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251217.mbx T R O U B L E D C O M P A N Y R E P O R T E R Wednesday, December 17, 2025, Vol. 29, No. 350 Headlines 137 FALMOUTH: Hires Law Offices of Charles Wertman as Counsel 2010 NW 107: Seeks Chapter 11 Bankruptcy in Florida 2022 WEST 36TH: Unsecured Creditors to Split $10K in Plan 25343 LLC: Hires Joshua R. Bronstein & Associates as Counsel 30 EAST 40TH: Hires Backenroth Frankel & Krinsky as Counsel 351 NORTH HIGHLAND: M. Douglas Flahaut Named Subchapter V Trustee 652 GRANDVIEW: Case Summary & Two Unsecured Creditors 741 INC: U.S. Trustee Appoints Creditors' Committee 7481 CAMPO: Seeks to Hire Yankwitt Law Firm as Counsel 9217 HB HOLDINGS: Seeks Chapter 7 Bankruptcy in Florida ALL SPIRIT: U.S. Trustee Unable to Appoint Committee ALPHA METALLURGICAL: Moody's Affirms B1 CFR, Outlook Remains Stable AMENTUM HOLDINGS: Moody's Ups CFR to 'Ba3', Outlook Stable AMERICAN SIGNATURE: Hires Berkeley Research Group as CRO AMERICAN SIGNATURE: To Close Multiple Stores in Ohio ANTHOLOGY INC: Disclosure Statement Wins Conditional OK APPTECH PAYMENTS: Extends $360K Convertible Note Maturity to Jan 16 ARTIFICIAL INTELLIGENCE: Annual Investor Presentation on Jan. 15 ASCEND PERFORMANCE: Court Confirms Fourth Amended Chapter 11 Plan ASSOCIATION OF APARTMENT: Wayne K.T. Mau Named Subchapter V Trustee ATKORE INC: Moody's Affirms 'Ba1' CFR, Outlook Remains Stable AUTOWORX LLC: Voluntary Chapter 11 Case Summary AZURE BUILDERS: Ruediger Mueller of TCMI Named Subchapter V Trustee BARMASTERS LLC: Seeks to Hire Latham Luna Eden as Counsel BAUSCH HEALTH: Bausch + Lomb Refinances $2.8B Term Loans to 2031 BAY STREET CAPITAL: Seeks Subchapter V Bankruptcy in Florida BAYSIDE LIMO: Hires A+ Accounting & Tax as Accountant BELLA CAPRI: Seeks Chapter 11 Bankruptcy in Florida BEYOND AIR: Names Denton Dewrell as Principal Accounting Officer BICK GROUP: Seeks to Extend Plan Exclusivity to January 12, 2026 BRANDHOOT LLC: Hires Supporting Strategies as Accountant BRENMARK INC: Hires Okin Adams Bartlett as Counsel BRENMARK INC: Seeks to Hire HRSS LLP as Accountant BUILT SOLID: Court OKs Amendment to Cash Collateral Order CALLBAINIS LLC: Seeks Chapter 7 Bankruptcy in Florida CANDYWAREHOUSE.COM INC: Hires Financial Planning as Accountant CAPITAL SECURITY: Lisa Holder Named Subchapter V Trustee CAPTAIN BLIGH'S: Hires Anthony & Partners as Special Counsel CARROLL COUNTY: Moody's Rates New $50MM Secured Term Loan 'Ba3' CCH JOHN EAGAN I: Seeks Chapter 11 Bankruptcy in Florida CEMTREX INC: Issues 2.5 Million Shares to Settle $6 Million Debt CHESTER COUNTY IDA: Moody's Ups Rating on 2013A Rev. Bonds to Ba1 CINEMA MANAGEMENT: Court OKs Deal on Cash Collateral Access CLESMA INC: Unsecureds Will Get 6.52% of Claims in 5 Years COBRA TIRE: Gets Interim OK to Use Cash Collateral Until Jan. 8 COMMUNITY HEALTH: Appoints Kevin Hammons CEO, Jason Johnson CFO COMMUNITY HEALTH: Phillip Posey Takes SVP & CAO Roles COREWEAVE INC: $2.25BB Notes Issuance No Impact on Moody's Ba3 CFR DEENA P. CARVAJAL: Gets OK to Use Cash Collateral Until Jan. 6 DENISE PROPERTY: Seeks Subchapter V Bankruptcy in Florida DIOCESE OF ALEXANDRIA: Seeks to Hire Payne Moore as Auditor DIOCESE OF OAKLAND: Latest Abuse Payout to Survivors Reaches $242MM E&M BINDERY: Hires MidAmerica Equipment as Broker ELDER CONTRACTING: Gets OK to Use Stearns Bank's Cash Collateral EMORY INDUSTRIAL: Hires Rosen Systems Inc. as Appraiser EMORY INDUSTRIAL: Hires Wolfe and Company P.C. as Accountant ENGINEERS OF TOMORROW: Katharine Clark Named Subchapter V Trustee ENVERIC BIOSCIENCES: Northstrive Fund II No Longer Holds Shares ENVERIC BIOSCIENCES: Shareholders OK Reverse Split & Share Hike FAIRFIELD WILLIAMSBURG: Paula Beran Named Subchapter V Trustee FIREFLY NEUROSCIENCE: Jordan Kupinsky Owns 7.5% via Entities FLEMING STEEL: Seeks 90-Day Extension of Plan Filing Deadline FLINZ HOLDINGS: Hires Salitore Law PLLC as Local Counsel G2 TECHNOLOGIES: Court Extends Cash Collateral Access to Dec. 31 GAMESTOP CORP: Posts $77.1MM Q3 Net Income, Cash Hits $7.8 Billion GENESIS HEALTHCARE: Judge Reopens Bids Over Insider Concerns GEORGIA VASCULAR: Plan Exclusivity Period Extended to March 9, 2026 GLOBAL ALLIANCE: Case Summary & Six Unsecured Creditors GREAT CIRCLE: Plan Exclusivity Period Extended to April 9, 2026 GROFF TRACTOR: Committee Hires Pachulski Stang as Counsel INDEPENDENT MEDEQUIP: Seeks to Extend Exclusivity to May 15, 2026 INMOBILIARIA LLC: U.S. Trustee Unable to Appoint Committee IROBOT CORPORATION: Case Summary & 30 Largest Unsecured Creditors JAGUAR HEALTH: Iliad Entities Disclose 9.8% Equity Stake JAGUAR HEALTH: Streeterville Entities Exit Ownership Stake JJTA2 REAL: Court Denies Bid to Use Cash Collateral JSL COMPANIES: Gets Extension to Access Cash Collateral KLEOPATRA FINCO: Hires Alvarez & Marsal as Financial Advisor KLEOPATRA FINCO: Hires Ernst & Young as Tax Service Provider KLEOPATRA FINCO: Hires Kobre & Kim as Special Counsel KLEOPATRA FINCO: Hires PJT Partners LP as Investment Banker KLEOPATRA FINCO: Seeks to Hire Kirkland & Ellis as Attorney KLEOPATRA FINCO: Seeks to Hire Porter Hedges LLP as Co-Counsel KUBERA HOTEL: Court OKs Deal to Use Wilmington's Cash Collateral LEROUX CREEK: Claims to be Paid from Cash Flow LIFESCAN GLOBAL: Davis Polk Advised Lenders in Restructuring LITTLE MIKE'S: Deborah Fish Named Subchapter V Trustee LIVING FAITH: Hires Giddlens Mitchell & Associates as Attorney LUMEXA IMAGING: Moody's Ups CFR to B2 & Alters Outlook to Positive LUNAI BIOWORKS: William Anderson Wittekind Holds 6.8% Stake MCCALLSON TAX: Gets Interim OK to Use Cash Collateral MODIVCARE INC: Gets Court OK to Exit Chapter 11 Bankruptcy MODIVCARE INC: Represented by Latham in Confirmed Chapter 11 Plan NEELY MOTORSPORTS: Gregory Jones Named Subchapter V Trustee NETCAPITAL INC: Registers 1MM Shares for New GC Inducement Award NETCAPITAL INC: Strategic EP No Longer Holds Shares NEW AGE LEASING: Unsecureds to Split $310K over 5 Years NOBLE GOODNESS: Seeks to Hire Highspring LLC as Accountant NORTHERN DYNASTY: Director Search to Resolve NYSE Compliance Issue NORTHERN FUEL: Hires Steffes Group Inc. as Auctioneer NOVA RTP II: Bankruptcy Administrator Unable to Appoint Committee NXT ENERGY: Completes SFD Data Acquisition in Pakistan OBJECT & SUBJECT: Gets Extension to Access Cash Collateral OFFSHORE SAILING: To Sell Yacht Molds to M. Reardon & Tartan Yachts OHIO TRANSMISSION: OHA Senior Marks $1MM 1L Loan at 30% Off OLIVER VILLAGE: Court to Hold Cash Collateral Hearing Today OM SAI MED: Hires Joyce W. Lindauer Attorney PLLC as Counsel OMYS COUTURE: Seeks Chapter 11 Bankruptcy in Florida OWL VENICE: Amends Unsecured Claims Pay Details PACIFIC RADIO: To Sell A/V Distribution Biz to Filmtools PAW ORIGINS: Unsecureds Wiill Get 20% of Claims in 36 Months PCAP HOLDINGS: Voluntary Chapter 11 Case Summary PERASO INC: Pushes Series C Warrant Expiry to January 7 PLANET GREEN: Stockholders' Deficit Triggers NYSE Deficiency Notice PLEASANT GROVE: Case Summary & Three Unsecured Creditors PLURI INC: Grants 13,133 RSUs to Executives & Directors PLURI INC: Secures $2.5MM from Existing Shareholder POLAR US: Moody's Lowers CFR to C, Appends PDR Limited Default POWER REIT: Henry Posner III Increases Stake to 7.5% as of Dec. 10 PRAESUM HEALTHCARE: Hires Bailey & Co. as Investment Banker PRAESUM HEALTHCARE: Seeks to Extend Exclusivity to April 10, 2026 PREDICTIVE ONCOLOGY: Renames to Axe Compute, Trades Under "AGPU" PRETIUM PKG: Moody's Appends 'LD' Designation to PDR PROSPECT MEDICAL: Court Confirms Amended Joint Chapter 11 Plan REYNOLDS CRAFT: Case Summary & One Unsecured Creditor ROGERS LANDWORKS: Seeks Subchapter V Bankruptcy in Florida RXBENEFITS INC: Moody's Rates New Bank Credit Facilities 'B2' SAFEMOON US: Former Execs Targeted in Trustee's Fraud Lawsuit SCILEX HOLDING: Doubles Non-Recourse Loan Facility to $100MM SCILEX HOLDING: Investors OK'd One-Time Repricing of Options SELECTIS HEALTH: Agrees $13MM Sale of Sparta, Warrenton Facilities SHOW LOW: Seeks to Hire Latham Luna Eden as Counsel SKY-FRAME INC: M. Douglas Flahaut Named Subchapter V Trustee SPIRIT AIRLINES: Disputes Reports of Imminent Operations Halt SPIRIT AVIATION: Plan Exclusivity Period Extended to April 28, 2026 SPLASH BEVERAGE: Raises $600,000 from Option Holders SURGERY CENTER: $425MM Notes Add-on No Impact on Moody's 'B2' CFR SVANGVITAYA LLC: David Wood Named Subchapter V Trustee T-SHIRT STATION: Seeks Chapter 11 Bankruptcy in Florida TARO INVESTMENT: Updates Restructuring Plan Disclosures TONIX PHARMACEUTICALS: Welcomes Irina Ishak as General Counsel TRANSATLANTIC BRIDGE: Jerrett McConnell Named Subchapter V Trustee TRICO MILLWORKS: Gets Extension to Access Cash Collateral TRINSEO PLC: Unit's Restructuring OK'd, $40MM Charges Projected UNIQUE DENTAL: Case Summary & 10 Unsecured Creditors VINTRENDI WINE: Matthew Brash Named Subchapter V Trustee VOLITIONRX LTD: Volition Veterinary CEO Butera to Depart Jan. 31 WAGNER RESTORATION: Andrew Layden Named Subchapter V Trustee WASTE PRO: Moody's Cut CFR to 'B3', Outlook Stable WEINBERG CAPITAL: Hires Orantes Law Firm P.C. as Counsel WELL FRUIT COMPANY: Seeks Chapter 7 Bankruptcy in Florida WHITEHALL PHARMACY: Plan Exclusivity Extended to March 18, 2026 WOHALI LAND: Judge Approves $4MM Loan to Halt Foreclosure WORKSPORT LTD: Raises $6.4MM After Investor's Warrants Exercise WORKZ LLC: Gets Interim OK to Use Cash Collateral Until Jan. 16 WORKZ LLC: Patricia Fugee Named Subchapter V Trustee YELLOW CORP: LaGrange Property Sale to J.T. Jones Development OK'd ZHL SERVICES: U.S. Trustee Unable to Appoint Committee ZION & ZION: Michael Carmel Named Subchapter V Trustee [] Allyson Smith Joins Willkie Farr's New York Office as Partner ********* 137 FALMOUTH: Hires Law Offices of Charles Wertman as Counsel ------------------------------------------------------------- 137 Falmouth Street LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to employ Law Offices of Charles Wertman P.C. as counsel. The firm will provide these services: (a) provide legal advice with respect to the Debtor's powers and duties as debtor-in-possession in accordance with the provisions of the Bankruptcy Code; (b) prepare on behalf of the Debtor all necessary schedules, applications, motions, answers, orders, reports, adversary proceedings and other legal documents required by the Bankruptcy Code and Federal Rules of Bankruptcy Procedure; (c) assist the Debtor in the development and implementation of a plan of reorganization; and (d) perform all other legal services for the Debtor that may be necessary in connection with this Chapter 11 case and the Debtor's attempts to reorganize its affairs under the Bankruptcy Code. The firm received a retainer in the amount of $10,000. The Law Offices of Charles Wertman P.C. 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: Charles Wertman, Esq. Law Offices Of Charles Wertman P.C. 100 Merrick Road, Suite 304W Rockville Centre, NY 11570 Telephone: (516) 284-0900 E-mail: charles@cwertmanlaw.com About 137 Falmouth Street LLC 137 Falmouth Street LLC is a real estate lessor that owns a single-family residence at 137 Falmouth Street in Brooklyn, New York, listed as Block 8749 Lot 311. The property is currently valued at $1.3 million. 137 Falmouth Street LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-43810) on August 6, 2025. In its petition, the Debtor reports total assets of $1,300,016 and total liabilities of $1,281,790. Honorable Bankruptcy Judge Nancy Hershey Lord handles the case. The Debtor is represented by Charles Wertman, Esq. at LAW OFFICES OF CHARLES WERTMAN P.C. 2010 NW 107: Seeks Chapter 11 Bankruptcy in Florida --------------------------------------------------- On December 9, 2025, 2010 NW 107 Ave LLLC initiated a voluntary Chapter 11 bankruptcy proceeding in the Southern District of Florida. Court records indicate the debtor owes up to $100,000 to 1 and 49 creditors. About 2010 NW 107 Ave LLLC 2010 NW 107 Ave LLLC is a limited liability company. 2010 NW 107 Ave LLLC filed for protection under Chapter 11 of the U.S. Bankruptcy Code (Case No. 25-24520) on December 9, 2025. The filing lists estimated assets ranging from $0 to $100,000, with liabilities in the same range. The case has been assigned to U.S. Bankruptcy Judge Laurel M. Isicoff. The debtor is represented by Rafael Recalde, Esq. 2022 WEST 36TH: Unsecured Creditors to Split $10K in Plan --------------------------------------------------------- 2022 West 36th Avenue, LLC submitted an Amended Disclosure Statement to accompany Amended Plan of Reorganization dated December 5, 2025. The Plan provides for the sale or refinance of the Property. If the Debtor is unable to sell or refinance within 365 days of the Effective Date of the Plan, the Debtor shall surrender the Property to 7400, LLC within 380 days of the Effective Date of the Plan though a deed in lieu of foreclosure. If the Debtor is able to sell or refinance the Property, any net proceeds shall be disbursed according to the terms of the Plan. Debtor will make a pro rata distribution to general unsecured creditors through a cash contribution paid by the current equity holders in the amount of $10,000. Equity holders will also contribute cash to: (1) satisfy Class 1, 2, and 4 claims in full; (2) pay all Administrative Claims in full; and (3) pay all operating expenses, including insurance on the Property and costs to maintain the Property. The Debtor has one general unsecured claimant: Akio Investments, LLC with a claim in the amount of $312,700. This creditor recently withdrew its claim. The only remaining general unsecured claim will held by 7400 LLC on account of the unsecured portion of their claim pursuant to Section 506 of the Bankruptcy Code. The Class 3 Secured Claim consists of the Secured Claim held by FIG 20, LLC SEC PTY in the amount of $5,288.62 secured by statutory liens against the Property. The Class 3 Secured Claim is impaired by this Plan and shall be treated as follows: * The Class 3 Claim shall be allowed in the amount of $5,288.62; * The Class 3 Claim shall be paid in full within six months of the Effective Date of the Plan; * The Class 3 Claim shall be paid directly to the Denver Treasury pursuant to Articles 11 & 12, Title 39, C.R.S.; * The Class 3 Claim shall retain its liens against the Property held at the Petition Date. Class 4, General Unsecured Claims. Class 4 is impaired under the Plan. Class 4 shall receive a pro-rata distribution of $10,000 within 30 days after the earlier date of the sale of the Property, refinance of the Property, or surrender of the Property to Class 2. Debtor anticipates the only Class 4 creditor will be 7400, LLC on account of the unsecured portion of its claim which will be determined after the sale, refinance, or turnover. Class 5 includes the Equity Interests in Debtor. Class 5 shall contribute new value in the form of cash on a pro-rata basis amongst interest holders based upon their percentage of interest in the Debtor. The new value shall consist of the funds necessary to pay operating expenses, insurance on the Property, maintenance of the Property, satisfy payment obligations under this Plan to all Administrative Claims, and satisfy payments to Classes 1, 3, and 4. Class 5 shall retain their interests in the Debtor. On the Effective Date of the Plan, the Debtor, through Aaron Koski, shall be appointed as the agent of the Debtor pursuant to Section 1142(b) of the Bankruptcy Code for the purpose of carrying out the terms of the Plan and taking all actions deemed necessary or convenient to consummating the terms of the Plan. Mr. Koski is the managing member of P&K Properties, LLC. P&K Properties, LLC is the manager of the Debtor. P&K Properties, LLC is also a Class B shareholder of the Debtor. The Debtor's Plan is feasible based upon the sale or refinance of the Property. The biggest risk to creditors is the Debtor's inability to sell or refinance. If the Debtor is not able to sell or refinance within 365 days of the Effective Date of the Plan, it will surrender the Property to 7400, LLC. The Plan is also feasible due to the cash contributions of the Class 5 Interest Holders. Class 5 will contribute cash in the minimum amount of $21,460, which includes $10,000 payable to Class 4, plus Class 1 payments of at least $6,171.60, and Class 3 payments of at least $5,288.62. Class 5 will also pay all Administrative Claims, and will pay for all expenses of the Property, including insurance at the rate of $514.94/month, or $6,179.28/year. A full-text copy of the Amended Disclosure Statement dated December 5, 2025 is available at https://urlcurt.com/u?l=HMaJUs from PacerMonitor.com at no charge. Counsel to the Debtor: Keri L. Riley, Esq. Kutner Brinen Dickey Riley, PC 1660 Lincoln Street, Suite 1720 Denver, CO 80264 Tel: (303) 832-2910 Email: klr@kutnerlaw.com About 2022 West 36th Avenue 2022 West 36th Avenue is a Colorado limited liability company who purchased a single family residence in Denver, Colorado in June 2022. The Debtor filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Col. Case No. 25-12773) on May 8, 2025, listing up to $50,000 in assets and $1,000,001 to $10 million in liabilities. Judge Michael E Romero presides over the case. Keri L. Riley, at Kutner Brinen Dickey Riley, P.C., represents the Debtor as counsel. 25343 LLC: Hires Joshua R. Bronstein & Associates as Counsel ------------------------------------------------------------ 25343 LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to employ Joshua R. Bronstein & Associates PLLC as attorney. The firm will render these services: (a) analyze the financial situation, and rendering advice and assistance to the Debtor under Chapter 11 of the Bankruptcy Code; (b) prepare and file the petition, schedules, statement of financial affairs and other documents required by the court; (c) represent the Debtor in Court and any meetings; (d) prepare motions, documents, and applications in connection with the case; and (e) render legal advice to the Debtor in connection with all matters pending before the Court. Joshua Bronstein, Esq. will be paid $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 §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 25343 LLC 25343 LLC, filed a Chapter 11 bankruptcy petition (Bankr. E.D.N.Y. Case No. 1-24-44442) on October 24, 2024. The Debtor hires Joshua R. Bronstein & Associates PLLC as attorney. 30 EAST 40TH: Hires Backenroth Frankel & Krinsky as Counsel ----------------------------------------------------------- 30 East 40th, L.L.C. seeks approval from the U.S. Bankruptcy Court for the Southern District of New York to employ Backenroth Frankel & Krinsky, LLP as counsel. The firm will render these services: (a) provide the Debtor with legal counsel regarding its powers and duties in the continued operation of its business and management of its property during the Chapter 11 case; (b) prepare on behalf of the Debtor all necessary legal documents which may be required with the Chapter 11 case; (c) provide the Debtor with legal services regarding formulating and negotiating a plan of reorganization with creditors; and (d) perform such other legal services for the Debtor as required during the Chapter 11 case. The firm will be paid at these rates: Abraham Backenroth, Attorney $750 per hour Mark Frankel, Attorney $695 per hour Scott Krinsky, Attorney $650 per hour Paralegal $250 per hour In addition, the firm will seek reimbursement for expenses incurred. On or about November 28, 2025, the Debtor paid the firm $85,000 as retainer. Mr. Frankel 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: Mark Frankel, Esq. Backenroth Frankel & Krinsky, LLP 488 Madison Avenue, Floor 23 New York, NY 10022 Tel: (212) 593-1100 About 30 East 40th, L.L.C. 30 East 40th L.L.C. is a single asset real estate company. 30 East 40th L.L.C. filed for relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-12696) on December 2, 2025. In its petition, the Debtor lists estimated assets between $10 million and $50 million and estimated liabilities in the same range. Honorable Bankruptcy Judge Michael E. Wiles handles the case. The Debtor is represented by Mark A. Frankel, Esq. of Backenroth Frankel & Krinsky, LLP. 351 NORTH HIGHLAND: M. Douglas Flahaut Named Subchapter V Trustee ----------------------------------------------------------------- The U.S. Trustee for Region 16 appointed M. Douglas Flahaut as Subchapter V trustee for 351 North Highland Avenue, LLC. Mr. Flahaut will be paid an hourly fee of $680 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Flahaut declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: M. Douglas Flahaut ArentFox Schiff LLP | Attorneys at Law Gas Company Tower 555 West Fifth Street, 48th Floor Los Angeles, California 90013 Telephone: (213) 443-7559 Facsimile: (213) 629-7401 Email: douglas.flahaut@afslaw.com About 351 North Highland Avenue LLC 351 North Highland Avenue, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. C.D. Calif. Case No. 25-20913) on December 4, 2025, with $1 million to $10 million in assets and liabilities. Moshe Vanounou, managing member, signed the petition. Judge Julia W. Brand presides over the case. Melvin Teitelbaum, Esq., at the Law Offices of Melvin Teitelbaum represents the Debtor as bankruptcy counsel. 652 GRANDVIEW: Case Summary & Two Unsecured Creditors ----------------------------------------------------- Debtor: 652 Grandview Ave LLC 670 Flushing Ave Brooklyn, NY 11206-5765 Business Description: 652 Grandview Ave LLC owns and leases a commercial office property in Brooklyn, New York, with an estimated value of $1.2 million. Chapter 11 Petition Date: December 11, 2025 Court: United States Bankruptcy Court Eastern District of New York Case No.: 25-45943 Judge: Hon. Jil Mazer-Marino Debtor's Counsel: Charles Wertman, Esq. LAW OFFICES OF CHARLES WERTMAN P.C. 100 Merrick Road Suite 304W Rockville Centre NY 11570-4807 Tel: (516) 284-0900 E-mail: charles@cwertmanlaw.com Total Assets: $1,200,006 Total Liabilities: $2,921,596 Jacob Zicherman signed the petition as member. 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/7VTYRZY/652_Grandview_Ave_LLC__nyebke-25-45943__0001.0.pdf?mcid=tGE4TAMA 741 INC: U.S. Trustee Appoints Creditors' Committee --------------------------------------------------- Gregory Garvin, Acting U.S. Trustee for Region 19, appointed an official committee to represent unsecured creditors in the Chapter 11 case of 741, Inc. The committee members are: 1. Alpine Amusement Co. c/o Michelle Massie 2648 Wild Timothy Rd. Naperville, IL 60564 Tel.: (630) 742-9506 Email: mmassie1922@gmail.com 2. Victor Wisdom 3. Fantasy Amusements Company, Inc. c/o Mary Johnson 629 N. Forrest Ave. Arlington Heights, IL 60004 Tel: (847) 259-9090 Email: Mary@fantasyamusements.com Official creditors' committees serve as fiduciaries to the general population of creditors they represent. They may investigate the debtor's business and financial affairs. Committees have the right to employ legal counsel, accountants and financial advisors at a debtor's expense. About 741 Inc. 741 Inc., doing business as Wisdom Rides of America, manufactures and designs amusement rides from its base in Merino, Colorado. The company produces attractions such as roller coasters, family rides, and thrill rides, and also provides refurbishment, parts, and maintenance services. Its products serve amusement parks, traveling carnivals, and family entertainment centers across the U.S. and internationally. 741 Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Colo. Case No. 25-15550) on August 28, 2025. In its petition, the Debtor reported total assets of $1,425,326 and total liabilities of $6,760,662. Honorable Bankruptcy Judge Thomas B. McNamara handles the case. The Debtor is represented by Jonathan M. Dickey, Esq., at Kutner Brinen Dickey Riley, P.C. 7481 CAMPO: Seeks to Hire Yankwitt Law Firm as Counsel ------------------------------------------------------ 7481 Campo Florido, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to employ Yankwitt Law Firm, P.L.L.C. as counsel. The firm's services include: (a) advising the Debtor regarding its rights, obligations, and duties under the Bankruptcy Code; (b) preparing and filing schedules, statements, motions, responses, and monthly operating reports; (c) representing the Debtor in all hearings, contested matters, and adversary proceedings; (d) negotiating with secured and unsecured creditors; (e) addressing all issues arising with respect to the mortgage lender, homeowners' associations, and other parties in interest; (f) preparing a Chapter 11 plan and related documents; and (g) performing all other legal services necessary for the administration of this case and the preservation of the estate. The firm will be paid based upon its normal and usual hourly billing rates. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Mr. Yankwitt 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: Eric D. Yankwitt, Esq. Yankwitt Law Firm, P.L.L.C. 2800 West State Road 84, Suite 118 Fort Lauderdale, FL 33312 Tel: (954) 449-4368 Email: yankwittlawfirm@gmail.com About 7481 Campo Florido, LLC 7481 Campo Florido LLC is a single asset real estate company. 7481 Campo Florido sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla., Case No. 25-23958) on November 24, 2025. In its petition, the Debtor listed between $100,001 and $500,000 in assets and between $500,001 and $1 million in liabilities. Honorable Bankruptcy Judge Erik P. Kimball handles the case. The Debtor is represented by Eric D. Yankwitt, Esq. 9217 HB HOLDINGS: Seeks Chapter 7 Bankruptcy in Florida ------------------------------------------------------- On December 9, 2025, 9217 HB Holdings LLC filed for Chapter 7 protection in the U.S. Bankruptcy Court for the Southern District of Florida. According to court filings, the debtor reports between $1 million and $10 million in debt owed to between 1 and 49 creditors. About 9217 HB Holdings LLC 9217 HB Holdings LLC is a limited liability company. 9217 HB Holdings LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 25-24487) on December 9, 2025. In its petition, the debtor reports estimated assets ranging from $100,001 to $1 million and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Corali Lopez-Castro is overseeing the case. The debtor’s legal representation was not listed in the filing. ALL SPIRIT: 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 All spirit investment, llc, according to court dockets. About All spirit investment All spirit investment, llc filed Chapter 11 petition (Bankr. S.D. Fla. Case No. 25-23091) on November 4, 2025, listing between $500,001 and $1 million in assets and between $100,001 and $500,000 in liabilities. Judge Robert A. Mark oversees the case. The Debtor is represented by: Paul N. Contessa, Esq. Paul N. Contessa & Associates, LLC 15321 South Dixie Highway Suite 207 Miami, FL 33157 Phone: 305-251-6221 contessalaw@gmail.com ALPHA METALLURGICAL: Moody's Affirms B1 CFR, Outlook Remains Stable ------------------------------------------------------------------- Moody's Ratings affirms Alpha Metallurgical Resources, Inc.'s ("Alpha") B1 corporate family rating, B1-PD probability of default rating, and the B1 rating on the senior secured ABL revolving credit facility. The Speculative Grade Liquidity Rating ("SGL") of SGL-2 is unchanged. The ratings outlook remains stable. RATINGS RATIONALE The affirmation of Alpha's ratings reflects relatively strong credit metrics and liquidity despite a weakening of metallurgical coal prices this year compared to prior years, and Moody's expectations for them to remain strong over the next 12-18 months. Alpha's B1 CFR is supported by moderate operating diversity, meaningful coal reserves, access to multiple transportation options, good liquidity, and limited balance sheet leverage. The credit profile is also supported by the potential for strong earnings, cash flow generation, and credit metrics when met coal prices are above mid-cycle levels. The rating is constrained by the inherent volatility in the metallurgical coal prices, and a relatively higher cost structure for Alpha vs. met coal peers. The rating also reflects inherent geological and operational risks associated with mining, and higher environmental and social risks associated with the coal industry, including meaningful legacy liabilities, such as asset retirement obligations related to the impact of coal mining on the environment, black lung liabilities related to negative health impacts on mining employees. With a decline in metallurgical coal prices in 2025 – averaging around $188.50 per MT year-to-date compared to FY2024 average of around $242 per MT, and FY2023 average of around $295.50 per MT – Alpha's earnings have also come down significantly from recent years. For the LTM period ending September 30, 2025, Alpha generated Moody's-adjusted EBITDA of $133 million, compared to $394mn in FY2024 and $1 billion in 2023. Free cash flow generation has also weakened as a result, with Moody's-adjusted free cash flow of $52 million for the LTM period ending September 30, 2025, compared to $389 million in FY2024 and $516 million in FY2023. However, while leverage has weakened from 0.1x/0.3x at the end of FY23/FY24 to 0.8x for the LTM period ending September 30, 2025, it still remains commensurate with the current rating level. Looking forward, assuming a metallurgical coal price of $180 per MT, Moody's expects Alpha to generate Moody's-adjusted EBITDA of around $150-170 million, and close to breakeven free cash flow. The SGL-2 rating reflects good liquidity to support operations over the next 12-15 months. As of September 30, 2025, Alpha had $594 million of available liquidity, comprised of $408.5 million of balance sheet cash and $185.5 million availability under a $225 million asset-based revolving credit facility, net of $39.5 million of LCs outstanding. The $225 million ABL, which has a May 2029 maturity date, is governed by a borrowing base and is subject to a $75 million minimum liquidity covenant. The B1 rating on the company's senior secured ABL revolving credit facility reflects its preponderance in the capital structure, and first lien on substantially all assets of the company and guarantees from all of Alpha's direct and indirect subsidiaries. The stable outlook reflects Moody's expectations for stable operational performance, strong credit metrics, and sufficient liquidity to support operations over the next 12-18 months. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Further ratings upside remains constrained by secular issues facing the coal industry, including expected decline in demand for metallurgical coal (due to a shift from blast furnaces to EAFs for steel production), and access to capital issues in the long-run. However, Moody's could consider an upgrade if portfolio diversification were to improve materially, with improved visibility into the long-term sustainable earnings power of the company, along with any material reduction in non-debt liabilities. Moody's could downgrade the rating with expectations for Moody's-adjusted financial leverage sustained above 2.0x, negative free cash flow, substantive deterioration in liquidity, or further intensification of ESG concerns that call into question the company's ability to handle financing requirements or access capital markets on economic terms. Headquartered in Bristol, Tennessee, Alpha operates 19 metallurgical coal mines and 8 coal preparation plants. The company also owns 65% of Dominion Terminal Associates coal port in Newport News, Virginia. Alpha's met coal production mix is comprised of Low-Vol, Mid-Vol, High Vol A, and High Vol B coals. The company also produces byproduct coal sold into thermal markets. Alpha generated about $2.2 billion of revenue during the LTM period ending September 30, 2025. The principal methodology used in these ratings was Mining published in April 2025. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. AMENTUM HOLDINGS: Moody's Ups CFR to 'Ba3', Outlook Stable ---------------------------------------------------------- Moody's Ratings upgraded Amentum Holdings, Inc.'s (Amentum) corporate family rating to Ba3 from B1 and its probability of default rating to Ba3-PD from B1-PD. Concurrently, Moody's upgraded the senior secured bank credit facilities to Ba2 from Ba3 and the senior unsecured notes to B2 from B3. The Speculative Grade Liquidity Rating (SGL) remains SGL-1. The outlook is stable. "The upgrade reflects Amentum's successful integration to date of a sizable acquisition and Moody's expectations that the company will continue to reduce financial leverage primarily through debt repayment," said Moody's Ratings Senior Analyst, Safat Hannan. RATINGS RATIONALE Amentum's Ba3 CFR reflects its large scale, strong business profile, and solid financial metrics following the successful integration of Jacobs' Critical Mission Solutions and Cyber & Intelligence businesses in September 2024. The company is now one of the largest US government services contractors, with FY2025 (ending October 02, 2025) revenue of $14.4 billion. Amentum's committed backlog of $47 billion provides multi-year revenue visibility. The company benefits from broad diversification across defense, nuclear energy, space systems, and mission-critical engineering. Roughly 63% of contracts are cost-plus, reducing margin volatility and risk exposure. Amentum's customer base is primarily US federal agencies (DoD, DoE, intelligence community), complemented by international government clients. Strategic positioning toward technology-enabled solutions, including AI-driven analytics, nuclear energy, and space infrastructure, underpins long-term growth prospects. Moody's expects that debt/EBITDA will continue to decline to below 3.5x by September 30, 2026 from about 3.7x at the end of FY 2025 with the use of free cash flow to prepay debt and incremental earnings growth. Liquidity is very good with a speculative grade liquidity score of SGL-1 supported by good cash balances, an undrawn revolver and FCF/Debt of about 10%. The ratings are constrained by Amentum's limited operating history at its current scale and ongoing integration of sizable acquisitions. The modest adjusted EBITDA margin of about 7.7% reflects a competitive market and Amentum's high exposure to generally less profitable "cost plus" contracts. The stable outlook reflects Moody's expectations that Amentum will continue to reduce financial leverage while maintaining very good liquidity over the next 12-18 months. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Ratings could be upgraded if debt/EBITDA is sustained below 3.5x, EBITDA/interest expense is sustained above 5.0 and free cash flow/debt is sustained above 10.0%. Ratings could be downgraded if debt/EBITDA increases above 4.5x, or if either of free cash flow or interest coverage weakens. Headquartered in Chantilly, VA, Amentum Holdings, Inc. is a global provider of engineering, project management and solutions integration and other services. Revenue for fiscal 2025 was $14.4 billion. The principal methodology used in these ratings was Aerospace and Defense published in July 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. AMERICAN SIGNATURE: Hires Berkeley Research Group as CRO -------------------------------------------------------- American Signature, Inc. and affiliates seek approval from the U.S. Bankruptcy Court for the District of Delaware to employ Berkeley Research Group, LLC to designate Stephen Coulombe and Rudolph Morando to serve as co-chief restructuring officers. The firm will provide these services: (a) assist the Debtors with cash flow forecasts and related liquidity forecasting tools to evaluate the Debtors' cash flows; (b) assist with developing tactics and strategies for negotiating with vendors and other constituencies which can impact weekly cash flows and affect the Debtors' liquidity needs; (c) assess and assist in evaluating any potential asset divestitures, profitability post divestiture and ability to service any remaining indebtedness post divestiture; (d) assess business plan and profitability; including initial recommendations to improve operations and cash flows; (e) attend meetings, presentations and negotiations as may be requested by the Debtors; (f) in consultation with management of the Debtors and subject to the approval of the Board of Directors of the Debtors, develop and implement a chosen course of action to maximize value for all stakeholders; (g) if required, assist the Debtors in preparing for an operating in a Chapter 11 bankruptcy proceeding, including negotiations with stakeholders, and the formulation of a reorganization strategy and plan of reorganization directed to preserve and maximize value; and (h) provide such other services as mutually agreed upon by the Co-CROs, BRG, and the Debtors. The firm will be paid at these rates: Managing Directors $1,140 to $1,395 per hour Associate Directors & Directors $900 to $1,100 per hour Professional Staff $445 to $885 per hour Support Staff $185 to $395 per hour In addition, the firm will seek reimbursement for its out-of-pocket expenses. In the 90 days prior to the Petition Date, the firm received cash on account and payments totaling $2,022,142. As of the Petition Date, the firm holds $500,000 in cash on account from the Debtors. Mr. Morando 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: Rudolph Morando Berkeley Research Group, LLC 225 Franklin Street, 32nd Floor Boston, MA 02110 Tel: (877) 696-0391 About American Signature, Inc. American Signature Inc., together with its subsidiaries, is a residential furniture company operating across its Value City Furniture and American Signature Furniture brands and serving as a furniture destination consumers can rely on for style, quality, and value. Headquartered in Columbus, Ohio, the company operates more than 120 stores across 17 states, with the largest concentrations in Ohio (20), Michigan (16), and Illinois (11). It employs approximately 3,000 team members. American Signature and eight of its affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del., Lead Case No. 25-12105) on November 22, 2025. In their petitions, the Debtors estimated assets of $100 million to $500 million and estimated liabilities of $500 million to $1 billion. The petitions were signed by Rudy Morando as chief restructuring officer. Judge J. Kate Stickles presides over the cases. David M. Bertenthal, Maxim B. Litvak, and Laura Davis Jones at Pachulski Stang Ziehl & Jones LLP, represent the Debtors as legal counsel while Berkeley Research Group, LLC and SSG Capital Advisors, LLC serves as restructuring advisor and investment banker, respectively. Kurtzman Carson Consultants, LLC, doing business as Verbita Global, is the claims and noticing agent. PNC Bank, N.A., as administrative agent for pre-petition term loan lenders, is represented by the law firms of Blank Rome, LLP and Goldberg Kohn, Ltd. The law firms may be reached through: Regina Stango Kelbon, Esq. Stanley B. Tarr, Esq. Lawrence R. Thomas III, Esq. Blank Rome LLP 1201 N. Market Street, Suite 800 Wilmington, DE 19801 Telephone: (302) 425-6400 Facsimile: (302) 425-6464 regina.kelbon@blankrome.com stanley.tarr@blankrome.com lorenzo.thomas@blankrome.com - and - Randall Klein, Esq. Zachary J. Garrett, Esq. Eva D. Gadzheva, Esq. Goldberg Kohn Ltd. 55 E Monroe St, Suite 3300 Chicago, IL 60603 Telephone: (312) 201-4000 randall.klein@goldbergkohn.com zachary.garrett@goldbergkohn.com eva.gadzheva@goldbergkohn.com Second Avenue Capital Partners, LLC, as DIP agent, is represented by: Daniel J. DeFranceschi, Esq. John H. Knight, Esq. Richards, Layton & Finger, P.A. One Rodney Square 920 North King Street Wilmington, DE 19801 Telephone: 302-651-7700 Facsimile: 302-651-7701 defranceschi@rlf.com knight@rlf.com - and - John F. Ventola, Esq. Jonathan D. Marshall, Esq. Lucas B. Barrett, Esq. Choate, Hall & Stewart, LLP Two International Place Boston, MA 02110 Telephone: (617) 248-5000 jventola@choate.com jmarshall@choate.com lbarrett@choate.com AMERICAN SIGNATURE: To Close Multiple Stores in Ohio ---------------------------------------------------- Jonathan Keilholz of 614now.com reports that American Signature Inc. is closing two Ohio Value City Furniture stores as it moves forward with a nationwide restructuring effort under Chapter 11, according to the company's bankruptcy disclosures. None of the affected locations are in the Columbus area, which for now remains untouched by the store shutdowns. The retailer is liquidating the Centerville store at 2070 Miamisburg-Centerville Road and the Cincinnati location at 650 Eastgate Drive South, documents show. Both properties are being marketed by A&G Real Estate Partners as part of an auction covering 23 store sites across several states, reflecting American Signature's effort to exit underperforming markets, the report states. The closures come as the company prepares to auction its entire business in January, starting at $147.8 million, while continuing operations with debtor-in-possession financing. Although at least 33 stores nationwide are currently holding going-out-of-business sales, American Signature's five Columbus-area stores and pickup center remain open, even as the company plans to close its Columbus headquarters and eliminate 256 jobs in Ohio, the report relays. About American Signature Inc. American Signature Inc., together with its subsidiaries, is a residential furniture company operating across its Value City Furniture and American Signature Furniture brands and serving as a furniture destination consumers can rely on for style, quality, and value. Headquartered in Columbus, Ohio, the Company operates more than 120 stores across 17 states, with the largest concentrations in Ohio (20), Michigan (16), and Illinois (11). The Company employs approximately 3,000 team members. American Signature and eight of its affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del., Lead Case No. 25-12105 (JKS) on November 22, 2025. In their petition, the Debtors estimated assets of $100 million to $500 million and estimated liabilities of $500 million to $1 billion. The petitions were signed by Rudy Morando as chief restructuring officer. Judge J. Kate Stickles presides over the cases. David M. Bertenthal, Maxim B. Litvak, and Laura Davis Jones at Pachulski Stang Ziehl & Jones LLP, represent the Debtors as legal counsel. Berkeley Research Group, LLC serves as restructuring advisor to the Debtors, SSG Capital Advisors LLC serves as investment banker, and Kurtzman Carson Consultants LLC dba Verbita Global is claims and noticing agent to the Debtors. ANTHOLOGY INC: Disclosure Statement Wins Conditional OK ------------------------------------------------------- Judge Alfredo R. Perez of the United States Bankruptcy Court for the Southern District of Texas conditionally approved the adequacy of the Disclosure Statement for Anthology Inc.'s Joint Chapter 11 Plan dated November 21, 2025. The Disclosure Statement is conditionally approved as containing adequate information within the meaning of section 1125(a)(1) of the Bankruptcy Code, and its use in the Debtors' solicitation of votes to accept or reject the Plan is approved. The Disclosure Statement (including all applicable exhibits) provides Holders of Claims and/or Interests and other parties in interest with sufficient notice of the injunction, exculpation, and release provisions contained in Article VIII of the Plan, in satisfaction of the requirements of Bankruptcy Rules 2002(c), 3016(b), and 3016(c). the following dates are established (subject to modification as necessary by the Debtors) and approved with respect to the solicitation of votes to accept or reject the Plan, voting on the Plan, filing objections to the Plan and the Disclosure Statement, and approving the adequacy of the Disclosure Statement and confirming the Plan: Voting Deadline - January 20, 2026, at 4:00 p.m., prevailing Central Time Opt-In Deadline - January 20, 2026, at 4:00 p.m., prevailing Central Time Plan and Disclosure Statement Objection Deadline - January 20, 2026, at 4:00 p.m., prevailing Central Time Deadline to File Voting Report - January 22, 2026 Confirmation Brief Deadline - January 22, 2026 Combined Hearing Date - January 23, 2026, at 9:00 a.m., prevailing Central Time As reported by the Troubled Company Reporter on Nov. 27, 2025, Anthology Inc. and affiliates field with the U.S. Bankruptcy Court for the Southern District of Texas a Disclosure Statement for the Joint Chapter 11 Plan dated November 21, 2025. Anthology is a leading global end-to-end education technology ("EdTech") software provider. Headquartered in Boca Raton, Florida, Anthology is the result of a consolidation of three companies specializing in distinct areas of education technology. Prior to commencing these chapter 11 cases, and following months of arm's length negotiations between the Debtors and the Ad Hoc Group regarding the potential terms of a proposed value-maximizing transaction, the Debtors, certain consenting lenders, and consenting stakeholders entered into the Restructuring Support Agreement. The Restructuring Support Agreement provides for (i) the continuation of the Prepetition Sale Process to "market check" the Stalking Horse Bids and facilitate consummation of a sale or multiples sales to the highest or otherwise best offer(s) for certain Business Segments, facilitated through the proposed Bidding Procedures and (ii) the terms of the Plan, whereby the Company will emerge from chapter 11 as a leaner enterprise organized around the Teaching & Learning Business Segment. The Restructuring Support Agreement also provides for terms regarding DIP financing, access to cash collateral, and fully committed exit equity financing raised through an equity rights offering and direct investment. The Bidding Procedures contemplate two Sale Transactions, each in accordance with the respective Sale Order: (a) the sale of the Enterprise Operations Assets to Ellucian Company LLC pursuant to a certain purchase agreement (the "Ellucian Stalking Horse Agreement") and (ii) the sale of the Lifecycle Engagement Assets and the Student Success & Other Assets to Encoura LE LLC ("Encoura," and, together with Ellucian, the "Stalking Horse Bidders") pursuant to a certain purchase agreement (the "Encoura Stalking Horse Agreement," and, together with the Ellucian Stalking Horse Agreement, the "Stalking Horse Agreements," and the Bids contained therein, the "Horse Bids"). The Stalking Horse Bids will be subject to higher or better offers received through the Debtors' postpetition marketing and sale process. The Plan contemplates certain Sale Transactions, which will be consummated by one or more Sale Order(s), pursuant to section 363 of the Bankruptcy Code and in accordance with the Bidding Procedures. On the applicable Closing Date, the Debtors shall consummate the Sale Transactions and, among other things, the Transferred Assets (as defined in the Stalking Horse Agreements, as relevant), as set forth in the applicable Stalking Horse Agreement or other Purchase Agreement, as applicable, shall be transferred to and vest in Ellucian, Encoura, and/or the alternate successful bidder(s) free and clear of all Liens, Claims, charges, interests, or other encumbrances, and the Assumed Liabilities (as defined in the Stalking Horse Agreements, as relevant) will transfer to and vest in such successful bidder(s), pursuant to the terms of the Confirmation Order, Plan, Stalking Horse Agreement(s) or other Purchase Agreement(s), as applicable, and Sale Orders, as applicable. Class 8 consists of General Unsecured Claims. Except to the extent that a Holder of an Allowed General Unsecured Claim agrees to less favorable treatment, on or after the Effective Date, each Holder of an Allowed General Unsecured Claim shall receive its Pro Rata share of Distributable Cash, if any, in accordance with the Waterfall Recovery. In the event that there is no such Distributable Cash available for distribution to the Holders of Allowed General Unsecured Claims pursuant to the Waterfall Recovery, Allowed General Unsecured Claims shall be discharged and released, and each Holder of a General Unsecured Claim shall not receive or retain any distribution, property, or other value on account of such General Unsecured Claim. On the Effective Date, all Existing Equity Interests shall be cancelled, released, extinguished, and discharged, and will be of no further force or effect. The Holder of Existing Equity Interests shall receive no recovery or distribution on account of the Existing Equity Interests. The Reorganized Debtors shall fund distributions under the Plan with (1) the New Money Investments; (2) Net Sale Proceeds from the sale of the Sale Assets; and (3) Cash on hand. The Wind-Down Debtors will fund distributions under the Plan with (a) Cash on hand on the Effective Date and (b) the revenues and proceeds of all assets of the Debtors, including the Net Sale Proceeds and proceeds from all Causes of Action not expressly waived, relinquished, exculpated, released, compromised, or settled in the Plan or a Final Order, or sold pursuant to any Purchase Agreement, in accordance with section 363 or 1123(b) of the Bankruptcy Code. A full-text copy of the Disclosure Statement dated November 21, 2025 is available at https://urlcurt.com/u?l=sqwg8A from Stretto Inc., claims agent. The Solicitation Procedures utilized by the Debtors for distribution of the Solicitation Packages as set forth in the Motion for soliciting acceptances and rejections of the Plan satisfy the requirements of the Bankruptcy Code, the Bankruptcy Rules, the Bankruptcy Local Rules, and any other applicable rules, laws, and regulations. The Solicitation Procedures are approved in their entirety. The Equity Rights Offering Procedures are approved and the Debtors are authorized to commence the Equity Rights Offering in accordance with and as described in the Equity Rights Offering Procedures and the Plan. A copy of the Court's Order dated December 15, 2025, is available at https://urlcurt.com/u?l=sGoS2h from PacerMonitor.com. About Anthology Inc. Anthology Inc., headquartered in Boca Raton, Florida, provides education technology software and cloud-based services to higher-education institutions, governments, and businesses in more than 80 countries. Formed through the consolidation of Campus Management Corp., Campus Labs Inc., and iModules Software Inc., the Company offers platforms for teaching and learning, student information and enterprise planning, customer relationship management, and student success, along with tools for admissions, enrollment management, alumni engagement, and institutional effectiveness. It employs about 1,550 people in the United States and reported revenue of about $450 million in fiscal 2025. Anthology sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex.) on September 29, 2025. In the petitions signed by Heath C. Gray as chief restructuring officer, the Debtors disclose an estimated assets (on a consolidated basis) of $1 billion to $10 billion and estimated liabilities (on a consolidated basis) of $1 billion to $10 billion. Judge Alfredo R. Perez presides over the case. The Debtors tapped Kirkland & Ellis LLP and Kirkland & Ellis International LLP as bankruptcy counsel; Haynes and Boone, LLP as local bankruptcy & conflicts counsel; PJT Partners LP as investments banker; and FTI Consulting, Inc. as restructuring advisor. Stretto Inc. is the Debtors' claims & noticing agent. The Official Committee of Unsecured Creditors retained Herbert Smith Freehills Kramer (US) LLP to serve as legal counsel; and AlixPartners, LLP to serve as its financial advisor. Davis Polk & Wardwell LLP and Porter Hedges LLP represent an ad hoc group of holders of term loans and revolving commitments and initial DIP term loans. Ellucian, a higher education technology solutions provider, has been named the successful bidder to acquire Anthology's Student Information Systems (SIS) and Enterprise Resource Planning (ERP) business. APPTECH PAYMENTS: Extends $360K Convertible Note Maturity to Jan 16 ------------------------------------------------------------------- AppTech Payments Corp. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on December 4, 2025, the Company entered into an Amendment to Senior Unsecured Convertible Promissory Note, by and between the Company and Eleven 11 Management LLC, amending a Senior Unsecured Convertible Promissory Note in favor of the Holder, dated as of June 18, 2025 in the original principal amount of $360,000.00. Pursuant to the Amendment, the maturity date of the Note has been amended to January 16, 2026. The Amendment provides for the payment of the amounts outstanding under the Note as follows: (i) $50,000 of the principal amount shall be due and payable on December 5, 2025, (ii) $200,000 of the principal amount shall be due and payable on December 20, 2025, (iii) the remaining principal in an amount equal to $110,000 shall be due and payable on January 16, 2026, and (iv) the amount of $20,000 representing all the remaining outstanding interest shall be due and payable on the maturity date. Further, pursuant to the Amendment, the Holder shall not have the right to convert all or any part of the outstanding and unpaid principal amount and accrued and unpaid interest of the Note until such time that the Company defaults on any payment of principal or interest due pursuant to terms of the Note. A full-text copy of the Amendment to Senior Unsecured Convertible Promissory Note is available at https://tinyurl.com/yc5z5xe8 About AppTech Payments Corp. Headquartered in Carlsbad, Calif., AppTech Payments Corp. -- www.apptechcorp.com -- provides digital financial services for financial institutions, corporations, small and midsized enterprises, and consumers through the Company's scalable cloud-based platform architecture and infrastructure, coupled with its Specialty Payments development and delivery model. AppTech maintains exclusive licensing and partnership agreements in addition to a full suite of patented technology capabilities. San Diego, Calif.-based DBBMcKennon, the Company's auditor since 2014, 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 limited revenues and has suffered recurring losses from 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 $6.2 million in total assets, $4.8 million in total liabilities, and $1.4 million in total stockholders' equity. ARTIFICIAL INTELLIGENCE: Annual Investor Presentation on Jan. 15 ---------------------------------------------------------------- Artificial Intelligence Technology Solutions, Inc. announced that its annual Investor Presentation will take place on January 15, 2026, at 4pm ET. CEO/CTO and founder Steve Reinharz will be joined by Troy McCanna, Chief Revenue Officer, and Sheldon Reinhart, Chief Financial Strategy Officer. The leadership team will address key topics including: * Updates to moves to achieve positive operational cash flow * Progress towards projections from the January 2025 Investor Presentation * Product reveals for hardware and software, including expansions to the SARA(TM) agentic AI platform * ROAMEO(TM) deployment momentum and order activity * The Company's continued advancement toward its expected NASDAQ uplisting Since its introduction earlier this year, the Company has accelerated its resources behind the SARA platform, elevating it as the driver of growth and long-term value. Demand has grown faster than expected, causing the Company to make moves to reinforce SARA as the center of gravity for the Company's growth strategy. The upcoming Investor Presentation will outline how this shift is designed to boost recurring revenue, broaden product impact and push the Company further into a software-first model. "Our goal with this presentation is to give investors a clear view of where the Company is heading and the progress that is driving our confidence," commented Reinharz. "This is an important moment for us. We are moving with purpose, executing against our plan and laying out the next phase of growth. I encourage investors to join us and see how the pieces are coming together." The Company also arrives at this presentation with meaningful traction across several initiatives that have been central to its execution plan for 2025 and 2026. New customer activity, expanded deployments and advances in software capability have strengthened the outlook heading into the new year. Leadership intends to outline how these developments support the Company's priorities for scale and set the stage for broader adoption in the markets it serves. As part of its financial reporting cycle, the Company notes that its fiscal year 2026 will conclude on February 28, 2026. The event will stream on the Company's YouTube channel at 4 p.m. ET on January 15, 2026. 