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251229.mbx T R O U B L E D C O M P A N Y R E P O R T E R Monday, December 29, 2025, Vol. 29, No. 362 Headlines 1251 FOURTH: Hires Levene Neale Bender Yoo as Counsel 138 GREENE: Updates Liquidating Plan Disclosures 210 AT FAIRFIELD: Voluntary Chapter 11 Case Summary 22ND CENTURY: Inks Omnibus Amendment and Waiver With Holders 3015 SE RANCH: Case Summary & Three Unsecured Creditors 3784 LLC: To Sell Vero Beach Property to Marc Marchioli for $3.2MM 51319 W US HIGHWAY: Court Extends Cash Collateral Access to Jan. 23 741 INC: Seeks to Extend Plan Exclusivity to March 26, 2026 A.M. SCOTT DISTILLERY: Case Summary & 20 Top Unsecured Creditors AAFIYYA LLC: Dawn Maguire Named Subchapter V Trustee ADVANCED TRENCHLESS: Amends Unsecured Claims Pay Details AGREETA SOLUTIONS: Plan Exclusivity Extended to February 23, 2026 ALLEN MEDIA: Cliffwater Marks $20MM Loan at 25% Off ANTELOPE HOSPITALITY: Voluntary Chapter 11 Case Summary ARIZONA HORSE: Edward Burr Named Subchapter V Trustee ARTSTOCK: Case Summary & 20 Largest Unsecured Creditors ASCEND PERFORMANCE: Emerges from Ch.11 With $1.3B Debt Cut ASSOCIATIONS INC: Cliffwater Marks $17.6MM Loan at 91% Off BARMASTERS LLC: Gets Interim OK to Use Cash Collateral BELLA CAPRI: Hires Schatzman & Schatzman as Legal Counsel BEVI TUTTO: Brian Shapiro Named Subchapter V Trustee C&D TECHNOLOGIES: S&P Alters Outlook to Negative, Affirms 'B-' ICR CANYON CREEK: Unsecured Creditors to be Paid in Full in Plan CHERRY HILL: Appointment of Salvatore LaMonica as Trustee OK'd CHRISTOS FARM: Lisa Rynard Named Subchapter V Trustee CINEMAWORLD OF FLORIDA: Seeks to Extend Plan Exclusivity CIPRIANI USA: Cliffwater Marks $15MM Loan at 38% Off CJ REAL ESTATE: Case Summary & 16 Unsecured Creditors CLEAR GUIDE: Hires Brennan McCarthy & Associates as Legal Counsel CLENNEY BROTHERS: To Sell Colquitt Property to W. Scott Summerlin COMPLEMAR PARTNERS: Plan Exclusivity Extended to April 24, 2026 COOK HOLDINGS: Case Summary & Six Unsecured Creditors CORBIN LAW: Cliffwater Marks $1.4MM Loan at 49% Off COSMETIC SURGERY: To Retain Moon Wright & Houston as Counsel COTY INC: S&P Alters Outlook to Stable, Affirms 'BB+' ICR CVC STRUCTURED: Cliffwater Virtually Writes Off $40MM Loan DEQSER LLC: Plan Exclusivity Period Extended to February 4, 2026 DIAMOND COMIC: Conversion to 11 to Ch. 7 Okayed, To Release Escrow DYNATRONICS CORP: Four Key Proposals Approved at Annual Meeting E. GLUCK: Taps Halperin Battaglia Benzija as Bankruptcy Counsel EAZY-PZ LLC: Seeks to Extend Plan Exclusivity to April 14, 2026 ECOM AUTHORITY: Committee Retains Markowitz Ringel as Counsel EDGECONNEX NA: Cliffwater Marks $16.2MM Loan at 79% Off ELEVATION GOLD: Greenstone Exits Entire Stake Amid CCAA ELIJAH'S XTREME: Court Extends Cash Collateral Access to March 11 EQUITY 833: Gets Court OK to Use Cash Collateral EVOKE PHARMA: Completes Merger With QOL Medical, Becomes Private F-STAR SOCORRO: Committee Seeks to Retain Stinson LLP as Counsel FALLS CONDOMINIUM: Norman Rouse Named Subchapter V Trustee FARMFAN LLC: Unsecureds Will Get 39% of Claims over 60 Months FARMSTEAD HOLDINGS: Hires Gaskins Hancock Tuttle as Counsel FENIX TOPCO: Cliffwater Marks $1.2MM Loan at 91% Off FIVE STAR: Bankruptcy Court OKs Clean Title for Ritz-Carlton Villas FLIPCAUSE INC: Deadline for Panel Questionnaires Set for Dec. 29 FLOOF LLC: Glen Watson Named Subchapter V Trustee FUNDAMENTAL PARTNERS: Cliffwater Marks $100MM Loan at 76% Off FUTURE FINTECH: Closes RMB 10MM Subsidiary Disposition FUTURE FINTECH: Five Key Proposals Approved at Annual Meeting GIEAG PROJEKT: Cliffwater Marks EUR25.6MM Loan at 55% Off GLOBAL ALLIANCE: Gets Interim OK to Use Cash Collateral GRADY'S HARDWARE: Seeks Cash Collateral Access Until February 2026 H&T WHOLESALE: Gets Interim OK to Use Cash Collateral HARVARD BIOSCIENCE: Secures $40MM Term Loan Financing With BroadOak HILLCREST VENTURES: Seeks Cash Collateral Access HMH COMPANY: Moody's Cuts CFR to 'Caa1', Outlook Stable HOWARD'S APPLIANCES: Gets Interim OK to Use Cash Collateral HUNT MEMORIAL HOSPITAL: S&P Affirms 'B+' LT Rating on GO Bonds INTERNATIONAL IMMOBILIARE: James Bailey Named Subchapter V Trustee IQSTEL INC: Confirms $500K Stock Dividend on 75,521 Shares iROBOT CORPORATION: Gets Interim OK to Use Cash Collateral J KRUSE INVESTMENTS: G. Matt Barberich Named Subchapter V Trustee J3 EQUITIES: Case Summary & One Unsecured Creditor JAMES MILLER: Employs Neeleman Law Group as Legal Counsel JONAS CATALOG: Cliffwater Marks $30MM Loan at 56% Off KEG RESTAURANTS: DBRS Finalizes B Credit Rating, Trend Stable KJSS GLOBAL: Mark Sharf Named Subchapter V Trustee KLEOPATRA FINCO: Court Confirms Joint Chapter 11 Plan KNAPP & BRUNNER: Charles Mouranie of CMM Named Subchapter V Trustee KOOMBEA INC: Voluntary Chapter 11 Case Summary KPOWER GLOBAL: Trustee Taps Hutchinson & Greenberg as Accountant LAKE BUENA VISTA: Court Extends Cash Collateral Access to March 12 LAURUS GROUP: Robert Goe Named Subchapter V Trustee LAURUS GROUP: Seeks Chapter 11 Bankruptcy in California LFSN HOLDCO: S&P Assigns 'CCC+' ICR After Financial Restructuring LIFESCAN GLOBAL: Exits Ch.11 Bankruptcy Under New Owners, Cuts Debt LTR HOLDINGS: Case Summary & 20 Largest Unsecured Creditors LUMIERE ESTATES: Voluntary Chapter 11 Case Summary MAIN LINE: Gets Final OK to Use Cash Collateral MARYLAND HEALTH: Court Extends Cash Collateral Access to March 29 MAWSON INFRASTRUCTURE: Regains Nasdaq Bid Price Compliance MAX US: Moody's Affirms 'B3' CFR & Alters Outlook to Negative MAXIMUS SUPPLY: Unsecureds Will Get 2% of Claims over 36 Months MEDLINE BORROWER: Moody's Raises CFR to 'Ba1', Outlook Stable MEMORIAL PARK: Security Mutual Wants Trident's Williams as Receiver MG LOGISTICS: Hires Douglas Cuscaden & Hoscheit as Counsel MGT MERGER: Cliffwater Marks $496,552 Loan at 50% Off MIGGS RESTAURANT: Files Emergency Bid to Use Cash Collateral MK WEEDEN: Employs Hire Christian Samson Baskett as Local Counsel MK WEEDEN: Seeks to Hire DBS Law as Legal Counsel MODEL SHIPWAYS: Seeks to Hire Lorium Law as Legal Counsel MONTEREY BAY: Unsecureds to Get 100 Cents on Dollar in Plan MOONLAKE IMMUNOTHERAPEUTICS: Cliffwater Marks $45MM Loan at 76% Off MOUNT ACADIA: Case Summary & 20 Largest Unsecured Creditors MVP GROUP: Seeks to Extend Plan Exclusivity to March 27, 2026 MZS PROPERTIES: Court Extends Cash Collateral Access to Jan. 6 NEAREST GREEN: Asks Judge to End Receivership NEUROONE MEDICAL: Cuts FY25 Loss to $3.6M, Flags Going Concern Risk NEW FORTRESS: Amends Letter of Credit Commitments, Maintains $195MM NEW FORTRESS: S&P Downgrades ICR to 'SD', Cuts Loan Rating to 'D' NEXTGEN MRO: Gets Final OK to Use Cash Collateral NORTHERN STAR THEATRE: Receiver Appointed by Court Amid Legal Fight OASIS INTERNATIONAL: Court Approves $29,450 in Fees OUT THE GATE: Prime Sportsbook Assets Auction Set for Jan. 13 PALM BEACH SANDAL: Case Summary & 20 Largest Unsecured Creditor PARKERVILLE LP: To Sell DeSoto Property to DRHI for $4.8MM PARKVIEW FOOD: Ronald Friedman Named Subchapter V Trustee PATRON WESTERN: Katharine Battaia Clark Named Subchapter V Trustee PC LEARNING: Gets Interim OK for DIP Financing From Julie Kaplan PHARMIX USA: Carol Fox of GlassRatner Named Subchapter V Trustee PINE GATE RENEWABLES: Gets Final OK for DIP Financing PITTS FUNERAL: Employs Rodney D. Shepherd as Legal Counsel POSIGEN PBC: Orrick Represents TEP Class A Members DFO & M&T POSIGEN PBC: Secures Bankruptcy Financing Deal w/ Major Creditors PRACTICETEK PURCHASER: Cliffwater Virtually Writes Off $1.9MM Loan PRAESUM HEALTHCARE: Cash Collateral Hearing Set for Dec. 30 PREMIER LUMBER: Unsecureds to be Paid in Full over 36 Months PRIME CAPITAL: Trustee Files Liquidating Plan PRINCETON LAKES: Hires Jones & Walden LLC as Legal Counsel PROSPECT MEDICAL: Gets Final OK for DIP Loan, Cash Collateral PUBLISHERS CLEARING: Court OKs Liquidation Plan After Sale PULASKI ROOFING: Seeks to Hire Smith Ortiz P.C. as Legal Counsel RELLIS CAMPUS: Gets Interim OK for DIP Financing From Twelve Bridge RESERVOIR FINANCIAL: DBRS Hikes Class E Loan Rating to B(low) RESTORATION DOCTOR: Case Summary & Three Unsecured Creditors REVA HOSPITALITY BOSSIER: Sec. 341(a) Creditors Meeting on Jan. 23 REYNA HOSPITALITY: Unsecureds Will Get 12% of Claims over 3 Years RINCHEM CO: S&P Downgrades ICR to 'CCC' on Eroding Liquidity ROLLING HILLS: Case Summary & Four Unsecured Creditors ROOF EZ: Seeks Chapter 11 Bankruptcy in Florida ROSE RENTAL: Hires Rollins Law Firm as Legal Counsel RP CAPITAL: Retains Macco & Corey P.C. as Legal Counsel RYVYL INC: Stockholders OK Four Key Proposals at Annual Meeting S&G LABS: Employs Crisham & Holman as Special Counsel SABRE CORP: Exchange Offers Expire With Total of $961M Tenders SAILORMEN INC: BMO Wants MorrisAnderson's Dooley as Receiver SBA COMMUNICATIONS: Moody's Alters Outlook on 'Ba2' CFR to Positive SCILEX HOLDING: Subsidiary Secures $100MM Non-Recourse Loan SHAHINAZ SOLIMAN: Hires Levene Neale Bender Yoo as Legal Counsel SINTECHMEDIA NYC: Cliffwater Marks $423,729 Loan at 40% Off SL ENERGY: Cliffwater Marks $25MM Loan at 88% Off SLEEP QUARTERS: To Sell Ennis Property to Equity Investment SMITH HOSPITALITY: Andrew Kight Named Subchapter V Trustee SOLEMN INVESTMENTS: Claims to be Paid from Ongoing Operations SOUTHERN TIRE: Case Summary & 12 Unsecured Creditors SPLASH BEVERAGE: CPA Martin Scott Named Interim CFO ST MARK'S PROPERTY: Voluntary Chapter 11 Case Summary STARLIGHT INVENTORY: Cliffwater Marks $15MM 1L Loan at 22% Off STRIPE A LOT: Gets Extension to Access Cash Collateral SUNATION ENERGY: Terminates CVR Agreement With $276,000 Payment SUREWERX PURCHASER: Cliffwater Marks $250,000 Loan at 73% Off SWIFT BEEF: Closes California Meat Packing Plant w/ No Bankruptcy SYNAPSE FINANCIAL: Victims to Receive $46MM from CFPB TAP-TEE REALTY: Hires Law Office of Richard A. Klass as Counsel TEAL JONES: To Sell Kinsale Property to Kinsale Road Partners TEXAS INTERNATIONAL: Gets Interim OK to Use Cash Collateral TOGETHER GOOD: Seeks to Extend Plan Exclusivity to March 20, 2026 TRANSATLANTIC BRIDGE: Hires Law Offices of Mickler as Legal Counsel TREE LANE: Seeks to Hire Stinson LLP as Legal Counsel TRINTECH INC: Cliffwater Marks $595,752 Loan at 73% Off TRIPLESHOT HOLDINGS: Court Extends Cash Collateral Access to Feb. 5 TROUSDALE LIVING: Timothy Stone Named Subchapter V Trustee TRY TROUT: Plan Contemplates Two Scenarios TUSKERS HOME: Shuts Down with No Bankruptcy Filing TWISTED SKY: Gets Final OK to Use Cash Collateral UNIQUE DENTAL: Gets Interim OK to Use Cash Collateral Until Jan. 23 UNITED DIGESTIVE: Cliffwater Marks $594,775 Loan at 93% Off UNRIVALED BRANDS: Plan Exclusivity Period Extended to March 3, 2026 USA CRICKET: ACE Loses Bid to Appoint Chapter 11 Trustee VANGUARD DEVELOPMENT: Stephen Metz Named Subchapter V Trustee VERSACE DOMINICAN: John Whaley Named Subchapter V Trustee VIA MIZNER: Case Summary & 20 Largest Unsecured Creditors VIAJEHOY LLC: Case Summary & 20 Largest Unsecured Creditors VIAJEHOY LLC: Immigration Policies Put Co. Into Ch. 11 Bankruptcy VILLAGE HOMES: To Sell Eight Lots to Hark Homes VISIMO LLC: Employs Leech Tishman Fuscaldo & Lampl as Counsel WATER ENERGY: Seeks to Extend Plan Exclusivity to January 15, 2026 WEBSTER EQUITY: Cliffwater Marks $14.3MM Loan at 26% Off YACHT MANAGEMENT: Nomura Marks $739,571 Loan at 48% Off ZION & ZION: To Hire Allen Jones & Giles as Legal Counsel [] 2025 Bankruptcies Rose to 15-Year High Due to Trade Wars [] A&G Advises Out-of-Court Workouts to Avoid Ch. 11 Costs [] Kayci G. Hines Joins McGuireWoods' Insolvency Practice ********* 1251 FOURTH: Hires Levene Neale Bender Yoo as Counsel ----------------------------------------------------- 1251 Fourth Street Investors, LLC seeks approval from the U.S. Bankruptcy Court for the Central District of California, Los Angeles Division, to hire Levene, Neale, Bender, Yoo & Golubchik L.L.P. to serve as legal counsel. LNBYG will provide these services: (a) assist the Debtor in the preparation of its schedules of assets and liabilities, Statement of Financial Affairs, and other required documents; (b) advise and assist the Debtor with respect to chapter 11 case requirements; (c) appear with and represent the Debtor at its Initial Debtor Interview; (d) appear with and represent the Debtor at the meeting of creditors; (e) represent the Debtor in contested matters, adversary proceedings, and any other hearings before the Court; (f) assist the Debtor in negotiating agreements for the Debtor’s use of cash collateral, and if required, seeking approval thereof; (g) analyze and review the validity of claims of creditors who file proofs of claims and, if appropriate, object to those claims; (h) analyze the validity of all administrative expenses and, if appropriate, object to those expenses; (i) assist the Debtor with the settlement and compromise of claims by or against the estate, or pertaining to matters relating to this case; (j) assess prospects for reorganization of the Debtor's financial affairs under chapter 11 of the Code and, if appropriate, assist the Debtor in the prompt formulation, proposal, confirmation, and implementation of a chapter 11 plan; and (k) perform other general legal services relating to the Debtor's administration of the estate. LNBYG will bill its time on an hourly-fee basis in accordance with its standard hourly billing rates. Current rates range from $300 for paraprofessionals to $750–$795 for attorneys, depending on the attorney and the effective date. LNBYG also will seek reimbursement of its expenses. LNBYG received a $100,000 retainer prior to the Petition Date, plus the $1,738 chapter 11 filing fee. LNBYG 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: Gary E. Klausner, Esq. John N. Tedford, IV, Esq. LEVENE, NEALE, BENDER, YOO & GOLUBCHIK L.L.P. 2818 La Cienega Avenue Los Angeles, CA 90034 Telephone: (310) 229-1234 Facsimile: (310) 229-1244 E-mail: GEK@LNBYG.COM JNT@LNBYG.COM About 1251 Fourth Street Investors LLC Fourth Street Investors LLC is a single asset real estate company. The Debtor commenced its Chapter 11 case (Bankr. C.D. Cal. Case No. 25-20294) on November 18, 2025. Its petition reflects estimated assets and debts in the $10 million-$50 million range. Honorable Bankruptcy Judge Julia W. Brand presides over the case. The Debtor is represented by Gary E. Klausner, Esq., Levene, Neale, Bender, Yoo & Golubchik L.L.P. 138 GREENE: Updates Liquidating Plan Disclosures ------------------------------------------------ 138 Greene Retail, LLC, submitted an Amended Disclosure Statement describing Amended Plan of Liquidation dated December 17, 2025. The Debtor's primary assets are shares in a cooperative housing corporation known as Greene Street Holding Corp. (the "Cooperative") and a proprietary lease (collectively, the "Property") for the ground floor and basement units of the real property at 132- 140 Greene Street, New York, New York. SIG CRE 2023 Venture LLC ("Lender"), as successor to Signature Bank, filed a claim against the Debtor in the amount of $19,528,204, secured by a security interest in the Property. During this case, the Debtor made a settlement offer to the Lender that includes selling the Property in bankruptcy court. Class 2 consists of the Claim of First Mortgagee. Based the filed proof of claim, the Claim totals $19,528,204 for principal plus accrued interest and fees as of the Petition Date. Payment of available Cash up to Allowed Amount of Class 2 Claim, after payment of Administrative Expenses, Statutory Fees, priority tax Claims, Class 1 Claims and Class 5 Claims. In the event the Property is sold to the First Mortgagee by credit bid, the First Mortgagee shall not be required to pay Cash to consummate the sale, but shall permit Cash Collateral to be used to satisfy (i) Allowed Administrative Expense Claims and post-Confirmation wind up costs; (ii) Allowed Priority Claims; (iii) U.S. Trustee fees Statutory Fees; and (iv) a general creditor reserve of up to $25,000 (the "Creditor Reserve") from which a pro rata distribution shall be made to the holders of allowed unsecured claims. If the Property Sale Proceeds are insufficient to pay the Claim in full, the deficiency amount shall be treated as a Class 6 Claim. For the avoidance of doubt, under the Plan, (a) the Lender is entitled to make a credit bid in the amount of its full claim and is entitled to a deficiency claim for any remaining amount owed, (b) any Cash Collateral (as that term is defined in the Bankruptcy Code) remaining in the Debtor's debtor in possession account following the closing of the Property sale under the Plan shall be disbursed to the Lender, and (c) the Debtor is deemed to consent to an order granting Lender relief from stay to enforce it rights upon any failure by the debtor to comply with the terms of the Plan. Class 6 consists of General Unsecured Claims. Claims total approximately $141,207. Payment of available Cash up to Allowed Amount of Class 6 Claims, Administrative Expense Claims post-Confirmation wind up costs; Allowed Priority Claims; Statutory Fees, and Class 1, 2, 3, 4 and 5 Claims. If no cash is available from the Sale Proceeds, each Class 6 Claimant shall be entitled to its pro-rata share of a $25,000 distribution fund. This Class is impaired. Class 7 consists of Interests Holders. Payment of available cash after payment of Allowed Administrative Expense Claims post-Confirmation wind up costs; Allowed Priority Claims; Statutory Fees, and Class 1, 2, 3, 4, 5 and 6 Claims. All outstanding United States Trustee fees shall be paid as they come due. Fees due and owing pursuant to 28 U.S.C. section 1930, together with interest, if any, pursuant to 341 U.S.C. 3717 shall be paid in full, in cash on the Effective Date, and shall continue to be paid post confirmation until the entry of a Final Decree, the case is converted or dismissed. Payments under the Plan will be paid from the Property sale proceeds. The sale of the Property shall be implemented pursuant to the Bidding and Auction Procedures. After the Confirmation Order is entered, but prior to or on the Effective Date, the Property shall be sold to Purchaser free and clear of all Liens, Claims, and encumbrances, with any such Liens, Claims, and encumbrances to attach to the Property Sale Proceeds, and disbursed in accordance with the provisions of this Plan. For mortgage recording tax purposes, the First Mortgagee shall permit an assignment of its mortgage in connection with the sale of the Property under the Plan. The Property shall be sold subject to entry of a Bankruptcy Court order (i) approving the sale; (ii) providing, inter alia, that the Purchaser is a good faith purchaser; and (iii) providing that the sale of the Real Property shall be free and clear of all liens, claims, encumbrances and interests with any such liens, claims and encumbrances to attach to the sale proceeds, and to be disbursed under the Plan. Notwithstanding anything to the Contrary in the Plan, each Secured Creditor including the First and Mortgagee retains the right to credit bid under the Plan to the extent of its Secured Claim, but in addition to its credit bid, to ensure Plan feasibility, any bid by a Secured Creditor must include a cash component to cover the costs of sale, Senior Lien Claims, Administrative Claims, Priority Claims, and a $15,000 reserve fund for the costs of wrapping up the case. A full-text copy of the Amended Disclosure Statement dated December 17, 2025 is available at https://urlcurt.com/u?l=ts5gtr from PacerMonitor.com at no charge. Counsel to the Debtor: Mark Frankel, Esq. Backenroth Frankel & Krinsky, LLP 488 Madison Avenue, Floor 23 New York, NY 10022 Telephone: (212) 593-1100 About 138 Greene Retail 138 Greene Retail, LLC, sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-10129) on Jan. 27, 2025, listing up to $50 million in both assets and liabilities. Bankruptcy Judge Philip Bentley handles the case. Mark Frankel, at Backenroth Frankel & Krinsky, LLP, is the Debtor's counsel. 210 AT FAIRFIELD: Voluntary Chapter 11 Case Summary --------------------------------------------------- Debtor: 210 At Fairfield, LLC 6702 Forest Drive Fairfield, AL 35064 Chapter 11 Petition Date: December 23, 2025 Court: United States Bankruptcy Court Northern District of Alabama Case No.: 25-03921 Judge: Hon. D Sims Crawford Debtor's Counsel: Robert C. Keller, Esq. RUSSO, WHITE & KELLER, P.C. 315 Gadsden Highway Suite D Birmingham, AL 35235 Tel: (205) 833-2589 E-mail: rkeller@rwkattorneys.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Anthony D. Owens as managing member. The Debtor failed to provide a list of its 20 largest unsecured creditors in the petition. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/65BH6GQ/210_At_Fairfield_LLC__alnbke-25-03921__0001.0.pdf?mcid=tGE4TAMA 22ND CENTURY: Inks Omnibus Amendment and Waiver With Holders ------------------------------------------------------------ 22nd Century Group, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Company entered into an Omnibus Amendment and Waiver with the Holders of the outstanding Series A Convertible Preferred Stock to amend the Securities Purchase Agreement, dated as of August 22, 2025, the Certificate of Designations of Series A Convertible Preferred Stock and the warrants issued pursuant to the Purchase Agreement and certain placement agent warrants issued in connection with the issuance of the Preferred Stock. Pursuant to the Amendment Agreement, the Company and the Holders agreed to: (i) change the Stockholder Approval Deadline (as defined in the Purchase Agreement) to February 23, 2026, (ii) seek Stockholder Approval to effect a reverse stock split for the purpose of complying with the Nasdaq Listing Rules, (iii) seek Stockholder Approval to approve an offering of the Company's securities including preferred stock and warrants on substantially the same terms as the Preferred Stock and Warrants, up to $20 million, (iv) amend the conditions by which the Company may sell shares under its ATM Facility (as defined in the Purchase Agreement), including that prior to the Stockholder Approval Deadline, the Company may only sell shares at a price per share equal to at least $2.00, and with no restrictions after obtaining Stockholder Approval (as defined in the Purchase Agreement); provided that, if such Stockholder Approval is not obtained by the Stockholder Approval Deadline, the Company may not sell shares under the ATM Facility until such time as the Stockholder Approval is obtained, (v) subject to Stockholder Approval, the Company may reduce the Conversion Price (as defined in the Certificate of Designation) currently in effect, upon approval and at the discretion of the Board, and (vi) subject to Stockholder Approval, provide an alternative conversion feature to the Certificate of Designation whereby the Preferred Stock can be converted at a conversion price equal to 85% of the lowest VWAP in any of the twenty trading days preceding the conversion. Warrant Amendment: Pursuant to the Amendment Agreement, the Company also agreed to, subject to Stockholder Approval, provide certain ant-dilution adjustments to the exercise price of the Warrants to provide protection against future dilutive issuances. Full text copies of the Amendment Agreement and Certificate of Amendment to the Certificate of Designation are available at https://tinyurl.com/5ayferpe and https://tinyurl.com/23t7vv2p. About 22nd Century Group Mocksville, N.C.-based 22nd Century Group, Inc. is a tobacco products company specializing in the sales and distribution of its proprietary reduced nicotine tobacco products, which have been authorized as Modified Risk Tobacco Products by the FDA. The company also provides contract manufacturing services for conventional combustible tobacco products for third-party brands. As of September 30, 2025, the Company had $32.37 million in total assets, $11.26 million in total liabilities, and $18.37 million in total shareholders' equity. Buffalo, New York-based Freed Maxick P.C., the Company's auditor since 2011, issued a "going concern" qualification in its report dated March 20, 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 negative cash flows from operations since inception and expects to incur additional losses until such time that it can generate significant revenue and profit in its tobacco business. This raises substantial doubt about the Company's ability to continue as a going concern. 3015 SE RANCH: Case Summary & Three Unsecured Creditors ------------------------------------------------------- Debtor: 3015 SE Ranch, LLC 868 E. 39th Street Brooklyn, NY 11210 Business Description: 3015 SE Ranch, LLC operates as a real estate lessor, owning and leasing commercial property in Palm Beach Gardens, Florida. Chapter 11 Petition Date: December 22, 2025 Court: United States Bankruptcy Court Eastern District of New York Case No.: 25-46084 Judge: Hon. Elizabeth S. Stong 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: $0 Total Liabilities: $2,816,277 The petition was signed by Theodore Welz as chief restructuring officer. 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/ODIFO4Y/3015_SE_Ranch_LLC__nyebke-25-46084__0001.0.pdf?mcid=tGE4TAMA 3784 LLC: To Sell Vero Beach Property to Marc Marchioli for $3.2MM ------------------------------------------------------------------ 3784 LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida, Fort Luaderdale Division, to sell Property located at 1934 22nd Avenue, Vero Beach, FL 32960, free and clear of liens, claims, interests, and encumbrances, to Marc Marchioli and/or related business entity, who are not an insider of, related to, or affiliated with the Debtor, in the purchase price of $3,200,000. The closing date will be no later than January 30, 2026 and with initial deposit of $30,000 accompanied the execution of the contract. The Debtor has expended resources in identifying potential buyers both before and immediately upon the commencement of the Instant Bankruptcy Case. Due to the unique nature of the property and the business operating on the Subject Property as an assisted living facility (ALF) the Debtor has encountered a limited pool of acceptable and authorized buyers that are able to obtain a license from the Agency for Health Care Administration (AHCA) to continue to operate it as an ALF. The Debtor has utilized multiple real estate brokers to identify an acceptable buyer; alas, through the assistance of the Broker, the Debtor has identified a qualified Buyer. The proposed sale to the Buyer, free of the liens and encumbrances, as quickly as possible will maximize the value and benefit to creditors of this estate and minimize the expenses associated. The Buyer entered into the Purchase Agreement with the Debtor to acquire the Subject Property at arm’s length after a lengthy negotiation process facilitated by the Broker. The Debtor and Buyer wish to proceed with the sale of the Subject Property pursuant to the Purchase Agreement. The purchase price was achieved through arm's length negotiating and was a product of market tested discussions, and other potential purchasers. The Debtor respectfully submits that all of the factors demonstrating its sound business judgment are met, and that the sale should be approved. About 3784 LLC 3784 LLC is a real estate services company based in Pompano Beach, Florida. 