITDA decline by more than we currently anticipate, this could further expand its FOCF deficits and increase its dependence on its revolving credit facility, which could raise its leverage. Furthermore, if the company's leverage continues to deteriorate, this could lead to significant covenant pressure. For example, Oscar's failure to maintain leverage below the covenant threshold on its revolving credit facility could curtail its access to the facility, leaving it reliant on its $7.7 million of cash on hand. "The negative outlook on Oscar reflects the possibility that we will lower our rating if we envision a specific default scenario over the next 12 months. Specifically, this could occur if we believe the company will maintain elevated leverage and its liquidity weakens significantly. In our view, Oscar depends on favorable business and economic conditions to meet its financial obligations over the long term." S&P could lower its rating on Oscar over the next 12 months if: -- S&P envisions a default or distressed exchange in the next 12 months; or -- The company's liquidity deteriorates materially due to significantly negative FOCF or reduced access to its revolving credit facility. S&P could revise its outlook on Oscar to stable over the next 12 months if: -- It materially improves its profitability and sustains reduced leverage levels and EBITDA interest coverage of more than 1x; and -- It maintains adequate liquidity and a sufficient cushion relative to its covenants. PAP-R PRODUCTS: Seeks to Extend Plan Exclusivity to March 31, 2026 ------------------------------------------------------------------ Pap-R Products Company asked the U.S. Bankruptcy Court for the Southern District of Illinois to extend its exclusivity periods to file a plan of reorganization and obtain acceptance thereof to March 31, 2026 and June 1, 2026, respectively. The Debtor explains that its reorganization is proceeding at a pace consistent with the size of the case and the complex and difficult issues confronting Debtor. Debtor's landlord for its Martinsville plant has a contract to sell the property, which is expected to close no later than early January, 2026. The landlord is a related party, and the sale will reduce indebtedness for which Debtor is arguably responsible. In addition, Debtor is working to sell its Colorkraft assets, which would further reduce its expenses and the proceeds of which would reduce secured debt. The Debtor cites that initial efforts to sell the Colorkraft line of business were unsuccessful, and as a result Debtor is seeking court approval of an auction of such assets. Such an auction, if approved by this Court, would be expected to close in January, 2026. These transactions should close before February 28, 2026; each will benefit Debtor's estate and will form the basis for Debtor to file a plan of reorganization. The Debtor asserts that it does require additional time to formulate, finalize and file its chapter 11 plan provided that the transactions described close, although Debtor has made progress in laying the groundwork for a plan of reorganization. Debtor needs additional time to build a consensual plan, which will be the focus of discussions with its secured creditors and other interested parties. These discussions are progressing, but more time and resources will have to be devoted by the parties in furtherance thereof. The Debtor further asserts that an extension of the Exclusive Periods as requested herein will not prejudice any party in interest, but rather will afford Debtor an opportunity to achieve and propose a confirmable chapter 11 plan. Failure to extend the Exclusive Periods as requested herein would defeat the very purpose of section 1121 of the Bankruptcy Code -- i.e., to provide Debtor with a meaningful and reasonable opportunity to negotiate with creditors and other parties in interest and propose a confirmable chapter 11 plan. Pap-R Products Company is represented by: Larry E. Parres, Esq. Lewis Rice LLC 600 Washington Ave., Suite 2500 St. Louis, MO 63101 Telephone: (314) 444-7600 Facsimile: (314) 612-7660 Email: lparres@lewisrice.com About Pap-R Products Company Founded in 1947, PAP-R Products specializes in a wide range of coin and currency wrapping solutions. The Company's product lineup includes flat coin wrappers, automatic coin rolls, currency bands, and specialized wraps for items such as napkins and canceled checks. All products are crafted from high-quality Kraft paper and adhere to ABA standards when applicable. The company also offers custom imprinting services for most products, excluding basic bill bands and storage boxes. Pap-R Products Company sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ill. Case No. 25-60040) on March 3, 2025, listing up to $50 million in both assets and liabilities. The petition was signed by Kenneth Scott Ware as president. Larry E. Parres, Esq., at Lewis Rice LLC, serves as the Debtor's counsel. PAVE AMERICA: T. Rowe Price Marks $5.6MM 1L Loan at 52% Off ----------------------------------------------------------- T. Rowe Price OHA Select Private Credit Fund has marked its $5,625,000 loan extended to Pave America LLC to market at $2,672,000 or 48% of the outstanding amount, according to T. Rowe's Form 10-Q for the quarterly period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. T. Rowe is a participant in a First Lien Loan to Pave America LLC. The loan accrues interest at a rate of 8.75% per annum. The loan matures on August 27, 2032. T. Rowe Price OHA Select Private Credit Fund was initially formed on December 16, 2021 as a Delaware limited liability company and subsequently converted into a Delaware statutory trust on March 2, 2022. OHA Private Credit Advisors, LLC is the investment adviser of the Company. The Company invests primarily in directly originated and customized private financing solutions, including loans and other debt securities with a strong focus on senior secured lending to larger companies. The Company primarily targets investments in first lien loans, unitranche loans, second lien loans and other corporate secured debt. The Company may also invest in equity interests such as common stock, preferred stock, warrants or options, which generally would be obtained as part of providing a broader financing solution. T. Rowe is led by Eric Muller as Chief Executive Officer; and Thomas Hansen as Chief Financial Officer. The Fund can be reach through: Eric Muller T. Rowe Price OHA Select Private Credit Fund 1 Vanderbilt, 16th Floor New York, NY 10017 Telephone: (212) 326-1500 About Pave America LLC Pave America is the nation's leading asphalt & concrete pavement company, from repairs and maintenance to new pavement and concrete installations. PAVMED INC: Stockholders Approve Reverse Split Amendment -------------------------------------------------------- PAVmed Inc. held a special meeting of its stockholders on December 5, 2025. Stockholders representing approximately 65.8% of the voting power outstanding and entitled to vote were present in person or by proxy. At the Special Meeting, the stockholders considered a proposal to amend the Company's certificate of incorporation, as amended , to effect: (i) a reverse stock split of the Company's outstanding shares of common stock at a specific ratio, ranging from 1-for-10 to 1-for-30, to be determined by the Board of Directors in its sole discretion, and (ii) an associated reduction in the number of shares of common stock the Company is authorized to issue from 250,000,000 shares to 25,000,000 shares. The amendment to the Certificate of Incorporation was approved, as follows: * For: 19,310,685 * Against: 974,164 * Abstain: 13,241 * Broker Non-Votes: -- Accordingly, the Board has not yet determined the specific ratio of the Reverse Split, but it expects to do so and to effect the Reverse Split and the Reduction in Authorized Common Stock by filing a certificate of amendment with the Delaware Secretary of State as soon as practicable. Because the amendment to the Certificate of Incorporation was approved, the proposal to adjourn the Special Meeting was not presented to the stockholders at the Special Meeting. A full text copy of the Form of Certificate of Amendment is available at https://tinyurl.com/yc6z46z8 About PAVmed Headquartered in New York, N.Y., PAVmed Inc. -- http://www.pavmed.com-- is a commercial-stage medical technology company operating across the medical device, diagnostics, and digital health sectors. Its subsidiaries include Lucid Diagnostics Inc., which offers tools for early detection of esophageal precancer, and Veris Health Inc., which focuses on remote cancer care monitoring using implantable sensors and connected health devices. In its report dated March 24, 2025, Marcum LLP, the Company's auditor since 2019, issued a "going concern" qualification, citing that the Company has a significant working capital deficiency, has incurred significant operating losses, and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of September 30, 2025, the Company had $38.1 million in total assets, $12.3 million in total liabilities, and $22.5 million in total stockholders' equity. PERATON CORP: T. Rowe Price Marks $17.3MM 2L Loan at 40% Off ------------------------------------------------------------ T. Rowe Price OHA Select Private Credit Fund has marked its $17,360,000 loan extended to Peraton Corp. to market at $10,465,000 or 60% of the outstanding amount, according to T. Rowe's Form 10-Q for the quarterly period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. T. Rowe is a participant in a Second Lien Loan to Peraton Corp. The loan accrues interest at a rate of 12.05% per annum. The loan matures on February 1, 2029. T. Rowe Price OHA Select Private Credit Fund was initially formed on December 16, 2021 as a Delaware limited liability company and subsequently converted into a Delaware statutory trust on March 2, 2022. OHA Private Credit Advisors, LLC is the investment adviser of the Company. The Company invests primarily in directly originated and customized private financing solutions, including loans and other debt securities with a strong focus on senior secured lending to larger companies. The Company primarily targets investments in first lien loans, unitranche loans, second lien loans and other corporate secured debt. The Company may also invest in equity interests such as common stock, preferred stock, warrants or options, which generally would be obtained as part of providing a broader financing solution. T. Rowe is led by Eric Muller as Chief Executive Officer; and Thomas Hansen as Chief Financial Officer. The Fund can be reach through: Eric Muller T. Rowe Price OHA Select Private Credit Fund 1 Vanderbilt, 16th Floor New York, NY 10017 Telephone: (212) 326-1500 About Peraton Corp. Peraton Inc. is a privately held American national security and technology company formed in 2017. PERATON CORP: T. Rowe Price Marks $6.5MM 2L Loan at 39% Off ----------------------------------------------------------- T. Rowe Price OHA Select Private Credit Fund has marked its $6,533,000 loan extended to Peraton Corp. to market at $3,979,000 or 61% of the outstanding amount, according to T. Rowe's Form 10-Q for the quarterly period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. T. Rowe is a participant in a Second Lien Loan to Peraton Corp. The loan accrues interest at a rate of 12.3% per annum. The loan matures on February 1, 2029. T. Rowe Price OHA Select Private Credit Fund was initially formed on December 16, 2021 as a Delaware limited liability company and subsequently converted into a Delaware statutory trust on March 2, 2022. OHA Private Credit Advisors, LLC is the investment adviser of the Company. The Company invests primarily in directly originated and customized private financing solutions, including loans and other debt securities with a strong focus on senior secured lending to larger companies. The Company primarily targets investments in first lien loans, unitranche loans, second lien loans and other corporate secured debt. The Company may also invest in equity interests such as common stock, preferred stock, warrants or options, which generally would be obtained as part of providing a broader financing solution. T. Rowe is led by Eric Muller as Chief Executive Officer; and Thomas Hansen as Chief Financial Officer. The Fund can be reach through: Eric Muller T. Rowe Price OHA Select Private Credit Fund 1 Vanderbilt, 16th Floor New York, NY 10017 Telephone: (212) 326-1500 About Peraton Corp. Peraton Inc. is a privately held American national security and technology company formed in 2017. POOLE FUNERAL: Seeks 45-Day Extension of Plan Filing Deadline ------------------------------------------------------------- Poole Funeral Home Real Estate, LLC and its affiliates asked the U.S. Bankruptcy Court for the Eastern District of Tennessee to extend their exclusivity periods to file a plan of reorganization for additional 45 days. The Debtors explain that the companies would show that they have successfully undergone a fulsome sale process with the help of Foresight Partners, the Debtors' business consultants and salespersons. Moreover, the Ledford Group has successfully bound two deals for two properties and is preparing to list a third property for sale as commercial real estate in McMinn County. The Debtors claim that now that the sales processes have reached conclusion, the Debtors are poised to finalize all pending and potential deals by way of a comprehensive restructuring plan. However, the Debtors require an additional month to allow the Debtors' professionals to compile and present all relevant sale process information as the sales have just recently reached a conclusion in the last few weeks. Importantly, the Debtors have successfully maintained or otherwise fulfilled their cash collateral payments as well as their critical vendor and ordinary course financial obligations. Moreover, the cases are still less than seven months old. As such, considering the obligations of the Debtors are being met as well as the stature of the case, the extension of the exclusivity period for just a short period of time will allow the Debtors to finalize the hard work completed by Debtor professionals. The Debtors assert that considering the high potential for a final resolution of these cases, the existence of a competing plan, even if unconfirmable, would unnecessarily complicate what the Debtors hope to be a consensual or otherwise successful plan development process. The Debtors further assert that the exhaustion of estate resources to counter potential creditor factions would likely harm the restructuring process as a whole, thus reducing creditor recoveries and the going concern value of the businesses generally. This unnecessary additional motion practice would likely reduce the value of the estates generally. As such, the Debtors respectfully request that the exclusivity period be extended. Counsel to the Debtors: Roy Michael Roman, Esq. RMR Legal PLLC 70 N. Ocoee Street Cleveland, TN 37311 Tel: (423) 528-8484 E-mail: Roymichael@rmrlegal.com About Poole Funeral Home Real Estate Poole Funeral Home Real Estate, LLC operates Poole Funeral Homes at Woodstock, a locally owned funeral facility in North Georgia. The Company offers burial, cremation, veteran, green burial, and personalization services, along with caskets and urns. It emphasizes community-focused service, positioning itself as an alternative to corporately owned funeral providers. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Tenn. Case No. 25-11197) on May 12, 2025. In the petition signed by Brian K. Poole, CEO, the Debtor disclosed up to $10 million in assets and up to $50 million in liabilities. Judge Nicholas W. Whittenburg oversees the case. Roy Michael Roman, Esq., at RMR Legal PLLC, represents the Debtor as bankruptcy counsel. PRESTON CONSULTING I: Hires Keller Williams as Real Estate Broker ----------------------------------------------------------------- Preston Consulting I, LLC seeks approval from the U.S. Bankruptcy Court for the District of South Carolina to employ Keller Williams Realty, and its agent Orie Brown as its real estate broker. The brokers will market and sell the Debtor's properties located at 190 Pontiac Business Center Drive, Elgin, SC 29045, leased to Preston Cycles, LLC, and 1384 Southlake Pkwy, Morrow, GA 30260, leased to Lucky Peach HD. Keller Williams' commission rate is 6.5% of the gross sale price of the real property. Keller Williams Realty is a disinterested person as defined by 101(14) and does not hold or represent any interest adverse to the estate, according to court filings. The firm can be reached through: Orie K Brown Keller Williams Realty 1 Harbison Way Ste. 115 Columbia, SC 29212 Phone: (803) 971-7329 Fax: (864) 265-7534 About Preston Consulting I LLC Preston Consulting I LLC provides consulting and business-development services and performs government-contracting work. Preston Consulting I LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.S.C. Case No. 25-03923) on October 6, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $1 million and $10 million. The Debtor is represented by Roger K Pruitt, Esq., at RK Pruitt Law Firm. PRINCETON LAKES: Case Summary & 13 Unsecured Creditors ------------------------------------------------------ Debtor: Princeton Lakes Pediatrics, LLC 3885 Princeton Lakes Way, Suite 302 Atlanta, GA 30331 Business Description: Princeton Lakes Pediatrics, LLC, founded in 2007 by Dr. Dekisha Drayton, operates medical practices in Atlanta and Kennesaw, Georgia, providing pediatric care and related clinical services to children and adolescents from birth through age 18 across the greater Atlanta area. The practice offers routine checkups, immunizations, screenings, and general pediatric treatment, which include separate entrances for well and sick children to reduce the spread of illness. Chapter 11 Petition Date: December 10, 2025 Court: United States Bankruptcy Court Northern District of Georgia Case No.: 25-64395 Judge: Hon. Barbara Ellis-Monro Debtor's Counsel: Thomas T. McClendon, Esq. JONES & WALDEN LLC 699 Piedmont Avenue NE Atlanta, GA 30308 Tel: 404-564-9300 E-mail: tmcclendon@joneswalden.com Estimated Assets: $50,000 to $100,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Dekisha Drayton as sole member. A full-text copy of the petition, which includes a list of the Debtor's 13 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/GJKSWEI/Princeton_Lakes_Pediatrics_LLC__ganbke-25-64395__0001.0.pdf?mcid=tGE4TAMA PROSPECT MEDICAL: Court OKs Waterbury, MPT Settlement Agreement --------------------------------------------------------------- Judge Stacey G. Jernigan of the United States Bankruptcy Court for the Northern District of Texas granted on a final basis the motion of Prospect Medical Holdings, Inc. and its debtor-affiliates for entry of an order, pursuant to Rule 9019 of the Federal Rules of Bankruptcy Procedure approving the settlement agreement with City of Waterbury and MPT and granting related relief. The settlement agreement is approved in all respects in accordance with Bankruptcy Rule 9019 and Bankruptcy Code section 105(a). As set forth in the settlement agreement, at the closing of the sale of the Waterbury Hospital and the underlying real estate: (i) MPT will pay the City of Waterbury $7,650,000 -- MPT Settlement Payment -- as full and final satisfaction of any and all real property taxes related to Waterbury Hospital, whether payable by MPT or the Debtors as lessee, that are outstanding or have accrued through the closing date; (ii) the Debtors will pay the City of Waterbury $1,100,000 -- Prospect Tax Payment -- as full and final satisfaction of any and all personal property taxes related to Waterbury Hospital, whether payable by MPT or by the Debtors as lessee or owner, that are outstanding or have accrued through the closing date; and (iii) the Debtors will pay the City of Waterbury $100,000 -- Prospect Utility Payment -- as full and final satisfaction of any and all water and/or sewer bills related to Waterbury Hospital, whether payable by MPT or by the Debtors as lessee, that are outstanding or have accrued through the closing date. As reported by the Troubled Company Reporter on Dec. 1, 2025, the U.S. Bankruptcy Court for the Northern District of Texas, Dallas Division, permitted Prospect Medical Holdings Inc. and its affiliates to sell their Waterbury assets, free and clear of liens, claims, interests, and encumbrances. The Court authorized the Debtor to sell the Waterbury assets to UCHCFC Waterbury Health Corp. in the final bid in the aggregate cash amount of $9,000,000, subject to any adjustments under the Real Property Agreement. A copy of the Court's Order dated December 1, 2025, is available at https://urlcurt.com/u?l=HbMExi from PacerMonitor.com. About Prospect Medical Holdings Prospect Medical Holdings owns Roger Williams Medical Center, Our Lady of Fatima Hospital, and several other healthcare facilities. Prospect Medical Holdings and its affiliates filed Chapter 11 petitions (Bankr. N.D. Texas Lead Case No. 25-80002) on January 11, 2025. At the time of the filing, Prospect Medical Holdings reported between $1 billion and $10 billion in both assets and liabilities. Judge Stacey G. Jernigan handles the cases. The Debtors' bankruptcy attorneys are Thomas R. Califano, Esq., and Rakhee V. Patel, Esq., at Sidley Austin LLP, in Dallas, Texas; and William E. Curtin, Esq., Patrick Venter, Esq., and Anne G. Wallice, Esq., at Sidley Austin LLP, in New York. The Debtors also tapped Alvarez & Marsal North America, LLC as financial advisor; Houlihan Lokey, Inc. as investment banker; and Omni Agent Solutions, Inc. as claims, noticing and solicitation agent. Suzanne A. Koenig is the patient care ombudsman appointed in the Debtors' cases. REBORN COFFEE: Equity Rule Noncompliance Triggers Nasdaq Delisting ------------------------------------------------------------------ Reborn Coffee, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on December 2, 2025, it received a notification letter from the Nasdaq Listing Qualifications Staff of The Nasdaq Stock Market LLC notifying the Company that it has scheduled the Company's securities for delisting from The Nasdaq Capital Market. The Company's securities will be suspended at the opening of business on December 11, 2025, and a Form 25-NSE will be filed with the Securities and Exchange Commission, which will remove the Company's securities from listing and registration on The Nasdaq Capital Market. The Letter was sent pursuant to an earlier notification letter dated May 29, 2025, warning the Company that it was out of compliance with Nasdaq Listing Rule 5550(b)(1), which requires that the Company maintain stockholders' equity of at least $2,500,000. The Company was provided with 180 calendar days, or until November 25, 2025, to regain compliance pursuant to Rule 5810(c)(3)(A). Pursuant to the procedures set forth in the Nasdaq Listing Rule 5800 series, the Company may appeal Nasdaq's determination to a Hearings Panel. A hearing request will stay the suspension of the Company's securities and the filing of the Form 25-NSE pending the Panel's decision. Upon paying the non-refundable $20,000 fee, the Company will have an opportunity to present a plan to regain compliance to the Panel. The Company intends to request a hearing, but there can be no assurance that Nasdaq will grant the Company's request for approval of its compliance plan or otherwise reverse Nasdaq's determination that the Company's securities ought to be delisted. The Company, by filing the Report on Form 8-K, discloses its receipt of the notification from Nasdaq in accordance with Nasdaq Listing Rule 5810(b). About Reborn Coffee Brea, Calif.