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. ASCEND PERFORMANCE: Court Confirms Fourth Amended Chapter 11 Plan ----------------------------------------------------------------- The United States Bankruptcy Court for the Southern District of Texas confirmed the Fourth Amended Joint Chapter 11 Plan of Ascend Performance Materials Holdings Inc. and its debtor affiliates. The Plan is approved in its entirety and confirmed pursuant to section 1129 of the Bankruptcy Code. The Court also declared as "in good-faith" the compromise and settlement of all claims, Causes of Action, disputes, and controversies among the Debtors, the DIP Lenders, the Bridge Lenders, the Term Loan Lenders, the ABL Lenders, and the Agents, on the one hand, and the Committee and each of its members, on the other hand. The Committee Settlement is the result of arm's-length negotiations among numerous parties. The compromises and settlements included in the Committee Settlement are each (a) integrated with and dependent on all other compromises and settlements contemplated in connection with the Plan and (b) necessary and integral to the Plan and the success of these Chapter 11 Cases. The Committee Settlement is fair, equitable, reasonable, and an essential element of the Plan and is in the best interests of the Debtors, their Estates, and Holders of Claims and Interests. The entry of this Confirmation Order constitutes the Bankruptcy Court's finding that the applicable terms of the Committee Settlement incorporated in the Plan and the Plan Supplement are (i) in the best interests of Holders of General Unsecured Claims, the Holders of Go-Forward Vendor Claims, the Debtors, and their Estates, (ii) on account of value provided to the Estates, including through resolution of the Committees' Standing Motion and potential objections to the Disclosure Statement, the Plan, and Confirmation, and (iii) given and made with adequate and appropriate notice. In accordance with section 1123(b)(3)(A) of the Bankruptcy Code and Bankruptcy Rule 9019, the Court held that the provisions of the settlement by and between APM Ops and MasTec Industrial Corporation (f/k/a MasTec Power Corporation), as approved by the Order (I) Authorizing and Approving the Settlement By and Among Ascend and MasTec, and (II) Granting Related Relief (the "9019 Order"), constitute a good-faith compromise of the settled claims and disputes held by the MasTec Settlement Parties. Such compromise and settlement are reaffirmed by this Confirmation Order, fair, equitable, and reasonable, and in the best interests of the Debtors, the Reorganized Debtors, and their Estates. Debt Rights Offering On November 25, 2025, the Debtors commenced the Debt Rights Offering, in connection with the Plan and the Disclosure Statement, as applicable, through which the Debtors offered the Debt Subscription Rights to each Debt Rights Offering Eligible Offeree. The Debtors solicited subscriptions to the Debt Rights Offering in good faith pursuant to the Debt Rights Offering Documents, applicable provisions of the Bankruptcy Code, the Bankruptcy Rules, the Bankruptcy Local Rules, and any applicable non-bankruptcy Laws, rules, or regulations. The Debt Rights Offering Documents provide sufficient information to enable each Debt Rights Offering Eligible Offeree to duly participate in the Debt Rights Offering and fund the Exit Term Loan Facility (including the disclosure of any issuance of New Interests (or similar Securities) that may be issued pursuant to the Exit Term Loan Facility from time to time following the Effective Date). Prior to or on the Effective Date, as applicable, all obligations contained in the documents that are necessary or desirable to effectuate the Debt Rights Offering and to obtain funding for the Exit Term Loan Facility (including, without limitation, the Debt Rights Offering Procedures) shall constitute legal, valid, and binding obligations of the applicable Reorganized Debtors and be enforceable in accordance with the respective terms of such documents. The Debt Rights Offering Documents and all related forms, agreements, and notices are fair, equitable, and reasonable and provide for the Debt Rights Offering to be conducted in a manner that is in the best interests of the Debtors, their Estates, and all Holders of Claims and Interests. Issuance of New Interests The issuance of the New Interests, and any other Securities derivative thereof, is an essential element of the Plan and is in the best interests of the Debtors, their Estates, and the Holders of Claims and Interests. Exit ABL Facility, Exit Term Loan Facility, and Asset Financing Takeback Debt The Exit ABL Facility, the Exit Term Loan Facility, and the Asset Financing Takeback Debt are each an essential element of the Plan, necessary for Consummation, and critical to the overall success and feasibility of the Plan. Entry into, and/or issuance of, the Exit ABL Facility, the Exit Term Loan Facility, and the Asset Financing Takeback Debt is approved in all respects. Entry into the Exit ABL Facility, the Exit Term Loan Facility, and the Asset Financing Takeback Debt is in the best interests of the Debtors and their Estates. The Debtors have exercised reasonable business judgment in determining to enter into the Exit ABL Facility, the Exit Term Loan Facility, and the Asset Financing Takeback Debt and have provided sufficient and adequate notice of the material terms of the Exit ABL Facility, the Exit Term Loan Facility, and the Asset Financing Takeback Debt, which material terms were Filed as part of the Plan (including through the Plan Supplement) prior to the Effective Date. The terms and conditions of the Exit ABL Facility, the Exit Term Loan Facility, the Asset Financing Takeback Debt are fair and reasonable and were negotiated in good faith and at arm's length, and any credit extended and loans made pursuant to the Exit ABL Facility, the Exit Term Loan Facility, and the Asset Financing Takeback Debt, if and as applicable, shall be deemed to have been extended, issued, or made, as applicable, in good faith, for legitimate business purposes, without the intent to hinder, delay, or defraud any creditor of the Debtors, for reasonably equivalent value, and such incurrences by the Debtors shall not be subject to avoidance, recharacterization, or subordination for any purposes whatsoever and shall not constitute preferential transfers or fraudulent conveyances under the Bankruptcy Code or any applicable non-bankruptcy Law. As reported by Troubled Company Reporter, under the version of the Plan filed in August, Holders of Allowed Claims shall receive the following treatment in full and final satisfaction, settlement, release, and discharge of their Claims and Interests: * Each Holder of an Allowed DIP ABL Claim shall (a) receive payment in full in Cash of such Claim or (b) at such Holder's election, roll such Claim into the Exit ABL Facility in a cashless dollar-for-dollar exchange, and (c) receive payment in full in Cash of accrued interest and fees due under the DIP ABL Facility prior to the effectiveness and conversion of any such Claim into the Exit ABL Facility pursuant to the foregoing clause (b). * Each Holder of an Allowed DIP Term Loan Claim shall receive its Pro Rata share of: (a) the DIP Equity Recovery; and (b) at the election of each Holder of an Allowed DIP Term Loan Claim, the right to participate up to their Pro Rata share of either or both of the following: (i) the Equity Subscription Rights; and/or (ii) the Debt Subscription Rights. * Each Holder of an Allowed Other Secured Claim shall receive, at the Debtors' or the Reorganized Debtors' option, with the [reasonable consent] of the Required DIP Term Loan Lenders, either (i) in full and final satisfaction of such Allowed Other Secured Claim, payment in full in Cash of its Allowed Other Secured Claim, (ii) in full and final satisfaction of such Allowed Other Secured Claim, the collateral securing its Allowed Other Secured Claim, (iii) Reinstatement of its Allowed Other Secured Claim, or (iv) such other treatment rendering its Allowed Other Secured Claim Unimpaired in accordance with section 1124 of the Bankruptcy Code. * Each Holder of an Allowed Other Priority Claim shall receive such treatment consistent with section 1129(a)(9) of the Bankruptcy Code. * Each Holder of an Allowed Term Loan Claim shall receive its Pro Rata share of the Term Loan Equity Distribution. * Each Holder of an Allowed Asset Financing Agreement Claim shall receive its Pro Rata share of the applicable Asset Financing Takeback Debt. * All Allowed General Unsecured Claims shall be canceled, released, and extinguished and will be of no further force or effect, and Holders of Allowed General Unsecured Claims shall not receive any distribution, property, or other value under the Plan on account of such Allowed General Unsecured Claims. * Each Interest in Ascend Parent and APM Disc shall be canceled, released, discharged, and extinguished without any distribution and will be of no further force or effect, and each Holder of an Interest in Ascend Parent and/or APM Disc shall not receive or retain any distribution, property, or other value on account of its Interest in Ascend Parent and/or APM Disc. The Plan provides for a $[100] million Equity Rights Offering and a $[100] million Debt Rights Offering, which will recapitalize the Company on the Effective Date and position the Company to meet its financial and operational obligations as they come due. The Plan addresses the Asset Financing Agreement Claims and all of the Asset Financing Takeback Debt. The Plan contemplates a recapitalization of the Debtors, through which the Debtors will issue the New Interests to the Holders of Term Loan Claims, implement both an Equity Rights Offering and a Debt Rights Offering, enter into the Exit ABL Facility and the Exit Holdco Loan Facility, and adopt a Management Incentive Plan. New Interests will also be issued in satisfaction of DIP Term Loan Claims, while DIP ABL Claims will be paid down in full in Cash or, solely at the election of each DIP ABL Lender, rolled into the Exit ABL Facility. Class 5 consists of General Unsecured Claims. All Allowed General Unsecured Claims shall be canceled, released, and extinguished and will be of no further force or effect, and Holders of Allowed General Unsecured Claims shall not receive any distribution, property, or other value under the Plan on account of such Allowed General Unsecured Claims. The Debtors and the Reorganized Debtors, as applicable, shall fund distributions under the Plan with: (1) Cash on hand, including Cash from operations, the DIP Facilities, and the proceeds of the Equity Rights Offering and the Debt Rights Offering; (2) the Equity Subscription Rights; (3) the Debt Subscription Rights; (4) the New Interests; (5) the Exit ABL Facility; (6) the Exit Holdco Loan Facility, as applicable; and (7) the Asset Financing Takeback Debt. A full-text copy of the Disclosure Statement dated August 12, 2025 is available at https://urlcurt.com/u?l=Sxu7dk from Epiq Corporate Restructuring, LLC, claims agent. A copy of the Court's Findings of Fact, Conclusions of Law, and Order dated December 9, 2025, is available at https://urlcurt.com/u?l=g4WQaU from PacerMonitor.com. About Ascend Performance Materials Holdings Ascend Performance Materials Holdings Inc. and its affiliates are one of the largest, fully-integrated producers of nylon, a plastic that is used in everyday essentials, like apparel, carpets, and tires, as well as new technologies, like electric vehicles and solar energy systems. Ascend's business primarily revolves around the production and sale of nylon 6,6 (PA66), along with the chemical intermediates and downstream products derived from it. Common applications of PA66 include heating and cooling systems, air bags, batteries, and athletic apparel. Headquartered in Houston, Texas, Ascend has a global workforce of approximately 2,200 employees and operates eleven manufacturing facilities that span the United States, Mexico, Europe, and Asia. Ascend Performance Materials Holdings Inc. and its affiliates filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 25-90127) on April 21, 2025. In the petitions signed by Robert Del Genio, chief restructuring officer, the Debtors disclosed $1 billion to $10 billion in both estimated assets and liabilities. Judge Christopher M. Lopez oversees the cases. The Debtors tapped Bracewell LLP and Kirkland & Ellis LLP as counsel; PJT Partners, Inc. as investment banker; FTI Consulting, Inc. as restructuring advisor; and Deloitte LLP as tax advisor. Epiq Corporate Restructuring LLC is the Debtors' claims, noticing, and solicitation agent. GA Group Advisory & Valuation Services, LLC serves as valuation advisor. The official committee of unsecured creditors retained Brown Rudnick LLP as co-counsel; Parkins & Rubio LLP as Texas co-counsel; AlixPartners, LLP as financial advisor; and Ducera Partners LLC and Ducera Securities LLC as investment banker. Gibson, Dunn & Crutcher LLP represents an Ad Hoc Group of Term Loan Lenders. ASSOCIATION OF APARTMENT: Wayne K.T. Mau Named Subchapter V Trustee ------------------------------------------------------------------- The Acting U.S. Trustee for Region 15 appointed Wayne K.T. Mau as Subchapter V trustee for the Association of Apartment Owners of Kauai Beach Villas. Mr. Wayne 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. Wayne declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Wayne K.T. Mau 1003 Bishop Street Pauahi Tower, Suite 320 Honolulu, Hawaii 96813 E-mail: wayne@wmaulaw.com Office: (808) 380-8498 Cell: (808) 781-8494 About Association of Apartment Owners of Kauai Beach Villas The Association of Apartment Owners of Kauai Beach Villas, a not-for-profit corporation incorporated under Hawaii law on April 15, 2025, manages, maintains, and administers the Kauai Beach Villas condominium resort in Lihue, Kauai, Hawaii. Association of Apartment Owners of Kauai Beach Villas filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Hawaii Case No. 25-01103) on December 5, 2025, listing between $1 million and $10 million in assets and liabilities. Judge Robert J. Faris presides over the case. Chuck C. Choi, Esq., at Choi & Ito represents the Debtor as legal counsel. ATKORE INC: Moody's Affirms 'Ba1' CFR, Outlook Remains Stable ------------------------------------------------------------- Moody's Ratings affirmed Atkore Inc.'s (Atkore) Ba1 corporate family rating, its Ba1-PD probability of default rating and the Ba2 rating on its $400 million senior unsecured notes. At the same time, Moody's affirmed the Ba1 rating on the backed senior secured first lien term loan B issued by Atkore International, Inc. Atkore's Speculative Grade Liquidity rating remains unchanged at SGL-1 and the ratings outlook remains stable for both entities. RATINGS RATIONALE The rating affirmation reflects Moody's expectations that Atkore's operating performance will continue to moderately weaken in fiscal 2026 (ends September 2026), but it will maintain credit metrics commensurate with the Ba1 corporate family rating. Atkore's Ba1 corporate family rating ("CFR") is supported by its low leverage, good interest coverage, very good liquidity, large market share in key product categories, its pricing discipline and focus on reducing costs, improving operational efficiencies and generating cash from non-strategic asset sales. The rating also reflects Atkore's moderate scale and limited diversity versus higher rated companies in the manufacturing sector and its reliance on non-residential construction activity. It also considers its limited product differentiation and the highly competitive markets in which the company operates, which has led to somewhat weak recent profit margins for its rating and will result in a fourth consecutive year of declining earnings in fiscal 2026. The rating also incorporates Atkore's acquisitive history and its use of free cash flow to fund organic growth, share repurchases and dividends. In addition, the rating is constrained by the company's capital structure with secured debt accounting for a material share of its outstanding debt. Moody's expects Atkore's operating results will moderately weaken in fiscal 2026 due to continued product pricing pressure from increased domestic and import competition in steel and PVC conduit and difficulty fully passing on higher raw material costs. As a result, Moody's anticipates Atkore will produce Moody's adjusted EBITDA in the range of $350-$370 million versus $393 million in fiscal 2025. The company will continue to generate free cash flow even though its earnings will decline for the fourth consecutive year. Moody's anticipates the company will likely continue to build its cash position since it is restricted from buying shares while it pursues strategic alternatives. Atkore is in the process of pursuing strategic alternatives including facility closures, headcount reductions, the potential sale of non-strategic assets and a potential sale or merger of the whole company. The outcome and timing of this process remain uncertain, and Moody's will assess the ratings impact of these actions when they are announced by the company. Atkore's leverage ratio (debt/EBITDA) will continue to weaken in fiscal 2026 to around 2.6x in September 2026 from 2.4x in September 2025, but will continue to support its Ba1 corporate family rating and remain below Moody's downgrade guidance of 3.25x. Nevertheless, its EBITA margin will likely decline below 9% and remain well below Moody's downgrade guidance of 12%. If Atkore's earnings and profit margins remain at a depressed level, then a negative outlook or ratings downgrade could be considered. Atkore's speculative grade liquidity rating of SGL-1 reflects its very good liquidity profile and its consistent free cash generation. The company had $507 million of cash and full availability on its $325 million asset based revolving credit facility as of September 30, 2025. Atkore had no letters of credit issued and no outstanding borrowings on the revolver which has historically been used for seasonal and cyclical working capital support and to fund acquisitions, but is unlikely to be used in the near term considering the company's sizeable cash balance and consistent free cash flow. The ABL matures in April 2030. The Ba1 rating on the first lien term loan is in line with Atkore's Ba1 corporate family rating since it has a second lien on the ABL collateral, and benefits from a first priority lien on the tangible and intangible assets not securing the ABL revolver. It is also supported by the loss absorbing buffer provided by the unsecured notes, which are rated Ba2 due to their junior ranking position in relation to the term loan and the ABL facility. Atkore's stable ratings outlook reflects Moody's expectations that its operating results will weaken further in fiscal 2026, but that its credit metrics will continue to support its current rating. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Atkore's moderate scale, somewhat limited end market diversity versus other higher rated companies in the manufacturing sector, and the secured debt in its capital structure all act as a headwind and raise the bar for a ratings upgrade. However, the company's rating could be upgraded if its leverage ratio (Debt/EBITDA) is sustained below 2.0x, EBITA margins above 16%, it maintains relatively conservative financial policies and indicates an intention to modify its capital structure and predominantly issue unsecured debt. Atkore's rating could be downgraded if Debt/EBITDA exceeds 3.25x or EBITA margins fall below 12% on a sustained basis. A material contraction in liquidity could also result in a downgrade. Atkore Inc., headquartered in Harvey, Illinois is a manufacturer of Electrical products primarily for the non-residential construction and renovation markets and to a lesser extent the residential construction market, and Safety & Infrastructure solutions for the construction and industrial markets. These products include steel and PVC electrical conduit and fittings, armored and metal-clad cable and metal framing and support structures such as cable trays, ladders and wire baskets, as well as galvanized mechanical tubes. The company operates under two reportable segments: Electrical (70% of LTM sales) and Safety & Infrastructure Solutions (30%). Atkore's revenues for the LTM period ended September 30, 2025 were $2.85 billion. Atkore International, Inc. is a wholly owned subsidiary of Atkore Inc. 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. AUTOWORX LLC: Voluntary Chapter 11 Case Summary ----------------------------------------------- Debtor: Autoworx, LLC d/b/a Napa Auto Parts 203 South Mckenzie St Foley AL 36536 Business Description: Autoworx, LLC operates an automotive parts retail store in Foley, Alabama, selling replacement parts, accessories, oil and chemicals, tools and equipment, and paint and body supplies for cars and light trucks. The Company does business as a NAPA Auto Parts store, participating in the NAPA Auto Parts distribution network. It serves both professional automotive repair customers and individual vehicle owners in the local market. Chapter 11 Petition Date: December 12, 2025 Court: United States Bankruptcy Court Southern District of Alabama Case No.: 25-13457 Judge: Hon. Henry A Callaway Debtor's Counsel: Anthony Brian Bush, Esq. THE BUSH LAW FIRM, LLC 3198 Parliament Circle, 302 Montgomery AL 36116 Tel: 334-263-7733 Email: abush@bushlegalfirm.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Kristi Jenkins as owner/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/BUZLEHQ/Autoworx_LLC__alsbke-25-13457__0001.0.pdf?mcid=tGE4TAMA AZURE BUILDERS: Ruediger Mueller of TCMI Named Subchapter V Trustee ------------------------------------------------------------------- The Acting U.S. Trustee for Region 21 appointed Ruediger Mueller of TCMI, Inc. as Subchapter V trustee for Azure Builders Inc. Mr. Mueller 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. Mueller declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Ruediger Mueller TCMI, Inc. 1112 Watson Court Reunion, FL 34747 Telephone: (678) 863-0473 Facsimile: (407) 540-9306 Email: truste@tcmius.com About Azure Builders Inc. Azure Builders, Inc. provides residential and commercial construction services in Sarasota County, Florida, offering custom home building, commercial construction and renovation, project management, design-and-build solutions, property development, and renovation services. Founded in 2000, the Company has expanded from a small team into a full-service construction firm serving homeowners, businesses, and developers in the region. Azure Builders sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-02434) on December 6, 2025, with $125,697 in assets and $1,388,549 in liabilities. David Nicolosi, president of Azure Builders, signed the petition. Michael Dal Lago, Esq., at Dal Lago Law represents the Debtor as bankruptcy counsel. BARMASTERS LLC: Seeks to Hire Latham Luna Eden as Counsel --------------------------------------------------------- Barmasters, LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of Florida to employ Latham, Luna, Eden & Beaudine, LLP as counsel. The firm's services include: (a) advising as to the Debtor's rights and duties in this case; (b) preparing pleadings related to this case, including a disclosure statement and plan of reorganization; and (c) taking any and all other necessary action incident to the proper preservation and administration of this estate. The firm will be paid at these hourly rates: Daniel Velasquez, Attorney $475 Other Attorneys $275 Junior Paraprofessionals $105 The firm received from the Debtor $4,055.50 on a current basis, for services rendered and costs incurred prior to commencement of the bankruptcy case. Mr. Velasquez 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: Daniel A. Velasquez, Esq. Latham Luna Eden & Beaudine LLP 201 S. Orange Avenue Suite 1400 Orlando, FL 32801 Tel: (407) 481-5800 Fax: (407) 481-5801 Email: dvelasquez@lathamluna.com 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. BAUSCH HEALTH: Bausch + Lomb Refinances $2.8B Term Loans to 2031 ---------------------------------------------------------------- Bausch Health Companies Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on December 12, 2025, Bausch + Lomb Corporation, a subsidiary of the Company, allocated a $2,802,125,000 tranche of new term B loans, the proceeds of which will be used to refinance all of its outstanding term B loans due 2031 and its outstanding term B loans due 2028. The applicable margin is anticipated to be: (i) 3.75% per annum for Replacement Term Loans, with an interest rate determined by reference to term SOFR and (ii) 2.75% per annum for Replacement Term Loans with an interest rate determined by reference to the alternate base rate; the margin applicable to the Replacement Term Loans represents a 0.50% per annum reduction for the Third Amendment Term Loans and a 0.25% per annum reduction for the First Incremental Term Loans. The Replacement Term Loans will mature on January 15, 2031, which is the same maturity date as the Third Amendment Term Loans and which represents a maturity extension of the First Incremental Term Loans from September 29, 2028. The transactions are anticipated to close in the first quarter of 2026; however, there can be no assurances that Bausch + Lomb will be able to complete the foregoing transactions on the terms or at all. About Bausch Health Companies Inc. Bausch Health Companies Inc. develops drugs for unmet medical needs in central nervous system disorders, eye health, and gastrointestinal diseases, as well as contact lenses, intraocular lenses, ophthalmic surgical equipment, and aesthetic devices. As of September 30, 2025, the Company had $26.82 billion in total assets, $26.47 billion in total liabilities, and $356 million in total equity. The Company had an accumulated deficit of $9.56 billion as of September 30, 2025. * * * In May 2025, Fitch Ratings has affirmed and withdrawn Bausch Health Companies Inc.'s (BHC) and Bausch Health Americas, Inc.'s (BHA) Company Default Ratings (IDRs) at 'CCC+'. Prior to the withdrawal, the ratings remained in the 'CCC' category reflecting the long-term refinancing risk, non-zero risk of a distressed debt exchange for later maturities, and a weakening balance sheet when XIFAXAN revenues decline and if BHC separates Bausch + Lomb Corporation. Fitch has also affirmed and withdrawn the instrument ratings including the first lien debt issued by 1261229 B.C. Ltd and BHC at 'B' with a Recovery Rating of 'RR2', the second lien debt (issued by BHC) at 'CCC-'/'RR6' and the unsecured notes (issued by BHC and BHA) at 'CC'/'RR6'. BAY STREET CAPITAL: Seeks Subchapter V Bankruptcy in Florida ------------------------------------------------------------ On December 10, 2025, Bay Street Capital LLC filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Middle District of Florida. According to court filings, the debtor reports between $1 million and $10 million in debt owed to an unspecified number of creditors. About Bay Street Capital LLC 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. Bay Street Capital LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-09287) on December 10, 2025. In its petition, the debtor reports estimated assets ranging from $1 million to $10 million and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Caryl E. Delano handles the case. The debtor is represented by Samantha L. Dammer, Esq., of Bleakley Bavol Denman & Grace. BAYSIDE LIMO: Hires A+ Accounting & Tax as Accountant ----------------------------------------------------- Bayside Limo of Tampa LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of Florida to employ A+ Accounting & Tax as accountant. The firm will assist the Debtor in the preparation of court-ordered reports, including monthly operating reports, and assist the Debtor with other ordinary accounting services on an as-needed basis. The firm will be paid at these rates: Accountants $175 per hour Staffs $50 to $100 per hour The firm will be paid an initial retainer of $1,500. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Mr. Dave 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: Akshay Dave, CPA A+ Accounting and Tax 4002 McLane Dr. Tampa, FL 33610 Tel: (813) 381-3809 Email: tax4002@gmail.com About Bayside Limo of Tampa LLC Bayside Limo of Tampa LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No.8:25-bk-03982-CPM) on June 13, 2025. In the petition signed by Kevin New, chief executive officer, the Debtor disclosed up to $500,000 in assets and up to $1 million in liabilities. Judge Catherine Peek McEwen oversees the case. The Debtor is represented by: Buddy D. Ford, Esq. Ford & Semach, P.A. Tel: (813) 877-4669 Email: buddy@tampaesq.com BELLA CAPRI: Seeks Chapter 11 Bankruptcy in Florida --------------------------------------------------- On December 9, 2025, Bella Capri, LLC filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of Florida. According to court filings, the debtor reports between $1 million and $10 million in debt owed to between 1 and 49 creditors. About Bella Capri, LLC Bella Capri, LLC is a limited liability company. Bella Capri, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-24523) on December 9, 2025. In its petition, the debtor reports estimated assets ranging from $10 million to $50 million and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Laurel M. Isicoff is overseeing the case. The debtor is represented by Jeffrey N. Schatzman, Esq. BEYOND AIR: Names Denton Dewrell as Principal Accounting Officer ---------------------------------------------------------------- Beyond Air, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on December 8, 2025, Denton "Duke" Dewrell was appointed as its principal financial officer and principal accounting officer. Mr. Dewrell, age 39, has served as the Global Controller of the Company since April 2025. Prior to this role, he served as the Company's U.S. Controller beginning in August 2024 and as Head of Finance and Controller of Beyond Cancer Ltd., a majority owned subsidiary of the Company, since August 2023. Prior to joining the Company, Mr. Dewrell served as Vice President, Corporate Controller at Updater Inc., a relocation and real estate technology company, from July 2021 to August 2023. Earlier in his career, Mr. Dewrell spent more than ten years in public accounting at Ernst & Young LLP, where he held positions of increasing responsibility in the audit and assurance practice from March 2011 to June 2021. Mr. Dewrell holds a Master of Accounting and a Bachelor of Science in Accounting from the University of Florida, and is a certified public accountant in Florida and Georgia. Mr. Dewrell will continue to receive his current base compensation of $260,000 per year and to participate in the Company's and Beyond Cancer's equity incentive plans. About Beyond Air Headquartered in Garden City, N.Y., Beyond Air, Inc. -- www.beyondair.net -- is a commercial-stage medical device and biopharmaceutical company developing a platform of nitric oxide generators and delivery systems (the "LungFit platform") capable of generating NO from ambient air. The Company's first device, LungFitPH, received premarket approval from the FDA in June 2022. The NO generated by the LungFit PH system is indicated to improve oxygenation and reduce the need for extracorporeal membrane oxygenation in term and near term (34 weeks gestation) neonates with hypoxic respiratory failure associated with clinical or echocardiographic evidence of pulmonary hypertension in conjunction with ventilatory support and other appropriate agents. East Hanover, New Jersey-based Marcum LLP, the Company's auditor since 2024, issued a "going concern" qualification in its report dated June 20, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended March 31, 2025, citing that the Company has suffered recurring losses from operations, has experienced negative cash flows from operating activities since inception, and has an accumulated deficit, that raise substantial doubt about its ability to continue as a going concern. As of June 30, 2025, the Company had $28.1 million in total assets, against $17.7 million in total liabilities. BICK GROUP: Seeks to Extend Plan Exclusivity to January 12, 2026 ---------------------------------------------------------------- Bick Group Holdings, LLC asked the U.S. Bankruptcy Court for the Eastern District of Missouri to extend its exclusivity periods to file a plan of reorganization to January 12, 2026. Pursuant to sections 1107(a) and 1108 of the Bankruptcy Code, Debtor is continuing to operate its business as a debtor in possession. No trustee or examiner has been appointed, and no official committee of creditors has been established in this chapter 11 case. The Debtor requests additional time to negotiate plan treatment of key creditors in hopes of putting forth a consensual plan. Specifically, Debtor is negotiating the timeframe and amount of certain payments to St. Louis Bank, its primary secured creditor and DIP lender. Bick Group Holdings, LLC is represented by: Robert E. Eggmann, Esq. Nathan R. Wallace, Esq. Thomas H. Riske, Esq. Carmody Macdonald P.C. 120 S. Central Avenue, Suite 1800 St. Louis, MO 63105 Tel: (314) 854-8600 Fax: (314) 854-8660 Email: ree@carmodymacdonald.com nrw@carmodymacdonald.com About Bick Group Holdings LLC Bick Group Holdings, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Mo. Case No. 25-43081) on August 12, 2025. In the petition signed by Christopher T. Pondoff, member and chief executive officer, the Debtor disclosed up to $50,000 in both assets and liabilities. Judge Bonnie L. Clair oversees the case. Robert Eggmann, Esq., at Carmody MacDonald P.C., represents the Debtor as legal counsel. St. Louis Bank, as DIP Lender, is represented by: Laura Toledo, Esq. Armstrong Teasdale, LLP 7700 Forsyth Blvd., Suite 1800 St. Louis, MO 63105 Tel: 314.621.5070 Fax: 314.621.5065 ltoledo@atllp.com BRANDHOOT LLC: Hires Supporting Strategies as Accountant -------------------------------------------------------- BrandHoot, LLC seeks approval from the U.S. Bankruptcy Court for the District of Minnesota to employ Supporting Strategies as accountant. The firm will provide general accounting services to the Debtor in its Chapter 11 case. The firm will be paid based upon its normal and usual hourly billing rates. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Rajeeb Rath, a member at Supporting Strategies 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: Rajeeb Rath Supporting Strategies 809 26th Street NE Rochester, MN 55906 Tel: (507) 512-3803 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. BRENMARK INC: Hires Okin Adams Bartlett as Counsel -------------------------------------------------- Brenmark, Inc. and affiliates seek approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ Okin Adams Bartlett Curry LLP as counsel. The firm will render these services: a) advise the Debtors with respect to their rights, duties and powers in the Chapter 11 Cases; b) assist and advise the Debtors relative to the administration of the Chapter 11 Cases; c) assist the Debtors in analyzing the claims of their creditors and in negotiating with such creditors; d) assist the Debtors in preparation and confirmation of a plan of reorganization; e) represent the Debtors at all hearings and other proceedings; f) review and analyze all applications, orders, statements of operations and schedules filed with the Court and advise the Debtors as to their propriety; g) assist the Debtors in preparing pleadings and applications as may be necessary in furtherance of the Debtors' interests and objectives; and h) perform such other legal services as may be required and are deemed to be in the interests of the Debtors in accordance with the Debtors' powers and duties as set forth in the Bankruptcy Code. The firm's hourly rates are as follows: David Curry, Jr., Partner $750 per hour Edward A. Clarkson, Associate $600 Kelley K. Edwards, Associate $460 Legal Assistants $135 to $155 per hour In addition, the firm will seek reimbursement for expenses incurred. The firm received from the Debtors a retainer of $25,000 on Nov. 7, 2025. Matthew Okin, Esq., an attorney at Okin Adams Bartlett Curry, 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: David L. Curry, Jr. Okin Adams Bartlett Curry LLP 1113 Vine St., Suite 240 Houston, TX 77002 Telephone: (713) 228-4100 Facsimile: (346) 247-7158 About Brenmark, Inc. Brenmark, Inc. and Taylors Fine Furniture & Mattress, LLC manufacture and sell household furniture, including bedroom sets, futons, daybeds and mattresses. They operate retail locations and distribution facilities in Texas under the names Mattresses for Less and Landmark Furniture, serving residential customers through their stores and wholesale channels. The Debtors sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Lead Case No. 25-36766) on November 9, 2025, with $1 million to $10 million in assets and liabilities. Brad Taylor, president of Brenmark, Inc. and manager of Taylors Fine Furniture, signed the petition. Judge Jeffrey P. Norman presides over the case. David Curry, Esq., at Okin Adams Bartlett Curry, LLP represents the Debtor as legal counsel. BRENMARK INC: Seeks to Hire HRSS LLP as Accountant -------------------------------------------------- Brenmark, Inc. and affiliates seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ HRSS LLP as accountant. The firm will provide these services: a) advise the Debtors with respect to their tax liability and corporate tax returns; b) assist the Debtors in preparing and finalizing their federal corporate tax returns and any other mandatory federal, state, or local tax reports; c) assist the Debtors with preparation of monthly operating reports and support relating to the bankruptcy process for the Debtors; and d) perform such other tax-oriented accounting and consulting services as may be required and are deemed to be in the interests of the Debtors in accordance with the Debtors' powers and duties as set forth in the Bankruptcy Code. The firm will be paid at these rates: A. Accounting and Tax Services Monthly Accounting Services $2,000 per month Tax Return – Brenmark Inc. $2,500 Annually Tax Return – Taylors Fine Furniture $1,000 Annually A. Bankruptcy Support Monthly Operations Report $1,000 per month Providing Required Documents $1,000 per month The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. The firm was owed $4,500 in fees and expenses by the Debtor. Mr. Seyar 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: Farrukh Seyar HRSS LLP 6771 S.W. Freeway #500 Houston, TX 77074 Tel: (713) 328-4000 Fax: (713) 328-4111 About Brenmark, Inc. Brenmark, Inc. and Taylors Fine Furniture & Mattress, LLC manufacture and sell household furniture, including bedroom sets, futons, daybeds and mattresses. They operate retail locations and distribution facilities in Texas under the names Mattresses for Less and Landmark Furniture, serving residential customers through their stores and wholesale channels. The Debtors sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Lead Case No. 25-36766) on November 9, 2025, with $1 million to $10 million in assets and liabilities. Brad Taylor, president of Brenmark, Inc. and manager of Taylors Fine Furniture, signed the petition. Judge Jeffrey P. Norman presides over the case. David Curry, Esq., at Okin Adams Bartlett Curry, LLP represents the Debtor as legal counsel. BUILT SOLID: Court OKs Amendment to Cash Collateral Order --------------------------------------------------------- The U.S. Bankruptcy Court for the Eastern District of Michigan approved a second amendment to its prior interim order that authorized Built Solid Renovations, LLC to use cash collateral. The second amendment limits monthly deposits into the Debtor's professional fee account to $7,500 and clarifies that transfers from that account to other debtor-in-possession accounts do not violate prior orders, with all transferred funds remaining subject to the previously approved replacement lien. Except for those modifications, all terms of the interim order and the first amendment remain in full effect. The court further ruled that the interim order, as amended, is now deemed a final order. About Built Solid Renovations LLC Built Solid Renovations, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Mich. Case No. 25-51258) on November 5, 2025. At the time of the filing, the Debtor reported between $100,001 and $500,000 in assets and between $1 million and $10 million in liabilities. Judge Mark A. Randon oversees the case. Schafer and Weiner, PLLC is the Debtor's legal counsel. CALLBAINIS LLC: Seeks Chapter 7 Bankruptcy in Florida ----------------------------------------------------- On December 10, 2025, Callbainis, LLC filed for Chapter 7 protection in the U.S. Bankruptcy Court for the Southern District of Florida. According to court filings, the debtor reports between $0 and $100,000 in debt owed to between 1 and 49 creditors. About Callbainis, LLC Callbainis, LLC is a limited liability company. Callbainis, LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 25-24540) on December 10, 2025. In its petition, the debtor reports estimated assets ranging from $0 to $100,000 and estimated liabilities between $0 and $100,000. Honorable Bankruptcy Judge Mindy A. Mora is overseeing the case. CANDYWAREHOUSE.COM INC: Hires Financial Planning as Accountant -------------------------------------------------------------- Candywarehouse.com, Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas to employ Financial Planning and Tax Office Inc. as accountant. The firm will perform these services: -- bank reconciliation; -- financial statements; -- general bookkeeping clean up; -- general bookkeeping consultation; -- tax preparation and filing. The firm will be paid at the rates of $100 to $200 per hour for accounting services. The firm will charge a fix amount of $1,500 for 1120S SCorp Tax preparation with 1 State Tax Return, and $300 per additional state tax preparation. As 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: Olushakin Olojo Financial Planning and Tax Office Inc. 3501 Avenue H Rosenberg, TX 77471 Tel: (281) 762-2086 Fax: (888) 278-5163 About Candywarehouse.com, Inc. CandyWarehouse.com, Inc. operates an e-commerce platform that sells bulk candies, snacks, and party supplies, offering products such as chocolates, gummies, and international confections. It provides customers with search options by flavor, color, event, or holiday, and caters to both individual and wholesale buyers. CandyWarehouse.com sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Texas Case No. 25-34192) on October 24, 2025, with $223,957 in assets and $3,244,950 in liabilities. Mimi Kwan-Nguyen, president of CandyWarehouse.com, signed the petition. Judge Michelle V. Larson presides over the case. Robert C. Lane, Esq., at The Lane Law Firm represents the Debtor as bankruptcy counsel. CAPITAL SECURITY: Lisa Holder Named Subchapter V Trustee -------------------------------------------------------- The U.S. Trustee for Region 17 appointed Lisa Holder, Esq., a practicing attorney in Bakersfield, Calif., as Subchapter V trustee for Capital Security Solutions Inc. Ms. Holder will be paid an hourly fee of $345 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Holder declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Lisa Holder, Esq. 3710 Earnhardt Drive Bakersfield, CA 93306 Phone: (661) 205-2385 Email: lholder@lnhpc.com About Capital Security Solutions Inc. Capital Security Solutions Inc. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. E.D. Calif. Case No. 25-26786) on December 2, 2025, with $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Judge Christopher D. Jaime presides over the case. David C. Johnston, Esq., represents the Debtor as legal counsel. CAPTAIN BLIGH'S: Hires Anthony & Partners as Special Counsel ------------------------------------------------------------ Captain Bligh's Landing, Inc. seeks approval from the U.S. Bankruptcy Court for the Middle District of Florida to employ Anthony & Partners, PLLC as special counsel. The Debtor needs the firm's legal assistance to file the appeal and contest the ruling of the County Court of the Sixth Judicial Circuit in and for Pinellas County, Florida, Case No. 2025-CC-001144. The firm will be paid at these rates: Partner $570 per hour Associates $490 per hour Staffs $150 per hour The firm will be paid a retainer in the amount of $10,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Mr. Anthony 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: John A. Anthony, Esq. Andrew J. Ghekas, Esq. Charles D. Preston, Esq. Anthony & Partners, PLLC 100 South Ashley Drive, Suite 1600 Tampa, FL 33602 Tel: (813) 273-5616 Fax: (813) 221-4113 Email: janthony@anthonyandpartners.com aghekas@anthonyandpartners.com cpreston@anthonyandpartners.com About Captain Bligh's Landing, Inc. Captain Bligh's Landing, Inc. operates an 18-hole themed miniature golf course featuring caves, waterfalls, and a pirate-ship structure on Clearwater Beach, Florida. The Company provides family-oriented recreational and arcade entertainment at its facility on South Gulfview Boulevard, serving local residents and tourists. Captain Bligh's Landing filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-08562) on November 14, 2025, with $2,011,893 in assets and $317,736 in liabilities. Anastasios Anastasopoulos, president, signed the petition. Judge Catherine Peek Mcewen presides over the case. Jake C. Blanchard, Esq. at BLANCHARD LAW, P.A. represents the Debtor as legal counsel. CARROLL COUNTY: Moody's Rates New $50MM Secured Term Loan 'Ba3' --------------------------------------------------------------- Moody's Ratings has affirmed the Ba3 rating assigned to Carroll County Energy, LLC's ("CCE" "Project" or "Borrower") senior secured credit facilities and assigned a Ba3 rating to the proposed $50 million upsizing of the senior secured term loan. The outlook is stable. RATINGS RATIONALE The rating action reflects Moody's views that CCE's credit quality remains at Ba3 proforma for the $50 million increase in debt. The amendment proposal would also lower the SOFR margin from the current 350 bp and amend the excess cash flow sweep to step down to 25% at 2.5x leverage. The amendment is expected to have a limited impact on CCE's credit profile given Moody's expectations that credit metrics will continue to improve relative to historical performance due to higher capacity auction prices in PJM Interconnection, L.L.C. (Aa2 stable) and, to a lesser extent, stronger energy margins. These factors are offset in part by higher debt levels as CCE seeks to increase its term loan, which had $380 million outstanding as of September 30, 2025, by an incremental $50 million to $430 million. The proposed upsizing follows an incremental $25 million upsizing completed in January 2025, increasing CCE's debt quantum at that time to $429 million. Strong cash flow through the first nine months of 2025, however, has allowed CCE to reduce leverage by approximately $49 million, a trend that Moody's expects to continue. In conjunction with the upsizing, CCE is proposing to amend its excess cash flow sweep to add an incremental stepdown to sweep 25% at 2.5x leverage, which is modestly credit negative because it reduces total debt repayment. The existing terms include a 75% sweep that steps down to 50% at 3.5x leverage. Moody's believes that the term loan can be repaid down to less than approximately 50% of the initial face amount by the scheduled 2031 term loan maturity based on the cash flow scenarios considered. The rating is constrained by CCE's position as a single asset gas-fired power generation facility with exposure to volatile wholesale energy markets and by the financial policy of its private equity sponsors, who have made multiple debt-financed distributions. In light of the current strong commodity environment, CCE's key financial metrics, including debt service coverage ratio (DSCR) and project CFO to debt, are expected to improve to around 3x and approximately 18% in 2026 compared to approximately 2.6x and 13.7% for the twelve month period ended June 30, 2025. CCE's operating performance has remained strong evidenced by availability levels and capacity factors averaging approximately 90% and 86%, respectively over the last several years. CCE has a competitive advantage as a relatively new and higher efficiency gas-fired generating plant relative to most generators in PJM. The Project is comprised of a 2 x 1 combined cycle unit that utilizes two General Electric (GE) 7FA.05 gas turbine generators, allowing CCE to generate power at very low heat rates (about 6,900 Btu/kWh including duct firing). As a result of its low heat rate and high efficiency, CCE operates with a base load dispatch profile. The rating further acknowledges that the Sponsor's hedging strategy for CCE provides a good degree of downside cash flow protection. CCE's hedging policy includes a strategy to hedge, on a rolling basis, and compares favorably to peers with roughly 50% of energy margins hedged in 2025, 48% in 2026, 30% in 2027 and 12% in 2028. All else being equal, this strategy enables CCE to mitigate a degree of energy margin volatility from the power and natural gas market price risk and provides a degree of cash flow stability which Moody's deems to be credit supportive. CCE benefits from its location near the Utica and Marcellus shale natural gas supply resources and benefits from established midstream gas infrastructure that enables the Project to access low cost supply of natural gas. The Project has a firm gas supply and transportation contract and a gas interconnection agreement with the Tennessee Gas Pipeline Company (TGP). CCE's strong operating profile coupled with access to lower cost natural gas from the Utica shale and expectations of increased load demand in Ohio and more broadly across PJM offsets the increased debt levels and supports the Project's strong positioning within the current rating level. RATING OUTLOOK The stable outlook incorporates Moody's expectations that CCE will maintain a strong operating profile and that an active hedging strategy will continue to provide downside protection for its cash flows. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Meaningful deleveraging combined with strong cash flows allowing CCE to produce sustained DSCRs and project cash flow to debt in excess of 3.0x and 20.0%, respectively, could trigger upward rating pressure. Downward rating pressure could be triggered by prolonged operating problems or deterioration of merchant energy market conditions deteriorate such that CCE's DSCR and project debt to cash flow decline to below 1.8x and the and 10.0%, respectively, on a sustained basis. PROFILE CCE is a natural gas-fired, combined-cycle electric generating plant with a nominal capacity of 620 MW net and 700 MW including duct firing capabilities. CCE is located in Washington Township, Carroll County, Ohio. CCE is owned by AP-BCPG CCE Partners LLC (17.76%), San Jacinto Carroll Holdings LLC (11.64%), BCPG CCE Holdings LLC (40%), JERA Americas. Inc. (20%), and Ullico Infrastructure Carroll County HoldCo LLC (10.6%). (together, the Sponsors). LIST OF AFFECTED RATINGS Issuer: Carroll County Energy, LLC Assignments: Senior Secured Bank Credit Facility, Assigned Ba3 Affirmations: Senior Secured Bank Credit Facility, Affirmed Ba3 Outlook Actions: Outlook, Remains Stable METHODOLOGY The principal methodology used in these ratings was Power Generation Projects published in June 2023. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. CCH JOHN EAGAN I: Seeks Chapter 11 Bankruptcy in Florida -------------------------------------------------------- On December 10, 2025, CCH John Eagan I Homes, L.P. filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of Florida. According to court filings, the debtor reports between $10 million and $50 million in debt owed to 50–99 creditors. About CCH John Eagan I Homes, L.P. CCH John Eagan I Homes, L.P. is a limited partnership specializing in real estate holdings, focused on property ownership and development activities. CCH John Eagan I Homes, L.P. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-24569) on December 10, 2025. In its petition, the debtor reports estimated assets ranging from $10 million to $50 million and estimated liabilities between $10 million and $50 million. Honorable Bankruptcy Judge Mindy A. Mora is overseeing the case. The debtor is represented by Philip J. Landau, Esq. of Landau Law, PLLC. CEMTREX INC: Issues 2.5 Million Shares to Settle $6 Million Debt ---------------------------------------------------------------- Cemtrex, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on December 8, 2025, it issued 2,500,609 shares of its common stock pursuant to exchange agreement to satisfy $6,084,000 of debt with certain lenders. As of December 10, 2025, the Company had 6,217,047 shares of common stock outstanding. The issuance was exempt from registration pursuant to Section 3(a)(9) of the Securities Act of 1933, as amended. The Company also issued 29,943 shares of common stock upon the exercise of 9,981 Series A Warrants and 2,234,247 shares of common shares upon the exercise of 2,234,247 Series B Warrants. The Company received $5.5 million proceeds on the exercises of the Series B Warrants. About Cemtrex Cemtrex, Inc. was incorporated in 1998 in the state of Delaware and has evolved through strategic acquisitions and internal growth into a multi-industry Company. Jericho, New York-based Grassi & Co, CPAs, P.C., the Company's auditor since 2021, issued a "going concern" qualification in its report dated Dec. 30, 2024, citing that the Company has sustained net losses and has significant short-term debt obligations, which raise substantial doubt about its ability to continue as a going concern. As of June 30, 2025, the Company had $46,960,823 in total assets and $43,108,827 in total liabilities. Total equity was $3,851,996, consisting of $3,617,758 in Cemtrex stockholders' equity and $234,238 in non-controlling interest. CHESTER COUNTY IDA: Moody's Ups Rating on 2013A Rev. Bonds to Ba1 ----------------------------------------------------------------- Moody's Ratings has upgraded to Ba1 from Ba2 rating on the Chester County Industrial Development Authority's (PA) Student Housing Revenue Bonds (University Student Housing, LLC Project at West Chester University of Pennsylvania), Series 2013A. Outlook has been revised to stable from positive. Approximately $22.31M of Series 2013A bonds remains outstanding. The rating upgrade is driven by project's continued improving operating performance in FY2025 after a period of low occupancy as a result of the housing facility being closed due to COVID in FY 2021 and the resulting financial volatility. Following significant contraction of financial flexibility resulting from housing shut down in 2020/2021 academic year, the project returned to pre-COVID occupancy levels of above 100% as of the fall 2022 semester, and maintained that level as of the fall 2025 semester. However, the debt service reserve fund for the unrated parity Series 2021 C-2 bonds held by USDA remained voluntarily underfunded per a no interest agreement with USDA by approximately $696k as of October 01, 2025, which will diminish the project's ability to absorb potential future net revenue shortfalls. Offsetting this risk is Moody's projections of continued sound operating performance driven by strong demand for the project, coupled with continued replenishment of the Series 2021 C-2 debt service reserve account. USH currently maintains an unrestricted cash position in excess of $5.5M of the reserve shortfall. RATINGS RATIONALE The Ba1 rating is supported by continued sound operating performance at the project, resulting in 1.61x debt service coverage in FY 2025. Occupancy remained above 100%, even with moderate rental rate increases. Despite currently favorable strategic and operating coordination (including subordination of some expenses) between the West Chester University and the project owner (University Student Housing, LLC/West Chester University Foundation), track record of limited support provided by the university and PASSHE during COVID-related housing restrictions remains a credit weakness. RATING OUTLOOK The stable outlook reflects Moody's expectations of continued strong student demand for the Commonwealth Hall facility. It also reflects expectation of ongoing funding of the Series 2021 C-2 debt service reserve, which will provide additional liquidity in an event of revenue shortfalls. FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATING -- Ongoing replenishment of the Series 2021 C-2 debt service reserve fund -- Continued strong project operating performance in the medium term, resulting in debt service coverage between 1.20x and 1.99x, coupled with the factor above -- Sustained strong student demand, resulting in occupancy above 92%, coupled with the factors above FACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATING -- Sharp decline in operating performance due to revenue shortfalls associated with diminished student demand or escalation of operating expenses, resulting in debt service coverage below 1.20x -- Inadequate net revenues to support ongoing replenishment of the Series 2021 C-2 debt service reserve fund -- Indication of diminished support for the project from the university or PASSHE PROFILE University Student Housing, LLC, is a Section 501(c)(3) limited liability company whose sole member is West Chester University Foundation (the "Foundation"). The company is governed by a Board of Managers that consists of no fewer than 15, and up to 39, members who serve by virtue of their positions as Trustees of the Foundation. The Foundation's Board of Trustees consists of five members who serve by virtue of their respective positions within the University. USH owns six on-campus residence halls at West Chester University, inclusive of Commonwealth Hall. METHODOLOGY The principal methodology used in this rating was Global Housing Projects published in August 2024. CINEMA MANAGEMENT: Court OKs Deal on Cash Collateral Access ----------------------------------------------------------- The U.S. Bankruptcy Court for the Central District of California, Los Angeles Division, approved a third stipulation between Cinema Management Group, LLC's Chapter 11 trustee and secured creditors, Banc of California, N.A. and Bondit, LLC, regarding the use of cash collateral. Under the third stipulation, John Pringle, the bankruptcy trustee, is authorized to use cash collateral through December 31. A copy of the third stipulation is available at https://urlcurt.com/u?l=7UbL13 from PacerMonitor.com. The Debtor's case began as a Chapter 7 filing on December 20, 2024, but was converted to Chapter 11 in February this year. Since then, the trustee has periodically sought and received court approval to use Cinema Management Group's cash collateral, primarily to maintain minimal operations and pursue a potential sale of assets. This latest stipulation follows previous court orders authorizing such use through December 31. The stipulation was prompted by the need for additional time to finalize and document an asset purchase agreement and global settlement with the secured creditors, which are still under negotiation due to unforeseen complexities. The third extended budget outlines only essential expenditures necessary to preserve the Cinema Management Group's value and maintain operations in a minimal capacity, including software subscriptions, IT services, warehouse storage, anti-piracy services, and limited contractor payments. The trustee is permitted to deviate up to 10% from individual and total budget line items. All terms remain subject to the protections and provisions outlined in the previously entered final Order dated June 5. About Cinema Management Group Cinema Management Group, LLC is an international sales company that was launched in 2003 and was previously headed by veteran sales and distribution executive, Edward Noeltner. Since 2003, the company has added over 80 feature film titles to its line-up. It currently holds distribution rights related to 82 feature films. Cinema Management Group filed Chapter 7 voluntary petition (Bankr. C.D. Calif. Case No. 24-20369) on December 20, 2024. The case was converted to one under Chapter 11 on February 6, 2025, and John Pringle was appointed as Chapter 11 trustee on February 10, 2025. Judge Neil W. Bason oversees the case. The Chapter 11 trustee is represented by Levene, Neale, Bender, Yoo & Golubchik L.L.P. Banc of California is represented by: Alex M. Weingarten, Esq. Willkie Farr & Gallagher, LLP 2029 Century Park E Los Angeles, CA 90067 Telephone: (310) 855-3000 Facsimile: (310) 855-3099 aweingarten@willkie.com -and- Jennifer J. Hardy, Esq. Willkie Farr & Gallagher, LLP 600 Travis St Houston, TX 77002 Telephone: (713) 510-1700 Facsimile: (713) 510-1799 jhardy2@willkie.com -and -and- Elizabeth A. Wayne, Esq. Willkie Farr & Gallagher, LLP 300 N LaSalle Dr Chicago, IL 60654 Telephone: (312) 728-9000 Facsimile: (312) 728-9199 ewayne@willkie.com CLESMA INC: Unsecureds Will Get 6.52% of Claims in 5 Years ---------------------------------------------------------- CLESMA Inc. filed with the U.S. Bankruptcy Court for the Eastern District of Texas a Plan of Reorganization dated December 5, 2025. Body Fit Training ("BFT") was founded in 2017 in Melbourne, Australia and now has over 300 boutique fitness studio locations worldwide. CLESMA Inc. was formed in September 2022 and operates a BFT franchise called BFT West Frisco. The Debtor offers high-energy group strength and conditioning training. Debtor sells monthly memberships, class packs, and fitness accessories. Debtor's programs follow structured 8-week training cycles that combine barbell strength, cardio, and functional movement. The collection efforts of the SBA-backed lender led to an unstainable situation causing the need to reorganize the debts Debtor elected to file a chapter 11 reorganization as the best means to resolve the current liabilities of the company and determine the secured portions of those creditors. The Debtor filed this case on September 18, 2025. The Debtor proposes to pay allowed unsecured based on the liquidation analysis and cash available. Debtor anticipates having enough business and cash available to fund the plan and pay the creditors pursuant to the proposed plan. It is anticipated that after confirmation, the Debtor will continue in business. Based upon the projections, the Debtor believes it can service the debt to the creditors. Carlos Arce and Laury Arce are the managing members. Carlos Arce holds 73% membership interest, and Laury Arce holds 27% membership interest. Debtor's management will remain unchanged post confirmation. The Debtor will continue operating its business. The Debtor's Plan will break the existing claims into five classes of Claimants. These claimants will receive cash repayments over a period of time beginning on or after the Effective Date. Class 3 consists of Allowed Unsecured Claims. All allowed unsecured creditors shall receive a pro rata distribution at zero percent per annum over the next five years according to the projections. Creditors shall receive monthly disbursements based on the projection distributions of each 12-month period. Debtor will distribute $41,000.00 to the general allowed unsecured creditor pool over the 5-year term of the plan, including the under-secured claim portions. The Debtor's General Allowed Unsecured Claimants will receive 6.52% of their allowed claims under this plan. The allowed unsecured claims total $628,673.44. Class 3 is impaired. The Debtor anticipates the continued operations of the business to fund the Plan. A full-text copy of the Plan of Reorganization dated December 5, 2025 is available at https://urlcurt.com/u?l=Uc9jvU from PacerMonitor.com at no charge. Counsel to the Debtor: Robert C. Lane Kyle K. Garza THE LANE LAW FIRM, PLLC 6200 Savoy, Suite 1150 Houston, TX 77036 Telephone: (713) 595-8200 Facsimile: (713) 595-8201 E-mail: kyle.garza@lanelaw.com About Clesma Inc. Clesma Inc. was formed in September 2022 and operates a Body Fit Training franchise called BFT West Frisco. The Debtor filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. E.D. Texas Case No. 25-42744) on September 18, 2025, listing up to $100,000 in assets and up to $1 million in liabilities. Frances Smith, Esq., at Ross, Smith & Binford, PC, serves as Subchapter V trustee. Judge Brenda T. Rhoades oversees the case. Robert C. Lane, Esq., at The Lane Law Firm, represents the Debtor as bankruptcy counsel. COBRA TIRE: Gets Interim OK to Use Cash Collateral Until Jan. 8 --------------------------------------------------------------- Cobra Tire and Auto Service, LLC received interim approval from the U.S. Bankruptcy Court for the District of Arizona to use cash collateral. The court on December 15 authorized the Debtor to use cash collateral to pay its expenses from December 5 through January 8, 2026. The Debtor is not allowed to pay any insiders including Gerald Fletcher or Lisa Jordan pending final order. As protection, Western Alliance Bank will have a replacement lien on the post-petition assets of the Debtor, with the same validity, priority and extent as its pre-bankruptcy lien. The Debtor's entire budget will be considered for final approval at the hearing scheduled for January 8, 2026. The deadline for filing objections is on December 30. The interim order is available at https://is.gd/1lxYy3 from PacerMonitor.com. Cobra, which operates in the automotive repair industry, expanded in 2024 to meet expected business from Amazon's delivery fleet -- a demand that ultimately materialized at only 25% of projections. This shortfall triggered monthly losses of roughly $250,000 and forced Cobra to take on extensive high-interest merchant cash advance loans throughout 2025. Cobra faces over $3 million in MCA-related debt although much of it is unperfected. Cobra holds secured debt with Western Alliance Bank, North Mill Equipment Finance, and Pathward, totaling more than $2.3 million. After floods and business decline, Cobra closed two locations, downsized operations, and now employs 32 workers. As of the petition date, Cobra held just $10,000 in cash and $61,443 in receivables. Western Alliance Bank, as secured creditor, is represented by: Craig S. Ganz, Esq. Joel F. Newell, Esq. Ballard Spahr, LLP 1 East Washington Street, Suite 2300 Phoenix, AZ 85004-2555 Telephone: 602.798.5400 Facsimile: 602.798.5595 ganzc@ballardspahr.com newellj@ballardspahr.com About Cobra Tire and Auto Service Cobra Tire and Auto Service, LLC, a locally owned and family-operated company with locations in Central Phoenix and Gilbert, Arizona, provides full-service automotive repair and tire services for domestic and import vehicles, including commercial fleet and diesel trucks. Cobra Tire and Auto Service sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ariz. Case No. 25-11703) on December 4, 2025, listing between $1 million and $10 million in assets and between $10 million and $50 million in liabilities. Gerald Fletcher, president of Cobra Tire and Auto Service, signed the petition. The Debtor tapped Isaac D. Rothschild, Esq., at Mesch Clark Rothschild, as legal counsel and Villanueva & Company, P.C. as accountant. COMMUNITY HEALTH: Appoints Kevin Hammons CEO, Jason Johnson CFO --------------------------------------------------------------- Community Health Systems, Inc. announced on December 10, 2025, that the Company's Board of Directors has appointed Kevin Hammons to Chief Executive Officer, and Jason Johnson to Chief Financial Officer, effective immediately. Mr. Hammons and Mr. Johnson have been serving in these roles on an interim basis since October 1, 2025. Mr. Hammons was also appointed to serve as a member of the Board. His term as a director will expire at the Company's 2026 Annual Meeting of Stockholders. As a management director, Mr. Hammons will not receive any additional compensation for his service on the Board. In addition, Mr. Johnson will continue to serve as the Company's Chief Accounting Officer until January 1, 2026, at which time he will be replaced in this capacity by Phillip A. Posey. "I'm honored to lead the CHS team during a time when we see significant opportunities to advance clinical services, quality and patient care, deeply engage with employees and physicians, and create lasting value for all of our communities and stakeholders," said Kevin Hammons, chief executive officer of Community Health Systems, Inc. "I'm fortunate to work with talented and committed leaders who share a strong desire to make the healthcare experience exceptional for our patients and each other, to grow our business, and to excel in every way." Echoing that sentiment, Jason Johnson, chief financial officer of Community Health Systems, Inc., said, "I'm also excited to serve CHS in this new role and during the next phase of the Company's growth and advancement. As we continue to make meaningful progress across our operational and financial goals, we look forward to building more momentum in the year ahead and even greater confidence in the future of the Company." Hammons previously served as the Company's chief financial officer since January 2020. He joined Community Health Systems in 1997, working in financial reporting roles. He was promoted to vice president and chief accounting officer in 2012, later becoming senior vice president. In 2017, he was named assistant chief financial officer and he served as treasurer from 2018 through 2019. Hammons' various responsibilities have included overseeing accounting and financial reporting, SEC reporting, budgeting, capital market transactions, corporate finance and treasury management, and investor relations. Hammons also led the organization's recent enterprise resource planning (ERP) implementation. Johnson previously served as chief accounting officer, responsible for the Company's SEC reporting, as well as overseeing various other accounting and financial reporting responsibilities. He joined Community Health Systems in 2012 as vice president and assistant corporate controller and was promoted to vice president, corporate controller in 2018. He was promoted again in 2019 to chief accounting officer. Wayne T. Smith, chairman of the Board of Directors of Community Health Systems, Inc., said, "The Board is delighted to appoint these two proven leaders who can take the Company to the next level. Kevin and Jason both have a deep understanding of our company and the healthcare industry, unique perspectives that can accelerate growth and our strategic priorities, and they are both very highly regarded by their colleagues and industry peers. I am confident they will succeed and excel in their leadership roles." About Community Health Systems Inc. Community Health Systems, Inc. -- http://www.chs.net/-- is a publicly traded hospital company and an operator of general acute care hospitals in communities across the country. Its affiliates provide healthcare services, developing and operating healthcare delivery systems in 40 distinct markets across 15 states. As of June 30, 2025, the Company had $13.64 billion in total assets, $14.73 billion in total liabilities, and $1.41 billion in total stockholders' deficit. * * * Egan-Jones Ratings Company on January 23, 2025, maintained its 'CCC+' foreign currency and local currency senior unsecured ratings on debt issued by Community Health Systems, Inc. COMMUNITY HEALTH: Phillip Posey Takes SVP & CAO Roles ----------------------------------------------------- Community Health Systems, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on December 10, 2025, the Board appointed Phillip A. Posey, who currently serves as the Company's Vice President, Accounting and Financial Reporting, to serve as the Company's Senior Vice President and Chief Accounting Officer, effective January 1, 2026. In this new role as Chief Accounting Officer, Mr. Posey will serve as the Company's principal accounting officer. Mr. Posey, age 41, will be responsible for the Company's Securities and Exchange Commission reporting matters, as well as overseeing various other accounting and financial reporting matters, including accounting policies and procedures, consolidations, completion of financial statement audits and accounting for acquisitions and divestitures. Mr. Posey joined the Company in 2020 as Vice President, Accounting and Financial Reporting. Prior to joining the Company, Mr. Posey held various positions in the assurance and advisory services practice at Deloitte and Touche, LLP, including within Deloitte's National Office Securities and Exchange Commission Services Group. He also previously served as assistant controller of a global, publicly-traded real estate investment trust where he led the accounting for a series of significant acquisitions, among other responsibilities. Mr. Posey holds bachelor's degrees in accounting and finance from the University of Kentucky. He is a member of the American Institute for Certified Public Accountants and Tennessee Society of Certified Public Accountants. Following his appointment, Mr. Posey will be eligible to participate in the same executive compensation programs of the Company that are available to other executive officers of the Company. Mr. Posey is not a party to any material plan, contract or arrangement with the Company in connection with this appointment. About Community Health Systems Inc. Community Health Systems, Inc. -- http://www.chs.net/-- is a publicly traded hospital company and an operator of general acute care hospitals in communities across the country. Its affiliates provide healthcare services, developing and operating healthcare delivery systems in 40 distinct markets across 15 states. As of June 30, 2025, the Company had $13.64 billion in total assets, $14.73 billion in total liabilities, and $1.41 billion in total stockholders' deficit. * * * Egan-Jones Ratings Company on January 23, 2025, maintained its 'CCC+' foreign currency and local currency senior unsecured ratings on debt issued by Community Health Systems, Inc. COREWEAVE INC: $2.25BB Notes Issuance No Impact on Moody's Ba3 CFR ------------------------------------------------------------------ Moody's Ratings says the $2.25 billion convertible senior notes maturing December 01, 2031 being issued by CoreWeave, Inc. (CoreWeave) has no impact on the company's ratings, including the Ba3 corporate family rating and B1 senior unsecured rating, and the stable outlook. CoreWeave intends to use the net proceeds from the issuance to fund the cost of entering into capped call transactions and general corporate purposes. The convertible notes will be fully and unconditionally guaranteed by CoreWeave's wholly owned subsidiaries that guarantee its existing senior unsecured notes and will rank pari passu with the existing senior unsecured notes. CoreWeave's Ba3 CFR benefits from the company's robust revenue and EBITDA growth supported by its leading position as a software and cloud infrastructure provider managing complex AI workloads at scale. Near-term revenue and EBITDA visibility are supported by a $55.6 billion contracted revenue backlog as of September 30, 2025 that has increased 271% year-over-year with an average contract of approximately 4.5 years. Additionally, over 60% of its contracted revenue backlog is tied to investment-grade rated customers. With 98% of revenues under contract for the first nine months of 2025, CoreWeave remains relatively insulated from Graphics Processing Unit (GPU) spot market pricing volatility given the company's average contract duration and an estimated 6 year GAAP useful life of GPUs. Moody's believes global AI spending growth will remain strong over the next several years underpinned by hundreds of billions of dollars in industry capex spend per year that will continue to grow, and CoreWeave is well-positioned to gain further market penetration. The company's global footprint, solidified by the 41 leased data centers it operates, 2.9 gigawatts of contracted power (as of September 30, 2025), and partnerships with NVIDIA and its distribution partners, enable CoreWeave to effectively deploy and install customers' large-scale, high intensity AI workloads. The Ba3 CFR is constrained by high Moody's adjusted financial leverage (6.9x as of September 30, 2025 when not expensing loss on fair value adjustments and pro forma for the convertible notes issuance) and Moody's expectations of negative free cash flow for at least the next 18 months due to high capital spending required to service large-scale committed customer contracts. CoreWeave will be dependent on incremental funding over the next few years to fund its capital spend for growth, which Moody's expects will result in Moody's adjusted financial leverage remaining above 6x by year-end 2026. While Moody's expects capital intensity to decline over the next 12 months, any incremental demand or additional requirements to support future GPU releases could make capital spending meaningfully higher than Moody's current forecast. While CoreWeave has made progress in diversifying its customer base supported by no single customer representing more than 35% of its current revenue backlog, customer concentration is still high with its top customer representing 67% of third quarter 2025 revenue. Furthermore, there are risks to contract renewability and future terms over time. Thus far, CoreWeave has been successful in expanding customer contracts and renewing contracts at a high percentage relative to original average selling prices (ASP). Moody's believes substantial cash flow generation is contingent upon CoreWeave continuing to drive down the cost of debt, the actual life of GPUs exceeding its GAAP useful life, and CoreWeave successfully recontracting GPUs on favorable terms. Some of CoreWeave's largest customers, the hyperscalers, are also the company's key competitors. The hyperscalers' large scale and lower cost of capital give the companies optionality to pursue massive in-house AI infrastructure builds to address AI workloads that are similarly serviced by CoreWeave. Moody's believes execution is pivotal over the next three years to prove the long-term profitability of the company's business model. With uncertainty of CoreWeave's pace and continuation of business with the hyperscalers beyond current contracts in place given that many hyperscalers' next-generation data centers optimized for AI workloads are expected to come online in 2027 and 2028, it is crucial that CoreWeave successfully expands its customer base, including the large enterprise vertical. Lastly, the credit profile is constrained by CoreWeave's limited operating history. The company was founded in 2017 to mine cryptocurrency and pivoted to serving AI workloads in the second half of 2020. CoreWeave, Inc. (NYSE: CRWV) is a leading cloud infrastructure provider specialized on AI workloads serving AI labs, hyperscalers, and enterprises. The company operates multiple data centers across the US and Europe on which CoreWeave runs a cloud platform delivering GPU infrastructure. As of LTM September 30, 2025, the company generated $4.3 billion of revenue. DEENA P. CARVAJAL: Gets OK to Use Cash Collateral Until Jan. 6 -------------------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Orlando, Tampa Division granted Deena P. Carvajal Inc. interim approval to use cash collateral through January 6, 2026. The interim order signed by Judge Grace Robson authorized the Debtor to use cash collateral to pay the amounts expressly authorized by the court, including payments to the U.S. trustee for quarterly fees; the expenses set forth in the budget, plus an amount not to exceed 10% for each line item; and additional amounts subject to approval by the U.S. Small Business Administration, a senior creditor. The Debtor projects total monthly operational expenses of $15,800. The SBA and other secured creditors will be provided with protection through post-petition replacement liens on the cash collateral, maintaining the same priority and validity as their pre-bankruptcy liens without the need for additional filings. As additional protection, Deena must keep its property insured and must fulfill all obligations as a debtor-in-possession. The next hearing is scheduled for January 6, 2026. The preliminary order is available at https://is.gd/BD9sX8 from PacerMonitor.com. About Deena P. Carvajal Inc. Deena P. Carvajal, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-07326) on November 12, 2025, listing up to $50,000 in assets and between $500,001 and $1 million in liabilities. Judge Grace E. Robson presides over the case. Jeffrey Ainsworth, Esq., at Bransonlaw, PLLC represents the Debtor as bankruptcy counsel. DENISE PROPERTY: Seeks Subchapter V Bankruptcy in Florida --------------------------------------------------------- On December 8, 2025, Denise Property Management, LLC filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Middle District of Florida. According to court filings, the debtor reports between $1 million and $10 million in debt owed to 1–49 creditors. About Denise Property Management, LLC Denise Property Management, LLC is a privately held real estate services company focused on managing and leasing residential and/or commercial properties. The company's operations typically include tenant relations, rent collection, maintenance coordination, and oversight of property assets on behalf of owners or investors. Denise Property Management, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-04539) on December 8, 2025. In its petition, the debtor reports estimated assets of $1 million to $10 million and estimated liabilities in the same range. The case is overseen by Honorable Bankruptcy Judge Jacob A. Brown. The debtor is represented by Bryan K. Mickler, Esq. of Mickler & Mickler. DIOCESE OF ALEXANDRIA: Seeks to Hire Payne Moore as Auditor ----------------------------------------------------------- Diocese of Alexandria seeks approval from the U.S. Bankruptcy Court for the Western District of Louisiana to employ Payne, Moore & Herrington, LLP as auditor. The firm will audit the Debtor's annual financial audit for the fiscal year ending June 30, 2025. The firm will be paid at these rates: Partner $225 per hour Staff $75 to $125 per hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. As 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: Kayla Holloway Payne, Moore & Herrington, LLP 1419 Metro Drive Alexandria, LA 71301 Tel: (318) 443-1893 Fax: (318) 443-2515 About Diocese of Alexandria Diocese of Alexandria in Louisiana, established as the Diocese of Natchitoches on July 29, 1853, by Pope Pius IX and later relocated to Alexandria, serves as the ecclesiastical authority for the Catholic Church in north-central Louisiana. Headquartered at 4400 Coliseum Boulevard and led by Bishop Robert W. Marshall Jr., it encompasses 50 parishes and 21 mission churches across 13 civil parishes, with St. Francis Xavier Cathedral as its cathedral church. The Diocese operates as a Louisiana non-profit religious corporation and 501(c) (3) organization, providing spiritual, educational, and charitable services to roughly 36,228 Catholics across an 11,108-square-mile area. Diocese of Alexandria sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. La. Case No. 25-31257) on October 31, 2025. In its petition, the Debtor reports total assets of $16,667,411 and total liabilities of $9,467,288. Honorable Bankruptcy Judge John S. Hodge oversees the case. The Debtor is represented by Bradley L. Drell, Esq. of GOLD, WEEMS, BRUSER, SUES & RUNDELL. DIOCESE OF OAKLAND: Latest Abuse Payout to Survivors Reaches $242MM ------------------------------------------------------------------- Candice Nguyen, Michael Bott and Robbie Beasom of NBC Bay Area report that the Diocese of Oakland has submitted what it calls its "last and final" settlement offer in bankruptcy court to resolve claims from roughly 350 alleged clergy abuse victims. The proposal, filed Thursday, December 11, 2025, would provide survivors a total of $242 million over five years and implement new child protection protocols. This follows a previous $165 million proposal that was overwhelmingly rejected by survivors. The new offer comes after months of deadlock between the Diocese and its creditors, primarily plaintiffs suing over child sexual abuse claims. U.S. Bankruptcy Judge William Lafferty warned in November that he might dismiss the case unless the Diocese showed meaningful progress toward a resolution. The Diocese's attorneys described the latest plan as "fair and equitable" and requested the judge allow time for all parties to review it, the report sttes. Plaintiff attorney Rick Simons criticized the plan, calling it inadequate and morally insufficient. He argued that payments should be made upfront and that the Diocese’s insurers should bear more responsibility. Simons also questioned why the details of the proposed enhanced child protection protocols were redacted, asserting that the plan fails to provide accountability for the children harmed. Attorneys for the Diocese said the filing represents a final effort to resolve the Chapter 11 case while allowing the Diocese to continue its ministry to more than 500,000 parishioners. If the proposal is rejected, the bankruptcy case is likely to be dismissed, sending the individual lawsuits back to state court, where the first civil trial is scheduled to begin in March 2026, the report cites. About Roman Catholic Bishop Of Oakland The Roman Catholic Bishop of Oakland, a tax-exempt religious organization, sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Cal. Case No. 23-40523) on May 8, 2023. In the petition signed by Bishop Michael Charles Barber, the Debtor disclosed $100 million to $500 million in both assets and liabilities. Judge William J. Lafferty oversees the case. The Debtor tapped Foley & Lardner LLP as legal counsel and Alvarez & Marsal North America, LLC as restructuring advisor. Kurtzman Carson Consultants LLC is the Debtors' claims and noticing agent and administrative advisor. The U.S. Trustee for Region 17 appointed an official committee to represent unsecured creditors in the Debtor's Chapter 11 case. The committee tapped Lowenstein Sandler, LLP as bankruptcy counsel; Burns Bair LLP as special insurance counsel; and Berkeley Research Group, LLC as financial advisor. E&M BINDERY: Hires MidAmerica Equipment as Broker ------------------------------------------------- E&M Bindery, Inc. seeks approval from the U.S. Bankruptcy Court for the District of New Jersey to employ MidAmerica Equipment Solutions LLC as broker. The firm will market and sell the Debtor's machinery and equipment located at 11 Peekay Dr, Clifton, NJ 07014. The firm will be paid a commission of 10 percent of the sales price. Mr. Ramshaw 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: Michael Ramshaw MidAmerica Equipment Solutions LLC 6209 Mid Rivers Mall Dr., Ste. 153 Saint Peters, MO 63304 Tel: (314) 537-1525 About E&M Bindery, Inc. E&M Bindery, Inc. provides mechanical binding, perfect binding, die cutting, embossing, folding, mailing, collating, tabbing and other post-press services from its headquarters in Clifton, New Jersey. It serves individuals, businesses, brokers and institutions with trade binding, finishing and related production work. Founded in 1962, the company operates as one of the larger binderies on the U.S. East Coast. E&M Bindery sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 25-22444) on November 21, 2025, with $2,744,279 in assets and $2,623,698 in liabilities. Gary Markovits, president of E&M Bindery, signed the petition. Judge Stacey Meisel presides over the case. David Edelberg, Esq., at Scarinci Hollenbeck represents the Debtor as legal counsel. ELDER CONTRACTING: Gets OK to Use Stearns Bank's Cash Collateral ---------------------------------------------------------------- The U.S. Bankruptcy Court for the District of Arizona granted the stipulated motion by Elder Contracting, LLC and its lender, Stearns Bank National Association, authorizing the use of cash collateral. Under the court order, the Debtor must file a Chapter 11 plan of reorganization and disclosure statement within 30 days of November 24 to keep the order in place; failure to do so results in revocation of that authority. The Debtor must also file an operating budget for cash collateral usage prior to the final hearing scheduled for January 8, 2026. As protection to Stearns Bank, the court ordered the Debtor to make $10,000 in monthly payments to the lender, beginning this month. The Debtor is prohibited from using funds to pay pre-bankruptcy obligations, including payroll and vendor payments, and may pay post-petition payroll only to insider, Ramon Patino, in the amount of $10,000 per month, with any changes requiring further court approval. The order is available at https://is.gd/Ei0xKx from PacerMonitor.com. Stearns Bank, as lender, is represented by: Wesley S. Loy, Esq. Broening Oberg Woods & Wilson, P.C. 2800 North Central Ave., Suite 1600 Phoenix, AZ 85004 Telephone: (602) 271-7700 wsl@bowwlaw.com About Elder Contracting LLC Elder Contracting, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ariz. Case No. 2:25-bk-11296-EPB) on November 24, 2025. In the petition signed by Ramon J. Patino, member, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Eddward P. Ballinger Jr oversees the case. Michael Tafoya, Esq., at Law Office of Michael G. Tafoya, represents the Debtor as legal counsel. EMORY INDUSTRIAL: Hires Rosen Systems Inc. as Appraiser ------------------------------------------------------- Emory Industrial Services 1, Inc. and affiliates seek approval from the U.S. Bankruptcy Court for the Northern District of Texas to employ Rosen Systems, Inc. as appraiser. The firm will appraise the trucks and trailers of the Debtor located in Midane, Texas, under forced liquidation value concept. The firm will be paid a fee of $9,500. A deposit of $2,000 is due prior commencement of work. Mr. Rosen 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: Michael D. Rosen Rosen Systems, Inc. 2323 Langford Street Dallas, TX 75208-2122 Tel: (972) 248-2266 Fax: (972) 248-6887 About Emory Industrial Services 1, Inc. Emory Industrial Services 1 Inc., based in Abilene, Texas, provides industrial cleaning, maintenance, and repair services for heavy equipment and machinery, including dry ice blasting for surface cleaning. The Company serves sectors such as oil and gas, food and beverage, power generation, manufacturing, agriculture, and construction. Emory Dry Ice 1, Inc., operating under the Emory Dry Ice brand, produces and distributes dry ice products for industries such as pharmaceuticals, food, and logistics. Emory Industrial Products, Inc. and Emory Industrial Holdings, Inc. are affiliated entities within the Emory Industrial Services group. Emory Industrial Services 1 Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-44148) on October 27, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $10 million and $50 million. Honorable Bankruptcy Judge Mark X. Mullin handles the case. The Debtor is represented by Joseph F. Postnikoff, Esq., at Rochelle McCullough, LLP. EMORY INDUSTRIAL: Hires Wolfe and Company P.C. as Accountant ------------------------------------------------------------ Emory Industrial Services 1, Inc. and affiliates seek approval from the U.S. Bankruptcy Court for the Northern District of Texas to employ Wolfe and Company, P.C. as accountant. The firm's services include: a. preparation of federal and state tax returns, including obtaining extensions of time to file, if required, for the year ended 2024; b. preparation of any additional state or local income tax returns, as requested; c. certain bookkeeping services including preparation of adjusting entries found necessary in order to prepare a complete tax return; d. analysis and required implementation of tax regulations and accounting method changes; e. consultations and research related to specific issues and transactions, as requested; f. tax projections and planning, as requested; g. representation in connection with tax examinations; and h. estimated tax calculations and vouchers. The firm will be paid at the rate of $110 to $275 per hour. In addition, the firm will seek reimbursement for its out-of-pocket expenses. As 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: Bobbie Lee Wolfe Wolfe and Company, P.C. 3102 South Clack, Suite 1 Abilene, TX 79606-2299 Tel: (325) 698-4861 About Emory Industrial Services 1, Inc. Emory Industrial Services 1 Inc., based in Abilene, Texas, provides industrial cleaning, maintenance, and repair services for heavy equipment and machinery, including dry ice blasting for surface cleaning. The Company serves sectors such as oil and gas, food and beverage, power generation, manufacturing, agriculture, and construction. Emory Dry Ice 1, Inc., operating under the Emory Dry Ice brand, produces and distributes dry ice products for industries such as pharmaceuticals, food, and logistics. Emory Industrial Products, Inc. and Emory Industrial Holdings, Inc. are affiliated entities within the Emory Industrial Services group. Emory Industrial Services 1 Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-44148) on October 27, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $10 million and $50 million. Honorable Bankruptcy Judge Mark X. Mullin handles the case. The Debtor is represented by Joseph F. Postnikoff, Esq., at Rochelle McCullough, LLP. ENGINEERS OF TOMORROW: Katharine Clark Named Subchapter V Trustee ----------------------------------------------------------------- The U.S. Trustee for Region 6 appointed Katharine Battaia Clark of Thompson Coburn, LLP as Subchapter V trustee for Engineers of Tomorrow, LLC. Ms. Clark will be paid an hourly fee of $525 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Clark declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Katharine Battaia Clark Thompson Coburn, LLP 2100 Ross Avenue, Ste. 3200 Dallas, TX 75201 Office: 972-629-7100 Mobile: 214-557-9180 Fax: 972-629-7171 Email: kclark@thompsoncoburn.com About Engineers of Tomorrow LLC Engineers of Tomorrow, LLC operates early childhood education centers in Desoto, Texas, offering programs for children aged two months to five years, including EOT STEM Academy, Engineers of Tomorrow STEM PreSchool, and EOT Infant University. It emphasizes STEM-enriched learning, problem-based approaches, and low child-to-teacher ratios to foster creativity, self-expression, and early development. Its programs are led by a Texas-certified EC-12 administrator and focus on preparing children for kindergarten while addressing achievement gaps through rigorous early education. Engineers of Tomorrow sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Texas Case No. 25-34741) on December 1, 2025. In its petition, the Debtor reported total assets of $28,402 and total liabilities of $1,080,502. Honorable Bankruptcy Judge Stacey G. Jernigan handles the case. The Debtor is represented by C. Daniel Herrin, Esq., at Herrin Law, PLLC. ENVERIC BIOSCIENCES: Northstrive Fund II No Longer Holds Shares --------------------------------------------------------------- Northstrive Fund II LP and Braeden Lichti, disclosed in a Schedule 13G (Amendment No. 1) filed with the U.S. Securities and Exchange Commission that as of December 9, 2025, they no longer beneficially own shares of Enveric Biosciences, Inc.'s Common Stock, $0.01 par value per share. The amendment constitutes an exit filing, indicating that the Reporting Persons are no longer beneficial owners of any shares of the Company's Common Stock. Northstrive Fund II LP may be reached through: Braeden Lichti, Manager 120 Newport Center Drive, Suite 250 Newport Beach, CA 92660 Tel: 949-875-7003 A full-text copy of Northstrive Fund II LP's SEC report is available at: https://tinyurl.com/rc6fuy54 About Enveric Biosciences Enveric Biosciences (NASDAQ: ENVB) -- http://www.enveric.com/-- is a biotechnology company dedicated to the development of novel neuroplastogenic small-molecule therapeutics for the treatment of depression, anxiety, and addiction disorders. Leveraging its unique discovery and development platform, The Psybrary, the Company has created a robust intellectual property portfolio of new chemical entities for specific mental health indications. The Company's lead program, the EVM201 Series, comprises next generation synthetic prodrugs of the active metabolite, psilocin. The Company is developing the first product from the EVM201 Series "EB-002" for the treatment of psychiatric disorders. The Company is also advancing its second program, the EVM301 Series "EB 003" expected to offer a first-in-class, new approach to the treatment of difficult-to-address mental health disorders, mediated by the promotion of neuroplasticity without also inducing hallucinations in the patient. Morristown, New Jersey-based Marcum LLP, the Company's former auditor, issued a "going concern" qualification in its report dated March 28, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has incurred significant losses and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. Enveric Biosciences had total assets amounting to $3.5 million, total liabilities (all current) of $1.4 million, and total shareholders' equity of $2.2 million as of June 30, 2025. ENVERIC BIOSCIENCES: Shareholders OK Reverse Split & Share Hike --------------------------------------------------------------- Enveric Biosciences, Inc. convened its Special Meeting of Stockholders on December 11, 2025. A total of 2,502,133 shares of the Company's common stock were present in person or represented by proxy at the Special Meeting, which represented 40.23% of the outstanding shares of common stock entitled to vote at the Special Meeting and constituted a quorum for the transaction of business. Holders of the Company's common stock were entitled to one vote per share of common stock held as of the close of business on October 13, 2025, the record date for the Special Meeting. At the Special Meeting, stockholders voted on each of the following four matters: 1. To authorize, for purposes of complying with Nasdaq Listing Rule 5635(d), the issuance of shares of the Company's common stock, par value $0.01 per share, underlying certain warrants issued by the Company pursuant to those certain Inducement Letters, dated as of September 17, 2025, by and among the Company and certain holders named on the signatory page thereto, and the Engagement Letter, by and between the Company and H.C. Wainwright & Co., LLC, dated as of December 8, 2024, in an amount equal to or in excess of 20% of the Company's Common Stock outstanding immediately prior to the issuance of such warrants; The votes cast on the Issuance Proposal were as follows: * Votes For: 723,464 * Votes Against: 127,935 * Abstentions: 78,655 * Broker Non-Votes: 1,572,079 2. To approve an amendment to the Company's Amended and Restated Certificate of Incorporation, as amended, in substantially the form attached to the proxy statement as Annex A, to, at the discretion of the Board, effect a reverse stock split with respect to the Company's issued and outstanding Common Stock, including stock held by the Company as treasury shares, at a ratio between 1-for-5 and 1-for-15, with the ratio within such Range to be determined at the discretion of the Board and included in a public announcement; The votes cast on the Reverse Stock Split Proposal were as follows: * Votes For: 1,896,330 * Votes Against: 524,498 * Abstentions: 81,305 3. To approve an amendment to the Company's Charter, in substantially the form attached to the proxy statement as Annex B, to, at the discretion of the Board, increase the authorized number of shares of Common Stock from 100,000,000 to 5,000,000,000 shares; and The votes cast on the Authorized Stock Increase Proposal were as follows: * Votes For: 1,946,233 * Votes Against: 473,639 * Abstentions: 82,261 4. To approve an adjournment of the Special 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 to establish a quorum or in favor of the Issuance Proposal, Reverse Stock Split Proposal, and the Authorized Stock Increase Proposal. The Adjournment Proposal was rendered moot. About Enveric Biosciences Enveric Biosciences (NASDAQ: ENVB) -- http://www.enveric.com/-- is a biotechnology company dedicated to the development of novel neuroplastogenic small-molecule therapeutics for the treatment of depression, anxiety, and addiction disorders. Leveraging its unique discovery and development platform, The Psybrary, the Company has created a robust intellectual property portfolio of new chemical entities for specific mental health indications. The Company's lead program, the EVM201 Series, comprises next generation synthetic prodrugs of the active metabolite, psilocin. The Company is developing the first product from the EVM201 Series "EB-002" for the treatment of psychiatric disorders. The Company is also advancing its second program, the EVM301 Series "EB 003" expected to offer a first-in-class, new approach to the treatment of difficult-to-address mental health disorders, mediated by the promotion of neuroplasticity without also inducing hallucinations in the patient. Morristown, New Jersey-based Marcum LLP, the Company's former auditor, issued a "going concern" qualification in its report dated March 28, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has incurred significant losses and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. Enveric Biosciences had total assets amounting to $3.5 million, total liabilities (all current) of $1.4 million, and total shareholders' equity of $2.2 million as of June 30, 2025. FAIRFIELD WILLIAMSBURG: Paula Beran Named Subchapter V Trustee -------------------------------------------------------------- The Acting U.S. Trustee for Region 4 appointed Paula Beran, Esq., at Tavenner & Beran, PLC as Subchapter V trustee for Fairfield Williamsburg Property Owners Association. Ms. Beran will be paid an hourly fee of $480 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Beran declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Paula S. Beran, Esq. Tavenner & Beran, PLC 20 North 8th Street Richmond, Virginia 23219 Phone: (804) 783-8300 Email: Beran@TB-LawFirm.com About Fairfield Williamsburg Property Owners Association Fairfield Williamsburg Property Owners Association is a nonprofit organization responsible for the administration and management of the Fairfield Williamsburg neighborhood. Fairfield Williamsburg Property Owners Association filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. E.D. Va. Case No. 25-51179) on December 5, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities in the same range. The Debtor is represented by Neil E. McCullagh, Esq., at Spotts Fain, PC. FIREFLY NEUROSCIENCE: Jordan Kupinsky Owns 7.5% via Entities ------------------------------------------------------------ WPC Management Services Inc., WPC GP I Inc., Windsor Private Capital LP, Jordan Kupinsky, HJRK Holdings Inc., Rocco Marcello, and John Cundari disclosed in a Schedule 13 (Amendment No. 4) filed with the U.S. Securities and Exchange Commission that as of 12/05/2025, they beneficially own shares of Firefly Neuroscience, Inc.'s Common Stock, $0.0001 par value per share, as follows: -- WPC Management Services Inc., WPC GP I Inc., Windsor Private Capital LP, Rocco Marcello, and John Cundari beneficially own 938,521 shares with shared voting and dispositive power (consisting of shares directly held by Windsor Private Capital LP). -- Jordan Kupinsky beneficially owns 1,007,281 shares with shared voting and dispositive power (consisting of 938,521 shares held by Windsor Private Capital LP and 68,760 shares held by HJRK Holdings Inc.). -- HJRK Holdings Inc. beneficially owns 68,760 shares with shared voting and dispositive power. Accordingly, Jordan Kupinsky holds a 7.5% stake based on 13,492,928 shares outstanding as of December 2, 2025. The Reporting Persons may be reached through: Jordan Kupinsky 22 St. Clair Avenue East, Suite 202 Toronto, A6, M4T 2S3 Tel: (416) 515-2318 A full-text copy of Windsor Private Capital LP's SEC report is available at: https://tinyurl.com/2vpvv3km About Firefly Firefly Neuroscience, Inc. (NASDAQ: AIFF) (formerly WaveDancer, Inc.) is an Artificial Intelligence company developing innovative solutions that improve rain health outcomes for patients with neurological and mental disorders. The FDA-510(k)-cleared Brain Network Analytics (BNA) software platform is designed to advance diagnostic and treatment approaches for individuals with mental illnesses and cognitive disorders, such as depression, dementia, anxiety, concussions, and attention-deficit/hyperactivity disorder (ADHD). Toronto, Ontario, Canada-based Marcum Canada LLP, the Company's auditor since 2012, issued a "going concern" qualification in its report dated April 2, 2025, attached on the Company's Annual Report on Form 10-K for the year ended Dec. 30, 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 $12.4 million in total assets, $2.8 million in total liabilities, and $9.7 million in total stockholders' equity. FLEMING STEEL: Seeks 90-Day Extension of Plan Filing Deadline ------------------------------------------------------------- Fleming Steel Co. asked the U.S. Bankruptcy Court for the Western District of Pennsylvania to extend its exclusivity periods to file a plan of reorganization and obtain acceptance thereof for additional ninety days. The Debtor explains that it has utilized the breathing room afforded by the automatic stay to generate considerable business leads and subsequent contracts, between the Petition Date and the filing of this Motion. However, as of the date of this Motion, the Debtor requires more time to stabilize its cash flow and analyze its financial performance following the realization of new contracts. The Debtor claims that it is also pursuing viable leads for jobs at Teterboro Airport in New Jersey for approximately $2.2 million, and Sarasota Airport in Florida for approximately $800,000, amongst others. Once these funds start flowing and the Debtor's cash flow is stabilized the Debtor will be in a better position to formulate concrete projections of plan payments to be made pursuant to a subsequent Chapter 11 Plan of Reorganization. The Debtor asserts that an extension of the exclusivity periods for the company to file a Plan and to solicit votes on the Plan will allow the Debtor to continue pursuing the opportunities. Further, such an extension will further allow the Debtor more runway to demonstrate a consistent capacity to make Plan payments. The Debtor further asserts that the potential upside the prospective transactions would offer the company and parties in interest is significant, and such potential warrants the granting of more time to the Debtor to pursue such opportunities in order to see whether funds gained therefrom could be put to use in funding a Plan in this Bankruptcy Case. Fleming Steel Co. is represented by: Ryan J. Cooney, Esq. Cooney Law Offices LLC 223 Fourth Avenue, 4th Fl. Pittsburgh, PA 15222 Telephone: (412) 546-1234 Facsimile: (412) 546-1235 Email: rcooney@cooneylawyers.com About Fleming Steel Co. Fleming Steel Co. based in New Castle, Pennsylvania, designs and manufactures custom doors, including horizontal slide, canopy, vertical lift, craneway and monorail, horizontal swing, fuselage/hull apertures, and specialized application doors. Operating since 1921 under third-generation family ownership, the Company provides engineered solutions for commercial, industrial, aerospace, and government clients, incorporating custom designs for acoustic, blast-resistant, flood control, thermal, and electromagnetic shielding applications. Fleming Steel's projects have served clients such as Boeing, NASA, American Airlines, the United States Navy, and the Smithsonian Air and Space Museum, combining patented door designs with consultation and preventative maintenance services. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Pa. Case No. 25-22143) on August 15, 2025. In the petition signed by Seth Kohn, president, the Debtor disclosed up to $10 million in both assets and liabilities. Ryan J. Cooney, Esq., at Cooney Law Offices, is the Debtor's legal counsel. Byline Bank, as secured creditor, is represented by: Justin M. Tuskan, Esq. Metz Lewis Brodman Must O'Keefe, LLC 444 Liberty Avenue, Suite 2100 Pittsburgh, PA 15222 Phone: (412) 918-1100 Facsimile: (412) 918-1199 jtuskan@metzlewis.com FLINZ HOLDINGS: Hires Salitore Law PLLC as Local Counsel -------------------------------------------------------- Flinz Holdings, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Texas to employ Salitore Law PLLC as local counsel. The firm will provide these services: a. assist, advise and represent the Debtor relative to the administration of the chapter 11 case; b. assist, advise and represent the Debtor in analyzing the Debtor's assets and liabilities, investigating the extent and validity of lien and claims, and participating in and reviewing any proposed asset sales or dispositions; c. attend meetings and negotiate with the representatives of the secured creditors; d. assist the Debtor in the preparation, analysis, and negotiation of any plan of reorganization and disclosure statement accompanying any plan of reorganization; e. take all necessary action to protect and preserve the interests of the Debtor; f. 