3784 LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-18289) on July 21, 2025. In its petition, the Debtor reports estimated assets between $10 million and $50 million and estimated liabilities between $1 million and $10 million. The Debtor is represented by Adam I. Skolnik, Esq. at the Law Office of Adam I. Skolnik, PA. 51319 W US HIGHWAY: Court Extends Cash Collateral Access to Jan. 23 ------------------------------------------------------------------- 51319 W US Highway 60, LLC received another extension from the U.S. Bankruptcy Court for the Northern District of Georgia, Gainesville Division, to use cash collateral. The court issued a fifth interim order authorizing the Debtor to use cash collateral until January 23, 2026, to pay operating expenses in accordance with its budget. The Debtor is not allowed to use funds for payment of pre-bankruptcy claims except for the claims of Judy Zobel, the Debtor's lender. The Debtor's cash collateral includes rents from the trailer park in which Ms. Zobel claims an interest. The Debtor operates the trailer park located in Aguila, Arizona, which it acquired in 2020. The business generates income through rental of trailers and lots, including space rentals. The Debtor needs this rental income to pay for critical business expenses and maintain operations during its Chapter 11 case. Ms. Zobel claims an interest in the trailer park and associated rents under a series of loan documents. As adequate protection, the lender will receive payment in the sum of $1,636 per month. The lender is also entitled to an administrative priority claim. The final hearing is set for January 22, 2026. The fifth interim order is available at https://is.gd/KzJB0V from PacerMonitor.com. About 51319 W US Highway 60 51319 W US Highway 60 LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-21357) on September 24, 2025, listing up to $500,000 in both assets and liabilities. Judge Hon. James R Sacca oversees the case. Charles N. Kelley, Jr., Esq., at Kelley Law LLC, represents the Debtor as legal counsel. 741 INC: Seeks to Extend Plan Exclusivity to March 26, 2026 ----------------------------------------------------------- 741, Inc., d/b/a Wisdom Rides of America asked the U.S. Bankruptcy Court for the District of Colorado to extend its exclusivity periods to file a plan of reorganization and obtain acceptance thereof to March 26, 2026 and May 26, 2026, respectively. The Debtor asserts ample cause exists for this Court to extend the Exclusive Filing Period and Solicitation Period for a period of 90 days, as follows: * The Debtor has been diligently working on catching up its tax filings so that its tax claim can be quantified. The Debtor's 2021 tax returns have been finalized, but the remaining returns are still being worked on. * The Debtor has not yet filed its bar date motion. As disclosed early in the case, the Debtor has a potential unknown class of creditors who will need to receive notice via publication. The Debtor is finalizing its research into some publication options, and expects to have the bar date motion on file in the next two-weeks or so. * An Unsecured Creditors' Committee was recently appointed and has not yet retained counsel. Extending the exclusivity period will give the Committee time to obtain counsel before a plan is filed. 741 Inc. is represented by: Jonathan M. Dickey, Esq. KUTNER BRINEN DICKEY RILEY, P.C. 1660 Lincoln Street, Suite 1720 Denver, CO 80264 Telephone: (303) 832-2400 E-mail: jmd@kutnerlaw.com 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 United States and internationally. 741 Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Col. Case No. 25-15550) on August 28, 2025. In its petition, the Debtor reports total assets of $1,425,326 and total liabilities of $6,760,662. Bankruptcy Judge Thomas B. McNamara handles the case. The Debtor is represented by Jonathan M. Dickey, Esq. at KUTNER BRINEN DICKEY RILEY. A.M. SCOTT DISTILLERY: Case Summary & 20 Top Unsecured Creditors ---------------------------------------------------------------- Debtor: A.M. Scott Distillery, LLC d/b/a Scotty's Bottle Parlor 9141 North Dixie Drive Dayton, OH 45414 Business Description: A.M. Scott Distillery, LLC, based in Dayton, Ohio, produces handcrafted spirits including bourbon, rye, vodka, and gin, offering small-batch and single-barrel selections as well as specialty collections. The Company operates in the alcoholic beverages and craft distilling industry, with production and administrative operations in Dayton and a retail and tasting presence in Troy, Ohio. Chapter 11 Petition Date: December 22, 2025 Court: United States Bankruptcy Court Southern District of Ohio Case No.: 25-32562 Judge: Hon. Tyson A Crist Debtor's Counsel: Ira H. Thomsen, Esq. THOMSEN LAW GROUP, LLC 140 North Main Street, Suite A Springboro, OH 45066 Tel: 937-748-5001 E-mail: ithomsen@ihtlaw.com Total Assets: $427,741 Total Liabilities: $3,353,991 The petition was signed by Anthony M. Scott as managing member. A full-text copy of the petition, which includes a list of the Debtor's 20 largest unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/RMBO34Q/AM_Scott_Distillery_LLC__ohsbke-25-32562__0001.0.pdf?mcid=tGE4TAMA AAFIYYA LLC: Dawn Maguire Named Subchapter V Trustee ---------------------------------------------------- The U.S. Trustee for Region 14 appointed Dawn Maguire, Esq., at Guttilla Murphy Anderson, as Subchapter V trustee for Aafiyya LLC. Ms. Maguire will be paid an hourly fee of $380 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Maguire declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Dawn Maguire, Esq. 10115 E. Bell Rd., Ste. 107 #498 Scottsdale, AZ 85260 Phone: (480) 304-8302 Fax: (480) 304-8301 Email: Trustee@MaguireLawAZ.com About Aafiyya LLC Aafiyya LLC, doing business as Liquivida Phoenix, filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Ariz. Case No. 25-12140) on December 16, 2025. Judge Brenda K. Martin presides over the case. ADVANCED TRENCHLESS: Amends Unsecured Claims Pay Details -------------------------------------------------------- Advanced Trenchless, Inc., submitted a First Amended Disclosure Statement to accompany Plan of Reorganization dated December 16, 2025. The Debtor estimates that allowed general unsecured claims total approximately $5,777,479.40. These claims will be assigned Class 2 and are impaired. Note that Class 2 also contains certain several claims which were scheduled as disputed or unliquidated as follows: * Manuel Magellon in the amount of $130,000 (per filed Claim No. 20). This claim represents a pending labor law claim. Debtor is not anticipating objecting to the claim considering the costs and expenses of further litigation and will allow the claim as filed. * The Construction Zone, LLC in the amount of $1,500,000 (per filed Claim No. 32). This claim represents a pending business law claim. Debtor is not anticipating objecting to the claim considering the costs and expenses of further litigation and will allow the claim as filed. The term of the Plan shall be 69 months (5 years, 9 months). The allowed claims of all administrative, secured, and priority creditors will be paid in full under the Plan within the first 29 months from the Effective Date of the Plan. Debtor shall pay general non-priority unsecured creditors approximately ten percent of the value of their allowed claims based on a pro rata share of 40 monthly payments of $15,000 each. General non-priority unsecured creditors will begin receiving quarterly pro rata payments beginning on the 30th month from the Effective Date of the Plan. The Debtor's forecasted net disposable income will be used to primarily pay the Plan obligations during the Plan term. Class 2 consists of allowed claims of general unsecured creditors. The Debtor shall pay holders of allowed general unsecured claims their pro rata share of 40 equal monthly payments of $15,000 paid over the life of the Plan beginning on the 30th month from the Effective Date. The total amount of allowed unsecured creditors at this time is approximately $5,777,479.50. Debtor will be contributing $15,000 per month to satisfy such payments over a period of 40 months, beginning on the 30th month of the Plan (months 30-69 of the Plan term). The secured claims of Comerica, SBA and the priority claim of California Dept. of Tax and Fee Administration shall be all paid by the 29th month of the Plan term. The total allowed unsecured creditors are approximately $5,777,479.40. The estimated payout to general unsecured creditors is approximately 10% based on the general unsecured creditors holding allowed claims at this time. Payments will be paid out on a quarterly basis. General unsecured creditors will not receive post-petition interest on their claims. The Debtor believes that it will have enough cash on hand on the Effective Date of the Plan to pay all claims and expenses that are entitled to be paid on that date. Debtor will need to be able to pay an estimated $40,000 in administrative claims. Debtor should have at least $100,000 cash in its bank account. The remaining cash will be needed as a cash reserve for operations. The Debtor will use the net income from the operation of the business to fund payments of allowed claims as provided for in the Plan. Owner Ryan M. Charles and his employees will operate the company and fund this reorganization. The Debtor expects its monthly net income to be on average $15,620 for the 69-month Plan term, of which it will contribute $15,000 towards its plan payments. Given the longevity of the company and the experience of Ryan M. Charles in the plumbing business, the expected future sales of the Debtor, the steps the Debtor has already taken to decrease expenses, the further steps that Debtor proposes to take to increase income and reduce expenses, and the excellent customer loyalty, Debtor believes that the projections for monthly sales are reasonable, prudent, and fairly represent the business prospects for the foreseeable future. The Debtor is contributing almost all of its projected net income for the Plan term. The Debtor needs to have some leeway or cushion for unexpected expenses such as repairs to equipment and advances to job sites so there is a line item included of $5,000 for "cash reserve." Debtor believes that despite expected fluctuations in monthly income and expenses and given that there will be some unexpected expenses along the way, that a fixed plan payment of $15,000 per month is realistic, obtainable, and feasible. A full-text copy of the First Amended Disclosure Statement dated December 16, 2025 is available at https://urlcurt.com/u?l=K0eKFv from PacerMonitor.com at no charge. Counsel to the Debtor: David A. Arietta, Esq. Law Offices of David A. Arietta 700 Ygnacio Valley Road, Suite 150 Walnut Creek, CA 94596 Tel: (925) 472-8000 Fax: (925) 472-5925 Email: David@ariettalaw.com About Advanced Trenchless Inc. Advanced Trenchless, Inc. provides trenchless sewer, plumbing, and drain services across Northern California. The company specializes in hydro jetting, sewer and drain repairs, trenchless replacements, and camera inspections. Founded in 1978, it has decades of experience addressing sewer infrastructure issues with a focus on non-commission-based, full-service solutions. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Cal. Case No. 25-41165) on July 1, 2025. In the petition signed by Ryan Charles, president, the Debtor disclosed $536,960 in assets and $4,644,613 in liabilities. Judge Charles Novack oversees the case. David A. Arietta, Esq., at the Law Offices of David A. Arietta, represents the Debtor as legal counsel. Comerica Bank, as secured creditor, is represented by: Jessica M. Simon, Esq. Hemar, Rousso & Heald, LLP 15910 Ventura Blvd., 12th Floor Encino, CA 91436 Telephone: (818) 501-3800 Facsimile: (818) 501-2985 jsimon@hrhlaw.com AGREETA SOLUTIONS: Plan Exclusivity Extended to February 23, 2026 ----------------------------------------------------------------- Judge Paul W. Bonapfel of the U.S. Bankruptcy Court for the Northern District of Georgia extended Agreeta Solutions USA, LLC's exclusive periods to file a plan of reorganization and obtain acceptance thereof to February 23, 2026 and April 24. 2026, respectively. As shared by Troubled Company Reporter, the Debtor explains that it is presently working to negotiate a plan of reorganization with its creditors, but the Debtor requires additional time to allow it to finalize a settlement with SLRF and propose a viable, feasible plan of reorganization. The Debtor claims that it seeks an extension to the Exclusivity Periods to preclude the costly disruption and instability that would occur if competing plans were proposed. The Debtor notes that the request for an extension will not unfairly prejudice or pressure its creditor constituencies or grant the Debtor any unfair bargaining leverage. The Debtor needs creditor support to confirm any plan, so the Debtor is in no position to impose or pressure its creditors to accept unwelcome plan terms. The Debtor seeks an extension of the Exclusivity Periods to advance the case and continue good faith negotiations with its stakeholders. The Debtor asserts that premature termination of the Exclusivity Periods may engender duplicative expense and litigation associated with multiple competing plans. Any litigation with respect to competing plans and resulting administrative expenses will only decrease recoveries to the Debtor's creditors and significantly delay, if not undermine entirely, the possibility of prompt confirmation of a plan of reorganization. About Agreeta Solutions USA LLC Agreeta Solutions USA, LLC develops digital solutions for the agriculture technology sector, offering platforms that integrate smart farming, traceability, and agri-commerce tools. It operates in Peachtree Corners, Georgia, and focuses on improving farm productivity, supply chain transparency, and market connectivity. Its services include precision agriculture analytics, end-to-end food product traceability, and support for farmer networks. Agreeta Solutions USA sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-59677) on August 25, 2025. In its petition, the Debtor reported between $10 million and $50 million in assets and liabilities. The Debtor is represented by: Theodore N. Stapleton, Esq. Theodore N. Stapleton, P.C. Tel: 770-436-3334 Email: tstaple@tstaple.com ALLEN MEDIA: Cliffwater Marks $20MM Loan at 25% Off --------------------------------------------------- Cliffwater Enhanced Lending Fund has marked its $20,000,000 loan extended to Allen Media, LLC to market at $15,071,937 or 75% of the outstanding amount, according to Cliffwater's Form N-CSRS for the semi-annual period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. Cliffwater Enhanced is a participant in a Revolver Loan to Allen Media, LLC. The loan accrues interest at a rate of 11.99% per annum. The loan matures on September 23, 2027. The Cliffwater Enhanced Lending Fund is a closed-end, non-diversified management investment company registered under the Investment Company Act of 1940. The Fund is a "fund of funds" that operates and is organized as an interval fund. Cliffwater LLC serves as the investment adviser of the Fund. The Fund's primary investment objective is to seek high current income and modest capital appreciation, while the Fund's secondary objective is capital preservation. Cliffwater Enhanced is led by Stephen Nesbitt as Principal Executive Officer, and Lance J. Johnson as Treasurer and Principal Financial Officer. The Company can be reach through: Stephen Nesbitt Cliffwater Enhanced Lending Fund 235 West Galena Street Milwaukee, WI 53212 Telephone: (414) 299-2030 About Allen Media, LLC Allen Media Group, alternately known by its former name of Entertainment Studios, Inc. is an American media and entertainment company based in Los Angeles. ANTELOPE HOSPITALITY: Voluntary Chapter 11 Case Summary ------------------------------------------------------- Debtor: Antelope Hospitality LLC f/d/b/a Quality Inn View of Lake Powell - Page d/b/a Scenic View Inn 287 N. Lake Powell Blvd. Page, AZ 86040 Business Description: Antelope Hospitality LLC, doing business as Scenic View Inn, operates a full-service hotel in Page, Arizona, offering accommodations with contemporary decor, private balconies in select rooms, and amenities such as an outdoor pool, spa, fitness center, business center, and meeting facilities. The property provides guest rooms equipped with free Wi-Fi, 55-inch 4K TVs, modern bathrooms, refrigerators, microwaves, and essential amenities, alongside complimentary breakfast and laundry services. The hotel is positioned near major Northern Arizona attractions including Antelope Canyon, Horseshoe Bend, Glen Canyon National Recreation Area, Lake Powell, and local dining and shopping options, serving as a base for tourists, photographers, and adventurers. Chapter 11 Petition Date: December 22, 2025 Court: United States Bankruptcy Court District of Arizona Case No.: 25-12347 Judge: Hon. Paul Sala Debtor's Counsel: Bradley D. Pack, Esq. ENGELMAN BERGER PC 2800 N. Central Avenue, Suite 1200 Phoenix, AZ 85004 Tel: 602-222-4994 E-mail: bdp@eblawyers.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $10 million to $50 million Antelope Hospitality LLC's petition was signed by Deval Shah, Trustee of the Devshah 401(k) Trust, the Debtor's sole member. 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/S5BYOQQ/Antelope_Hospitality_LLC__azbke-25-12347__0001.0.pdf?mcid=tGE4TAMA ARIZONA HORSE: Edward Burr Named Subchapter V Trustee ----------------------------------------------------- The U.S. Trustee for Region 17 appointed Edward Burr of Mac Restructuring Advisors, LLC as Subchapter V trustee for Arizona Horse Rescue and Adoption. Mr. Burr will be paid an hourly fee of $450 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Burr declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Edward Burr Mac Restructuring Advisors, LLC 10191 E. Shangri La Road Scottsdale, AZ 85260 Phone: (602) 418-2906 Email: Ted@macrestructuring.com About Arizona Horse Rescue and Adoption Arizona Horse Rescue and Adoption sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ariz. 25-12193) on December 17, 2025, with $100,001 to $500,000 in assets and $50,001 to $100,000 in liabilities. Judge Scott H. Gan represents the Debtor as legal counsel. ARTSTOCK: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------- Debtor: Artstock d/b/a Artist & Craftsman Supply 540 Deering Avenue Portland ME 04103 Business Description: Artstock, doing business as Artist & Craftsman Supply, operates a retail chain offering a range of art materials, including fine art supplies, children's art products, school materials, and novelty items, serving both individual and institutional customers. Founded in 1985 in Portland, Maine, the Company expanded from a single local store to multiple brick-and-mortar locations across several U.S. states and developed an online sales platform. Chapter 11 Petition Date: December 21, 2025 Court: United States Bankruptcy Court District of Maine Case No.: 25-20305 Judge: Hon. Peter G Cary Debtor's General Bankruptcy Counsel: Sam Anderson, Esq. BERNSTEIN SHUR SAWYER & NELSON, P.A. 100 Middle Street P.O. Box 9729 Portland ME 04101 Tel: 207-774-1200 Email: sanderson@bernsteinshur.com Estimated Assets: $10 million to $50 million Estimated Liabilities: $10 million to $50 million The petition was signed by Robert Landry as authorized party. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/RP6U3IY/Artstock_dba_Artist__Craftsman__mebke-25-20305__0001.0.pdf?mcid=tGE4TAMA List of Debtor's 20 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Golden Artist Colors, Inc. Suppliers or Vendors $156,585 188 Bell Road New Berlin, NY, 13411 Email: accountsreceivable@goldenpaints.com 2. Dixon Ticonderoga Company Suppliers or Vendors $119,009 P.O. Box 735391 New Orleans, LA, 70123 Email: armailbox@dixonusa.com 3. SLS Arts Suppliers or Vendors $118,959 5524 Mounes Street New Orleans, LA, 70123 Email: sydnee@slsarts.com 4. American Express Credit Card $96,078 P.O. Box 650448 Dallas, TX, 650448 Email: mirage-bankruptcyteam1@aexp.com 5. Royal Talens Suppliers or Vendors $88,798 North America Inc. 30 Industrial Drive Northampton, MA, 01060 Email: receipts.rtna@royaltalens.com 6. Colart Suppliers or Vendors $70,771 11 Constitution Avenue P.O. Box 1396 Piscataway, NJ, 08855-1396 Email: pamela.gamboa@colart.com 7. Richeson & Co, Inc Suppliers or Vendors $54,014 P.O. Box 160 Kimberly, WI, 54136-0160 Email: ar@decoart.com 8. A.W. Faber-Castell USA, INC Suppliers or Vendors $44,831 P.O. Box 634500 Cincinnati, OH, 45263-4500 Email: victoria.georgussis@fabercastell.com 9. Craft Time LLC Suppliers or Vendors $41,138 7916 Drew Circle Unit 5 Fort Myers, FL, 33967 Email: collections@multicraft.ca 10. Gamblin Artist Colors Suppliers or Vendors $38,240 2734 Se Raymond Street Portland, OR, 97202 Email: cassie@gamblincolors.com 11. American Easel, LLC Suppliers or Vendors $36,806 340 Thelma Lane NE Salem, OR, 97301 Email: tammy@americaneasel.com 12. Masterpiece Artist Canvas LLC Suppliers or Vendors $32,504 826 Orange Avenue #111 Coronado, CA, 92118 Email: sia@masterpiecearts.com 13. Lighthouse Publications, Inc. Suppliers or Vendors $30,251 10 New Maple Avenue Suite 300 Pine Brook, NJ, 07058 Email: nicole.payne@lighthouse.us 14. Royal Brush Mfg. Inc. Suppliers or Vendors $29,409 515 W 45th Street Munster, IN, 46321 Email: accounts.usa@royalbrush.com 15. Kikkerland Design Suppliers or Vendors $28,471 c/o JP Morgan Chase Lockbox Service P.O. Box 30892 New York, NY, 10087 Email: nora@kikkerland.com 16. Speedball Art Products Suppliers or Vendors $22,907 Lockbox Number 232957 2957 Momentum Place Chicago, IL, 60689 Email: tammyknight@speedballart.com 17. Itoya Profolio Suppliers or Vendors $22,867 20725 S Western Avenue Suite 136 Torrance, CA, 90501 Email: accountsreceivable@itoya.com 18. Exaclair Inc. Suppliers or Vendors $20,471 143 West 29th Street Suite 1000 New York, NY, 10001 Email: accounting@exclair.com 19. Red Cap Cards Suppliers or Vendors $19,993 P.O. Box 412019 Los Angeles, CA, 90041 Email: info@redcapcards.com 20. Pomegranate Communications, Suppliers or Vendors $19,840 Inc. Attn: Accounts Receivable 105 SE 18th Avenue Portland, OR, 97214 Email: receivables@pomegranate.com ASCEND PERFORMANCE: Emerges from Ch.11 With $1.3B Debt Cut ---------------------------------------------------------- Ascend Performance Materials, a leading producer of high-performance and durable engineered materials for everyday essentials and new technologies, announced on Dec. 19, 2025, the completion of its financial restructuring process and emergence from Chapter 11 bankruptcy protection. The Company's Plan of Reorganization, confirmed by the U.S. Bankruptcy Court on December 9, 2025, is now effective. Ascend achieved the objectives it set for this process, including reducing its total long-term debt by approximately $1.3 billion, securing access to a $350 million asset-based credit facility, strengthening its liquidity position through more than $600 million of new capital provided by its new shareholders, and materially lowering its debt service costs, which will enable Ascend to reinvest in reliability, efficiency, and long-term growth. "Today marks the final milestone in Ascend's restructuring process, and we are thrilled to be emerging from Chapter 11 with significantly less debt and a much stronger capital structure," said Patrick Schumacher, Ascend's newly appointed CEO. "Thanks to the incredible efforts of our people and the support of our new ownership group, we have strengthened the business and positioned Ascend for future growth. As we move forward, we will increase our investments in reliability and advance our leadership position in nylon resins and engineering thermoplastics." Ascend's emergence from Chapter 11 marks a pivotal moment in its ongoing transformation. Ascend remains steadfast in its mission to deliver high-performance materials that improve the quality of life today and inspire a better tomorrow. Additional Information Additional information on the Company's Chapter 11 case can be found at https://dm.epiq11.com/Ascend or by contacting Epiq, the Company's noticing and claims agent, at (888) 890-9917 (for toll-free U.S. calls) or +1 (971) 385-8728 (for tolled international calls). Ascend is advised in this matter by Kirkland & Ellis LLP as legal counsel, FTI Consulting as financial advisor, and PJT Partners as investment banker. The ad hoc group of term loan lenders to the Company is advised by Gibson, Dunn & Crutcher LLP as legal counsel, and Evercore Group L.L.C. as investment banker. About Ascend Performance Materials Holdings The Debtors, together with their non-Debtor affiliates, are one of the largest, fully-integrated producers of nylon, a plastic that is used in everyday essentials, like apparel, carpets, and tires, as well as new technologies, like electric vehicles and solar energy systems. Ascend's business primarily revolves around the production and sale of nylon 6,6 (PA66), along with the chemical intermediates and downstream products derived from it. Common applications of PA66 include heating and cooling systems, air bags, batteries, and athletic apparel. Headquartered in Houston, Texas, Ascend has a global workforce of approximately 2,200 employees and operates eleven manufacturing facilities that span the United States, Mexico, Europe, and Asia. Ascend Performance Materials Holdings Inc. and its affiliates filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 25-90127) on April 21, 2025. In the petitions signed by Robert Del Genio, chief restructuring officer, the Debtors disclosed $1 billion to $10 billion in both estimated assets and liabilities. Judge Christopher M. Lopez oversees the cases. The Debtors tapped Bracewell LLP and Kirkland & Ellis LLP as counsel; PJT Partners, Inc. as investment banker; FTI Consulting, Inc. as restructuring advisor; and Deloitte LLP as tax advisor. Epiq Corporate Restructuring LLC is the Debtors' claims, noticing, and solicitation agent. ASSOCIATIONS INC: Cliffwater Marks $17.6MM Loan at 91% Off ---------------------------------------------------------- Cliffwater Enhanced Lending Fund has marked its $17,641,129 loan extended to Associations, Inc. to market at $1,587,702 or 9% of the outstanding amount, according to Cliffwater's Form N-CSRS for the semi-annual period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. Cliffwater Enhanced is a participant in a Delayed Draw Loan to Associations, Inc. The loan accrues interest at a rate of 10.74% per annum. The loan matures on July 2, 2028. The Cliffwater Enhanced Lending Fund is a closed-end, non-diversified management investment company registered under the Investment Company Act of 1940. The Fund is a "fund of funds" that operates and is organized as an interval fund. Cliffwater LLC serves as the investment adviser of the Fund. The Fund's primary investment objective is to seek high current income and modest capital appreciation, while the Fund's secondary objective is capital preservation. Cliffwater Enhanced is led by Stephen Nesbitt as Principal Executive Officer, and Lance J. Johnson as Treasurer and Principal Financial Officer. The Company can be reach through: Stephen Nesbitt Cliffwater Enhanced Lending Fund 235 West Galena Street Milwaukee, WI 53212 Telephone: (414) 299-2030 About Associations, Inc. Associations, Inc. of Texas, doing business as Associa, provides property management services to community associations. BARMASTERS LLC: Gets Interim OK to Use Cash Collateral ------------------------------------------------------ Barmasters, LLC got the green light from the U.S. Bankruptcy Court for the Middle District of Florida, Orlando Division, to use cash collateral. The court issued an interim order authorizing the Debtor to use cash collateral for court-approved payments; the budgeted expenses, plus up to a 10% variance per line item; and additional amounts with U.S. Bank N.A.'s approval, effective until January 27, 2026, unless extended by agreement. The cash collateral the Debtor intends to use is comprised of cash on hand and funds to be received during normal operations, which may be encumbered by the liens of U.S. Bank and other creditors. As adequate protection, these creditors will be granted a replacement lien on post-petition cash collateral, with the same validity, priority, and extent as their pre-bankruptcy liens. The Debtor must also maintain insurance in compliance with applicable loan and security agreements. The next hearing is scheduled for January 27, 2026. Prior to its Chapter 11 filing, the Debtor obtained financing from the creditors to facilitate operations. The creditors may assert security interest in the Debtor's cash and cash equivalents by virtue of the UCC-1 financing statements filed with the State of Florida. About Barmasters LLC Barmasters LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-07727) on November 26, 2025, with $100,000 to $500,000 in assets and $1 million to $10 million in liabilities. Andrew Layden serves as Subchapter V trustee for Barmasters, LLC. Daniel A. Velasquez, Esq., at Latham, Luna, Eden & Beaudine, LLP represents the Debtor as legal counsel. BELLA CAPRI: Hires Schatzman & Schatzman as Legal Counsel --------------------------------------------------------- Bella Capri, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to hire Jeffrey N. Schatzman, Esq., of Schatzman & Schatzman, P.A., to serve as legal counsel. Mr. Schatzman will provide these services: (a) give advice to the Debtor with respect to its powers and duties as a debtor in possession and the continued management of its business operations, and advise the Debtor with respect to its responsibilities in complying with the U.S. Trustee's Operating Guidelines and Reporting Requirements and with the rules of the Court (b) prepare motions, pleadings, orders, applications, adversary proceedings, and other legal documents necessary in the administration of the case (c) protect the interest of the Debtor in all matters pending before the Court; and (d) represent the Debtor in negotiations with its creditors in the preparation of a plan. Prior to the filing of the Chapter 11 case, Schatzman & Schatzman, P.A. accepted a fee retainer of $5,000 on December 5, 2025, and on December 9, 2025 accepted an additional fee retainer of $20,000 and a cost retainer of $2,500. The firm drew down $5,700 on the fee retainer for pre-petition services, leaving a balance of $19,300 as of the Petition Date. Jeffrey N. Schatzman, Esq., and Schatzman & Schatzman, P.A. are disinterested persons within the meaning of 11 U.S.C. § 327(a), according to court filings. The firm can be reached at: Jeffrey N. Schatzman, Esq. SCHATZMAN & SCHATZMAN, P.A. 9990 S.W. 77th Avenue, Penthouse 2 Miami, FL 33156 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. BEVI TUTTO: Brian Shapiro Named Subchapter V Trustee ---------------------------------------------------- The U.S. Trustee for Region 17 appointed Brian Shapiro as Subchapter V trustee for Bevi Tutto, LLC. Mr. Shapiro will be paid an hourly fee of $650 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Shapiro declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Brian Shapiro 510 S. 8th Street Las Vegas, NV 89101 Phone: (702) 386-8600 Email: brian@trusteeshapiro.com About Bevi Tutto LLC Bevi Tutto, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Nev. Case No. 25-51185) on December 16, 2025, with up to $50,000 in assets and $100,001 to $500,000 in liabilities. Judge Hilary L. Barnes presides over the case. Kevin A. Darby, Esq., at Darby Law Practice, Ltd. represents the Debtor as bankruptcy counsel. C&D TECHNOLOGIES: S&P Alters Outlook to Negative, Affirms 'B-' ICR ------------------------------------------------------------------ S&P Global Ratings revised its outlook to negative from developing on Pennsylvania-based stored energy solutions manufacturer C&D Technologies Inc. S&P also affirmed all its ratings on C&D Technologies, including e 'B-' issuer credit rating. S&P said, "The negative outlook reflects the potential we could lower our rating on the company within the next six months if the company does not receive the 45X credit, is unable to materially improve its liquidity position, or does not successfully refinance its first-lien term loan. C&D Technologies Inc. reported operating performance that was weaker than we previously expected due to volume declines in its Motive segment, rising material costs, and higher business optimization expenses. In addition, the company has yet to receive its second 45X credit (filed for the 2024 operating year) and faces thinning liquidity from significant free operating cash flow (FOCF) deficits amid nearing debt maturities. Uncertainty remains around the timing of the 45X tax credit payout. C&D Technologies received its first 45X credit in mid-2024 and used a majority of the proceeds to pay down debt. However, the company has yet to receive its second payment, originally anticipated in mid-2025. While there has been no publicly stated change in policy surrounding the scope or duration of these credits, there is no clearly defined timing for the payout given recent administrative delays. In early 2025, the company extended the maturity of its $400 million first-lien term loan ($373 million outstanding as of Sept. 30, 2025) and included a provision that requires 100% of the 45X credit (when received) to be offered to lenders to pay down up to $125 million of its outstanding term loan balance. While the company has been successful in extending its maturity before, S&P notes the elevated risk to its liquidity profile if it does not receive the 45X credit within the next six months. C&D Technologies continues to face declining demand in its Motive segment. Sales in the company's Motive segment began to decline in the fourth quarter of 2024 as demand for lead acid batteries to the golf cart original equipment manufacturers (OEM) shifted away from domestic production to cheaper foreign alternatives. While batteries to floor scrubbers and arial work platforms remain strong, the weakness in demand to OEMs has caused a decline about 11% in 2025 year-to-date sales from the prior year period. S&P expects this trend to continue for the next several quarters, posing a risk to revenue growth if C&D Technologies is unable to supplement the decline in its OEM markets with sales to aftermarket distributors. S&P said, "Despite this decline, we expect demand for batteries to the telecom and data center markets in the Stationery segment and higher prices to support total sales. Battery sales to telecom providers substantially increased in 2025, after softer volumes in 2024 from subdued customer capital expenditure (capex). In addition, the booming buildout of data centers, which require backup power systems, will likely lead to revenue growth of over 30% in the Stationary segment and about 7%-9% growth in total company sales for 2025. We expect this trend to continue next year, which will serve as an offset to declines in the Motive segment, leading to growth in the low-to mid-single-digit percentage area in 2026." The company's 2025 EBITDA will be lower than we previously forecast because of the volume disruption in its higher-margin Motive segment coupled with higher material costs and costs associated with the lithium business. For the last-12-month period ended Sept. 30, 2025, S&P Global Ratings-adjusted EBITDA margins (excluding the 45X credit) fell to 4.3%, compared with 5.5% in the prior year period. Rapidly rising costs of key metalloids used in the production of lead acid batteries, like antimony, caused a significant increase in materials cost over the past year. While the company has been able to pass higher costs on with price increases, the lag in timing had a material impact on margins in late 2024 through early 2025. In addition, still-high costs related to the build-out of the company's lithium business and the impact of the product mix shift in sales will likely reduce EBITDA in 2025 compared with our prior forecast. S&P forecasts moderately improving EBITDA margins by year-end 2025 and in 2026 as costs associated with the lithium business abate, the price/cost dynamics improve, and new product launches in the Motive segment lead to a gradual recovery in that segment. However, the company's EBITDA margins, excluding the 45X credit, have remained materially lower since 2023 due to lower volumes and lithium build-out costs and an inability to execute on its operating plan could lead to further earnings deterioration. FOCF remains negative, causing thinning liquidity. In early 2025, the company built inventory as it anticipated a stronger selling season for golf cart batteries, which usually occurs in early to late spring. However, with the decline in OEM volumes and higher-than-anticipated demand in the Stationary business, additional inventory build led to a drag on working capital and higher draws on its ABL revolver. Coupled with near-term maturities and lower funds from operations (excluding the 45X credit), there is currently a reliance on refinancing to improve liquidity in the near team. In addition, this cushion could remain limited over the next few quarters in absence of receiving the 45X credit as the company builds inventory for 2026 demand expectations before moderating in the second half of the year. The negative outlook reflects the potential S&P could lower its rating on the company within the next six months if the company does not receive the 45X credit, is unable to materially improve its liquidity position, or does not successfully refinance its first-lien term loan. S&P could lower its rating on C&D Technologies if: -- The company does not receive the 45X credit within the next six months; -- Liquidity does not materially improve, which could be caused by lower-than-expected cash flows and profitability; or -- The company does not successfully refinance its first-lien term loan well in advance of its Dec. 20, 2026, maturity. S&P could revise its outlook to stable if: -- The company receives the 45X credit; -- It's cash flow and profitability improve such that liquidity becomes and remains adequate; and -- The company successfully refinances its term loan in a manner that alleviates near-term refinancing risk, and S&P does not view it as a distressed restructuring. CANYON CREEK: Unsecured Creditors to be Paid in Full in Plan ------------------------------------------------------------ Canyon Creek Villas, LLC, filed with the U.S. Bankruptcy Court for the District of Colorado a Disclosure Statement describing Plan of Reorganization dated December 16, 2025. The Debtor is a real estate development company that bought and began developing real property in Boulder, Colorado to build 46 townhomes, commonly known as the Residences at Saddle Creek. The Debtor's primary asset is approximately real property located at 90-96 Arapahoe Avenue, Boulder, Colorado (the "Real Property"). The Debtor estimated the value of its Real Property at approximately $25MM as of the Petition Date, assuming the completion of the horizonal infrastructure on the property, which had not yet been completed. Absent such development, including storm sewers, gutters, and other costs in excess of $3MM, the value was substantially less. Since successfully submitting and obtaining approval of its amendment to zoning requirements with the City of Boulder, the value of the Debtor's Real Property has increased substantially, and once completely developed is estimated to be worth approximately $42MM. The Debtor intends to convey its Real Property to Saddle Creek in exchange to for the payment of allowed claims against its Estate. Saddle Creek will then develop the Real Property as a collection of luxury townhomes. The Debtor's financing to exit Chapter 11 and reorganize ultimately depended on a rezoning of its project for fewer affordable housing units. After the Petition date, the Debtor presented zoning amendment to the City of Boulder for a reduction in the required number of affordable housing units, which sought to reduce the number of required units from 19 to 10. Approval of this amendment, which occurred on or about August 21, 2025, once again made the Debtor's development project financially feasible. As a result, the Debtor has successfully pursued negotiations with a lender to finance the completion of the Project through a new entity, which will also provide funds to pay its legitimate creditors their allowed claims in full. Following Confirmation of the Plan, the Debtor intends to convey its Real Property, free and clear of all liens and encumbrances, to a newly-formed entity, Saddle Creek, LLC, which will continue the Debtor's development project. As part of this process, Saddle Creek has received a commitment for and will receive a loan sufficient to pay off all Allowed Secured Claims necessary to continue the development in the amount of $24,888,000. As development of the Real Property continues, the sale of units from the project will provide funds to pay off remaining claims against the Debtor's Estate if they are ultimately allowed. The Class Twelve Claimholders are the holders of Allowed Unsecured Claims against the Debtor's Estate in the estimated total amount of $400,265.25, which number depends on the extent to which certain Claims are determined to be undersecured and the validity and security of other Disputed Claims. The Class Twelve Claims shall be paid in full from the proceeds of the transaction with CLSII or its designee as funds become available from the progression of the Project. The Class Fifteen Claimholders are the owners of the equitable interests in the Debtor. The Class Fifteen Claimholders shall retain their interests but receive no payment under the Plan by virtue of their equity interests. Class Fifteen is unimpaired under the Plan. Construction Loan Services II, LLC (d/b/a Builder's Capital) has committed to loan (by itself or by its designee) to Saddle Creek $24,888,000, an amount sufficient to pay Allowed Claims and approved administrative expenses against the Estate, which Saddle Creek shall pay to the Debtor in exchange for the Debtor’s Real Property. The Debtor projects that the Plan of Reorganization described herein and in the Debtor's Plan will significantly increase the value of the Real Property, which shall be developed by Saddle Creek. The loan from Construction Loan Services II, LLC or its designee to Saddle Creek, which shall be paid by Saddle Creek to the Debtor in exchange for its Real Property, will allow the Debtor to reorganize successfully by repayment of Allowed Claims and Approved Administrative Expenses against the Estate, and provide payment to all legitimate creditors in full on their Allowed Claims as the Project proceeds. A full-text copy of the Disclosure Statement dated December 16, 2025 is available at https://urlcurt.com/u?l=9d1EjQ from PacerMonitor.com at no charge. Canyon Creek Villas, LLC is represented by: Jeffrey A. Weinman, Esq. Katharine S. Sender, Esq. Allen Vellone Wolf Helfrich & Factor P.C. 1600 Stout Street, Suite 1900 Denver, CO 80202 Tel: (303) 534-4499 Email: JWeinman@allen-vellone.com KSender@allen-vellone.com About Canyon Creek Villas Canyon Creek Villas LLC is a Colorado-based single asset real estate company that owns and manages condominium units in Boulder. Canyon Creek Villas LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Col. Case No. 25-11683) on March 28, 2025. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million each. Bankruptcy Judge Kimberley H. Tyson handles the case. The Debtor is represented by Jeffrey A. Weinman, Esq. at ALLEN VELLONE WOLF HELFRICH & FACTOR, P.C. CHERRY HILL: Appointment of Salvatore LaMonica as Trustee OK'd -------------------------------------------------------------- Judge Jil Mazer-Marino of the U.S. Bankruptcy Court for the Eastern District of New York approved the appointment of Salvatore LaMonica, Esq., as Chapter 11 trustee in Cherry Hill Portfolio LLC's bankruptcy case. Mr. LaMonica was appointed on December 19 by the U.S. Trustee for Region 2, the Justice Department's bankruptcy watchdog overseeing Cherry Hill's Chapter 11 case. The appointment was made pursuant to the order from the bankruptcy court on December 18. In making his selection, the U.S. Trustee's counsel consulted with: * Eric H. Horn, Esq., A.Y. Strauss LLC, bankruptcy counsel to Cherry Hill; and * Thomas R. Slome, Esq., Cullen and Dykman LLP, counsel to creditor Dime Community Bank; and * Kenneth L. Baum, Esq., Law Offices of Kenneth L. Baum LLC, attorneys for creditor NewBridge Services, Inc. To best of the U.S. Trustee's knowledge, Mr. LaMonica's connections with Cherry Hill, creditors and any other parties in interest, their respective attorneys and accountants, the U.S. Trustee, and persons employed in the Office of the U.S. Trustee are limited to the connections set forth in the declaration of disinterestedness of Mr. LaMonica. About Cherry Hill Portfolio LLC Cherry Hill Portfolio LLC is a real estate company operating in New York and New Jersey. Cherry Hill Portfolio LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-43199) on July 2, 2025. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million. Honorable Bankruptcy Judge Jil Mazer-Marino handles the case. The Debtors are represented by Eric H. Horn, Esq. at A.Y. Strauss. CHRISTOS FARM: Lisa Rynard Named Subchapter V Trustee ----------------------------------------------------- The U.S. Trustee for Regions 3 and 9 appointed Lisa Rynard, Esq., at the Law Office of Lisa A. Rynard as Subchapter V trustee for Christos Farm, LLC. Ms. Rynard will be paid an hourly fee of $325 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Rynard 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 A. Rynard, Esq. Law Office of Lisa A. Rynard 240 Broad Street Montoursville, PA 17754 Phone: (570) 505-3289 Email: larynard@larynardlaw.com About Christos Farm LLC Christos Farm, LLC is a Pennsylvania-based real estate holding company with primary assets at 7653 Edgewater Acres Circle, Alexandria, PA 16611. Classified under NAICS 7211 (Traveler Accommodation), the company owns and manages property used for short-term lodging and related hospitality service. Christos Farm sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Pa. Case No. 25-03504) on December 5, 2025, with $100,000 to $500,000 in assets and $1 million to $10 million in liabilities. Paul Rallis, owner, signed the petition. Judge Henry W. Van Eck presides over the case. Lawrence V. Young, Esq., at CGA Law Firm represents the Debtor as bankruptcy counsel. CINEMAWORLD OF FLORIDA: Seeks to Extend Plan Exclusivity -------------------------------------------------------- Cinemaworld of Florida, Inc. asked the U.S. Bankruptcy Court for the Southern District of Florida to extend its exclusivity periods to file a plan of reorganization and obtain acceptance thereof to February 27, 2026 and April 30, 2026, respectively. The Debtor explains that it has continued to evaluate its remaining operations and examine the manner in which its expenses can be reduced, and its operations stabilized, having reduced its operations through the sale of the Melbourne location. The Debtor currently has three theatre locations and one family entertainment center, with a total of 91 employees. The claims bar date expired on September 11, 2025, with the deadline for governmental units being December 30, 2025. The Debtor claims that it has engaged GlassRatner, which is assisting the Debtor with its creditors and formulating a plan of reorganization. These efforts are on-going and dependent upon discussions taking place with creditors regarding the leased locations and overall operations. The Debtor requests the Court grant this Motion and extend the plan and disclosure statement filing deadline as well as the exclusive periods within which only the Debtor may file and solicit acceptances of a plan, as the company, with the assistance of GlassRatner, is still actively engaged in discussions with creditors which will necessarily be central to the Debtor's plan. The Debtor asserts that this motion is not submitted for purposes of delay and the Debtor submits that the relief requested in this motion will not prejudice any party. The Debtor further asserts that its counsel has reached out to counsel for the Watertown landlord, the Rhode Island landlord, Clinton Savings Bank, and Northern Trust regarding the relief requested by this Motion. There are no objections to the relief requested herein and to entry of the proposed order. Cinemaworld of Florida, Inc. is represented by: Elena Paras Ketchum. STICHTER, RIEDEL, BLAIN & POSTLER, P.A. 110 E. Madison St., Suite 200 Tampa, FL 33602 Tel: (813) 229-0144 Email: eketchum@srbp.com About Cinemaworld of Florida, Inc. Cinemaworld of Florida, Inc., doing business as The Majestic 11 and CW Lanes & Games, operates movie theaters and family entertainment centers. Cinemaworld of Florida, Inc. filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-17693) on July 3, 2025, listing $10 million to $50 million in both assets and liabilities. The petition was signed by Richard N. Starr, Sr. as president. Judge Mindy A Mora presides over the case. Harley E. Riedel, at STICHTER, RIEDEL, BLAIN & POSTLER, P.A., is the Debtor's counsel. CIPRIANI USA: Cliffwater Marks $15MM Loan at 38% Off ---------------------------------------------------- Cliffwater Enhanced Lending Fund has marked its $15,432,095 loan extended to Cipriani USA, Inc. to market at $9,511,042 or 62% of the outstanding amount, according to Cliffwater's Form N-CSRS for the semi-annual period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. Cliffwater Enhanced is a participant in a Delayed Draw Loan to Cipriani USA, Inc. The loan accrues interest at a rate of 13.00%, 8.00% PIK per annum. The loan matures on September 30, 2029. The Cliffwater Enhanced Lending Fund is a closed-end, non-diversified management investment company registered under the Investment Company Act of 1940. The Fund is a "fund of funds" that operates and is organized as an interval fund. Cliffwater LLC serves as the investment adviser of the Fund. The Fund's primary investment objective is to seek high current income and modest capital appreciation, while the Fund's secondary objective is capital preservation. Cliffwater Enhanced is led by Stephen Nesbitt as Principal Executive Officer, and Lance J. Johnson as Treasurer and Principal Financial Officer. The Company can be reach through: Stephen Nesbitt Cliffwater Enhanced Lending Fund 235 West Galena Street Milwaukee, WI 53212 Telephone: (414) 299-2030 About Cipriani USA, Inc. Cipriani USA, Inc. operates as a restaurant and food management company. The Company offers services include restaurant and dining, managing restaurants, and entertainment services. Cirpriani provides catering, fine dining, clubs, resorts, and retail entertainment. CJ REAL ESTATE: Case Summary & 16 Unsecured Creditors ----------------------------------------------------- Debtor: CJ Real Estate Partners, LLC d/b/a Coco Wood Grill 17814 Gulf Boulevard Redington Shores, FL 33708 Business Description: CJ Real Estate Partners, LLC, doing business as Coco Wood Grill, operates a full-service restaurant offering American-style cuisine, including seafood, handhelds and specialty dinner items, along with wine, beer and cocktails. The restaurant also offers themed and specialized menus such as an Authentic Taco Tuesday menu, a Vintage Restaurant menu and a gluten-free menu. Chapter 11 Petition Date: December 22, 2025 Court: United States Bankruptcy Court Middle District of Florida Case No.: 25-09646 Judge: Hon. Catherine Peek McEwen Debtor's Counsel: Buddy D. Ford, Esq. FORD & SEMACH, P.A. 9301 West Hillsborough Avenue Tampa, FL 33615-3008 Tel: (813) 877-4669 Fax: (813) 877-5543 E-mail: All@tampaesq.com Total Assets: $4,304,465 Total Liabilities: $3,232,543 The petition was signed by Christopher Lazorcheck as president. A full-text copy of the petition, which includes a list of the Debtor's 16 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/65UUGXA/CJ_Real_Estate_Partners_LLC__flmbke-25-09646__0001.0.pdf?mcid=tGE4TAMA CLEAR GUIDE: Hires Brennan McCarthy & Associates as Legal Counsel ----------------------------------------------------------------- Clear Guide Medical, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Maryland, Baltimore Division, to hire Brennan McCarthy & Associates to serve as legal counsel. BCM will provide these services: (a) give the Debtor and Debtor-in-Possession legal advice with respect to its powers and duties in these proceedings; (b) prepare on behalf of the Debtor and Debtor-in-Possession the necessary applications, answers, orders, reports, and other legal papers; (c) perform all other legal services for the Debtor and Debtor-in-Possession which may be necessary herein; and (d) represent the Debtor in any adversary proceeding and all other matters related to the Debtor’s business and bankruptcy proceedings. The firm will be paid $500 per hour for partners and $350 per hour for associates. The hourly rate of Brennan C. McCarthy, Esq., the attorney proposed to represent the Debtor, will be $450 per hour. Brennan McCarthy & Associates 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: Brennan C. McCarthy, Esq. BRENNAN McCARTHY & ASSOCIATES 1116 West Street, Suite C Annapolis, MD 21401 About Clear Guide Medical Inc. Clear Guide Medical Inc., a privately held company headquartered in Baltimore, Maryland, develops next-generation navigation technology for minimally invasive medical procedures, including biopsies, ablations, pain injections, and peripheral nerve blocks. The Company's offerings, including the CLEAR GUIDE SCENERGY system and the SuperPROBE platform, integrate image fusion and instrument guidance using computer vision to enhance procedural efficiency and reduce healthcare costs. Clear Guide Medical is a spinout of Johns Hopkins Medical Institutions and Johns Hopkins University and provides solutions across multiple imaging modalities for interventional radiology and surgical applications. Clear Guide Medical Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Md. Case No. 25-19171) on October 1, 2025. In its petition, the Debtor reports total assets as of December 31, 2024 amounting to $1,347,691 and total liabilities as of December 31, 2025 of $683,594. Honorable Bankruptcy Judge Michelle M. Harner handles the case. The Debtor is represented by Stephen B. Gerald, Esq. of TYDINGS & ROSENBERG LLP. CLENNEY BROTHERS: To Sell Colquitt Property to W. Scott Summerlin ----------------------------------------------------------------- Clenney Brothers Revocable Trust seeks approval from the U.S. Bankruptcy Court for the Middle District of Georgia, Albany Division, to sell Property commonly known as 126 Clenney Hill Road, Colquitt, GA 39837, free and clear of liens, claims, interests, and encumbrances. Jenny Walker was appointed as Sub V Trustee of the case. The Debtor valued the real estate at $140,000.00. The real estate is a residential house occupied by family member Annie Clenney. Peoples South Bank has a mortgage lien on the property. The Debtor proposes to sell the property in a cash sale in the total amount of $145,000.00 to Buyer William Scott Summerlin. The Peoples South Bank will receive the sum of $145,000.00 from the sale, which is their appraised value. The Buyer has no interest in the Debtor. The Debtor will transfer a Warranty Deed to the Buyer, either in his individual capacity or through such corporate form as Buyer designates. The Buyer will be responsible for future real estate taxes and insurance. Buyer will pay all closing costs. Attorney Amos Sheffield will close the transaction on behalf of Buyer. The remainder of funds received, if any, after the payoff to People South Bank, will be used to pay administrative expenses of the bankruptcy estate. Through the deal, the Debtor will realize full value for its property interest at a value greater than that provided in the schedules and eliminate the need to pay future taxes and insurance. The completion of the sale is in the best interest of the Debtor and the creditors. Peoples South Bank has agreed to the sale. The Debtor requests that the Court determine that Buyer is a good faith purchaser. About Clenney Brothers Revocable Trust Clenney Brothers Revocable Trust, filed a Chapter 11 bankruptcy petition (Bankr. M.D. Ga. Case No. 25-10199) on March 3,2025. Robert M. Matson presides over the case. The Debtor hires The Law Offices of Emmett L. Goodman, Jr. LLC as counsel. COMPLEMAR PARTNERS: Plan Exclusivity Extended to April 24, 2026 --------------------------------------------------------------- Judge Paul R. Warren of the U.S. Bankruptcy Court for the Western District of New York extended Complemar Partners, Inc. and its affiliates' exclusive periods to file a plan of reorganization and obtain acceptance thereof to April 24, 2026 and June 24, 2026, respectively. As shared by Troubled Company Reporter, the Debtors explain that an analysis of the various factors demonstrates that sufficient cause exists for extending the Exclusivity Period and Solicitation Period to April 24, 2026, and June 24, 2026, respectively. First, the size and complexity of this case warrant an extension of the Exclusivity Period and Solicitation Period. Extraordinary effort has been expended by Debtors in the administration of these Chapter 11 Cases to ensure a successful transition into chapter 11 and to implement a competitive sale process. Debtors are working tirelessly to formulate and obtain approval of bidding procedures in connection with a forthcoming sale of substantially all their assets in multiple lots. This includes, among other things, identifying, vetting, and negotiating terms of asset purchase agreements and working in tandem with Dorset to identify prospective buyers. Second, Debtors' significant progress to date in the Chapter 11 Cases justifies the requested extension of the exclusive periods. The Debtors have worked with their key constituencies on numerous issues and have made notable progress toward selling substantially all of their assets. In addition, Debtors continue to work with the U.S. Trustee, Five Star Bank, their creditors and other parties in interest to fashion an appropriate resolution of these Chapter 11 Cases. Of critical importance first, however, is the finalization of a 363 Sale and the determination of proceeds for distribution. Counsel to the Debtors: Sara Temes, Esq. Bond, Schoeneck & King PLLC 600 Third Avenue, 22nd Floor New York, NY 10016 Telephone: (646) 253-2300 Facsimile: (646) 253-2301 About Complemar Partners Complemar Partners, Inc., provides fulfillment, co-packing and kitting, and returns management services, leveraging technology and integrated solutions to support supply chain operations. Headquartered in Rochester, New York, the Debtor operates over 400,000 square feet of warehouse space, handling more than 680 million items annually and serving over 1,000 customers across more than 30 countries. It serves clients in e-commerce, health and beauty, subscription boxes, telecom, and wine and spirits industries. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. N.Y. Case No. 25-20610) on August 28, 2025, listing between $10 million and $50 million in assets and liabilities. David Van Rossum, chief executive officer, signed the petition. Judge Warren oversees the case. Sara C. Temes, at Bond, Schoeneck & King PLLC, is the Debtor's legal counsel. COOK HOLDINGS: Case Summary & Six Unsecured Creditors ----------------------------------------------------- Debtor: Cook Holdings, Inc. d/b/a Cook Auto Sales d/b/a Cook Auto Repair d/b/a Cook Auto Collision 8580 Highway 51 North Southaven, MS 38671 Business Description: Cook Holdings, Inc., doing business as Cook Auto Sales, Cook Auto Repair, and Cook Auto Collision, operates automotive retail and service businesses in Southaven, Mississippi. The Company, managed by owner Alan Cook, offers pre-owned vehicle sales, collision repair, and general automotive repair services to customers across the Mid-South. Chapter 11 Petition Date: December 22, 2025 Court: United States Bankruptcy Court Northern District of Mississippi Case No.: 25-14332 Judge: Hon. Jason D Woodard Debtor's Counsel: William L. Fava, Esq. FAVA FIRM P.O. Box 783 Southaven, MS 38671 Tel: 662-536-1116 Email: wfava@favafirm.com Estimated Assets: $0 to $50,000 Estimated Liabilities: $1 million to $10 million James Alan Cook signed the petition as president. A full-text copy of the petition, which includes a list of the Debtor's six unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/6YGLSLY/Cook_Holdings_Inc__msnbke-25-14332__0001.0.pdf?mcid=tGE4TAMA CORBIN LAW: Cliffwater Marks $1.4MM Loan at 49% Off --------------------------------------------------- Cliffwater Enhanced Lending Fund has marked its $1,496,679 loan extended to Corbin Law Firm to market at $758,003 or 51% of the outstanding amount, according to Cliffwater's Form N-CSRS for the semi-annual period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. Cliffwater Enhanced is a participant in a Delayed Draw Loan to Corbin Law Firm. The loan accrues interest at a rate of 12.07% per annum. The loan matures on August 28, 2027. The Cliffwater Enhanced Lending Fund is a closed-end, non-diversified management investment company registered under the Investment Company Act of 1940. The Fund is a "fund of funds" that operates and is organized as an interval fund. Cliffwater LLC serves as the investment adviser of the Fund. The Fund's primary investment objective is to seek high current income and modest capital appreciation, while the Fund's secondary objective is capital preservation. Cliffwater Enhanced is led by Stephen Nesbitt as Principal Executive Officer, and Lance J. Johnson as Treasurer and Principal Financial Officer. The Company can be reach through: Stephen Nesbitt Cliffwater Enhanced Lending Fund 235 West Galena Street Milwaukee, WI 53212 Telephone: (414) 299-2030 About Corbin Law Firm Corbyn Law Firm, PLLC offers legal services and its team specializes in complex business litigation, mediation, arbitration, and more. COSMETIC SURGERY: To Retain Moon Wright & Houston as Counsel ------------------------------------------------------------ Cosmetic Surgery Associates, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of North Carolina, Charlotte Division, to retain Moon Wright & Houston, PLLC as bankruptcy counsel. Moon Wright & Houston, PLLC will provide these services: (a) providing legal advice with respect to its powers and duties as debtor in possession in the continued operation of its business affairs and management of its properties; (b) negotiating, preparing, and pursuing confirmation of a Chapter 11 plan and approval of a disclosure statement (if applicable), and all related reorganization agreements and/or documents; (c) preparing necessary applications, motions, answers, orders, reports, and other legal papers on behalf of the Debtor; (d) representing the Debtor in litigation arising from or relating to the bankruptcy estate; (e) appearing in court to protect the interests of the Debtor; and (f) performing all other legal services for the Debtor that may be necessary and proper in the Chapter 11 proceeding. Subject to Court approval, compensation will be payable on an hourly basis, plus reimbursement of actual, necessary expenses. The agreed hourly rates are $575 per hour for Richard S. Wright, $550 per hour for Andrew T. Houston, $375 per hour for Caleb Brown, $185 per hour for paralegal Shannon L. Myers, and $150 per hour for assistant Jaime Schaedler. According to court filings, Moon Wright & Houston, PLLC does not hold or represent any interest adverse to the Debtor's estate and is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. The firm received a prepetition deposit in the amount of $16,678, of which $11,597.90 is currently held in trust. The firm can be reached at: Richard S. Wright, Esq. MOON WRIGHT & HOUSTON, PLLC 212 N. McDowell Street, Suite 200 Charlotte, NC 28204 Telephone: (704) 944-6560 Facsimile: (704) 944-0380 About Cosmetic Surgery Associates LLC Cosmetic Surgery Associates LLC is a single asset real estate company. Cosmetic Surgery Associates LLC filed for relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-31298) on December 2, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Laura T. Beyer handles the case. The Debtor is represented by Richard S. Wright, Esq. of Moon Wright & Houston, PLLC. COTY INC: S&P Alters Outlook to Stable, Affirms 'BB+' ICR --------------------------------------------------------- S&P Global Ratings revised its outlook to stable and affirmed its 'BB+' issuer credit rating on beauty products manufacturer Coty Inc. The stable outlook reflects Coty's commitment to prioritizing debt reduction over the coming year, with potential for further asset sales under a new CEO. The Wella sale will deleverage Coty to the high-3x area pro forma through calendar year end 2025, from 4.7x in the twelve months through Sept. 30, 2025. S&P said, "We believe paydown of short- and long-term debt with Wella proceeds will bring its S&P Global Ratings-adjusted leverage down about one turn. We expect the company's S&P Global Ratings-adjusted leverage will be in the mid-3x area in fiscal year 2026 (ending June 30, 2026) if its operating performance is in line with our expectations. This includes S&P Global Ratings-adjusted EBITDA of about $1 billion for full-year 2026." S&P said, "We note, in addition to the $750 million, Coty will receive 45% of any proceeds from a further sale or IPO of Wella after KKR's preferred return has been met. While we do not currently factor in further proceeds from that at this time, we believe this could provide further opportunities to reduce debt. "We will closely monitor how Coty addresses its near- and longer-term maturity stack over the coming year. In October, Coty issued $900 million of 2031 notes. It used proceeds to pay down the full $350 million of 5% April 2026 dollar-denominated senior secured notes. The company also reduced the balance of its April 2026 EUR3.875% senior secured notes to below $300 million from $820 million. "We expect Coty to use proceeds from this Wella sale to address other maturities including notes due in 2028. We will monitor how the company addresses its May 2027 EUR4.5% notes next year. "The Wella sale and other potential asset sales could provide Coty with further strategic focus. In our view, the sale of this remaining 25.8% stake in hair care-focused Wella allows Coty to sharpen its business around core fragrance brands. We note plans to integrate prestige and mass consumer beauty fragrances, which account for more than 69% of Coty's sales." Meanwhile, Coty has launched a comprehensive review of its consumer beauty business, which posted a $127.4 million adjusted operating loss for the full year ended June 30, 2025. Consumer beauty lost another $7.7 million in the quarter ended Sept. 30, 2025. Despite this, we believe there could be value given the mass color cosmetics business generates approximately $1.2 billion in sales. Coty is also exploring strategic options for its Brazil business, which contributed close to $400 million in sales in fiscal year 2025. However, given the highly competitive mass beauty business globally, S&P remains cautious on Coty's ability to sell these assets and use proceeds for further deleveraging in the coming year. Coty has generated solid cash flow despite market share losses across both mass consumer beauty and prestige beauty categories in recent years. The company's sales across both channels have declined in recent quarters. Coty is trying to pivot more to the fragrance category, which is seeing better growth prospects. While an important fragrance and beauty license for Gucci is set to expire in 2028, S&P notes 85% of the company's portfolio is either owned or under long term licenses (seven years and above or effectively perpetual). Coty is also focused on newer fragrance brands such as Adidas Vibes. Coty's S&P Global Ratings-adjusted gross margin declined 100 basis points (bps) in the first quarter 2025 from lower sales and 40 bps of tariff impact. S&P said, "We expect 40 bps of S&P Global Ratings-adjusted EBITDA decline from fiscal 2025 to fiscal 2026. We forecast the company will generate about $350 million in free operating cash flow in fiscal 2026. We will monitor how the company uses excess cash flow in the next 12 months, specifically if it is for further debt reduction rather than shareholder-friendly initiatives." S&P said, "We are monitoring the appointment of Markus Strobel as chairman and interim chief executive officer of Coty, announced yesterday. The news signals an important shift for the company. Strobel is a 30-year Procter & Gamble veteran, where he most recently served as President of the Global Skin and Personal Care division. He succeeds Sue Nabi, who is stepping down after five years as CEO. We believe Mr. Strobel's expertise particularly in the prestige fragrance category aligns with Coty's go-forward strategic plans in that segment. "The stable outlook reflects expectation that over the next 12 months, the company will pursue its strategic review of consumer beauty and Brazil businesses, address its refinancing needs, and take pricing actions to offset tariff headwinds while maintaining leverage below 4x S&P Global Ratings-adjusted leverage." S&P could lower its ratings if Coty sustains S&P Global Ratings-adjusted leverage above 4x, which could occur due to: -- A worsening macroeconomic environment, heightened competition, operational missteps, higher inflation, or consumer trade down, which leads to lower demand for the company's products. -- An inability to offset higher costs from tariffs on imported goods with mitigating actions. -- A more aggressive financial policy with debt-funded share repurchases and acquisitions. S&P could raise its ratings if the company's S&P Global Ratings-adjusted leverage improves to below 3x on a sustained basis. This could occur if: -- The company continues to prioritize debt reduction and uses all excess cash proceeds from future asset sales and free cash flow generation to reduce debt. -- It successfully launches new products that resonate well with consumers in fragrance and other areas, stabilizing market share across core product categories. CVC STRUCTURED: Cliffwater Virtually Writes Off $40MM Loan ---------------------------------------------------------- Cliffwater Enhanced Lending Fund has marked its $40,000,000 loan extended to CVC Structured Solutions 2 LLC to market at $1,898,653 or 5% of the outstanding amount, according to Cliffwater's Form N-CSRS for the semi-annual period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. Cliffwater Enhanced is a participant in a Delayed Draw Loan to CVC Structured Solutions 2 LLC. The loan accrues interest at a rate of 12.75% per annum. The loan matures on September 3, 2040. The Cliffwater Enhanced Lending Fund is a closed-end, non-diversified management investment company registered under the Investment Company Act of 1940. The Fund is a "fund of funds" that operates and is organized as an interval fund. Cliffwater LLC serves as the investment adviser of the Fund. The Fund's primary investment objective is to seek high current income and modest capital appreciation, while the Fund's secondary objective is capital preservation. Cliffwater Enhanced is led by Stephen Nesbitt as Principal Executive Officer, and Lance J. Johnson as Treasurer and Principal Financial Officer. The Company can be reach through: Stephen Nesbitt Cliffwater Enhanced Lending Fund 235 West Galena Street Milwaukee, WI 53212 Telephone: (414) 299-2030 About CVC Structured Solutions 2 LLC CVC is a leading global private markets manager focused on private equity, secondaries, credit and infrastructure with a global network of 30 locations. DEQSER LLC: Plan Exclusivity Period Extended to February 4, 2026 ---------------------------------------------------------------- Judge Craig Goldblatt of the U.S. Bankruptcy Court for the District of Delaware extended Deqser LLC and KNY 26671 LLC's exclusive periods to file a plan of reorganization and obtain acceptance thereof to February 4, 2026 and April 6, 2026, respectively. As shared by Troubled Company Reporter, the Debtors believe that, in light of the progress that the Debtors have made in these Chapter 11 Cases over the past seven months, and the Debtors' efforts to work cooperatively with their stakeholders, it is reasonable and appropriate that the Debtors be granted an extension of the Exclusive Periods. Accordingly, the Debtors submit that this factor weighs in favor of further extending the Exclusive Periods. The Debtors explain that they have made significant and material progress in these Chapter 11 Cases. These achievements are the result of the extensive efforts of the Debtors, their management, and their professionals, in cooperation with various parties in interest in these chapter 11 cases, to maximize the value of the Debtors' estates. Accordingly, the Debtors submit that this factor weighs in favor of extending the Exclusive Period. The Debtors assert that throughout the Chapter 11 process, they have endeavored to establish and maintain cooperative working relationships with key stakeholders. The Debtors are not seeking the extension of the Exclusive Periods to delay administration of these chapter 11 cases or to exert pressure on their creditors, but rather to facilitate the continued negotiation and formulation of a chapter 11 plan. Thus, this factor also weighs in favor of the requested extension of the Exclusive Periods. Counsel for the Debtors: GELLERT SEITZ BUSENKELL & BROWN LLC Ronald S. Gellert, Esq. 1201 North Orange Street, Suite 300 Wilmington, DE 19801 Tel:(302) 425-5806 E-mail: rgellert@gsbblaw.com - and - MAYERSON & HARTHEIMER, PLLC Sandra E. Mayerson, Esq. David H. Hartheimer, Esq. Mayerson & Hartheimer, PLLC 845 Third Avenue, 11th Floor New York, NY 10022 Tel: (646) 778-4381 Fax: (646) 778-4384 E-mail: sandy@mhlaw-ny.com david@mhlaw-ny.com About Deqser LLC Deqser LLC is a business entity associated with Cooperative Laundry, a commercial laundry service based in Kearny, New Jersey. Operating from a state-of-the-art facility, the company supports the hospitality industry with advanced, eco-efficient laundry solutions. Deqser sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Case No. 25-10687) on April 10, 2025. The Debtor reported estimated assets and estimated liabilities of $1 million to $10 million. The Hon. Craig T Goldblatt presides over the case. The Debtor's general bankruptcy counsel is Mayerson & Hartheimer, PLLC and its local bankruptcy counsel is Gellert Seitz Busenkell & Brown, LLC. DIAMOND COMIC: Conversion to 11 to Ch. 7 Okayed, To Release Escrow ------------------------------------------------------------------ bleedingcool.com reports that Diamond Comic Distributors' bankruptcy case has been converted from Chapter 11 to Chapter 7 liquidation by the U.S. Bankruptcy Court for the District of Maryland, following a deal between the debtor and JPMorgan Chase. Alongside the conversion, the court resolved how to handle proceeds from Sparkle Pop's sale of consigned inventory, which had been held in escrow amid prolonged mediation efforts. Before the bankruptcy, publishers consigned comic books and merchandise to Diamond, retaining ownership while Diamond distributed the products and collected fees. During the case, the debtors claimed the consigned inventory as estate property, even as Sparkle Pop continued selling the goods after acquiring Diamond's operations. Court records show Sparkle Pop transferred $840,155 in sale proceeds into the court registry, though most claims were later reduced after a significant portion owed to Dynamite Entertainment was satisfied through setoff, the report states. With remaining claims exceeding available funds, the debtor's financing agreement required $300,000 to be escrowed to address competing administrative claims. The court approved a split of those funds, allocating $156,000 to the Ad Hoc Committee of Consignors and $144,000 to the Consignment Group. The payments represent partial recovery only and are subject to clawback if future litigation determines the claims should not be allowed, the report relays. About Diamond Comic Distributors Founded in 1982, Diamond Comic Distributors Inc. offers a multi-channel platform of publishing, marketing and fulfillment services, coupled with an unparalleled global distribution Network for its retailers, publishers and vendors. Diamond Comic Distributors and its affiliates filed Chapter 11 petitions (Bankr. D. Md. Case No. 25-10308) on Jan. 14, 2025. At the time of the filing, Diamond Comic Distributors reported between $50 million and $100 million in both assets and liabilities. Judge David E. Rice handles the case. The Debtors tapped Saul Ewing, LLP as legal counsel; Getzler Henrich & Associates, LLC as financial advisor; Raymond James & Associates, Inc., as investment banker; and Stephenson Harwood, LLP as U.K. counsel. Omni Agent Solutions is the Debtors' claims and noticing agent and administrative agent. DYNATRONICS CORP: Four Key Proposals Approved at Annual Meeting --------------------------------------------------------------- Dynatronics Corporation held its 2025 Annual Meeting of Shareholders. As of the record date of October 10, 2025, shares eligible to vote totaled 16,574,050, comprised of 16,001,331 shares of Common Stock, 1,992,000 shares of Series A Preferred Stock (325,627 shares "as-converted" voting power), and 1,359,000 shares of Series B Preferred Stock (247,092 shares "as-converted" voting power). A quorum of 12,855,152 shares (77.56%) of the eligible shares of Common Stock was present in person or represented by proxy at the meeting. Proposals submitted to a vote at the Annual Meeting, as well as the final results of the votes cast with respect to each Proposal: Proposal No. 1: Election of Directors The shareholders elected each of R. Scott Ward, Andrew Hulett, and Brian D. Baker to serve until the 2026 Annual Meeting of Shareholders, and until their successors are duly elected and qualified or until their earlier death, resignation, retirement or removal, by the following vote: 1. R. Scott Ward * Votes For: 11,564,039 * Withheld: 292,109 * Broker Non-Votes: 999,004 2. Andrew Hulett * Votes For: 11,613,961 * Withheld: 242,187 * Broker Non-Votes: 999,004 3. Brian D. Baker * Votes For: 11,511,122 * Withheld: 345,026 * Broker Non-Votes: 999,004 Proposal No. 2: Ratification of the appointment of Tanner LLC as Independent Registered Public Accounting Firm for the Fiscal Year Ending June 30, 2026 The shareholders ratified the selection of Tanner LLC as the Company's independent registered public accounting firm for its fiscal year ending June 30, 2026 by the following vote: * Votes For: 12,807,676 * Votes Against: 35,734 * Abstentions: 11,742 Proposal No. 3: Approval, on an advisory basis, of executive compensation. The shareholders approved, on an advisory basis, the compensation of the Company's named executed officers by the following vote: * Votes For: 11,537,491 * Votes Against: 316,595 * Abstentions: 2,062 * Broker Non-Votes: 999,004 Proposal No. 4: To vote, on an advisory basis, on the frequency of holding future advisory votes on executive compensation. The shareholders approved, on an advisory basis, holding the advisory vote on the compensation of the Company's named executive officers every three years by the following vote: * 1 Year: 345,579 * 2 Years: 853 * 3 Years: 11,476,248 * Abstentions: 33,468 * Broker Non-Votes: 999,004 No other items were presented for shareholder approval at the Annual Meeting. In light of the results of the shareholder vote on the frequency of future advisory votes on the compensation of the Company's named executive officers, and consistent with the Company's recommendation, the Company's Board of Directors has determined that the Company will hold an advisory vote on executive compensation every three years until the next required vote on the frequency of future advisory votes on the compensation of the Company's named executive officers. About Dynatronics Corp. Dynatronics Corporation is a leading medical device company committed to providing high-quality products designed to accelerate optimal health. The Company designs, manufactures, and sells a broad range of products for clinical use in physical therapy, rehabilitation, orthopedics, pain management, and athletic training. Through its distribution channels, Dynatronics markets and sells to orthopedists, physical therapists, chiropractors, athletic trainers, sports medicine practitioners, clinics, and hospitals. The Company's products are marketed under a portfolio of high-quality, well-known industry brands including Bird & Cronin, Solaris, Hausmann, PROTEAM, and Mammoth, among others. As of June 30, 2025, the Company had $15,438,942 in total assets, $12,176,738 in total liabilities, and $3,262,204 in total stockholders' equity. Salt Lake City, Utah-based Tanner LLC, the Company's auditor since 2024, issued a "going concern" qualification in its report dated October 14, 2025, attached to the Company's Annual Report on Form 10-K for the year ended June 30, 2025, citing the Company's present financial situation raises substantial doubt about its ability to continue as a going concern. E. GLUCK: Taps Halperin Battaglia Benzija as Bankruptcy Counsel --------------------------------------------------------------- E. Gluck Corporation seeks approval from the U.S. Bankruptcy Court for the Southern District of New York to retain Halperin Battaglia Benzija, LLP as bankruptcy counsel. Halperin Battaglia Benzija will provide these services: (a) advise the Debtor with respect to its powers and duties as a debtor-in-possession in the continued operation of its business and the management of its property; (b) assist the Debtor and its professionals in pursuing a sale or sales of certain of the Debtor's assets; (c) assist the Debtor in analyzing its executory contracts to determine which of those are in its best interests to assume, assume and assign, or reject in accordance with the Bankruptcy Code; (d) assist the Debtor in confirming a plan in this case; (e) assist the Debtor to emerge from the chapter 11 case; (f) prepare, on behalf of the Debtor, necessary applications, answers, orders, reports and other motions, complaints, pleadings and documents; (g) appear before the Bankruptcy Judge and the United States Trustee and represent the interests of the Debtor before the Bankruptcy Judge and the United States Trustee; and (h) perform any and all other legal services for the Debtor that may be necessary and appropriate herein. The firm will seek compensation based on its regular hourly billing rates. Attorney hourly rates range from $940 to $385 ($995 to $385 for calendar year 2026), and paraprofessional rates range from $225 to $100 ($245 to $125 for calendar year 2026). The firm will also seek reimbursement of necessary and reasonable out-of-pocket expenses in accordance with the Bankruptcy Code, Bankruptcy Rules, Local Bankruptcy Rules, and U.S. Trustee Guidelines. According to court filings, Halperin Battaglia Benzija, LLP represents that it has no interest adverse to the Debtor or the estate and is a disinterested person within the meaning of the Bankruptcy Code. The firm can be reached at: Alan D. Halperin, Esq. Julie Dyas Goldberg, Esq. HALPERIN BATTAGLIA BENZIJA, LLP 40 Wall Street, 37th Floor New York, NY 10005 Telephone: (212) 765-9100 Facsimile: (212) 765-0964 E-mail: ahalperin@halperinlaw.net jgoldberg@halperinlaw.net About E. Gluck Corporation E. Gluck Corporation -- https://egluck.com/ -- is an American watch manufacturer headquartered in Little Neck, New York. E. Gluck sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. N.Y. Case No. 25-12683) on December 1, 2025, listing between $10 million and $50 million in assets and liabilities. Judge Martin Glenn presides over the case. Alan D. Halperin at Halperin Battaglia Benzija, LLP, represents the Debtor as legal counsel. Israel Discount Bank of New York, as DIP lender, is represented by: Jonathan N. Helfat, Esq. Matthew Breen, Esq. OTTERBOURG P.C. 230 Park Avenue New York, NY 10169 Telephone: (212) 661-9100 E-mail: jhelfat@otterbourg.com mbreen@otterbourg.com EAZY-PZ LLC: Seeks to Extend Plan Exclusivity to April 14, 2026 --------------------------------------------------------------- Eazy-PZ LLC asked the U.S. Bankruptcy Court for the District of Colorado to extend its exclusivity periods to file a plan of reorganization and obtain acceptance thereof to April 14, 2026 and July 13, 2026, respectively. The Debtor explains that cause exists to extend the exclusivity periods in this case. The following is an analysis of the applicable factors: * The size and complexity of the case; and (b) the necessity of sufficient time to prepare adequate information: While the case is not unusually complex, resolving the issues relating to Luv n' Care Ltd. and Nouri E. Hakim (together, "LNC") and the judgment that entered against Debtor in the amount of approximately $2.9 million in the case styled Luv n' Care, Ltd. v. Laurain, et al., Case No. 16-cv-777 in the United States District Court for the Western District of Louisiana (the "Judgment" and "Louisiana Case", respectively) are of critical importance. Resolution of the Judgment is progressing. * The existence