-based Reborn Coffee, Inc. (NASDAQ: REBN) -- https://www.reborncoffee.com/ -- is focused on serving high quality, specialty-roasted coffee at retail locations, kiosks, and cafes. Reborn is an innovative company that strives for constant improvement in the coffee experience through exploration of new technology and premier service, guided by traditional brewing techniques. Reborn differentiates themselves from other coffee roasters through innovative techniques, including sourcing, washing, roasting, and brewing their coffee beans with a balance of precision and craft. As of September 30, 2025, the Company had $6.2 million in total assets, $9.6 million in total liabilities, and $3.4 million in total stockholders' deficit. Irvine, Calif.-based BCRG Group, 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 Dec. 31, 2024, citing that the Company's significant operating losses raise substantial doubt about its ability to continue as a going concern. Reborn incurred recurring net losses, including net losses from operations before income taxes, of $4.8 million and $4.7 million for the years ended December 31, 2024 and 2023, respectively. It used $3.5 million and $3.2 million cash for operating activities during the years ended December 31, 2024 and 2023, respectively. RECREATION DISCOUNT: Files Emergency Bid to Use Cash Collateral --------------------------------------------------------------- Recreation Discount Wholesale, Inc. asks the U.S. Bankruptcy Court for the District of Massachusetts, Eastern Division, for authority to use cash collateral and provide adequate protection. The Debtor needs to use cash collateral to fund ongoing operational expenses, including payroll, and to provide adequate protection to its secured creditors, primarily Eastern Bank and the U.S. Small Business Administration, which hold interests in the Debtor's assets. The Debtor's secured obligations include fully secured debt to the Peter G. Marino and Margaret Y. Marino Revocable Trusts ($128,356) and Eastern Bank ($50,026), partially secured debt to the SBA ($1,106,954) under a COVID-era Emergency Impact Disaster Loan, and merchant cash advance obligations to Morris Trade Solutions ($197,259.68), Fenix Funding LLC ($187,440), Parafin Inc. ($23,829), and potentially PayPal via CHTD ($109,997), all of which are largely or wholly unsecured after accounting for senior liens. The Debtor also maintains approximately $1.2 million in general unsecured debt, including prepaid customer obligations, and an estimated $43,000 in current sales and payroll tax obligations. As adequate protection, the Debtor will grant adequate protection in the form of replacement liens and security interests to maintain the validity, extent, and priority of each secured creditor's interest. The Debtor intends to operate strictly within the budget, with a 10% variance. A copy of the motion is available at https://urlcurt.com/u?l=bpZ7I4 from PacerMonitor.com. About Recreation Discount Wholesale Inc. Recreation Discount Wholesale, Inc. operates as an online retailer based in Walpole, Massachusetts, offering a range of home- recreation, pool and spa, and outdoor-living products through a family of niche e-commerce websites. The Company distributes more than 15,000 products and parts through a nationwide network of over 100 vendors and warehouses. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 25-12606) on December 2, 2025. In the petition signed by Eric Feigen, treasurer, the Debtor disclosed $322,231 in total assets and $3,104,679 in total liabilities. Judge Christopher J Panos oversees the case. David B. Madoff, Esq., at MADOFF & KHOURY LLP, represents the Debtor as legal counsel. REDEFYNE MOVING: Case Summary & 20 Largest Unsecured Creditors -------------------------------------------------------------- Debtor: Redefyne Moving, LLC 8811 SE Herbert Court, Suite B Clackamas, OR 97015 Business Description: Redefyne Moving, LLC, based in Clackamas, Oregon, provides residential and commercial moving services, including local and long- distance relocations, packing, and storage solutions, operating within the transportation and logistics sector. The Company maintains a fleet of box trucks and vans to support relocations, serving the greater Portland metropolitan area and surrounding regions. Chapter 11 Petition Date: December 9, 2025 Court: United States Bankruptcy Court District of Oregon Case No.: 25-34096 Judge: Hon. Teresa H Pearson Debtor's Counsel: Theodore J. Piteo, Esq. MICHAEL D. O'BRIEN & ASSOCIATES PC 12909 SW 68th Parkway, Suite 160 Portland, OR 97223 E-mail: ted@pdxlegal.com Total Assets: $219,880 Total Liabilities: $2,242,085 The petition was signed by Aaron Schaller as member. A full-text copy of the petition, which includes a list of the Debtor's 20 largest unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/OL3STWA/Redefyne_Moving_LLC__orbke-25-34096__0001.0.pdf?mcid=tGE4TAMA RIMKUS CONSULTING: T. Rowe Price Marks $1.1MM 1L Loan at 76% Off ---------------------------------------------------------------- T. Rowe Price OHA Select Private Credit Fund has marked its $1,193,000 loan extended to Rimkus Consulting Group Inc. to market at $2,672,000 or 24% of the outstanding amount, according to T. Rowe's Form 10-Q for the quarterly period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. T. Rowe is a participant in a First Lien Loan to Rimkus Consulting Group Inc. The loan accrues interest at a rate of 9.54% per annum. The loan matures on April 1, 2030. T. Rowe Price OHA Select Private Credit Fund was initially formed on December 16, 2021 as a Delaware limited liability company and subsequently converted into a Delaware statutory trust on March 2, 2022. OHA Private Credit Advisors, LLC is the investment adviser of the Company. The Company invests primarily in directly originated and customized private financing solutions, including loans and other debt securities with a strong focus on senior secured lending to larger companies. The Company primarily targets investments in first lien loans, unitranche loans, second lien loans and other corporate secured debt. The Company may also invest in equity interests such as common stock, preferred stock, warrants or options, which generally would be obtained as part of providing a broader financing solution. T. Rowe is led by Eric Muller as Chief Executive Officer; and Thomas Hansen as Chief Financial Officer. The Fund can be reach through: Eric Muller T. Rowe Price OHA Select Private Credit Fund 1 Vanderbilt, 16th Floor New York, NY 10017 Telephone: (212) 326-1500 About Rimkus Consulting Group Inc. The Rimkus family of companies encompasses specialized teams of consultants across the globe who provide services spanning a wide variety of industries. RIMKUS CONSULTING: T. Rowe Price Marks $2.2MM 1L Loan at 79% Off ---------------------------------------------------------------- T. Rowe Price OHA Select Private Credit Fund has marked its $2,234,000 loan extended to Rimkus Consulting Group Inc. to market at $462,000 or 21% of the outstanding amount, according to T. Rowe's Form 10-Q for the quarterly period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. T. Rowe is a participant in a First Lien Loan to Rimkus Consulting Group Inc. The loan accrues interest at a rate of 9.54% per annum. The loan matures on April 1, 2031. T. Rowe Price OHA Select Private Credit Fund was initially formed on December 16, 2021 as a Delaware limited liability company and subsequently converted into a Delaware statutory trust on March 2, 2022. OHA Private Credit Advisors, LLC is the investment adviser of the Company. The Company invests primarily in directly originated and customized private financing solutions, including loans and other debt securities with a strong focus on senior secured lending to larger companies. The Company primarily targets investments in first lien loans, unitranche loans, second lien loans and other corporate secured debt. The Company may also invest in equity interests such as common stock, preferred stock, warrants or options, which generally would be obtained as part of providing a broader financing solution. T. Rowe is led by Eric Muller as Chief Executive Officer; and Thomas Hansen as Chief Financial Officer. The Fund can be reach through: Eric Muller T. Rowe Price OHA Select Private Credit Fund 1 Vanderbilt, 16th Floor New York, NY 10017 Telephone: (212) 326-1500 About Rimkus Consulting Group Inc. The Rimkus family of companies encompasses specialized teams of consultants across the globe who provide services spanning a wide variety of industries. ROGERS LANDWORKS: Case Summary & 20 Largest Unsecured Creditors --------------------------------------------------------------- Debtor: Rogers Landworks LLC 275 Cemetery Road Bunnell, FL 32110 Business Description: Rogers Landworks, based in Central Florida, provides comprehensive site development services including land clearing, grading and drainage, asphalt repairs, erosion control, on-site grinding, trucking, and heavy hauling for residential and commercial projects. Founded in 2016 as a landscaping operation, the Company has expanded its fleet and capabilities to support local development and disaster relief across Volusia, Flagler, St. Johns, Putnam, Lake, and Seminole counties. Chapter 11 Petition Date: December 10, 2025 Court: United States Bankruptcy Court Middle District of Florida Case No.: 25-04570 Judge: Hon. Jason A Burgess Debtor's Counsel: Scott W. Spradley, Esq. THE LAW OFFICES OF SCOTT W. SPRADLEY P.O. Box 1 301 S. Central Avenue Flagler Beach, FL 32136 Tel: 386-693-4935 E-mail: scott@flaglerbeachlaw.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Chase Rogers as president. A full-text copy of the petition, which includes a list of the Debtor's 20 largest unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/LDX3ZOQ/Rogers_Landworks_LLC__flmbke-25-04570__0001.0.pdf?mcid=tGE4TAMA ROSEMERE ESTATES: Case Summary & Four Unsecured Creditors --------------------------------------------------------- Debtor: Rosemere Estates Property Owners Association c/o Community Mgmt. Solutions d/b/a SMG 9550 S. Eastern Ave., #253 Las Vegas, NV 89123 Business Description: Rosemere Estates Property Owners Association, managed by Community Management Solutions d/b/a SMG, operates as a homeowners association in Las Vegas, Nevada, overseeing residential properties within the Rosemere Estates community and administering related community rules, maintenance, and fees. The association engages in property management services through SMG, which handles administrative functions, payments, and member communications. Chapter 11 Petition Date: December 9, 2025 Court: United States Bankruptcy Court District of Nevada Case No.: 25-17414 Judge: Hon. Natalie M Cox Debtor's Counsel: Matthew C. Zirzow, Esq. LARSON & ZIRZOW, LLC 850 E. Bonneville Ave. Las Vegas, NV 89101 Tel: 702-382-1170 E-mail: mzirzow@lzlawnv.com Estimated Assets: $0 to $50,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Carolyn Reynolds as authorized person, treasurer and director. A full-text copy of the petition, which includes a list of the Debtor's four unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/M3RAZ6Q/ROSEMERE_ESTATES_PROPERTY_OWNERS__nvbke-25-17414__0001.0.pdf?mcid=tGE4TAMA SALT LAKE DISTILLERY: Seeks Continued Cash Collateral Access ------------------------------------------------------------ Salt Lake Distillery, LLC asks the U.S. Bankruptcy Court for the District of Utah to extend its authority to use cash collateral for an additional six months. The Debtor requests both interim and final approval for use of cash collateral through May 31, 2026, together with an extension of the adequate protection already provided under the prior order entered on September 9, including replacement liens on post-petition assets to the extent of any diminution in collateral value. The Debtor, which has operated as a debtor-in-possession since filing its Chapter 11 case on July 10, explains that uninterrupted access to cash collateral is critical to its ongoing reorganization efforts, including reducing expenses, renegotiating vendor contracts, and recovering revenue seized by creditors pre-petition. The Debtor emphasizes that continued use of cash collateral is necessary to maintain operations, pay employees, satisfy payroll-related obligations, cover essential costs such as utilities, rent, and insurance, and avoid business interruption that would diminish the value of the bankruptcy estate. Five secured creditors -- Cache Valley Bank, Rotterdam Partners–Dented Brick Mezzanine, Doyle Buchanan, Headway Capital, LLC, and Sterling Commercial Credit, LLC -- hold interests in the cash collateral, but the Debtor argues that their collateral positions will not be impaired; in fact, preserving operations will maximize value for all creditors. The Debtor proposes to continue operating under the budget, allowing up to a 10% variance on line items and requesting authority to exceed budget amounts with the affected creditors' written consent. The Debtor asserts that the proposed adequate protection is sufficient, especially since ongoing business operations will replenish expended cash through continued product sales. A court hearing is scheduled for December 15. A copy of the motion is available at https://urlcurt.com/u?l=QJk3CP from PacerMonitor.com. About Salt Lake City Distillery LLC Salt Lake City Distillery, LLC, operating as Dented Brick Distillery, is a Utah-based craft spirits producer located in Salt Lake City. It specializes in manufacturing alcoholic beverages, primarily focused on distilled spirits production. Salt Lake City Distillery sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Utah Case No. 25-23944) on July 10, 2025. In its petition, the Debtor reported up to $50,000 in assets and between $1 million and $10 million in liabilities. Judge Peggy Hunt handles the case. The Debtor is represented by Steven M. Rogers, Esq. at Rogers & Russell. Cache Valley Bank, as secured creditor, is represented by Reid W. Lambert, Esq. at Strong & Hanni, PC. Rotterdam Partners, as secured creditor, is represented by Brian M. Rothschild, Esq. and Darren Neilson, Esq. at Parsons Behle & Latimer. SAVOR ACQUISITION: Moody's Affirms B2 CFR, Outlook Remains Stable ----------------------------------------------------------------- Moody's Ratings affirmed Savor Acquisition, Inc.'s ("Sauer Brands") B2 Corporate Family Rating, B2-PD Probability of Default Rating, and the B2 ratings on the company's senior secured first lien bank credit facilities. The credit facility consists of a $135 million revolving credit facility due 2030, a $75 million delayed draw term loan, and an upsized $875 million term loan due 2032. The outlook remains stable. Sauer Brands plans to issue a $80 million fungible add-on to its existing $795 million first lien term loan due 2032, increasing the outstanding balance to $875 million. The company plans to use the proceeds alongside $60 million of cash from its balance sheet to fund a $140 million distribution to shareholders and associated transaction fees. The transaction is credit negative because it will increase debt to fund a shareholder distribution, raising leverage and cash interest expense. Moody's nevertheless affirmed the existing ratings including the B2 CFR with a stable outlook because Sauer Brands is generating good free cash flow and Moody's expects debt-to-EBITDA leverage to decline to 5.5x or lower in 2026. Debt to EBITDA is roughly 6x as of the 12 month period ended September 2025 and pro-forma for the proposed transaction. Moody's expects continued revenue and EBITDA growth in the next 12-18 months due to ongoing Duke's mayonnaise distribution gains, operating leverage from volume growth and cost savings. The company's $50-60 million of projected free cash flow in 2026 provides flexibility to utilize cash flow to repay debt and reduce leverage if earnings growth is less than expected. The transaction is nevertheless aggressive shortly after the February 2025 buyout by Advent and the leverage level weakly positions the company within the B2 rating category. Earnings and cash flow are exceeding Moody's expectations at the time of the LBO and provided some capacity to maintain good EBITA to interest coverage exceeding 2x despite the higher debt. RATINGS RATIONALE Sauer Brands' B2 CFR reflects the company's portfolio of branded and private label packaged food products with a concentration in mayonnaise, long standing and very strong customer relationships with restaurants, food retailers, club stores, mass retailers, and distributors, Moody's expectations of $50-60 million in free cash flow in 2025, and good liquidity. The ratings also reflect Moody's expectations for an aggressive financial policy and concentrated control under private equity ownership, including high leverage, and the potential for debt financed acquisitions and distributions. The company was founded over 130 years ago as a family business that sold pure-flavoring extracts in Richmond, Virginia. In 2019, the company was acquired by a private equity firm that reorganized the management structure, optimized manufacturing footprint, shifted the portfolio focus to brand offerings, rationalized the number of stock-keeping units (SKU), and expanded into new geographies. The company has good brand recognition most notably Duke's mayonnaise. Credit risks include the company's small scale and heavy concentration in mayonnaise through both branded offerings and sales into food service channels, high exposure to soybean oil, which represents a significant raw material cost for the manufacturing of mayonnaise, high financial leverage, and acquisition event risk. Duke's is Sauer's largest revenue driver representing roughly 38% of sales with a largely regional presence that the company is looking to broaden through distribution gains. As a result, Duke's is gaining market share though it is the #4 branded player with a less than 10% market share. Mayonnaise is also a majority of the company's private brands business that is more than a third of sales. The concentration creates potential for revenue and earnings volatility due to competition and raw material price fluctuations. Sauer Brands' margins and earnings have improved meaningfully in recent years due to lower raw material inputs and the company's efficiency initiatives and sustaining this margin improvement is critical to maintaining the level of free cash flow anticipated in the ratings. Moody's anticipates the company will pursue acquisitions to broaden the product portfolio, and this creates integration risk and potential for leverage to increase. Moody's expects Sauer Brands to maintain good liquidity over the next 12 to 18 months The company's liquidity is supported by balance sheet cash of $8 million as of September 30, 2025 (pro-forma for the transaction), an undrawn $135 million revolving credit facility, and Moody's expectations of $50-60 million of free cash flow generation in fiscal 2026. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The stable outlook reflects Moody's expectations that Sauer Brands will maintain good liquidity including at least $50 million of annual free cash flow, modestly grow organic revenue and EBITDA, and reduce debt-to-EBITDA below 5.5x in 2026. Ratings could be upgraded if the company sustains good organic revenue growth, improves the EBITDA margin, and generates consistently stronger free cash flow. The company would also need to sustain debt to EBITDA below 4x, EBITA/interest above 3x, and maintain a more conservative financial policy to be considered for an upgrade. Ratings could be downgraded if operating performance weakens due to factors such as lower sales volumes or higher operating costs, or if the company does not sustain comfortably positive free cash flow. In addition, a downgrade could occur if debt-to-EBITDA is sustained above 5.5x, EBITA/interest is below 1.5x, liquidity deteriorates, or if the company completes debt financed acquisitions or shareholder distributions. 