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 such Courts; and g. perform necessary legal services in the case. Salitore has agreed to represent the Debtor, subject to the approval of the Court, based on time and standard billing charges of $450 per hour for attorney Marc Salitore. Prior to filing, Salitore incurred $1,575 in attorney's fees and $0 in expenses and was paid on those pre-petition fees. Salitore understands lead counsel holds a retainer deposit amount of $975 for post-petition work. Mr. Salitore 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: Marc Salitore, Esq. Salitore Law PLLC 1400 W. Southwest Loop 323 Suite 50, MB 1012 Tyler, TX 75251 Tel: (903) 765-8030 Email: marc@salitorelaw.com About Flinz Holdings, LLC Flinz Holdings LLC, doing business as The Gallery of Lights, operates a retail showroom in Longview, Texas, offering lighting fixtures, ceiling fans, patio furniture, and decorative hardware. The Company serves residential and commercial customers across East Texas with products for indoor and outdoor applications. It also provides lighting design consultation through its in-house team. Flinz Holdings LLC in Longview, TX, sought relief under Chapter 11 of the Bankruptcy Code filed its voluntary petition for Chapter 11 protection (Bankr. E.D. Tex. Case No. 25-60738) on Nov. 4, 2025, listing as much as $1 million to $10 million in both assets and liabilities. Olumide Samson as president, signed the petition. G2 TECHNOLOGIES: Court Extends Cash Collateral Access to Dec. 31 ---------------------------------------------------------------- G2 Technologies, Inc. received second interim approval from the U.S. Bankruptcy Court for the Eastern District of North Carolina, Raleigh Division, to use cash collateral to fund operations. The court's interim order authorized the Debtor to use cash collateral from December 1 to 31, in accordance with its budget, subject to a 10% variance per line item. The Debtor projects total operational expenses of $131,431.00. Bulldog Capital, LLC, CFG Merchant Solutions, LLC, QFS Capital, LLC, Citibank, N.A., and Jaffe Capital are the secured creditors with potential interests in the Debtor's cash collateral. The Debtor acknowledges the validity, priority or enforceability of the secured creditors' liens, however, it reserves the right to review, dispute and challenge any such liens. Creditors may seek administrative expense claims under Section 507(b) if their interests are not adequately protected by the terms of the interim order. The interim order authorized customers, including Thomas Built Buses, Inc., to remit payments directly to the Debtor. The order remains effective until modified, terminated, or superseded by a later interim or final order, or upon conversion or dismissal of the Debtor's Chapter 11 case. The interim order is available at https://shorturl.at/M0fFc from PacerMonitor.com. A final hearing is scheduled for January 6, 2026. G2's only revenue comes from cash on hand and on deposit in its bank account; proceeds from completed projects and customer shipments; and collections on outstanding accounts receivable. Before filing for bankruptcy, the Debtor incurred business-related debt, with secured creditors taking a security interest in certain property and collateral, which may constitute cash collateral. About G2 Technologies Inc. G2 Technologies, Inc. provides automation for inspection and test systems serving industrial clients in the aerospace, automotive, and manufacturing sectors. The Company develops and integrates customized systems such as aircraft smoke detector testers and precision defect detection tools for automotive components, supported by its proprietary dTRAK data analytics platform. Based in North Carolina's Research Triangle Park, G2 Technologies delivers scalable and cost-efficient automation solutions for clients worldwide. G2 Technologies sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. N.C. Case No. 25-04315) on October 31, 2025, listing between $500,001 and $1 million in assets and between $1 million and $10 million in liabilities. Craig Borsack, president of G2 Technologies, signed the petition. The Debtor is represented by: Joseph Zachary Frost, Esq. Buckmiller & Frost, PLLC 4700 Six Forks Road Suite 150 Raleigh, NC 27609 Tel: 919-296-5040 Fax: 919-977-7101 jfrost@bbflawfirm.com GAMESTOP CORP: Posts $77.1MM Q3 Net Income, Cash Hits $7.8 Billion ------------------------------------------------------------------ GameStop Corp. filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net income of $77.1 million for the three months ended November 1, 2025, compared to a net income of $17.4 million for the three months ended November 2, 2024. For the nine months ended November 1, 2025, the Company reported a net income of $290.5 million, compared to no income for the nine months ended November 2, 2024. Net sales for the three months ended November 1, 2025 and November 2, 2024, were $821 million and $860.3 million, respectively. For the nine months ended November 1, 2025 and November 2, 2024, the Company had net sales of $2.5 billion and $2.5 billion, respectively. GameStop disclosed that its principal sources of liquidity are cash on hand and cash provided by operations. As of November 1, 2025, GameStop had total unrestricted cash and cash equivalents on hand of $7.842 billion. The Company explained, "Our cash and cash equivalents are carried at cost, which approximates fair value, and consists primarily of cash, money market funds, cash deposits with commercial banks, and highly rated direct short-term instruments that mature in 90 days or less. "Our marketable securities are carried at fair value and primarily include investments in certain highly-rated short-term government notes, government bills, and time deposits. During the first quarter of fiscal 2025, we reclassified $11.4 million of the investment portfolios' balance, all of which had an original maturity in excess of 90 days and less than one year, to Assets held for sale in the Condensed Consolidated Balance Sheets. Following the reclassification, the amount is no longer included in the total marketable securities balance. As of November 1, 2025, the investment portfolios' aggregate balance within Assets held for sale is immaterial. "On an ongoing basis, we evaluate and consider certain strategic operating alternatives, including divestitures, restructuring or dissolution of unprofitable business segments, uses for our excess cash, as well as equity and debt financing alternatives that we believe may enhance stockholder value. "The nature, amount and timing of any strategic operational change, or financing transactions that we might pursue will depend on a variety of factors, including, as of the applicable time, our available cash and liquidity and operating performance; our commitments and obligations; our capital requirements; limitations imposed under our credit arrangements; and overall market conditions. "On March 18, 2025, our Board of Directors unanimously authorized a revised investment policy. In accordance with the revised Investment Policy, the Board has delegated authority to manage the Company's portfolio of securities investments to an Investment Committee of the Board consisting of the Company's Chairman and Chief Executive Officer, Ryan Cohen, as well as two independent members of the Board, together with such personnel and advisors the Investment Committee may further choose. "On March 25, 2025 we announced that, as part of our revisions to the Investment Policy, the Board approved the addition of Bitcoin as a treasury reserve asset, whereby a portion of our cash or future debt and equity issuances may be invested in Bitcoin. "Such investments are classified as Digital Assets on our Condensed Consolidated Balance Sheets, and are recorded at fair value. During the second quarter of fiscal year 2025, the Company purchased 4,710 Bitcoin for $500 million. We may from time to time sell some of our Bitcoin as part of treasury management operations. "In fiscal 2021, the six separate unsecured term loans held by our French subsidiary, Micromania SAS, for a total of €40.0 million, were extended for five years. During the first quarter of fiscal 2025, we reclassified the French Term Loans to Liabilities held for sale on the Condensed Consolidated Balance Sheets where it continues to be measured at the lower of its carrying amount and fair value less costs to sell. As of November 1, 2025, $10.2 million remains outstanding and classified in Liabilities held for sale. "Some of our vendors have requested and may continue to request credit support collateral for our inventory purchase obligations and the levels of such collateral will depend on a variety of factors, including our inventory purchase levels, available payment terms for inventories, favorable credit terms and costs of providing collateral. "We maintain uncommitted facilities with certain lenders that provide for the issuance of letters of credit and bank guarantees, at times supported by cash collateral. As of November 1, 2025, we had letters of credit and other bank guarantees outstanding in the amount of $6.6 million." At-the-Market Equity Offering Program: GameStop disclosed, "On May 17, 2024, we entered into an Open Market Sale AgreementSM with Jefferies LLC providing for the sale by the Company of shares of our Class A common stock, par value $0.001 per share, from time to time, through the Sales Agent in connection with an "at-the-market offering" program." "Pursuant to the prospectus supplement relating to the ATM Offering filed with the SEC on May 17, 2024, we sold an aggregate of 45.0 million Common Shares for aggregate gross proceeds before commissions and offering expenses of approximately $933.4 million. "Pursuant to the prospectus supplement relating to the ATM Offering filed with the SEC on June 7, 2024, (the "June Prospectus Supplement"), we sold an aggregate of 75.0 million additional Common Shares for aggregate gross proceeds before commissions and offering expenses of approximately $2.1 billion. "Pursuant to the prospectus supplement relating to the ATM Offering filed with the SEC on September 10, 2024, (the "September Prospectus Supplement"), we sold an aggregate of 20.0 million additional Common Shares for aggregate gross proceeds before commissions and offering expenses of approximately $400.0 million." Convertible Senior Notes: According to GameStop, "On April 1, 2025, we completed a private offering of $1,500 million aggregate principal amount of 0.00% Convertible Senior Notes due 2030 (, including the exercise in full of the initial purchaser's option to purchase up to an additional $200 million aggregate principal amount of the Convertible 2030 Notes." "The Convertible 2030 Notes are general unsecured obligation of the Company. The Convertible 2030 Notes were issued pursuant to an Indenture, dated April 1, 2025, between the Company and U.S. Bank Trust Company, National Association, as trustee. "On June 17, 2025, we completed a private offering of $2,250 million aggregate principal of 0.00% Convertible Senior Notes due 2032. Pursuant to the purchase agreement between the Company and the initial purchaser of the Notes, the Company granted the initial purchaser an option to purchase, for settlement within a period of 13 days from, and including, the date the Notes are first issued, up to an additional $450 million aggregate principal amount of Notes. The Convertible 2032 Notes are general unsecured obligation of the Company. The Convertible 2032 Notes were issued pursuant to an Indenture, dated June 17, 2025, between the Company and the Trustee, as trustee. "We intend to use the net proceeds from the Convertible 2030 Notes for general corporate purposes, including the acquisition of Bitcoin in a manner consistent with the Company's Investment Policy. We intend to use the net proceeds from the Convertible 2032 Notes for general corporate purposes, including making investments in a manner consistent with the Company's Investment Policy and potential acquisitions." Warrants: On October 7, 2025, the Company announced that the Board declared a distribution to the holders of record of the Common Stock and holders of the Convertible Notes, in the form of warrants to purchase shares of Common Stock. The Warrants were issued on the terms and conditions described in the Warrant Agreement and were distributed on October 7, 2025, to the record holders of the Common Stock and the Convertible Notes as of the close of business on October 3, 2025. Pursuant to the terms of the Warrant Agreement between the Company, Computershare Inc., a Delaware corporation, and its affiliate, Computershare Trust Company, N.A., as Warrant Agent, each holder of record of Common Stock as of the Record Date received one Warrant for every ten shares of Common Stock (rounded down to the nearest whole number for any fractional Warrant). Holders of the Convertible Notes also received Warrants on an "as converted" basis in lieu of an adjustment to the conversion rate of the Convertible Notes pursuant to the applicable indenture governing the Convertible Notes. The distribution of the Warrants to the Convertible Noteholders was at the same time and on the same terms as holders of Common Stock. Holders of the Convertible Notes will not need to convert the Convertible Notes into Common Stock in order to receive the Warrants. Each Warrant entitles the holder to purchase, at the holder's sole and exclusive election, at a cash exercise price of $32.00 per Warrant, one share of Common Stock, subject to adjustment pursuant to the provisions of the Warrant Agreement. Payment for shares of Common Stock upon exercise of Warrants must be in cash. The Warrants will expire and cease to be exercisable at 5:00 p.m. New York City time on October 30, 2026. The number of shares of Common Stock issuable upon exercise of the Warrants is subject to certain anti-dilution adjustments, including for stock dividends, share splits, share combinations, rights issuances, other distributions, spinoffs, cash dividends and tender or exchange offers. The Warrants commenced trading on the New York Stock Exchange under the ticker "GME WS" on October 8, 2025. In connection with the Warrant Distribution, the Company filed a prospectus supplement, dated October 7, 2025, pursuant to the Company's existing shelf registration statement on Form S-3 ASR, effective as of October 3, 2025, registering up to 59,153,963 shares of Common Stock to be issued upon exercise of the Warrants. During the three months ended November 1, 2025, holders exercised 4,422 Warrants, resulting in the issuance of 4,422 shares of common stock and cash proceeds of $141,504. A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/mryhkcyn About GameStop Grapevine, Texas-based GameStop Corp. is a specialty retailer offering games and entertainment products through its E-Commerce platforms and thousands of stores. As of November 1, 2025, GameStop had $10.6 billion in total assets, $5.2 billion in total liabilities, and $5.3 billion in total stockholders' equity. * * * Egan-Jones Ratings Company on January 15, 2025, revised the foreign currency and local currency senior unsecured ratings on debt issued by GameStop Corporation to CCC- from CC. GENESIS HEALTHCARE: Judge Reopens Bids Over Insider Concerns ------------------------------------------------------------ Angelica Serrano-Roman of Bloomberg Law reports that the judge overseeing Genesis Healthcare's bankruptcy ordered the reopening of bids for the company's nursing-home operations after finding she could not approve a proposed sale to a buyer with insider ties to healthcare entrepreneur Joel Landau. U.S. Bankruptcy Judge Stacey Jernigan of the Northern District of Texas said she could not grant liability releases for Landau, a co-founder of Pinta Capital Partners, who was linked to the proposed buyer, CPE 88988 LLC. She pointed to Landau's controlling interest, his absence from the hearing, and the need for heightened scrutiny of insider transactions. 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. GEORGIA VASCULAR: Plan Exclusivity Period Extended to March 9, 2026 ------------------------------------------------------------------- Judge Paul W. Bonapfel of the U.S. Bankruptcy Court for the Northern District of Georgia extended Georgia Vascular Specialists, P.C.'s exclusive periods to file a plan of reorganization and obtain acceptance thereof to March 9, 2026, and May 8, 2026, respectively. As shared by Troubled Company Reporter, the Debtor anticipates filing a plan in the coming months and seeks an extension to the Exclusivity Periods to preclude the costly disruption and instability that would occur if competing plans were proposed either before the Debtor's plan is confirmed, or, if the Debtor's plan is not confirmed, before the Debtor has a meaningful opportunity to work with its key constituencies to put forth an amended proposal. 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. Georgia Vascular Specialists, P.C., 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 Georgia Vascular Specialists P.C. Georgia Vascular Specialists P.C. provides vascular medicine and surgical services, including minimally invasive and traditional procedures for arterial, venous, and lymphatic conditions. The practice operates an accredited vascular ultrasound lab, ambulatory wound care services, and vein treatments, and offers inpatient care at Piedmont Hospital and Atlanta Medical Center. Founded in 1989, Georgia Vascular Specialists is based in Georgia. Georgia Vascular Specialists sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-55352) on May 13, 2025. In its petition, the Debtor reported between $1 million and $10 million in both assets and liabilities. Judge Paul W. Bonapfel oversees the case. Benjamin R. Keck, Esq., at Keck Legal, LLC is the Debtor's bankruptcy counsel. JPMorgan Chase Bank, N.A., as lender, is represented by: Eric Smith, Esq. Aldridge Pite, LLP Six Piedmont Center 3525 Piedmont Road, N.E., Suite 700 Atlanta, GA 30305 Phone: (404) 994-7400 Fax: (888) 873-6147 esmith@aldridgepite.com GLOBAL ALLIANCE: Case Summary & Six Unsecured Creditors ------------------------------------------------------- Debtor: Global Alliance, LLC 4990 Fulton Industrial Blvd Atlanta GA 30336 Business Description: Global Alliance, LLC, based in Atlanta, Georgia, engages in the processing and recycling of rubber materials, producing mixed rubber compounds for industrial customers such as tire and automotive manufacturers. The Company handles the import and export of recycled rubber and metal products and operates a recycling center in South Fulton, Georgia. Chapter 11 Petition Date: December 12, 2025 Court: United States Bankruptcy Court Northern District of Georgia Case No.: 25-64527 Judge: Hon. James R Sacca Debtor's Counsel: Will Geer, Esq. ROUNTREE, LEITMAN, KLEIN & GEER, LLC 2987 Clairmont Road, Suite 350 Atlanta GA 30329 Tel: 404-584-1238 E-mail: wgeer@rlkglaw.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $10 million to $50 million The petition was signed by JujHar Gill as 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/ZWX6TTY/Global_Alliance_LLC__ganbke-25-64527__0001.0.pdf?mcid=tGE4TAMA GREAT CIRCLE: Plan Exclusivity Period Extended to April 9, 2026 --------------------------------------------------------------- Judge Martin Glenn of the U.S. Bankruptcy Court for the Southern District of New York extended Great Circle Park, LLC's exclusive periods to file a plan of reorganization and obtain acceptance thereof to April 9, 2026 and June 8, 2026, respectively. As shared by Troubled Company Reporter, the Debtor submits that "cause" exists for the Court to extend the Exclusive Periods. In particular, factors all weigh in favor of granting an extension at this time. First, since the Petition Date, the Debtor had been engaged in negotiations to purchase the interest of its current operating tenant, MP Battery 70 LLC. Those negotiations are now nearing completion, and the parties are close to finalizing an agreement that will enable the Debtor to assume direct management of its sole asset, the parking garage located at 70 Little West Street, New York, New York (the "Parking Garage"). In addition, the Debtor has initiated the process of engaging qualified real estate brokers to evaluate strategic options, including the potential refinancing of its existing mortgage or a sale of the Parking Garage. These efforts are in the preliminary stages, and the Debtor is presently assessing the viability of each alternative to determine the most advantageous path forward for the estate and its creditors. Finally, the Debtor has been diligent in filing its operating reports and will shortly file a motion for an order of the Court establishing deadlines to file proofs of claim (the "Bar Date"). The Debtor anticipates the Bar Date for all creditors, other than governmental entities, to be December 19, 2025, and the Bar Date for governmental entities to be February 9, 2025. Great Circle Park, LLC is represented by: Tracy L. Klestadt, Esq. Christopher Reilly, Esq. KLESTADT WINTERS JURELLER SOUTHARD & STEVENS LLP 200 West 41st Street, 17th Floor New York, NY 10036 Telephone: (212) 972-3000 Facsimile: (212) 972-2245 About Great Circle Park LLC Great Circle Park, LLC, sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-11767) on August 12, 2025, listing up to $10 million in both assets and liabilities. Pamela Frost, managing member, signed the petition. Judge Martin Glenn oversees the case. Tracy L. Klestadt, Esq., at Klestadt Winters Jureller Southard & Stevens, LLP, represents the Debtor as legal counsel. Flagstar Bank, N.A., as lender, is represented by: Phillip S. Pavlick, Esq. McCarter & English, LLP Four Gateway Center, 100 Mulberry Street Newark, NJ 07102 Tel: (973) 849-4181 ppavlick@mccarter.com GROFF TRACTOR: Committee Hires Pachulski Stang as Counsel --------------------------------------------------------- The official committee of unsecured creditors of Groff Tractor Mid Atlantic, LLC and affiliates seek approval from the U.S. Bankruptcy Court for the Northern District of Texas to employ Pachulski Stang Ziehl & Jones LLP as counsel. The firm will provide these services: a. advise the Committee with respect to its rights, duties, and powers in these Chapter 11 Cases; b. assist and advise the Committee in its consultations with the Debtors relative to the administration of these Chapter 11 Cases; c. assist the Committee in analyzing the claims of the Debtors' creditors and the Debtors' capital structure and in negotiating with holders of claims; d. assist the Committee in its investigation of the acts, conduct, assets, liabilities, and financial condition of the Debtors and of the operation of the Debtors' businesses; e. assist the Committee in its investigation of, inter alia, the liens and claims of the Debtors' lenders and the prosecution of any claims or causes of action revealed by such investigation; f. assist the Committee in its analysis of, and negotiations with, the Debtors or any third-party concerning matters related to, among other things, the assumption or rejection of leases of nonresidential real property and executory contracts, asset dispositions, financing or other transactions, and the terms of one or more plans of reorganization for the Debtors and accompanying disclosure statements and related plan documents; g. assist and advise the Committee in communicating with unsecured creditors regarding significant matters in these Chapter 11 Cases; h. represent the Committee at hearings and other proceedings; i. review and analyze applications, orders, statements of operations, and schedules filed with the Court and advise the Committee as to their propriety; j. assist the Committee in preparing pleadings and applications as may be necessary in furtherance of the Committee's interests and objectives; k. prepare, on behalf of the Committee, any pleadings, including without limitation, motions, memoranda, complaints, adversary complaints, objections or comments in connection with any of the foregoing; and l. perform such other legal services as may be required or requested or as may otherwise be deemed in the interests of the Committee in accordance with the Committee's powers and duties as set forth in the Bankruptcy Code, Bankruptcy Rules or other applicable law. The firm will be paid at these rates: Partners $1,150 to $2,350 per hour Of Counsel $1,050 to $1,850 per hour Associates $725 to $1,225 per hour Paraprofessionals $595 to $675 per hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. In addition, the firm will seek reimbursement for its out-of-pocket expenses. The Firm provides the following responses to the questions set forth in Part D of the Appendix B Guidelines for Reviewing Applications for Compensation and Reimbursement of Expenses Filed under United States Code by Attorneys in Larger Chapter 11 Cases (the "Revised UST Guidelines"): Question: Did you agree to any variations from, or alternatives to, your standard or customary billing arrangements for this engagement? Response: No. Question: Do any of the professionals included in this engagement vary their rate based on the geographic location of the bankruptcy case? Response: No. Question: If you represented the client in the 12 months prepetition, disclose your billing rates and material financial terms for the prepetition engagement, including any adjustments during the 12 months prepetition. If your billing rates and material financial terms have changed postpetition, explain the difference and reasons for the difference. Response: N/A Question: Has your client approved your respective budget and staffing plan, and, if so, for what budget period? Response: N/A Bradford J. Sandler, Esq., a partner at Pachulski Stang Ziehl & Jones 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 at: Bradford J. Sandler, Esq. Robert J. Feinstein, Esq. Pachulski Stang Ziehl & Jones LLP 1700 Broadway, 36th Floor New York, NY 10019 Telephone: (212) 561-7700 Facsimile: (212) 561-7777 Email: bsandler@pszjlaw.com rfeinstein@pszjlaw.com About Groff Tractor Mid Atlantic, LLC Groff Tractor Mid Atlantic, LLC and subsidiaries operate a network of construction equipment dealerships serving the Mid-Atlantic region of the United States. The company sells, rents, and services heavy and compact construction machinery, offering parts and attachments for brands such as Wirtgen, Hamm, Vogele, Transtech, Thunder Creek, John Deere Equipment, and TopCon. Groff Tractor Mid Atlantic sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Texas Case No. 25-90010) on October 14, 2025. In its petition, the Debtor reported between $100 million and $500 million in assets and liabilities. Honorable Bankruptcy Judge Edward L. Morris handles the case. The Debtor tapped Bonds Ellis Eppich Schafer Jones, LLP as legal counsel; Michael Juniper of CR3 Partners, LLC as chief restructuring officer; and TM Capital as investment banker. Epiq Corporate Restructuring, LLC is the Debtor's claims and noticing agent. The U.S. Trustee for Region 6 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. INDEPENDENT MEDEQUIP: Seeks to Extend Exclusivity to May 15, 2026 ----------------------------------------------------------------- Independent MedEquip LLC and its affiliates asked the U.S. Bankruptcy Court for the Northern District of Alabama to extend their exclusivity periods to file a plan of reorganization and obtain acceptance thereof to May 15, 2026 and July 31, 2026, respectively. The Debtors explain that for them to meet their burdens of providing adequate information to creditors and formulating a feasible plan, they will need to know with reasonable certainty how much their creditors are owed and whether those creditors have collateral or are entitled to priority. Therefore, the exclusivity period needs to extend past the deadline to file claims which the Bankruptcy Administrator has requested be set for mid-April 2026. The Debtors recently employed GGG Partners, LLC to assist them in formulating a plan of reorganization and of future operations. GGG Partners is still getting up to speed on understanding the Debtors' operations and will not be prepared to assist with formulating a plan by mid-January 2026. Furthermore, the issue of substantive consolidation will need to be resolved before the Debtors can propose a plan and disclosure statement. Substantive consolidation, if granted, would allow the Debtors to draft and propose a single plan and disclosure statement rather than eleven separate plans and disclosure statements. The Debtors claim that even if the cases are not substantively consolidated, the Debtors' disclosure statements and plans will likely need to be filed contemporaneously because they have previously been operated and managed as if they were a single company. This is the Debtors' first motion to extend the exclusivity period. Given the complexity of these cases and the importance of resolving the issues referenced above, the benefits from extending the exclusivity period will outweigh any prejudice to creditors. The Debtors reserve the right to seek additional extensions should the need arise. Counsel to the Debtors: Wm. Wesley Causby, Esq. Memory Memory & Causby, LLP Post Office Box 4054 Montgomery, AL 36103-4054 Telephone: (334) 834-8000 Facsimile: (334) 834-8001 E-mail: wcausby@memorylegal.com About Independent MedEquip LLC Independent MedEquip, LLC, a company in Birmingham, Ala., provides durable medical equipment such as oxygen tanks, CPAP machines, mobility aids, and other home-use medical devices. Independent MedEquip and its affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ala. Lead Case No. 25-02821) on September 18, 2025. At the time of the filing, Independent MedEquip disclosed up to $50,000 in assets and up to $500,000 in liabilities. Judge Tamara O'Mitchell oversees the cases. Stuart Memory, Esq., at Memory Memory and Causby LLP, is the Debtor's legal counsel. Jackson Investment Group, LLC, the Debtors' DIP lender, may be reached through Richard L. Jackson, CEO. Cadence Bank, a prepetition secured creditor, may be reached through C. Ellis Brazeal III, Esq., at Jones Walker, LLP, in Birmingham, Alabama. INMOBILIARIA LLC: U.S. Trustee Unable to Appoint Committee ---------------------------------------------------------- The U.S. Trustee for Region 4 disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of Inmobiliaria, LLC. About Inmobiliaria LLC Inmobiliaria, LLC owns and leases a single real estate property at 1324 18th Street NW in Washington, D.C. Inmobiliaria 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 between $1 million and $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 legal counsel. IROBOT CORPORATION: Case Summary & 30 Largest Unsecured Creditors ----------------------------------------------------------------- Lead Debtor: iRobot Corporation 8 Crosby Drive Bedford, MA 01730 Business Description: iRobot Corporation, founded in 1990 by three Massachusetts Institute of Technology roboticists, designs and manufactures consumer robots with a focus on home innovations, including robotic vacuum and floor-care devices. Since launching its first domestic robot, the Roomba vacuum, in 2002, the Company has sold over 50 million consumer robots worldwide. iRobot also develops related home robotics products and services and operates in multiple major geographic regions. Chapter 11 Petition Date: December 14, 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. ------ -------- iRobot Corporation (Lead Case) 25-12197 iRobot US Holdings, LLC 25-12198 iRobot Holdings LLC 25-12199 Judge: Hon. Brendan Linehan Shannon Debtors' General Bankruptcy Counsel: Andrew L. Magaziner, Esq. Sean T. Greecher, Esq. Shella Borovinskaya, Esq. Kristin L. Cardoza, Esq. YOUNG CONAWAY STARGATT & TAYLOR, LLP Rodney Square 1000 North King Street Wilmington, Delaware 19801 Tel: (302) 571-6600 Fax: (302) 571-1253 Email: amagaziner@ycst.com sgreecher@ycst.com sborovinskaya@ycst.com kcardoza@ycst.com AND Paul M. Basta, Esq. Alice Belisle Eaton, Esq. John T. Weber, Esq. PAUL, WEISS, RIFKIND, WHARTON & GARRISON LLP 1285 Avenue of the Americas New York, New York 10019 Tel: (212) 373-3000 Fax: (212) 757-3990 Email: pbasta@paulweiss.com aeaton@paulweiss.com jweber@paulweiss.com Debtors' Investment Banker and Financial Advisor: ALVAREZ & MARSAL HOLDINGS, LLC Debtors' Notice, Claims & Solicitation Agent and Administrative Advisor: STRETTO, INC. Estimated Assets: $100 million to $500 million Estimated Liabilities: $100 million to $500 million The petitions were signed by Karian Wong as chief financial officer. A full-text copy of the Lead Debtor's petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/UCM5GQY/iRobot_Corporation__debke-25-12197__0001.0.pdf?mcid=tGE4TAMA Consolidated List of Debtors' 30 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Santrum Hong Kong Co., Trade Payable $98,917,827 Limited and Shenzhen PICEA Robotics Co., Limited Building A6, PICEA Group Industrial Park No. 145 Yuhu Road Yulv Community Guangming District Shenzhen, Guangdong Province 518107 China HaiTao Gong and KaiQi Yang Email: gonght1049@piceacorp.com; Email: yangkq102741@piceacorp.com Phone: 86-1732-8378851 2. GXO Logistics Trade Payable $5,805,818 Supply Chain, Inc. Two American Lane Greenwich, CT 06831 USA Baris Oran Chief Financial Officer Email: baris.oran@gxo.com Phone: 203-489-1287 3. US Customs and Border Unpaid Tariffs $3,445,776 Protection 1300 Pennslyvania Ave., NW Washington, DC 20229 USA Rodney Scott Commissioner Email: privacy.cbp@cbp.dhs.gov Phone: 202-325-8000 4. BYD Company Limited Unpaid $2,700,000 No. 3009 Settlement BYD Road Pingshan Shenzhen, Guangdong Province 518118 China Wang Chuanfu Chief Executive Officer Email: wangchuanfu@gmail.com Phone: 86-755-89888888 5. XChange Property Owner, L.P. Trade Payable $1,786,779 235 Montgomery Street 16th Floor San Francisco, CA 94104 USA Brandon Shorenstein Chief Executive Officer Email: bshorenstein@shorenstein.com Phone: 415-772-7000 6. Arrow Electronics, Inc. Trade Payable $1,476,396 (acquirer of eInfochips, Inc.) 9151 E Panorama Cir Centennial, CO 80112 USA Raj Agrawal Chief Financial Officer Email: raj.agrawal@arrow.com Phone: 303-824-4000 7. Digitas, Inc. Trade Payable $1,471,634 375 Hudson Street New York, NY 10014 USA Peter Miller Chief Financial Officer Email: peter.miller@digitaslbi.com Phone: 212-610-5000 8. Xrobot Hong Kong Limited Trade Payable $1,395,646 Room 803 Chevalier House 45-51 Chatham Road South Tsim Sha Tsui KL Hong Kong, 999077 China Owen Sun VP of Sales and Marketing Email: sunjinning@yxrobot.com 9. Salesforce, Inc. Trade Payable $1,372,350 415 Mission Street San Francisco, CA 94105 USA Robin Washington Chief Financial Officer Email: robin.washington@salesforce.com Phone: 415-901-7000 10. Thundercomm Trade Payable $1,270,707 5405 Morehouse Drive Suite 210 San Diego, CA 92121 USA Pier Zhang Head of IOT Product and Marketing Email: pier.zhang@am.thundersoft.com Phone: 858-352-6181 11. Transactional International Trade Payable $1,070,396 Services Limited d/b/a Telus International 25 York Street Toronto, Ontario M5J 2V5 Canada Gopi Chande Chief Financial Officer Email: gopi.chande@telus.com Phone: 604-697-8044 12. Zheng Yu Industrial Trade Payable $1,050,150 (HK) Co., Limited Zhengu Industrial Park Dongfeng Village Xinxu Town Huiyang District Huizhou City, Guangdong 516223 China Zhengzhong Hu Email: zz.hu@szzhengyu.com Phone: 86-1392-3808049 13. BDS Connected Solutions, LLC Trade Payable $900,659 25692 Atlantic Ocean Drive Lake Forest, CA 92630 USA Ken Kress Chief Executive Officer Email: ken@bdsmktg.com Phone: 800-234-4237 14. Amazon Web Services, Inc. Trade Payable $867,821 410 Terry Avenue North Seattle, WA 98109 USA John Felton Chief Financial Officer Email: jarea@amazon.com Phone: 206-266-4064 15. Aon Risk Services Trade Payable $313,822 Northeast, Inc. 200 E Randolph Street Chicago, IL 60601 USA Darren Zeidel General Counsel Email: darren.zeidel@aon.com Phone: 847-442-0622 16. Elixirr Digital, Inc. Trade Payable $691,175 2600 Network Blvd Suite 570 Frisco, TX 75034 USA Chris Jordan Chief Executive Officer Email: jordanm39@gmail.com Phone: 214-618-5000 17. GuidePoint Security, LLC Trade Payable $523,306 1900 Reston Metro Plaza Suite 701 Reston, VA 20190 USA Michael Annessa Chief Financial Officer Email: michael.annessa@guidepointsecurity.com Phone: 877-899-0132 18. CoreCentric Solutions, Inc. Trade Payable $478,822 191 E. North Avenue Carol Stream, IL 60188 USA Sarah Chalawa Chief Financial Officer Email: schalawa@corecentricsolutions.com Phone: 630-216-5000 19. Protagon Display, Inc. Trade Payable $407,897 719 Tapscott Road Toronto, Ontario M1X 1A2 Canada Larry Titchner Chief Executive Officer Email: ltitchner@protagon.com Phone: 416-293-9500 20. Zuora, Inc. Trade Payable $349,257 101 Redwood Shores Pkwy Redwood City, CA 94065 USA Todd Mcelhatton Chief Financial Officer Email: tmcelhatton@zuora.com Phone: 888-976-9056 21. Oracle America, Inc. Trade Payable $334,280 2300 Oracle Way Austin, TX 78741 USA Stuart Levey Chief Legal Officer Email: stuart.levey@oracle.com Phone: 737-867-1000 22. Apps Associates, LLC Trade Payable $297,987 40 Nagog Park #105 Acton, MA 01720 USA Jill Quintiliani Chief Financial Officer Email: jill.quintiliani@appsassociates.com Phone: 978-399-0230 23. Commission Junction, Inc. Trade Payable $293,146 530 Montecito Street Santa Barbara, CA 93103 USA Santi Pierini Chief Executive Officer Email: santi.pierini@cj.com Phone: 800-761-1072 24. Anaplan, Inc. Trade Payable $285,167 1450 Brickell Ave Miami, FL 33131 USA Hemant Kapadia Chief Financial Officer Email: hemant.kapadia@anaplan.com Phone: 415-742-8199 25. Guangdong Donlim Intelligent Trade Payable $266,663 Electrical Appliances Co., Limited No. 26 Shunye East Road Xingtan Town Shunde District Foshan City, Guangdong 528322 China Stoney Chan Sales & Marketing Manager Email: stoney_chan@donlim.com Phone: 86-0757-25333888 26. Act Digital US, Inc. Trade Payable $231,704 185 Alewife Brook Parkway Suite 210 Cambridge, MA 02139 USA Cintya Marur Executive Director Email: cintya.marur@actdigital.com Phone: 774-225-9044 27. Skadden, Arps, Slate, Professional $209,150 Meagher and Flom, LLP Services One Manhattan West New York, NY 10001 USA Noah J. Puntus Chief Financial Officer Email: noah.puntus@skadden.com Phone: 914-750-3550 28. VIRA Insight, LLC Trade Payable $207,507 2701 South Valley Parkway Lewisville, TX 75067 USA Jeff Jones Chief Executive Officer Email: jjones@virainsight.com Phone: 800-366-2345 29. United Parcel Service, Inc. Trade Payable $201,260 55 Glenlake Parkway NE Atlanta, GA 30303 USA Brian Dykes Chief Financial Officer Email: bdykes@ups.com Phone: 404-828-6000 30. Amazon.com, Inc. Retailer Undetermined 2127 7th Ave. Promotions & Seattle, WA 98109 Discounts USA Program Brian Olsavsky Liability Chief Financial Officer Email: olsavsky@amazon.com Phone: 206-266-1000 JAGUAR HEALTH: Iliad Entities Disclose 9.8% Equity Stake -------------------------------------------------------- Iliad Research & Trading, L.P., Iliad Management, LLC, Fife Trading, Inc., and John M. Fife, disclosed in a Schedule 13G filed with the U.S. Securities and Exchange Commission that as of December 11, 2025, they beneficially own 440,000 sharesof Jaguar Health, Inc.'s Common Stock, par value $0.0001 per share, representing 9.8% of the 4,497,108 shares outstanding. Iliad Research & Trading, L.P. may be reached through: John M. Fife, President Iliad Management, LLC/Fife Trading, Inc. 300 East Randolph Street, Suite 40.150 Chicago, IL 60601 Tel: 312-565-1569 A full-text copy of Iliad Research's SEC Report is available at https://tinyurl.com/4fme5kw5 About Jaguar Health Jaguar Health, Inc. -- http://www.jaguar.health/-- is a commercial-stage pharmaceuticals company focused on developing novel, plant-based, sustainably derived prescription medicines for people and animals with gastrointestinal ("GI") distress, including chronic, debilitating diarrhea. Jaguar Health's wholly owned subsidiary, Napo Pharmaceuticals, Inc., focuses on developing and commercializing proprietary plant-based human pharmaceuticals from plants harvested responsibly from rainforest areas. The Company's crofelemer drug product candidate is the subject of the OnTarget study, a pivotal Phase 3 clinical trial for prophylaxis of diarrhea in adult cancer patients receiving targeted therapy. Larkspur, California-based RBSM, LLP, the Company's auditor since 2022, issued a "going concern" qualification in its report dated March 31, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has an accumulated deficit, recurring losses, and expects continuing future losses. These conditions raise substantial doubt about the Company's ability to continue as a going concern. The Company, since its inception, has incurred recurring operating losses and negative cash flows from operations and has an accumulated deficit of $346.5 million as of December 31, 2024. As of June 30, 2025, the Company had $48.3 million in total assets, $41.4 million in total liabilities, $6.9 million in total stockholders' equity. JAGUAR HEALTH: Streeterville Entities Exit Ownership Stake ---------------------------------------------------------- Streeterville Capital LLC, Streeterville Management, LLC, and John M. Fife disclosed in a Schedule 13G (Amendment No. 1) filed with the U.S. Securities and Exchange Commission that as of December 11, 2025, they no longer beneficially own shares of Jaguar Health, Inc.'s Common Stock. Streeterville Capital LLC may be reached through: John M. Fife, President Streeterville Management, LLC 300 East Randolph Street, Suite 40.150 Chicago, IL 60601 Tel: 312-297-7000 A full-text copy of Streeterville Capital's SEC report is available at: https://tinyurl.com/2dveh5km About Jaguar Health Jaguar Health, Inc. -- http://www.jaguar.health/-- is a commercial-stage pharmaceuticals company focused on developing novel, plant-based, sustainably derived prescription medicines for people and animals with gastrointestinal ("GI") distress, including chronic, debilitating diarrhea. Jaguar Health's wholly owned subsidiary, Napo Pharmaceuticals, Inc., focuses on developing and commercializing proprietary plant-based human pharmaceuticals from plants harvested responsibly from rainforest areas. The Company's crofelemer drug product candidate is the subject of the OnTarget study, a pivotal Phase 3 clinical trial for prophylaxis of diarrhea in adult cancer patients receiving targeted therapy. Larkspur, California-based RBSM, LLP, the Company's auditor since 2022, issued a "going concern" qualification in its report dated March 31, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has an accumulated deficit, recurring losses, and expects continuing future losses. These conditions raise substantial doubt about the Company's ability to continue as a going concern. The Company, since its inception, has incurred recurring operating losses and negative cash flows from operations and has an accumulated deficit of $346.5 million as of December 31, 2024. As of June 30, 2025, the Company had $48.3 million in total assets, $41.4 million in total liabilities, $6.9 million in total stockholders' equity. JJTA2 REAL: Court Denies Bid to Use Cash Collateral --------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Florida, Jacksonville Division denied JJTA2 Real Properties LLC's motion to use cash collateral as moot in light of the dismissal of its Chapter 11 case. About JJTA2 Real Properties LLC JJTA2 Real Properties LLC, classified as a single-asset real estate debtor under 11 U.S.C. Section 101(51B), leases property at its principal location at 1956 Jammes Road, Jacksonville, Florida 32210. JJTA2 Real Properties LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Flo. Case No. 25-03529) with $0 to $50,000 in assets and $1,000,001 to $10 million in liabilities. Jarek Tadla, Manager of Peoples Choice Apartments LLC, signed the petition on behalf of JJTA2 Real Properties LLC. Judge Hon. Jason A Burgess oversees the case. The Debtor is represented by: Jeffrey Ainsworth Bransonlaw PLLC Tel: 407-894-6834 Email: jeff@bransonlaw.com JSL COMPANIES: Gets Extension to Access Cash Collateral ------------------------------------------------------- Judge Tyson Crist of the U.S. Bankruptcy Court for the Southern District of Ohio, Western Division At Dayton, signed off on an agreed order extending its prior order that granted JSL Companies, LLC final approval to use cash collateral. Under the agreed order, the Debtor's authority to use cash collateral is extended from December 28 to April 12, 2026, in accordance with the terms of the revised budget. The Debtor's primary secured creditor is First Financial Bank, which holds various claims against it, totaling several million dollars, and secured by a first-priority, properly perfected security interest in all of its personal property. In addition to its obligations to First Financial Bank, the Debtor owes these merchant cash advance lenders: Alliance Funding Group ($200,000); Forward Financing, LLC ($90,000); Kapitus, LLC ($150,000); and Unique Funding Solutions, LLC ($250,000). The Debtor asserts these MCA loans are unsecured, as the bank's liens exceed the total value of the assets. About JSL Companies LLC JSL Companies, LLC doing business as Boat & RV Accessories, is a retailer of marine and recreational vehicle parts and equipment in the United States. The Company offers a wide range of products including boat accessories, RV appliances, HVAC parts, solar power systems, and power generation equipment. It distributes components from brands such as Dometic, Atwood, Thetford, and Battery Tender to boat and RV owners nationwide. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ohio Case No. 25-31919) on September 23, 2025. In the petition signed by Joseph Medsker, owner, the Debtor disclosed up to $1 million in assets and up to $10 million in liabilities. Judge Tyson A. Crist oversees the case. Denis E. Blasius, Esq., at Thompsen Law Group, LLC, represents the Debtor as bankruptcy counsel. KLEOPATRA FINCO: Hires Alvarez & Marsal as Financial Advisor ------------------------------------------------------------ Kleopatra Finco S.a.r.l. and affiliates seek approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ Alvarez & Marsal North America, LLC as financial advisor. The firm's services include: -- assisting in the assessment and refinement of the Company's 13-week cash forecast and near-term cash management tools, as well as support in the development and execution of cash management processes; -- as deemed necessary, assisting in the evaluation of the Company's business plan and support in the preparation of a revised operating plan and, as directed, presentation of such plan to the Company's Board of Directors (the "Board") and its creditors; -- assisting in contingency planning efforts, including a chapter 11 filing or a related process in other jurisdictions, including support in the preparation of certain first day motions, the development of a Debtor-in-Possession ("DIP") financing budget, support in cut-off and communications considerations and other workstreams deemed necessary; -- assisting in financing issues, including assistance in preparation of reports and acting as a liaison with creditors; -- reporting to the Board as desired or directed by the Responsible Officer(s) (as mdefined in the Engagement Letter); -- assisting the Debtors in the preparation of financial-related disclosures required by the Court, including the Debtors' Schedules of Assets and Liabilities, Statements of Financial Affairs, and Monthly Operating Reports; -- assisting the Debtors with information and analyses required pursuant to the Debtors' DIP financing; -- assisting with the identification and implementation of short-term cash management procedures; -- assisting in an advisory capacity with the development and implementation of key employee compensation and other critical employee benefit programs; -- assisting with identification of executory contracts and leases and performance of cost/benefit evaluations with respect to the assumption or rejection of each; -- assisting the Debtors' management team and counsel focused on the coordination of resources related to the ongoing reorganization effort; -- assisting in the preparation of financial information for distribution to creditors and others, including, but not limited to, cash flow projections and budgets, cash receipts and disbursement analysis, analysis of various asset and liability accounts, and analysis of proposed transactions for which Court approval is sought; -- attending meetings and assisting in discussions with potential investors, banks, and other secured lenders, any official committee(s) appointed in these chapter 11 cases, the U.S. Trustee, and other parties in interest, as requested; -- analyzing creditor claims by type, entity, and individual claim, including assisting with development of databases, as necessary, to track such claims; -- assisting in the preparation of information and analysis necessary for the confirmation of a plan of reorganization in these chapter 11 cases, including information contained in the disclosure statement; -- assisting in the evaluation and analysis of avoidance actions, including fraudulent conveyances and preferential transfers; -- assisting in the analysis/preparation of information necessary to assess the tax attributes related to the confirmation of a plan of reorganization in these chapter 11 cases, including the development of the related tax consequences contained in the disclosure statement; -- advising on any litigation with respect to accounting and tax matters, along with expert witness testimony on case related issues as required by the Debtors; and -- rendering such other general business consulting or such other assistance as Debtors' management or counsel may deem necessary consistent with the role of a financial advisor, and agreed to by A&M. The firm will be paid at these rates: Managing Director $1,100 to $1,575 per hour Director $850 to $1,100 per hour Associates $625 to $825 per hour Analysts $450 to $600 per hour The firm received from the Debtors a retainer of $1,000,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Mr. Hickman 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: Jonathan Hickman Alvarez & Marsal North America, LLC 3424 Peachtree Road NE, Suite 1500 Atlanta, GA 30326 Phone: (404) 260-4040 Fax: (404) 260-4090 About Kleopatra Finco S.a r.l. Kleopatra Finco S.a.r.l. is a private limited company incorporated under the laws of Luxembourg. Finco is the financing arm of Klockner, a global manufacturer of packaging for companies all around the world. Kleopatra Finco and 24 affiliates sought Chapter 11 bankruptcy protection (Bankr. S.D. Texas Lead Case No. 25-90642) on November 4, 2025, before the Hon. Christopher M. Lopez. The Debtors listed $1 billion to $10 billion in estimated assets and liabilities. The Debtors filed Chapter 11 petition after entering into a restructuring support agreement with an ad hoc group of lenders. A Chapter 11 plan was filed together with the petition. The Debtors tapped Kirkland & Ellis, LLP as bankruptcy counsel; Porter Hedges, LLP as local counsel; PJT Partners, Inc. as investment banker; Alvarez & Marsal North America, LLC as restructuring advisor; and Ernst & Young, LLP as tax advisor. Stretto, Inc. is the claims and noticing agent. The U.S. Trustee for Region 7 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. Coface Finanz Gmbh is represented by: Jennifer Joyce Kellner, Esq. Mayer Brown LLP 1221 Avenue of the Americas New York, NY 10020 Telephone: (212) 506-2500 jkellner@mayerbrown.com FactoFrance is represented by: Robert E. Richards, Esq. Dentons US LLP 233 S. Wacker Drive, Suite 5900 Chicago, IL 60606-6404 Telephone: (312) 876-8000 robert.richards@dentons.com KLEOPATRA FINCO: Hires Ernst & Young as Tax Service Provider ------------------------------------------------------------ Kleopatra Finco S.a.r.l. and affiliates seek approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ Ernst & Young LLP as tax service provider. The firm will provide these services: A. Bankruptcy Tax Services -- Advise the Debtors in developing an understanding of the tax issues and options related to the Debtors' chapter 11 filing, taking into account the Debtors' specific facts and circumstances, for U.S. and non-U.S. tax purposes. -- Advise the Debtors on the potential U.S. and non-U.S. income and indirect tax consequences of proposed plans of reorganization, including, if necessary, assisting in the preparation of ruling requests and/or tax opinions regarding the tax consequences of alternative reorganization structures. -- Advise on and model the tax implications of reorganization and/or restructuring alternatives the Debtors are evaluating with existing creditors that may result in a change in the equity, capitalization, and/or ownership of the shares of the Debtors and their assets. -- Gather information related to the Debtors' tax attributes (such as net operating losses, disallowed business interest expenses, tax credits, tax basis in assets) that may survive following an emergence from chapter 11. -- As applicable, gather information from the Debtors, prepare calculations, and apply the appropriate local tax law to historic information regarding changes in the ownership of the Debtors' stock prior to emergence from chapter 11 to calculate whether any of the shifts in stock ownership may have caused an ownership change that may restrict the use of tax attributes (such as net operating loss, capital loss, credit carry forwards, and built in losses) and the amount of any such limitation. -- Participate in discussions with the Debtors and legal counsel regarding any measures that can be taken to protect the availability of tax attributes (e.g., rights agreements, trading orders, etc.). -- As applicable, prepare calculations and apply the appropriate U.S. and non-U.S. tax law to determine the amount of tax attribute reduction related to debt cancellation income and modeling of tax consequences of such reduction. -- If necessary, prepare or assist in the preparation of tax basis balance sheets and computations of stock basis as of certain relevant dates for purposes of analyzing the tax consequences of alternative reorganization structures. -- Analyze U.S. and non-U.S. tax treatment of the costs and fees incurred by the Debtors in connection with the bankruptcy proceedings, including tax return disclosure and presentation. -- Read relevant credit agreements to understand the pertinent terms of the debt from a U.S. and non-U.S. income tax perspective, including proper location of the debt at the entity level. -- Analyze whether the amendment of any credit agreements would result in significant modification for U.S. federal income tax purposes and model the tax consequences, as requested and applicable. -- Analyze U.S. and non-U.S. tax treatment of interest and financing costs related to debt subject to the automatic stay, and new debt incurred as the Debtors emerge from bankruptcy, including tax return disclosure and presentation. -- Analyze U.S. and non-U.S. tax consequences of restructuring and rationalization of intercompany accounts, and upon written request, analyze tax impacts of transfer pricing and related cash management. -- Analyze U.S. and non-U.S. tax consequences of potential bad debt and worthless stock deductions, including tax return disclosure and presentation. -- Analyze U.S. and non-U.S. tax consequences of employee benefit plans, as requested in writing. -- Advise Debtors on the bankruptcy tax process and procedure lifecycle, the typical tax issues, options, and opportunities related to a chapter 11 filing, the typical impact of a chapter 11 filing on a corporate tax department's operations, and leading practices for the Debtors' consideration in addressing such impact areas while operating in bankruptcy and the post-emergence period. -- Assist with various tax, compliance, tax account registration/deregistration, and/or audit issues arising in the ordinary course of business while in bankruptcy, including but not limited to: (i) U.S. federal and state income and indirect tax audit defense; (ii) voluntary disclosure assistance and/or compliance questions; (iii) notices or issues related to: U.S. income/franchise tax, sales and use tax, excise tax, property tax, employment tax, credit & incentive agreements, and other miscellaneous taxes or regulatory assessments and fees. These services, if requested and if permissible, may be subject to a separate Statement of Work mutually agreed to by the parties. -- Advise, as requested and as permissible, with assessing the validity and amount of bankruptcy tax claims or assessments, including but not limited to the following types of U.S. and non-U.S. taxes: income taxes, franchise taxes, sales taxes, use taxes, employment taxes, property taxes, severance taxes, excise taxes, credit & incentive agreements, and other miscellaneous taxes or regulatory assessments and fees. -- Scope, assist, and advise on the potential for seeking cash tax refunds, including but not limited to the following types of U.S. taxes: income taxes, franchise taxes, sales taxes, use taxes, employment taxes, property taxes, tax credit & incentive agreements, and other miscellaneous taxes or regulatory assessments and fees. -- Prepare documentation, as appropriate or necessary, of tax matters, of tax analyses, opinions, recommendations, conclusions, and correspondence for any proposed tax restructuring alternative, bankruptcy tax issue, or other tax matter