of good faith progress toward reorganization; (e) whether the debtor has demonstrated reasonable prospects for filing a viable plan; and (f) whether the debtor has made progress in negotiations with its creditors: Debtor has made good faith progress toward seeking confirmation of a plan of reorganization. Numerous issues have been resolved and/or are pending Court approval. * Whether the debtor is paying its bills as they come due: Debtor has been paying its bills as they come due as shown by its most recent Monthly Operating Reports. * The amount of time which has elapsed in the case: This is Debtor's second request for an extension of the 120-day Period and 180-day Period and, as discussed above, Debtor has progressed administration of the estate. * Whether the debtor is seeking an extension to pressure creditors: Debtor is not seeking an extension to pressure creditors. Just the opposite, the purpose of the extension is to allow time for the Federal Circuit Court to rule on an appeal of the Judgment to fix Debtor and LNC's rights as they relate to the Judgment. * Whether an unresolved contingency exists: There are two unresolved contingencies. First, appealing the Judgment is the most important unresolved contingency. Whether the Judgment is reversed, modified, or amended bears directly on plan formulation and confirmation. Second, LNC has filed a motion to appoint a chapter 11 trustee, to which Debtor has filed an objection. While Debtor disputes that a basis exists to appoint a chapter 11 trustee, if a chapter 11 trustee is appointed, he will require the benefit of the exclusivity period to formulate a plan. Eazy-PZ LLC is represented by: Aaron J. Conrardy, Esq. Wadsworth Garber Warner Conrardy, P.C. 2580 W. Main St., Ste. 200 Littleton, CO 80120 Tel: (303) 296-1999 Email: aconrardy@wgwc-law.com About Eazy-PZ LLC Eazy-PZ LLC designs and sells silicone mealtime products for infants and toddlers, including plates, bowls, mats, and utensils. The Company operates through online and retail channels from its base in Parker, Colorado. Eazy-PZ LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Col. Case No. 25-13720) on June 18, 2025. In its petition, the Debtor reports total assets of $1,019,774 and total liabilities of $3,881,257. Honorable Bankruptcy Judge Thomas B. Mcnamara handles the case. The Debtors are represented by Aaron J. Conrardy, at WADSWORTH GARBER WARNER CONRARDY, P.C. ECOM AUTHORITY: Committee Retains Markowitz Ringel as Counsel ------------------------------------------------------------- The Official Committee of Unsecured Creditors for ECOM Authority, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida, Miami Division, to retain Markowitz, Ringel, Trusty & Hartog, P.A. as its counsel. Markowitz, Ringel, Trusty & Hartog will provide these services: (a) providing legal advice with respect to the Committee's powers and duties as appointed under Bankruptcy Code section 1102; (b) assisting in the investigation of the acts, conduct, assets, liabilities and financial condition of the Debtor, the operation of the Debtor's business, and any other matter relevant to this case or to the formulation of a plan or plans of reorganization or liquidation; (c) preparing on behalf of the Committee necessary motions, applications, answers, orders, reports and other legal papers; (d) reviewing, analyzing and responding to pleadings filed in these cases and appearing before the Court to present necessary motions, applications and pleadings and to otherwise protect the Committee's interests; (e) advising the Committee with regard to all substantive issues and procedures involving otherwise applicable non-bankruptcy law arising in the case; (f) representing the Committee in hearings and other judicial proceedings; (g) advising the Committee of its fiduciary duties and responsibilities; (h) advising the Committee and its other professionals on practice and procedure in the Bankruptcy Court for the Southern District of Florida; and (i) performing any and all other legal services in connection with this chapter 11 case as may reasonably be required. MRTH has advised the Committee that MRTH's current hourly rates for bankruptcy attorneys at MRTH are from $450-$750. Hourly rates are from $200-$225 per hour for paraprofessionals. The application is filed pursuant to Bankruptcy Rule 2014(a), indicating that Markowitz, Ringel, Trusty & Hartog, P.A. is a disinterested person within the meaning of the Bankruptcy Code. The firm can be reached at: Jerry M. Markowitz, Esq. Alan R. Rosenberg, Esq. MARKOWITZ, RINGEL, TRUSTY & HARTOG, P.A. 101 NE Third Avenue, Suite 1210 Ft. Lauderdale, FL 33301 Telephone: (954) 767-0030 E-mail: imarkowitz@mrthlaw.com arosenberg@mrthlaw.com About Ecom Authority LLC Ecom Authority, LLC is a wholesaler doing business in Texas. On July 9, 2025, Austin Collins and four other creditors filed Chapter 7 involuntary petition against Ecom Authority (Bankr. S.D. Fla. Case No. 25-17808). The creditors are represented by Patricia A. Redmond, Esq., at Stearns Weaver Miller Weissler Alhadeff & Sitterson, P.A. On July 9, 2025, the Chapter 7 case was converted to one under Chapter 11. Judge Laurel M. Isicoff presides over the case. The Debtor tapped Michael S. Hoffman, Esq., at Lesse Hoffman, PLLC as bankruptcy counsel; and Bast Amron, LLP and Phang & Feldman, PA as special litigation counsel. Guy Van Baalen, Acting U.S. Trustee for Region 21, appointed an official committee to represent unsecured creditors in the Debtor's Chapter 11 case. EDGECONNEX NA: Cliffwater Marks $16.2MM Loan at 79% Off ------------------------------------------------------- Cliffwater Enhanced Lending Fund has marked its $16,250,001 loan extended to EdgeConneX N.A. Finance Holdings II, LLC to market at $3,425,001 or 21% of the outstanding amount, according to Cliffwater's Form N-CSRS for the semi-annual period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. Cliffwater Enhanced is a participant in a Delayed Draw Loan to EdgeConneX N.A. Finance Holdings II, LLC. The loan accrues interest at a rate of 9.78% per annum. The loan matures on February 10, 2031. The Cliffwater Enhanced Lending Fund is a closed-end, non-diversified management investment company registered under the Investment Company Act of 1940. The Fund is a "fund of funds" that operates and is organized as an interval fund. Cliffwater LLC serves as the investment adviser of the Fund. The Fund's primary investment objective is to seek high current income and modest capital appreciation, while the Fund's secondary objective is capital preservation. Cliffwater Enhanced is led by Stephen Nesbitt as Principal Executive Officer, and Lance J. Johnson as Treasurer and Principal Financial Officer. The Company can be reach through: Stephen Nesbitt Cliffwater Enhanced Lending Fund 235 West Galena Street Milwaukee, WI 53212 Telephone: (414) 299-2030 About EdgeConneX N.A. Finance Holdings II, LLC EdgeConneX, Inc. provides infrastructure solutions for content providers, network and cable operators, and collocation companies. ELEVATION GOLD: Greenstone Exits Entire Stake Amid CCAA ------------------------------------------------------- Greenstone Resources II L.P. announced on Dec. 22, 2025, that it has disposed of 17,156,142 common shares and 4,347,000 warrants to purchase Shares in the capital of Elevation Gold Mining Corporation to a third party via a gift. The Gift was made pursuant to a deed of gift dated December 10, 2025. In June 2025, Greenstone and its affiliate, Greenstone Management II Limited, executed a deed of quitclaim to Elevation in respect of 43,506 Shares. Greenstone received no consideration for the Gift or the Quitclaim. Following the Gift, and taking into account the Quitclaim, the Greenstone Group no longer holds any Shares or Warrants (or other securities of Elevation), representing a decrease in the Greenstone Group's holdings of the Shares of 15.29% on a non-diluted basis and 19.16% on a partially-diluted basis. Immediately prior to the Gift and taking into account the Quitclaim, the Greenstone Group beneficially owned and controlled 17,156,142 Shares and 4,347,000 Warrants, representing approximately 15.29% of the issued and outstanding Shares on a non-diluted basis and 19.16% of the total issued and outstanding Shares on a partially-diluted basis. On December 4, 2024, Elevation announced that the Supreme Court of British Columbia issued an initial order granting the Company protection under the Companies' Creditors Arrangement Act, RSC 1985, c C-36. The calculations of the Greenstone Group's holdings of the Shares on a non-diluted and partially diluted basis are based on 112,214,845 Shares issued and outstanding, as stated in Elevation's financial statements filed on SEDAR+ on May 13, 2024 for the period ending March 31, 2024, being the most recent filing of Elevation disclosing its issued and outstanding Shares. The Greenstone Group disposed of the Shares and Warrants in connection with the CCAA Proceedings. This disclosure is being made pursuant National Instrument 62-103 -- The Early Warning System and Related Take-Over Bid and Insider Reporting Issues which requires a report to be filed under Elevation's profile on SEDAR+ containing additional information respecting the foregoing matters. Greenstone Resources II L.P.: East Wing, Trafalgar Court, Les Banques St Peter Port, Guernsey, GY1 3PP Elevation Gold Mining Corporation: c/o Maxis Law Corporation 800 West Pender Street, Suite 910 Vancouver, British Columbia, V6C2V6 About Elevation Gold Mining Corporation Elevation Gold Mining Corporation -- https://elevationgold.com/ -- is a publicly listed gold and silver producer, engaged in the acquisition, exploration, development and operation of mineral properties located in the United States. Elevation Gold's common shares are listed on the TSX Venture Exchange in Canada under the ticker symbol ELVT and on the OTCQB in the United States under the ticker symbol EVGDF. The Company's principal operation is its 100% owned Moss Mine in the Mohave County of Arizona. Elevation also holds the title to the Hercules exploration property, located in Lyon County, Nevada. ELIJAH'S XTREME: Court Extends Cash Collateral Access to March 11 ----------------------------------------------------------------- Elijah's Xtreme Gourmet Sauces, Inc. received another extension from the U.S. Bankruptcy Court for the Western District of North Carolina, Charlotte Division, to use cash collateral to fund operations. The court issued a second interim order authorizing the Debtor to use cash collateral from December 11 through the final hearing to pay business expenses in accordance with its budget, subject to a 10% variance per line item. This authorization automatically terminates at the conclusion of the final hearing unless further extended by the court or consent of the parties. The Debtor's budget shows total operational expenses of $93,915 for December; $77,192.14 for January 2026; $70,820.56 for February 2026 and $77,823.61 for March 2026. As adequate protection, the lenders will be granted post-petition liens on accounts receivable and payment intangibles, matching the validity and priority of their pre-bankruptcy liens. The order preserves all parties' rights to seek additional protection or challenge lien validity and establishes carveouts for payment of fees and expenses of bankruptcy professionals and the Subchapter V trustee. The final hearing is scheduled for March 11, 2026. Any objections must be filed at least three business days before the hearing. The second interim order is available at https://is.gd/6qG4UT from PacerMonitor.com. As of the petition date, the Debtor's assets included approximately $11,000 in cash, $28,000 in inventory, $12,500 in furniture and equipment, $435 in accounts receivable, and $500 in promotional merchandise. The U.S. Small Business Administration holds a first priority lien on substantially all personal property securing a pre-bankruptcy debt of approximately $150,032, while various merchant cash advance lenders assert junior liens totaling roughly $700,000, which the Debtor believes are effectively unsecured due to the SBA's priority. The Debtor also faces approximately $1.3 million in unsecured tax and trade debts. About Elijah's Xtreme Gourmet Sauces Inc. Elijah's Xtreme Gourmet Sauces, Inc. produces and sells handcrafted hot sauces, specializing in high-heat, flavor-forward products. Founded in 2014 by a father-and-son team, the Company operates from the United States and distributes its sauces through national retailers, including Bass Pro Shops. It is classified within the food manufacturing industry, focusing on specialty condiments and hot sauces. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. N.C. Case No. 25-31225) on November 14, 2025. In the petition signed by Bret Morey, president, the Debtor disclosed up to $100,000 in assets and up to $10 million in liabilities. Judge Ashley Austin Edwards oversees the case. Richard S. Wright, Esq., at Moon Wright & Houston, PLLC, represents the Debtor as legal counsel. EQUITY 833: Gets Court OK to Use Cash Collateral ------------------------------------------------ Equity 833, LLC received approval from the U.S. Bankruptcy Court for the Northern District of Indiana, Hammond Division, to use cash collateral. In its order, the court authorized the Debtor's monthly payments of $30,644.70 to Old National Bank, which may have an interest in the Debtor's cash collateral. Although it did not concede that the payments constitute adequate protection, the Debtor agreed to make such payments and acknowledged that the amount constitutes "payments of interest at the non-default contract rate" under the Bankruptcy Code. The Debtor also agreed to pay post-petition real estate taxes when due and to promptly provide proof of payment to the bank's legal counsel. These obligations are conditions tied to the continued use of cash collateral. Old National Bank's objection to the Debtor's use of cash collateral was resolved prior to the final evidentiary hearing. The order is available at https://is.gd/jBxNl0 from PacerMonitor.com. Equity 833 has had a lending relationship with Old National Bank and its predecessor by merger, First Midwest Bank, since 2016. Old National Bank may claim an interest in the cash collateral by virtue of a UCC-1 financing statement filed by First Midwest Bank in Indiana. About Equity 833 LLC Equity 833 LLC is a single asset real estate company based in Schererville, Indiana. Equity 833 sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ind. Case No. 25-22333) on November 11, 2025. In its petition, the Debtor reported between $1 million and $10 million in assets and liabilities. Honorable Bankruptcy Judge James R. Ahler handles the case. The Debtor is represented by Shawn D. Cox, Esq., at Hodges and Davis, P.C. EVOKE PHARMA: Completes Merger With QOL Medical, Becomes Private ---------------------------------------------------------------- Evoke Pharma, Inc. previously entered into an Agreement and Plan of Merger, with QOL Medical, LLC and Parent's wholly owned subsidiary, QOL-EOS Merger Sub, Inc., on November 3, 2025. Pursuant to the Merger Agreement, and upon the terms and subject to the conditions thereof, on November 17, 2025, Merger Sub commenced a tender offer to purchase all of the outstanding shares of common stock, par value $0.0001 per share, of the Company, for $11.00 in cash per Company Share, without interest and subject to any withholding of taxes required by applicable legal requirements. The Offer and related withdrawal rights expired as scheduled at one minute after 11:59 p.m., New York time, on December 15, 2025, and the Offer was not extended. Parent and Merger Sub were advised by Broadridge Corporate Issuer Solutions, LLC, the depositary for the Offer, that, as of the Expiration Time, a total of 1,164,862 Company Shares had been validly tendered and not validly withdrawn pursuant to the Offer, representing approximately 67.63% of the outstanding Company Shares as of the Expiration Time. As of the Expiration Time, the number of Company Shares validly tendered and not validly withdrawn pursuant to the Offer satisfied the Minimum Condition (as defined in the Merger Agreement), and all other conditions to the Offer were satisfied. Promptly after the expiration of the Offer, Parent and Merger Sub accepted all Company Shares validly tendered and not validly withdrawn pursuant to the Offer and will promptly pay for all Company Shares accepted pursuant to the Offer. Parent completed the acquisition of the Company on December 17, 2025, by causing Merger Sub to merge with and into the Company pursuant to the Merger Agreement without a vote of the Company stockholders in accordance with Section 251(h) of the General Corporation Law of the State of Delaware. At the effective time of the Merger, Merger Sub was merged with and into the Company, the separate existence of Merger Sub ceased and the Company continued as a wholly owned subsidiary of Parent. At the Effective Time, each Company Share issued and outstanding immediately prior to the Effective Time (other than Company Shares: (i) owned by the Company, Parent, Merger Sub or any direct or indirect wholly owned subsidiary of Parent or Merger Sub prior to the Effective Time, (ii) irrevocably accepted for payment pursuant to the Offer, or (iii) held by any stockholder who is entitled to demand and has properly and validly demanded their statutory right of appraisal of such Company Shares in accordance with, and in compliance in all respects with, Section 262 of the DGCL) was automatically cancelled and extinguished and converted into the right to receive an amount in cash equal to the Offer Price, without interest and subject to any applicable withholding tax. In addition, pursuant to the terms of the Merger Agreement, at the Effective Time, each option to purchase Company Shares that was outstanding as of immediately prior to the Effective Time, accelerated and became fully vested, and each Company Option that was outstanding and unexercised immediately prior to the Effective Time was by virtue of the Merger automatically canceled and terminated and converted into the right to receive from the Surviving Corporation an amount in cash (without interest), if any, equal to the product obtained by multiplying: (i) the aggregate number of Company Shares underlying such Company Option immediately prior to the Effective Time, by (ii) an amount equal to the Offer Price, less the per share exercise price of such Company Option. In addition, pursuant to the terms of the Merger Agreement, at the Effective Time, each warrant to purchase or otherwise acquire Company Shares that was outstanding and unexercised as of immediately prior to the Effective Time with a per share exercise price less than the Offer Price ceased to represent a right to acquire Company Shares and converted into an amount equal to the product obtained by multiplying: (i) the aggregate number of Company Shares underlying such Company Warrant immediately prior to the Effective Time, by (ii) an amount equal to the Offer Price, less the exercise price payable per Company Share under such Company Warrant. The foregoing did not apply to any holders of Company Warrants that elected to receive the Black Scholes Value (as defined in the applicable Company Warrants) in accordance with their Company Warrants or to any Company Warrant that elected a cashless exercise of such Company Warrant prior to the Effective Time. Each holder of a Company Warrant with an exercise price equal to or greater than the Offer Price did not receive any consideration with respect to such Company Warrant. As a result of the completion of the Offer and the subsequent completion of the Merger, a change of control of the Company occurred and the Company became a wholly owned subsidiary of Parent. Parent obtained the funds necessary to fund the acquisition through a variety of sources, including cash on hand. Removal From Listing and/or Registration: In connection with the consummation of the Offer and the Merger, the Company notified The Nasdaq Capital Market of the consummation of the Merger and requested that Nasdaq file with the SEC a notification of removal from listing and/or registration on Form 25 to effect the delisting of all Company Shares from Nasdaq and the deregistration of such Company Shares under Section 12(b) of the Securities Exchange Act of 1934, as amended. The Company intends to file a certification and notice of termination of registration on Form 15 with the SEC requesting the termination of registration of the Company Shares under Section 12(g) of the Exchange Act and the suspension of reporting obligations under Section 13 and 15(d) of the Exchange Act with respect to the Company Shares. Departure of Certain Officers; Election of Directors; Appointment of Certain Officers: In connection with the consummation of the Merger, each of Cam L. Garner, Matthew J. D'Onofrio, Todd C. Brady, M.D., Ph.D., Malcolm R. Hill, Pharm.D., Greg Pyszczymuka, Vickie W. Reed, Benjamin Smeal and Kenneth J. Widder, M.D. ceased to be members of the Board of Directors of the Company and ceased to be members of any committees of the Company Board on which such directors served, effective as of the Effective Time. On December 17, 2025, in connection with the consummation of the Merger, the directors of Merger Sub became the directors of the Surviving Corporation in lieu of the Company's existing directors. Additionally, each of Matthew J. D'Onofrio, the Company's Chief Executive Officer, Mark Kowieski, the Company's Chief Financial Officer, and Marilyn R. Carlson, D.M.D., M.D., the Company's Chief Medical Officer, ceased serving in their respective officer positions and their employment with the Company terminated effective December 18, 2025. On November 3, 2025, concurrently with the signing of the Merger Agreement, each of Matthew J. D'Onofrio, Mark Kowieski, and Marilyn R. Carlson, D.M.D., M.D. entered into an amended and restated employment agreement with the Company. In connection with such cessation of employment and in exchange for the execution of a general release of claims in favor of the Company, each Executive is eligible to receive the severance described in their A&R Employment Agreements, subject to any cutback provided thereunder to avoid the imposition of excise taxes Section 280G of the Code. As previously disclosed, each Executive will continue to provide transition services to the Company pursuant to his or her Transition Services Agreement previously entered into with the Company. Furthermore, in connection with the consummation of the Merger, each officer of the Merger Sub immediately prior to the Effective Time became an officer of the Surviving Corporation. Amendments to Articles of Incorporation or Bylaws: Pursuant to the terms of the Merger Agreement, on December 17, 2025, the Company's certificate of incorporation and bylaws were each amended and restated in their entirety and became the certificate of incorporation and bylaws of the Surviving Corporation. Copies of the amended and restated certificate of incorporation and amended and restated bylaws are available at https://tinyurl.com/mve2jfv9 and https://tinyurl.com/27vnv4h2. A full text copy of the Agreement and Plan of Merger is available at https://tinyurl.com/2s2xk99c About Evoke Pharma Headquartered in Solana Beach, California, Evoke Pharma Inc. -- www.EvokePharma.com -- is a specialty pharmaceutical company focused primarily on the development of drugs to treat GI disorders and diseases. The Company developed, commercialized and markets GIMOTI, a nasal spray formulation of metoclopramide, for the relief of symptoms associated with acute and recurrent diabetic gastroparesis in adults. Diabetic gastroparesis is a GI disorder affecting millions of patients worldwide, in which the stomach takes too long to empty its contents resulting in serious GI symptoms as well as other systemic complications. The gastric delay caused by gastroparesis can compromise absorption of orally administered medications. Prior to FDA approval to commercially market GIMOTI, metoclopramide was only available in oral and injectable formulations and remains the only drug currently approved in the United States to treat gastroparesis. San Diego, California-based BDO USA, P.C., the Company's auditor since 2014, issued a "going concern" qualification in its report dated March 13, 2025. The report cited that the Company has experienced continuous losses and negative operating cash flows since its inception, anticipates ongoing losses in the foreseeable future, and Eversana Life Science Services, LLC holds the authority to end the commercial services agreement for the marketing of Gimoti. These factors raise substantial doubt about the Company's ability to continue as a going concern. As of September 30, 2025, the Company had $15.6 million in total assets, $12.3 million in total liabilities, and $3.4 million in total stockholders' equity. F-STAR SOCORRO: Committee Seeks to Retain Stinson LLP as Counsel ---------------------------------------------------------------- The Official Committee of Unsecured Creditors for F-Star Socorro, L.P. seeks approval from the United States Bankruptcy Court for the Southern District of Texas, Houston Division, to retain Stinson LLP as counsel, effective as of November 20, 2025. Stinson LLP will provide these services to the Committee: (a) consulting with the Debtors and the Office of the United States Trustee regarding administration of the case; (b) advising the Committee with respect to its rights, powers, and duties as they relate to the case; (c) investigating the acts, conduct, assets, liabilities, and financial condition of the Debtors; (d) assisting the Committee in analyzing the Debtors' pre-petition and post-petition relationships with creditors, equity interest holders, employees, and other parties in interest; (e) assisting and negotiating on the Committee's behalf in matters relating to the claims of the Debtors' other creditors; (f) assisting the Committee in preparing pleadings and applications necessary to further the Committee's interests and objectives; (g) researching, analyzing, investigating, filing, and prosecuting litigation on behalf of the Committee, including but not limited to avoidance actions or fraudulent conveyances; (h) representing the Committee at hearings and other proceedings; (i) reviewing and analyzing applications, orders, statements of operations, and schedules filed with the Court and advising the Committee regarding such materials; (j) aiding and enhancing the Committee's participation in formulating a plan; (k) assisting the Committee in advising its constituents of the Committee’s decisions, including the collection and filing of acceptances and rejections of any proposed plan; and (l) performing such other legal services as may be required and are deemed to be in the interests of the Committee. The firm's hourly rates are $500 to $1,100 for partners, $350 to $550 for associates, and $300 to $350 for paralegals. Thomas J. Salerno has agreed to cap his partner rate at $900 per hour. According to court filings, Stinson LLP is a "disinterested person" within the meaning of section 101(14) of the Bankruptcy Code. The firm can be reached at: Thomas J. Salerno, Esq. STINSON LLP 1901 Avenue of the Stars, Suite 450 Los Angeles, CA 90067 Telephone: (310) 730-7020 Facsimile: (310) 730-7019 E-mail: robyn.sokol@stinson.com About F-Star Socorro, L.P. F-Star Socorro, L.P. sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-90607) on November 4, 2025, listing up to $50,000 in both assets and liabilities. Judge Alfredo R Perez presides over the case. Nicholas J Hendrix, Esq. at O'Melveny & Myers LLP represented the Debtor as counsel. FALLS CONDOMINIUM: Norman Rouse Named Subchapter V Trustee ---------------------------------------------------------- The Acting U.S. Trustee for Region 13 appointed Norman Rouse as Subchapter V trustee for The Falls Condominium Property Owners Association, Inc. Ms. Rouse will be paid an hourly fee of $300 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Rouse declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Norman E. Rouse 5957 Easte 20th Street Jopli, MO 64801 Phone: 417.782.2222 Email: nrouse@cwrcave.com About The Falls Condominium Property Owners Association Inc. The Falls Condominium Property Owners Association, Inc. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. W.D. Mo. Case No. 25-60870) on December 19, 2025. At the time of the filing, the Debtor listed between $10 million and $50 million in assets and between $500 million and $1 billion in liabilities. Judge Brian T. Fenimore presides over the case. Camber Jones, Esq., at Spencer Fane, LLP represents the Debtor as legal counsel. FARMFAN LLC: Unsecureds Will Get 39% of Claims over 60 Months ------------------------------------------------------------- FarmFan LLC, d/b/a Harvie, filed with the U.S. Bankruptcy Court for the Western District of Pennsylvania a Plan of Reorganization for Small Business dated December 15, 2025. The is Pennsylvania limited liability business operating as a local food subscription startup at its business location at 28 McCandless Avenue, Pittsburgh, Pennsylvania 15201 (the "Location"). The Debtor is an online-only home-delivered grocery service, sourcing 600+ products from local farms and producers and delivering directly to door throughout Allegheny County and beyond. In 2015, Simon Huntley initially formed Harvie for the purposes serving farmers' technology needs, such as websites, ecommerce, and member management software for Community Supported Agriculture (CSA) farms. These cases were filed on an emergency basis as a result of persistent ACH pulls from merchant cash advance loans that negatively affected the Debtor's cashflow. The Plan proposes to pay the Debtor's creditors from cash flow from operations and/or sale of assets and infusions of capital in the event the Reorganized Debtor default on the Plan. The Plan proposes to pay administrative and priority claims in full over the term of the Plan unless otherwise agreed. The Debtor estimates approximately 39% will be paid on account of general unsecured claims pursuant to the Plan. Holders of General Unsecured Claims in Class 3 against the Debtor shall have a threshold amount of $100.00 before any payment is to be made, save and except the final payment where the full amount owed to creditor shall be paid in full, according to the terms of the Plan. Notwithstanding this Plan being confirmed under 1191(a) or 1191(b) of the Bankruptcy Code, upon discharge of the Debtor, holders of General Unsecured Claims in Class 3 will release their claims. The Debtor will pay a sum of $610,437.93 to holders of Allowed General Unsecured Creditors (an anticipated 39% distribution) for 60 months commencing on the Effective Date. Thus, the anticipated total payment is 39%. The allowed unsecured claims total $1,578,492.00. The Plan will be funded from ongoing revenue from the Debtor. Any amounts not sufficient to pay secured creditors in full will result in unsecured deficiency claims to be paid pursuant to this Plan. Revenue will be generated under the Plan from, inter alia, (1) increased prices, (2) substantial gross revenue from its operations, and (3) increased traffic on the Debtor's website. At the confirmation hearing, Simon Huntley can provide more specific detail regarding the revised business model. A full-text copy of the Plan of Reorganization dated December 15, 2025 is available at https://urlcurt.com/u?l=vlcArO from PacerMonitor.com at no charge. The Debtor's Counsel: Mason S. Shelton, Esq. Kirk B. Burkley, Esq. BERNSTEIN-BURKLEY, P.C. 601 Grant Street 19th Floor Pittsburgh PA 15219 Tel: 412-456-8100 Email: mshelton@bernsteinlaw.com About FarmFan LLC FarmFan LLC, doing business as Harvie, provides an online platform that connects consumers with local farms for customizable farm-share subscriptions and grocery delivery services. FarmFan LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Pa. Case No. 25-22021) on August 1, 2025. In its petition, the Debtor reports estimated assets between $100,000 and $500,000 and estimated liabilities between $1 million and $10 million. The Debtor is represented by Mason S. Shelton, at BERNSTEIN-BURKLEY, P.C. FARMSTEAD HOLDINGS: Hires Gaskins Hancock Tuttle as Counsel ----------------------------------------------------------- Farmstead Holdings, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of North Carolina to hire Gaskins Hancock Tuttle Hash LLP to serve as bankruptcy counsel. The firm will provide these services: (a) undertake any and all steps and actions necessary to authorize the use of cash collateral pursuant to section 363 of the Bankruptcy Code, if applicable; (b) advise the Debtor with respect to its powers and duties as debtor-in-possession in the continued management, operation, and reorganization of its business; (c) review any and all claims asserted against the Debtor by its creditors, equity holders, and parties in interest; (d) represent the Debtor's interests at the meeting of creditors under section 341 of the Bankruptcy Code and at any other hearing or conference scheduled in the bankruptcy case; (e) attend meetings, conferences, and negotiations with representatives of creditors and other parties in interest; (f) review and examine, if necessary, transfers that may be avoided as preferential or fraudulent transfers; (g) take actions necessary to protect and preserve the Debtor's estate, including prosecution and defense of litigation and objections to claims; (h) prepare motions, applications, answers, orders, reports, and pleadings necessary to the administration of the bankruptcy estate; (i) prepare any plan of reorganization, disclosure statement, and related documents and seek confirmation and approval; (j) represent the Debtor in connection with any potential post-petition financing; (k) advise the Debtor in connection with the sale or liquidation of assets; (l) appear before the Court, any appellate court, and the Office of the Bankruptcy Administrator; (m) represent the Debtor with respect to general corporate or transactional matters arising during the case; and (n) assist and advise the Debtor with respect to negotiation, documentation, implementation, consummation, and closing of corporate transactions, including asset sales. The hourly rates disclosed are $400 for William H. Kroll, $400 for James M. Hash, $275 for Andrew Simpson, and $150 for paralegal services. The firm received $15,278 on December 11, 2025, which includes the Chapter 11 filing fee. According to court filings, Gaskins Hancock Tuttle Hash LLP is a “disinterested person” within the meaning of section 101(14) of the Bankruptcy Code. The firm can be reached at: William H. Kroll, Esq. GASKINS HANCOCK TUTTLE HASH LLP 220 Fayetteville Street, Suite 300 Raleigh, NC 27602 Telephone: (919) 755-0025 Facsimile: (919) 755-0009 E-mail: bill@ghthlaw.com About Farmstead Holdings, LLC Farmstead Holdings, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.C. Case No. 25-04933) on December 11, 2025. At the time of the filing, the Debtor had estimated assets of between $1,000,001 and $10 million and liabilities of between $10,000,001 and $50 million. Gaskins Hancock Tuttle Hash LLP is the Debtor's legal counsel. FENIX TOPCO: Cliffwater Marks $1.2MM Loan at 91% Off ---------------------------------------------------- Cliffwater Enhanced Lending Fund has marked its $1,225,240 loan extended to Fenix Topco, LLC to market at $110,671 or 9% of the outstanding amount, according to Cliffwater's Form N-CSRS for the semi-annual period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. Cliffwater Enhanced is a participant in a Delayed Draw Loan to Fenix Topco, LLC. The loan accrues interest at a rate of 10.76% per annum. The loan matures on March 28, 2029. The Cliffwater Enhanced Lending Fund is a closed-end, non-diversified management investment company registered under the Investment Company Act of 1940. The Fund is a "fund of funds" that operates and is organized as an interval fund. Cliffwater LLC serves as the investment adviser of the Fund. The Fund's primary investment objective is to seek high current income and modest capital appreciation, while the Fund's secondary objective is capital preservation. Cliffwater Enhanced is led by Stephen Nesbitt as Principal Executive Officer, and Lance J. Johnson as Treasurer and Principal Financial Officer. The Company can be reach through: Stephen Nesbitt Cliffwater Enhanced Lending Fund 235 West Galena Street Milwaukee, WI 53212 Telephone: (414) 299-2030 About Fenix Topco, LLC Fenix Topco is a private limited company registered in the UK, involved in ownership and control, possibly linked to broader investment structures. FIVE STAR: Bankruptcy Court OKs Clean Title for Ritz-Carlton Villas ------------------------------------------------------------------- Five Star Development announced on Dec. 22, 2025, that the U.S. Bankruptcy Court for the Southern District of Texas has entered a Final Villa Sales Order confirming clean, insurable title and full buyer protections for Villa sales at The Ritz-Carlton, Paradise Valley, The Palmeraie. The Court's Order establishes a clear, Court-approved framework for Villa closings and provides certainty to buyers, lenders, and title insurers that Villa transactions may close as scheduled, with finality, and without risk of later challenge. Key Protections Under the Order -- Villa closings can proceed without interference from any lienholder. -- All liens, including mechanics' liens, attach solely to net sale proceeds, and not to the Villas themselves. -- Federal "good-faith purchaser" status ensures completed transactions cannot be unwound, even in the event of an appeal. -- Title insurers are authorized to issue clean, insurable title with full confidence. -- Court-supervised escrow preserves net proceeds. "The Court's Order gives buyers the strongest protection available under federal law and removes any uncertainty from the closing process," said Lance Miller, Chief Restructuring Officer of Five Star Development and Managing Partner of Pivot >. "It locks in clean, insurable title and ensures Villa closings move forward with confidence and finality while broader matters proceed under court supervision." Five Star Continues Advancing Villa Sales and Vision: The Order was entered in Five Star's chapter 11 case, which was filed to address an ongoing lender dispute. Throughout the proceedings, Five Star has continued to operate in the ordinary course, maintaining full control of the Project and advancing Villa sales and closings--providing stability, continuity, and certainty for buyers, residents, and partners. Following an initial sell-out and sustained strong demand, Five Star has released a limited number of select Villas, offered first to its extensive, pre-qualified prospective buyer list under the Court-approved sales framework. Beyond residential sales, Five Star continues to curate a best-in-class experience at the Palmeraie through active engagement with leading global luxury retail brands. Homeowners and residents continue to enjoy full Ritz-Carlton-managed services and one-of-a-kind amenities, while the Company manages design coordination, contractor planning, and financing discussions in preparation for a full construction restart, subject to required Court approvals. "Our vision has always been about creating an exceptional destination that reflects the character and beauty of Paradise Valley and Scottsdale, " said Jerry Ayoub, Principal and Founder of Five Star Development. "With this Order in place, we remain focused on executing that vision with the Ritz-Carlton-caliber quality, service, and integrity that makes this property an extraordinary place to call home." Villa Sales Inquiries: For additional information regarding Villa availability or ownership opportunities at The Ritz-Carlton Residences, Paradise Valley, please contact Brendan Mann at brendan@tsgluxury.com. About Five Star Development Properties LLC Five Star Development is a leading commercial real estate developer with a nearly five-decade track record delivering transformative, high-value projects across the Southwest. Since 1978, the Company has developed, constructed, and managed more than 20 million square feet of residential, hospitality, retail, office, and industrial real estate, representing more than $3.5 billion in investment. Today, the Five Star's portfolio includes more than 7 million square feet of income-producing properties under active ownership and management. Five Star Development sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-90608) on November 4, 2025. In its petition, the Debtor reports estimated assets and liabilities up to $50,000. Honorable Bankruptcy Judge Alfredo R. Perez handles the case. The Debtor is represented by Nicholas J. Hendrix, Esq. of O'Melveny & Myers LLP. FLIPCAUSE INC: Deadline for Panel Questionnaires Set for Dec. 29 ---------------------------------------------------------------- The United States Trustee is soliciting members for committee of unsecured creditors in the bankruptcy case of Flipcause Inc. If a party wishes to be considered for membership on any official committee that is appointed, it must complete a questionnaire available at https://tinyurl.com/5yzew4y2 and return by email it to Malcolm. M. Bates -- Malcolm.M.Bates@usdoj.gov –- at the Office of the United States Trustee so that it is received by 4:00 p.m, Dec. 29, 2025. If the U.S. Trustee receives sufficient creditor interest in the solicitation, it may schedule a meeting or telephone conference for the purpose of forming a committee. About Flipcause Inc. Flipcause Inc. is a technology company that provides a nonprofit fundraising platform and payment-processing services. The company's software enables small and medium-sized nonprofit organizations to manage online donations, donor engagement, andfundraising campaigns. Flipcause Inc. sought relief under Chapter 11 of the U.S.Bankruptcy Code (Bankr. D. Del. Case No. 25-12246) on December 19, 2025. In its petition, the Debtor reported estimated assets and liabilities of at least $10 million each. Honorable Bankruptcy Judge Thomas M. Horan handles the case. The Debtor is represented by Ronald S. Gellert, Esq. of Gellert Seitz Busenkell & Brown, LLC. FLOOF LLC: Glen Watson Named Subchapter V Trustee ------------------------------------------------- The Acting U.S. Trustee for Region 8 appointed Glen Watson, Esq., at Watson Law Group, PLLC as Subchapter V trustee for Floof, LLC. Mr. Watson 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. Watson declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Glen Watson, Esq., Watson Law Group, PLLC 1114 17th Av. S., Suite 201 P.O. Box 121950 Nashville, TN 37212 Telephone: (615) 823-4680 Email: glen@watsonpllc.com About Floof LLC Floof, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Tenn. Case No. 25-05356) on December 19, 2025, listing up to $50,000 in assets and $100,001 to $500,000 in liabilities. Judge Randal S. Mashburn presides over the case. Keith L. Edmiston, Esq. at Edmiston Law Firm, PLLC represents the Debtor as bankruptcy counsel. FUNDAMENTAL PARTNERS: Cliffwater Marks $100MM Loan at 76% Off ------------------------------------------------------------- Cliffwater Enhanced Lending Fund has marked its $100,000,000 loan extended to Fundamental Partners IV LP to market at $24,125,000 or 24% of the outstanding amount, according to Cliffwater's Form N-CSRS for the semi-annual period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. Cliffwater Enhanced is a participant in a Delayed Draw Loan to Fundamental Partners IV LP. The loan accrues interest at a rate of 9.07% per annum. The loan matures on August 4, 2030. The Cliffwater Enhanced Lending Fund is a closed-end, non-diversified management investment company registered under the Investment Company Act of 1940. The Fund is a "fund of funds" that operates and is organized as an interval fund. Cliffwater LLC serves as the investment adviser of the Fund. The Fund's primary investment objective is to seek high current income and modest capital appreciation, while the Fund's secondary objective is capital preservation. Cliffwater Enhanced is led by Stephen Nesbitt as Principal Executive Officer, and Lance J. Johnson as Treasurer and Principal Financial Officer. The Company can be reach through: Stephen Nesbitt Cliffwater Enhanced Lending Fund 235 West Galena Street Milwaukee, WI 53212 Telephone: (414) 299-2030 About Fundamental Partners IV LP Fundamental Partners (FP) is an opportunistic private investment strategy focused on special situations in the municipal market and public purpose assets. FUTURE FINTECH: Closes RMB 10MM Subsidiary Disposition ------------------------------------------------------ Future FinTech Group Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Company, through its wholly owned subsidiary Future Commercial Group Ltd., completed the disposition of 100% of the equity interests of Future Commercial Management (Hainan) Co., Ltd. to Xi'an Yinshi Trading Co., Ltd. The disposition was completed pursuant to a Share Transfer Agreement dated November 18, 2025 among the Seller and the Buyer. The assets disposed of consisted of all of the issued and outstanding equity interests of the Subsidiary, a PRC entity previously wholly owned and consolidated by the Company. Upon completion of the Disposition, the Subsidiary ceased to be a subsidiary of the Company. The Buyer, Xi'an Yinshi Trading Co., Ltd., is an unaffiliated third party. The Buyer and its affiliates had no material relationship with the Company, the Seller, or any of their respective affiliates, directors, officers, or associates prior to entering into the Agreement, other than in respect of the Agreement. Under the Agreement, the total purchase price for the Subsidiary is RMB 10,000,000, payable in two installments consisting of RMB 2,000,000 within ten days after execution of the Agreement and RMB 8,000,000 within twenty days following completion of closing procedures and the Buyer's receipt of all documents required under the Agreement. In connection with the Disposition, the Buyer also agreed to assume and repay outstanding intra-group liabilities of the Subsidiary owed to other members of the Company's consolidated group totaling RMB 65,872,300, consisting of amounts owed to Fengtongxiang Supply Chain (Chengdu) Co., Ltd. (RMB 18,000,000), Future Big Data (Chengdu) Co., Ltd. (RMB 1,500,000), Future Commercial Management Co., Ltd. (RMB 3,672,300) and FUCE Future Supply Chain (Xi'an) Co., Ltd. (RMB 42,700,000). All such creditor entities are subsidiaries directly controlled by Future FinTech (Hong Kong) Limited, which is wholly owned by the Company. Under the Agreement, the Seller is required to settle the intra-group liabilities within three years after closing, and any overdue amounts will accrue interest at 5% per annum. No loans or financing arrangements were provided by the Company or its affiliates to the Buyer in connection with the Disposition, and no material relationship exists between the Buyer and the Company other than the transaction described above. Accordingly, Item 2.01(e) is not applicable. The Company has determined that the Disposition does not involve a significant amount of assets for purposes of Item 2.01 of Form 8-K. A full text copy of the Share Transfer Agreement is available at https://tinyurl.com/2dw7rty2 About Future FinTech Group New York, N.Y.-based Future FinTech Group Inc. is a holding company incorporated under the laws of the State of Florida. The Company historically engaged in the production and sale of fruit juice concentrates (including fruit purees and fruit juices) and fruit beverages (including fruit juice beverages and fruit cider beverages) in the PRC. Due to drastically increased production costs and tightened environmental laws in China, the Company transformed its business from fruit juice manufacturing and distribution to financial technology-related service businesses. The main business of the Company includes supply chain financing services and trading in China, asset management business in Hong Kong, and cross-border money transfer service in the UK. Orange, Calif.-based Fortune CPA, Inc., the Company's auditor since 2023, issued a "going concern" qualification in its report dated April 15, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has suffered losses from operations. Therefore, the Company has stated substantial doubt about its ability to continue as a going concern. As of September 30, 2025, the Company had $54,336,334 in total assets, $9,794,437 in total liabilities, and $43,385,473 in total stockholders' equity. FUTURE FINTECH: Five Key Proposals Approved at Annual Meeting ------------------------------------------------------------- Future FinTech Group Inc. held its 2025 Annual Meeting of Shareholders. A quorum was present at the Annual Meeting, and shareholders: (i) Elected Hu Li, Mingyong Hu, Mingjie Zhao, Ting (Alina) Ouyang and David Xu to the Company's Board of Directors, each to serve until the next annual meeting of stockholders or until their successors are duly elected and qualified; 1. Hu Li * For: 15,112,893 * Against: 7,803 * Abstain: 3,126 * Broker Non-Votes: 2,931,371 2. Mingyong Hu * For: 15,113,242 * Against: 7,488 * Abstain: 3,091 * Broker Non-Votes: 2,931,372 3. Mingjie Zhao * For: 15,112,782 * Against: 7,966 * Abstain: 3,075 * Broker Non-Votes: 2,931,370 4. Ting (Alina) Ouyang * For: 15,088,519 * Against: 5,070 * Abstain: 2,620 * Broker Non-Votes: 2,958,985 5. David Xu * For: 15,088,847 * Against: 4,624 * Abstain: 2,738 * Broker Non-Votes: 2,958,985 (ii) Ratified the appointment of Fortune CPA, Inc., as the Company's independent registered public accounting firm for the fiscal year ending December 31, 2025; * For: 15,986,342 * Against: 46,068 * Abstain: 68,236 * Broker Non-Votes: N/A (iii) Approved and adopted the Future FinTech Group Inc. 2025 Omnibus Equity Plan; and * For: 15,105,758 * Against: 15,161 * Abstain: 2,904 * Broker Non-Votes: 2,931,370 (iv) Approved the compensation of the named executive officers in a non-binding, advisory vote. * For: 15,110,949 * Against: 9,647 * Abstain: 3,226 * Broker Non-Votes: 2,931,371 About Future FinTech Group New York, N.Y.-based Future FinTech Group Inc. is a holding company incorporated under the laws of the State of Florida. The Company historically engaged in the production and sale of fruit juice concentrates (including fruit purees and fruit juices) and fruit beverages (including fruit juice beverages and fruit cider beverages) in the PRC. Due to drastically increased production costs and tightened environmental laws in China, the Company transformed its business from fruit juice manufacturing and distribution to financial technology-related service businesses. The main business of the Company includes supply chain financing services and trading in China, asset management business in Hong Kong, and cross-border money transfer service in the UK. Orange, Calif.-based Fortune CPA, Inc., the Company's auditor since 2023, issued a "going concern" qualification in its report dated April 15, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has suffered losses from operations. Therefore, the Company has stated substantial doubt about its ability to continue as a going concern. As of September 30, 2025, the Company had $54,336,334 in total assets, $9,794,437 in total liabilities, and $43,385,473 in total stockholders' equity. GIEAG PROJEKT: Cliffwater Marks EUR25.6MM Loan at 55% Off --------------------------------------------------------- Cliffwater Enhanced Lending Fund has marked its EUR25,698,000 loan extended to GIEAG Projekt 320 GMBH to market at EUR11,458,314 or 45% of the outstanding amount, according to Cliffwater's Form N-CSRS for the semi-annual period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. Cliffwater Enhanced is a participant in a Delayed Draw Loan to GIEAG Projekt 320 GMBH. The loan accrues interest at a rate of 14.00% PIK per annum. The loan matures on September 29, 2027. The Cliffwater Enhanced Lending Fund is a closed-end, non-diversified management investment company registered under the Investment Company Act of 1940. The Fund is a "fund of funds" that operates and is organized as an interval fund. Cliffwater LLC serves as the investment adviser of the Fund. The Fund's primary investment objective is to seek high current income and modest capital appreciation, while the Fund's secondary objective is capital preservation. Cliffwater Enhanced is led by Stephen Nesbitt as Principal Executive Officer, and Lance J. Johnson as Treasurer and Principal Financial Officer. The Company can be reach through: Stephen Nesbitt Cliffwater Enhanced Lending Fund 235 West Galena Street Milwaukee, WI 53212 Telephone: (414) 299-2030 About GIEAG Projekt 320 GMBH GIEAG is a family-run Munich real estate company. GLOBAL ALLIANCE: Gets Interim OK to Use Cash Collateral ------------------------------------------------------- Global Alliance, LLC received interim approval from the U.S. Bankruptcy Court for the Northern District of Georgia, Atlanta Division, to use cash collateral to fund operations. The court issued an interim order authorizing the Debtor to use cash collateral from December 18 to January 21, 2026, in accordance with its budget. As adequate protection, lenders will be granted a valid and properly perfected replacement lien on all property acquired by Debtor after the petition date that is similar to their pre-bankruptcy collateral. The replacement lien does not apply to Chapter 5 avoidance actions. The court will hold a final hearing on January 21, 2026. The interim order is available at https://is.gd/najx7D from PacerMonitor.com. Global Alliance operates a rubber reclamation and processing facility that provides recycling services, sells rubber products, and coordinates sea freight transportation for overseas customers. It acknowledges that certain revenues may constitute cash collateral and that the U.S. Small Business Administration and Identitek may assert liens against that collateral. About Global Alliance LLC 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. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-64527) on December 12, 2025. In the petition signed by JujHar Gill, sole member, the Debtor disclosed up to $10 million in both assets and liabilities. Judge James R. Sacca oversees the case. Will Geer, Esq., at ROUNTREE, LEITMAN, KLEIN & GEER, LLC, represents the Debtor as legal counsel. GRADY'S HARDWARE: Seeks Cash Collateral Access Until February 2026 ------------------------------------------------------------------ Grady’s Hardware, Inc. asks the U.S. Bankruptcy Court for the District of Minnesota for authority to use cash collateral and provide adequate protection. The Debtor operates an ACE Hardware store in Champlin, Minnesota and filed for bankruptcy on September 22, 2025. The Debtor seeks court to use cash collateral through February 28, 2026, in order to continue ordinary operations, including paying employees, insurance, and other recurring expenses, and purchasing inventory necessary to maintain sales. The request sets a hearing date of December 29, 2025, with objections due December 22, 2025, and notes that relief may be granted without a hearing if no objections are filed. Grady’s Hardware identifies three secured creditors with liens affecting cash collateral and inventory: Red Iron Acceptance, LLC, which holds a lien on Toro-branded inventory with a remaining prepetition balance of approximately $6,400; Spartan Business Solutions, LLC, with a lien on all personal property securing about $2,900; and Top Choice Financial, LLC, holding a similar lien securing roughly $40,900. As of the petition date, Grady's had limited cash on hand and deposit balances, but projected higher cash levels during operations, declining again by the end of the proposed cash-collateral period. Inventory liquidation value was estimated at approximately $63,500 and expected to remain relatively stable as inventory is replenished and sold. To protect secured creditors, the Debtor proposes granting replacement liens in postpetition cash collateral up to the amount actually used, maintaining insurance on all collateral, and making specific adequate protection payments to Red Iron when designated Toro units are sold. The Debtor's president, Shawn Grady, submitted a declaration confirming the accuracy of the financial projections and collateral values. The accompanying memorandum of law argues that the proposed protections satisfy the Bankruptcy Code's adequate protection requirements, pose minimal risk to secured creditors, and are justified by the Debtor's ongoing, consistent inventory sales. A copy of the motion is available at https://urlcurt.com/u?l=LekoVp from PacerMonitor.com. About Grady's Hardware Inc. Grady's Hardware, Inc. sought protection under U.S. Bankruptcy Code (Bankr. D. Minn. Case No. 25-43090) on September 22, 2025, listing up to $500,000 in assets and up to $1 million in liabilities. Shawn Grady, president and owner of About Grady's Hardware, signed the petition. Judge Mychal A. Bruggeman oversees the case. Mary Sieling, Esq., at Sieling Law, PLLC, represents the Debtor as bankruptcy counsel. H&T WHOLESALE: Gets Interim OK to Use Cash Collateral ----------------------------------------------------- The U.S. Bankruptcy Court for the District of Arizona entered a stipulated interim order authorizing H&T Wholesale Flowers, Inc. to use cash collateral to fund operations. The court authorized the Debtor to use cash collateral for ordinary and necessary business expenses in accordance with its budget through January 31, 2026, or until confirmation of a Chapter 11 plan, dismissal of its Chapter 11 case or conversion of the case to one under Chapter 7, whichever occurs first. The Debtor is authorized to use cash collateral to pay ordinary-course compensation to Tigran Grigoryan, an insider. Additional insider payments are prohibited without lender approval. LEAF Capital Funding, LLC holds a first-position security interest and Desert Financial Credit Union (DFCU) holds a second-position security interest in substantially all of the Debtor's assets, including cash collateral. As adequate protection for any diminution in value of their collateral, LEAF and DFCU will be granted replacement liens on all existing and post-petition property of the Debtor. The replacement liens maintain the same priority, validity, and enforceability as of the petition date and are subordinate only to a $20,000 carveout for approved Subchapter V trustee fees and Debtor professional fees, subject to specified limitations. In addition, the Debtor must maintain insurance on the collateral and name LEAF and DFCU as loss payees or additional insureds. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/A4UCZ from PacerMonitor.com. About H&T Wholesale Flowers Inc. H&T Wholesale Flowers, Inc., a wholesale flower distributor, filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Ariz. Case No. 25-09545) on October 8, 2025, listing between $100,001 and $500,000 in assets and between $1 million and $10 million in liabilities. Judge Paul Sala presides over the case. The Debtor tapped Allan Newdelman, Esq., at Allan D. Newdelman, PC as legal counsel and Accrualworld Accounting, Inc. as accountant. HARVARD BIOSCIENCE: Secures $40MM Term Loan Financing With BroadOak ------------------------------------------------------------------- Harvard Bioscience, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Company, as borrower, entered into a Loan and Security Agreement with certain financial institutions party thereto as lenders and BroadOak Income Fund, L.P., as the administrative agent and collateral agent. The Loan Agreement provides for the following term loans: (i) a term loan in an aggregate principal amount of $10 million, (ii) a term loan in an aggregate principal amount of $22.5 million and (iii) a term loan in an aggregate principal amount of $7.5 million. The Term A Loan and Term B Loan are senior secured obligations maturing on December 17, 2029. Commencing December 31, 2027, the Company is required to make quarterly principal amortization payments on the Term A Loan and Term B Loan. The Amortization Date and Maturity Date may be extended by one year if the Company achieves a certain adjusted EBITDA milestone. The Term C Loan is a senior secured convertible term loan maturing on the Maturity Date that is convertible, together with accrued and unpaid interest, into shares of common stock of the Company, $0.01 par value per share at a conversion price of $1.00 per share from January 2, 2026 until the maturity of the Term Loans. The conversion right may be exercised at the Lenders' option, or automatically if the share price of the Common Stock exceeds $1.50 per share for thirty consecutive trading days. The Term C Loan may not be prepaid by the Company prior to maturity, except in the event of a repayment in full of all of the Term Loans or a change of control of the Company, in which case the Lenders may elect whether to convert their Term C Loans into Common Stock or to be repaid in full in cash. The proceeds of the Term Loans will be used to repay all obligations under the Company's prior credit facility for which Citizens Bank, N.A. served as administrative agent, to pay transaction fees and expenses and for working capital and other general corporate purposes. The Term Loans will bear interest at a per annum rate equal to the greater of: (i) 12.80% from the date of the Loan Agreement through the Loan Agreement's second anniversary, then 12.50% thereafter and (ii) the prime rate detailed in the Loan Agreement plus 5.25%. Interest on the Term Loans is payable in cash in arrears on the last calendar day of each month; however, at the Company's option, interest on the Term C Loans may be payable in kind. If any portion of the Term Loans are prepaid prior to maturity, the Company will be required to pay a prepayment premium in an amount equal to: (a) 3.00% of the principal amount of such prepaid Term Loans if such prepayment occurs on or before the first anniversary of the closing of the transaction, (b) 2.00% of the principal amount of such prepaid Term Loans if such prepayment occurs after the first anniversary but on or prior to the second anniversary of the closing of the transaction, (c) 1.00% of the principal amount of such prepaid Term Loans if such prepayment occurs after the second anniversary but on or prior to the third anniversary of the closing of the transaction and (d) 0.00% thereafter. However, no prepayment premium will be payable with respect to any Term A Loans prepaid before March 31, 2027. Additionally, an exit fee of 10.00% will be payable on any Term Loan amounts that are prepaid or repaid, including at maturity, except that no exit fee will be payable with respect to any Term C Loans that convert into Common Stock. The Company's obligations under the Loan Agreement are required to be guaranteed by certain of the Company's domestic subsidiaries. The Company's obligations under the Loan Agreement are secured by substantially all of the assets of the Company and each guarantor. The Loan Agreement includes customary affirmative, negative, and financial covenants binding on the Company and its subsidiaries, including delivery of financial statements and other reports and maintenance of existence. The negative covenants limit the ability of the Company and its subsidiaries, among other things, to incur debt, incur liens, make investments, sell assets and pay dividends on its capital stock. The financial covenants set forth in the Loan Agreement include a minimum liquidity covenant, which will apply at all times, and a minimum Adjusted EBITDA covenant, which will be tested at the end of each fiscal quarter of the Company. The Loan Agreement also includes customary events of default. Pursuant to the Loan Agreement, the Company also issued to the Lenders and its participants warrants to purchase 2,000,000 shares of Common Stock, at an exercise price of $0.50 per share. The Warrants have a seven-year term. Within 45 days of the date of the Loan Agreement, the Company must prepare and file with the U.S. Securities and Exchange Commission a registration statement covering the resale of all shares issued and issuable upon conversion of the Term C Loan and exercise of the Warrants. The Company will use its reasonable best efforts to cause the Registration Statement to be declared effective by the Commission no later than the earlier of: (i) 75 days after the Registration Statement is filed if the Commission notifies the Company that it will review the Registration Statement or (ii) 5 business days after the Company is notified that the Commission will not review, or will not further review, the Registration Statement. The Lenders also received a customary upfront fee upon closing of the financing. The Loan Agreement provides the Administrative Agent with the right to nominate one member to the Company's board of directors while the Term Loans are outstanding. In connection with this right, the Board has appointed Mr. William A. Snider, a partner of BroadOak, as a member of the Board and the Compensation Committee of the Board, effective December 17, 2025. Mr. Snider shall serve as: (1) a Class III Director of the Board, until the Company's annual meeting of stockholders in 2027 and until his successor is duly elected and qualified or until his earlier death, resignation or removal, and (2) a member of the Compensation Committee of the Board, until his successor is duly elected and qualified, or until his earlier death, resignation or removal. Mr. Snider, age 56, leads BroadOak's growth capital investing activities and has worked at BroadOak since 2006. Mr. Snider has more than 30 years of institutional investment experience. Prior to BroadOak, he was a general partner and co-founder of Emerging Technology Partners, LLC, a life science focused venture capital firm. Prior to ETP, he was a vice president and portfolio manager at T. Rowe Price. Mr. Snider has been a director of many life sciences research tools companies and is actively involved in the investment community. Mr. Snider holds the Chartered Financial Analyst accreditation, and a B.S.E. in Finance, as well as an M.B.A. from the Wharton School at the University of Pennsylvania. There is no other arrangement between Mr. Snider and any person pursuant to which he was selected as a director, and there is no family relationship between Mr. Snider and any other director or executive officer of the Company. In connection with his service on the Board, Mr. Snider will receive standard compensation for non-employee directors of the Board, to be composed of: (i) an equity award of 110,000 restricted stock units and (ii) an annual cash retainer of $91,000. The Loan Agreement also contemplates that before March 31, 2026, the Company will establish a Product, Operations and Scientific Advisory Board that will consist of the Chief Executive Officer of the Company, two individuals appointed by the Company's board of directors and two individuals appointed by the Administrative Agent, to advise the Company regarding commercial and application opportunities, product line planning and life cycle management, manufacturing, supply chain and procurement, and opportunities to enhance commercial performance. Full text copies of the form of the Warrant, dated as of December 17, 2025, and the Loan Agreement are available at https://tinyurl.com/muweu22b and https://tinyurl.com/u5sxsjz7. About Harvard Bioscience, Inc. Harvard Bioscience, Inc. is a developer, manufacturer and seller of technologies, products and services that enable fundamental advances in life science applications, including research, drug and therapy discovery, bioproduction and preclinical testing for pharmaceutical and therapy development. The Company's products and services are sold globally to customers ranging from renowned academic institutions and government laboratories to the world's leading pharmaceutical, biotechnology and contract research organizations. With operations in the United States, Europe and China, the Company sells through a combination of direct and distribution channels to customers around the world. Hartford, Connecticut-based L J Soldinger Associates, LLC, the Company's auditor since 2017, issued a "going concern" qualification in its report dated March 13, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended February 28, 2025, citing that as of December 31, 2024, the Company was in default of certain debt covenants under its existing credit agreement, in which the Company had outstanding indebtedness of $37.4 million. On March 10, 2025, the Company entered into an amendment to its credit agreement pursuant to which the lenders and administrative agent agreed to waive such non-compliance provided that, among other things, the Company's failure to achieve certain refinancing milestones and consummate a refinancing of its credit agreement by June 30, 2025, would constitute an event of default which would render the amounts outstanding under the credit agreement as immediately due and payable. The Company's business plan contemplates exploring alternatives to refinance its outstanding debt by June 30, 2025. However, the Company's ability to refinance its debt by June 30, 2025, is uncertain and raises substantial doubt about its ability to continue as a going concern. As of September 30, 2025, the Company had $78 million in total assets, $63.9 million in total liabilities, and $14.1 million in total stockholders' equity. HILLCREST VENTURES: Seeks Cash Collateral Access ------------------------------------------------ Hillcrest Ventures, LLC asks the U.S. Bankruptcy Court for the Central District of California, Los Angeles Division, for authority to use cash collateral and provide adequate protection, in accordance with its agreement with Royal Business Bank and Forbix Capital Corp. The Debtor's primary asset is 336 East Hillcrest Boulevard, a former office building undergoing conversion into a 65-unit mid- to high-rise mixed-use apartment project that is nearing completion and has a stated fair market value of approximately $37 million. The second property, located at 324–326 East Hillcrest Boulevard and valued at approximately $2.2 million, is a single-story commercial building currently used to support the redevelopment of the primary property through office and storage space. In addition to its redevelopment activities, the Debtor receives modest recurring income of $3,634.61 per month from a lease with T-Mobile USA, Inc. for rooftop cell tower space on the 336 Hillcrest property. To maintain ongoing operations and preserve the value of its real estate assets, the Debtor requires access to cash collateral in which Royal Business Bank and Forbix Capital Corp., among others, hold or may assert security interests. Subject to court approval, both lenders have consented to the Debtor's use of cash collateral pursuant to a negotiated cash collateral usage stipulation, which governs permitted expenditures under an agreed budget and remains in effect until the occurrence of a defined termination event or February 28, 2026, unless extended by agreement. Hillcrest maintains that its proposed use of cash collateral is limited to ordinary and necessary operating expenses, primarily related to maintaining and preserving the 336 Hillcrest property, and that the secured creditors' interests are adequately protected through replacement liens on post-petition assets to the extent of any diminution in value. The Debtor emphasizes that continued access to cash collateral is essential to sustaining operations, advancing the redevelopment project, and maximizing the prospects of a successful reorganization, which would ultimately benefit the Debtor, its creditors, and the bankruptcy estate as a whole. A hearing on the matter is set for January 15, 2026 at 1:30 p.m. The bankruptcy court previously denied a cash-collateral stipulation between Hillcrest Ventures, LLC and its secured creditors, Royal Business Bank and Forbix Capital Corp., for failure to comply with court procedures. About Hillcrest Ventures LLC Hillcrest Ventures LLC, a Calabasas, California-based real estate developer, undertakes large-scale property projects that include multifamily housing, mixed-use complexes and commercial developments. Hillcrest Ventures LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-11472) on August 13, 2025. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million. Honorable Bankruptcy Judge Martin R. Barash handles the case. The Debtor is represented by Raymond H. Aver, Esq. at LAW OFFICES OF RAYMOND H. AVER, A PROFESSIONAL. HMH COMPANY: Moody's Cuts CFR to 'Caa1', Outlook Stable ------------------------------------------------------- Moody's Ratings downgraded HMH Company's (HMH) credit ratings, including its corporate family rating to Caa1 from B3, the Probability of Default Rating to Caa1-PD from B3-PD and the senior secured first lien bank credit facilities ratings to B3 from B2. The rating outlook is stable. The downgrade reflects HMH's rising refinancing risk, weak operating cash flow amid a smaller adoption market this year, the company's diminished ability to absorb unexpected volatility in earnings as well as Moody's views that the company's capital structure may be unsustainable. RATINGS RATIONALE HMH's free cash flow turned negative -$135 million for the twelve months ending September 2025 and Moody's adjusted LTM Sep-2025 Debt/EBITDA spiked to 7x from 5.3x a year ago (both metrics are Moody's adjusted). Year-to-date September 2025, HMH's net sales fell 15% and EBITDA dropped 18%. In addition to the anticipated decline from a smaller adoption market this year, HMH's earnings were hurt by many school districts delaying spending to assess the impact of federal policy on educational funding, loss of a state summative assessment contract in 2024 and funding uncertainty impacting interim assessment purchasing. Moody's expects free cash flow to improve in 2026 due to stronger adoption schedules and cost reductions completed in late 2025, lowering annual costs by $20 million and capital expenditures by $11 million. HMH's net sales and EBITDA should recover as the three largest adoption states - California, Texas, and Florida - plan new curriculum adoptions in 2026. Increased certainty around federal funding and politics may also boost school purchases of learning materials. These factors should reduce leverage to 6x–6.5x by the end of 2026 from a projected 7.9x at the end of 2025, assuming HMH secures a reasonable number of contract wins in 2026. HMH's Caa1 CFR reflects the company's high leverage, aggressive financial policy, exposure to a highly cyclical K-12 core educational market, seasonality tied to academic year and intense competition. Sales of K-12 instructional materials are cyclical, with some years offering more sales opportunities than others based on the state adoptions calendar. The purchasing cycles of adoption states, together with market acceptance of products, drive significant volatility of HMH's billing volumes year to year. The company's business is also seasonal, with approximately two thirds of HMH consolidated net sales realized in the second and third quarters. HMH has a good market position within K-12 education business but is dependent for most of its revenue on state and local budgets which Moody's expects to be constrained by tepid growth in state aid and rising costs for school districts and reduced federal support over the next 12-18 months. Moody's forecasts growth in public US school districts' total funding to be tepid in 2026 as state and local support (representing 90% of total funding) will trail inflation and dip below historic averages while varying across the country and federal funding (10% of overall funding) is expected to decrease for a third year in fiscal 2026. HMH's rating continues to garner support from its broad portfolio of education solutions, a customer footprint that extends to 90% of schools in the US and a well-known brand. Moody's views HMH's liquidity as significantly reduced but still adequate over the near term. However, with a $250 million revolver maturing in April 2027 and a $375 million term loan B in April 2028, refinancing risk is increasing. HMH will likely depend on the revolver in the first half of 2026; failure to refinance well in advance of the maturity would reduce financial flexibility and may negatively affect the ratings and outlook. The company's internal liquidity is provided by approximately $162 million of cash on hand at the end of Q3 2025 (down from $316 million a year ago) and Moody's expectations of $60 to $100 million of free cash flow in 2026, which is a significant improvement from a cash burn of $135 million as of LTM Sep-2025. Liquidity is constrained by pronounced seasonality of operating cash flow and Moody's expectations of significant reliance on revolver borrowing to bridge seasonal cash needs in Q1 and Q2 of 2026. Schools typically make the majority of their purchases in the second and third quarters of the calendar year in preparation for the beginning of the school year. Moody's expects that HMH will rely on the revolver in the first half of 2026, peaking at roughly 50% to 70% utilization, to meet its working capital and capex needs ahead of the key cash generative third quarter. The revolver is subject to a springing first lien net leverage covenant of 6.9x tested quarterly at 35% utilization. Moody's expects that HMH will have adequate cushion under the covenant when the covenant is tested in 2026. The term loans do not have financial covenants. HMH's first lien debt instruments: the senior secured term loans B ($1,480 million and $375 million) and the $250 million revolver are each rated B3, reflecting the company's Caa1-PD probability of default rating, an average expected family recovery rate of 50% at default and the debt instruments' position in the liability waterfall ahead of the $390 million second lien term loan due 2030 (unrated). The stable outlook reflects Moody's expectations that HMH will secure a reasonable amount of contract wins in 2026 supporting a strong rebound in EBITDA and free cash flow and that HMH will address the revolver maturity before it becomes current. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS HMH's ratings could be upgraded if (a) near-term debt maturities are addressed in a way that is supportive of a sustainable capital structure; (b) revenue and earnings grow resulting in Debt/EBITDA (Moody's adjusted) sustained comfortably below 5x, with a commitment to operating at that leverage level; (c) good liquidity along with FCF/Debt sustained in the mid- single-digit percentage range or better. HMH ratings could be downgraded if HMH fails to refinance its near-term debt maturities, including the revolver expiring in 2027, before they become current, or if the expected improvement in cash flow or EBITDA do not materialize, such that Debt/EBITDA is sustained above 6.5x and free cash flow remains negative. The principal methodology used in these ratings was Media published in September 2025. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. Headquartered in Boston, MA, HMH Company is one of the three largest US education solutions providers focusing on the K-12 market. HMH has been owned by a private equity firm Veritas Capital since 2022. HMH generated LTM September 2025 revenue of $1.121 billion. HOWARD'S APPLIANCES: Gets Interim OK to Use Cash Collateral ----------------------------------------------------------- Howard's Appliances, Inc. received interim approval from the U.S. Bankruptcy Court for the Central District of California, Los Angeles Division, to use cash collateral. The court authorized the Debtor to use up to $65,000 in cash collateral through January 23, 2026, solely to pay post-petition wages and wage-related expenses, utility deposits, and insurance premiums. The court denied broader use of cash collateral, reflecting concerns raised by secured creditors and limiting expenditures to essential items necessary to stabilize operations. As adequate protection, secured creditors holding valid pre-bankruptcy liens will be granted perfected replacement liens on unencumbered post-petition assets, excluding avoidance actions and their proceeds. These replacement liens maintain the same validity and priority as the creditors' pre-bankruptcy liens, protecting the Debtor against any diminution in collateral value. A final hearing is scheduled for January 20, 2026. The interim order is available at https://is.gd/cmaQ88 from PacerMonitor.com. Founded nearly 79 years ago and once employee-owned through an ESOP, Howard's expanded aggressively into new regional markets, but sales failed to meet projections and financial difficulties mounted. Despite restructuring efforts and a 2025 sale to a new holding company, worsening tariffs and declining consumer spending led the Debtor to permanently close its stores, lay off most employees, and pursue an orderly liquidation. Prior to filing, Howard's paid all accrued wages and benefits, exited retail locations, and began consolidating remaining inventory and assets into its warehouse in the City of Industry, California, in preparation for an auction or bulk sale. Howard's estimates its inventory and assets are worth approximately $9.34 million and are encumbered by about $6.74 million in asserted liens held by various secured creditors, primarily vendors and financing companies. Howard's filed a liquidating Chapter 11 plan contemporaneously with the petition, proposing a prompt, professionally marketed auction in early 2026 to maximize value and minimize storage and administrative costs, followed by distributions to creditors through a liquidating trust. About Howard's Appliances Inc. Howard's Appliances, Inc. is a California-based retailer specializing in home appliances, electronics and related accessories. The company operates brick-and-mortar stores and provides sales, delivery and installation services for major household brands, serving residential customers across the state. Howard's Appliances, Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-21116) on December 10, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities in the same range. The case is handled by Honorable Bankruptcy Judge Sheri Bluebond. The Debtor is represented by David M. Goodrich, Esq. HUNT MEMORIAL HOSPITAL: S&P Affirms 'B+' LT Rating on GO Bonds -------------------------------------------------------------- S&P Global Ratings affirmed its 'B+' long-term rating on Hunt Memorial Hospital District (HMHD), Texas' series 2014 and 2020 general obligation (GO) bonds. At the same time, S&P Global Ratings affirmed its 'B+' rating on the $29.3 million series 2026 GO bonds, which S&P originally rated on Aug. 4, 2025, as the series 2025 GO bonds; the plan of finance is unchanged. The outlook is negative. S&P said, "We view social risk as a weakness in our credit rating analysis given the challenges faced with operating in a service area of limited size, which results in a weaker payer mix despite stronger population growth forecast. We view environmental factors as neutral to our credit rating analysis. "We view Hunt's governance risks as elevated in our analysis, reflecting its challenges in executing improvement initiatives related to cash flow and unrestricted reserve metrics as well as its debt management, with potential acceleration of the series 2023 debt and line given the forbearance agreement could terminate after the Dec. 31, 2025, measurement date. The board is not self-perpetuating, which we view as a best practice. In addition, there have been a number of leadership changes in recent years, with an ongoing search for a new CFO and with three CFOs in past three years. We are not aware of any other significant changes at the leadership level in the near term but view the frequency of key leadership turnover negatively." The negative outlook reflects the district's extremely thin balance sheet with limited reserves, as well as our view the district will remain out of compliance with its financial covenants and require ongoing forbearance agreements and bank cooperation. While debt service for the GO bonds is supported by the tax proceeds, there is likely to be pressure on the balance sheet, operations, and DSC as management works to improve operations, collections, and unrestricted reserve