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 Sauer Brands, based in Richmond, Virginia is a manufacturer of mayonnaise, salsa, and popcorn seasonings under the brand names Duke's, Mateo's, and Kernel Seasons, respectively. The company also manufacturers a broad set of condiments, spices, and other seasonings under its own brand names as well as private label. Sauer Brands generates approximately $700 million in revenues. The company was acquired by private equity firm Advent Capital in February 2025. SAY YES: To Sell Birmingham Property to Al Noor 21 for $55K ----------------------------------------------------------- Say Yes Realty of Birmingham LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Alabama, Southern Division, to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor owns real property located at 2905 27th Street North, Birmingham, AL 35207. The lienholder of the Property is Robert Ford and the balance on the said loan is approximately $55,000. The foreclosure is set for December 22, 2025. Al Noor 21 LLC has made an offer to purchase the Property for $155,000. The closing is expected to occur on or about January 12, 2025 The other lienholders of the Property are the Jefferson County Tax Collector for ad valorem taxes and the Alabama Department of Revenue for sales taxes, totaling approximately $3,500. About Say Yes Realty of Birmingham, LLC Say Yes Really of Birmingham, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ala. Case No. 25-00943-TOM11) on June 4, 2025. In the petition signed by Alonzo McCruten, manager-member, the Debtor disclosed up to $500,000 in assets and up to $50,000 in liabilities. Judge Tamara O. Mitchell oversees the case. Robert C. Keller, Esq., at Russo, White & Keller, P.C., represents the Debtor as legal counsel. SCILEX HOLDING: Secures $50MM Non-Recourse Loan Facility -------------------------------------------------------- Scilex Holding Company disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on December 1, 2025, it entered into a Non-Recourse Loan and Securities Pledge Agreement with The St. James Bank & Trust Company Ltd., a corporation existing under the laws of the Bahamas, pursuant to which the Lender agreed to loan the Company an aggregate principal amount of up to $50 million in one or more tranches. The timing and amount of any particular tranche of the Loan shall be determined at the sole discretion of the Lender, and the Lender shall notify the Company in advance of its intention to fund a particular tranche. The Loan will accrue interest at the rate of the 12-month Secured Overnight Financing Rate plus 2.0% per annum, with such interest due and payable on the earlier of Maturity Date and the date of an event of default. The "Maturity Date" of the Loan is the fourth anniversary of the closing date of the first tranche of the Loan, and may be extended by up to 12 months at the request of the Company. The Company is also required to pay a fee of 0.25% of the principal amount of each tranche. Pursuant to the terms of the Loan Agreement, the Company agreed to pledge approximately 39.2 million shares of common stock of Datavault AI Inc. currently held by Scilex in favor of the Lender as security for the Company's satisfaction of its obligations thereunder. The Pledged Securities will be held in a securities account that the Company will open with the Lender. The Loan Agreement contains certain events of default, including, without limitation: a decrease in the closing price of the Pledged Securities of more than 20%, provided that such decrease is not cured within three days by delivering additional securities into the securities account or depositing cash into a bank account with the Lender as security for the Loan; a decrease in the average trading volume of the Pledged Securities for any three consecutive trading days of more than 20% relative to the average trading volume of the 30 trading day period immediately preceding the closing of a tranche of the Loan; or the Pledged Securities are delisted from the national securities exchange on which they are currently listed. If an event of default occurs and is not cured within the specified cure period under the terms of the Loan Agreement, then the Lender has certain remedies under the Loan Agreement, in addition to any remedies provided at law or in equity, including, without limitation, the interest rate of the Loan will increase by an additional 5.0% per annum and the Loan Agreement will terminate automatically with the Lender entitled to foreclose upon or otherwise dispose of the Pledged Securities. The Loan Agreement also contains positive and negative covenants, representations and warranties and indemnification provisions that are customary for transactions of this type. A full-text copy of the Loan Agreement is available at https://tinyurl.com/y8fzbvvn About Scilex Holding Company Palo Alto, Calif.-based Scilex Holding Company -- www.scilexholding.com -- is an innovative revenue-generating company focused on acquiring, developing and commercializing non-opioid pain management products for the treatment of acute and chronic pain and, following the formation of its proposed joint venture with IPMC Company, neurodegenerative and cardiometabolic disease. Scilex targets indications with high unmet needs and large market opportunities with non-opioid therapies for the treatment of patients with acute and chronic pain, and is dedicated to advancing and improving patient outcomes. Scilex's commercial products include: (i) ZTlido (lidocaine topical system) 1.8%, a prescription lidocaine topical product approved by the U.S. Food and Drug Administration for the relief of neuropathic pain associated with postherpetic neuralgia, which is a form of post-shingles nerve pain; (ii) ELYXYB, a potential first-line treatment and the only FDA-approved, ready-to-use oral solution for the acute treatment of migraine, with or without aura, in adults; and (iii) Gloperba, the first and only liquid oral version of the anti-gout medicine colchicine indicated for the prophylaxis of painful gout flares in adults. In its report dated March 31, 2025, the Company's auditor, BMP LLP, issued a "going concern" qualification, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has suffered recurring losses from operations and has a net capital deficiency that raise substantial doubt about its ability to continue as a going concern. As of June 30, 2025, Scilex Holding had $83.76 million in total assets, $332.74 million in total liabilities, and a total stockholders' deficit of $248.99 million. SCV GRAPHIC: Plan Exclusivity Period Extended to February 23, 2026 ------------------------------------------------------------------ Judge Paul Baisier of the U.S. Bankruptcy Court for the Northern District of Georgia extended SCV Graphic Productions Inc.'s exclusive periods to file a plan of reorganization and obtain acceptance thereof to February 23, 2026, and April 21, 2026, respectively. As shared by Troubled Company Reporter, the Debtor claims that it needs creditor support to confirm any plan, so the Debtor is in no position to impose or pressure its creditors to accept unwelcome plan terms. The Debtor seeks an extension of the Exclusivity Periods to advance the case and continue good faith negotiations with its stakeholders. The Debtor asserts that premature termination of the Exclusivity Periods may engender duplicative expense and litigation associated with multiple competing plans. Any litigation with respect to competing plans and resulting administrative expenses will only decrease recoveries to the Debtor's creditors and significantly delay, if not undermine entirely, the possibility of prompt confirmation of a plan of reorganization. The Debtor further asserts that given the consequences for its estate if the relief requested herein is not granted and the substantial progress made to date, the requested extension of the Exclusivity Periods will not prejudice the legitimate interests of any party in interest in this case. Rather, the extension will further the Debtor's efforts to preserve value and avoid unnecessary and wasteful litigation. SCV Graphic Productions Inc. is represented by: Benjamin Keck, Esq. Jonathan Clements, Esq. Keck Legal, LLC 2801 Buford Highway NE, Suite 115 Atlanta, GA 30329 Tel: (470) 826-6020 Email: bkeck@kecklegal.com About SCV Graphic Productions Inc. SCV Graphic Productions Inc., operating as Dangling Carrot Creative, is a custom graphics and display manufacturing company that specializes in manufacturing custom displays, signage, and creative installations using materials such as composites, plastics, and foams, alongside printing and imaging technology. The company maintains operations in both Fayetteville, Georgia and Valencia, California, with its principal place of business located in Georgia. SCV Graphic Productions Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-10613) on April 28, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. The Debtor is represented by Benjamin R. Keck, Esq. at Keck Legal, LLC. SHERRY ANN MCGANN: Court Dismisses Subchapter V Bankruptcy Case --------------------------------------------------------------- Judge Thomas B. McNamara of the United States Bankruptcy Court for the District of Colorado dismissed Sherry Ann McGann's bankruptcy case. The Debtor, Sherry Ann McGann, pro se, filed a voluntary Petition for relief under Chapter 11, Subchapter V of the Bankruptcy Code on November 19, 2025. The Court dismisses the Debtor's Chapter 11, Subchapter V bankruptcy case for two reasons: (a) the Debtor failed to pay the required $1,738.00 filing fee required under 28 U.S.C. Sec. 1930 and the Bankruptcy Court Miscellaneous Fee Schedule; and (b) the Debtor is not eligible to be a bankruptcy debtor because she did not take a credit counseling course in compliance with Section 109(h)(1) prior to filing her Petition and did not prove an exception under Section 109(h)(4). A copy of the Court's Order dated December 2, 2025 is available at https://urlcurt.com/u?l=OOBQOr Sherry Ann McGann petitioned for Subchapter V of Chapter 11 relief (Bankr. D. Colo. Case No. 25-17604) on November 19, 2025. SKY-FRAME INC: Seeks Subchapter V Bankruptcy in California ---------------------------------------------------------- On December 6, 2025, Sky-Frame, Inc. filed for Chapter 11 protection in the Central District of California. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 1–49 creditors. About Sky-Frame, Inc. Sky-Frame, Inc. develops and produces frameless sliding windows and doors that emphasize flush indoor-outdoor transitions and are engineered in Switzerland for use in architectural and residential projects worldwide. The Company supplies a range of systems including straight, curved, inclined and pivot configurations, along with options such as insect screens, electric drives, enhanced security features, concealed pockets, shading solutions, bullet-resistant versions and switchable glazing. Its products are installed in several thousand properties across multiple continents and serve the high-end building components and architectural design markets. Sky-Frame, Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-20955) on December 6, 2025. In its petition, the Debtor reports estimated assets of $1 million–$10 million and estimated liabilities of $1 million–$10 million. Honorable Bankruptcy Judge Barry Russell handles the case. The Debtor is represented by Caroline Djang, Esq. of Buchalter. SKYX PLATFORMS: Raises $1MM via Series A-2 Preferred Stock Sale --------------------------------------------------------------- SKYX Platforms Corp. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on November 24, 2025, it received a Securities Purchase Agreement from an existing strategic investor, and the Company signed and closed on such agreement on December 5, 2025, for gross proceeds of $1.0 million. Pursuant to the Purchase Agreement, the investor purchased 40,000 shares of a series of newly-authorized Series A-2 Preferred Stock, no par value per share, at a purchase price of $25.00 per share with no price protection. Accordingly, on December 2, 2025, the Company filed the Certificate of Designation of Rights, Preferences and Privileges of Series A-2 Preferred Stock, designating 40,000 shares of newly-authorized convertible Series A-2 Preferred Stock, with the Division of Corporations of the Florida Department of State. The Series A-2 Certificate of Designation provides for cumulative cash dividends at an annual rate of 8% of the original issue price of $25.00 per share of Series A-2 Preferred Stock, payable quarterly in arrears. In the event the full cumulative dividends are not paid on a dividend payment date, dividends will accrue on the sum of the original issue price, plus the amount of unpaid dividends, at an annual rate of 12%, until such date as the Company has paid all previously accrued but unpaid dividends. The dividends may be paid in cash, or up to 50% of the dividend may be paid in shares of the Company's common stock, valuing the Common Stock based on the average closing price per share for the 10 trading days immediately prior to the dividend record date, at the Company's election, or the full dividend may be paid in shares of Common Stock upon agreement by the Company and the holder. Up to 400,000 shares of common stock are reserved for the payment of dividends, in the aggregate, to all holders of Series A-2 Preferred Stock. In addition, holders of Series A-2 Preferred Stock are also entitled to participate in and receive any dividends declared or paid on the Company's common stock on an as-converted basis. Each holder of Series A-2 Preferred Stock has the right, at such holder's option, to convert such holder's shares of Series A-2 Preferred Stock into shares of common stock at a conversion price per share of $2.00 with no price protection. In addition, for two years following the closing date of the Purchase Agreement, the Series A-2 Preferred Stock is subject to mandatory conversion by the Company upon the occurrence of specified events. In no event will the aggregate number of shares of common stock that may be issued upon the conversion of Series A-2 Preferred Stock and payment of dividends exceed 19.99% of the common stock outstanding on the date of the applicable Purchase Agreement prior to closing, unless the Company obtains stockholder approval. The Company may redeem all or any of the Series A-2 Preferred Stock for cash at any time beginning three years after the closing date of the Purchase Agreement at a redemption price per share equal to $25.00, plus all accrued and unpaid dividends on the Series A-2 Preferred Stock being redeemed. Upon a "Fundamental Change" (involving a change of control, as further described in the Series A-2 Certificate of Designation), the Company may redeem the outstanding Series A-2 Preferred Stock at the Series A-2 Redemption Price. In the event of any liquidation, dissolution or winding up of the Company, the holders of Series A-2 Preferred Stock shall be entitled to receive an amount equal to $25.00 per share, plus accrued and unpaid dividends. With respect to the payment of dividends and rights upon the voluntary or involuntary liquidation, dissolution or winding up of the Company, the Series A-2 Preferred Stock ranks senior to the Company's common stock and any other class or series of capital stock of the Company created after the Series A-2 Preferred Stock, the terms of which do not expressly provide that such class or series ranks on a parity basis with or senior to the Series A-2 Preferred Stock, and on parity with any class or series of capital stock of the Company expressly designated as ranking on parity with the Series A-2 Preferred Stock, which includes Series A Preferred Stock and Series A-1 Preferred Stock. The Series A-2 Preferred Stock has no stated maturity, is not subject to any sinking fund and will remain outstanding indefinitely unless converted into common stock or redeemed by the Company, in which case such shares of Series A-2 Preferred Stock may not be reissued and will automatically be retired and cancelled and resume the status of authorized but unissued shares of preferred stock. Holders of Series A-2 Preferred Stock generally will be entitled to vote with the holders of the Company's common stock on all matters submitted for a vote of holders of common stock (voting together with the holders of common stock as a single class) on an as-converted basis. The Series A-2 Preferred Stock is entitled to a separate class vote on all matters that impact the rights, value or conversion terms or ranking of the Series A-2 Preferred Stock. Additionally, the Company shall not, without the approval of 51% of the then outstanding shares of Series A-2 Preferred Stock: (i) issue additional shares of Series A-2 Preferred Stock; (ii) create or issue: (A) any class or series of capital stock ranking senior to the Series A-2 Preferred Stock with respect to dividends or distributions or (B) any other securities ranking on parity with the Series A-2 Preferred Stock having the same liquidation preference as the Series A-2 Preferred Stock; or (iii) amend, modify or alter in any manner: (A) the Series A-2 Certificate of Designation or (B) the Company's Certificate of Incorporation (including by filing any new certificate of designation or elimination) or its Amended and Restated Bylaws in a manner that adversely affects the rights, preferences, privileges or restrictions of the Series A-2 Preferred Stock. Full-text copyies of the Securities Purchase Agreement for Series A-2 Preferred Stock and the Series A-2 Certificate of Designation are available at https://tinyurl.com/5c6kert6 and https://tinyurl.com/mr2pfm8w, respectively. About SKYX Platforms Corp. Headquartered in Pompano Beach, Florida, SKYX Platforms Corp. develops advanced platform technologies focused on enhancing safety, quality, and ease of use in homes and buildings. With nearly 100 patents and pending applications, the Company's products are designed to improve safety and lifestyle in residential and commercial spaces. In 2023, Sky expanded by acquiring an online retailer specializing in home lighting, ceiling fans, and furnishings. The Company's technologies enable quick and safe installation of light fixtures and ceiling fans without the need to handle hazardous wires. In its report dated March 24, 2025, the Company's auditor, M&K CPAS, PLLC, issued a "going concern" qualification attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing the Company's accumulated deficit, negative cash flows from operations, and recurring net losses, which raise substantial doubt about its ability to continue as a going concern. As of September 30, 2025, the Company had $58.4 million in total assets, $57.3 million in total liabilities, and $3.8 million in total stockholders' deficit. SONIM TECHNOLOGIES: Approves CFO Retention Bonus Tied to Asset Sale ------------------------------------------------------------------- Sonim Technologies, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on December 1, 2025, the Compensation Committee authorized and approved a contingent cash bonus payable to Clay Crolius, the Company's Chief Financial Officer. The Retention Bonus is contingent and payable upon the upon consummation of that certain asset purchase agreement by and among the Company, as seller, Pace Car Acquisition LLC, as buyer, the Seller Representative named in the asset purchase agreement, and Social Mobile Technology Holdings LLC; provided, however, that in the event the Asset Purchase Agreement is terminated, the Retention Bonus shall be deemed to be null and void ab initio. The Retention Bonus shall be determined using the following methodology: * Assume $100,000 of restricted stock units has been granted as of October 16, 2025, the CFO Phantom RSU count shall equal $100,000 divided by the Fair Market Value (as defined in the Sonim Technologies, Inc. 2019 Equity Incentive Plan) of a share of the Company's common stock on October 16, 2025); * Assume that the CFO Phantom RSUs vest on the date of the consummation of the Asset Purchase Agreement; and * The Retention Bonus shall equal the Fair Market Value of the Company's common stock underlying the CFO Phantom RSUs at the time of the CFO Vesting Event multiplied by the CFO Phantom RSUs count, and shall be payable in cash as of the date of the CFO Vesting Event. Executive Chairman Compensation: Pursuant to the Company's non-employee director compensation policy, an annual award of RSUs with a grant-date Fair Market Value of $50,000 is paid to the Company's non-executive chairman. The employment agreement effective as of October 16, 2025, by and between the Company and Michael Mulica, the Company's Executive Chairman provides that Mr. Mulica is entitled to receive the same compensation non-employee directors are entitled to receive pursuant to the Compensation Policy, including an RSU Grant. Insufficient shares are available for issuance under the Plan, therefore the Company has not issued Mr. Mulica the RSUs owed pursuant to the Compensation Policy. On December 1, 2025, the Committee also authorized and approved the issuance of a substitute cash grant in lieu of the RSU Grant payable to Mr. Mulica. The Substitute Cash Grant shall be determined using the following methodology: * Assume that the number of RSUs valued as described in the terms of the respective grant has been granted as of the date of the grant; * Assume that the Chairman Phantom RSUs vest on the earlier of: (i) a change in control, as defined in the Plan, or any other event accelerating vesting of the respective award; or (ii) a vesting event pursuant to the terms of the grant; and * The Substitute Cash Grant shall equal the Fair Market Value of the Company's common