described above, including as it relates to any historical transactions (e.g., acquisitions, mergers, dispositions, liquidations, or any materially similar transactions, associated with the Debtors' internal restructuring or otherwise). The Debtors will be responsible for all accounting and management decisions. B. Sales Tax Compliance Services -- EY LLP will prepare certain monthly sales and use tax returns for Klöckner Pentaplast of America, Inc. C. Managed Services -- EY LLP will assist the Debtors with maintenance of their sales tax software, including data reconciliation of sales tax exemption certificates. The firm will be paid at these rates: Partner/Principal $1,550 per hour Executive Director $1,450 per hour Director $1,350 per hour Senior Manager $1,250 per hour Manager $1,125 per hour Senior $840 per hour Staff $535 per hour EY LLP will provide the Sales Tax Compliance Services for a fixed fee of $33,000 per year. Any out-of-scope work related to the Sales Tax Compliance Services will be billed at a rate of $200 per hour. On September 11, 2025, EY LLP received a retainer from the Debtors in the amount of $600,000, which was subsequently replenished for a total amount of $1,350,000 for Bankruptcy Tax Services. As disclosed in court filings, Ernst & Young is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. The firm can be reached through: Elizabeth Harvey Ernst & Young, LLP One Manhattan West, 401 9th Avenue, New York, NY 10001 Tel: (212) 773-3000 About Kleopatra Finco S.a.r.l. Kleopatra Finco S.a.r.l. is a private limited company incorporated under the laws of Luxembourg. Finco is the financing arm of Klockner, a global manufacturer of packaging for companies all around the world. Kleopatra Finco and 24 affiliates sought Chapter 11 bankruptcy protection (Bankr. S.D. Texas Lead Case No. 25-90642) on November 4, 2025, before the Hon. Christopher M. Lopez. The Debtors listed $1 billion to $10 billion in estimated assets and liabilities. The Debtors filed Chapter 11 petition after entering into a restructuring support agreement with an ad hoc group of lenders. A Chapter 11 plan was filed together with the petition. The Debtors tapped Kirkland & Ellis, LLP as bankruptcy counsel; Porter Hedges, LLP as local counsel; PJT Partners, Inc. as investment banker; Alvarez & Marsal North America, LLC as restructuring advisor; and Ernst & Young, LLP as tax advisor. Stretto, Inc. is the claims and noticing agent. The U.S. Trustee for Region 7 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. Coface Finanz Gmbh is represented by: Jennifer Joyce Kellner, Esq. Mayer Brown LLP 1221 Avenue of the Americas New York, NY 10020 Telephone: (212) 506-2500 jkellner@mayerbrown.com FactoFrance is represented by: Robert E. Richards, Esq. Dentons US LLP 233 S. Wacker Drive, Suite 5900 Chicago, IL 60606-6404 Telephone: (312) 876-8000 robert.richards@dentons.com KLEOPATRA FINCO: Hires Kobre & Kim as Special Counsel ----------------------------------------------------- Kleopatra Finco S.a.r.l. and affiliates seek approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ Kobre & Kim LLP as special counsel to the Special Committees of the Boards of Debtors Kleopatra Senior Holdings GP S.a.r.l. and Kleopatra Finco S.a.r.l. The firm will assist in conducting an investigation into certain prior transactions and other matters involving one or more of the Debtors. The firm will be paid at these rates: Founding Partner $2,750 per hour Senior Partner $2,250 per hour Partner/Senior Counsel $1,975 per hour Special Counsel $1,500 per hour Counsel/Principal $1,450 per hour Associate/Attorney $1,200 per hour Specialist $875 per hour Analyst $585 per hour Litigation Assistant $450 per hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. The following is provided in response to the request for additional information set forth in Paragraph D.1 of the U.S. Trustee Guidelines: Question: Did Kobre & Kim agree to any variations from, or alternatives to, your standard or customary billing arrangements for this engagement? Response: No. Question: Do any of Kobre & Kim's professionals included in this engagement vary their rate based on the geographic location of the bankruptcy case? Response: No. Question: If Kobre & Kim represented the Debtors in the 12 months prepetition, disclose Kobre & Kim's billing rates and material financial terms for the prepetition engagement, including any adjustments during the 12 months prepetition. If Kobre & Kim's billing rates and material financial terms have changed post-petition, explain the difference and the reasons for the difference. Response: Kobre & Kim represented the Special Committees pre-petition pursuant to Kobre & Kim's engagement letter. The billing rates and material financial terms have not changed post-petition. Question: Have the Debtors approved Kobre & Kim's prospective budget and staffing plan, and, if so, for what budget period? Response: Kobre & Kim expects to develop prospective budgets and a staffing plan for the projects it anticipates undertaking in the Chapter 11 Cases and plans to share its prospective budgets and staffing plan, tailored to the specific projects outlined in the budgets, as and when those services are needed. Mr. Saval 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: Daniel J. Saval, Esq. Kobre & Kim LLP 800 Third Avenue New York, NY 10022 Tel: (212) 488-1200 About Kleopatra Finco S.a r.l. Kleopatra Finco S.a.r.l. is a private limited company incorporated under the laws of Luxembourg. Finco is the financing arm of Klockner, a global manufacturer of packaging for companies all around the world. Kleopatra Finco and 24 affiliates sought Chapter 11 bankruptcy protection (Bankr. S.D. Texas Lead Case No. 25-90642) on November 4, 2025, before the Hon. Christopher M. Lopez. The Debtors listed $1 billion to $10 billion in estimated assets and liabilities. The Debtors filed Chapter 11 petition after entering into a restructuring support agreement with an ad hoc group of lenders. A Chapter 11 plan was filed together with the petition. The Debtors tapped Kirkland & Ellis, LLP as bankruptcy counsel; Porter Hedges, LLP as local counsel; PJT Partners, Inc. as investment banker; Alvarez & Marsal North America, LLC as restructuring advisor; and Ernst & Young, LLP as tax advisor. Stretto, Inc. is the claims and noticing agent. The U.S. Trustee for Region 7 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. Coface Finanz Gmbh is represented by: Jennifer Joyce Kellner, Esq. Mayer Brown LLP 1221 Avenue of the Americas New York, NY 10020 Telephone: (212) 506-2500 jkellner@mayerbrown.com FactoFrance is represented by: Robert E. Richards, Esq. Dentons US LLP 233 S. Wacker Drive, Suite 5900 Chicago, IL 60606-6404 Telephone: (312) 876-8000 robert.richards@dentons.com KLEOPATRA FINCO: Hires PJT Partners LP as Investment Banker ----------------------------------------------------------- Kleopatra Finco S.a.r.l. and affiliates seek approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ PJT Partners LP as investment banker. The firm's services include: a. assisting in the evaluation of the Debtors' businesses and prospects; b. assisting in the development of the Debtors' long-term business plan and related financial projections; c. assisting in the development of financial data and presentations to the Board, various creditors, and other third parties; d. analyzing various restructuring scenarios and the potential impact of these scenarios on the recoveries of those stakeholders impacted by the Restructuring; e. providing strategic advice with regard to restructuring or refinancing the Debtors' Obligations; f. evaluating the Debtors' debt capacity and alternative capital structures; g. participating in negotiations among the Debtors and their lenders in respect of a Restructuring and/or Capital Raise; h. assisting in arranging financing for the Debtors, as requested; i. providing expert witness testimony in connection with the chapter 11 cases of the Debtors concerning any of the subjects encompassed by the other investment banking services; and j. providing such other advisory services as are customarily provided in connection with the analysis and negotiation of a transaction similar to a potential Restructuring and/or Capital Raise, as requested and mutually agreed. The firm will be paid at these fees: a. Monthly Fee. The Debtors shall pay PJT a monthly advisory fee (the "Monthly Fee") of $200,000 per month. 50% of all Monthly Fees paid to PJT under the Engagement Letter shall be credited, only once and without duplication, against any Restructuring Fee (as defined below), payable under the Engagement Letter, up to a maximum total credit against the Restructuring Fee of $300,000;6 provided that, in the event of a chapter 11 filing, any such credit of fees contemplated by the foregoing sentence shall apply only in the event that all fees earned by PJT pursuant to the Engagement Letter are approved in their entirety by the Court pursuant to a final order not subject to appeal and which order is acceptable in all respects to PJT; b. Capital Raising Fee. The Debtors shall pay PJT a capital raising fee (the "Capital Raising Fee") for any Capital Raise, earned and payable upon the closing of such Capital Raise. The Capital Raising Fee will be calculated as: -- Senior Debt. 1.25% of the total issuance and/or committed amount of senior debt financing, excluding senior debt financing that is or may (or is anticipated in the future to) constitute a Structured Financing; -- Structured Financing/Junior Debt/Unsecured Debt Financing. 2.50% of the total issuance and/or committed amount of (i) Structured Financing, (ii) junior debt financing, or (iii) unsecured debt financing (including, without limitation, financing that is junior in right of payment, second lien, subordinated (structurally or otherwise) and unsecured debt); and -- Equity Financing. 4.00% of the issuance and/or committed amount of equity financing; c. Restructuring Fee. In addition to any Monthly Fees and Capital Raising Fees, the Debtors shall pay PJT a restructuring fee (the "Restructuring Fee") equal to $13,500,000, earned and payable upon consummation of a Restructuring; and d. Expense Reimbursements. In addition to the fees described above, the Debtors agree to reimburse PJT for all reasonable and documented, out-of-pocket expenses incurred during the engagement. Brent Herlihy, a partner in the Restructuring and Special Situations Group of PJT Partners, disclosed in a court filing that his firm is a "disinterested person" pursuant to Section 101(14) of the Bankruptcy Code. The firm can be reached at: Brent Herlihy PJT Partners LP 280 Park Avenue New York, NY 10017 Tel: (212) 364-7800 Email: info@pjtpartners.com About Kleopatra Finco S.a.r.l. Kleopatra Finco S.a.r.l. is a private limited company incorporated under the laws of Luxembourg. Finco is the financing arm of Klockner, a global manufacturer of packaging for companies all around the world. Kleopatra Finco and 24 affiliates sought Chapter 11 bankruptcy protection (Bankr. S.D. Texas Lead Case No. 25-90642) on November 4, 2025, before the Hon. Christopher M. Lopez. The Debtors listed $1 billion to $10 billion in estimated assets and liabilities. The Debtors filed Chapter 11 petition after entering into a restructuring support agreement with an ad hoc group of lenders. A Chapter 11 plan was filed together with the petition. The Debtors tapped Kirkland & Ellis, LLP as bankruptcy counsel; Porter Hedges, LLP as local counsel; PJT Partners, Inc. as investment banker; Alvarez & Marsal North America, LLC as restructuring advisor; and Ernst & Young, LLP as tax advisor. Stretto, Inc. is the claims and noticing agent. The U.S. Trustee for Region 7 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. Coface Finanz Gmbh is represented by: Jennifer Joyce Kellner, Esq. Mayer Brown LLP 1221 Avenue of the Americas New York, NY 10020 Telephone: (212) 506-2500 jkellner@mayerbrown.com FactoFrance is represented by: Robert E. Richards, Esq. Dentons US LLP 233 S. Wacker Drive, Suite 5900 Chicago, IL 60606-6404 Telephone: (312) 876-8000 robert.richards@dentons.com KLEOPATRA FINCO: Seeks to Hire Kirkland & Ellis as Attorney ----------------------------------------------------------- Kleopatra Finco S.a.r.l. and affiliates seek approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ Kirkland & Ellis LLP and Kirkland & Ellis International LLP as attorneys. The firm's services include: a. advising the Debtors with respect to their powers and duties as debtors in possession in the continued management and operation of their businesses and properties; b. advising and consulting on the conduct of these chapter 11 cases, including all of the legal and administrative requirements of operating in chapter 11; c. attending meetings and negotiating with representatives of creditors and other parties in interest; d. taking all necessary actions to protect and preserve the Debtors' estates, including prosecuting actions on the Debtors' behalf, defending any action commenced against the Debtors, and representing the Debtors in negotiations concerning litigation in which the Debtors are involved, including objections to claims filed against the Debtors' estates; e. preparing pleadings in connection with these chapter 11 cases, including motions, applications, answers, orders, reports, and papers necessary or otherwise beneficial to the administration of the Debtors' estates; f. representing the Debtors in connection with obtaining authority to continue using cash collateral and postpetition financing; g. advising the Debtors in connection with any potential sale of assets; h. appearing before the Court and any appellate courts to represent the interests of the Debtors' estates; i. advising the Debtors regarding tax matters; j. taking any necessary action on behalf of the Debtors to negotiate, prepare, and obtain approval of a disclosure statement and confirmation of a chapter 11 plan and all documents related thereto; and k. performing all other necessary legal services for the Debtors in connection with the prosecution of these chapter 11 cases, including: (i) analyzing the Debtors' leases and contracts and the assumption and assignment or rejection thereof; (ii) analyzing the validity of liens against the Debtors' assets; and (iii) advising the Debtors on corporate and litigation matters. The firm will be paid at these rates: Partners $1,295 to $2,675 per hour Of Counsel $875 to $2,245 per hour Associates $785 to $1,625 per hour Paraprofessionals $355 to $705 per hour On August 21, 2025, the Debtors paid $4,000,000 to Kirkland as advance payment retainer. Subsequently, the Debtors paid to Kirkland additional special purpose retainer totaling $17,000,000 in the aggregate. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. The following is provided in response to the request for additional information set forth in Paragraph D.1. of the Revised UST Guidelines: Question: Did Kirkland agree to any variations from, or alternatives to, Kirkland's standard billing arrangements for this engagement? Answer: No. Kirkland and the Debtors have not agreed to any variations from, or alternatives to, Kirkland's standard billing arrangements for this engagement. The rate structure provided by Kirkland is appropriate and is not significantly different from (a) the rates that Kirkland charges for other non-bankruptcy representations or (b) the rates of other comparably skilled professionals. Question: Do any of the Kirkland professionals in this engagement vary their rate based on the geographic location of the Debtors' chapter 11 cases? Answer: No. The hourly rates used by Kirkland in representing the Debtors are consistent with the rates that Kirkland charges other comparable chapter 11 clients, regardless of the location of the chapter 11 case. Question: If Kirkland has represented the Debtors in the 12 months prepetition, disclose Kirkland's billing rates and material financial terms for the prepetition engagement, including any adjustments during the 12 months prepetition. If Kirkland's billing rates and material financial terms have changed postpetition, explain the difference and the reasons for the difference. Answer: Kirkland's current hourly rates through December 31, 2025, for services rendered on behalf of the Debtors for matters related to these chapter 11 cases, and for services rendered on behalf of the Company concerning general corporate and financing advice and patent matters during the ten-month period prior to the Petition Date range as follows: Partners $1,295-$2,675; Of Counsel $875-$2,245; Associates $785 - $1,625; Paraprofessionals $355 - $705. Question: Have the Debtors approved Kirkland's budget and staffing plan, and, if so, for what budget period? Answer: Yes, more specifically, pursuant to the Interim DIP Order, professionals proposed to be retained by the Debtors are required to provide weekly estimates of fees and expenses incurred in these chapter 11 cases. As 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: Joshua A. Sussberg, P.C. Kirkland & Ellis LLP Kirkland & Ellis International 601 Lexington Avenue New York, NY 10022 Tel: (212) 446-4800 Fax: (212) 446-4900 Email: joshua.sussberg@kirkland.com - and - Chad J. Husnick, P.C. John R. Luze, P.C. Jeffrey T. Michalik, Esq. David R. Gremling 333 West Wolf Point Plaza Chicago, IL 60654 Tel: (312) 862-2000 Fax: (312) 862-2200 Email: chad.husnick@kirkland.com john.luze@kirkland.com jeff.michalik@kirkland.com dave.gremling@kirkland.com About Kleopatra Finco S.a.r.l. Kleopatra Finco S.a.r.l. is a private limited company incorporated under the laws of Luxembourg. Finco is the financing arm of Klockner, a global manufacturer of packaging for companies all around the world. Kleopatra Finco and 24 affiliates sought Chapter 11 bankruptcy protection (Bankr. S.D. Texas Lead Case No. 25-90642) on November 4, 2025, before the Hon. Christopher M. Lopez. The Debtors listed $1 billion to $10 billion in estimated assets and liabilities. The Debtors filed Chapter 11 petition after entering into a restructuring support agreement with an ad hoc group of lenders. A Chapter 11 plan was filed together with the petition. The Debtors tapped Kirkland & Ellis, LLP as bankruptcy counsel; Porter Hedges, LLP as local counsel; PJT Partners, Inc. as investment banker; Alvarez & Marsal North America, LLC as restructuring advisor; and Ernst & Young, LLP as tax advisor. Stretto, Inc. is the claims and noticing agent. The U.S. Trustee for Region 7 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. Coface Finanz Gmbh is represented by: Jennifer Joyce Kellner, Esq. Mayer Brown LLP 1221 Avenue of the Americas New York, NY 10020 Telephone: (212) 506-2500 jkellner@mayerbrown.com FactoFrance is represented by: Robert E. Richards, Esq. Dentons US LLP 233 S. Wacker Drive, Suite 5900 Chicago, IL 60606-6404 Telephone: (312) 876-8000 robert.richards@dentons.com KLEOPATRA FINCO: Seeks to Hire Porter Hedges LLP as Co-Counsel -------------------------------------------------------------- Kleopatra Finco S.a.r.l. and affiliates seek approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ Porter Hedges LLP as co-counsel. The firm will provide these services: a. provide legal advice and services regarding local rules, practices, and procedures; b. provide certain services in connection with administration of these chapter 11 cases, including, without limitation, preparing agendas, hearing notices and hearing binders of documents and pleadings; c. prepare, review and comment on proposed drafts of pleadings to be filed with the Court as bankruptcy co-counsel and conflicts counsel to the Debtors; d. provide legal advice with respect to the Debtors' rights and duties as debtors in possession and continued business operations; e. assist, advise and represent the Debtors in analyzing the Debtors' capital structure, investigating the extent and validity of liens, cash collateral stipulations or contested matters; f. assist, advise and represent the Debtors in any cash collateral and/or postpetition financing transactions; g. assist, advise and represent the Debtors in the preparation of sale and bid procedures for the sale of the Debtors' assets; h. assist, advise and represent the Debtors in any manner relevant to preserving and protecting the Debtors' estates; i. prepare on behalf of the Debtors all necessary applications, motions, answers, orders, reports, and other legal papers; j. appear in Court and protect the Debtors' interests before the Court; k. represent the Debtors in the Conflicts Matters; l. conduct investigations and analyses sufficient to advise the Debtors regarding the Conflicts Matters; m. perform all other necessary or requested litigation services in connection with the Conflict Matters; n. at the request of the Debtors, appear in Court and at any meeting with the U.S. Trustee and any meeting of creditors at any given time on behalf of the Debtors as their bankruptcy co-counsel and conflicts counsel; and o. provide other legal advice and services, as requested by the Debtors, from time to time. The firm will be paid at these rates: Partners $565 to $1,250 per hour Counsels $450 to $1,195 per hour Associates $450 to $875 per hour Paraprofessionals $340 to $555 per hour On October 28, 2025, the firm received a retainer in the amount of $243,429 for its prepetition and postpetition services rendered and expenses incurred on behalf of the Debtors. Prior to the Petition Date, the firm performed a drawdown of the Retainer totaling $243,429 for prepetition fees and expenses, including the chapter 11 filing fees for these cases. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. The following is provided in response to the request for additional information set forth in Paragraph D.1 of the Fee Guidelines: Question: Did you agree to any variations from, or alternatives to, your standard or customary billing arrangements for this engagement? Response: No. Question: Do any of the professionals included in this engagement vary their rate based on the geographic location of the bankruptcy case? Response: No. Question: If you represented the client in the 12 months prepetition, disclose your billing rates and material financial terms for the prepetition engagement, including any adjustments or discounts offered during the 12 months prepetition. If your billing rates and material financial terms have changed postpetition, explain the difference and the reasons for the difference. Response: The firm was retained in October 2025 and its standard rates have remained unchanged from that time through the Petition Date. Mr. Higgins 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: John F. Higgins, Esq. Eric M. English, Esq. M. Shane Johnson, Esq. Megan Young-John, Esq. James A. Keefe, Esq. Joanna D. Caytas, Esq. Porter Hedges LLP 1000 Main St., 36th Floor Houston, TX 77002 Tel: (713) 226-6000 Fax: (713) 226-6248 Email: jhiggins@porterhedges.com eenglish@porterhedges.com sjohnson@porterhedges.com myoung-john@porterhedges.com jkeefe@porterhedges.com jcaytas@porterhedges.com About Kleopatra Finco S.a.r.l. Kleopatra Finco S.a.r.l. is a private limited company incorporated under the laws of Luxembourg. Finco is the financing arm of Klockner, a global manufacturer of packaging for companies all around the world. Kleopatra Finco and 24 affiliates sought Chapter 11 bankruptcy protection (Bankr. S.D. Texas Lead Case No. 25-90642) on November 4, 2025, before the Hon. Christopher M. Lopez. The Debtors listed $1 billion to $10 billion in estimated assets and liabilities. The Debtors filed Chapter 11 petition after entering into a restructuring support agreement with an ad hoc group of lenders. A Chapter 11 plan was filed together with the petition. The Debtors tapped Kirkland & Ellis, LLP as bankruptcy counsel; Porter Hedges, LLP as local counsel; PJT Partners, Inc. as investment banker; Alvarez & Marsal North America, LLC as restructuring advisor; and Ernst & Young, LLP as tax advisor. Stretto, Inc. is the claims and noticing agent. The U.S. Trustee for Region 7 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. Coface Finanz Gmbh is represented by: Jennifer Joyce Kellner, Esq. Mayer Brown LLP 1221 Avenue of the Americas New York, NY 10020 Telephone: (212) 506-2500 jkellner@mayerbrown.com FactoFrance is represented by: Robert E. Richards, Esq. Dentons US LLP 233 S. Wacker Drive, Suite 5900 Chicago, IL 60606-6404 Telephone: (312) 876-8000 robert.richards@dentons.com KUBERA HOTEL: Court OKs Deal to Use Wilmington's Cash Collateral ---------------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of California, Oakland Division, approved a stipulation allowing Kubera Hotel Properties, LP to use the cash collateral of its secured creditor, Wilmington Trust National Association. Under the stipulation, the Debtor is authorized to use cash collateral through February 13, 2026, to pay the expenses set forth in its budget. In return, Wilmington will receive a monthly payment of $15,000 and a replacement lien on the Debtor's assets, with the same validity, priority and extent as its pre-bankruptcy lien. The stipulation is available at https://is.gd/52ZEIiY from PacerMonitor.com. Wilmington is represented by: Meagen E. Leary, Esq. Marcus O. Colabianchi, Esq. Geoffrey A. Heaton, Esq. Duane Morris, LLP Spear Tower One Market Plaza, Suite 2200 San Francisco, CA 94105-1127 Telephone: +1 415 957 3000 Fax: +1 415 957 3001 mcolabianchi@duanemorris.com gheaton@duanemorris.com About Kubera Hotel Properties LP Kubera Hotel Properties LP operates a 113-room hotel located at 920 University Avenue, Berkeley, California. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Cal. Case No. 25-40996) on June 6, 2025. In the petition signed by Pradeep Kantilai T. Khatri, chief executive officer, the Debtor disclosed up to $50 million in both assets and liabilities. Judge Charles Novack oversees the case. Ryan C. Wood, Esq., at the Law Offices of Ryan C. Wood, Inc., represents the Debtor as bankruptcy counsel. LEROUX CREEK: Claims to be Paid from Cash Flow ---------------------------------------------- Leroux Creek Food Corporation and Edward Stuart Tuft filed with the U.S. Bankruptcy Court for the District of Colorado a Disclosure Statement to accompany Joint Plan of Reorganization dated December 5, 2025. Leroux Creek Food Corp, a Colorado limited liability company, owns orchards in Hotchkiss, Colorado, and operates a fruit and vegetable cannery in the same area. Leroux was formed by Edward Tuft and his family in 1986, and Mr. Tuft remains the sole member of Leroux. Though the events caused Leroux and Mr. Tuft, whose sole income is from Leroux, to seek protection under the Bankruptcy Code, they sought to reorganize rather than liquidate. While Leroux faced setbacks it could not predict and beyond its ability to control, its prospects for reorganization are strong. Through the accompanying Plan of Reorganization, the Debtors project positive cash flow in the coming years, which will generate a meaningful return to their creditors. The Debtor filed this case on August 27, 2024 and September 4, 2024 respectively. On June 11, 2025, Leroux PACA creditor KickedLoad, LLC d/b/a "SuperVeg" filed a motion for the allowance and immediate payment of an administrative expense claim. Leroux and SuperVeg later entered a stipulation, which the Court entered on July 15, 2025, resolving the dispute between the parties concerning the amounts owed and payment schedule. On June 12, 2025, Leroux moved to sell certain real property known as "Farm 5" free and clear of all liens. Farm 5 was collateral for American AgCredit, FLCA and American AgCredit, PCA (collectively, "AmAg"), and on July 31, 2025, the Court approved Leroux's sale to Farm 5 as a $1.7M credit against Am Ag's Claim. As to Tuft, he sold the Red Hat Property and used the net proceeds to (a) satisfy the Class E claim; and (b) as an infusion of capital for EME Farms in order to ensure its orchard had sufficient resources. Class 16 consists of General Unsecured Claims against Leroux. Beginning on the Effective Date, Leroux shall begin accumulating a working capital reserve of $150,000 from its net income after Administrative Expenses, priority claims, operating expenses, and Secured Debt. $150,000 is a reasonable working capital reserve in light of Leroux's size and industry. Once Leroux has accumulated $150,000 in its working capital reserve, Leroux shall thereafter transfer any amounts in excess of the $150,000.00 to a separate bank account (the "Leroux Creditor Reserve Fund"). Within thirty days after the end of the calendar year, Leroux will distribute the funds in the Leroux Creditor Reserve Fund to general unsecured creditors, pro rata. This Class is impaired. The holder of the Class 17 interests will receive no money under the Plan. On the Effective Date, the Class 17 Claimholder will retain his interests to the same extent as he held them before Leroux filed its Bankruptcy Petition. Class 17 is unimpaired by the Plan. Class J consists of General Unsecured Creditors against Tuft. Tuft shall make payments to allowed unsecured creditors annually on any funds in his possession in excess of $50,000 at the end of each calendar year. On the Effective Date of the Plan, Edward Tuft, the sole owner of Leroux, shall be appointed as the agent of Leroux pursuant to Section 1142(b) of the Bankruptcy Code for the purpose of carrying out the terms of the Leroux portion of the Plan and taking all actions deemed necessary or convenient to consummating the terms of the Plan. Tuft shall be appointed under the same section as to his own personal case. The Debtors' Plan is feasible. Leroux and Tuft's projections show that both will have sufficient revenue to operate and to make distributions to creditors. A full-text copy of the Disclosure Statement dated December 5, 2025 is available at https://urlcurt.com/u?l=lM7chh from PacerMonitor.com at no charge. Leroux Creek Food Corp., LLC is represented by: Jeffrey A. Weinman, Esq. Katharine S. Sender, Esq. Bailey C. Pompea, Esq. Allen Vellone Wolf Helfrich & Factor P.C. 1600 Stout Street, Suite 1900 Denver, CO 80202 Phone: (303) 534-4499 Email: JWeinman@allen-vellone.com KSender@allen-vellone.com BPompea@allen-vellone.com Edward Stuart Tuft is represented by: Jonathan M. Dickey, Esq. KUTNER BRINEN DICKEY RILEY, P.C. 1660 Lincoln Street, Suite 1720 Denver, CO 80264 Phone: (303) 832-2400 Email: jmd@kutnerlaw.com About Leroux Creek Food Corporation Leroux Creek Food Corporation, LLC, filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Colo. Case No. 24-15015) on Aug. 27, 2024, listing $1 million to $10 million in both assets and liabilities. The petition was signed by Edward Tuft as president. Judge Michael E Romero presides over the case. Jeffrey A. Weinman, Esq. at ALLEN VELLONE WOLF HELFRICH & FACTOR, P.C., is the Debtor's counsel. LIFESCAN GLOBAL: Davis Polk Advised Lenders in Restructuring ------------------------------------------------------------ Davis Polk advised an ad hoc group of first-lien and second-lien lenders in connection with the chapter 11 restructuring of LifeScan. On July 15, 2025, LifeScan filed voluntary petitions for chapter 11 cases in the United States Bankruptcy Court for the Southern District of Texas with a restructuring support agreement that was supported by nearly 100% of first-lien and second-lien lenders, including the ad hoc group. LifeScan's chapter 11 plan was confirmed by the Bankruptcy Court on October 27, 2025, and went effective on December 8, 2025. The plan reflected a comprehensive settlement among various parties in interest, including LifeScan, the ad hoc group and the Official Committee of Unsecured Creditors, and restructured over $1.7 billion of LifeScan's liabilities. Under the plan, substantially all of LifeScan's assets were acquired by special purpose entities formed for the purposes of a credit bid by the prepetition first-lien and second-lien lenders pursuant to which the lenders received consideration in the form of cash, takeback term loans and equity in the acquiring entities. LifeScan is a medical device manufacturer focused on the glucose management and diabetes market. For more than 40 years, LifeScan has advanced glucose management and diabetes care with pioneering technologies and new products defined by simplicity, accuracy and trust. More than 20 million people and their caregivers around the world count on LifeScan's OneTouch brand products to manage their diabetes. The Davis Polk restructuring team included partner Damian S. Schaible, counsel Michael Pera and associates Andrew Frisoli, Ethan Stern, Trevor D. Jones and Katharine O'Neill. The finance team included partner Jon Finelli and associates Christopher Martin and Linyang Wu. The litigation team included partner Elliot Moskowitz and associate Adam M. Greene. The M&A team included partner Harold Birnbaum, counsel Jacob S. Kleinman and associate Michael Allen Nakamura. Partner Kara L. Mungovan and counsel Yixuan Long provided tax advice. All members of the Davis Polk team are based in the New York office. Davis Polk refers to Davis Polk & Wardwell LLP, a New York limited liability partnership, and its associated entities. About LifeScan Global Corporation LifeScan delivers personalized health, wellness, and digital solutions to individuals living with diabetes. Since 1981, LifeScan has advanced glucose care and diabetes management with pioneering technologies and new products, and is actively engaged in designing, developing, manufacturing, and marketing devices, software, and applications. Its comprehensive portfolio of diabetes-related products and services includes blood glucose monitoring devices, blood glucose test strips, lancing devices, and digital applications. LifeScan Global Corp. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Case No. 25-90259) on July 15, 2025. As of the Petition Date, the Debtors have approximately $786 million assets and approximately $1.7 billion in liabilities. Judge Alfredo R Perez presides over the case. Porter Hedges LLP is the Debtor's legal counsel, Milbank LLP is co-counsel, and PJT Partners LP is the investment banker. LITTLE MIKE'S: Deborah Fish Named Subchapter V Trustee ------------------------------------------------------ The U.S. Trustee for Regions 3 and 9 appointed Deborah Fish, Esq., managing partner at Allard & Fish, P.C., as Subchapter V trustee for Little Mike's Market, Inc. Ms. Fish will be paid an hourly fee of $400 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Fish declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Deborah L. Fish, Esq. Allard & Fish, P.C. 1001 Woodward Ave., Ste. 850 Detroit, MI 48226 Phone: (313) 961-6141 Email: dfish@allardfishpc.com About Little Mike's Market Inc. Little Mike's Market, Inc. is a community-focused grocery store that prides itself on delivering fresh, high-quality groceries, including produce, meats, dairy, and household staples. Little Mike's Market filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. Case No. 25-52371) on December 4, 2025. In its petition, the Debtor reported $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Honorable Bankruptcy Judge Mark A. Randon handles the case. The Debtor is represented by Robert N. Bassel, Esq., at Robert Bassel, Attorney at Law. LIVING FAITH: Hires Giddlens Mitchell & Associates as Attorney -------------------------------------------------------------- Living Faith Tabernacle, Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Georgia to employ Giddlens, Mitchell & Associates P.C. as attorney. The firm will provide these services: a. give the Debtor legal advice with respect to the Debtor's powers and duties as Debtor in Possession in the continued management of the Debtor's property; b. prepare on behalf of the Debtor as Debtor in Possession all necessary applications, answers, motions, orders reports, and other legal papers; and c. perform all other legal services for the Debtor in Possession that may be necessary in the bankruptcy case. The firm has been paid by the Debtor $8,262 as retainer by Jeremey Tuck, the Debtor's CEO. The firm will be paid at these rates: Kenneth Mitchell, Sr. $450 per hour Bobby L. Giddens $450 per hour Kenneth Mitchell, Jr. $450 per hour Alyceson Sadler $75 per hour Alicia Dennis $75 per hour In addition, the firm will seek reimbursement for its out-of-pocket expenses. Mr. Mitchell 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: Kenneth Mitchell Giddlens, Mitchell & Associates P.C. 3951 Snapfinger Parkway, Suite 555 Decatur, GA 30035 Tel: (770) 987-7007 About Living Faith Tabernacle, Inc. Living Faith Tabernacle, Inc. is a church located at 5880 Old Dixie Road in Forest Park, Georgia, providing worship services, spiritual guidance, and community programs for its congregation. The organization conducts faith-based activities and outreach within the local community. It operates as a nonprofit entity in the religious services sector. Living Faith Tabernacle Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga., Case No. 25-63773) on November 25, 2025. In its petition, the Debtor reports estimated assets of $1 millionâ€“$10 million and estimated liabilities of $100,001â€“$1,000,000. Honorable Judge Jeffery W. Cavender handles the case. The Debtor is represented by Kenneth Mitchell, Esq. of Giddens, Mitchell & Associates, P.C. LUMEXA IMAGING: Moody's Ups CFR to B2 & Alters Outlook to Positive ------------------------------------------------------------------ Moody's Ratings upgraded Lumexa Imaging, Inc.'s (Lumexa) corporate family rating to B2 from B3 and the probability of default rating to B2-PD from B3-PD. Concurrently, Moody's assigned B2 ratings to Lumexa's proposed $250 million senior secured first lien revolving credit facility expiring in 2030 and $825 million senior secured first lien term loan B due 2032. The ratings on the current senior secured first lien revolving credit facility and senior secured first lien term loan B were reviewed in rating committee and remain unchanged, and will be withdrawn at the close of the refinancing transaction. Moody's also assigned an SGL-1 speculative grade liquidity rating (SGL). The outlook was changed to positive from rating under review. The upgrade follows Lumexa's initial public offering (IPO) of approximately 25 million shares of its common stock priced at $18.50 per share generating net proceeds of approximately $435 million. Lumexa intends to use the proceeds to repay at least $370 million of its existing $1.2 billion of senior secured first lien debt through a refinancing transaction and add cash to the balance sheet. The refinancing also extends maturities and provides an upsized revolving credit facility. "The ratings upgrade reflects the material improvement in credit metrics that will result from Lumexa's repayment of a meaningful portion of outstanding debt and the associated reduction in interest expense," said Adam Chaim, Moody's Ratings lead analyst for the company. Pro forma for the debt repayment, adjusted debt to EBITDA will decline by approximately 2.0 times to approximately 5.0 times for the twelve months ending September 30, 2025. The upgrade also reflects Moody's expectations for improved liquidity, due to a material improvement in cash flow as a result of lower interest expense and full access to the company's upsized $250 million senior secured first lien revolving credit facility. The positive outlook reflects Moody's expectations that leverage will decline and be maintained below 4.5x over the next 12 to 18 months. Moody's outlook also reflects Moody's expectations that Lumexa will maintain very good liquidity with strong free cash flow generation. A comprehensive review of all credit ratings for the respective issuer(s) has been conducted during a rating committee. RATINGS RATIONALE Lumexa's B2 CFR reflects its moderate scale, moderately high financial leverage and execution risk associated with the company's growth strategy. Further, Lumexa has some geographic concentration with Texas, North Carolina and New Jersey representing approximately two-thirds of revenues. Debt to EBITDA was approximately 7.0x at September 30, 2025 and Moody's expects leverage will decline to approximately 5.0x following the IPO close. The rating is supported by good business diversity as it has both outpatient imaging and radiology physician services integrated in many of its markets. The rating is also supported by the alignment of management and physician incentives through a high level of physician ownership and highly variable physician compensation structure. The B2 ratings on the $250 million senior secured first lien revolving credit facility and the $825 million senior secured first lien term loan are the same as the company's B2 CFR, as they represent the preponderance of debt in the capital structure. The SGL-1 speculative grade liquidity rating reflects Moody's expectations that Lumexa's liquidity will be very good over the next 12 to 18 months. Lumexa's liquidity will be supported by a cash balance of approximately $46 million pro forma for the IPO proceeds, positive free cash flow generation, and full access to the $250 million revolving credit facility expiring in 2030. Substantially all assets of Lumexa and the guarantors will secure the credit facilities, thereby limiting the sale of assets as an alternative source of liquidity. Lumexa will have a springing covenant on its revolver under the proposed terms of the amended credit agreement, which are subject to change. At the end of each test period, the company needs to maintain its consolidated total net leverage ratio below 7.5x if revolver utilization exceeds 40%. Pro forma total net leverage was 3.8x as of September 30, 2025, based on preliminary transaction terms. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Lumexa's ratings could be upgraded if the company demonstrates a track record of generating strong positive free cash flow while maintaining good liquidity. A disciplined growth strategy with a clearly articulated financial policy such that debt/EBITDA is sustained below 4.5x could also support an upgrade. The ratings could be downgraded if the company's operating performance deteriorates, and liquidity weakens. Quantitatively, the ratings could be downgraded if debt/EBITDA is sustained above 5.5x. Headquartered in Raleigh, NC, Lumexa, is an operator of outpatient imaging centers and a provider of radiology services in 13 states. The company operates its business through its subsidiaries (which are also co-borrowers) Lumexa Imaging, Inc. and Lumexa Imaging Outpatient, Inc. The principal methodology used in these ratings was Business and Consumer Services published in November 2021. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. LUNAI BIOWORKS: William Anderson Wittekind Holds 6.8% Stake ----------------------------------------------------------- William Anderson Wittekind, a member and manager of Weird Science, disclosed in a Schedule 13D/A (Amendment No. 24) filed with the U.S. Securities and Exchange Commission that as of 12/05/2025, he beneficially owns 1,813,321 shares of Lunai Bioworks Inc.'s Common Stock, par value $0.0001 per share. This consists of: (i) 560,665 shares over which he has sole voting and dispositive power (including 326,576 shares owned directly by him, 84,032 shares owned by Weird Science LLC where he is sole manager, and 150,057 shares owned by various grantor retained annuity trusts where he is sole trustee) and (ii) 1,252,656 shares over which he has shared voting and dispositive power (including 8,813 shares owned jointly with his spouse and 1,243,844 shares owned by his spouse over which he holds a power of attorney), representing 6.8% of the 26,565,724 shares of outstanding Common Stock. William Anderson Wittekind may be reached through: William Anderson Wittekind 8581 Santa Monica Blvd., #317 West Hollywood, CA, 90069 Patrick T. McCloskey McCloskey Law PLLC 260 Madison Avenue, 15th Floor New York, NY, 10016 Tel: 646.970.0611 A full-text copy of Mr. Wittekind's SEC report is available at: https://tinyurl.com/45vdzcye About Lunai Bioworks Headquartered in Los Angeles, Calif., Lunai Bioworks Inc. (formerly Renovaro Inc.) is an AI-powered drug discovery and biodefense company pioneering safe and responsible generative biology. With proprietary neurotoxicity datasets, advanced machine learning, and a focus on dual-use risk management, Lunai is redefining how artificial intelligence can accelerate therapeutic innovation while safeguarding society from emerging threats. As of June 30, 2025, the Company had total assets of $8.23 million, $29.58 million in total liabilities, and $21.35 million in total shareholders' deficit. Draper, Utah-based Sadler, Gibb & Associates, LLC, the Company's auditor since 2018, issued a "going concern" qualification in its report dated September 29, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended June 30, 2025, citing that the Company has incurred substantial recurring losses from operations, has used cash in the Company's continuing operations, and is dependent on additional financing to fund operations, which raises substantial doubt about its ability to continue as a going concern. MCCALLSON TAX: Gets Interim OK to Use Cash Collateral ----------------------------------------------------- McCallson Tax & Accounting, LLC received interim approval from the U.S. Bankruptcy Court for the District of Kansas to use cash collateral to fund operations. The court authorized the Debtor to use cash collateral and inventory through April 1, 2026, subject to several conditions. The Debtor must comply with its budget, pay only necessary operating expenses, avoid insider payments unless customary and disclosed, and promptly notify 22nd State Bank of any inability to cover required expenses. The Debtor's cash collateral comes from its accounts receivable, inventory, and other property, subject to a UCC blanket lien held by 22nd State Bank. 22nd State Bank will be provided with protection through replacement liens on the Debtor's post-petition property similar to its pre-bankruptcy collateral and monthly payments of $2,000, beginning December 28. Additional conditions require the Debtor to maintain insurance and stay current on post-petition taxes. A final hearing is set for February 12, 2026. The interim order is available at https://is.gd/Nmvw8m from PacerMonitor.com. About McCallson Tax & Accounting LLC McCallson Tax & Accounting, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Kan. Case No. 25-21728) on November 24, 2025. In the petition signed by Lori McCallson, member, the Debtor disclosed up to $500,000 in assets and up to $1 million in liabilities. Judge Dale L. Somers oversees the case. Colin N. Gotham, Esq., at Evans & Mullinix, P.A., represents the Debtor as legal counsel. MODIVCARE INC: Gets Court OK to Exit Chapter 11 Bankruptcy ---------------------------------------------------------- Randi Love of Bloomberg Law reports that ModivCare Inc. secured bankruptcy court approval to exit Chapter 11 after convincing a Texas judge that its restructuring plan fairly valued the company and justified wiping out more than $1 billion in debt. Unsecured creditors had objected, arguing the Colorado-based medical transportation provider was significantly undervalued under the proposed plan. U.S. Bankruptcy Judge Alfredo R. Perez ruled Friday, December 12, 2025, in the Southern District of Texas that ModivCare's valuation methodology and financial projections were reasonable, even as advisers for junior creditors offered markedly higher estimates. The judge acknowledged a $33 million error in analysis performed by Moelis & Co. managing director Zul Jamal but said the mistake did not materially affect the outcome. About Modivcare Inc. ModivCare Inc. is a technology-enabled healthcare services company that provides a suite of integrated supportive care solutions for public and private payors and their members. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-90309) on August 20, 2025. In the petition signed by Chad J. Shandler, chief transformation officer, the Debtor disclosed up to $10 billion in both assets and liabilities. Judge Alfredo R. Perez oversees the case. Timothy A. Davidson II, Esq., at Hunton Andrews Kurth LLP, represents the Debtor as legal counsel. MODIVCARE INC: Represented by Latham in Confirmed Chapter 11 Plan ----------------------------------------------------------------- Latham & Watkins advised Modivcare Inc. and certain of its affiliates on the contested confirmation of their chapter 11 plan of reorganization by the U.S. Bankruptcy Court for the Southern District of Texas. The confirmation follows a week-long contested valuation trial against the official committee of unsecured creditors, in which the Company successfully defended its valuation, releases, and restructuring path. The deleveraging restructuring reduces Modivcare's funded debt by approximately $1.1 billion and positions the Company to emerge with significantly less debt, enhanced liquidity, and a stronger capital structure for future growth. Restructuring partners Ray C. Schrock, Keith Simon, and George Klidonas and Litigation & Trial partners Jamie Wine and Betsy Marks are leading the Latham team, complemented by Latham's world class liability management, corporate, healthcare, regulatory, and tax teams. About Modivcare Inc. ModivCare Inc. is a technology-enabled healthcare services company that provides a suite of integrated supportive care solutions for public and private payors and their members. ModivCare and its affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 25-90309) on Aug. 20, 2025. In the petition signed by Chad J. Shandler, chief transformation officer, ModivCare disclosed up to $10 billion in both assets and liabilities. Judge Alfredo R. Perez oversees the case. Modivcare is advised by Latham & Watkins LLP, Hunton Andrews Kurth LLP, Moelis & Company LLC, and FTI Consulting. Verita Global is the claims agent. The First Lien Agent, the First Lien Lenders and the Second Lien Noteholders executing the RSA are advised by Paul Hastings LLP and Lazard. NEELY MOTORSPORTS: Gregory Jones Named Subchapter V Trustee ----------------------------------------------------------- The U.S. Trustee for Region 16 appointed Gregory Jones, Esq., at Stradling Yocca Carlson & Rauth, PC as Subchapter V trustee for Neely Motorsports, Inc. Mr. Jones 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. Jones declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Gregory K. Jones, Esq. Stradling Yocca Carlson & Rauth, PC 10100 N. Santa Monica Boulevard, Suite 1400 Los Angeles, CA 90067 Telephone: (424) 214-7000 Facsimile: (424) 214-7010 Email: gjones@stradlinglaw.com About Neely Motorsports Inc. Neely Motorsports, Inc. engages in wholesale and retail sales of motorsports-related products, serving both individual consumers and businesses in the automotive and racing sectors. Neely Motorsports filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. C.D. Calif. Case No. 25-20834) on December 3, 2025, with $205,763 in assets and $2,771,336 in liabilities. Thomas J. Neely, president of Neely Motorsports, signed the petition. Judge Sheri Bluebond presides over the case. Michael G. Spector, Esq., at the Law Offices of Michael G. Spector represents the Debtor as bankruptcy counsel. NETCAPITAL INC: Registers 1MM Shares for New GC Inducement Award ---------------------------------------------------------------- Netcapital Inc. filed a Registration Statement on Form S-8 with the U.S. Securities and Exchange Commission, relating to the 2023 Omnibus Equity Incentive Plan, as amended of the Company, for the purpose of registering additional securities of the same class as other securities for which a Registration Statement on Form S-8 relating to the Plan has previously been filed and is effective and consists only of those items required by General Instruction E to Form S-8. Accordingly, this Registration Statement incorporates by reference the contents of the: (i) Registration Statement on Form S-8, File No.333-271120, filed with the Securities and Exchange Commission on April 4, 2023 and (ii) Registration Statement on Form S-8, File No.333-279193, filed with the Securities and Exchange Commission on May 8, 2024, by the Company, relating to the Plan, except for Items 3 and 8, which are being updated by this Registration Statement. The Registration Statement is filed for the purpose of registering an additional 1,000,000 shares of common stock, par value $0.001 per share that that are being issued as a Restricted Stock Award under the Plan in accordance with NASDAQ Listing Rule 5635(c)(4) to Kevin Kilduff to induce him to accept employment with the Registrant as its General Counsel. The Restricted Stock Award will be an Exempt Award (as defined in the Plan) under the Plan by reason of being an award granted as an inducement grant pursuant to NASDAQ Listing Rule 5635(c), as this award is specifically made to induce Mr. Kilduff to become an employee of the Company. A full-text copy of the Registration Statement is available at https://tinyurl.com/2se8kc95 About Netcapital Inc. Headquartered in Boston, Mass., Netcapital Inc. -- www.netcapital.com -- is a fintech company with a scalable technology platform that allows private companies to raise capital online and provides private equity investment opportunities to investors. The Company's consulting group, Netcapital Advisors, provides marketing and strategic advice and takes equity positions in select companies. The Company's funding portal, Netcapital Funding Portal, Inc. is registered with the U.S. Securities & Exchange Commission (SEC) and is a member of the Financial Industry Regulatory Authority (FINRA), a registered national securities association. Spokane, Washington-based Fruci & Associates II, PLLC, the Company's auditor since 2017, issued a "going concern" qualification in its report dated August 12, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended April 30, 2025, citing that the Company has a negative working capital, operating losses, and negative cash flows from operations. These factors, among others, raise substantial doubt about the Company's ability to continue as a going concern. As of July 31, 2025, the Company had $28.43 million in total assets, $5.31 million in total liabilities, and $23.13 million in total stockholders' deficit. NETCAPITAL INC: Strategic EP No Longer Holds Shares --------------------------------------------------- Strategic EP, LLC and Alexander Chase Deitch, disclosed in a Schedule 13D (Amendment No. 2) filed with the U.S. Securities and Exchange Commission that as of December 9, 2025, they no longer beneficially own shares of Netcapital Inc.'s common stock, par value $0.001 per share. The amendment constitutes an exit filing, indicating that the Reporting Persons have ceased to be the beneficial owners of more than five percent of the Company's outstanding Common Stock following sales on December 9, 2025. Strategic EP, LLC may be reached through: Alexander Chase Deitch, Manager 1050 Crown Pointe Parkway, Suite 500, Atlanta, GA, 30338 Tel: 404-996-2817 A full-text copy of Strategic EP, LLC and Alexander Chase Deitch's SEC report is available at: https://tinyurl.com/sfuy97py About Netcapital Inc. Headquartered in Boston, Mass., Netcapital Inc. -- www.netcapital.com -- is a fintech company with a scalable technology platform that allows private companies to raise capital online and provides private equity investment opportunities to investors. The Company's consulting group, Netcapital Advisors, provides marketing and strategic advice and takes equity positions in select companies. The Company's funding portal, Netcapital Funding Portal, Inc. is registered with the U.S. Securities & Exchange Commission (SEC) and is a member of the Financial Industry Regulatory Authority (FINRA), a registered national securities association. Spokane, Washington-based Fruci & Associates II, PLLC, the Company's auditor since 2017, issued a "going concern" qualification in its report dated August 12, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended April 30, 2025, citing that the Company has a negative working capital, operating losses, and negative cash flows from operations. These factors, among others, raise substantial doubt about the Company's ability to continue as a going concern. As of July 31, 2025, the Company had $28.43 million in total assets, $5.31 million in total liabilities, and $23.13 million in total stockholders' deficit. NEW AGE LEASING: Unsecureds to Split $310K over 5 Years ------------------------------------------------------- New Age Leasing LLC submitted a Second Amended Disclosure Statement describing Second Amended Plan of Reorganization dated December 5, 2025. The Debtor's Plan of Reorganization provides for distribution to the holders of allowed claims and interests from cash, cash equivalents and other funds and income derived the continued operations of the Debtor. The primary objective of the Plan is to settle compromise or otherwise dispose of certain claims and interests on terms that the Debtor believes to be fair and responsible and in the best interests of its estate and creditors. The Debtor believes that the Plan it has proposed provides the best and most prompt possible recovery to the Debtor's claim holders. The Plan contemplates the reorganization of the Debtor business operations, the restructuring of its debts and the distribution of payments to holders of the various Allowed Claims. Class 2 consists of General NonPriority Unsecured Claims. Class 2 Claims including unsecured deficiency claims shall be paid pro rata distributions of deferred cash payments aggregating $310,000 from (i) the General Unsecured Creditor Fund in the amount of $300,000; and (ii) $10,000 from New Value Contribution, payable in five equal payments of $62,000 with the first installment due 6 months following the Effective Date (or June 30, 2026, whichever sooner) and $62,000 payable annually on June 30, 2027, 2028, 2029 and 2030. Class 2 Claims are impaired under the Plan. The allowed unsecured claims total $12 Million. All equity interests shall be deemed to be terminated and canceled upon the Effective Date. Membership interests in the Reorganized Debtor shall be issued as follows: 50% to Volodymyr Lynevych and 50% to Alina Mollova, as coMember and Managers of the Reorganized Debtor upon the Effective Date. The co-members shall each contribute new value in the Reorganized Debtor in the amount of $10,000, payable over 5 years at $2,000 per year, which shall be added to the General Unsecured Creditor Fund to be distributed to Class 2 general unsecured claims. Class 3 Claims and Equity interests are impaired under the Plan. The new value provided herein is subject to higher and better offers as detailed in the Plan. The principals of the Debtor, Mr. Volodymyr Lynevych and Ms. Alina Mollova, are retaining their respective 50% equity interests in the Debtor. They are jointly contributing the sum of $10,000 toward payment of general unsecured claims under the Plan over a period of 5 years (at $2,000 per year); and (3) they are maintaining and not increasing their respective current salaries of $72,00 per year for the next two years. In light of these new value contributions by the principals, the Debtor maintains that the new value of the shares in the Reorganized Debtor are sufficient and equivalent to the value of those shares. Except as otherwise provided in the Plan or the Confirmation Order, all cash necessary for the Debtor to make payments pursuant to the Plan to Allowed Administrative Claims, Priority Claims, Priority Tax Claims, Secured Claims and General Unsecured Non-Priority Claims will be from the continued operations of the Debtor in addition to the new equity contribution by the Debtor's principals. A full-text copy of the Second Amended Disclosure Statement dated December 5, 2025 is available at https://urlcurt.com/u?l=m6XOmw from PacerMonitor.com at no charge. New Age Leasing, LLC is represented by: Miriam Stein Granek Gutnicki LLP 4711 Golf Road, Suite 200 Skokie, IL 60076 Tel: (847) 745-6592 Email: mgranek@gutnicki.com About New Age Leasing New Age Leasing, LLC was established in 2020 as an asset holding company to provide equipment to the operating companies, VL Trucking, Inc. and Ace Transportation. The Debtor sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 24-18710) on December 16, 2024, listing under $1 million in both assets and liabilities. Honorable Bankruptcy Judge Deborah L. Thorne handles the case. The Law Offices of David Freydin PC serves as the Debtor's counsel. NOBLE GOODNESS: Seeks to Hire Highspring LLC as Accountant ---------------------------------------------------------- Noble Goodness, LLC and affiliate seek approval from the U.S. Bankruptcy Court for the District of Arizona to employ Highspring, LLC, dba Vaco as accountant. The firm will perform everyday general accounting functions such as routine bookkeeping, reconciliation, financial reporting, operational budgeting, and other related, ordinary course accounting functions. The firm will be paid at the rate of $105 per hour. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Mr. DeMarzo 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: Martin Gower DeMarzo Highspring, LLC, dba Vaco 5501 Virginia Way Suite 120 Brentwood, TN 37027 About Noble Goodness, LLC Noble Goodness, LLC operates a bakery and eatery in Phoenix, Ariz. Noble Goodness sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ariz. Case No. 25-04874) on May 29, 2025, listing up to $10 million in both assets and liabilities. Jason Raducha, a member of Noble Goodness, signed the petition. Wesley D. Ray, Esq., at Sacks Tierney, PA, represents the Debtor as legal counsel. NORTHERN DYNASTY: Director Search to Resolve NYSE Compliance Issue ------------------------------------------------------------------ Northern Dynasty Minerals Ltd. expects to name a new independent director early next year. Northern Dynasty Minerals has provided an update on the process undertaken by its Board of Directors to replace Christian Milau, who resigned from the Board in September 2025. Following Mr. Milau's departure, the Nominating and Governance Committee of the Board identified several candidates and expects to make a recommendation to the Board for the appointment of a new independent director prior to the end of January 2026. The new director is also expected to become the Chair of the Board's Audit & Risk Committee. The Company also announces that on December 4, 2025 it received a letter from the NYSE American stating that the Audit Committee, as currently constituted, is non-compliant with NYSE American rules. The Company has 180 days from the date of the NYSE American Letter to remedy the non-compliance within the cure period provided by the NYSE American. The Company expects that with the new appointment to the Board and Audit Committee, it will once again comply with NYSE American rules within the cure period provided. About Northern Dynasty Minerals Ltd. Northern Dynasty is a mineral exploration and development company based in Vancouver, Canada. Northern Dynasty's principal asset, owned through its wholly owned Alaska-based U.S. subsidiary, Pebble Limited Partnership, is a 100% interest in a contiguous block of 1,840 mineral claims in Southwest Alaska, including the Pebble deposit, located 200 miles from Anchorage and 125 miles from Bristol Bay. The Pebble Partnership is the proponent of the Pebble Project. As of September 30, 2025, the Company had C$127.3 million in total assets against C$66.9 million in total liabilities. In an audit report dated March 27, 2025, Deloitte LLP issued a "going concern" qualification citing that the Company incurred a consolidated net loss of C$33 million during the year ended December 31, 2024, and, as of that date, the Company's consolidated deficit was C$729 million. These conditions, along with other matters, raise substantial doubt about its ability to continue as a going concern. NORTHERN FUEL: Hires Steffes Group Inc. as Auctioneer ----------------------------------------------------- Northern Fuel and Convenience, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Minnesota to employ Steffes Group, Inc. as auctioneer. The firm will sell and auction the Debtor's real properties located at 1000 US Hwy 10, Motley, MN 56466; 12471 71 Connection NE, Bemidji, MN 56601; and 6658 Turtle Mart Lane NE, Bemidji, MN 56601. The firm has agreed to perform services for a pre-sale advertising payment of $15,000, and commission rates of 0 percent on sales of real estate and 8 percent on sales of personal property. As 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: Randy Kath Steffes Group, Inc. 23578 MN Hwy 22 South Litchfield, MN 55355 Tel: (701) 429-8894 Email: Randy.Kath@SteffesGroup.com About Northern Fuel and Convenience, Inc. Northern Fuel & Convenience Inc. operates convenience stores and gas stations in Minnesota, managing locations at 54345 Highway 72 NE in Waskish and 4895 Jones Townhall Road NW in Solway, serving local communities with fuel and retail products. Northern Fuel & Convenience Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Minn. Case No. 25-60536) on September 2, 2025. In its petition, the Debtor reports total assets of $214,000 and total Liabilities of $2,468,948. The Debtor is represented by Kesha Tanabe, Esq. at VOGEL LAW FIRM. NOVA RTP II: Bankruptcy Administrator Unable to Appoint Committee ----------------------------------------------------------------- The U.S. Bankruptcy Administrator for the Eastern District of North Carolina disclosed in a filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of Nova RTP II, LLC. About Nova RTP II LLC Nova RTP II, LLC is a real estate company that owns and operates a commercial property at 555 Abranova Avenue in Durham, North Carolina. The property, appraised at $13.1 million, is the company's principal asset. Nova RTP II sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.C. Case No. 25-04155) on October 21, 2025. In its petition, the Debtor reported total assets of $13,100,000 and total liabilities of $6,303,832. Judge Pamela W. Mcafee oversees the case. The Debtor is represented by Benjamin R. Eisner, Esq., at The Law Offices of George Oliver, PLLC. NXT ENERGY: Completes SFD Data Acquisition in Pakistan ------------------------------------------------------ NXT Energy Solutions Inc. announced on December 4, 2025, that it has successfully completed the data acquisition phase in Pakistan for its current SFD(R) survey with AL-Haj Enterprises Private Limited. NXT's interpretations and recommendations are expected to be delivered to AEPL by the end of January 2026. The aircraft is returning to Canada for its scheduled maintenance in preparation for future SFD(R) surveys. About NXT Energy NXT Energy Solutions Inc. is a Calgary-based technology company whose proprietary SFD survey system utilizes quantum-scale sensors to detect gravity field perturbations in an airborne survey method. This system can be used both onshore and offshore to remotely identify areas with exploration potential for traps and reservoirs. The SFD survey system enables the Company's clients to focus their hydrocarbon exploration decisions concerning land commitments, data acquisition expenditures, and prospect prioritization on areas with the greatest potential. SFD is environmentally friendly and unaffected by ground security issues or difficult terrain and is the registered trademark of NXT Energy Solutions Inc. NXT Energy Solutions provides its clients with an effective and reliable method to reduce time, costs, and risks related to exploration. Calgary, Canada-based MNP LLP, the Company's auditor since 2023, issued a "going concern" qualification in its report dated March 27, 2025, citing that the Company's current cash position is not expected to be sufficient to meet the Company's obligations and planned operations for a year beyond the date of auditor's report, unless additional financing is obtained or new revenue contracts are completed. This raises substantial doubt about the Company's ability to continue as a going concern. As of September 30, 2025, the Company had C$18.06 million in total assets, C$5.56 million in total liabilities, and C$12.5 million in total stockholders' equity. OBJECT & SUBJECT: Gets Extension to Access Cash Collateral ---------------------------------------------------------- Object & Subject, LLC received another extension from the U.S. Bankruptcy Court for the District of Utah to use cash collateral to fund operations. The court authorized the Debtor to use cash collateral consistent with its budget, with a permitted 10% variance per line item and the ability to carry forward any underspending. The Debtor may exceed or supplement the budget with the written consent of the affected secured creditors. In case of any diminution in the value of their collateral, secured creditors will be granted replacement liens on and security interests in post-petition assets, automatically valid and perfected without additional filings. However, the order preserves all parties' rights, noting that the validity, priority, and extent of creditor claims and liens have not been finally determined. The authorization expires January 3, 2026, at 11:59 p.m. MT. A final hearing is set for January 6, 2026. The order is available at https://is.gd/CX8uKx from PacerMonitor.com. The creditors with interests in the cash collateral are Cache Valley Bank and Decathlon Alpha V, L.P. Although Clear Finance Technology Corporation nominally holds a secured interest, it is entirely unsecured under Bankruptcy Code section 506 because the Debtor's assets are insufficient to satisfy the senior claims of Cache Valley Bank and Decathlon. Cache Valley Bank extended two separate SBA loans to the Debtor's former subsidiaries totaling $1.5 million. The loan balance stands at approximately $1.061 million. These loans have always been paid current and are both the senior secured obligations of the former subsidiaries. Meanwhile, Decathlon is owed more than $2 million while Clear Finance Technology is owed $63,346 by the Debtor's former subsidiaries. In addition, the Debtor had approximately $2.5 million in unsecured debt (this excludes the unsecured parts of Decathlon and Clear Finance Technology's claims) as of the petition date. Of this total unsecured debt, approximately $1.5 million is owed to insiders, largely loans extended simply to keep the Debtor and its former subsidiaries in operation. About Object & Subject LLC Object & Subject LLC, doing business as Ascendant Brands, manages consumer product businesses across the U.S., focusing on brand development, product design, packaging, and supply chain operations. The Company specializes in online marketing, particularly on the Amazon marketplace, and works with brand partners and brick-and-mortar retailers to distribute their products. Ascendant Brands partners with businesses generating $500,000 to $5 million in annual revenue, offering acquisition, operational management, or investment collaboration opportunities. Object & Subject LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Case No. 25-25418) on September 12, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Peggy Hunt handles the case. The Debtor is represented by George B. Hofmann, Esq., at Cohne Kinghorn, P.C. OFFSHORE SAILING: To Sell Yacht Molds to M. Reardon & Tartan Yachts ------------------------------------------------------------------- Offshore Sailing School Ltd. Inc. seeks permission from the U.S. Bankruptcy Court for the Middle District of Florida, Ft. Myers Division, to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor is a Florida limited liability company which previously owned and operated a sailing school. The School is no longer operating, and the Debtor intends to file a liquidating plan. The Debtor has an aggregate noncontingent liquidated debts (excluding debts owed to insiders or affiliates) of less than $3,424,000.00 and which has chosen to proceed under Subchapter V of Chapter 11 of the Bankruptcy Code. In order to fund the Debtor's proposed liquidating plan, the Debtor intends to liquidate the Debtor's assets, which consist in large part of sailboats, sailboat related equipment and intellectual property and websites, including a certain molds used in producing Colgate 26 sailboats, as well as the Offshore Sailing School website. The molds are large, specialized fiberglass hull and deck forms located in Ohio at Tartan Yachts. The Debtor has entered into a certain Agreement for Sale of Sailboat Molds and Website with Michael Reardon and Tartan Yachts, LLC for sale of the molds and the Colgate 26 website currently hosted on WP Engine. The molds are used in the manufacturing process to achieve the specific dimensions of Colgate 26 sailboats, including the shape of the Colgate 26 sailboats fiberglass hulls, decks and cockpit that are 25'8" in length overall and 8'6" beam, the maximum legal width for highway towing in the United States. The Molds and Website are referred to as (Property). The Agreement provides for a purchase price of $30,000.00. The Agreement provides for payment of the Purchase Price in cash or wire transfer immediately at closing. The Agreement provides that the Debtor, as a condition of closing, is obligated to obtain final, non-appealable order of the Bankruptcy Court finding that the Buyer is entitled to the protections. The Property is unencumbered. The Debtor believes that the sale of the Property is fair and reasonable. In the business judgment of the Debtor and for the reasons set forth, it is unlikely that a significantly higher Purchase Price for the Debtor would be achieved through further marketing, and any potential increase in the sale price would be likely exceeded by the additional costs associated with housing, maintaining and insuring the Property during such additional marketing period. The Purchase Price is sufficient to pay any unforeseen claims against the Property. The Debtor proposes that after payment of governmental charges or taxes associated with the sale (if any) to hold the net proceeds from the sale in the Special Account for eventual distribution to the Debtor’s creditors pursuant to a confirmed liquidating plan. The Debtor requests that the order approving the sale of the Property also contain a finding that the Buyer is acquiring the Property in good faith. Specifically, the sale of the Property to Buyer is an arms-length transaction, and the Debtor believes that the Buyer is purchasing the Property in good faith. About Offshore Sailing School Offshore Sailing School Ltd. Inc. is a provider of sailing and powerboating instruction in the U.S., offering certification courses in cruising, passage making, and racing. It also conducts team-building sailing activities and organizes flotilla vacations for certified sailors. With over 60 years of experience, the school operates in Florida and the British Virgin Islands under the leadership of Steve and Doris Colgate. Offshore Sailing School Ltd. Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-00921) on May 21, 2025. In its petition, the Debtor reports total assets as of Feb. 28, 2025 amounting to $611,760 and total liabilities as of Feb. 28, 2025 totaling $2,277,797. The Debtor is represented by Leon Williamson, Esq. at Williamson Law Firm. OHIO TRANSMISSION: OHA Senior Marks $1MM 1L Loan at 30% Off ----------------------------------------------------------- OHA Senior Private Lending Fund LLC has marked its $1,000,000 loan extended to Ohio Transmission Corporation to market at $700,000 or 70% of the outstanding amount, according to OHA Senior's Form 10-Q for the quarterly period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. OHA Senior is a participant in a First Lien Loan to Ohio Transmission Corporation. The loan accrues interest at a rate of 99.5% per annum. The loan matures on December 19, 2029. OHA Senior Private Lending Fund LLC was formed on June 27, 2022. OHA Private Credit Advisors II, L.P. is the investment adviser of the Company. OHA Senior's investment objective is to generate attractive risk-adjusted returns, predominately in the form of current income, with select investments exhibiting the ability to capture long-term capital appreciation with a focus on downside protection. The Company seeks to achieve its investment objective by investing primarily in the non-investment grade credit markets in North America and Europe, with a primary focus on direct lending in the United States. OHA Senior is led by Eric Muller as Chief Executive Officer and Thomas Hansen as Chief Financial Officer. The Fund can be reach through: Eric Muller OHA Senior Private Lending Fund LLC 1 Vanderbilt, 16th Floor New York, NY 10017 Telephone: (212) 326-1500 About Ohio Transmission Corporation Ohio Transmission Corporation is a technical distributor of highly engineered products across automation, motion control, fluid power, flow control and compressed air categories. OLIVER VILLAGE: Court to Hold Cash Collateral Hearing Today ----------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Georgia, Atlanta Division, is set to hold a hearing today to consider final approval of Oliver Village Apartments, LLC's bid to use cash collateral. The Debtor was initially allowed to access cash collateral from December 5 to 17 pursuant to the court's interim order. The interim order entered on December 5 granted the Debtor's lender, KeyBank National Association, a replacement lien on the Debtor's post-petition assets similar to its pre-bankruptcy collateral, excluding proceeds from avoidance action. Although the lender had initially moved to prohibit use of cash collateral, it later consented to limited interim use under the Debtor's budget for November and December. KeyBank, as servicer for a certain securitized trust, asserts a lien on the rents generated by the Debtor's property -- a 12-unit apartment complex located at 5438 Old Floyd Road, Mableton, Ga. The lender is owed approximately $1.493 million. KeyBank, as lender, is represented by: Ashley D. Champion, Esq. One Atlantic Center, #1100 1201 W. Peachtree St., N.W. Atlanta, GA 30309 (404) 253-6000 achampion@polsinelli.com About Oliver Village Apartments LLC Oliver Village Apartments, LLC filed Chapter 11 bankruptcy petition (Bankr. N.D. Ga. Case No. 25-61614) on Oct. 6, 2025, listing up to $50,000 in assets and between $1 million and $10 million in liabilities. Judge Sage M. Sigler oversees the case. The Debtor tapped Rountree, Leitman, Klein & Geer, LLC as legal counsel. OM SAI MED: Hires Joyce W. Lindauer Attorney PLLC as Counsel ------------------------------------------------------------ OM Sai Med Center, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ Joyce W. Lindauer Attorney, PLLC as counsel. The firm will provide these services: (a) represent the interests of the Debtor and the estate and propose a plan of reorganization; (b) prepare on behalf of the Debtor the necessary applications, answers, orders, reports, and other legal papers; (c) perform all other legal services for the Debtor which may be necessary in the course of this Chapter 11 proceeding; and (d) represent the Debtor in matters arising in connection with its bankruptcy case. Joyce W. Lindauer Attorney, PLLC has been paid a total retainer of $26,738, including the filing fee of $1,738, in connection with this proceeding. The firm will be paid at these rates: Joyce W. Lindauer $625 per hour Paul B. Geilich, Of Counsel $595 per hour Dian Gwinnup, Paralegal $250 per hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Joyce W. Lindauer Attorney, PLLC 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: Joyce W. Lindauer, Esq. Joyce W. Lindauer Attorney, PLLC 117 S. Dallas Street Ennis, TX 75119 Telephone: (972) 503-4033 Facsimile: (972) 503-4034 E-mail: joyce@joycelindauer.com About OM Sai Med Center, LLC Om Sai Med Center, LLC, owned by Leena Patel, operates a hotel under the name Fairbridge Inn & Suites at 6712 Morningside Dr., Houston, Texas, providing lodging services in the hospitality industry. Om Sai Med Center sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Case No. 25-36622) on November 3, 2025. In its petition, the Debtor reported between $1 million and $10 million in assets and liabilities. Honorable Bankruptcy Judge Eduardo V. Rodriguez handles the case. The Debtor is represented by Joyce W. Lindauer, Esq., at Joyce W. Lindauer Attorney, PLLC. OMYS COUTURE: Seeks Chapter 11 Bankruptcy in Florida ---------------------------------------------------- On December 9, 2025, Omys Couture Hair Design LLC filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Middle District of Florida. According to court filings, the debtor reports between $1 million and $10 million in debt owed to between 1 and 49 creditors. About Omys Couture Hair Design LLC Omys Couture Hair Design LLC is a limited liability company. Omys Couture Hair Design LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-09280) on December 9, 2025. In its petition, the debtor reports estimated assets ranging from $1 million to $10 million and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Roberta A. Colton is overseeing the case. The debtor’s legal representation was not listed in the filing. OWL VENICE: Amends Unsecured Claims Pay Details ----------------------------------------------- OWL Venice LLC submitted an Amended Plan of Reorganization for Small Business dated December 5, 2025. OWL Venice is a wellness brand specializing in gut health products. Like many businesses, it did well during the COVID pandemic, but over-expanded its operations and then was hit by debt service and rising costs. The Debtor allegedly has a total of approximately $163,281.00 in secured claims, $0 in priority claims, and $707,766.27 in general unsecured claims, all subject to review during the claim objection process. The Plan Proponent's financial projections show that the Debtor will have Projected Disposable Income of three years of approximately $89,000. The final Plan payment is expected to be paid three years from the Effective Date. This Plan of Reorganization proposes to pay creditors of the Debtor from cashflow from operations. Class 4 consists of Non-priority unsecured creditors. An aggregate of $53,400 to all claimholders over 36 months due and payable every 3 months. Net Proceeds of Litigation with Settle Inc. and its agent, Alien Finance, Settle Inc., through its agent, Alien Finance, caused Shopify to freeze the Debtor's funds for Settle Inc.'s benefit without any authority either from a court of law or from a contractual security agreement. The Debtor will negotiate compensation from Settle, Inc. and Alien Finance or will file an action if it is likely to result in net proceeds over and above the cost of litigation ad administration. The Debtor will distribute net proceeds to holders of unsecured claims on a pro rata basis within three months of collecting such net proceeds. Under the Plan, the Debtor will make the Plan Payments, as set forth in the Disposable Income Projections, on a quarterly basis to Creditors. Based on the projected financial information, the Debtor expects that it will have Cash sufficient to make each of the Plan Payments required to be made on each of the Required Payment Dates. The Debtor is permitted to prefund any required Plan Payment. Since its formation, the Debtor has demonstrated the ability to generate positive cash flow and disposable income until the unexpected recent downturn. As part of the Plan, the Debtor will retain all or substantially all of the Property of the Estate, continue to operate its business and generate Disposable Income. Over the Plan Term, the Debtor will use the Disposable Income to fund the Plan Payments. A full-text copy of the Amended Plan dated December 5, 2025 is available at https://urlcurt.com/u?l=yGfUCZ from PacerMonitor.com at no charge. The Debtor's Counsel: Giovanni Orantes, Esq. THE ORANTES LAW FIRM, A.P.C. 3435 Wilshire Blvd., 27th Floor Los Angeles, CA 90010 Tel: (888) 619-8222 Fax: (877) 789-5776 E-mail: go@gobklaw.com About OWL Venice LLC OWL Venice LLC, doing business as OWL Venice, offers handcrafted broth elixirs, organic skincare products, and multi-day gut health cleanse programs across Los Angeles County. It also provides health coaching as an additional wellness service. OWL Venice sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Calif. Case No. 25-16451) on July 29, 2025. In its petition, the Debtor reported up to $50,000 in assets and between $1 million and $10 million in liabilities. Honorable Bankruptcy Judge Sheri Bluebond handles the case. The Debtor is represented by Giovanni Orantes, Esq., at The Orantes Law Firm, A.P.C. PACIFIC RADIO: To Sell A/V Distribution Biz to Filmtools -------------------------------------------------------- Pacific Radio Exchange, Inc., seeks approval from the U.S. Bankruptcy Court for the Central District of California, Los Angeles Division, to sell substantially all Assets, free and clear of liens, claims, interests, and encumbrances. John-Patrick McGinnis Fritz was appointed the subchapter V trustee on August 5, 2025. The Debtor operates a professional audio/visual distribution business with a storefront and warehouse located at 2701 Ontario Street, Suite 120, CA 91504. The majority of the Debtor's income is from orders that are paid for at the time of the order, but it also sells products online through its website and walk-ins at the storefront. The Debtor seeks to sell substantially all of its assets to Filmtools Inc. for $725,000. The terms and conditions of the Asset Purchase Agreement (APA) between the Debtor and Filmtools are provided and can be found at: https://urlcurt.com/u?l=SnJR1y The total value of the Valued Collateral for the Property is $531,000. As such, the Debtor believes that the Purchase Price for the Purchased Assets is more than the value of the Valued Collateral, and therefore, the Debtor is obtaining the highest offer for those assets. The lienholders of the Property are U.S. Small Business Administration, Bankers Healthcare Group, LLC, ODK Capital LLC, United First, LLC, Launch Funding Ground LLC, MNR Capital Group LLC, WebBank, and Pathway Funding of Miami LLC. The Debtor concedes that the proposed timeframe for the sale is rather compressed. However, due to the Debtor's postpetition financial performance and the fact that the Debtor rejected its current real property lease and must find another location in order to continue to operate, the Debtor cannot wait and the Buyer is not willing to extend the sale process longer than is proposed. Further, the Debtor strongly believes that it does not have the luxury to engage in an expensive and lengthy marketing effort, nor does the Debtor believe that additional marketing time and resources would yield a better result than is presented by the APA. About Pacific Radio Exchange Inc. Pacific Radio Exchange Inc., doing business as PacRad, supplies professional audio, video, DJ, and broadcast equipment. The Companyoffers products such as bulk and custom cables, connectors, fiber optics, networking gear, and power management tools. It serves both individual consumers and industry professionals with AV solutions and custom services. Pacific Radio Exchange sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Calif. Case No. 25-16614) on August 1, 2025. In its petition, the Debtor reported total assets of $94,813 and total liabilities of $1,690,315. Honorable Bankruptcy Judge Vincent P. Zurzolo handles the case. The Debtor is represented by Matthew D. Resnik, Esq., at RHM Law, LLP. PAW ORIGINS: Unsecureds Wiill Get 20% of Claims in 36 Months ------------------------------------------------------------ Paw Origins LLC submitted a Revised First Amended Subchapter V Plan of Reorganization dated December 5, 2025. In this Plan, the Debtor proposes to pay existing debts from its disposable income from ongoing operations over a three-year period. The Debtor believes the terms of this Plan will maximize distributions to the creditors of the Debtor. The Debtor seeks confirmation of this Plan pursuant to section 1191(a) or section 1191(b). Under agreements reached with all of its secured creditors, the Plan proposes to pay its secured creditors lump sum amounts that are less than the face value of their claims but payable in full on the Effective Date, with the source of funds being a new loan or capital contribution from Equity Interests. Based upon prior negotiations, Paw Origins expects each class of secured but impaired creditors to vote in favor of the Plan. No unsecured creditors filed a proof of claim and there is just one undisputed unsecured claim, which Paw Origins proposes to pay from its disposable income over a 36-month period. Class 3 consists of General Unsecured Claims. Class 3 Claim(s) shall be paid beginning within 30 days after the Effective Date from the Debtor's disposable income. The Debtor estimates that this Class will be paid approximately $12,340.00 over the life of the plan, or approximately twenty percent of the face amount of the undisputed unsecured general nonpriority Claim of Neurogan. The Debtor proposes to pay the sum of at least $342.83 per month per month for thirty-six months with the first such payment commencing within thirty days of the Effective Date. If Paw Origins' objection to Proof of Claim No. 2 filed by Meta Platforms, Inc. is not successful, then the amount payable on the undisputed unsecured claim of Neurogan would be reduced proportionately and the unsecured creditors in Class 3 would be paid pro rata. Class 3 is impaired. Class 4 includes the Equity Interests of the Debtor, which interests are unimpaired by the Plan. Upon confirmation of the Plan, the sole shareholder of the Debtor, Mike Eli, shall continue to maintain his identical ownership interests in the Debtor. The Reorganized Debtor shall be empowered to take such action as may be necessary to perform its obligations under this Plan. Except as otherwise noted above, commencing within thirty days of the Effective Date and thereafter, the Debtor shall make the payments required by this Plan to the holders of Allowed Claims. The payments pursuant to the Plan shall be in full and complete payment, settlement and satisfaction of all claims against the Estate and the Debtor. The Debtor projects having approximately $70,000.00 of cash on the Effective Date. Funding for the Plan will come from the Debtor's continued operations and from a capital infusion by Equity Interests. A full-text copy of the Revised First Amended Plan dated December 5, 2025 is available at https://urlcurt.com/u?l=7nPTvk from PacerMonitor.com at no charge. Counsel to the Debtor: Clark Stith, Esq. 505 Broadway Rock Springs, WY 82901 Tel: (307) 382-5565 Fax: (307) 382-5552 Email: clarkstith@yahoo.com About Paw Origins LLC Paw Origins, LLC is engaged in the business of online retail sales of pet care products and services. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Wyo. Case No. 25-20234) on June 5, 2025, listing up to $1 million in both assets and liabilities. Mike Yap Xin Cheng, sole member, signed the petition. Judge Cathleen D. Parker oversees the case. Clark D. Stith, Esq., represents the Debtor as legal counsel. PCAP HOLDINGS: Voluntary Chapter 11 Case Summary ------------------------------------------------ Debtor: PCAP Holdings LP 3460 Lotus Drive, Suite 100 Plano, TX 75075 Business Description: PCAP Holdings LP, based in Plano, Texas, is a holding entity affiliated with the buy- here, pay-here auto dealership finance sector through its ownership interests in PrimaLend Capital Partners, LP and related entities. The partnership is controlled by its general partner, LNCMJ Management, LLC, and operates in connection with the PrimaLend platform, whose entities provide lending and advisory services to dealerships. PCAP's activities focus on the management and oversight of investments tied to dealership financing operations in the United States. Chapter 11 Petition Date: December 12, 2025 Court: United States Bankruptcy Court Northern District of Texas Case No.: 25-90016 Debtor's General Bankruptcy Counsel: Jason P. Kathman, Esq. SPENCER FANE LLP 5700 Granite Parkway Suite 650 Plano, TX 75024 Tel: 972-324-0300 E-mail: jkathman@spencerfane.com Debtor's General Bankruptcy Counsel: WILLKIE FARR & GALLAGHER LLP Debtor's Financial Advisor: FTI CONSULTING, INC. Debtor's Investment Banker: HOULIHAN LOKEY, INC. Debtor's Claims, Noticing & Solicitation Agent: STRETTO, INC. Estimated Assets: $100 million to $500 million Estimated Liabilities: $100 million to $500 million The petition was signed by Mark Jensen as CEO. A list of the Debtor's 20 largest unsecured creditors was not provided alongside the petition. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/LTJVJ2Q/PCAP_Holdings_LP__txnbke-25-90016__0001.0.pdf?mcid=tGE4TAMA PERASO INC: Pushes Series C Warrant Expiry to January 7 ------------------------------------------------------- Peraso Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on December 5, 2025, it extended the expiration date of its outstanding Series C warrants from 5:00 p.m. (New York City time) on December 5, 2025 to 5:00 p.m. (New York City time) on January 7, 2026, by entering into a third amendment with each holder of the Series C Warrants. The Series C Warrants to purchase up to an aggregate of 1,293,650 shares of the Company's common stock, par value $0.001 per share, were issued on November 6, 2024 pursuant to the terms of certain inducement offer letter agreements, each dated November 5, 2024, by and between the Company and each holder of the Series C Warrants. The Series C Warrants originally expired on May 6, 2025. The Company subsequently extended the expiration date of the Series C Warrants to August 4, 2025, and then again to December 5, 2025, pursuant to amendments with each holder of the Series C Warrants. The Series C Warrants have an exercise price of $1.61 per share. The resale of the shares of common stock issuable upon exercise of the Series C Warrants has been registered pursuant to the Company's registration statement on Form S-3 (File No. 333-283573), which was declared effective by the Securities and Exchange Commission on December 10, 2024. A full-text copy of the Amendment is available at https://tinyurl.com/3s4vks3r About Peraso Inc. Headquartered in San Jose, California, Peraso Inc. -- https://www.perasoinc.com -- is a pioneer in high-performance 60 GHz unlicensed and 5G mmWave wireless technology, offering chipsets, antenna modules, software and IP. Peraso supports a variety of applications, including fixed wireless access, immersive video and factory automation. In addition, Peraso's solutions for data and telecom networks focus on Accelerating Data Intelligence and Multi-Access Edge Computing, providing end-to-end solutions from the edge to the centralized core and into the cloud. As of September 30, 2025, the Company had $6.2 million in total assets, $2.6 million in total liabilities, and $3.6 million in total stockholders' equity. In its report dated March 28, 2025, the Company's auditor, Weinberg & Company, 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 during the year ended Dec. 31, 2024, the Company incurred a net loss and utilized cash in operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. PLANET GREEN: Stockholders' Deficit Triggers NYSE Deficiency Notice ------------------------------------------------------------------- Planet Green Holdings Corp. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on December 8, 2025, it received a notice from the New York Stock Exchange that it is below the continued listing criteria under Sections 1003(a)(i), (ii), and (iii) of the NYSE's listing standards set forth in Part 10 of the NYSE American Company Guide, because the Company reported stockholders' deficit of ($573,528) at September 30, 2025, and has had losses in its five most recent fiscal years ended December 31, 2024. The Company is also not currently eligible for any exemption in Section 1003(a) of the Company Guide from the stockholders' equity requirements. In connection with its non-compliance with Sections 1003(a)(i), (ii), and (iii) of the Company Guide, the Company must submit a plan by January 7, 2026, advising of actions it has taken or will take to regain compliance with the continued listing standards by June 8, 2027. During the eighteen-month cure period, the Company's common stock will continue to be listed and traded on the NYSE, subject to the Company's continued compliance with the NYSE's other applicable listing rules. On December 9, 2025, the Company announced, through a press release, its receipt of the non-compliance notice and its intention to regain compliance. A full-text copy of the press release is available at https://tinyurl.com/mrhcmj2k About Planet Green Planet Green Holdings Corp., headquartered in Flushing, New York, functions as a Nevada-incorporated holding company rather than an operating entity in mainland China. Its business operations are conducted through subsidiaries based in the PRC, Hong Kong, and Canada. The Company engages in diverse sectors, including consumer goods, chemical products, and online advertising. In an April 11, 2025 report, auditor YCM CPA Inc. issued a "going concern" qualification, citing Planet Green's accumulated deficit, working capital deficit, continued net losses, and negative operating cash flows. These conditions raise substantial doubt about the company's ability to continue as a going concern. As of September 30, 2025, the Company had $12.3 million in total assets, $12.9 million in total liabilities, and $573,528 in total stockholders' deficit. PLEASANT GROVE: Case Summary & Three Unsecured Creditors -------------------------------------------------------- Debtor: Pleasant Grove Tabernacle, Inc. d/b/a Pleasant Grove Baptist Church 1927 Fulton St Brooklyn, NY 11233 Business Description: Pleasant Grove Tabernacle, Inc., doing business as Pleasant Grove Baptist Church, is a Baptist denomination religious organization based in Brooklyn, New York, that provides worship services, spiritual guidance, and community outreach programs. Founded by the late Rev. Jesse A. Bunn, the church held its first services in his home in 1952 and moved through several locations before establishing its current facility at 1927 Fulton Street in 1970. The organization focuses on fostering spiritual growth among its members, developing leadership within the congregation, and serving the local community through various ministries and outreach initiatives. Chapter 11 Petition Date: December 11, 2025 Court: United States Bankruptcy Court Eastern District of New York Case No.: 25-45931 Judge: Hon. Elizabeth S Stong Debtor's Counsel: Btzalel Hirschhorn, Esq. SHIRYAK, BOWMAN, ANDERSON, GILL & KADOCHNIKOV, LLP 80-02 Kew Gardens Road Suite 600 Kew Gardens, NY 11415 Tel: 718-263-6800 E-mail: Bhirschhorn@sbagk.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Albert Jamison as CEO. A full-text copy of the petition, which includes a list of the Debtor's three unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/64ARNWI/Pleasant_Grove_Tabernacle_Inc__nyebke-25-45931__0001.0.pdf?mcid=tGE4TAMA PLURI INC: Grants 13,133 RSUs to Executives & Directors ------------------------------------------------------- Pluri Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on December 4, 2025, the Board of Directors granted an aggregate of 10,248 restricted stock units to the Chief Executive Officer and Chief Financial Officer and an aggregate of 2,885 RSUs to Board members in lieu of cash compensation under the Company's 2019 Equity Compensation Plan, with all RSUs vesting in equal monthly installments over three months. These grants were made to support the Company's cost-management initiatives and to align leadership incentives with long-term performance objectives. About Pluri Inc. Haifa, Israel-based Pluri Inc. is a biotechnology company, leveraging proprietary cell expansion platform to develop scalable, cell-based solutions across the healthcare, food, and agriculture sectors. As of September 30, 2025, the Company had $33.7 million in total assets, $39.3 million in total liabilities, and $5.6 million in total deficit. Haifa, Israel-based Kesselman & Kesselman, the Company's auditor since 2021, issued a "going concern" qualification in its report dated September 17, 2025, attached to the Company's Annual Report on Form 10-K for the year ended June 30, 2025, citing that the Company has incurred recurring losses and negative cash flows from operating activities and has an accumulated deficit as of June 30, 2025 and the loan received from European Investment Bank is due on June 1, 2026. These circumstances raise substantial doubt about its ability to continue as a going concern. PLURI INC: Secures $2.5MM from Existing Shareholder --------------------------------------------------- Pluri Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on December 8, 2025, it entered into a Securities Purchase Agreement with Chutzpah Holdings LP, a limited partnership beneficially owned by Mr. Alexandre Weinstein, a non-U.S. investor and an existing shareholder and director of the Company, relating to a private placement offering of: (i) 625,000 common shares, par value $0.00001 per share of the Company, and (ii) warrants to purchase up to 625,000 Common Shares. The combined purchase price for each Common Share and Common Warrant is $4.00. The Common Warrants will be exercisable immediately at an exercise price of $4.25 per share and will be exercisable until June 30, 2026. The Common Warrants contain customary anti-dilution provisions and are subject to a 35% beneficial ownership limitation. The Securities Purchase Agreement contains customary representations, warranties and indemnification obligations of the parties. The gross proceeds to the Company from the Offering are expected to be approximately $2.5 million. The Company intends to use the proceeds from the Offering for working capital and general corporate purposes. The Offering is expected to close on or about December 15, 2025, subject to the satisfaction of customary closing conditions. The securities issued with respect to the Offering are exempt from the registration requirements of the Securities Act of 1933, as amended, pursuant to Section 4(a)(2) of the Securities Act and/or Rule 903 of Regulation S promulgated thereunder. The securities have not been registered under the Securities Act and may not be sold in the United States absent registration or an exemption from registration. Full text copies of the Securities Purchase Agreement and the Common Warrants are available at https://tinyurl.com/54z3yh32 and https://tinyurl.com/bd5k77h5, respectively. About Pluri Inc. Haifa, Israel-based Pluri Inc. is a biotechnology company, leveraging proprietary cell expansion platform to develop scalable, cell-based solutions across the healthcare, food, and agriculture sectors. As of September 30, 2025, the Company had $33.7 million in total assets, $39.3 million in total liabilities, and $5.6 million in total deficit. Haifa, Israel-based Kesselman & Kesselman, the Company's auditor since 2021, issued a "going concern" qualification in its report dated September 17, 2025, attached to the Company's Annual Report on Form 10-K for the year ended June 30, 2025, citing that the Company has incurred recurring losses and negative cash flows from operating activities and has an accumulated deficit as of June 30, 2025 and the loan received from European Investment Bank is due on June 1, 2026. These circumstances raise substantial doubt about its ability to continue as a going concern. POLAR US: Moody's Lowers CFR to C, Appends PDR Limited Default -------------------------------------------------------------- Moody's Ratings has downgraded and appended a limited default ("/LD") designation to Polar US Borrower, LLC's (SI Group) Probability of Default Rating revising it to C-PD/LD from Caa3-PD and downgraded the Corporate Family Rating to C from Caa3. Moody's also downgraded its senior secured first lien revolving credit facility (first out) to Caa3 from Caa2, its senior secured first lien term loan B1 (second out) to C from Caa3, and its senior secured first lien term loan B2 (third out) to C from Ca, and affirmed the C rating on its backed senior unsecured notes. The outlook remains negative. RATINGS RATIONALE Moody's appended a limited default ("/LD") designation to SI Group's PDR following recent amendments to its Term Loan Credit Agreement and missed interest payments. On October 28, 2025, the company amended its Term Loan Credit Agreement to, among other things, extend the grace period for defaults on the payment of interest due on October 28, 2025, from five business days to 30 calendar days. Subsequently, on November 25, 2025, the company further amended the agreement to extend the grace period to December 15, 2025. Moody's considers these amendments and the non-payment of interest within the original contractual grace periods to be a missed payment default under its definition, as the company did not have the financial resources to make the payments when originally due and the extensions were put in place to avoid a payment default. The /LD designation will be removed once the company completes its restructuring and repays the relevant debt. Separately, Moody's have downgraded SI Group's CFR to reflect the high likelihood of restructuring and the uncertainty regarding ultimate recovery rates on its existing debt obligations. SI Group continues to face a challenging operating environment, characterized by weak end-market demand and intense competition in 2025. These conditions have resulted in weak earnings, elevated financial leverage, and declining liquidity. Moody's-adjusted debt/EBITDA rose to over 20.0x for the twelve months ending September 2025. The ongoing negative free cash flow has reduced SI Group's total available liquidity to approximately $60 million as of end-September 2025, which was insufficient to meet near-term cash requirements and has led to the extension of grace period on interest payment in Q4 2025. Moody's expects that a financial restructuring may be imminent, and recovery rates on existing debt obligations will likely be limited given the highly leveraged capital structure and very weak market conditions. SI Group's business profile benefits from its good geographic scope, with slightly more than half of its sales coming from outside North America, and end-market diversification despite exposure to several cyclical industries. The business profile is also supported by the long-term relationships with a broad customer base historically. SI Group's total liquidity is weak at about $60 million including balance sheet cash and remaining availability under its $218 million revolver as of end-September 2025. Ongoing negative free cash flow has weakened liquidity, resulting in the non-payment of interest within the original contractual grace periods in Q4 2025. SI Group's debt capital includes a Caa3 rated first lien first out revolving credit facility, which has payment priority over rest of debts. SI Group has a first lien second out term loan B1, a first lien third out term loan B2, and a senior unsecured note all rated C. Despite the lien and payment priority differences, Moody's expects very low recovery prospects for all these debt obligations. The negative outlook reflects that a financial restructuring may be imminent given the ongoing negative cash flow and tight liquidity along with the uncertainty over the ultimate recovery rates on its existing debt obligations. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Moody's could consider an upgrade if SI Group could complete a restructuring successfully to the effect that it can materially reduce debts and generate positive free cash flow while maintaining adequate liquidity. The rating could be downgraded further if SI Group's liquidity continues to deteriorate without a successful restructuring or company defaults on timely payments of its debt obligations. ESG CONSIDERATIONS Environmental, social, and governance factors are important in influencing SI Group's credit quality, but were not a driver of actions. The company's CIS-5 score indicates that the rating is lower than it would have been if ESG risk exposures did not exist. The credit profile is constrained by its exposure to governance risks given its elevated debt leverage, negative cash flow generation, and weak liquidity. Environmental risks reflect mainly its physical climate risks and carbon transition risks, mitigated partly the company's precautious actions on managing such risks and its committed goals to reduce carbon emissions. Polar US Borrower, LLC is the pass-through entity of ultimate parent, SK Blue Holdings, LP, an affiliate of private investment firm, SK Capital Partners. SI Group manufactures performance additives for use in polymer, rubber, lubricants, fuels, adhesives applications, surfactants in addition to some specialty chemicals. The company serves a broad array of industries including plastics, automotive, fuel and lubricants, construction and oil and gas. SI Group generated revenue of approximately $1.4 billion for the last twelve months ended September 30, 2025. The principal methodology used in these ratings was Chemicals published in October 2023. SI Group's CFR rating is more than two notches below the scorecard-indicated outcome based on its financials at the end September 2025. The difference reflects the company's weak cash flow and liquidity that has led to missed payment default under Moody's definition. POWER REIT: Henry Posner III Increases Stake to 7.5% as of Dec. 10 ------------------------------------------------------------------ Henry Posner III disclosed in a Schedule 13D (Amendment No. 2) filed with the U.S. Securities and Exchange Commission that as of December 10, 2025, he beneficially owns 254,810 shares of Power REIT's Common Stock, par value $0.001 per share, representing 7.5% of the 3,389,661 shares of Common Stock outstanding on October 22, 2025, as disclosed by the Company on its Quarterly Report on Form 10-Q for the quarter ended September 30, 2025, filed with the SEC on October 24, 2025. Henry Posner III may be reached through: Henry Posner III 535 Smithfield Street, Suite 960 Pittsburgh, PA 15222 Tel: (412) 928-7700 - or - Briar McNutt Epstein Becker & Green, P.C. 875 Third Avenue New York, NY 10022 Tel: (212) 351-4500 A full-text copy of Henry Posner's SEC report is available at: https://tinyurl.com/yveh5sd9 About Power REIT Old Bethpage, N.Y.-based Power REIT is a Maryland-domiciled, internally-managed real estate investment trust that owns a portfolio of real estate assets related to transportation, energy infrastructure, and Controlled Environment Agriculture in the United States. Houston, Texas-based MaloneBailey, LLP, the Company's auditor since 2015, issued a "going concern" qualification in its report dated March 31, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has suffered recurring losses, reduced revenues, and increase of expenses from operations and has a net capital deficiency that raises substantial doubt about its ability to continue as a going concern. As of September 30, 2025, the Company had $28 million in total assets, $21.7 million in total liabilities, and $6.2 million in total equity. PRAESUM HEALTHCARE: Hires Bailey & Co. as Investment Banker ----------------------------------------------------------- Praesum Healthcare Services, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to employ Bailey & Co. Securities, LLC as investment banker and financial advisor. The firm's services include: (a) review and analyze the Debtors' operations and finances and would formulate a strategic plan for a sale/reorganizational transaction; (b) prepare marketing/offering materials for such transaction; (c) identify and contact potential purchasers/investors; (d) manage a transactional data room; (e) assist with transactional due diligence requests; and (f) and assist in transactional negotiations and closing. The firm will be paid at these fees: a. A $150,000 flat initial fee paid upfront; b. A Success Fee, of at least $500,000, calculated as follows: (i) 3.5 percent of aggregate transactional consideration up to $50,000,000; (ii) an additional 5 percent of aggregate transactional consideration above $50,000,000; and (iii) a 25 percent discount on the Success Fee in the event the transaction ultimately occurs with an Excluded Entity listed in Section 3(E) of the Engagement Letter. c. A $25,000 monthly advisory fee in the event the Firm's engagement term exceeds 90 days. Mr. Castro 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: James Castro Bailey & Co. Securities, LLC 5511 Virginia Way, Suite 200 Brentwood, TN 37027 Tel: (615) 800-6200 About Praesum Healthcare Services, LLC Praesum Healthcare Services LLC operates a network of behavioral health and addiction treatment facilities across the United States, offering a full continuum of care that includes medical detoxification, residential rehabilitation, and outpatient counseling. The Company's brands include Sunrise Detox, which provides medically supervised detox services, Evolve Recovery Center, which delivers residential treatment programs, and The Counseling Center, which offers outpatient and intensive outpatient therapy, with locations in multiple states including New Jersey, New York, Massachusetts, Georgia, and Florida. Founded in 2004, Praesum Healthcare manages more than two dozen centers under these brands, serving individuals with substance use disorders and co-occurring mental health conditions. Praesum Healthcare Services LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Lead Case No. 25-19335) on August 13, 2025. In its petition, the Debtor reports estimated assets between $50 million and $100 million and estimated liabilities between $10 million and $50 million. Honorable Bankruptcy Judge Erik P. Kimball handles the case. The Debtor is represented by Bradley S. Shraiberg, Esq., at Shraiberg Page, PA. City National Bank of Florida, as lender, is represented by: Alexandra D. Blye, Esq. Carlton Fields, P.A. 525 Okeechobee Boulevard, Suite 1200 West Palm Beach, FL 33401 Telephone: (561) 659-7070 ablye@carltonfields.com PRAESUM HEALTHCARE: Seeks to Extend Exclusivity to April 10, 2026 ----------------------------------------------------------------- Praesum Healthcare Services, LLC and affiliates asked the U.S. Bankruptcy Court for the Southern District of Florida to extend their exclusivity periods to file a plan of reorganization and obtain acceptance thereof to April 10, 2026 and June 9, 2026, respectively. The Debtors explain that the Factors support a showing of "cause." The Debtors have only been in bankruptcy for slightly more than three months. This is a large and complex chapter 11 case; the Debtors are comprised of 28 healthcare facilities with over $50 million in debt as of the Petition Date. The Debtors claim that the companies have multiple secured creditors with differing priorities depending as to certain groups of Debtors. Over the first four months of these cases, the Debtors have focused on transitioning their 28 businesses to operate as debtors-in-possession, cutting costs, and seeking to obtain post petition financing to keep the businesses alive. The Debtors assert that they seek an extension of the Exclusive Periods to ensure smooth operations and equitable treatment for creditors as they have been consumed by these activities. While the Debtors initially filed these cases with an eye towards reorganization, they have pivoted to a sale process and recently sought approval of the employment of an investment banker. The Debtors further assert that they currently have two potential purchasers for their assets (the "Property") and have received expressions of interest from dozens more parties. The results of the sale of the Property will determine the Debtors' next steps in crafting a comprehensive chapter 11 plan for the 28 Debtors. The Debtors expect to present a viable plan for distributing the proceeds of the sale, and the sale is an unresolved contingency necessary to propose a viable plan. The Debtors' Counsel: Bradley S. Shraiberg, Esq. SHRAIBERG PAGE PA 2385 NW Executive Center Dr Suite 300 Boca Raton, FL 33431 Tel: 561-443-0800 Email: bss@slp.law About Praesum Healthcare Services Praesum Healthcare Services LLC operates a network of behavioral health and addiction treatment facilities across the United States, offering a full continuum of care that includes medical detoxification, residential rehabilitation, and outpatient counseling. The Company's brands include Sunrise Detox, which provides medically supervised detox services, Evolve Recovery Center, which delivers residential treatment programs, and The Counseling Center, which offers outpatient and intensive outpatient therapy, with locations in multiple states including New Jersey, New York, Massachusetts, Georgia, and Florida. Founded in 2004, Praesum Healthcare manages more than two dozen centers under these brands, serving individuals with substance use disorders and co occurring mental health conditions. Praesum Healthcare Services LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Lead Case No. 25-19335) on August 13, 2025. In its petition, the Debtor reports estimated assets between $50 million and $100 million and estimated liabilities between $10 million and $50 million. Bankruptcy Judge Erik P. Kimball handles the case. The Debtor is represented by Bradley S. Shraiberg, Esq., at Shraiberg Page, PA. City National Bank of Florida, as lender, is represented by: Alexandra D. Blye, Esq. Carlton Fields, P.A. 525 Okeechobee Boulevard, Suite 1200 West Palm Beach, FL 33401 Telephone: (561) 659-7070 ablye@carltonfields.com PREDICTIVE ONCOLOGY: Renames to Axe Compute, Trades Under "AGPU" ---------------------------------------------------------------- Predictive Oncology Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on December 9, 2025, it filed with the Secretary of State of the State of Delaware a Certificate of Amendment to the Company's Certificate of Incorporation to change its corporate name from Predictive Oncology Inc. to Axe Compute Inc., effective December 11, 2025. The Board of Directors approved the Name Change pursuant to Section 242 of the General Corporation Law of the State of Delaware. No stockholder approval was required under Section 242(b)(1) of the DGCL. In connection with the Name Change, the Board approved and adopted the Third Amended and Restated Bylaws, also effective on December 11, 2025, to reflect the corporate name Axe Compute Inc. and to integrate prior amendments to the Company's bylaws, dated September 9, 2022. No other substantive changes were made to the Bylaws. As a result of the Name Change, the Company's common stock will begin trading on The Nasdaq Stock Market LLC under the new ticker symbol "AGPU," effective on or about December 12, 2025. No change will be made to the CUSIP number for the Company's common stock in connection with the Name Change. Outstanding stock certificates for shares of the Company are not affected by the Name Change; they continue to be valid and need not be exchanged. Full-text copies of the Certificate of Amendment to the Certificate of Incorporation and the A&R Bylaws are available at https://tinyurl.com/53nx48am and https://tinyurl.com/yd7p55r3, respectively. About Predictive Oncology Predictive Oncology Inc., headquartered in Pittsburgh, Pa., is a science- and knowledge-driven company that leverages artificial intelligence (AI) to advance the discovery and development of optimal cancer therapies. By combining AI with a proprietary biobank of over 150,000 tumor samples, categorized by tumor type, the Company delivers actionable insights into drug compounds, enhancing the drug discovery process and increasing the likelihood of clinical success. Predictive Oncology offers a comprehensive suite of solutions that support oncology drug development from early discovery through to clinical trials, ultimately aiming to improve treatment effectiveness and patient outcomes. In its report dated March 31, 2025, the Company's auditor, KPMG 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 incurred recurring losses from operations and has an accumulated deficit that raises substantial doubt about its ability to continue as a going concern. As of June 30, 2025, Predictive Oncology had $3.44 million in total assets, $5.09 million in total liabilities, and a total stockholders' deficit of $1.65 million. PRETIUM PKG: Moody's Appends 'LD' Designation to PDR ---------------------------------------------------- Moody's Ratings appended a limited default "/LD" designation to Pretium PKG Holdings, Inc.'s (Pretium) probability of default rating, changing the PDR to Caa3-PD/LD from Caa3-PD. The /LD designation reflects the skipped interest payment on Pretium's Ca-rated second-lien loan due 2029 as the company continues to work on a debt restructuring proposal with lenders. The interest payment on its second-lien loan was due on November 12, 2025. The limited default designation will remain until the company finalizes a restructuring agreement with lenders, which Moody's expects to be completed by the end of January 2026. Pretium's corporate family rating (CFR) remains unchanged at Caa3, the following security ratings remain unchanged as well: the B3 rating assigned to its senior secured super senior first-out term loan due 2028, the Caa3 rating assigned to its senior secured super senior second-out term loan due 2028, and the Ca rating assigned to its senior secured second-lien term loan due 2029. The outlook is negative. Headquartered in St. Louis, Missouri, Pretium PKG Holdings, Inc. is a manufacturer of rigid plastic containers for variety of end markets, including food and beverage, chemicals, healthcare, wellness and personal care. Pretium PKG Holdings, Inc. has been a portfolio company of Clearlake since January 2020. PROSPECT MEDICAL: Court Confirms Amended Joint Chapter 11 Plan -------------------------------------------------------------- Judge Stacey G. Jernigan of the United States Bankruptcy Court for the Northern District of Texas confirmed the Amended Joint Chapter 11 Plan of Prospect Medical Holdings, Inc. and its debtor affiliates. The Plan satisfies the requirements of section 1129(a)(3) of the Bankruptcy Code. The Debtors proposed the Plan in good faith and not by any means forbidden by law. In so determining, the Bankruptcy Court has examined the totality of the circumstances surrounding the filing of the Chapter 11 Cases, the Plan, the Sale Transactions, and the process leading to Confirmation, including the support of Holders of Claims and Interests for the Plan, and the transactions to be implemented pursuant thereto. These Chapter 11 Cases were filed, and the Plan was proposed, with the legitimate purpose of allowing the Debtors to implement the Transactions for the maximum benefit of all parties in interest and to maximize the value of the Estates and the recoveries to Holders of Claims and Interests. The Plan is approved and confirmed in its entirety pursuant to section 1129 of the Bankruptcy Code. Any objections to Confirmation of the Plan that have not been withdrawn, waived, or settled are overruled and denied on the merits, with prejudice. As reported by the Troubled Company Reporter on Sept. 8, 2025, Prospect Medical Holdings, Inc. and its debtor affiliates submitted a Fourth Revised Disclosure Statement and Fourth Revised Joint Chapter 11 Plan dated August 27, 2025. The Debtors intend to sell all or substantially all of their assets pursuant to section 363(f) of the Bankruptcy Code prior to and in connection with confirmation of the Plan. Subsequent to confirmation, the Debtors intend to enter the next phase of these Chapter 11 Cases, which involves the (i) wind-down of the Debtors; and (ii) the liquidation of the Debtors' remaining assets. Subject to the provisions of the Plan concerning the Professional Fee Reserve Account and the Wind-Down Budget, the Debtors, the Plan Administrator, or the GUC Trust Trustee (as applicable) shall fund distributions under the Plan from (a) the Net Proceeds, (b) the proceeds of the GUC Trust, (c) the MPT GUC Advance (if applicable), (d) the Backstop Facility (if applicable), (e) the Debtors' Cash on hand, and (f) with respect to Insured Claims, the Insurance Trust. On the Effective Date, the Debtors shall be deemed to transfer to the GUC Trust all of their rights, title, and interest in and to all of the Assigned Estate Causes of Action free and clear of all Liens, charges, Claims, encumbrances, and interests, in accordance with section 1141 of the Bankruptcy Code. The GUC Trust shall be formed for the exclusive benefit of the Backstop Facility Lender and Holders of General Unsecured Claims (including the MPT Deficiency Claim). The Insurance Trust shall be established for the purposes of liquidating the Insurance Trust Assets and distributing the proceeds thereof in accordance with the Plan and the Insurance Trust Documents, with no objective to continue or engage in the conduct of a trade or business, except to the extent reasonably necessary to, and consistent with, the purpose of the Insurance Trust and the purposes described in the Plan. Upon the transfer of the Insurance Trust Assets to the Insurance Trust, the Debtors will have no reversionary or further interest in or with respect to the Insurance Trust Assets. Pursuant to the Insurance Trust Documents, the Insurance Trustee may make offers or agree in mediation with a Holder of an Insured Claim on the Allowed amount of such Holder's Insured Claim, which may be paid from the Insurance Trust and/or an Allowed General Unsecured Claim, and the remaining unpaid amount of such Holder's Insured Claim may be liquidated in a forum other than this Court, but solely to recover only from the available insurance coverage under the applicable Insurance Policies. Under the Plan, the Settling Insurers will contribute to the Insurance Trust and be protected by the Settling Insurer Injunction. As of the date hereof, the Debtors have not yet reached settlements, commutations, or other transactions with their Insurers. The Debtors are working diligently to negotiate with the Insurers to secure contributions to the Insurance Trust. The Debtors will provide regular updates to the Ad Hoc Insured Claim Counsel with respect to negotiations with the Debtors' insurers. Any settlement, commutation, or other transaction with Settling Insurers for contribution to the Insurance Trust must be approved by the Bankruptcy Court by October 1, 2025. The Debtors are continuing to finalize the Post-Confirmation Claims Resolution Procedures, which shall conform with the Claims Resolution Procedures (with only necessary Plan-related modifications). The Post-Confirmation Claims Resolution Procedures will be finalized and filed as soon as reasonably practicable, and in any event by the Plan Supplement Deadline. Class 7 consists of all Insured Claims. Except to the extent that a Holder of an Insured Claim agrees to less favorable treatment, each Holder of an Insured Claim shall receive, in full and final satisfaction, settlement, release, and discharge of such Claim, the treatment provided in the Post-Confirmation Claims Resolution Procedures. Pursuant to the Post-Confirmation Claims Resolution Procedures, the Insurance Trustee and applicable Holder shall exchange offers to agree on the Allowed amount of such Holder's Insured Claim, which may be paid from the Insurance Trust and/or an Allowed General Unsecured Claim, and the remaining unpaid amount of such Holder's Insured Claim may be liquidated in a forum other than this Court, but solely to recover only from the available insurance coverage under the applicable Insurance Policies. If the offer exchange procedures do not result in a consensual resolution of the Allowed amount of such Holder's Insured Claim, the Insurance Trustee and applicable Holder shall proceed to mediation under the terms of the Post-Confirmation Claims Resolution Procedures. If mediation is unsuccessful (or for any other reason described in the Post-Confirmation Claims Resolution Procedures), the applicable Holder can liquidate their Insured Claim in a forum other than this Court, but solely to recover only from the available insurance coverage under the applicable Insurance Policies, and in the event that (A) the applicable Insurer denies the tender of defense or there are no applicable or available Insurance Policies, or (B) the proceeds from applicable and available Insurance Policies have been exhausted or are otherwise insufficient to pay in full a Holder's Allowed Insured Claim, as determined by an order or judgment by a court of competent jurisdiction or under a settlement or compromise of such Holder's Allowed Insured Claim, then such Holder shall be entitled to its Pro Rata share of GUC Trust Interests as if such Holder was a member of Class 8 General Unsecured Claims, based on the amount of an Allowed Claim equal to the amount of the Allowed Insured Claim less the amount of available proceeds paid on such Allowed Insured Claim from the applicable and available Insurance Policies (the "Insured Deficiency Claim"). Like in the prior iteration of the Plan, each Holder of an Allowed General Unsecured Claim shall receive, in full and final satisfaction, settlement, release, and discharge of such Claim its Pro Rata share of (i) GUC Trust Interests (subject to the terms thereof with respect to the MPT Deficiency Claims) and (ii) the remaining Net Proceeds (if any) after distributions to Class 3, Class 4, and Class 5 (other than Net Proceeds of Assigned Estate Causes of Action, but including the proceeds of or recoveries from any Estate Cause of Action against Yale or any PhysicianCo Causes of Action); provided that (A) any General Unsecured Claim assumed by any Purchaser on a final basis shall be deemed paid in full under the Plan and shall not be entitled to any recovery from the GUC Trust Assets or remaining Net Proceeds (if any) and (B) MPT waives any participation in such remaining Net Proceeds (if any) allocated to the Debtors' Estates pursuant to Tranche 6 of the Recovery Waterfall. Pursuant to section 1123(b)(2) of the Bankruptcy Code and Bankruptcy Rule 9019, and in consideration for the distributions, releases, and other benefits provided pursuant to the Plan, upon the Effective Date, the provisions of the Plan shall constitute a good faith compromise and settlement of Claims, Interests, and controversies relating to the contractual, legal, and subordination rights that a Holders of Claims or Interests may have with respect to any Allowed Claim or Interest or any distribution to be made on account of such Allowed Claim or Interest. A full-text copy of the Fourth Revised Disclosure Statement dated August 27, 2025 is available at https://urlcurt.com/u?l=u3m28v from Omni Agent Solutions, Inc., claims agent. Counsel to the Debtors: SIDLEY AUSTIN LLP Thomas R. Califano, Esq. Rakhee V. Patel, Esq. Maegan Quejada, Esq. 2021 McKinney Avenue, Suite 2000 Dallas, TX 75201 Telephone: (214) 981-3300 Facsimile: (214) 981-3400 Email: tom.califano@sidley.com rpatel@sidley.com mquejada@sidley.com SIDLEY AUSTIN LLP William E. Curtin, Esq. Patrick Venter, Esq. Anne G. Wallice, Esq. 787 Seventh Avenue New York, NY 10019 Telephone: (212) 839-5300 Facsimile: (212) 839-5599 Email: wcurtin@sidley.com pventer@sidley.com anne.wallice@sidley.com The Plan satisfies section 1129(a)(11) of the Bankruptcy Code. The evidence supporting the Plan proffered or adduced by the Debtors at or before the Confirmation Hearing: (a) is reasonable, persuasive, credible, and accurate as of the dates such evidence was prepared, presented, or proffered; (b) has not been controverted by other persuasive evidence; (c) establishes that the Plan is feasible and Confirmation of the Plan is not likely to be followed by liquidation or the need for further financial reorganization; (d) establishes that the Plan may be implemented and has a reasonable likelihood of success; (e) establishes that the Debtors, the Plan Administrator, and the GUC Trust Trustee, as applicable, will have sufficient funds available to meet their obligations under the Plan; and (f) establishes that the Plan Administrator or the GUC Trust Trustee, as applicable, will have the financial wherewithal to satisfy their obligations following the Effective Date. A copy of the Court's Order dated December 15, 2025, is available at https://urlcurt.com/u?l=6wyCfQ 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 and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Lead Case No. 25-80002) on Jan. 11, 2025. In the petition filed by Paul Rundell, as chief restructuring officer, Prospect listed assets and liabilities between $1 billion and $10 billion each. Bankruptcy Judge Stacey G. Jernigan handles the case. The Debtors' general bankruptcy counsel is Sidley Austin LLP, led by Thomas R. Califano, and Rakhee V. Patel, in Dallas, Texas; and William E. Curtin, Patrick Venter, and Anne G. Wallice, in New York. Alvarez & Marsal North America, LLC, is the Debtors' financial advisor; Houlihan Lokey, Inc., is the investment banker; and Omni Agent Solutions, Inc., is the claims, noticing and solicitation agent. The official committee of unsecured creditors retained Paul Hastings LLP as its counsel; Brinkman Law Group, PC as efficiency counsel; Province, LLC as its financial advisor; and Jefferies LLC as its investment banker. REYNOLDS CRAFT: Case Summary & One Unsecured Creditor ----------------------------------------------------- Debtor: Reynolds Craft, LLC 515 Fourth Street Anderson MO 64831 Business Description: Reynolds Craft, LLC is a single-asset real estate entity that owns residential properties located at 19 Builders Lane and 712 W. Highway F in Anderson, Missouri, which together have an estimated current value of $1.03 million. Chapter 11 Petition Date: December 11, 2025 Court: United States Bankruptcy Court Western District of Missouri Case No.: 25-30319 Judge: Hon. Brian T Fenimore Debtor's Counsel: Bradley McCormack, Esq. SADER LAW FIRM, LLC 2345 Grand Blvd. Suite 2150 Kansas City MO 64108 Tel: 816-561-1818 E-mail: bmccormack@saderlawfirm.com Total Assets: $1,040,189 Total Liabilities: $875,161 The petition was signed by Brandon Reynolds as managing member. The Debtor identified Cornerstone Bank, located at 117 N. Main Street in South West City, Missouri, as its only unsecured creditor, with a claim of $50,000. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/RCMBI5A/Reynolds_Craft_LLC__mowbke-25-30319__0001.0.pdf?mcid=tGE4TAMA ROGERS LANDWORKS: Seeks Subchapter V Bankruptcy in Florida ---------------------------------------------------------- On December 10, 2025, Rogers Landworks LLC filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Middle District of Florida. According to court filings, the debtor reports between $1 million and $10 million in debt owed to 50–99 creditors. About Rogers Landworks LLC 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. Rogers Landworks LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-04570) on December 10, 2025. In its petition, the debtor reports estimated assets ranging from $1 million to $10 million and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Jason A. Burgess handles the case. The debtor is represented by Scott W. Spradley, Esq., The Law Offices of Scott W. Spradley. RXBENEFITS INC: Moody's Rates New Bank Credit Facilities 'B2' ------------------------------------------------------------- Moody's Ratings assigned B2 ratings to the proposed $80 million backed senior secured first lien revolving credit facility expiring 2030 and $450 million backed senior secured first lien term loan due 2030 of RxBenefits, Inc. ("RxBenefits"), a wholly owned subsidiary of RXB Holdings, Inc. ("RXB Holdings"). RXB Holdings will unconditionally guarantee the new bank credit facilities. There are no changes to RXB Holdings' existing ratings, including the B2 corporate family rating, B2-PD probability of default rating, and B2 ratings on the backed senior secured first lien bank credit facilities due 2027. Ratings on the backed senior secured first lien revolving credit facility and backed senior secured first lien term loans due 2027 will be withdrawn at the close of the refinancing transaction. Moody's also assigned a stable outlook for RxBenefits, and the outlook for RXB Holdings remains unchanged at stable. On December 08, 2025, RxBenefits announced a refinancing transaction that extends all debt maturities in a deleveraging transaction. Proceeds from RXBenefits' new $450 million backed senior secured first lien term loan and cash on balance sheet will be used to fully repay RXB Holdings' existing $502 million of backed senior secured first lien term loans. RATINGS RATIONALE RXB Holdings' B2 CFR is constrained by the company's modest size with under $400 million of annual revenue, moderately high financial leverage, and heavy reliance on pharmacy benefit managers (PBMs). Debt to EBITDA was approximately 3.0x for the twelve months ended September 30, 2025 pro forma the refinancing and Moody's expects modest improvement over the next 12 to 18 months. RXB Holdings relies heavily on the three largest PBMs for a majority of its revenue. While RXB Holdings' back-office connectivity with its PBM partners is a competitive advantage for the company, the market for managing pharmacy benefits is highly competitive. RXB Holdings' rating is supported by high EBITDA margins and a strong earnings outlook driven by meaningful growth in new lives under contract that utilize RXB Holdings' services. The rating is also supported by RXB Holdings' liquidity profile. Moody's expects RXB Holdings to maintain very good liquidity over the next 12 to 18 months. Cash was $536 million at September 30, 2025, a majority tied to working capital float representing claims costs and rebates that are passed between PBMs and employers. Moody's do not view this balance as a benefit to creditors, but it is a source of operating liquidity to manage quarterly working capital fluctuations. Moody's estimates operating cash of approximately $118 million at September 30, 2025 adjusting for the above dynamic and Moody's expects it to be approximately $53 million pro forma the refinancing. Moody's expects RXB Holdings will generate more than $60 million of free cash flow over the next 12 months. RXB Holdings liquidity is further supported by access to an undrawn $80 million revolver that expires in 2030. Mandatory debt amortization under the proposed refinancing transaction will increasngly restrict cash flows over time, with amortization 2.5% in year one (begining June 30, 2026), 7.5% in year two, and 10% thereafter. Marketing terms for the new credit facilities state that the revolver will have a 5.0x springing maximum first lien net leverage financial covenant that is tested once borrowings, net of unrestricted cash, exceed 40% of the revolving commitments. Marketing terms for the new credit facilities (final terms may differ materially) also include the following: Incremental pari passu debt capacity up to the greater of $164.5 million and 100% of consolidated EBITDA, plus an additional amount of incremental revolving facilities up to 75% of consolidated EBITDA, plus unlimited amounts subject to 3.25x first lien net leverage ratio. There is an inside maturity sublimit up to a dollar-capped amount equivalent to 50% of closing date EBITDA (including a builder component). A "blocker" provision restricts the transfer of material intellectual property to unrestricted subsidiaries. There are no protective provisions restricting an up-tiering transaction. The senior secured first lien bank credit facilities represent the entirety of RXB Holdings funded debt structure. The senior secured bank credit facilities are rated B2, in line with the corporate family rating. The bank credit facilities are comprised of a $80 million senior secured revolver due 2030 and $450 million senior secured term loan due December 2030. The credit facilities are secured by substantially all of the borrower's and guarantor's assets. The stable outlook reflects Moody's views that leverage will decline moderately, and the company will maintain very good liquidity. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Factors that could lead to an upgrade include RXB Holdings sustaining strong earnings growth while meaningfully increasing its scale. Quantitatively, Moody's would consider an upgrade if debt to EBITDA was sustained below 4.0x, while the company maintained very good liquidity. Factors that could lead to a downgrade include aggressive financial policies including sizable debt funded shareholder distributions or acquisitions, or if RXB Holdings liquidity weakens. Additionally, ratings could be downgraded if the net number of newly implemented lives are weak on a sustained basis, or if claims volumes materially decline. Ratings could also be downgraded in the event of changes to the PBM business model that Moody's believes would pressure RXB Holdings earnings. Quantitatively, ratings could be downgraded if debt to EBITDA is sustained above 5.5x. Headquartered in Birmingham, Alabama, RxBenefits is a benefits consultant and administrator of pharmacy benefits for self-insured small and mid-sized employers. RxBenefits was acquired by Advent International Corporation and Great Hill Partners in December 2020. For the twelve months ending September 30, 2025, the company generated revenues of approximately $368 million. The principal methodology used in these ratings was Business and Consumer Services published in November 2021. SAFEMOON US: Former Execs Targeted in Trustee's Fraud Lawsuit ------------------------------------------------------------- Rick Archer of Law360 reports that SafeMoon's liquidating trustee has filed suit in Utah bankruptcy court accusing the cryptocurrency company's former leadership of looting liquidity pools and misappropriating company assets on a massive scale. The complaint alleges that insiders extracted tens of millions of dollars for themselves, leaving the company insolvent and inflicting at least $100 million in harm. According to the trustee, the defendants exploited their positions of trust and control to secretly move funds that were marketed as safeguards for token holders. The lawsuit aims to claw back those transfers and hold the former executives personally liable for damages suffered by creditors and investors, the report states. About SafeMoon US LLC Pleasant Grove, Utah-based SafeMoon US, LLC, is a cryptocurrency company project. SafeMoon US LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. D. Utah Case No. 23-25749) on Dec. 14, 2023. In its petition, the Debtor listed between $10 million and $50 million in estimated assets and a maximum of $500,000 in estimated liabilities. The Debtor's counsel is Mark C. Rose, Esq. at Mckay, Burton & Thurman, P.C. The Chapter 7 trustee is Ellen Ostrow, Esq. at Foley & Lardner LLP. SCILEX HOLDING: Doubles Non-Recourse Loan Facility to $100MM ------------------------------------------------------------ Scilex Holding Company disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on December 8, 2025, the Company and The St. James Bank & Trust Company Ltd entered into an amendment to the Non-Recourse Loan and Securities Pledge Agreement pursuant to which the total aggregate principal amount available under the Loan Agreement was increased to $100 million. Additionally, the amount of Pledged Securities was increased to 85.8 million shares of common stock of Datavault. As previously disclosed, on December 1, 2025, it entered into the Loan Agreement pursuant to which the Lender agreed to loan the Company an aggregate principal amount of up to $50 million in one or more tranches. 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: Tranche 1: maximum of 39,202,800 Listco Securities Tranche 2: maximum of 46,636,000 Listco Securities All other terms of the Loan Agreement will continue in full force and effect, unamended. A full text copy of the Amendment is available at https://tinyurl.com/syd8kmcp 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. SCILEX HOLDING: Investors OK'd One-Time Repricing of Options ------------------------------------------------------------ Scilex Holding Company disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on December 11, 2025, it held a special meeting of stockholders in a virtual meeting format via live webcast. At the Special Meeting, a total of: (i) 29,057,097 shares of the Company's Series A preferred stock, $0.0001 par value per share, or 100% of the 29,057,097 shares of Series A Preferred Stock, issued and outstanding, and (ii) 3,668,001 shares of Common Stock, or approximately 48.4% of the 7,585,446 shares of Common Stock, issued and outstanding, both as of the close of business on November 3, 2025, the record date for the Special Meeting, were represented virtually or by proxy. The holder of Series A Preferred Stock was entitled to vote, together with the holders of Common Stock and not separately as a class, on an as converted to Common Stock basis for an aggregate of 848,106 votes as a result of the adjustments to the deemed conversion price of such preferred stock in accordance with the Certificate of Designations of Series A Preferred Stock, filed with the Delaware Secretary of State on November 10, 2022. Approximately 53% of the voting power (or 4,516,107 votes) of the issued and outstanding shares of the Company's Common Stock and Series A Preferred Stock entitled to vote were represented at the Special Meeting, which was sufficient to constitute a quorum for the purpose of transacting business at such meeting. At the Special Meeting, the Company's stockholders approved a one-time repricing of certain outstanding stock options granted to, and held by, certain of the Company's current employees, including its executive officers and named executive officers namely: * Henry Ji, Ph.D., Chairperson, Chief Executive Officer and President, * Stephen Ma, Chief Financial Officer and Chief Operating Officer, * and members of the Board of Directors through the Repricing Date, under the Company's 2022 Equity Incentive Plan, as amended, that have exercise prices of $282.80 per share, covering up to an aggregate of 289,405 shares of the Company's common stock, par value $0.0001 per share. The Option Repricing was previously approved by the Board on October 27, 2025, subject to approval by the Company's stockholders. Effective as of the Repricing Date, the per share exercise price of each Eligible Option held by an Eligible Participant who is an employee of the Company or a member of the Board as of the Repricing Date, as applicable, was automatically reduced to $16.80 per share, which was the closing trading price per share of Common Stock on the Nasdaq Capital Market on the Repricing Date. Except as modified by the Option Repricing, all other terms and conditions of the Repriced Options under the Plan, including, without limitation, any provisions with respect to vesting and term of the options, will remain in full force and effect. Because there were sufficient votes in favor of the Option Repricing Proposal, an adjournment of the Special Meeting was not necessary. 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. SELECTIS HEALTH: Agrees $13MM Sale of Sparta, Warrenton Facilities ------------------------------------------------------------------ Selectis Health, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that effective on December 5, 2025, the Company caused two of its wholly-owned subsidiaries Providence HR, LLC and Atl/Warr, LLC, each a Georgia limited liability company, to execute and deliver a definitive Purchase and Sale Agreement with two newly formed entities: 1. The Woods at Sparta of Journey Propco LLC and 2. Warrenton Woods of Jour Propco LLC. Each entity is a Georgia limited liability company. Each Seller agreed to sell substantially all the real and personal property owned by each, namely the skilled nursing facilities located at 60 Providence Street, Sparta, Georgia upon which is located that certain 71-bed skilled nursing facility commonly known as "Providence of Sparta Health & Rehab", and 813 Atlanta Highway, Warrenton, Georgia upon which is located that certain 110-bed skilled nursing facility commonly known as "Warrenton Health and Rehabilitation". The purchase price to be paid by Purchasers for the Facilities is $13,175,000.00, subject to certain prorations, holdbacks and adjustments customary in transactions of this nature. Consummation of the PSA is contingent upon numerous conditions, including, without limitation, satisfactory completion of due diligence during a Due Diligence Period, and other conditions customary in transactions of this nature. There can be no assurance that the PSA will be consummated. Operations Transfer Agreement: The Facilities are operated by separate wholly-owned subsidiaries of the Company, namely Selectis Sparta, LLC, a Georgia limited liability company, and Selectis Warrenton, LLC, a Georgia limited liability company. Concurrently with the execution of the PSA, the Company caused the Existing Operators to execute an Operations Transfer Agreement with two newly formed entities affiliated with the Purchasers, The Woods at Sparta of Journey LLC, and Warrenton Woods of Journey LLC, each a Georgia limited liability company. If consummated, of which there can be no assurance, the OTA will govern the transfer of the skilled nursing operations from the Existing Operators to the New Operators. Consummation of the OTA is contingent upon the consummation of the PSA as well as other conditions customary in transactions of this nature. Full text copies of the Purchase and Sale Agreement and Operations Transfer Agreement are available at https://tinyurl.com/3x5avky6 and https://tinyurl.com/z2m7p6zn, respectively. About Selectis Health Headquartered in Greenwood Village, Colo., Selectis Health, Inc. owns and operates, through wholly-owned subsidiaries, Assisted Living Facilities, Independent Living Facilities, and Skilled Nursing Facilities across the South and Southeastern portions of the US. In 2019, the Company shifted from leasing long-term care facilities to third-party, independent operators towards an owner operator model. New York, N.Y.-based WithumSmith+Brown, PC, the Company's auditor since 2024, issued a "going concern" qualification in its report dated April 15, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has a significant working capital deficiency, has incurred significant losses from operations, has accumulated deficits 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 $33.3 million in total assets, $38.9 million in total liabilities, and a total stockholders' deficit of $5.6 million. SHOW LOW: Seeks to Hire Latham Luna Eden as Counsel --------------------------------------------------- Show Low Development Partners, LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of Florida to employ Latham, Luna, Eden & Beaudine, LLP as counsel. The firm's services include: (a) advising as to the Debtor's rights and duties in this case; (b) preparing pleadings related to this case, including a disclosure statement and plan of reorganization; and (c) taking any and all other necessary action incident to the proper preservation and administration of this estate. The firm will be paid at these hourly rates: Daniel Velasquez, Attorney $475 Other Attorneys $275 Junior Paraprofessionals $105 The firm received a retainer of $26,738 from the Debtor. Mr. Velasquez 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: Daniel A. Velasquez, Esq. Latham Luna Eden & Beaudine LLP 201 S. Orange Avenue Suite 1400 Orlando, FL 32801 Tel: (407) 481-5800 Fax: (407) 481-5801 Email: dvelasquez@lathamluna.com About Show Low Development Partners, LLC Show Low Development Partners, LLC owns and manages real estate in Navajo County, Arizona, including a property of approximately 124 acres, focusing on land development and investment activities. Show Low Development Partners, LLC in Ocala, FL, sought relief under Chapter 11 of the Bankruptcy Code filed its voluntary petition for Chapter 11 protection (Bankr. M.D. Fla. Case No. 25-04254) on Nov. 18, 2025, listing as much as $1 million to $10 million in both assets and liabilities. Steve Holgate as vice president, signed the petition. LATHAM LUNA EDEN & BEAUDINE LLP serve as the Debtor's legal counsel. SKY-FRAME INC: M. Douglas Flahaut Named Subchapter V Trustee ------------------------------------------------------------ The U.S. Trustee for Region 16 appointed M. Douglas Flahaut as Subchapter V trustee for Sky-Frame, Inc. Mr. Flahaut will be paid an hourly fee of $680 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Flahaut declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: M. Douglas Flahaut ArentFox Schiff LLP | Attorneys at Law Gas Company Tower 555 West Fifth Street, 48th Floor Los Angeles, California 90013 Telephone: (213) 443-7559 Facsimile: (213) 629-7401 Email: douglas.flahaut@afslaw.com 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. It 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 filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. C.D. Calif. Case No. 25-20955) on December 6, 2025, with $6,099,486 in assets and $9,156,326 in liabilities. Reto Honegger, chief financial officer, signed the petition. Judge Barry Russell oversees the case. Caroline R. Djang, Esq., at Buchalter, A Professional Corp represents the Debtor as legal counsel. SPIRIT AIRLINES: Disputes Reports of Imminent Operations Halt ------------------------------------------------------------- Georgi Azar of Bloomberg Law reports that Spirit Airlines said it is continuing normal operations and is not planning to shut down amid ongoing restructuring negotiations with lenders, according to a statement from a company spokesperson. The airline characterized reports suggesting otherwise as untrue. The spokesperson said Spirit's flights are running as scheduled and business is continuing as usual. Spirit also said it is working closely with its DIP financing providers and other stakeholders to meet its financial needs, noting that discussions remain productive. About Spirit Airlines Spirit Airlines, LLC (SAVE) is a low-fare carrier committed to delivering the best value in the sky by offering an enhanced travel experience with flexible, affordable options. Spirit serves destinations throughout the United States, Latin America and the Caribbean with its Fit Fleet, one of the youngest and most fuel-efficient fleets in the U.S. On the Web: http://wwww.spirit.com/ Spirit Airlines and its affiliates sought Chapter 11 protection (Bankr. S.D.N.Y. Case No. 24-11988) on Nov. 18, 2024, after reaching terms of a pre-arranged plan with bondholders. At the time of the filing, Spirit Airlines reported $1 billion to $10 billion in both assets and liabilities. Judge Sean H. Lane oversees the case. The Debtors tapped Davis Polk & Wardwell, LLP as legal counsel; Alvarez & Marsal North America, LLC, as financial advisor; and Perella Weinberg Partners LP as investment banker. Epiq Corporate Restructuring, LLC, is the claims agent. Paul Hastings, LLP and Ducera Partners, LLC serve as legal counsel for the Ad Hoc Group of Convertible Noteholders. Akin Gump Strauss Hauer & Feld, LLP and Evercore Group LLC represent the Ad Hoc Group of Senior Secured Noteholders. The official committee of unsecured creditors retained Willkie Farr & Gallagher LLP as counsel. Citigroup Global Markets, Inc., is serving as financial advisor and Latham & Watkins LLP is serving as legal counsel to Frontier. 2nd Attempt Spirit Airlines and its affiliates sought Chapter 11 protection (Bankr. S.D.N.Y. Case No. 25-11896) on August 29, 2025. In its petition, the Debtors reports estimated assets and liabilities between $1 billion and $10 billion each. Honorable Bankruptcy Judge Sean H. Lane handles the case. The Debtor is represented by Marshall Scott Huebner, Esq. and Darren S. Klein, Esq. at Davis Polk & Wardwell LLP. SPIRIT AVIATION: Plan Exclusivity Period Extended to April 28, 2026 ------------------------------------------------------------------- Judge Sean H. Lane of the U.S. Bankruptcy Court for the Southern District of New York extended Spirit Aviation Holdings, Inc. and its subsidiaries' exclusive periods to file a plan of reorganization and obtain acceptance thereof to April 28, 2026 and June 25, 2026, respectively. As shared by Troubled Company Reporter, the Debtors explain that the companies are a leading value airline serving destinations throughout the United States, Latin America and the Caribbean. The Debtors employed approximately 25,000 direct employees and independent contractors and had a fleet of 214 aircraft as of the Petition Date. Given the magnitude of the Chapter 11 Cases, the Debtors respectfully submit that the extensions requested herein are appropriate. Moreover, the Debtors' conduct in the Chapter 11 Cases demonstrates their good faith desire to successfully and expeditiously reorganize in chapter 11 and emerge as a strong, value airline. Accordingly, each of the first three factors listed weighs in favor of the Court granting the relief sought herein. The Debtors claim that they continue to make timely payments on account of their undisputed postpetition obligations as they come due and, as applicable, in accordance with the terms of the relevant settlements negotiated during the pendency of the Chapter 11 Cases. As such, this factor also weighs in favor of allowing the Debtors to extend the Exclusive Periods. The Debtors note that they continue to make timely payments on account of their undisputed postpetition obligations as they come due and, as applicable, in accordance with the terms of the relevant settlements negotiated during the pendency of the Chapter 11 Cases. As such, this factor also weighs in favor of allowing the Debtors to extend the Exclusive Periods. Counsel to the Debtors: Marshall S. Huebner, Esq. Darren S. Klein, Esq. Christopher S. Robertson, Esq. Joseph W. Brown, Esq. DAVIS POLK & WARDWELL LLP 450 Lexington Avenue New York, NY 10017 Telephone: (212) 450-4000 E-mail: marshall.huebner@davispolk.com darren.klein@davispolk.com christopher.robertson@davispolk.com joseph.brown@davispolk.com About Spirit Aviation Holdings Inc. Spirit Aviation Holdings, Inc. and its subsidiaries operate Spirit Airlines, a U.S.-based low-cost carrier providing air transportation services across the United States, Latin America, and the Caribbean. They employ approximately 25,000 direct employees and independent contractors. Spirit Aviation Holdings and its subsidiaries sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. N.Y. Lead Case No. 25-11897) on August 29, 2025. In the petition signed by Frederick Cromer, authorized signatory, Spirit Aviation Holdings disclosed $8,576,287,000 in assets and $8,096,842,000 in liabilities as of June 30, 2025. Judge Sean H. Lane oversees the cases. The Debtors tapped Davis Polk & Wardwell, LLP as bankruptcy counsel; PJT Partners LP as investment banker; FTI Consulting, Inc. as restructuring, fleet and communications advisor; Debevoise & Plimpton, LLP as fleet counsel; Morris, Nichols, Arsht & Tunnell, LLP as conflicts counsel, and Ernst & Young, LLP as its audit and tax services provider. Epiq Corporate Restructuring, LLC is the claims, noticing, solicitation and administrative agent. The U.S. Trustee for Region 2 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. The committee tapped Willkie Farr & Gallagher, LLP as legal counsel; Alton Aviation Consultancy, LLC as specialized aviation advisor; Jefferies. LLC as investment banker; and AlixPartners, LLP as financial advisor. SPLASH BEVERAGE: Raises $600,000 from Option Holders ---------------------------------------------------- Splash Beverage Group, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on December 5, 2025, the Company entered into agreements with holders of certain options to purchase a total of $600,000 of shares of the Company's common stock, pursuant to which the parties agreed to terminate such options and in exchange the Company agreed to issue to the holders thereof a total of 113,636 shares of common stock and 1,136 shares of a newly designated Series D Convertible Preferred Stock. On December 9, 2025, the Company filed with the Nevada Secretary of State a Certificate of Designations of 50,000 shares of Series D. Holders of Series D have the right to convert shares of Series D into shares of common stock in an amount equal to 100 shares of common stock for each share of Series D, subject to the rules of the NYSE American, LLC (including the shareholder approval requirements thereof) and beneficial ownership limitations. Holders of Series D are entitled to vote with the Company's common stock on an as-converted basis. A full-text copy of the Certificate of Designations of Series D Convertible Preferred Stock is available at https://tinyurl.com/bdd5c2sz About Splash Beverage Group Fort Lauderdale, Florida-based Splash Beverage Group, Inc. is a portfolio company specializing in managing multiple brands across various growth segments within the consumer beverage industry. The Company focuses on incubating and acquiring brands with the aim of accelerating them to higher volumes and increased sales revenue. Encino, Calif.-based Rose, Snyder & Jacobs LLP, the Company's auditor since 2023, issued a "going concern" qualification dated July 11, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024. The report indicated that the Company has suffered recurring losses from operations and has an accumulated deficit and a working capital deficiency that raise substantial doubt about its ability to continue as a going concern. As of September 30, 2025, the Company had $22,489,297 in total assets, $15,711,745 in total liabilities, and $6,777,552 in total stockholders' equity. SURGERY CENTER: $425MM Notes Add-on No Impact on Moody's 'B2' CFR ----------------------------------------------------------------- Moody's Ratings said that Surgery Center Holdings, Inc. ("Surgery Partners") ratings and negative outlook are not affected by the company's proposed $425 million add-on to its senior unsecured notes due 2032. The company's ratings include a B2 corporate family rating, B2-PD probability of default Rating, Ba3 rating on the senior secured first lien term loan, Ba3 rating on senior secured first lien revolving credit facility, and Caa1 rating on the senior unsecured notes. The proceeds from the $425 million add-on debt will be used for general corporate purposes, including, but not limited to, repaying outstanding borrowings under its revolving credit facility. Leverage increases slightly with the transaction with pro forma debt/EBITDA approximately 6.8 times for the twelve months ending September 30, 2025. Surgery Center Holdings, Inc., headquartered in Brentwood, TN, is an operator of 165 short stay surgical facilities in 30 states as of September 30, 2025. The surgical facilities, which include 146 ASCs and 19 surgical hospitals, primarily provide nonemergency surgical procedures across many specialties. Surgery Center Holdings, Inc. also provides ancillary services including multi-specialty physician practices, urgent care facilities and anesthesia services. Surgery Center Holdings, Inc. is 39% owned by Bain Capital Private Equity, LP and listed on the NASDAQ. Revenue is approximately $3.3 billion LTM September 30, 2025. SVANGVITAYA LLC: David Wood Named Subchapter V Trustee ------------------------------------------------------ The Acting U.S. Trustee for Region 15 appointed David Wood of Marshack Hays Wood as Subchapter V trustee for Svangvitaya L.L.C. Mr. Wood will be paid an hourly fee of $610 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Wood declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: David Wood Marshack Hays Wood 870 Roosevelt Irvine, CA 92620 Phone: (949) 333-7777 Email: DWood@marshackhays.com About Svangvitaya L.L.C. Svangvitaya L.L.C., doing business as Sala Thai, sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S. Calif. Case No. 25-05083) on December 3, 2025, listing up to $50,000 in assets and between $100,001 and $500,000 in liabilities. The case is overseen by Honorable Bankruptcy Judge J. Barrett Marum. The Debtor is represented by Michael Jay Berger, Esq., at the Law Offices of Michael Jay Berger. T-SHIRT STATION: Seeks Chapter 11 Bankruptcy in Florida ------------------------------------------------------- On December 11, 2025, T-Shirt Station Stores LLC filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of Florida. According to court filings, the debtor reports between $100,001 and $1,000,000 in debt owed to 1–49 creditors. About T-Shirt Station Stores LLC T-Shirt Station Stores LLC operates as a retailer of t‑shirts and apparel, serving the local Florida consumer base. T-Shirt Station Stores LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-24608) on December 11, 2025. In its petition, the debtor reports estimated assets ranging from $0 to $100,000 and estimated liabilities between $100,001 and $1,000,000. Honorable Bankruptcy Judge Erik P. Kimball handles the case. The debtor is represented by Tarek K. Kiem, Esq. TARO INVESTMENT: Updates Restructuring Plan Disclosures ------------------------------------------------------- Taro Investment Corporation submitted a Fourth Amended Small Business Plan of Liquidation dated December 5, 2025. The Debtor filed this Amended Plan after the failure of the Debtor to obtain at an online auction sale held November 12 through November 18, 2025 a bid for the property of the estate that the Debtor, through Meghan McCulloch, Personal Representative of the Estate of Thomas Taro, Sr., the legal holder of 100% of the shares of Taro Investment Corporation believes sufficient to pay administrative claims, the liens of secured creditors and any equity to the Estate of Thomas Taro, Sr. which is liable for substantial estate taxes and fees to the State of Maryland prior to payments to the legatees of the Estate. The Debtor states its grounds for proposing another attempt to market the property at a second auction sale to be held in the spring of 2026. The Debtor is not in operation and has no income, nor does it expect to have income during the term of this Plan. If such income in obtained during the term of this Plan, the Debtor shall hold same in the Debtor-in-Possession account for payment of administration expenses, including costs to prepare the property of the estate for an auction sale, subject to approval of the Court. It is contemplated that all of the income obtained for satisfaction of claims of creditors shall be obtained by the liquidation of the assets of the Debtor at an auction sale. One or more sales of the property to the Debtor, including personal property located on the premises shall made free and clear of liens pursuant to Section 363 of the Bankruptcy Code. The term of this Plan begins on the date of confirmation of this Plan and ends 60 days after the resolution of all disputed claims and creditors are paid from the proceeds of the sale of the assets of the debtor. The value of the property to be distributed under the Plan during the term of the Plan is not less than the Debtor's projected disposable income for that same period. Only one unsecured creditor, Baltimore Gas & Electric Company has filed an unsecured claim for $2,166.83. It is unknown if the sale of the property will yield enough funds to pay this creditor after payment of secured, priority and administrative claims, but said claim will be paid to the full extent of available funds if sufficient funds remain after payment of claims with higher priority. Class 5 consists of Allowed Claims of non-Insider unsecured creditors in this proceeding. Only one potential general unsecured creditor is known at this time and said claim is disputed. Funding for the Plan shall come primarily from sale of the Debtor's Property in a free and clear sale conducted by SVN Auction Services, LLC, with a marketing period culminating in a public auction with a reserve to be determined by the Debtor, in consultation with equity security holders. The auction sale shall be conducted as soon as practicable either before or after Confirmation, taking into consideration the advice of the auctioneer in order to maximize the return to creditors; provided, however, that in no event shall the auction occur later than June 30, 2026. The Court shall approve any bid procedures, and in the event that any sale is contemplated prior to confirmation of the Plan, the Debtor shall file a motion pursuant to Section 363 of the Bankruptcy Code for a sale free and clear of liens, subject to the provisions of that statute. Upon closing of the sale of the Property, and, if sold separately, the approximately 1-acre lot, the Debtor will pay sales proceeds as follows: * First, subject to the terms of the Auctioneer Retainer Agreement, to the actual and necessary costs and expenses of sale, including but not limited to commission(s), advertising and closing costs. * Second, pursuant to the provisions of Section 506(c) of the Bankruptcy Code, to the payment of the Allowed Claims of Class 1, provided that the auction sale yields sufficient proceeds to pay secured liens against the Property. * Third, to the payment of the Allowed Claims, if any, of Class 2, pursuant to Section 1129 (a)(9)(A) of the Bankruptcy Code. * Fourth, to the payment of the Allowed Claim, if any, of Class 3, in accordance with § 1129 (a)(9)(C), (D) and Section 1129(b)(2)(A) of the Bankruptcy Code. * Fifth, to the payment of the Allowed Claim of Class 4, in accordance with Section 1129(b)(2)(A) of the Bankruptcy Code. * Sixth, to the payment of Allowed Claims of Class 5 through 7. A full-text copy of the Fourth Amended Plan dated December 5, 2025 is available at https://urlcurt.com/u?l=IFdgaa from PacerMonitor.com at no charge. Counsel to the Debtor: Ronald L. Schwartz, Esq. 4907 Niagara Road, Suite 103 College Park, MD 20740 Tel: (301) 474-2300 Email: ronaldschwartz@verizon.net Marc E. Shach, Esq. Coon & Cole, LLC 1301 York Road, Suite 400 Lutherville, MD 21093 Phone: (410) 244-8800 Email: mes@cooncolelaw.com About Taro Investment Corporation Ellicott City, Maryland-based Taro Investment Corporation is engaged in the business of bottled water manufacturing. Taro Investment Corp. filed its voluntary petition for Chapter 11 protection (Bankr. D. Md. Case No. 24-13539) on April 26, 2024, listing $2,146,200 in assets and $2,159,165 in liabilities. Meghan McCulloch, Personal Representative of Estate of Thomas Taro Sr., authorized representative of the Debtor, signed the petition. Ronald L. Schwartz, Esq. serves as the Debtor's legal counsel. TONIX PHARMACEUTICALS: Welcomes Irina Ishak as General Counsel -------------------------------------------------------------- Tonix Pharmaceuticals Holding Corp. appointed Irina Ishak as General Counsel, effective December 8, 2025. Ms. Ishak will lead Tonix's legal, corporate governance, and compliance functions. "Irina is a highly accomplished corporate and commercial attorney whose experience spans public and private life sciences companies, as well as advising life sciences investors," said Seth Lederman, M.D., President and Chief Executive Officer of Tonix. "Her deep background in complex transactions, public company matters, and governance will be a significant asset as we commercialize our marketed products, advance our pipeline, manage our partnerships, and continue to execute on Tonix's long-term strategy." Ms. Ishak joins Tonix from Lowenstein Sandler LLP, where she served since 2013 as Senior Counsel, and has advised Tonix since 2017 in structuring and negotiating financings, licensing and other strategic transactions, key commercial agreements, and employment-related contracts, and advising senior management and the Board of Directors on corporate strategy, governance, risk, and securities offerings and filings. In addition to Tonix, Ms. Ishak acted as outside general counsel, corporate secretary, and advisor to certain other public and private life sciences companies, as well as to investors. Previously, she was Senior Director, Legal and Assistant Corporate Secretary at Savient Pharmaceuticals, Inc., which developed, won US Food and Drug Administration (FDA) approval for, and launched KRYSTEXXA(R) (pegloticase), a biologic treatment for chronic gout in adults. Earlier in her career Ms. Ishak was a corporate associate at Fried, Frank, Harris, Shriver & Jacobson LLP. She received her J.D. from New York University School of Law and her B.A., with highest honors, from Rutgers College in New Brunswick, N.J. "I am honored to join Tonix as General Counsel at such a pivotal moment in the Company's evolution," said Ms. Ishak. "Tonix has just launched the first therapy approved by the FDA for treating fibromyalgia in more than 15 years. Now the company is maximizing that science to expand into other conditions. It's an exciting time at Tonix and there is immense opportunity to make a valuable contribution. I look forward to working closely with Seth, the leadership team, and the Board to support the Company's next phase of growth." About Tonix Pharmaceuticals Chatham, N.J.