stock underlying the Chairman Phantom RSUs at the time of the Chairman Vesting Event and shall be payable as of the date of the Chairman Vesting Event. About Sonim Technologies Sonim Technologies, Inc. was incorporated in the state of Delaware on August 5, 1999, and is headquartered in San Diego, California. The Company offers a robust portfolio that includes rugged handsets, smartphones, wireless internet devices, software, services, and accessories. These products are engineered to deliver reliable communication in challenging and unpredictable environments, serving sectors such as critical communications, first responders, government, industrial, construction, hospitality, and logistics. The Company distributes its products primarily through major wireless carriers. As of September 30, 2025, the Company had $40.2 million in total assets, $40.9 million in total liabilities, and $701,000 in total stockholders' deficit. According to the Company's Report on Form 10-Q for the quarterly period ended September 30, 2025, the uncertainty regarding the Asset Purchase Agreement and the ability of the Company to implement strategic alternatives after the closing of the Asset Purchase Agreement creates uncertainty regarding the Company's ability to forecast beyond the asset sale date. Accordingly, there is substantial doubt about the Company's ability to continue as a going concern within the next 12 months. SPX FLOW: Moody's Puts 'B2' CFR Under Review for Upgrade -------------------------------------------------------- Moody's Ratings placed the ratings of SPX Flow, Inc. (SPX Flow) on review for upgrade, including the B2 corporate family rating (CFR), B2-PD probability of default rating, B1 ratings on the senior secured first lien bank credit facilities, and Caa1 rating on the senior unsecured notes. Previously, the outlook was stable. The review was prompted by the company's announcement on December 05, 2025 that ITT Inc. (ITT, Baa1 stable) has entered into an agreement to acquire SPX Flow for $4.775 billion in cash and equity. The transaction is subject to customary closing conditions, including the receipt of applicable regulatory approvals, and is expected to close by the end of the first quarter of 2026. Moody's placed the ratings on review for upgrade because SPX Flow will become part of a higher-rated, well-capitalized entity with greater scale and a lower cost of capital. In the review for upgrade Moody's will focus on the completion of the transaction once all necessary approvals are obtained, and whether SPX Flow's debt will be fully repaid at closing. RATINGS RATIONALE / FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Excluding the review for upgrade, SPX Flow's B2 CFR reflects the company's good scale and geographic diversification as a global manufacturer of commercial process-oriented products ranging from mixers and pumps to heat exchangers. SPX Flow has a diversified customer base that spans a variety of end markets. Over 40% of the company's revenue is derived from higher margin aftermarket sales, which underpin its solid margins. However, SPX Flow has exposure to industrial end markets, which can result in earnings volatility. The company has high financial leverage and associated interest expense as a result of its 2022 leveraged buyout and history of large dividend payments. Private equity ownership may lead to a continued aggressive financial policy. Factors that could lead to an upgrade or downgrade of the ratings will be updated once the review is completed. Prior to the review, the ratings could be upgraded if SPX Flow continues to grow its size and scale, debt-to-EBITDA is sustained below 5.0x and EBITA-to-interest is sustained above 2.5x. Prior to the review, the ratings could be downgraded if SPX Flow's debt-to-EBITDA increases to 6.0x, EBITA-to-interest approaches 1.5x, or if the company makes a large debt funded acquisition and/or dividend. In addition, if liquidity weakens the ratings could be downgraded. The principal methodology used in these ratings was Manufacturing published in September 2025. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. Headquartered in Charlotte, NC, SPX Flow is a global provider of process technologies that perform mixing, blending, fluid handling, separation, thermal heat transfer and other activities across a variety of nutrition, health and industrial markets. Key products include pumps, valves, homogenizers, mixers, separators and heat exchangers, along with related aftermarket parts and services. The company is controlled by private equity firm Lone Star Funds. Revenue for the twelve months ended September 27, 2025 was approximately $1.33 billion. SRX HEALTH: Narrows 2025 Loss to $8.6MM, Lifts Going Concern Doubt ------------------------------------------------------------------ SRx Health Solutions, Inc. filed with the U.S. Securities and Exchange Commission its Annual Report on Form 10-K reporting a net loss of $8.6 million for the fiscal year ended September 30, 2025, compared to a net loss of $43 million for the year prior. For the year ended September 30, 2025, the Company had $6.5 million in net sales. SRx Health said, "Historically, we have financed our operations primarily through debt financing. On September 30, 2025 and 2024, we had cash and cash equivalents of $1.3 million and $0.1 million, respectively." Cash flows from operating activities: -- Cash used in operating activities increased $6.7 million, or 451%, during the year ended September 30, 2025 compared to $1.5 million during the year ended September 30, 2024. The increase in cash used in operating activities was primarily driven by the $4.1 million bargain purchase gain recognized related to the Merger, partially offset by significant fluctuations in our working capital. Cash flows from investing activities: -- Cash provided by investing activities was $5.9 million during the year ended September 30, 2025 compared to cash used in investing activities of $1.1 million during the year ended September 30, 2024. The cash provided by investing activities related to the $5.9 million of cash acquired in business combinations as well as $2.0 million proceeds from the sale of cryptocurrency, offset by $2.1 million of purchases of cryptocurrency. Cash flows from financing activities: -- Cash provided by financing activities was $12.2 million, during the year ended September 30, 2025 and $0.9 million during the year ended September 30, 2024. The cash provided by financing activities for the year ended September 30, 2025 was mainly related to net proceeds from the PIPE Offering of $8.8 million and proceeds from the issuance of convertible debt of $6.1 million, partially offset by payments on convertible debt of $1.7 million. CWB Facility: -- As of June 30, 2025, SRx Canada maintained senior secured term loan facilities with CWB Financial Group totaling $23.1 million. These facilities were originally entered into to support the development and acquisition of select pharmacy locations. On September 18, 2023, SRx Health Solutions Inc. refinanced its existing term facilities under a consolidated agreement with CWB that introduced updated financial covenants, including a Senior Funded Debt to Adjusted EBITDA ratio of less than 4.0x and a Fixed Charge Coverage Ratio greater than 1.0x. -- As at both June 30, 2025 and 2024, SRx Canada was not in compliance with the CWB loan covenants. As a result, the full amount of the CWB loans was classified as a current liability, and the debt was callable at the lender's discretion. Interest rates on the outstanding facilities ranged from 8.67% to 9.21%, with contractual maturities extending through late 2027. The Company initiated restructuring proceedings for its SRx Canada subsidiaries under the Companies' Creditors Arrangement Act (Canada) in August 2025. As part of these proceedings, the CWB debt was addressed through the court-supervised restructuring process and the Company has no guarantees to the SRx Canada debt following the wind-down of the SRx Canada operations. Accordingly, the CWB facilities do not form part of the Company's post-restructuring capital structure. Contractual Commitments and Obligations: "We are contractually obligated to make future cash payments for various items, including debt arrangements, certain purchase obligations, as well as the lease arrangement for our office. Our purchase obligations include certain ongoing marketing projects, software subscriptions as well as in-transit or in-production purchase orders with our suppliers, for which amounts vary depending on the purchasing cycle. The majority of our software subscriptions are not under long-term contracts, and we do not have long-term contracts or commitments with any of our suppliers beyond active purchase orders. These purchase obligations were not material as of the date of the Annual Report on Form 10-K." Off-Balance Sheet Arrangements: -- On July 7, 2025, the Company entered into a Common Share Purchase Agreement with a lead investor, under which the Company may sell, at its discretion, up to $50.0 million of its common shares, subject to certain conditions and limitations, including the NYSE American 19.99% Exchange Cap unless stockholder approval is obtained or sales otherwise qualify as "at-market" under applicable rules. The investor is obligated to purchase shares when directed by the Company, subject to the terms of the ELOC, and may not beneficially own more than 4.99% of the Company's outstanding common shares following any purchase. -- In connection with entering into the ELOC, the Company agreed to issue common shares to the investor as commitment consideration and to reimburse up to $35,000 of the investor's expenses. Although the ELOC provides for the issuance of the Commitment Shares, the Company did not issue any such shares during fiscal year 2025. The Company also entered into a Registration Rights Agreement requiring it to file a resale registration statement covering shares issuable under the ELOC. -- As of September 30, 2025, no shares have been sold under the ELOC and no Commitment Shares have been issued, and the ELOC remained unutilized. "We are subject to risks common in the healthcare and pharmacy services industry, including, but not limited to, our dependence on key personnel, intense competition, our ability to effectively market and scale our service offerings, the protection and enforcement of proprietary technology and data systems, expansion into new markets or service lines, and compliance with complex and evolving healthcare, data privacy, and pharmaceutical regulations." "As of September 30, 2025, we have not experienced a significant adverse impact to our business, financial condition or cash flows resulting from geopolitical actions or threat of cyber-attacks. "However, we have seen adverse impacts to our gross margin from time to time due to inflationary pressures in the current economic environment. Uncertainties regarding the continued economic impact of inflationary pressures, geopolitical actions and threat of cyber-attacks are likely to result in sustained market turmoil, which could negatively impact our business, financial condition, and cash flows in the future." Burlington, Canada-based MNP LLP, the Company's auditor since 2021, issued a "going concern" qualification in its report dated July 9, 2025, which is attached to the Company's Annual Report on Form 10-K for the year ended September 30, 2025. The auditor cited that, as at September 30, 2024 and 2023, the Company had incurred significant losses, had an accumulated deficit, and may need to raise additional funds to meet its obligations and sustain its operations. These conditions previously raised substantial doubt about the Company's ability to continue as a going concern. The Company has historically incurred operating losses and experienced negative operating cash flows; however, management has implemented actions to improve liquidity and operating performance, including cost-reduction initiatives, margin improvement measures, and securing additional financing. After considering these actions and the Company's cash flow forecasts for the next 12 months, management believes the Company will have sufficient liquidity to meet its obligations as they become due. Accordingly, management has determined that there are no material uncertainties that cast doubt on the Company's going concern status, and the management has a reasonable expectation that the Company has adequate resources to continue in operational existence beyond September 30, 2025, and the consolidated financial statements continue to be prepared using the going concern assumption. A full text copy of the 10-K Report is available at https://tinyurl.com/5y5a7p28 About SRx Health Solutions, Inc. SRx Health Solutions, Inc. formerly known as Better Choice Company Inc., -- https://srxhealth.com/ -- is an integrated Canadian healthcare services provider that operates within the specialty healthcare industry. The SRx network extends across all ten Canadian provinces, making it one of the most accessible providers of comprehensive, integrated, and customized specialty healthcare services in the country. SRx combines years of industry, knowledge, technology, and patient-centric focus to create strategies and solutions that consistently exceed client expectations and drive critical patient care initiatives aimed to improve the wellness of Canadians. As of September 30, 2025, the Company had $8.4 million in total assets, $8 million in total liabilities, and $407,000 in total stockholders' equity. * * * This concludes the Troubled Company Reporter's coverage of SRx Health Solutions, Inc. until facts and circumstances, if any, emerge that demonstrate financial or operational strain or difficulty at a level sufficient to warrant renewed coverage. STAGGEMEYER STAVE: Oak Stave Biz Sale to Staggemeyer Wood OK'd -------------------------------------------------------------- The U.S. Bankruptcy Court for the District of Minnesota has permitted Staggemeyer Stave Company, Inc. seeks to sell substantially all Assets, free and clear of liens, claims, interests, and encumbrances. The Debtor manufactures premium white oak staves and heading in Caledonia, Minnesota. Prior to the Petition Date, the Debtor sought to sell its business. After marketing its business for over six months, the Debtor finally found a potential purchaser. The Debtor commenced the case for the purpose of completing a going-concern sale of its business. Details of the Assets can be found at: https://urlcurt.com/u?l=N8mEEZ The Court has authorized the Debtor to sell the Acquired Assets to Staggemeyer Wood Products LLC in the purchase price of $1,100,000. The Debtor is authorized to sell and transfer the Acquired Assets, as that term is defined in the Asset Purchase Agreement (APA), free and clear of all liens, claims, encumbrances, and interests. The holders of liens, claims, and encumbrances, and interests against the Debtor, its estate, or in respect to the Acquired Assets who did not object, or who withdrew their objections, to the sale or the Sale Motion are deemed to have consented to the sale. The transfer of the Acquired Assets to the Buyer shall not subject the Buyer to any lien, claim, encumbrance, or interest whatsoever with respect to the operation of the Debtor's business. The Debtor has demonstrated that it is an exercise of its sound business judgment to assume and assign the Assumed Agreements, including any amendments or modifications to the list of Assumed Agreements pursuant to the APA. All persons and entities are permanently barred from commencing or continuing any action or other proceeding of any kind against the Acquired Assets or the Buyer and its successors or assigns with respect to any Liens, Claims, Encumbrances, and Interests arising prior to the closing date of the sale. About Staggemeyer Stave Company Inc. Staggemeyer Stave Company Inc., based in Caledonia, Minnesota, manufactures premium white oak barrel staves and headings for whiskey distilleries and wineries, sourcing high-quality oak from the surrounding region. The Company has supplied cooperages for brands including Seagram and Jack Daniel's and exports staves to wineries worldwide. Staggemeyer Stave Company sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Minn. Case No. 25-33297) on October 17, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge William J. Fisher handles the case. The Debtor is represented by Steven R. Kinsella, Esq., at Fredrickson & Byron, P.A. STROMA MEDICAL: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------------- Debtor: Stroma Medical Corporation 30 Hughes, Suite 206 Irvine, CA 92618 Business Description: Stroma Medical Corporation, based in Irvine, California, is a clinical-stage medical device company that has developed the Stroma Laser System, a patented, non-invasive laser technology designed to change eye color from brown, hazel, or black to amber, hazel, grey/blue, blue, or green. The procedure is performed in a doctor's office using only a topical anesthetic, requires minimal recovery time, and takes less than a minute per eye. Stroma markets its system for lease to refractive surgeons worldwide and targets the unmet global demand for permanent eye-color change among consumers seeking a safe and natural-looking result. Chapter 11 Petition Date: December 8, 2025 Court: United States Bankruptcy Court District of Delaware Case No.: 25-12169 Judge: Hon. J Kate Stickles Debtor's Counsel: Jamie L. Edmonson, Esq. ROBINSON & COLE LLP 1201 N. Market Street Suite 1406 Wilmington, DE 19801 Tel: 302-516-1700 E-mail: jedmonson@rc.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million Gregg Homer signed the petition as executive chairman. 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/T77KTZA/Stroma_Medical_Corporation__debke-25-12169__0001.0.pdf?mcid=tGE4TAMA SUBURBAN PROPANE: Moody's Rates New Unsecured Notes Due 2035 'B1' ----------------------------------------------------------------- Moody's Ratings assigned a B1 rating to Suburban Propane Partners, L.P.'s (Suburban) proposed senior unsecured notes due in 2035. Proceeds from the notes offering will be used to retire its senior unsecured notes due in 2027. Suburban's existing ratings, including its Ba3 Corporate Family Rating, Ba3-PD Probability of Default Rating, and B1 senior unsecured notes rating are unchanged. The outlook is stable. "The proposed refinancing transaction will improve Suburban's maturity schedule and only modestly increase its interest expense," said Jake Leiby, Moody's Ratings Vice President. RATINGS RATIONALE Suburban's Ba3 CFR reflects the company's meaningful scale and market position in the fragmented US propane distribution industry and its strong track record of cost reduction and efficiency improvement efforts. Suburban has a market presence in 42 states and stands as the third largest retail distributor of propane in the US with roughly one million customers. The company generates the vast majority of its revenue from propane distribution operations but does benefit from some diversification with exposure to fuel oil and refined fuel distribution, natural gas and electricity marketing in deregulated markets, RNG distribution, and low-carbon fuel alternative production. The company's investments in renewable energy remain in their early stages but results should benefit from the near-term startup of two new RNG facilities. Suburban faces the key credit risks inherent in operating in the propane distribution sector. The company's financial results are highly sensitive to unpredictable external factors including weather, a trend of secularly declining volumes, and the highly competitive and fragmented nature of the sector. The challenging market demand growth profile for propane leaves Suburban largely reliant on acquisitions to grow its business. Although M&A activity may lead the company's financial leverage higher depending on the timing and funding mix, the company has a strong track record of restoring its financial flexibility post transaction. Suburban's proposed and existing senior unsecured notes are rated B1, one notch below the Ba3 CFR, reflecting their effective subordination to the secured $500 million revolving credit facility due 2029 (unrated). Suburban should maintain adequate liquidity through mid-2027, as reflected by the SGL-3 rating. As of September 27, 2025, the company had virtually no unrestricted cash on hand and $149 million outstanding under its $500 million secured revolver. The revolver will mature March 15, 2029. Additionally, there were $26 million in letters of credit outstanding under the revolver. The revolver's financial covenants include a 5.75x maximum consolidated leverage ratio, a 2.5x minimum interest coverage covenant, and a 3.25x maximum senior secured consolidated leverage ratio. Moody's expects Suburban to maintain modest headroom for future compliance with these financial covenants. Pro forma for the proposed refinancing transaction, the company's next maturity will be its revolving credit facility in 2029 followed by its senior notes due in 2031. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING Suburban's ratings could be upgraded if the company increases its scale and demonstrates a lower reliance on weather-dependent volumes, debt/EBITDA sustainably falls below 4x, and distribution coverage remains strong. The ratings could be downgraded if debt/EBITDA is sustained above 5x (normalized for seasonal working capital related borrowings), distribution coverage falls towards 1x, and/or if the company makes large debt funded acquisitions or distributions. The principal methodology used in this rating was Business and Consumer Services published in November 2021. Suburban Propane Partners, L.P. (Suburban), based in Whippany, NJ, is a master limited partnership (MLP), which conducts operations through four primary business segments: Propane (88% of revenues), Fuel Oil and Refined Fuels (5%), and Natural Gas and Electricity (2%), and Service (5%). SUNBELT PLANTATIONS: Seeks to Hire Powell Group as Accountant ------------------------------------------------------------- Sunbelt Plantations Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Georgia to hire Powell Group CPA, LLC and Herring CPA Group, P.C. as accountants. The services to be provided by Powell include: a. assisting the Debtors in preparing and filing their tax returns; b. analyzing financial data and preparing financial reports as necessary to comply with orders of the Court and requests from the U.S. Trustee and other parties-in-interest; and c. rendering other essential accounting duties necessary to ensure the accuracy of information presented to the Court and parties in interest in this case. The firm will charge $210 per hour for services rendered. As disclosed in the court filing, Powell CPA, LLC is a "disinterested person" within the meaning of 11 U.S.C. 101(14). The firm can be reached through: Charles W. Powell, III, CPA Charles W. Powell, IV, CPA Julie Powell, CPA Powell CPA, LLC 964 Windy Ridge Rd. Blue Ridge, GA 30513 Phone: (706) 632-8988 About Sunbelt Plantations Inc. Sunbelt Plantations Inc., doing business as Adcock Pecan Co., produces and distributes pecans, peanuts, jams, jellies, fruit butters, and chutneys. The Company operates from Tifton, Georgia, and offers its products through retail and online channels, including its Website at http://www.adcockpecans.com/ Sunbelt Plantations Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-21011) on July 21, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $500,000 and $1 million. The Debtor is represented by William Rountree, Esq. at ROUNTREE, LEITMAN, KLEIN & GEER, LLC. SUPREME PLUMBING: Case Summary & 20 Largest Unsecured Creditors --------------------------------------------------------------- Debtor: Supreme Plumbing & Heating Supply, Inc. 835 Bloomfield Avenue Clifton, NJ 07012 Business Description: Supreme Plumbing & Heating Supply, Inc., based in Clifton, New Jersey, distributes plumbing and heating products and related supplies primarily to professional contractors and end users. The Company maintains a showroom, supports construction and renovation projects with materials, and operates a small fleet for deliveries. Chapter 11 Petition Date: December 10, 2025 Court: United States Bankruptcy Court District of New Jersey Case No.: 25-23080 Judge: Hon. Vincent F. Papalia Debtor's Counsel: Daniel M. Stolz, Esq. GENOVA BURNS LLC 110 Allen Road Suite 304 Basking Ridge, NJ 07920 Tel: (973) 467-2700 Fax: (973) 467-8126 E-mail: dstolz@genovaburns.com Total Assets: $4,219,892 Total Liabilities: $6,253,354 The petition was signed by Sholem Baum as CEO. A full-text copy of the petition, which includes a list of the Debtor's 20 largest unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/SFM6RSY/Supreme_Plumbing__Heating_Supply__njbke-25-23080__0001.0.pdf?mcid=tGE4TAMA TC SIGNATURE: T. Rowe Price Marks $15MM 1L Loan at 40% Off ---------------------------------------------------------- T. Rowe Price OHA Select Private Credit Fund has marked its $15,045,000 loan extended to TC Signature Holdings, LLC to market at $9,027,000 or 60% of the outstanding amount, according to T. Rowe's Form 10-Q for the quarterly period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. T. Rowe is a participant in a First Lien Loan to TC Signature Holdings, LLC. The loan accrues interest at a rate of 13.96% per annum. The loan matures on May 4, 2028. T. Rowe Price OHA Select Private Credit Fund was initially formed on December 16, 2021 as a Delaware limited liability company and subsequently converted into a Delaware statutory trust on March 2, 2022. OHA Private Credit Advisors, LLC is the investment adviser of the Company. The Company invests primarily in directly originated and customized private financing solutions, including loans and other debt securities with a strong focus on senior secured lending to larger companies. The Company primarily targets investments in first lien loans, unitranche loans, second lien loans and other corporate secured debt. The Company may also invest in equity interests such as common stock, preferred stock, warrants or options, which generally would be obtained as part of providing a broader financing solution. T. Rowe is led by Eric Muller as Chief Executive Officer; and Thomas Hansen as Chief Financial Officer. The Fund can be reach through: Eric Muller T. Rowe Price OHA Select Private Credit Fund 1 Vanderbilt, 16th Floor New York, NY 10017 Telephone: (212) 326-1500 About TC Signature Holdings, LLC TC Holdings, LLC operates as a holding company. The Company, through its subsidiaries, TC Holdings operates in the United States. TERRAFORM LABS: Do Kwon Sentenced in $40B Crypto Fraud Scam ----------------------------------------------------------- Pete Brush of Law360 reports that a Manhattan federal judge sentenced Terraform Labs founder Do Kwon to 15 years in prison Thursday, December 11, 2025, concluding that his role in orchestrating a massive fraud involving the collapse of the stablecoin TerraUSD and related cryptocurrency Luna inflicted catastrophic financial losses on investors. The judge said Kwon's conduct caused "real people to lose $40 billion in real money," describing the deception as an "epic" fraud that devastated lives and wiped out substantial investment value across global markets. Kwon, who pleaded guilty in August 2025 to conspiracy to defraud and wire fraud charges in Manhattan federal court, has faced scrutiny from US prosecutors and regulators for misleading investors about the stability and security of his crypto ecosystem. Prosecutors had sought a 12‑year sentence, but the judge imposed 15 years, emphasizing the wide reach of the scam and the depth of investor harm. The case highlights the legal and regulatory fallout from one of the largest financial frauds in cryptocurrency history, the report states. About Terraform Labs Terraform Labs Pte. Ltd. -- https://www.terra.money -- is a startup that created Terra, a blockchain protocol and payment platform used for algorithmic stablecoins. It was co-founded by Do Kwon and Daniel Shin in 2018 in Seoul, South Korea. Terraform Labs introduced its first cryptocurrency token, TerraUSD, in 2019. Investment firms like Arrington Capital, Coinbase Ventures, Galaxy Digital, and Lightspeed Venture Partners helped Terraform Labs raise more than $200 million. The collapse of the stablecoins TerraUSD (UST) and Luna in May 2022 caused the temporary suspension of the Terra network, wiping out over $45 billion in market capitalization in a single week. Both of Terra Form Labs' founders have encountered legal problems as a result of the devaluation of the company's currency. In September 2022, South Korean prosecutors filed a warrant for Do Kwon's arrest. He was also added to Interpol's Red Notice list, which urges other law enforcement to find and detain him. Terraform Labs Pte. Ltd. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 24-10070) on Jan. 22, 2024. In the petition filed by Chris Amani, as chief executive officer, the Debtor estimated assets and liabilities between $100 million and $500 million each. The Debtor is represented by Zachary I Shapiro, Esq., at Richards, Layton & Finger, P.A. TP BRANDS: 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 cases of TP Brands Worldwide, Inc. and its affiliate, Premfloor Inc., according to court dockets. About TP Brands Palmetto, Fla.-based TP Brands manufactures and imports flooring products, door components, ready-to-assemble kitchen cabinets, and bathroom vanities, offering a full domestic inventory and services across North America. Its products are distributed through networks of distributors and dealers in North and South America. It also provides private label programs and OEM services, as well as product development, sourcing, and oversight. TP Brands Worldwide Inc. and affiliates, TP Brands International Inc. and Premfloor, Inc., filed separate Chapter 11 bankruptcy petitions (Bankr. M.D. Fla. Lead Case No. 25-08424) on Nov. 10, 2025, before the Hon. Caryl E Delano. Worldwide and Premfloor listed $0 to $50,000 in estimated assets and $1 million to $10 million in estimated liabilities. International listed $500,000 to $1 million in estimated assets and $10 million to $50 million in estimated liabilities. The petitions were signed by Thomas J. Winter as president. Edward J. Peterson, Esq., and Clay B. Roberts, Esq., at Berger Singerman, LLP, serve as the Debtors' counsel. TRADE WINDS: Case Summary & Two Unsecured Creditors --------------------------------------------------- Debtor: Trade Winds Three, LLC 1014 Broadway Santa Monica, CA 90401 Business Description: Trade Winds Three, LLC owns the residential property at 23200 Red Rock Rd, Topanga, CA 90290, on a fee simple basis, with a comparable sale value of $1.2 million. Chapter 11 Petition Date: December 10, 2025 Court: United States Bankruptcy Court Central District of California Case No.: 25-21122 Judge: Hon. Vincent P Zurzolo Debtor's Counsel: Onyinye N Anyama, Esq. ANYAMA LAW FIRM, APC 18000 Studebaker Road, Suite 325 Cerritos, CA 90703 Tel: 562-645-4500 Fax: 562-645-4494 Email: onyi@anyamalaw.com Total Assets: $1,202,391 Total Liabilities: $1,527,326 The petition was signed by George O'Campo as manager. A full-text copy of the petition, which includes a list of the Debtor's two unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/XRXP2JA/Trade_Winds_Three_LLC__cacbke-25-21122__0001.0.pdf?mcid=tGE4TAMA TRANSATLANTIC BRIDGE: To Sell Mount Dora Property to Holzendorf --------------------------------------------------------------- Transatlantic Bridge Corp. seeks permission from the U.S. Bankruptcy Court for the District of Florida, Jacksonville Division, to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor's Property is located at 521 E Jackson Ave Mount Dora, Florida, 32757, which is comprised of eight unit multi family. On December 8, 2025, Jerrett M. McConnell was appointed as the Subchapter V Trustee in the case. The Debtor is a Florida corporation, wholly owned and managed by Hanna Moore. Ms. Moore formed the Debtor on August 22, 2016. Ms. Moore planned for the Debtor to operate a residential rental and sale business. The Debtor has operated the business since 2016 and purchased the 521 E Jakcson Ave Property in 2020. The Debtor obtained several secured loans, as well as other unsecured debt over the course of the business operations for the past five years. On November 8, 2025, the Debtor entered into a Purchase and Sale Agreement with Holzendorf & Associates Development Supplies, LLC to sell the Property in the gross sales price of $575,000. The property was scheduled to close on November 21, 2025. However the property closing was delayed and the Debtor was forced to file Chapter 11 due to a pending foreclosure sale that had been scheduled for December 9, 2025 at 11:00 A.M. The Purchaser has indicated that it is still willing to purchase the property despite the delay. Upon information and belief, the current lien balances on the real property total approximately $2,351,625.00 as estimated by the Debtor. The Debtor has determined that a sale of the assets of the company assets would result in an efficient and cost-effective manner of disposing of the estate's interest in the assets, while simultaneously creating a benefit to the bankruptcy estate and customers of the Debtor. The Debtor seeks to sell the Property to the Purchaser or its assigns free and clear of the existing liens and encumbrances, with such liens and encumbrances to attach to the sale proceeds. The Debtor had undertaken efforts to solicit offers from third parties prior to the filing of the Chapter 11 case and is the best and highest offer. The Purchaser is an uninterested third-party and does not have any relationship with the Debtor or any estate professionals. About TransAtlantic Bridge Corp. TransAtlantic Bridge Corp. holds an eight- unit multifamily building at 521 E Jackson Avenue in Mount Dora, Florida, a property that is currently valued at about $402,529. TransAtlantic Bridge sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fl. Case No.: 25-04515) on December 5, 2025. In the petition signed by Hanna Moore as chief executive officer, the Debtor disclosed total assets of $423,518 and total liabilities of $2,755,371. The Debtor's counsel is Bryan K. Mickler, Esq., at LAW OFFICES OF MICKLER & MICKLER, LLP, in Jacksonville, Florida. TRICOLOR AUTO: Trustee Eyes Suit Against Founder for Collapse ------------------------------------------------------------- Steven Church and Scott Carpenter of Bloomberg News report that Tricolor Holdings, the bankrupt subprime auto dealer, is gearing up to sue founder Daniel Chu for allegedly engineering a large-scale fraud that contributed to the company's collapse, newly filed court documents reveal. Chu is already the subject of investigations by the US Justice Department and the SEC, the bankruptcy trustee noted. In the same filing, the trustee urged a Dallas federal judge to curb Chu's ability to tap into $15 million in directors-and-officers insurance. The trustee contends that the coverage should be preserved as potential legal actions against Chu move forward, the report states. About Tricolor Auto Acceptance Tricolor Auto Acceptance is an Irving, Texas-based subprime auto lender. Tricolor Auto Acceptance, together with its parent Tricolor Auto Group and other affilites sought relief under Chapter 7 of the U.S. Bankruptcy Code(Bankr. N.D. Tex. Case No. 25-33497) on September 10, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 billion and $10 billion each. The Debtor is represented by Thomas Robert Califano, Esq. at Sidley Austin LLP. TRIPLETT FUNERAL: Files Amended Motion to Sell Kahoka Property -------------------------------------------------------------- Robert E. Eggmann, Chapter 11 Trustee for Triplett Funeral Homes, LLC, seeks permission from the Triplett Funeral Homes LLC in an amended motion to sell Commercial Property, free and clear of liens, claims, interests, and encumbrances. The Debtor operates Wilson & Triplett Funeral Home, a funeral home located at 975 E Main St., Kahoka, MO 63445 (Business) and owns a commercial property located at 975 E Main St., Kahoka, MO 63445 (Property). The date of the hearing of the Chapter 11 Proceeding were changed to: Hearing Date: January 15, 2025 Hearing Time: 10:00 a.m. Hearing Location: Hannibal Federal Building 801 Broadway, Floor 3 Hannibal, MO 63401 Objection Deadline: January 7, 2025 at 4:00 p.m Purchasers, Melissa Vigen and Marcus Vigen, have submitted an offer to Trustee to purchase the Assets and Property for the total sale price of $1,000,000.00. About Triplett Funeral Homes, LLC Triplett Funeral Homes, LLC, a company in Kahoka, Mo., is a locally owned and operated funeral service provider dedicated to offering compassionate services and personalized care to families during their time of need. Triplett Funeral Homes sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Miss. Case No. 25-20049) on March 27, 2025. In its petition, the Debtor reported between $1 million and $10 million in both assets and liabilities. Judge Kathy A. Surratt-States oversees the case. The Debtor is represented by Fredrich J. Cruse, Esq., at Cruse Chaney-Faughn. Robert E. Eggmann is the Debtor's Chapter 11 trustee. TURBO REDI: Seeks Chapter 7 Bankruptcy in California ---------------------------------------------------- On December 5, 2025, Turbo Redi Mix filed for Chapter 7 protection in the Central District of California. According to the court filing, the Debtor reports between $100,001 and $1,000,000 in debt owed to 1–49 creditors. About Turbo Redi Mix Turbo Redi Mix is a construction materials company specializing in the production and distribution of ready-mix concrete for residential, commercial, and industrial projects. Turbo Redi Mix sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-13427) on December 5, 2025. In its petition, the Debtor reports estimated assets of $0–$100,000 and estimated liabilities of $100,001–$1,000,000. Honorable Bankruptcy Judge Scott C. Clarkson handles the case. The Debtor is represented by Herbert N. Wiggins, Esq. of Herbert Wiggins, APLC. UBA BROCKTON: Hires Rubin and Rudman LLC as Bankruptcy Counsel -------------------------------------------------------------- UBA Brockton, LLC seeks approval from the U.S. Bankruptcy Court for the District of Massachusetts to hire Rubin and Rudman LLP as its bankruptcy counsel. The firm's services include: a) advising the Debtor with respect to its rights, powers and duties as debtor-in-possession in the continued operation of its business and management of its assets; b) advising the Debtor with respect to any plan of reorganization and any other matters relevant to the formulation and negotiation of a plan or plans of reorganization in the case; c) representing the Debtor at all hearings and matters pertaining to its affairs as debtor and debtor-in-possession; d) preparing, on the Debtor's behalf, all necessary and appropriate applications, motions, answers, orders, reports, and other pleadings and other documents, and reviewing all financial and other reports filed in this Chapter 11 case; e) advising the Debtor with respect to, and assisting in the negotiation and documentation of, financing agreements, debt and cash collateral orders and related transactions; f) reviewing and analyzing the nature and validity of any liens asserted against the Debtor's property and advising the Debtor concerning the enforceability of such liens; g) advising the Debtor regarding its ability to initiate actions to collect and recover property for the benefit of its estate; h) advising and assisting the Debtor in connection with the potential disposition of any property; i) advising the Debtor concerning executory contract and unexpired lease assumptions, lease assignments, rejections, restructurings and recharacterization of contracts and leases; j) reviewing and analyzing the claims of the Debtor's creditors, the treatment of such claims and the preparation, filing or prosecution of any objections to claims; k) commencing and conducting any and all litigation necessary or appropriate to assert rights held by the Debtor, protect assets of the Debtor's Chapter 11 estate or otherwise further the goal of completing the Debtor's successful reorganization; and l) performing all other legal services and providing all other necessary legal advice to the Debtor as debtor-in-possession which may be necessary in the Debtor's bankruptcy proceeding. The firm's hourly rates are: Rion M. Vaughan, Partner $495 Joseph S.U. Bodoff $650 Associates $250 to $540 Paralegals $130 to $365 The firm received a retainer in the amount of $50,000. Rion M. Vaughan, Esq., a partner of Rubin and Rudman, assured the court that the firm is a "disinterested person" as that term is defined in 11 U.S.C. Sec. 101(14). The firm can be reached through: Rion M. Vaughan, Esq. Rubin and Rudman LLP 53 State Street Boston, MA 02109 Phone: (617) 330-7038 Email: rvaughan@rubinrudman.com About UBA Brockton LLC UBA Brockton, LLC doing business as Urban Air Trampoline & Adventure Park, operates an indoor entertainment center at 435 Westgate Drive in Brockton, Massachusetts, featuring trampolines, climbing walls, obstacle and warrior courses, laser tag, and slides. The facility provides recreational and amusement services for families, parties, and group events, with ticketed access and membership options. It is part of the Urban Air Adventure Park franchise network offering active indoor attractions across the United States. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 25-12422) on November 7, 2025. In the petition signed by Thomas Ng, manager, the Debtor disclosed up to $10 million in both assets and liabilities. Rion M. Vaughan, Esq., at RUBIN AND RUDMAN LLP, represents the Debtor as legal counsel. USIC HOLDINGS: T. Rowe Price Marks $2.5MM 1L Loan at 56% Off ------------------------------------------------------------ T. Rowe Price OHA Select Private Credit Fund has marked its $2,543,000 loan extended to USIC Holdings Inc. to market at $1,115,000 or 44% of the outstanding amount, according to T. Rowe's Form 10-Q for the quarterly period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. T. Rowe is a participant in a First Lien Loan to USIC Holdings Inc. The loan accrues interest at a rate of 9.70% per annum. The loan matures on September 10, 2031. T. Rowe Price OHA Select Private Credit Fund was initially formed on December 16, 2021 as a Delaware limited liability company and subsequently converted into a Delaware statutory trust on March 2, 2022. OHA Private Credit Advisors, LLC is the investment adviser of the Company. The Company invests primarily in directly originated and customized private financing solutions, including loans and other debt securities with a strong focus on senior secured lending to larger companies. The Company primarily targets investments in first lien loans, unitranche loans, second lien loans and other corporate secured debt. The Company may also invest in equity interests such as common stock, preferred stock, warrants or options, which generally would be obtained as part of providing a broader financing solution. T. Rowe is led by Eric Muller as Chief Executive Officer; and Thomas Hansen as Chief Financial Officer. The Fund can be reach through: Eric Muller T. Rowe Price OHA Select Private Credit Fund 1 Vanderbilt, 16th Floor New York, NY 10017 Telephone: (212) 326-1500 About USIC Holdings Inc. USIC Holdings, Inc. is a provider of underground utility locating and damage prevention services in the U.S., using skilled technicians and technology to map buried lines for safety and infrastructure management. USIC HOLDINGS: T. Rowe Price Marks $5.3MM 1L Loan at 66% Off ------------------------------------------------------------ T. Rowe Price OHA Select Private Credit Fund has marked its $5,365,000 loan extended to USIC Holdings Inc. to market at $1,843,000 or 34% of the outstanding amount, according to T. Rowe's Form 10-Q for the quarterly period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. T. Rowe is a participant in a First Lien Loan to USIC Holdings Inc. The loan accrues interest at a rate of 9.45% per annum. The loan matures on September 10, 2031. T. Rowe Price OHA Select Private Credit Fund was initially formed on December 16, 2021 as a Delaware limited liability company and subsequently converted into a Delaware statutory trust on March 2, 2022. OHA Private Credit Advisors, LLC is the investment adviser of the Company. The Company invests primarily in directly originated and customized private financing solutions, including loans and other debt securities with a strong focus on senior secured lending to larger companies. The Company primarily targets investments in first lien loans, unitranche loans, second lien loans and other corporate secured debt. The Company may also invest in equity interests such as common stock, preferred stock, warrants or options, which generally would be obtained as part of providing a broader financing solution. T. Rowe is led by Eric Muller as Chief Executive Officer; and Thomas Hansen as Chief Financial Officer. The Fund can be reach through: Eric Muller T. Rowe Price OHA Select Private Credit Fund 1 Vanderbilt, 16th Floor New York, NY 10017 Telephone: (212) 326-1500 About USIC Holdings Inc. USIC Holdings, Inc. is a provider of underground utility locating and damage prevention services in the U.S., using skilled technicians and technology to map buried lines for safety and infrastructure management. VICINITY MOTOR: To Sell Ferndale Property to C & Y Investments -------------------------------------------------------------- FTI Consulting Canada Inc., in its capacity as the foreign representative and receiver appointed in the Canadian insolvency proceeding of Vicinity Motor Corp., Vicinity Motor (Bus) Corp., Vicinity Motor (Bus) USA Corp., and Vicinity Motor Property, LLC, seeks permission from the U.S. Bankruptcy Court for the Western District of Washington at Seattle, to sell Property, free and clear of liens, claims, interests, and encumbrances. Vicinity Motor Corp. is a public company listed on the TSX Venture Exchange. Vicinity Parent's direct and indirect subsidiaries include Vicinity Motor (Bus) Corp., Vicinity Motor (Bus) USA Corp., and Vicinity Motor Property, LLC. The Debtors collectively conduct business as a North American supplier of electric commercial vehicles for both public and commercial enterprise use, operating primarily in British Columbia, Canada and in Washington State. The Debtors' management and operations are directed from and located in Canada, along with some of the Debtors' assets; however, the Debtors also own valuable assets located in the United States, including real and personal property in Washington. The Debtors' primary assets are interests in various electric buses and trucks and other motor vehicles, and certain real property located at 5453 and 5457, Pacific Fern Drive, Ferndale, Washington. On October 21, 2024, in the Canadian Proceeding, the Debtors were placed into a receivership proceeding. On October 24, 2024, in the United States Bankruptcy Court for the Western District of Washington, the Receiver filed petitions seeking Chapter 15 recognition of the Canadian Proceeding as a foreign main proceeding for Vicinity and each of the other Debtors, commencing Chapter 15 bankruptcy cases for each of the Debtors. In February 2025, the Receiver began a marketing process to solicit offers for the Ferndale Property and certain personal property assets located on site including inventory of certain Electric Vehicles. The Receiver, in consultation with the Broker, evaluated the offers received and concluded that the offer from the Buyer, C & Y Investments, LLC, was the superior offer. The key terms of the Purchase and Sale Agreement (PSA) include: (i) the Buyer will pay to the Receiver the purchase price of $10.5 million USD; (ii) the Buyer will pay an "earnest money" deposit of $1.05 million USD that will form part of the Purchase Price; (iii) the Electric Vehicles remaining onsite at the Ferndale Property will be included in the purchase at no cost to the Buyer; (iv) the Electric Vehicles remaining onsite at the Ferndale Property will be delivered in current, "as-is, where-is" condition and become the sole responsibility of the Buyer at closing; (v) the transaction is conditioned on approval by the Canadian Court in the Canadian Proceeding and by this Court in these Chapter 15 cases; and (vi) closing is to occur no later than 15 days after the PSA and Sale Transaction is approved. The Sale Transaction is supported by Royal Bank of Canada and Economic Development Canada, the Debtors' senior secured lenders. The Buyer is a good faith purchaser under section 363(m) of the Bankruptcy Code and, as such, is entitled to all of the protections afforded. The Receiver conducted an extensive Marketing Process of the Assets, and the PSA and Sale Transaction present the highest and best offer under the circumstances of the Canadian Proceeding and the Bankruptcy Proceeding. The PSA and Sale Transaction are supported by ample business justification, and are reasonable and appropriate under the circumstances of these Chapter 15 cases. About Vicinity Motor Corp. The Debtors collectively conduct business as a North American supplier of electric commercial vehicles for both public and commercial enterprise use, operating primarily in British Columbia, Canada and in Washington State. The Debtors' management and operations are directed from and located in Canada, along with some of the Debtors' assets; however, the Debtors also own valuable assets located in the United States, including real and personal property States, including real and personal property in Washington. The Debtors' primary assets are interests in various electric buses and trucks and other motor vehicles, and certain real property located at 5453 and 5457, Pacific Fern Drive, Ferndale, Washington. Vicinity Motor sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Wash.) on October 24, 2024. Four affiliates that concurrently filed voluntary petitions for relief under Chapter 15 of the Bankruptcy Code are Vicinity Motor Corp. (Lead Case), Vicinity Motor (Bus) Corp., Vicinity Motor (Bus) USA Corp., and Vicinity Motor Property, LLC. Judge Christopher M. Alston presides over the case. James B. Zack, Esq., at Gregory R. Fox, Esq. serves as the Debtors' foreign representative counsel. James B. Zack, Esq., at LANE POWELL PC serves as the Debtors' legal representative. VISTEON CORP: Moody's Ups CFR & Senior Secured Debt to Ba1 ---------------------------------------------------------- Moody's Ratings upgraded Visteon Corporation's (Visteon) corporate family rating to Ba1 from Ba2, the probability of default rating to Ba1-PD from Ba2-PD and the senior secured bank credit facility ratings (term loan A and revolving credit facility) to Ba1 from Ba2. The outlook remains stable. The Speculative Grade Liquidity rating was unchanged at SGL-1. The upgrades reflect Moody's expectations for Visteon to maintain its growth above that of its supplier peers, lifted by the industry's accelerating adoption of cockpit digitalization and a steady flow of higher margin new product launches. Ongoing operational improvements such as optimized engineering spend and benefits from a best-cost manufacturing footprint will contribute to margin expansion over the next couple of years. The implementation of AI in the cockpit will have a greater impact on financial results as these initiatives achieve more meaningful scale. New business wins - growth with Asian OEMs, commercial vehicles and the 2-wheeler market - are expanding Visteon's addressable market and diversifying its customer base to reduce reliance on the US automakers. For 2026, Moody's expects Visteon's EBIT margin to be around 10%, debt-to-EBITDA to remain near 1x and free cash flow of at least $250 million. Moody's also anticipates opportunistic share repurchases and occasional, bolt-on acquisitions to boost capabilities with both initiatives managed prudently and well within internal cash generation levels. A List of Affected Credit Ratings is available at https://urlcurt.com/u?l=tuUBMS RATINGS RATIONALE Visteon's Ba1 CFR reflects a strong position as a drivetrain agnostic automotive supplier of digital cockpit displays and other vehicle electronics that are driving a robust backlog of new business wins and program launches. Automotive electronics growth is likely to outpace production volumes as vehicles shift from analog to digital and toward device and cloud connectivity, electric vehicles and advanced safety features. Improving margins and solid free cash flow along with a conservative financial policy, highlighted by a cash position that exceeds reported debt, further support ratings. Visteon maintains good geographic diversification; however, customer concentration remains high with Ford and General Motors accounting for nearly 40% of revenue. Visteon's results are vulnerable to cyclicality within the automotive sector given concerns about new vehicle affordability, tariffs and elevated interest rates. Additionally, with somewhat of a niche focus, Visteon's scale is modest relative to many industry peers. The stable outlook reflects a product portfolio well positioned to capture accelerating secular trends within the automotive industry, namely increasing digitalization and connectivity of the vehicle cockpit. Moody's expectations for margin growth and free cash flow consistency, along with strong liquidity and conservative financial leverage, also support the stable outlook despite uncertainty regarding light vehicle production volumes. Visteon's SGL-1 Speculative Grade Liquidity Rating reflects very good liquidity. Liquidity is supported by Moody's expectations that the company will maintain a cash balance of at least $500 million, though a majority of cash is held outside of the US. At September 30, 2025, Visteon had near full availability under a $400 million revolving credit facility set to expire July 2027. The facility includes a total net leverage ratio test that Moody's expects the company to maintain compliance with through 2026. Moody's expects free cash flow to exceed $250 million over the next 12-24 months even with modestly higher capital expenditures and a recurring dividend payout that was initiated in August 2025. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded with increasing free cash flow, an EBIT margin approaching 10% and continuation of conservative financial leverage given the inherent cyclicality of the automotive sector. Migration to an investment grade-like debt capital structure would also be necessary for an upgrade. A prudent approach to increasing scale and scope while improving customer diversification would also be viewed favorably. The ratings could be downgraded if annual free cash flow falls sharply from recent levels, or if there is an aggressive shift in financial policy that includes large, debt-financed acquisitions. More specifically, debt-to-EBITDA approaching 3x or an EBIT margin falling below 6% could also result in a ratings downgrade. The principal methodology used in these ratings was Automotive Suppliers published in November 2025. Visteon's Ba1 CFR is two notches below the Baa2 scorecard indicated outcome for the projected periods 2026 and 2027. The differential reflects Moody's views that the secured debt capital structure constrains financial flexibility. Visteon Corporation is a global automotive supplier that designs, engineers and manufactures cockpit electronics and connected car solutions. Visteon is a leader in cockpit electronic products including digital instrument clusters, information displays, infotainment, head-up displays, telematics, cockpit domain controllers, advanced safety platforms and battery management systems. Revenue for the twelve months ended September 30, 2025 was nearly $3.8 billion. VSM PROPERTIES: Court OKs Interim Use of Cash Collateral -------------------------------------------------------- The U.S. Bankruptcy Court for the Eastern District of Tennessee entered an agreed interim order authorizing VSM Properties, LLC to continue using cash collateral, subject to the consent of secured creditors Mary Jane Saunders and Grassland Financial Services, LLC. The Debtor may use cash collateral for ordinary and necessary business expenses including management fees, insurance, utilities, repairs, and maintenance in accordance with its budget, with a 20% variance allowed per category. The order expressly prohibited the use of rental management fees to pay insiders and allowed the Debtor to update the budget as properties are sold. The Debtor must provide weekly revenue and disbursement reports for seven consecutive periods covering late November 2025 through January 10, 2026, with each report delivered within four days of the period's end. The order also required the Debtor to escrow $2,100 per month for 2025 property taxes and $610 per month for interest on past-due 2023–2024 taxes, to be held by the Debtor's counsel. If all parties agree, future sale proceeds may be used to pay off taxes, but this option does not apply to past-due amounts. As adequate protection, Saunders and Grassland will receive post-petition replacement liens on all existing and post-petition collateral, with the same scope and priority as their pre-petition liens. The order preserves their right to seek additional adequate protection and administrative priority claims if ultimately found to be inadequately protected. The Debtor must maintain insurance, file all post-petition tax returns, pay U.S. Trustee fees, file monthly operating reports, and comply with all reporting requirements. Failure to do so may result in dismissal or conversion of the case upon the U.S. Trustee’s notice. A continued hearing on cash collateral use is scheduled for January 13, 2026, with objections due by January 9, 2026. Grassland is represented by: David G. Mangum, Esq. 2303 8th Avenue South Nashville, TN 37204 Phone: (615) 255-8690 Fax: (615) 255-2766 notice@davidmangum.com Ms. Saunders is represented by: Maurice K. Guinn, Esq. Gentry, Tipton & McLemore, P.C. P.O. Box 1990 Phone: 865-525-5300 mkg@tennlaw.com About VSM Properties LLC VSM Properties, LLC owns and operates short-term rental and residential real estate in Tellico Plains, Tennessee, and the surrounding area, focusing on cabin and hospitality properties. VSM Properties sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Tenn. Case No. 25-12708) on October 9, 2025, listing up to $50,000 in assets and between $10 million and $50 million in liabilities. On October 30, 2025, the case was transferred from the Southern Division to the Northern Division and was assigned a new case number (Case No. 25âˆ’32042). Judge Suzanne H. Bauknight oversees the case. The Debtor is represented by W. Thomas Bible, Jr., Esq., at Tom Bible Law. W.A. KENDALL: T. Rowe Price Marks $1.6MM 1L Loan at 81% Off ----------------------------------------------------------- T. Rowe Price OHA Select Private Credit Fund has marked its $1,626,000 loan extended to W.A. Kendall and Company, LLC to market at $314,000 or 19% of the outstanding amount, according to T. Rowe's Form 10-Q for the quarterly period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. T. Rowe is a participant in a First Lien Loan to W.A. Kendall and Company, LLC. The loan accrues interest at a rate of 10.04% per annum. The loan matures on April 22, 2030. T. Rowe Price OHA Select Private Credit Fund was initially formed on December 16, 2021 as a Delaware limited liability company and subsequently converted into a Delaware statutory trust on March 2, 2022. OHA Private Credit Advisors, LLC is the investment adviser of the Company. The Company invests primarily in directly originated and customized private financing solutions, including loans and other debt securities with a strong focus on senior secured lending to larger companies. The Company primarily targets investments in first lien loans, unitranche loans, second lien loans and other corporate secured debt. The Company may also invest in equity interests such as common stock, preferred stock, warrants or options, which generally would be obtained as part of providing a broader financing solution. T. Rowe is led by Eric Muller as Chief Executive Officer; and Thomas Hansen as Chief Financial Officer. The Fund can be reach through: Eric Muller T. Rowe Price OHA Select Private Credit Fund 1 Vanderbilt, 16th Floor New York, NY 10017 Telephone: (212) 326-1500 About W.A. Kendall and Company, LLC W.A. Kendall and Company, LLC provides vegetation management services. The Company offers tree trimming, line clearance, herbicide application, and mowing services. W. A. Kendall and Company serves customers in the United States. WARNER BROS: Moody's 'Ba1' Rating Remains on Review for Downgrade ----------------------------------------------------------------- Moody's Ratings said that Warner Bros. Discovery, Inc.'s (WBD, Ba1 RUR DNG) credit ratings remain on review for downgrade following the announcement of a definitive agreement under which Netflix will acquire Warner Bros. (WB), including its film and television studios, HBO Max, and HBO, collectively referred to as the streaming and studio assets. The transaction, structured as a mix of cash, equity, and assumed debt, values WB at an enterprise value of approximately $82.7 billion. As part of the deal, Netflix will assume about $10.7 billion of WBD's net debt and issue $11.7 billion in Netflix equity to WBD shareholders. Closing is expected in 2027, following WBD's planned separation of Discovery Global (DG) into a new publicly-traded company in Q3 2026. If the acquisition fails to receive regulatory approval, Netflix will pay WBD a $5.8 billion termination fee. Conversely, if WBD accepts a higher offer, it will owe Netflix a $2.8 billion termination fee. While Netflix's has agreed to assume $10.7 billion in WBD net debt, DG post-spin, will: (i) retain the remaining debt, (ii) operate with elevated leverage despite strong free cash flow generation, and, (iii) continue to face long-term secular pressures. Post-spin DG will be comprised mainly of Cable TV networks such as CNN, TNT, and the core Discovery-branded channels. WATER ENERGY: To Sell Teague Property to John Hearn Jr. ------------------------------------------------------- Water Energy Services, LLC, seeks permission from the U.S. Bankruptcy Court for the Western District of Texas, San Antonio Division, to sell Property, free and clear of liens claims, interests, and encumbrances. The Debtor's Property is consists of 9.604 acres located at 585 F.M. 80 S, Teague, Texas 75860. The Debtor works with Hilco Real Estate, LLC as broker to market the Property. The Debtor is aware of purported liens against the Property, including those held by: a. County of Freestone, Texas; b. BTG, LLC; and c. OSC Energy, LLC. The Debtor enters into a Real Estate Purchase and Sale Contract with the purchaser, John E. Hearn, Jr., in the purchase price of $35,000. The Debtor proposes to sell the Property for $35,000.00, free and clear of all liens, claims, and encumbrances. At closing, the Debtor seeks authority to pay: a. Hilco commission in the amount of $2,800.00, consistent with the Court's prior order approving Hilco’s employment; b. Freestone County in the amount of $1,769.06; c. BTG in the amount of $18,230.94; and d. Miscellaneous closing costs in the estimated amount of $2,000.00. The Debtor further requests that the remaining sale proceeds be used as cash collateral in accordance with the Court-approved budget. Because BTG's lien exceeds the sale price and BTG is agreeing that the portion to be remitted to the Debtor is being carved out of BTG's lien, the approximately $10,200.00 remaining after the foregoing distributions is BTG's cash collateral and not the cash collateral of any other party in interest. The Debtor believes that the Sale Contract is the highest and best offer that will be received for the Property. The Debtor believes the Purchase Price is reasonable and fair. The Debtor chose this offer based on the price offered and the belief that the Purchaser can close under the contracted terms. The Debtor further notes that any party may make a higher offer for the subject Property, and that any such party should appear at the hearing on the Motion. About Water Energy Services Water Energy Services, LLC, is a San Antonio-based company operating in the oil and gas extraction industry. Water Energy Services LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tex. Case No. 25-50539) on March 21, 2025. In its petition, the Debtor reported between $1 million and $10 million in assets and between $10 million and $50 million in liabilities. Judge Michael M. Parker handles the case. The Debtor is represented by Herbert C Shelton, II, Esq., at Hayward, PLLC. WEST RIDGE: Seeks to Extend Plan Exclusivity to March 16, 2026 -------------------------------------------------------------- West Ridge, Inc. and affiliates asked the U.S. Bankruptcy Court for the Northern District of West Virginia to extend their exclusivity periods to file a plan of reorganization and obtain acceptance thereof to March 16, 2026 and May 15, 2026, respectively. The Debtors explain that the factors set out in the Express One case weigh in favor of extending the Exclusive Periods: * Size and Complexity of the