-based Tonix Pharmaceuticals Holding Corp., through its wholly owned subsidiary Tonix Pharmaceuticals, Inc., is a fully integrated biopharmaceutical company focused on developing and commercializing therapeutics to treat and prevent human disease and alleviate suffering. As of September 30, 2025, the Company had $252.4 million in total assets, $21.3 million in total liabilities, and $231.1 million in total stockholders' equity. Iselin, N.J.-based EisnerAmper LLP, the Company's auditor since 2023, issued a "going concern" qualification in its report dated March 18, 2025, citing that the Company has continuing losses and negative cash flows from operating activities that raise substantial doubt about its ability to continue as a going concern. TRANSATLANTIC BRIDGE: Jerrett McConnell Named Subchapter V Trustee ------------------------------------------------------------------ The Acting U.S. Trustee for Region 21 appointed Jerrett McConnell, Esq., at McConnell Law Group, P.A. as Subchapter V trustee for TransAtlantic Bridge Corp. Mr. McConnell will be paid an hourly fee of $350 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. McConnell declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Jerrett M. McConnell, Esq. McConnell Law Group, P.A. 6100 Greenland Rd., Unit 603 Jacksonville, FL 32258 Phone: (904) 570-9180 info@mcconnelllawgroup.com About 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 filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-04515) on December 5, 2025, with $423,518 in assets and $2,755,371 in liabilities. Hanna Moore, chief executive officer of TransAtlantic, signed the petition. Bryan K. Mickler, Esq., at the Law Offices of Mickler & Mickler, LLP represents the Debtor as bankruptcy counsel. TRICO MILLWORKS: Gets Extension to Access Cash Collateral --------------------------------------------------------- The U.S. Bankruptcy Court for the District of Maine issued a second final order allowing Trico Millworks, Inc. to continue using cash collateral to fund operations. The second final order authorized the Debtor to use cash collateral according to its budget, with expenditures capped at 110% of the projected amounts. The Debtor's seven-week budget projects total operational expenses of $246,069. Weekly reporting to the pre-bankruptcy lienholder Bangor Savings Bank, the Subchapter V trustee, and the U.S. trustee is required to compare actual versus projected performance. As of September 15, the Debtor owed the lienholder $258,129.99, exclusive of collection costs. As adequate protection, Bangor will be granted liens on all of the Debtor's assets (except avoidance action proceeds) to the extent of any diminution in the value of its collateral, maintaining the same priority as its pre-bankruptcy liens. The lienholder also retains continuing liens on proceeds, products, and profits acquired post-petition. These liens are fully perfected without additional filings. In case these liens do not fully cover any diminution in value, the remaining obligations will constitute administrative claims under 11 U.S.C. Section 507(b). The Debtor must make monthly payments of $1,360.87 to the Internal Revenue Service starting on January 15, 2026, with all rights regarding application of the payments reserved. Events of default under the second final order include modifications of the order that harm the lender, unauthorized cash collateral use, material breaches, intentional financial misrepresentations, and conversion or dismissal of the Debtor's Chapter 11 case. Upon default and notice, the court will hold an expedited hearing to determine remedies, but the Debtor may temporarily use cash collateral only for essential expenses to prevent immediate harm. A continued final hearing is set for January 29, 2026, with objections due by January 27, 2026. The second final order is available at https://is.gd/c65BMi from PacerMonitor.com. Bangor Savings Bank is represented by: Kellie W. Fisher, Esq. Drummond Woodsum 84 Marginal Way, Suite 600 Portland, ME 04101-2480 Telephone: (207) 772-1941 kfisher@dwmlaw.com About Trico Millworks Inc. Trico Millworks, Inc. designs, fabricates, and installs custom architectural millwork for commercial construction projects across Maine and New Hampshire. Founded in 2000, the company serves schools, medical facilities, and office buildings, providing cabinetry, doors, stair components, reception and display fixtures, and other interior woodwork, and holds QCP Certification from the Architectural Woodwork Institute. Trico Millwork collaborates with contractors on projects ranging from small fit-ups to large-scale millwork packages. Trico Millworks sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Me. Case No. 25-20222) on September 15, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Michael A. Fagone handles the case. The Debtor is represented by Adam Prescott, Esq., at Bernstein, Shur, Sawyer & Nelson, P.A. BCM Advisory Group is the Debtor's financial advisor. TRINSEO PLC: Unit's Restructuring OK'd, $40MM Charges Projected --------------------------------------------------------------- Trinseo PLC disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on December 5, 2025, the management team of Company, upon authorization from the Board of Directors, approved a restructuring plan to permanently close its polystyrene production operations in Schkopau, Germany with consolidation of remaining PS operations in Tessenderlo, Belgium. The Company expects to record total pre-tax restructuring charges of $30 million to $40 million, principally comprised of $3 million to $5 million of employee-related costs, $10 million to $14 million of asset-related charges and $15 million to $21 million related to existing production activities, including contract terminations, demolition and decommissioning. The anticipated future cash payments associated with these charges are expected to be approximately $18 million to $24 million, with substantially all payments expected to be made by the end of 2028. The Company expects the PS Restructuring Plan actions to commence in the fourth quarter of 2025 and be completed by the end of 2028 subject to the satisfaction of local law requirements. However, the actual timing and costs of the PS Restructuring Plan may differ from the Company's current expectations and estimates and such differences may be material since these charges are subject to ongoing negotiations with works councils, industrial associations and government authorities. The Company estimates that the PS Restructuring Plan initiatives will deliver approximately $10 million of annualized profitability improvement beginning in 2026. About Trinseo Headquartered in Wayne, Pa., Trinseo (NYSE: TSE) (www.trinseo.com), a specialty material solutions provider, partners with companies to bring ideas to life in an imaginative, smart, and sustainably focused manner by combining its premier expertise, forward-looking innovations, and best-in-class materials to unlock value for companies and consumers. From design to manufacturing, Trinseo taps into decades of experience in diverse material solutions to address customers' unique challenges in a wide range of industries, including building and construction, consumer goods, medical, and mobility. As of September 30, 2025, the Company had $22.5 million in total assets, $15.7 million in total liabilities, and $6.8 million in total stockholders' equity. * * * In December 2025, S&P Global Ratings lowered its issuer credit rating on specialty materials solutions provider Trinseo PLC to 'CCC' from 'CCC+', its issue-level rating on its senior secured super-priority revolving credit facility (RCF) and senior secured term loan to 'B-' from 'B', its issue-level rating on its senior secured term loan B to 'CCC' from 'CCC+', and its issue-level rating on its senior secured second-lien notes to 'CC' from 'CCC-'. S&P's recovery ratings on the company's debt are unchanged. Trinseo PLC's operating performance has deteriorated over the first nine months of 2025, causing its credit metrics to weaken to levels S&P views as unsustainable. S&P said, "The negative outlook reflects the at least one-in-three chance we will downgrade Trinseo in the next 12 months if its operating performance continues to deteriorate such that its liquidity weakens or it undertakes a debt restructuring, which we would likely view as distressed. . . The negative outlook on Trinseo reflects the potential that we will lower our rating in the next 12 months if it appears that the likelihood of a default has increased, or if the company is unable to meet its debt obligations or if the company restructures or undertakes a distressed exchange. We currently anticipate the issuer will default absent unforeseen positive developments and expect its credit metrics will remain elevated over the next 12 months. We forecast the company's S&P Global Ratings-adjusted debt to EBITDA will be in the 15x-16x range over the next 12 months." UNIQUE DENTAL: Case Summary & 10 Unsecured Creditors ---------------------------------------------------- Debtor: Unique Dental Care Professional Limited Liability "Dentistry," LLC 699 President Place, Suite 402 Christiana, TN 37037 Business Description: Unique Dental Care provides general, cosmetic, and restorative dental services from its office in Tennessee, offering treatments including preventive care, crowns, bridges, veneers, teeth whitening, dental bonding, inlays and onlays, and dental implants. The practice emphasizes modern dental techniques and sedation options such as nitrous oxide to accommodate patient comfort while maintaining safety and efficiency. It serves local residents with a focus on comprehensive oral health care, combining state-of-the-art equipment with personalized patient services. Chapter 11 Petition Date: December 12, 2025 Court: United States Bankruptcy Court Middle District of Tennessee Case No.: 25-05234 Judge: Hon. Charles M Walker Debtor's Counsel: Henry E. ("Ned") Hildebrand, IV, Esq. DUNHAM HILDEBRAND PAYNE WALDRON, PLLC 9020 Overlook Blvd., Suite 316 Brentwood, TN 37027 Tel: 615-933-5851 Fax: 615-777-3765 Email: ned@dhnashville.com Total Assets: $266,764 Total Liabilities: $3,143,552 The petition was signed by Dr. Franklin Daniel as owner. A full-text copy of the petition, which includes a list of the Debtor's 10 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/UVLV7LI/Unique_Dental_Care_Professional__tnmbke-25-05234__0001.0.pdf?mcid=tGE4TAMA VINTRENDI WINE: Matthew Brash Named Subchapter V Trustee -------------------------------------------------------- The U.S. Trustee for Region 11 appointed Matthew Brash of Newpoint Advisors Corporation as Subchapter V trustee for Vintrendi Wine Company. Mr. Brash will be paid an hourly fee of $425 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Brash declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Matthew Brash Newpoint Advisors Corporation 655 Deerfield Road, Suite 100-311 Deerfield, IL 60015 Tel: (847) 404-7845 About Vintrendi Wine Company Vintrendi Wine Company filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-18650) on December 4, 2025, with $50,001 to $100,000 in assets and $500,001 to $1 million in liabilities. Gregory K. Stern, Esq., at Gregory K. Stern, P.C. represents the Debtor as legal counsel. VOLITIONRX LTD: Volition Veterinary CEO Butera to Depart Jan. 31 ---------------------------------------------------------------- VolitionRx Limited disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on December 5, 2025, Volition Veterinary Diagnostics Development, LLC, a majority-owned subsidiary of the Company, provided notice of termination of its employment agreement with Dr. Salvatore Thomas Butera, the Chief Executive Officer of Volition Veterinary, effective as of January 31, 2026. The decision to end Dr. Butera's employment was made for operational reasons and not as a result of any disagreement or dispute with the Company on any matter relating to the Company's operations, policies or practices. Effective January 31, 2026, Volition Veterinary will eliminate the Chief Executive Officer position as part of the Company's ongoing cost-realignment efforts. Dr. Butera's duties will be redistributed within the Company. Following the Termination Date, it is intended that Dr. Butera will remain with Volition Veterinary on a part-time consulting basis, providing advisory services, subject to mutually agreed upon terms. About Volition Henderson, Nev.-based VolitionRx Limited is a multinational epigenetics company. It has patented technologies that use chromosomal structures, such as nucleosomes, and transcription factors as biomarkers in cancer and other diseases. Draper, Utah.-based Sadler, Gibb & Associates, LLC, the Company's auditor since 2011, issued a "going concern" qualification in its report dated March 31, 2025, attached in the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has suffered recurring losses from operations, negative cash flows from operations and minimal revenues which raises substantial doubt about its ability to continue as a going concern. As of June 30, 2024, VolitionRx had $13.1 million in total assets, $36 million in total liabilities, and $22.9 million in total stockholders' deficit. WAGNER RESTORATION: Andrew Layden Named Subchapter V Trustee ------------------------------------------------------------ The Acting U.S. Trustee for Region 21 appointed Andrew Layden as Subchapter V trustee for Wagner Restoration, LLC. Mr. Layden will be paid an hourly fee of $400 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Layden declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Andrew Layden 200 S. Orange Avenue, Suite 2300 Orlando, FL 32801 Telephone: 407-649-4000 Email: alayden@bakerlaw.com About Wagner Restoration LLC Wagner Restoration, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-07831) on December 2, 2025, with $50,001 to $100,000 in assets and $100,001 to $500,000 in liabilities. Judge Tiffany P. Geyer presides over the case. Scott W. Spradley, Esq., at the Law Offices of Scott W. Spradley, P.A. represents the Debtor as bankruptcy counsel. WASTE PRO: Moody's Cut CFR to 'B3', Outlook Stable -------------------------------------------------- Moody's Ratings downgraded the ratings of Waste Pro USA, Inc. (Waste Pro), including the corporate family rating to B3 from B2, probability of default rating to B3-PD from B2-PD and senior unsecured notes rating to Caa1 from B3. The outlook remains stable. The rating downgrades reflect the company's underperformance relative to Moody's expectations with significantly higher leverage and increasingly negative free cash flow driven by a more aggressive posture on growth spending. A steady increase in debt to fund acquisitions and a significant increase in growth capital expenditures (capex) resulted in adjusted debt-to-LTM EBITDA of around 6.5x at September 30, 2025, pro forma for acquisitions and $200 million industrial revenue bonds (IRBs) issued in November 2025. A portion of the proceeds was used to pay down debt. The ratio is meaningfully higher than the 4.9x level Moody's anticipated by year-end 2025. Moody's expects leverage to improve toward 5.5x through 2026 as the acquisitions are integrated and recent contract wins and renewals support EBITDA growth. Nonetheless, leverage will remain above 5x for some time. In addition, Moody's expects free cash flow to remain negative due in part to higher interest expense, but to improve with expected moderation in capex. RATINGS RATIONALE Waste Pro's B3 CFR reflects the company's modest scale with a regional focus and particular reliance on the state of Florida, resulting in high exposure to climate risk and sectors that are sensitive to economic cycles. The company also generates lower margins than vertically integrated industry peers with higher-margin solid waste landfill/disposal due to Waste Pro's collection-focused operating model. Waste Pro has high leverage and sustained negative free cash flow constrained by a capital intensive business model, growth-oriented financial policies and higher interest expense. However, free cash flow could turn positive if growth capital investments were significantly reduced. Moody's expects the growth strategy to continue requiring significant capital investment over the longer term, although management has indicated capital spending will moderate in 2026 while it integrates acquisitions executed in 2025. Waste Pro's business model benefits from the non-discretionary nature of demand in the solid waste industry and from industry-wide pricing discipline. The company provides a premium/personalized collections service tied to multi-year contracts with an 80% renewal rate and built-in price escalators that provide good revenue visibility. Waste Pro's strong presence in the Southeastern US, a region of the country (particularly Florida) that continues to have economic and population growth above the national average, will support top line growth over the next year. However, Florida's economic growth is moderating. Positive pricing fundamentals and continued focus on restructuring and exiting lower margin contracts will help offset negative impacts from roll-off and industrial volume pressures. The stable outlook reflects Moody's expectations for credit metrics to improve over the next year, supported by volume growth, price increases, efficiency initiatives and realization of acquisition synergies. Moody's also expects the company to maintain adequate liquidity. Waste Pro's liquidity is adequate despite typically modest cash on hand and the lack of a track record of generating positive free cash flow. Moody's expects free cash flow to remain negative in 2026 although lower growth capital investments will reduce cash consumption. At the same time, if new commercial opportunities were to occur, additional capex may be required to service those contracts. Moody's expects the $290 million ABL facility expiring in 2030 will be used to support working capital needs and growth initiatives. Pro forma availability was approximately $240 million at September 30, 2025, net of letters of credit, with borrowings reduced using proceeds from the recently issued IRBs. Moody's expects the company to maintain ample availability on the ABL and to remain in compliance with covenants over the next year. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded with an acceleration of profitable revenue growth and effective cost management that drive stronger operating margins, such that debt-to-EBITDA is expected to remain below 5x and the EBITDA margin is sustained above 20%. The maintenance of good liquidity, including reduced reliance on the ABL revolving facility and consistent positive free cash flow (including growth capital expenditures) would also be important considerations for a ratings upgrade. Lower geographic concentration with prudent and profitable expansion beyond Florida would also be viewed favorably. The ratings could be downgraded with contraction in revenue or sustained deterioration in EBITDA margin, including from a meaningful drop in core pricing or a decline in volumes in conjunction with competitive pressures. Ratings could also be pressured by increasingly negative free cash flow and debt-to-EBITDA remaining above 6x. Erosion of liquidity, including limited ABL revolver availability and/or covenant compliance issues with the ABL facility could also adversely affect the ratings. The principal methodology used in these ratings was Environmental Services and Waste Management published in November 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. Waste Pro USA, Inc. is a Southeast US regionally concentrated, non-hazardous solid waste management company focused largely on waste collection operations. The company also provides transfer, disposal and recycling services. Net revenue approximated $1.3 billion for the twelve months ended September 30, 2025. Waste Pro is owned by its founder and current board chairman. WEINBERG CAPITAL: Hires Orantes Law Firm P.C. as Counsel -------------------------------------------------------- Weinberg Capital Investments LLC seeks approval from the U.S. Bankruptcy Court for the Central District of California to employ The Orantes Law Firm, P.C. as general bankruptcy counsel. The firm will provide these services: (a) advise the Debtor with respect to its rights, duties, and obligations under the Bankruptcy Code; (b) prepare, on behalf of the Debtor, all necessary applications, motions, answers, orders, reports, and other legal documents required in the administration of the Chapter 11 case; (c) represent the Debtor in all proceedings before the Bankruptcy Court and in any other judicial or administrative proceedings where the Debtor's rights may be affected; (d) assist the Debtor in negotiating and formulating a plan of reorganization and related disclosure statement; and (e) perform such other legal services as may be necessary and appropriate in connection with the Chapter 11 case. The firm will be paid at these rates: Partners $695 per hour Associates $250 to $695 per hour Paralegals $120 to $695 per hour On November 4, 2025, the firm agreed to a $25,000 retainer plus filing fees of $1,738 and $75 for a report or reports from a title company for a total of $26,813. According to the declaration of Giovanni Orantes, Esq., the firm is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code and holds no interest adverse to the Debtor or its estate. The firm can be reached at: Giovanni Orantes, Esq. The Orantes Law Firm, P.C. 3435 Wilshire Blvd., 27th Floor Los Angeles, CA 90010 Telephone: (213) 389-4362 Facsimile: (877) 789-5776 E-mail: go@gobklaw.com About Weinberg Capital Investments LLC Weinberg Capital Investments LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Calif. Case No. 25-12068) on November 05, 2025, with $1,000,001 to $10 million in assets and liabilities. Judge Victoria S. Kaufman presides over the case. Giovanni Orantes, Esq. at Orantes Law Firm PC represents the Debtor as legal counsel. WELL FRUIT COMPANY: Seeks Chapter 7 Bankruptcy in Florida --------------------------------------------------------- On December 11, 2025, The Well Fruit Company, Inc. filed for Chapter 7 protection in the U.S. Bankruptcy Court for the Middle District of Florida. According to court filings, the debtor reports between $100,001 and $1,000,000 in debt owed to 1–49 creditors. About The Well Fruit Company, Inc. The Well Fruit Company, Inc. operates as a contract manufacturer of health and wellness products for major brands, including fruit‑based delivery systems for supplements and over‑the‑counter products. The Well Fruit Company, Inc. sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 25-09328) on December 11, 2025. In its petition, the debtor reports estimated assets ranging from $0 to $100,000 and estimated liabilities between $100,001 and $1,000,000. Honorable Bankruptcy Judge Caryl E. Delano handles the case. The debtor is represented by Buddy D. Ford, Esq., of Ford & Semach, P.A. WHITEHALL PHARMACY: Plan Exclusivity Extended to March 18, 2026 --------------------------------------------------------------- Judge Richard Taylor of the U.S. Bankruptcy Court for the Eastern District of Arkansas extended Whitehall Pharmacy LLC's exclusive periods to file a plan of reorganization and obtain acceptance thereof to March 18, 2026 and May 17, 2026, respectively. As shared by Troubled Company Reporter, the Debtor explains that the size and complexity of the case supports an extension of the Exclusive Periods. Debtor operates a network of pharmacies across Arkansas and is involved in multiple complicated prescription drug reimbursement programs. Debtor has negotiated multiple cash collateral budgets and orders with Stone Bank and other stakeholders, implemented a consent cash-management regime and assumed at critical executory contracts. The Debtor and its advisors are validating claim pools, finalizing normalized run-rate budgets under the amended cash-collateral framework, and preparing multi-scenario projections, with the claims bar date's expiration. The requested extension will allow Debtor to complete these interdependent steps and use them to negotiate plan terms with creditors. The Debtor asserts that it does not file this Motion for any improper purposes. No prejudice or improper leverage will be gained by entry of an order pursuant to this Motion. Debtor seeks this extension to marshal information and build consensus, not to delay recoveries or pressure creditors. Extending exclusivity will preserve a stable environment for plan negotiations while avoiding the distraction and expense of competing plans. Whitehall Pharmacy, LLC is represented by: Charles Darwin Davidson, Sr., Esq. Deven K. Harvison, Esq. Davidson Law Firm 724 Garland Street Little Rock, AR 72201 Telephone: (501) 374-9977 Email: deven.harvison@dlf-ar.com About Whitehall Pharmacy LLC Whitehall Pharmacy, LLC operates pharmacies in multiple locations in Arkansas. Whitehall Pharmacy sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Ark. Case No. 25-12406) on July 21, 2025, listing between $1 million and $10 million in assets and liabilities. Floyd Lelan Stice, company owner, signed the petition. Judge Phyllis M. Jones oversees the case. The Debtor tapped Charles Darwin Davidson, Sr., Esq., at Davidson Law Firm, as bankruptcy counsel and Sykes & Company, P.A. as accountant. WOHALI LAND: Judge Approves $4MM Loan to Halt Foreclosure --------------------------------------------------------- Petr Herink of The Park Record reports that Wohali Land Estates avoided foreclosure on its Coalville luxury housing project after a federal judge authorized a $4 million loan to temporarily stabilize the company. The developer had filed for Chapter 11 bankruptcy this summer, reporting debts exceeding $13 million. Chapter 11 allows businesses to restructure finances rather than be forced into immediate asset sales. The company failed to pay a $3.3 million bill to Coalville on December 1, 2025, putting the property at risk of foreclosure. Wohali and the Coalville City Council had established a public infrastructure district in 2018 to fund the project and improve city systems, including sewers. The unpaid bill was part of the district's bond obligations, which Wohali was responsible for reimbursing, the report states. State code requires foreclosure if public infrastructure debt is not repaid. Chief Judge Peggy Hunt approved the $4 million loan to cover the payment and other urgent expenses such as payroll. The funds will come from a foreign investment company listed among Wohali's top creditors, though other investors, including billionaire Doug Bergeron, opposed the loan, advocating alternative plans that could have benefited them in a future property sale, according to The Park Record. Judge Hunt labeled the decision an "interim ruling," leaving open the possibility of different funding arrangements later in the bankruptcy. Wohali had already been named in several civil lawsuits for alleged financial mismanagement. Court records show the company owes between $100 million and $500 million to 100–199 creditors, with nearly $13 million owed to its top 20 creditors. Most litigation remains paused pending the outcome of the bankruptcy case, the report relays. About Wohali Land Estates LLC Wohali Land Estates, LLC develops the Wohali master-planned community in Coalville, Utah, combining private residential neighborhoods with public-access resort amenities such as a golf course, lodge, spa, and dining facilities. The development's design integrates luxury homes and estate lots with hospitality, recreation, and infrastructure improvements including public roadways, utility systems, and environmental stabilization measures. Its operations include property maintenance and site preparation to preserve asset value and support future construction. Wohali Land Estates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Utah Case No. 25-24610) on August 8, 2025. In its petition, the Debtor reported between $100 million and $500 million in assets and liabilities. Honorable Bankruptcy Judge Peggy Hunt handles the case. The Debtor is represented by Mark C. Rose, Esq., at McKay, Burton & Thurman, P.C. WORKSPORT LTD: Raises $6.4MM After Investor's Warrants Exercise --------------------------------------------------------------- Worksport Ltd. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on December 11, 2025, it entered into a common stock warrant exercise inducement offer letter with a certain holder of existing warrants to purchase shares of the Company's common stock, par value $0.0001 per share, at a weighted average exercise price of $6.82, issued on March 20, 2024 and March 3, 2025, respectively. Pursuant to the Inducement Letter, the Holder agreed to exercise for cash its Existing Warrants to purchase an aggregate of 2,194,526 shares of Common Stock at a reduced exercise price of $2.90 per share, in consideration for the Company's agreement to issue new warrants to purchase up to 3,840,421 shares of Common Stock. The Company expects to receive aggregate gross proceeds of approximately $6,400,000 from the exercise of the Existing Warrants by the Holder, before deducting placement agent fees and other offering expenses payable by the Company. The Company engaged Maxim Group LLC to act as its exclusive financial advisor in connection with the transactions summarized above and will pay Maxim a cash fee from the gross proceeds received from the exercise of the Existing Warrants. The Company expects to use the net proceeds of these transactions for general corporate and working capital purposes. The closing of the transactions contemplated pursuant to the Inducement Letter is expected to occur on or about December 12, 2025, subject to satisfaction of customary closing conditions. The resale of the shares of Common Stock issuable upon exercise of the Existing Warrants is registered pursuant to the existing registration statements on Form S-1 (File No. 333-278461 and File No. 333-286255, respectively), declared effective by the Securities and Exchange Commission on April 8, 2024 and April 3, 2025, respectively. The Company also agreed to file a registration statement on Form S-3 (or other appropriate form if the Company is not then S-3 eligible) covering the resale of the Inducement Warrant Shares issuable upon the exercise of the Inducement Warrants, as soon as practicable, and to have such Resale Registration Statement declared effective by the SEC within 60 days following the date of the Inducement Letter. In the Inducement Letter, the Company agreed not to issue any shares of common stock or common stock equivalents or to file any other registration statement with the SEC (in each case, subject to certain exceptions) until 60 days after the Closing Date. The Company also agreed not to effect or agree to effect any Variable Rate Transaction (as defined in the Inducement Letter) until six months after the Closing Date (subject to certain exceptions); provided, however, that after 60 days following the Closing Date, the issuance of Shares of Common Stock pursuant to the "at-the-market" program that is in effect as of the date hereof shall not be considered to be a Variable Rate Transaction. Inducement Warrant Terms: -- Duration and Exercise Price: Each Inducement Warrant will have an exercise price equal to $3.00 per share. The Inducement Warrants will be exercisable at any time on or after the date that is six months from the issuance date and will have a term of exercise of five and one half (5½) years following the date of issuance. The exercise price and number of shares of common stock issuable upon exercise is subject to appropriate adjustment in the event of stock dividends, stock splits, subsequent rights offerings, pro rate distributions, reorganizations, a Fundamental Transaction (as defined in the Inducement Warrants) or similar events affecting our common stock and the exercise price. -- Exercisability: The Inducement Warrants will be exercisable, at the option of each holder, in whole or in part, by delivering to the Company a duly executed exercise notice accompanied by payment in full for the number of shares of our common stock purchased upon such exercise (except in the case of a cashless exercise). A holder (together with its affiliates) may not exercise any portion of such holder's Inducement Warrants to the extent that the holder would own more than 4.99% (or, 9.99% at the election of the holder prior to issuance) of the outstanding common stock immediately after exercise, except that upon at least 61 days' prior notice from the holder to the Company, the holder may increase the amount of ownership of outstanding stock after exercising the holder's Inducement Warrants up to 9.99% of the number of shares of the Company's common stock outstanding immediately after giving effect to the exercise, as such percentage ownership is determined in accordance with the terms of the Inducement Warrants. -- Cashless Exercise If, at the time a holder exercises its Inducement Warrants, a registration statement registering the resale of the Inducement Warrant Shares by the holder under the Securities Act is not then effective or available, then in lieu of making the cash payment otherwise contemplated to be made to us upon such exercise in payment of the aggregate exercise price, the holder may elect instead to receive upon such exercise (either in whole or in part) the net number of shares of common stock determined according to a formula set forth in the Inducement Warrants. -- Trading Market There is no established trading market for the Inducement Warrants, and the Company does not expect an active trading market to develop. The Company does not intend to apply to list the Inducement Warrants on any securities exchange or other trading market. Without a trading market, the liquidity of the Inducement Warrants will be extremely limited. -- Rights as a Stockholder Except as otherwise provided in the Inducement Warrants or by virtue of the holder's ownership of shares of the Company's common stock, such holder of Inducement Warrants does not have the rights or privileges of a holder of the Company's common stock, including any voting rights, until such holder exercises such holder's Inducement Warrants. The Inducement Warrants will provide that the holders of the Inducement Warrants have the right to participate in distributions or dividends paid on the Company's shares of common stock. -- Fundamental Transactions If at any time the Inducement Warrants are outstanding, the Company, either directly or indirectly, in one or more related transactions effects a Fundamental Transaction (as defined in the Inducement Warrants), a holder of Inducement Warrants will be entitled to receive, upon exercise of the Inducement Warrants, the kind and amount of securities, cash or other property that such holder would have received had they exercised the Inducement Warrants immediately prior to the Fundamental Transaction. As an alternative, and at the Holder's option in the event of a Fundamental Transaction, exercisable at any time concurrently with, or within 30 days after, the consummation of the Fundamental Transaction (or, if later, the date of the public announcement of the applicable fundamental transaction), the Company shall purchase the unexercised portion of the Inducement Warrant from the holder by paying to the holder an amount of cash equal to the Black Scholes Value (as defined in the Inducement Warrant) of the remaining unexercised portion of the Inducement Warrant on the date of the consummation of such Fundamental Transaction. -- Waivers and Amendments The Inducement Warrants may be modified or amended, or the provisions of the Inducement Warrants waived with the Company's and the holder's written consent. Full-text copies of the Inducement Letter and Inducement Warrants are available at https://tinyurl.com/zysk7p93 and https://tinyurl.com/ypykm95c, respectively. About Worksport Ltd. West Seneca, N.Y.-based Worksport Ltd., through its subsidiaries, designs, develops, manufactures, and owns intellectual property on a portfolio of tonneau cover, solar integration, portable power station, and NP (Non-Parasitic), Hydrogen-based green energy products and solutions for the automotive aftermarket accessories, power storage, residential heating, and electric vehicle-charging industries. Buffalo, N.Y.-based Lumsden & McCormick, LLP, the Company's auditor since 2022, issued a "going concern" qualification in its report dated March 27, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has suffered recurring losses from operations and has an accumulated deficit, that raise substantial doubt about its ability to continue as a going concern. The Company recorded a net loss of $16,163,789 for the year ended December 31, 2024, and has an accumulated deficit of $64,476,966 as of December 31, 2024. As of September 30, 2025, the Company had $27,048,622 in total assets, $7,269,230 in total liabilities, and $19,779,392 in total stockholders' equity. WORKZ LLC: Gets Interim OK to Use Cash Collateral Until Jan. 16 --------------------------------------------------------------- The Workz, LLC received interim approval from the U.S. Bankruptcy Court for the Northern District of Ohio, Eastern Division, to use cash collateral to fund operations. The court authorized the Debtor to use cash collateral through January 16, 2026, in accordance with its budget. The Debtor's cash collateral consists of cash on hand or in deposit accounts, which may be subject to liens held by secured lenders, Huntington National Bank, Apex Commercial Capital and H. Betti Industries, Inc. As protection, creditors determined to have valid security interest in the Debtor's pre-bankruptcy assets will be granted replacement liens, with the same validity, priority, and extent as their pre-bankruptcy liens. The replacement liens do not apply to causes of action and the proceeds thereof arising under sections 544, 545, 547, 548, 550 and 553 of the Bankruptcy Code. The next hearing is set for January 13, 2026, with objections due by January 9, 2026. The interim order is available at https://is.gd/pwqrCu from PacerMonitor.com. The Debtor's available cash and revenue from ongoing operations constitute its only source of financing and that it cannot obtain debtor-in-possession financing on more favorable terms. Huntington National Bank, the Debtor's primary lender, holds first-priority liens on substantially all assets, while Apex and H. Betti Industries hold subordinate security interests limited to specific arcade equipment. Although these lenders may assert claims to the Debtor's cash collateral, the Debtor states that none aside from Huntington has a valid security interest in cash. About The Workz LLC The Workz, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ohio Case No. 25-52060) on December 4, 2025, with $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Melissa Carpenter, member, signed the petition. Judge Alan M. Koschik presides over the case. Steven J. Heimberger, Esq., at Roderick Linton Belfance, LLP, represents the Debtor as legal counsel. WORKZ LLC: Patricia Fugee Named Subchapter V Trustee ---------------------------------------------------- The U.S. Trustee for Regions 3 and 9 appointed Patricia Fugee of FisherBroyles, LLP as Subchapter V trustee for The Workz, LLC. Ms. Fugee will be paid an hourly fee of $365 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Fugee declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Patricia B. Fugee FisherBroyles, LLP 27100 Oakmead Drive #306 Perrysburg, OH 43551 Phone: (419) 874-6859 Email: Patricia.Fugee@FisherBroyles.com About The Workz LLC The Workz, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ohio Case No. 25-52060) on December 4, 2025, with $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Melissa Carpenter, member, signed the petition. Judge Alan M. Koschik presides over the case. Steven J. Heimberger, Esq., at Roderick Linton Belfance, LLP, represents the Debtor as legal counsel. YELLOW CORP: LaGrange Property Sale to J.T. Jones Development OK'd ------------------------------------------------------------------ The U.S. Bankruptcy Court for the District of Delaware has permitted Yellow Corp. and its affiliates, to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtors' Property is located at 677 Hudson Road, LaGrange, Georgia 30240. The Court has authorized the Debtor to sell the Property to J.T. Jones Development Company in the purchase price of $275,000. The Court held that with respect to each of the Asset Purchase Agreements, the Debtors are the sole and lawful owners, as set forth in the Asset Purchase Agreement, to the Acquired Assets to be sold to the Purchaser pursuant to the Asset Purchase Agreement. The Debtors and their professionals have adequately marketed and conducted the sale process for the Acquired Assets under each of the Asset Purchase Agreements. The sale process afforded a full, fair, and reasonable opportunity for any entity or individual to make an offer or other indication of interest to purchase the Acquired Assets. The Notice of the Motion, the Bidding Procedures Order, the Bidding Procedures Hearing, the Hearing, the Sale Transactions, the Asset Purchase Agreements, and the Debtors' marketing and sale process for the Acquired Assets was, in each case, fair and equitable under the circumstances and complied in all respects. To the maximum extent permitted under applicable law, as applicable to each Asset Purchase Agreement, the Purchaser or its Affiliates, to the extent provided by the Asset Purchase Agreement, shall be authorized, as of the Closing Date, to operate under any license, permit, registration, and governmental authorization or approval of the Sellers constituting Acquired Assets, and all such licenses, permits, registrations, and governmental authorizations and approvals are deemed to have been, and hereby are directed to be, transferred to the Purchaser or its Affiliates as of the Closing Date as and to the extent provided by the Asset Purchase Agreement. The Order shall be effective as a determination that, as of the Closing Date (as defined in the applicable Asset Purchase Agreements), except as expressly set forth in the applicable Asset Purchase Agreement. The Purchaser and its Affiliates and their respective successors, assigns, nominees, designees, members, partners, principals, and shareholders (or equivalent) are not and shall not be (a) deemed a “successor” in any respect to the Debtors or their estates as a result of the consummation of the transaction contemplated by the Asset Purchase Agreement. The Sale Transactions contemplated by the Asset Purchase Agreement are undertaken by the Purchaser without collusion and in good faith. About Yellow Corporation Yellow Corporation -- http://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 Corporation 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. The Debtors tapped Kirkland & Ellis, LLP as restructuring counsel; Pachulski Stang Ziehl & Jones, LLP as Delaware local counsel; Kasowitz, Benson and Torres, LLP as special litigation counsel; Goodmans, LLP as special Canadian counsel; Ducera Partners, LLC, as investment banker; and Alvarez and Marsal as financial advisor. Epiq Bankruptcy Solutions is the claims and noticing agent. Milbank LLP serves as counsel to certain investment funds and accounts managed by affiliates of Apollo Capital Management, L.P. while White & Case, LLP and Arnold & Porter Kaye Scholer, LLP serve as counsels to Beal Bank USA and the U.S. Department of the Treasury, respectively. On Aug. 16, 2023, the U.S. Trustee for Region 3 appointed an official committee of unsecured creditors in the Chapter 11 cases. The committee tapped Akin Gump Strauss Hauer & Feld, LLP and Benesch, Friedlander, Coplan & Aronoff, LLP as counsels; Miller Buckfire as investment banker; and Huron Consulting Services, LLC, as financial advisor. ZHL SERVICES: 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 ZHL Services, LLC, according to court dockets. About ZHL Services LLC ZHL Services, LLC provides land-clearing, demolition, excavation, utility, and septic services for industrial, commercial, and residential projects in North Florida. The Company operates as a locally owned contractor that has expanded from grade-work origins to a broader range of site-development services. It is recognized as a Jacksonville Small and Emerging Business. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-04182) on November 13, 2025. In the petition signed by Haley Lundy, manager, the Debtor disclosed $2,264,846 in assets and $3,965,913 in liabilities. Judge Jacob A. Brown oversees the case. Bryan K. Mickler, Esq., at the Law Offices of Mickler & Mickler, LLP, represents the Debtor as legal counsel. ZION & ZION: Michael Carmel Named Subchapter V Trustee ------------------------------------------------------ The U.S. Trustee for Region 14 appointed Michael Carmel of Michael Carmel, Ltd. as Subchapter V trustee for Zion & Zion, LLC. Mr. Carmel will be paid an hourly fee of $550 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Carmel declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Michael W. Carmel Michael W. Carmel, Ltd. 80 E. Columbus Ave Phoenix, AZ 85012-4965 Phone: 602-264-4965 Fax: 602-277-0144 Email: michael@mcarmellaw.com About Zion & Zion LLC Zion & Zion, LLC is a business consulting and professional services firm specializing in strategic planning, management consulting, and operational support for small to mid-sized enterprises. Zion & Zion filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. Case No. 25-11762) on December 5, 2025. In its petition, the Debtor reports estimated assets of $1 million to $10 million and estimated liabilities of $100,001 to $1 million. Honorable Bankruptcy Judge Brenda K. Martin handles the case. The Debtor is represented by Thomas H. Allen, Esq., at Allen, Jones & Giles, PLC. [] Allyson Smith Joins Willkie Farr's New York Office as Partner ---------------------------------------------------------------- Willkie Farr & Gallagher LLP announced that restructuring attorney Allyson B. Smith has joined the Firm as a partner. She is based in Willkie's New York office. Ms. Smith maintains a robust bankruptcy and restructuring practice, representing debtors, sponsors, official committees and other sophisticated parties in chapter 11 bankruptcy cases, out-of-court restructurings and international and cross-border insolvency matters. She advises global companies and brands across a wide range of industries, including retail, energy, oil and gas, finance, logistics, cryptocurrency and healthcare. Allyson joins Willkie from Kirkland & Ellis, where she was a partner. Ms. Smith's arrival follows the addition of Ryan Blaine Bennett, who joined Willkie as Chair of the Restructuring Group in November 2025. Mr. Bennett commented: "Allyson is a top-notch bankruptcy practitioner whose experience working on some of the most significant restructurings in the market will make her an invaluable resource to our clients in the United States and around the world. We are excited to welcome her to Willkie as we continue to invest in and further expand our global restructuring platform, and I am thrilled to be reunited with her professionally." Ms. Smith commented: "Willkie's industry-leading global restructuring platform and client-focused approach align well with my practice. I look forward to working alongside my new colleagues throughout the firm to further expand the team's capabilities amid increasing activity across the restructuring landscape." Willkie's Restructuring Department is a global practice comprised with market-leading capabilities in all aspects of business and financial restructurings and insolvency matters. Its integrated U.S. and European restructuring professionals offer the hands-on, results-driven experience that today's distressed situations demand. It is held in high regard for its responsiveness and proven experience in complex multi-lateral cross-border restructurings (both in and out of court). It represents a broad spectrum of clients in the U.S., U.K., France, Germany and other key European jurisdictions. Willkie Farr & Gallagher LLP -- https://www.willkie.com -- provides legal solutions on complex, business critical issues spanning markets and industries. Its approximately 1,300 attorneys across 16 offices worldwide deliver legal services across approximately 45 practice areas. ********* Monday's edition of the TCR delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR editor holds some position in the issuers public debt and equity securities about which we report. Each Tuesday edition of the TCR contains a list of companies with insolvent balance sheets whose shares trade higher than $3 per share in public markets. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. On Thursdays, the TCR delivers a list of recently filed Chapter 11 cases involving less than $1,000,000 in assets and liabilities delivered to nation's bankruptcy courts. The list includes links to freely downloadable images of these small-dollar petitions in Acrobat PDF format. Each Friday's edition of the TCR includes a review about a book of interest to troubled company professionals. All titles are available at your local bookstore or through Amazon.com. Go to http://www.bankrupt.com/books/to order any title today. Monthly Operating Reports are summarized in every Saturday edition of the TCR. The Sunday TCR delivers securitization rating news from the week then-ending. TCR subscribers have free access to our on-line news archive. Point your Web browser to http://TCRresources.bankrupt.com/and use the e-mail address to which your TCR is delivered to login. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter is a daily newsletter co-published by Bankruptcy Creditors Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Philadelphia, Pa., USA. Randy Antoni, Jhonas Dampog, Marites Claro, Joy Agravante, Rousel Elaine Tumanda, Joel Anthony G. Lopez, Psyche A. Castillon, Ivy B. Magdadaro, Carlo Fernandez, Christopher G. Patalinghug, and Peter A. Chapman, Editors. Copyright 2025. All rights reserved. ISSN: 1520-9474. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The single-user TCR subscription rate is $1,400 for six months or $2,350 for twelve months, delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are $25 each per half-year or $50 annually. For subscription information, contact Peter A. Chapman at 215-945-7000. *** End of Transmission ***