Bankruptcy Case. These Chapter 11 Cases are complex, and formulating a chapter 11 plan will require substantial time and effort. Additionally, the bar date for filing proofs of claim has not yet been set, and the Debtors are in the process of revising their Schedules and Statements pursuant to the Interim DIP Order, so the Debtors cannot reasonably estimate the claims against the estate at this time. * Sufficient Time to Negotiate a Plan of Reorganization. The Debtors require time to negotiate a plan of reorganization. As the Court is aware, the Debtors retained ArentFox Schiff nunc pro tunc to November 6, 2025, and Rock Creek nunc pro tunc to November 7, 2025. The Debtors and their new advisors simply need additional time to compile and propose a plan of reorganization while simultaneously working to obtain final relief on their DIP Financing and meet the DIP Recording Obligations. * Good Faith Progress Towards Reorganization. The Debtors' professionals have worked diligently since their retention to move these Chapter 11 Cases forward by filing the First Day Motions; negotiating and obtaining approval of the Interim DIP Order; and supplying the Piper Entities, the United States Trustee and other key stakeholders with information as requested and as required under the Interim DIP Order. The Debtors are now working within consensually-established time frames to cure deficiencies in their Bankruptcy Code-mandated reporting requirements and providing much-sought-after transparency, all of which will help the Debtors when it comes time to formulating their chapter 11 plan. * Reasonable Prospect of Filing a Viable Plan. The Debtors are still evaluating the property of the estate and claims against the estate, confirming their financial information, and revising and updating their Schedules and Statements. At this time with the information available, the Debtors cannot properly estimate the reasonability of a viable plan. However, the Debtors expect, with assistance from their new advisors, significant viable plan prospects as they satisfy more requirements under the Interim DIP Order. * Progress in Negotiations. Negotiations with key stakeholders are continuing. The settlements incorporated into the Interim DIP Order, after several months of conflict and uncertainty, present a significant stride toward consensual resolutions with the Debtors' key stakeholders. The Debtors expect negotiations will proceed with respect to a plan of reorganization when appropriate. * No Pressure on Creditors. The Debtors are not seeking to extend the Exclusive Periods to put pressure on creditors. To the contrary, as reflected by the consensual terms of the Interim DIP Order, the Debtors are cooperating and collaborating with their creditors in order to move the Chapter 11 Case forward. The Debtors merely need additional time to be able to resolve key issues for the benefit of the creditors. * Unresolved Contingencies. As noted, the Debtors cannot formulate a consensual plan of reorganization until it determines the extent of claims against the estate. As reflected by the consensual terms of the Interim DIP Order, the Debtors are working to prepare their MORs, Schedules and Statements, and Tax Returns, which will facilitate the Debtors' analysis of unresolved contingencies. Counsel to the Debtors: David L. Dubrow, Esq. Scott B. Lepene, Esq. Nicholas A. Marten, Esq. Patrick Feeney, Esq. Carolyn Indelicato, Esq. ARENTFOX SCHIFF LLP 1301 Avenue of the Americas, 42nd Floor New York, NY 10019 Telephone: (212) 484.3900 Facsimile: (212) 484.3990 Email: david.dubrow@afslaw.com scott.lepene@afslaw.com nicholas.marten@afslaw.com patrick.feeney@afslaw.com carolyn.indelicato@afslaw.com - and – Annie Y. Stoops, Esq. ARENTFOX SCHIFF LLP 555 South Flower Street, 43rd Floor Los Angeles, CA 90071 Telephone: (213) 629-740 Facsimile: (213) 629-7401 Email: annie.stoops@afslaw.com About West Ridge West Ridge, Inc. engaged in real estate development and management in Morgantown, West Virginia, operating under a unified management structure. West Ridge and affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. W. Va. Lead Case No. 25-00451) on August 18, 2025. In its petition, West Ridge reported estimated assets between $10 million and $50 million and estimated liabilities between $50 million and $100 million. Honorable Bankruptcy Judge David L. Bissett handles the cases. The Debtors tapped David B. Salzman, Esq., at Campbell & Levine, LLC as bankruptcy counsel and Barth & Thompson as local counsel. WESTMINSTER PRESBYTERIAN: Fitch Affirms 'BB' IDR, Outlook Stable ---------------------------------------------------------------- Fitch Ratings has affirmed the 'BB' Issuer Default Rating (IDR) on Westminster Presbyterian Retirement Community, VA d/b/a Westminster at Lake Ridge (WLR). Fitch has also affirmed the 'BB' rating on the series 2016 revenue and refunding bonds issued by the Industrial Development Authority of the County of Prince William, VA issued on behalf of WLR. The Rating Outlook is Stable. Entity/Debt Rating Prior ----------- ------ ----- Westminster Presbyterian Retirement Community (VA) LT IDR BB Affirmed BB Westminster Presbyterian Retirement Community (VA) /General Revenues/1 LT LT BB Affirmed BB The 'BB' rating and Stable Outlook reflect improvement in operating performance in fiscal 2024, ended December 31, a trend sustained through the first three quarters of fiscal 2025. The improvement in operating performance is driven by stable and strong occupancy in independent living (IL) and assisted living (AL), rate increases, and tight expense controls. The affirmation also reflects balance sheet metrics aligned with Fitch's prior expectations. SECURITY The bonds are secured by a gross revenue pledge of and security interest in the gross revenue of the obligated group (WLR is the only member), a mortgage lien on the community, and a series-specific debt service reserve that is cash funded to maximum annual debt service (MADS) of $3.34 million. KEY RATING DRIVERS Revenue Defensibility - bbb Steady and Strong Demand for ILUs Fitch's midrange assessment of WLR's revenue defensibility reflects its single-site nature, as WLR is the sole community in the obligated group, and increasing competition in the larger region around its primary market area (PMA), defined as the area surrounding WLR's campus in Lake Ridge, VA, about 30 miles southwest of Washington, D.C. WLR draws approximately 60% of its residents from the nearby suburbs, including Fairfax County, Alexandria, Arlington and parts of Prince William County, VA. WLR differentiates itself from other communities by offering the full continuum of care on a large, open green space, resulting in steady strong IL occupancy of 96% over the last five years, which Fitch views as a credit strength. AL occupancy maintains similar occupancy levels, whereas the skilled nursing facility (SNF) is lower, at 81% through the first three quarters of fiscal 2025. WLR keeps a growing waitlist of more than 150 residents with a relatively modest $5,000 deposit. WLR demonstrates sufficient pricing flexibility. In fiscal 2024, management increased entrance fees by 20% to reflect appreciation in area real estate. In fiscal 2024, management increased entrance fees by 20% to reflect appreciation in area real estate. In 2025, the monthly service fee increase was 5.5% and in the 2026 fees will increase 4% to offset increased operating expenses primarily due to inflation. WLR's weighted average entrance fees are still affordable compared with housing prices in the PMA. Operating Risk - bbb Improving Operating Performance WLR's operating risk is midrange with net operating margin (NOM) and NOM-adjusted (NOMA) averaging 7.1% and 21.6%, respectively, over the last four fiscal years. Operating performance has improved recently as a result of management's cost control initiatives, annual rate increases and stable occupancy. Results have improved further through three quarters of fiscal 2025 with WLR reporting NOM and NOMA of 7.9% and 25%. Fitch expects operating metrics will continue to improve marginally, given continued rate-setting flexibility and increases. Operating ratio and debt burden are in line with Fitch's midrange assessment of WLR's operating risk at 99% and 10% as of Sept. 30, 2028. Revenue-only MADS coverage is also midrange at 0.9x for the same period. Capex-to-depreciation has averaged about 60% over the last five years, which Fitch believes is sufficient to maintain WLR's strong occupancy. WLR completed significant investment in its IL and common areas on the campus in 2020. Management said that it will proceed with a hybrid home IL expansion, estimated to cost $30 million, of which 50%-60% would be covered by entrance fees generated through presales. Fitch's forward-looking analysis takes into account the potential project; Fitch expects WLR has the capacity to complete the project and maintain its rating. Financial Profile - bb Constrained Liquidity Based on YTD 2025 results through September, cash-to-adjusted debt is sufficient for the 'bb' assessment, given WLR's midrange revenue defensibility and operating risk assessments, and is expected to improve over time as the community maintains stronger occupancy levels, factoring in expectations for a possible IL expansion project. WLR's unrestricted cash and investments totaled $18.9 million as of Sept. 30, 2025, representing a modest 46.2% of adjusted debt and 245 days cash on hand. MADS coverage including entrance fees shows a sound five-year average of 2.1, which is comfortably in excess of the 1.2x requirement. Fitch believes that occupancy will continue to remain stable across the continuum. Strategic investments in IL and common areas have stabilized occupancy, keeping WLR competitive. These improvements, along with tighter expense controls, are expected to boost cash flow incrementally. Unrestricted cash is not anticipated to grow significantly, as WLP continues funding capital needs and debt obligations. Fitch projects WLR will maintain adequate cash-to-adjusted debt and MADS coverage levels in line with the current rating, accounting for standard portfolio stress. Asymmetric Additional Risk Considerations No asymmetric risk considerations are relevant. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Erosion of liquidity or additional debt with cash to adjust debt below 30% on a consistent basis; - Failure to continue improving operating performance. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Continued improvement in financial performance; - Cash-to-adjusted debt is expected to remain close to 50%, even under a forward-looking stress scenario. PROFILE WLR is a primarily Type C (fee for service) life plan community (LPC) with 235 IL units, including a residential center with 140 apartments and 95 standalone cottages, and a healthcare center consisting of 40 ALUs (34 private and six semi-private units), and a SNF with 60 units. Occupancy levels are based on the 54 SNF beds, so all units can be private. WLR is the sole member of the obligated group and generated $30.5 million of operating revenue in 2024 (FYE December 31). WLR's parent, Ingleside, is the sole corporate member of the two other LPCs, Ingleside at King Farm, MD (BB-/Stable) and Ingleside at Rock Creek in Washington, D.C., as well as a supporting foundation; a for-profit development company that is largely dormant (except for a minor amount of consulting work); and a non-profit home care service provider, sold in August 2024, in which Ingleside maintains a 15% stake. Sources of Information In addition to the sources of information identified in Fitch's applicable criteria specified below, this action was informed by information from DIVER by Solve. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. WFO LLC: Trustee Taps South Texas Realty as Real Estate Broker -------------------------------------------------------------- Mark Andrews, the trustee appointed in the Chapter 11 case of WFO, LLC, seeks approval from the U.S. Bankruptcy Court for the Western District of Texas to employ South Texas Realty, LLC as its real estate broker. The broker will sell the Debtor's property located at Lot 12, Block 2, NCB 12512 BLK 2 LOT 12, Oak Forest Estates Unit 1, San Antonio, County of Bexar, known as 2918 Chisolm Trail, San Antonio, Texas 78217. The broker will receive 6 percent of gross selling price, including any fees paid to a co-broker or broker for buyer upon closing and funding of the transaction. Karen Gulick, a real estate agent at South Texas Realty, disclosed in a court filing that the firm is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Karen Gulick South Texas Realty, LLC 5683 US-Hwy 181 N. Floresville, TX 78114 Telephone: (210) 531-6695 Email: karen@karengulick.com About WFO, LLC WFO, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. W.D. Tex. Case No. 24-50824) on May 6, 2024. In the petition signed by Frank Shumate, president, the Debtor disclosed up to $50,000 in assets and up to $10 million in liabilities. The Debtor tapped James S. Wilkins, PC as counsel and Trinity River Advisors, LLC as accountant. WHITE ROCK: Seeks to Hire Smeberg Law Firm as Bankruptcy Counsel ---------------------------------------------------------------- White Rock Construction Services LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Texas to hire The Smeberg Law Firm, PLLC as its counsel. The firm's services include: (a) assist, advise, and represent the Debtor in obtaining pre-plan relief; (b) assist, advise, and represent the Debtor in the confirmation process; (c) assist, advise, and represent the Debtor in completing monthly operating reports (MORs); (d) assist, advise, and represent the Debtor in adversary litigation as further agreed with the Debtor; (e) appear, as appropriate, before this Court, the appellate courts, and other courts in which matters may be heard and to protect the interests of the Debtor before said courts and the U.S. Trustee; and (f) perform all other necessary legal services in this case. The firm will be paid at these hourly rates: Ronald Smeberg, Attorney $475 Non Partner Attorneys $400 Associate Attorneys $325 Accounting Professionals $250 Legal Assistants/Paralegals $200 The firm received a prepetition retainer of $20,000. Mr. Smeberg disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Ronald J. Smeberg, Esq. The Smeberg Law Firm PLLC 4 Imperial Oaks San Antonio, TX 78248 Telephone: (210) 695-6684 Facsimile: (210) 598-7357 Email: ron@smeberg.com About White Rock Construction Services LLC White Rock Construction Services, established in 2021, provides commercial construction subcontracting services across San Antonio and Austin, Texas. White Rock Construction Services LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Tex. Case No. 25-52853) on November 25, 2025, listing $100,001 to $500,000 in assets and $1,000,001 to $10 million in liabilities. The petition was signed by Andrew Hutto as manager. Judge Michael M Parker presides over the case. Ronald Smeberg, Esq. at THE SMEBERG LAW FIRM serves as the Debtor's counsel. WML LLC: Brian Shapiro Named Subchapter V Trustee ------------------------------------------------- The U.S. Trustee for Region 17 appointed Brian Shapiro as Subchapter V trustee for WML, LLC. Mr. Shapiro will be paid an hourly fee of $650 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Shapiro declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Brian Shapiro 510 S. 8th Street Las Vegas, NV 89101 Phone: (702) 386-8600 Email: brian@trusteeshapiro.com About WML LLC WML, LLC owns real estate located at 1152 Alpine Ledge Drive, Henderson, Nevada. WML filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Nev. Case No. 25-17315) on December 3, 2025, with $1 million to $10 million in assets and liabilities. Gerry Lee, authorized signatory, signed the petition. David A. Riggi, Esq., at Riggi Law Firm represents the Debtor as bankruptcy counsel. WOC EVENT: Court OKs Wedding Venue Biz Sale to Enchanted Way ------------------------------------------------------------ The U.S. Bankruptcy Court for the Northern District of Texas, Fort Worth Division, has approved WOC Events Grapevine LLC and its affiliates, Laurel Events, LLC and KellyBain Events, LLC, to sell substantially all Assets, free and clear of liens, claims, interests, and encumbrances. The Debtors operate a wedding venue sitting on six acres of property and located at 2040 Enchanted Way, Grapevine, Texas 76051. The Debtors have hosted over 1,000 weddings in their history. The Court has authorized the Debtors to sell Assets to Enchanted Way Operating LLC and Enchanted Way Ventures LLC in the purchase price of $3,310,000. The relief requested in the Sale Motion, as implemented by the Bid Procedures Order, and the Sale of the Assets to the Purchaser pursuant to the Asset Purchase Agreement (APA). The Debtors are authorized and directed to consummate the Sale, including the sale, assignment, conveyance, and deliverance of all of the Debtors' right, title, and interest in the Purchased Assets to the Stalking Horse Purchasers free and clear of any and all Liens, Claims, Encumbrances, and Interests. The Purchased Assets shall be sold and/or otherwise transferred to the Stalking Horse Purchasers at Closing free and clear of any and all Liens, Claims, Encumbrances, and Interests. The Stalking Horse Purchasers shall not be required to seek or obtain relief from the automatic stay under Bankruptcy Code section 362 to enforce any of its remedies under the APA or any other documents. This Sale Order and the APA shall be binding in all respects upon the Debtors, their estates, all creditors of, and holders of equity interests in, the Debtors, any holders of Liens, Claims, Encumbrances, or Interests. The failure to specifically reference any particular provisions of the APA or other related documents in this Sale Order shall not diminish or impair the effectiveness of such provisions. About WOC Events Grapevine, LLC WOC Events Grapevine, LLC operates a wedding venue sitting on six acres of property and located at 2040 Enchanted Way, Grapevine, Texas 76051. WOC Events Grapevine filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-44313-mxm11) on November 3, 2025. Judge Mark X. Mullin presides over the case. Jacob J King at Munsch Hardt Kopf & Harr, P.C., represents the Debtor as legal counsel. XCEL BRANDS: Wolf & Company Approved as Outside Auditor ------------------------------------------------------- Xcel Brands, Inc. convened its Annual Meeting of Stockholders on December 3, 2025. At the meeting, stockholders entitled to vote approved the following matters: Proposal I: Elect the five individuals to serve as directors of the Company to hold office until the Annual Meeting of Stockholders to be held in 2026 and until their successors have been duly elected and qualified. The votes cast by the Company's stockholders with respect to the election of directors were as follows: 1. Robert W. D'Loren * Votes For: 1,498,701 * Votes Withheld: 201,706 * Broker Non-Votes: 1,606,527 2. Mark DiSanto * Votes For: 1,498,013 * Votes Withheld: 202,394 * Broker Non-Votes: 1,606,527 3. James Fielding * Votes For: 1,497,852 * Votes Withheld: 202,555 * Broker Non-Votes: 1,606,527 4. Howard Liebaum * Votes For: 1,497,163 * Votes Withheld: 203,244 * Broker Non-Votes: 1,606,527 5. Deborah Weinswig * Votes For: 1,497,851 * Votes Withheld: 202,556 * Broker Non-Votes: 1,606,527 Proposal II: to approve the amended and restated 2021 Plan increasing the number of shares authorized under the plan from 400,000 to 1.150.000. The votes cast by the Company's stockholders with respect to the approval of the amended and restated 2021 Equity Incentive Plan, increasing the number of shares authorized under the plan from 400,000 to 1,150.000 were as follows: * 1,191,505 shares FOR the proposal * 507,802 shares AGAINST the proposal * 700 ABSTENTIONS, and * 1,606,527 BROKER NON-VOTES As a result of the approval of the amended and restated 2021 Equity Incentive Plan, the following equity awards which were previously approved by the Company's board of directors were granted to the directors: 1. Robert W. D'Loren * Restricted Shares: n/a * Stock Options: n/a * Unrestricted Shares: 25,000 2. Mark DiSanto * Restricted Shares: 15,167 * Stock Options: 36,500 * Unrestricted Shares: 20,000 3. Howard Liebman * Restricted Shares: 11,617 * Stock Options: 36,500 * Unrestricted Shares: n/a 4. Deborah Weinswig * Restricted Shares: 6,800 * Stock Options: 21,500 * Unrestricted Shares: n/a 5. James Fielding * Restricted Shares: 6,000 * Stock Options: 19,000 * Unrestricted Shares: n/a Total: * Restricted Shares: 39,583 -- The restricted shares vest on March 31, 2026. * Stock Options: 113,500 -- The stock options immediately vested and have a five-year term. * Unrestricted Shares: 45,000 In addition, as a result of the approval of the amended and restated 2021 Equity Incentive Plan, the following stock option awards previously approved by the Company's board of directors were granted: Stock Price Target Levels: a. $3.00 1. Robert W. D'Loren: 71,842 option shares 2. James F. Haran: 15,395 option shares 3. Seth Burroughs: 10,263 option shares Total: 97,500 option shares b. $5.00 1. Robert W. D'Loren: 60,053 option shares 2. James F. Haran: 12,868 option shares 3. Seth Burroughs: 8,579 option shares Total: 81,500 option shares c. $7.00 1. Robert W. D'Loren: 49,368 option shares 2. James F. Haran: 10,579 option shares 3. Seth Burroughs: 7,053 option shares Total: 67,000 option shares d. $9.00 1. Robert W. D'Loren: 39,937 option shares 2. James F. Haran: 8,558 option shares 3. Seth Burroughs: 5,705 option shares Total: 54,200 option shares e. $11.00 1. Robert W. D'Loren: 29,474 option shares 2. James F. Haran: 6,316 option shares 3. Seth Burroughs: 4,211 option shares Total: 40,000 option shares Total Number of Option Shares: 1. Robert W. D'Loren: 250,674 2. James F. Haran: 53,716 3. Seth Burroughs: 35,811 Grand Total: 340,200 The stock options immediately vested and have a five-year term. The exercise price of the options shall be equal to the last sale price of the common stock on the grant date of such options. Proposal III: to ratify the appointment of Wolf & Company, PC as the Company's independent registered public accounting firm for the fiscal year ending December 31, 2025. The votes cast by the Company's stockholders with respect to the ratification of the appointment of Wolf & Company, PC as the Company's independent registered public accounting firm for the fiscal year ending December 31, 2025, were as follows: * 3,272,452 shares FOR the proposal * 33,342 shares AGAINST the proposal * 1,140, ABSTENTIONS * and 0 BROKER NON-VOTES About Xcel Brands New York, N.Y.-based Xcel Brands, Inc. is a media and consumer products company engaged in the design, licensing, marketing, live streaming, and social commerce sales of branded apparel, footwear, accessories, fine jewelry, home goods and other consumer products, and the acquisition of dynamic consumer lifestyle brands. Xcel was founded in 2011 with a vision to reimagine shopping, entertainment, and social media as social commerce. New York, N.Y.-based Marcum LLP, the Company's auditor since 2021, issued a "going concern" qualification in its report dated May 27, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024, citing that the Company has a significant working capital deficiency, has incurred significant losses and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of September 30, 2025, the Company had $40.5 million in total assets, $23.9 million in total liabilities, and $16.6 million in total stockholders' equity. XWELL INC: Receives Nasdaq Bid Price Deficiency Notice ------------------------------------------------------ XWELL, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on December 1, 2025, it received a letter from the Listing Qualifications Department of the Nasdaq Stock Market indicating that, based upon the closing bid price of the Company's common stock for the 30 consecutive business days between October 17 to November 28, 2025, the Company did not meet the minimum bid price of $1.00 per share required for continued listing on The Nasdaq Capital Market pursuant to Nasdaq Listing Rule 5550(a)(2). The letter also indicated that the Company will be provided with a compliance period of 180 calendar days, or until June 1, 2026, in which to regain compliance pursuant to Nasdaq Listing Rule 5810(c)(3)(A). In order to regain compliance with Nasdaq's minimum bid price requirement, the Company's common stock must maintain a minimum closing bid price of $1.00 for at least ten consecutive business days during the Compliance Period. In the event the Company does not regain compliance by the end of the Compliance Period, the Company may be eligible for additional time to regain compliance. To qualify, the Company will be required to meet the continued listing requirement for the market value of its publicly held shares and all other initial listing standards for Nasdaq Capital, with the exception of the bid price requirement, and will need to provide written notice of its intention to cure the deficiency during the second compliance period, by effecting a reverse stock split if necessary. If the Company meets these requirements, the Company may be granted an additional 180 calendar days to regain compliance. However, if it appears to Nasdaq that the Company will be unable to cure the deficiency, or if the Company is not otherwise eligible for the additional cure period, Nasdaq will provide notice that the Company's common stock will be subject to delisting. There can be no assurance that the Company will be eligible for the additional 180 calendar day compliance period, if applicable, or that the Nasdaq staff would grant the Company's request for continued listing subsequent to any delisting notification. In the event of such a notification, the Company may appeal the Nasdaq staff's determination to delist its securities. The letter has no immediate impact on the listing of the Company's common stock, which will continue to be listed and traded on Nasdaq, subject to the Company's compliance with the other listing requirements of Nasdaq. About XWELL New York, N.Y.-based XWELL, Inc. is a global wellness company operating multiple brands and focused on bringing restorative, regenerative and reinvigorating products and services to travelers. Morristown, N.J.-based Marcum LLP, the Company's former auditor, issued a "going concern" qualification in its report dated April 15, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has incurred significant losses and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of June 30, 2025, the Company had $22.4 million in total assets, $18.3 million in total liabilities, and a total equity of $3.7 million. YA INTERMEDIATE: T. Rowe Price Marks $2.9MM 1L Loan at 92% Off -------------------------------------------------------------- T. Rowe Price OHA Select Private Credit Fund has marked its $2,933,000 loan extended to Ya Intermediate Holdings II, LLC to market at $240,000 or 8% of the outstanding amount, according to T. Rowe's Form 10-Q for the quarterly period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. T. Rowe is a participant in a First Lien Loan to Ya Intermediate Holdings II, LLC. The loan accrues interest at a rate of 8.59% per annum. The loan matures on October 1, 2031. T. Rowe Price OHA Select Private Credit Fund was initially formed on December 16, 2021 as a Delaware limited liability company and subsequently converted into a Delaware statutory trust on March 2, 2022. OHA Private Credit Advisors, LLC is the investment adviser of the Company. The Company invests primarily in directly originated and customized private financing solutions, including loans and other debt securities with a strong focus on senior secured lending to larger companies. The Company primarily targets investments in first lien loans, unitranche loans, second lien loans and other corporate secured debt. The Company may also invest in equity interests such as common stock, preferred stock, warrants or options, which generally would be obtained as part of providing a broader financing solution. T. Rowe is led by Eric Muller as Chief Executive Officer; and Thomas Hansen as Chief Financial Officer. The Fund can be reach through: Eric Muller T. Rowe Price OHA Select Private Credit Fund 1 Vanderbilt, 16th Floor New York, NY 10017 Telephone: (212) 326-1500 About Ya Intermediate Holdings II, LLC Ya Intermediate Holdings II LLC is the legal name for Young and Associates, a company in the industrial support services sector. It serves as a holding company within the corporate structure of the business. YA INTERMEDIATE: T. Rowe Price Marks $6.1MM 1L Loan at 90% Off -------------------------------------------------------------- T. Rowe Price OHA Select Private Credit Fund has marked its $6,106,000 loan extended to Ya Intermediate Holdings II, LLC to market at $584,000 or 10% of the outstanding amount, according to T. Rowe's Form 10-Q for the quarterly period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. T. Rowe is a participant in a First Lien Loan to Ya Intermediate Holdings II, LLC. The loan accrues interest at a rate of 8.99% per annum. The loan matures on October 1, 2031. T. Rowe Price OHA Select Private Credit Fund was initially formed on December 16, 2021 as a Delaware limited liability company and subsequently converted into a Delaware statutory trust on March 2, 2022. OHA Private Credit Advisors, LLC is the investment adviser of the Company. The Company invests primarily in directly originated and customized private financing solutions, including loans and other debt securities with a strong focus on senior secured lending to larger companies. The Company primarily targets investments in first lien loans, unitranche loans, second lien loans and other corporate secured debt. The Company may also invest in equity interests such as common stock, preferred stock, warrants or options, which generally would be obtained as part of providing a broader financing solution. T. Rowe is led by Eric Muller as Chief Executive Officer; and Thomas Hansen as Chief Financial Officer. The Fund can be reach through: Eric Muller T. Rowe Price OHA Select Private Credit Fund 1 Vanderbilt, 16th Floor New York, NY 10017 Telephone: (212) 326-1500 About Ya Intermediate Holdings II, LLC Ya Intermediate Holdings II LLC is the legal name for Young and Associates, a company in the industrial support services sector. It serves as a holding company within the corporate structure of the business. YELLOW CORP: Committee Taps Miller Buckfire as Investment Banker ---------------------------------------------------------------- The official committee of unsecured creditors of Yellow Corporation filed a supplemental application seeks approval from the U.S. Bankruptcy Court for the District of Delaware to Miller Buckfire as investment banker. The firm will render these services: (a) familiarize itself with the business, operations, properties, financial condition, and prospects of the Debtors and advise and assist the committee in structuring and effecting the financial aspects of any transaction; (b) receive, review, and perform diligence on information provided on a confidential basis by the Debtors or the committee; (c) assist the committee in negotiations regarding any sale, plan of reorganization or liquidation of any of the Debtors in the Chapter 11 cases or other transaction; (d) represent and negotiate on the behalf of the committee as it relates to any restructuring proposals advanced by the committee, the Debtors or any other parties or stakeholders; (e) participate in hearings before the court in connection with Miller Buckfire's other services; and (f) provide such other services as may be reasonably requested by the committee and consistent with the particular services. The Committee seeks approval to increase Miller Buckfire's Deferred Fee from $3.75 million to $7.5 million. Miller Buckfire will be compensated based on this fee and expense structure below: (a) Monthly fee of $175,000. (b) The Committee seeks approval to increase the Deferred Fee from $3.75 million to $7.5 million. (c) 50 percent of the fifth and each subsequent monthly fee actually paid will be credited to reduce the deferred fee. (d) The firm will seek reimbursement for expenses incurred. Miller Buckfire is a "disinterested person" as that term is defined in Bankruptcy Code section 101(14) and utilized in Bankruptcy Code section 328(c), according to court filings. The firm can be reached through: John D'Amico Stifel, Nicolaus & Co., Inc. 787 Seventh Avenue New York, NY 10019 Telephone: (212) 895-1800 Facsimile: (212) 895-1853 About Yellow Corporation Yellow Corporation -- www.myyellow.com -- operates logistics and less-than-truckload (LTL) networks in North America, providing customers with regional, national, and international shipping services throughout. Yellow's principal office is in Nashville, Tenn., and is the holding company for a portfolio of LTL brands including Holland, New Penn, Reddaway, and YRC Freight, as well as the logistics company Yellow Logistics. Yellow Corporation and 23 affiliates concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code(Bankr. D. Del. Lead Case No. 23-11069) on August 6, 2023, before the Hon. Craig T. Goldblatt. As of March 31, 2023, Yellow Corp had $2,152,200,000 in total assets against $2,588,800,000 in total liabilities. The petitions were signed by Matthew A. Doheny as chief restructuring officer. Kirkland & Ellis LLP is serving as the Company's restructuring counsel, Pachulski Stang Ziehl & Jones LLP is serving as the Company's Delaware local counsel, Kasowitz, Benson and Torres LLP is serving as special litigation counsel, Goodmans LLP is serving as the Company's special Canadian counsel, Ducera Partners LLC is serving as the Company's investment banker, and Alvarez and Marsal is serving as the Company's financial advisor. Epiq Bankruptcy Solutions serves as claims and noticing agent. Milbank LLP, serves as counsel to certain investment funds and accounts managed by affiliates of Apollo Capital Management, L.P. White & Case LLP, serves as counsel to Beal Bank USA. Arnold & Porter Kaye ScholerLLP, serves as counsel to the United States Department of the Treasury. Alter Domus Products Corp., the Administrative Agent to the DIP lenders, is represented by Holland & Knight LLP. Ducera Partners, serves as the Debtors' investment banker. ZAHAV 3310 W: Voluntary Chapter 11 Case Summary ----------------------------------------------- Debtor: Zahav 3310 W Beaumont Street LLC 5212 62nd Street Saint Petersburg 33715 Business Description: Zahav 3310 W Beaumont Street LLC is a single-asset real estate entity that provides property management, real estate appraisal, and related support services. Chapter 11 Petition Date: December 9, 2025 Court: United States Bankruptcy Court Eastern District of New York Case No.: 25-45902 Judge: Hon. Jil Mazer-Marino Debtor's Counsel: Gary Kushner, Esq. GOETZ PLATZER LLP 1 Penn Plaza Suite 3100 New York NY 10119 Tel: 212-695-8100 Email: gkushner@goetzfitz.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Davit Sitt as member. The Debtor failed to provide a list of its 20 largest unsecured creditors in the petition. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/PVGWHNA/Zahav_3310_W_Beaumont_Street_LLC__nyebke-25-45902__0001.0.pdf?mcid=tGE4TAMA ZARATE AND ZOMENO: Seeks Chapter 7 Bankruptcy in California ----------------------------------------------------------- On December 8, 2025, Zarate and Zomeno Group Inc. filed for Chapter 7 protection in the Eastern District of California. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 1–49 creditors. About Zarate and Zomeno Group Inc. Zarate and Zomeno Group Inc. is a full-service business group engaged in construction, real estate, and advisory services. Zarate and Zomeno Group Inc. sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. E.D. Cal. Case No. 25-26880) on December 8, 2025. In its petition, the Debtor reports estimated assets of $0–$100,000 and estimated liabilities of $1 million–$10 million. Honorable Bankruptcy Judge Christopher M. Klein handles the case. The Debtor is represented by Anthony Asebedo, Esq. of Reynolds Law, LLP. ZUUM TRANSPORTATION: Hires Levene Neale as Bankruptcy Counsel ------------------------------------------------------------- Zuum Transportation Inc. seeks approval from the U.S. Bankruptcy Court for the Central District of California to hire Levene, Neale, Bender, Yoo & Golubchik L.L.P. as general bankruptcy counsel. The firm's services include: a. advising the Debtor with regard to the requirements of the Bankruptcy Court, Bankruptcy Code, Bankruptcy Rules and the Office of the United States Trustee as they pertain to the Debtor and interacting with and cooperating with any committee appointed in the Debtor's bankruptcy case; b. advising the Debtor with regard to certain rights and remedies of its bankruptcy estate and the rights, claims and interests of creditors; c. representing the Debtor in any proceeding or hearing in the Bankruptcy Court involving its estate unless the Debtor is represented in such proceeding or hearing by other special counsel; d. conducting examinations of witnesses, claimants or adverse parties and representing the Debtor in any adversary proceeding except to the extent that any such adversary proceeding is in an area outside of LNBYG's expertise or which is beyond LNBYG's staffing capabilities; e. preparing and assisting the Debtor in the preparation of reports, applications, pleadings and orders; f. representing the Debtor with regard to obtaining use of debtor in possession financing and/or cash collateral; g. assisting the Debtor in any asset sale process; h. assisting the Debtor in the negotiation, formulation, preparation and confirmation of a plan of reorganization and the preparation and approval of a disclosure statement in respect of the plan; and i. performing any other services which may be appropriate in LNBYG's representation of the Debtor during its bankruptcy case. The firm will be paid at these hourly rates: David Neale, Attorney $750 Ron Bender, Attorney $750 Timothy Yoo, Attorney $750 David Golubchik, Attorney $750 Eve Karasik, Attorney $750 Gary Klausner, Attorney $750 Eric Israel, Attorney $750 Brad Krasnoff, Attorney $750 Edward Wolkowitz, Attorney $750 Beth Ann Young, Attorney $750 Monica Kim, Attorney $725 Philip Gasteier, Attorney $725 John Tedford, IV, Attorney $725 Daniel Reiss, Attorney $725 Todd Frealy, Attorney $725 Kurt Ramlo, Attorney $725 Richard Steelman, Jr., Attorney $725 Juliet Oh, Attorney $725 Todd Arnold, Attorney $725 Krikor Meshefejian, Attorney $725 John-Patrick Fritz, Attorney $725 Jeffrey Kwong, Attorney $725 Joseph Rothberg, Attorney $725 Michael D'Alba, Attorney $725 Carmela Pagay, Attorney $725 Anthony Friedman, Attorney $725 Lindsey Smith, Attorney $650 Robert Carrasco, Attorney $550 Paraprofessionals $300 In addition, the firm will seek reimbursement for expenses incurred. Prior to the bankruptcy filing, the firm received an initial retainer of $25,000. On Nov. 6, 2025, the Debtor an additional $200,000, which was inclusive of the chapter 11 filing fee of $1,738. Ms. Karasik disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Eve H. Karasik, Esq. LEVENE, NEALE, BENDER, YOO & GOLUBCHIK L.L.P. 2818 La Cienega Avenue, Los Angeles, CA 90034 Los Angeles, California 90067 Telephone: (310) 229-1234 Telecopier: (310) 229-1244 About Zuum Transportation Inc. Zuum Transportation Inc. based in Irvine, California, operates a digital logistics platform connecting shippers, brokers, carriers, and drivers across the U.S. and globally. The Company provides technology-driven freight and supply-chain solutions aimed at improving efficiency and cost-effectiveness for shippers while enhancing profitability for carriers. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-13127) on November 6, 2025. In the petition signed by Matt Tabatabai, chief executive officer, the Debtor disclosed up to $50 million in both assets and liabilities. Judge Mark D. Houle oversees the case. Eve H. Karasik, Esq., at LEVENE, NEALE, BENDER, YOO & GOLUBCHIK L.L.P., represents the Debtor as legal counsel. [] Pallas Partners' Barday Named to Seat on SDNY Bankruptcy Court ----------------------------------------------------------------- Pallas Partners (US) LLP announced that partner Shireen A. Barday has been appointed by the United States Court of Appeals for the Second Circuit to a seat on the United States Bankruptcy Court for the Southern District of New York. Throughout her career, Ms. Barday has served as principal in a wide range of complex commercial litigation matters, with a particular focus on business disputes involving fiduciary duties and allegations of fraud or other misconduct. She has served as lead counsel for plaintiffs and defendants in litigation across the United States relating to M&A transactions, lending activities, securities and corporate governance issues, contractual disputes and contested restructuring matters. "With Shireen's appointment to the bench, the Southern District -- and all those who appear before it -- will benefit from her tremendous intellect, sharp mind and incredible knowledge of bankruptcy law," said Natasha Harrison, founder and managing partner of Pallas. "While we are saddened to lose her as a colleague, I know I speak for everyone at Pallas when I say that Shireen is an excellent addition to the SDNY Bankruptcy Court, and the legal community will truly benefit from her presence there." Ms. Barday's recent bankruptcy litigation experience includes acting for a group of unsecured lenders to bring foreign litigation with respect to the restructuring of Orpea Group, a French residential care company; representing Portage Point Partners, as well as its founder and managing director, on a RICO action arising from the Chapter 11 restructuring of Bouchard Transportation Company; and representing the Endo Litigation Trust in a multi-billion dollar fraudulent conveyance action in connection with pre-bankruptcy acquisition of an opioid manufacturer. Ms. Barday has also regularly appeared in Delaware and other U.S. courts, representing private equity funds, portfolio companies, issuers, directors and officers in class action and other high stakes litigation. Ms. Barday currently serves on the board of directors of the Off-Broadway, not-for-profit theater Primary Stages. She previously served on the board of the National Center for Law and Economic Justice and has been a member of the Magistrate Judge Merit Selection Panel for the Southern District of New York since 2017. Her pro bono contributions to the practice of law have been repeatedly recognized, including by The Legal Aid Society. Ms. Barday earned her J.D. from Stanford Law School, an M.A. in political science from the City University of New York, and a B.A. from Barnard College. About Pallas Partners (US) LLP Pallas Partners is an elite litigation and disputes boutique operating from New York and London. Founded in 2022, the firm has departed from traditional law firm models, focusing on a nimbler, client-centric and solution-driven approach, working hand-in-hand with clients to use litigation to drive value and mitigate risk. Pallas's New York office is recognized as a leading practice for complex commercial, financial, restructuring and international litigation, and white collar defense and investigations. ********* 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. 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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 ***