levels. S&P said, "We would consider a lower rating, potentially multiple notches, if the district's unrestricted reserves do not improve from current levels or if we view an operating liquidity crisis or revenue debt payment default as increasingly likely. In addition, widening operating losses or any unexpected weakening in the enterprise profile could also lead us to consider a negative action. Given HMHD's smaller size, key metrics could be volatile, particularly in light of weaker operating performance, and we believe the rating could be further affected during the outlook period. "We could revise the outlook to stable if the balance sheet improves, with operating performance trending near breakeven or better, yielding DSC and balance sheet metrics that we view as providing sufficient cushion for district operations. Compliance of financial covenants and mitigated bank debt risk would also support a stable outlook over time." INTERNATIONAL IMMOBILIARE: James Bailey Named Subchapter V Trustee ------------------------------------------------------------------ The Acting U.S. Trustee for Region 8 appointed James Bailey, III of Butler Snow, LLP as Subchapter V trustee for International Immobiliare, LLC. Mr. Bailey will be paid an hourly fee of $595 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Bailey declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: James E. Bailey III Butler Snow, LLP 6075 Poplar Avenue, Suite 500 Memphis, TN 38119 Phone: (901) 680-7347 Email: Jeb.Bailey@butlersnow.com About International Immobiliare LLC International Immobiliare, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. W.D. Tenn. Case No. 25-26578) on December 18, 2025, with up to $50,000 in assets and $100,001 to $500,000 in liabilities. Ted I. Jones, Esq. at Jones & Garrett Law Firm represents the Debtor as legal counsel. IQSTEL INC: Confirms $500K Stock Dividend on 75,521 Shares ---------------------------------------------------------- iQSTEL Inc. previously disclosed that it will distribute a total of 75,529 free-trading shares of its common stock as a one-time stock dividend, representing $500,000 in value based on the closing price on August 29, 2025. The record date for the dividend was December 15, 2025, with distribution expected on or about December 30, 2025. Prior public announcements and disclosures referenced approximately 4,374,822 shares of common stock outstanding, resulting in an indicated distribution ratio of approximately 0.0173 dividend shares per share held. Subsequent to those announcements but prior to the close of business on the record date, the Company issued an aggregate of 213,963 additional shares of common stock, consisting of: (i) 208,338 shares issued upon conversion of preferred shares by ADI Funding and (ii) 5,625 shares issued pursuant to the Company's approved director compensation plan. According to the records of the Company's transfer agent as of the close of business on the record date of December 15, 2025, there were 4,588,785 shares of common stock outstanding. The stock dividend will be distributed pro rata based on the transfer agent's official record-date shareholder records using an effective distribution ratio of approximately 0.01646 (calculated as the total dividend pool divided by the actual 4,588,785 outstanding shares). Consistent with standard practice and prior disclosures, all allocations will be rounded down to the nearest whole share, with no fractional shares or cash in lieu issued. As a result of this downward rounding across all shareholder positions, approximately 75,521 dividend shares will actually be issued (8 shares fewer than the originally indicated 75,529). This minor difference is immaterial and arises solely from fractional rounding. All dividend shares will be issued as free-trading common shares, consistent with the Company's prior public announcements. The distribution timeline remains unchanged. About iQSTEL iQSTEL Inc. is a multinational technology company that provides services across telecom, fintech, blockchain, artificial intelligence, and cybersecurity. The Company operates in 21 countries and serves a global customer base. It projects $340 million in revenue for fiscal year 2025. In an auditor's report dated March 31, 2025, Urish Popeck & Co., LLC, issued a "going concern" qualification, citing that the Company has suffered recurring losses from operations, negative working capital, and does not have an established source of revenues sufficient to cover its operating costs, which raise substantial doubt about its ability to continue as a going concern. iQSTEL ended the year on Dec. 31, 2024 with a net loss of $5,180,036, significantly widening from the $219,436 loss reported for the year ended Dec. 31, 2023. The net results of the periods reported are highly impacted by the expenses in the holding entity (IQSTEL), which has a high component of interest and other financial expenses related to the funds borrowed for the acquisition of QXTEL Limited. iROBOT CORPORATION: Gets Interim OK to Use Cash Collateral ---------------------------------------------------------- iRobot Corporation and affiliates got the green light from the U.S. Bankruptcy Court for the District of Delaware to use cash collateral to fund operations. The court issued an interim order authorizing the Debtors to use cash collateral effective December 14 in accordance with their 13-week cash disbursements and receipts budget. The Debtors' authority to use cash collateral will terminate on the earliest to occur of (i) the date that is the earlier to occur of 30 calendar days after December 14 and the conclusion of a final hearing, unless such date is extended pursuant to the written consent of Santrum Hong Kong Co., Limited, the pre-bankruptcy secured lender; (ii) the entry of an order approving a post-petition financing facility that has not been consented to by the lender; (iii) the effective date of a confirmed Chapter 11 plan; or (iv) the first business day following the end of the "remedies notice period" following the occurrence of and continuance of any event of default unless such default is waived by the lender. As adequate protection, Santrum will be granted replacement liens on all assets of the Debtors, including proceeds of the Debtors' claims and causes of action (but not on the actual claims and causes of action). These liens are subject to the fee carveout. In addition, the secured lender will be granted an allowed superpriority administrative expense claim. The use of cash collateral is also conditioned on the Debtors' compliance with the milestones set forth in the restructuring support agreement. Termination of the RSA constitutes an event of default. A final hearing is set for January 13, 2026. The deadline for filing objections is on January 6, 2026. The interim order is available at https://is.gd/oiQa5Z from PacerMonitor.com. The Debtors commenced their bankruptcy cases to implement a streamlined, value-maximizing restructuring through a prepackaged Chapter 11 plan and they need immediate access to cash to fund payroll, insurance, taxes, trade payables, and other critical obligations. All of the Debtors' cash constitutes cash collateral subject to the first-priority liens of Santrum under a credit agreement dated July 24, 2023, pursuant to which the Debtors owe at least $184.1 million in funded debt, secured by substantially all of their tangible and intangible assets. Prior to the petition date, the Debtors negotiated at arm's length with the secured lender and reached a consensual agreement governing the use of cash collateral, which is incorporated into the interim order. As of the petition date, the Debtors have approximately $15 million in cash on hand, all of which is encumbered. The Debtors believe that existing cash, together with operating receipts, will be sufficient to sustain operations and fund the restructuring without the need for costly debtor-in-possession financing. Santrum Hong Kong Co., Limited, as secured lender, is represented by: John H. Knight, Esq. Amanda R. Steele, Esq. Alexander R Steiger, Esq. RICHARDS, LAYTON & FINGER, P.A. One Rodney Square 920 North King Street Wilmington, DE 19801 Telephone: (302) 651-7700 Facsimile: (302) 651-7701 knight@rlf.com steele@rlf.com steiger@rlf.com - -and- David Turetsky, Esq. WHITE & CASE LLP 1221 Avenue of the Americas New York, NY 10020 Telephone: (212) 819-8200 david.turetsky@whitecase.com -and- Roberto Kampfner, Esq. WHITE & CASE LLP 555 South Flower Street Suite 2700 Los Angeles, CA 90071 Telephone: (213) 620-7700 rkampfner@whitecase.com -and- Fan B. He, Esq. WHITE & CASE LLP Southeast Financial Center Miami, FL 33131 Telephone: (305) 371-2700 fhe@whitecase.com About iRobot Corp. iRobot Corp. is the manufacturer of Roomba robot vacuums. iRobot Corp. and two affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-12197) on December 14, 2025. In its petition, the Debtor reported between $100 million and $500 million in assets and liabilities. The cases are overseen by the Honorable Judge Brendan Linehan Shannon. The Debtors tapped Paul M. Basta, Esq., at Paul, Weiss, Rifkind, Wharton & Garrison and Young Conaway Stargatt & Taylor, LLP as bankruptcy counsel; Goodwin Procter, LLP as special litigation and corporate counsel; and Alvarez & Marsal Securities, LLC as investment banker and financial advisor. Stretto, Inc. serves as claims and noticing agent and as administrative advisor. Picea is represented by White & Case LLP and Richards, Layton & Finger PA. The Debtors filed a joint prepackaged Chapter 11 plan of reorganization together with their bankruptcy petitions. A combined hearing to consider confirmation of the plan; conditionally approve the disclosure statement, and approve solicitation-related procedures is scheduled for Jan. 22, 2026, at 10:00 a.m. J KRUSE INVESTMENTS: G. Matt Barberich Named Subchapter V Trustee ----------------------------------------------------------------- The Acting U.S. Trustee for Region 13 appointed G. Matt Barberich, Jr. of B. Riley Advisory Services as Subchapter V trustee for J Kruse Investments, LLC. Mr. Barberich will be paid an hourly fee of $300 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Barberich declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: G. Matt Barberich, Jr. B. Riley Advisory Services 7101 College Boulevard, Suite 730 Overland Park, KS 66210 Phone: 913-389-9270 Email: mbarberich@brileyfin.com About J Kruse Investments LLC J Kruse Investments, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Mo. Case No. 25-60861) on December 17, 2025, with $50,001 to $100,000 in assets and $500,001 to $1 million in liabilities. Judge Brian T. Fenimore presides over the case. James B. James, Esq., at Jb James Law Firm, P.C. represents the Debtor as bankruptcy counsel. J3 EQUITIES: Case Summary & One Unsecured Creditor -------------------------------------------------- Debtor: J3 Equities, LLC 6925 Lake Ellenor Drive Suite 625-A Orlando, FL 32809 Chapter 11 Petition Date: December 23, 2025 Court: United States Bankruptcy Court Middle District of Florida Case No.: 25-08329 Debtor's Counsel: Justin M. Luna, Esq. LATHAM LUNA EDEN & BEAUDINE LLP 201 S. Orange Avenue Suite 1400 Orlando, FL 32801 Tel: (407) 481-5800 Fax: (407) 481-5801 E-mail: jluna@lathamluna.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Javier Linares as sole member and managing member. The Debtor listed Capital Funding Mortgage REIT, LLC, based in Orlando, Florida, at 1520 E Livingston St., as its only unsecured creditor. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/KVXDFQI/J3_Equities_LLC__flmbke-25-08329__0001.0.pdf?mcid=tGE4TAMA JAMES MILLER: Employs Neeleman Law Group as Legal Counsel --------------------------------------------------------- James Miller Construction, Inc. and Derek & Ashley Baker seek approval from the U.S. Bankruptcy Court for the Western District of Washington to employ Neeleman Law Group, P.C. to serve as legal counsel for the estates. Neeleman Law Group, P.C. will provide these services: (a) assisting the Debtors in the investigation of the financial affairs of the estate; (b) providing legal advice and assistance to the Debtors with respect to matters relating to this case and creditor distribution; (c) preparing all pleadings necessary for proceedings arising under this case; and (d) performing all necessary legal services for the estate in relation to this case. Neeleman Law Group, P.C. will charge $600 per hour for principals, $475 per hour for associates, and $250 per hour for paralegals, and will seek reimbursement for costs and expenses incurred in connection with the representation. According to court filings, Neeleman Law Group, P.C. does not hold or represent any interest adverse to the interests of the estates and is a disinterested person within the meaning of Section 101 of the Bankruptcy Code. The firm can be reached at: Thomas D. Neeleman, Esq. Jennifer L. Neeleman, Esq. NEELEMAN LAW GROUP, P.C. 1403 8th Street Marysville, WA 98270 Telephone: (425) 212-4800 Facsimile: (425) 212-4802 E-mail: jennifer@neelemanlaw.com About James Miller Construction Inc. James Miller Construction, Inc., doing business as Miller Construction, Inc., provides general contracting services in Washington State, with operations based in Sequim and the surrounding Port Angeles area. The Company specializes in residential and commercial construction projects. James Miller Construction, Inc sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Wash. Case No. 25-13174) on November 9, 2025, listing up to $500,000 in assets and up to $10 million in liabilities. Derek Baker, president of James Miller Construction, signed the petition. Judge Timothy W. Dore oversees the case. Jennifer L. Neeleman, Esq., at Neeleman Law Group, P.C., represents the Debtor as legal counsel. JONAS CATALOG: Cliffwater Marks $30MM Loan at 56% Off ----------------------------------------------------- Cliffwater Enhanced Lending Fund has marked its $30,118,566 loan extended to Jonas Catalog Holdings I LLC to market at $13,189,127 or 44% of the outstanding amount, according to Cliffwater's Form N-CSRS for the semi-annual period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. Cliffwater Enhanced is a participant in a Delayed Draw Loan to Jonas Catalog Holdings I LLC. The loan accrues interest at a rate of 11% per annum. The loan matures on September 19, 2029. The Cliffwater Enhanced Lending Fund is a closed-end, non-diversified management investment company registered under the Investment Company Act of 1940. The Fund is a "fund of funds" that operates and is organized as an interval fund. Cliffwater LLC serves as the investment adviser of the Fund. The Fund's primary investment objective is to seek high current income and modest capital appreciation, while the Fund's secondary objective is capital preservation. Cliffwater Enhanced is led by Stephen Nesbitt as Principal Executive Officer, and Lance J. Johnson as Treasurer and Principal Financial Officer. The Company can be reach through: Stephen Nesbitt Cliffwater Enhanced Lending Fund 235 West Galena Street Milwaukee, WI 53212 Telephone: (414) 299-2030 About Jonas Catalog Holdings I LLC Jonas Catalog Holdings 1, an investment entity founded by Kevin Jonas, Sr. and managed by Jonas Group Entertainment Holdings. KEG RESTAURANTS: DBRS Finalizes B Credit Rating, Trend Stable ------------------------------------------------------------- DBRS Limited finalized the provisional credit rating of B with a Stable trend on Keg Restaurants Ltd.'s (KRL or the Company, rated B (high) with a Stable trend) Senior Unsecured Notes (the Notes), which closed on December 12, 2025. The Recovery Rating on the Notes is RR5. The credit rating on the Notes is applicable to the following series: CAD 225 million, 6.625% Senior Unsecured Notes due December 12, 2032. The net proceeds of the Notes will be used to repay KRL's Senior Secured Term Loan, partially repay borrowings under its Senior Secured Revolving Credit Facilities, and fund fees and expenses. Consistent with the Senior Secured Credit Facilities, all of the Company's subsidiaries will guarantee the Notes. The Notes will be general unsecured obligations of the Company and will be (1) effectively subordinated to all of KRL's secured debt (including the senior credit facilities) to the extent of the value of the collateral securing such debt, (2) senior in right of payment to any of the Company's subordinated obligations, and (3) structurally subordinated to all debt and other liabilities of any non-guarantor subsidiary. CREDIT RATING DRIVERS Morningstar DBRS could take a positive credit rating action if KRL's business risk profile, particularly its size and scale, meaningfully strengthen and/or key credit metrics improve to levels supportive of a higher credit rating. Conversely, Morningstar DBRS could take a negative credit rating action if key credit metrics deteriorate because of weaker-than-anticipated operating performance and/or more aggressive financial management. CREDIT RATING RATIONALE -- Comprehensive Business Risk Assessment (CBRA): BH The CBRA reflects KRL's strong brand and long history in the Canadian full-service restaurant industry, solid operating efficiency, and management expertise and partnership with its minority owner, LFG. The CBRA also reflects KRL's small size and scale within the intensely competitive Canadian restaurant industry as well as the industry's low barriers to entry and exposure to economic cycles. -- Comprehensive Financial Risk Assessment (CFRA): BBL KRL's CFRA reflects Morningstar DBRS' expectations that debt-to-EBITDA will improve in 2026 and 2027 from elevated levels following the transaction at YE 2025. -- Intrinsic Assessment (IA): BH The IA is based on KRL's CBRA and CFRA. Considering peer comparisons, among other factors, Morningstar DBRS places the IA within the middle of the IA range. -- Additional Considerations: None There were no additional considerations that had a positive or negative effect on KRL's credit ratings. -- Recovery Rating: RR5 KRL's recovery rating of RR5 on the Notes assumes that the Company's Revolving Credit Facility will be fully drawn and reflects a first-lien position of KRL's borrowings under its Revolving Credit Facility. Notes: All figures are in Canadian dollars unless otherwise noted. KJSS GLOBAL: Mark Sharf Named Subchapter V Trustee -------------------------------------------------- The U.S. Trustee for Region 17 appointed Mark Sharf, Esq., a practicing attorney in Los Angeles, as Subchapter V trustee for KJSS Global, Inc. Mr. Sharf will charge $660 per hour for his services as Subchapter V trustee and $150 per hour for his trustee administrator's services. In addition, the Subchapter V trustee will seek reimbursement for work-related expenses incurred. Mr. Sharf declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Mark Sharf, Esq. 6080 Center Drive, 6th Floor Los Angeles, CA 90045 Telephone: (323) 612-0202 Email: mark@sharflaw.com About KJSS Global Inc. KJSS Global, Inc. is a privately held wholesale and e-commerce company based in Santa Fe Springs, California, selling small kitchenware and disposable household items such as coffee stirrers, toothpicks, popsicle sticks, strainers, and colanders. It operates a customer-facing website at www.makerstep.com. KJSS Global filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. C.D. Calif. Case No. 25-21301) on December 16, 2025, listing between $100,001 and $500,000 in assets and between $1 million and $10 million in liabilities. Andrew S. Cho, Esq., at Andrew S Cho, A Law Corp. represents the Debtor as bankruptcy counsel. KLEOPATRA FINCO: Court Confirms Joint Chapter 11 Plan ----------------------------------------------------- Judge Christopher Lopez of the United States Bankruptcy Court for the Southern District of Texas confirmed the Joint Joint Prepackaged Plan of Reorganization of Kleopatra Finco S.a.r.l. and its debtor-affiliates dated November 5, 2025. The Disclosure Statement contains (a) sufficient information of a kind necessary to satisfy the disclosure requirements of all applicable nonbankruptcy laws, rules, and regulations, including the Securities Act, and (b) "adequate information" (as such term is defined in section 1125(a) of the Bankruptcy Code and used in section 1126(b)(2) of the Bankruptcy Code) with respect to the Debtors, the Plan, and the transactions contemplated therein. The filing of the Disclosure Statement with the clerk of the Bankruptcy Court satisfied Bankruptcy Rule 3016(b). The Debtors' use of the Disclosure Statement in solicitation of acceptances of the Plan is approved and the Disclosure Statement is approved on a final basis pursuant to this Confirmation Order. As reported by the Troubled Company Reporter on Nov. 13, 2025, Kleopatra Finco S.a.r.l. and its debtor-affiliates filed with the U.S. Bankruptcy Court for the Southern District of Texas a Disclosure Statement for the Joint Prepackaged Plan of Reorganization dated November 5, 2025. Klöckner is a global business-to-business supplier in the plastic film industry providing plastic products to businesses across industries from food packaging to medical devices. Klöckner has a celebrated sixty-year history of excellence and innovation. The Company is a premier global destination for manufacturers and other businesses with ordinary and specialized packaging needs. The Company was founded in Montabaur, Germany in 1965. It began exporting packaging solutions to the United States and Canada in 1970, and in 1977, the Company expanded its footprint to the United States with the opening of a manufacturing plant in Gordonsville, Virginia. The Company has continuously operated the manufacturing plant in Gordonsville since 1977 and has established deep roots in the community. On November 4, 2025, after months of arm's-length, good faith negotiations overseen by the Debtors' Special Committee, the Debtors, and the Consenting Stakeholders, including holders representing, in the aggregate, over two-thirds of the Bridge Facilities Claims, over two-thirds of the First Lien Claims, and over two-thirds of the Second Lien Claims executed the RSA. Pursuant to the RSA, the Consenting Stakeholders and the Debtors agreed, subject to the terms and conditions thereof, to support a recapitalization transaction that will: (a) allow the Debtors to successfully emerge from chapter 11 with a rightsized balance sheet; (b) resolve Company liabilities in a manner that maintains the Debtors' ability to deliver their valuable products to their customer base; and (c) provide DIP and exit financing to support the Company during the chapter 11 proceedings and as a going concern upon emergence. The key terms of the RSA include: * the DIP Lenders will provide a EUR984 million DIP Facility that will provide the Debtors with EUR215 million in new money to fund the operations of these Chapter 11 Cases, with an additional EUR134 million of the proceeds of such financing to refinance the Bridge Loan Obligations upon entry of the Interim DIP Order; * the DIP Facility will include a EUR635 million roll-up of First Lien Claims held by the DIP lenders effective upon each funding pursuant to the terms of the DIP Orders; * each Holder of an Allowed First Lien Claim will receive: (i) its pro rata share of 100 percent of the New Equity Interests, subject to dilution on account of the Management Incentive Plan; or (ii) such reasonable equivalent value on account of the Alternative Instrument (if any); * each Holder of an Allowed Second Lien Claim shall receive its pro rata share of an aggregate principal amount of EUR17.5 million of Exit Financing Loans or Notes in accordance with the Exit Facility Documents (which EUR17.5 million shall be in addition to the amount of the Exit Financing Loans or Notes provided to the DIP Lenders pursuant to Article II.C of the Plan); * General Unsecured Claims will be unimpaired; * KH2 Equity Interests and KPA Equity Interests will be cancelled; and * customary Debtor and third party releases. Class 5 consists of all Allowed General Unsecured Claims against any Debtor. Each Holder of an Allowed General Unsecured Claim shall, in full and final satisfaction of such General Unsecured Claim, either: * be Reinstated; or * receive such other treatment rendering such General Unsecured Claims Unimpaired. Unimpaired. Unimpaired. Class 5 is Unimpaired under this Plan. Holders of Allowed Claims in Class 5 are conclusively presumed to have accepted this Plan pursuant to section 1126(f) of the Bankruptcy Code. Therefore, such Holders are not entitled to vote to accept or reject this Plan. The Debtors and the Reorganized Debtors, as applicable, shall fund distributions under the Plan and the Restructuring Transactions contemplated thereby with: (1) the Debtors' Cash on hand as of the Effective Date; (2) the New Equity Interests; and (3) the loans or notes under the Exit Facility. Each distribution and issuance referred to in Article VI of the Plan shall be governed by the terms and conditions set forth in the Plan applicable to such distribution or issuance and by the terms and conditions of the instruments or other documents evidencing or relating to such distribution or issuance, which terms and conditions shall bind each Entity receiving such distribution or issuance. A full-text copy of the Disclosure Statement dated November 5, 2025 is available at https://urlcurt.com/u?l=kY5ORt from Stretto, claims agent. Proposed Co-Counsel to the Debtors: Joshua A. Sussberg, Esq. KIRKLAND & ELLIS LLP KIRKLAND & ELLIS INTERNATIONAL LLP 601 Lexington Avenue New York, NY 10022 Telephone: (212) 446-4800 Facsimile: (212) 446-4900 Email: joshua.sussberg@kirkland.com - and - Chad J. Husnick, Esq. John R. Luze, Esq. Jeffrey T. Michalik, Esq. David R. Gremling, Esq. KIRKLAND & ELLIS LLP KIRKLAND & ELLIS INTERNATIONAL LLP 333 West Wolf Point Plaza Chicago, IL 60654 Telephone: (312) 862-2000 Facsimile: (312) 862-2200 Email: chad.husnick@kirkland.com john.luze@kirkland.com jeff.michalik@kirkland.com dave.gremling@kirkland.com - and - 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 Telephone: (713) 226-6000 Facsimile: (713) 226-6248 Email: jhiggins@porterhedges.com eenglish@porterhedges.com sjohnson@porterhedges.com myoung-john@porterhedges.com jkeefe@porterhedges.com jcaytas@porterhedges.com The Plan complies with all applicable provisions of the Bankruptcy Code as required by section 1129(a)(1) of the Bankruptcy Code. 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, and all acceptances and rejections of the Plan were solicited and submitted 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 these Chapter 11 Cases, the Plan, the Plan Supplement, the RSA, all Definitive Documents, the process leading to Confirmation of the Plan, including the overwhelming support of Holders of Claims for the Plan, and the transactions to be implemented pursuant thereto. The Debtors and their agents filed these Chapter 11 Cases and proposed the Plan in good faith with the legitimate purpose of allowing the Debtors to implement the Restructuring Transactions on an expedited timeline so as to minimize disruption to the Debtors' business operations, reorganize, and emerge from bankruptcy with a capital and organizational structure that will allow the Reorganized Debtors to conduct their business and satisfy their obligations with sufficient liquidity. Further, the directors and officers of the Debtors at all relevant times comported with the highest standards of business judgment and good faith. The Plan is approved in its entirety and confirmed under section 1129 of the Bankruptcy Code. A copy of the Court's Order dated December 16, 2025, is available at https://urlcurt.com/u?l=6SNogb from PacerMonitor.com. About Kleopatra Finco and Klockner Klockner is a global manufacturer of packaging for companies all around the world. Klockner's trays and films are used to preserve meats, cheese, fish, and other perishable products in grocery stores. Its clear plastic shell packaging is used to protect individually packaged pills. Klockner's durable films are used in the manufacturing of credit cards, and Klockner's labels are on everything from laundry detergent containers to craft beer cans to spice containers. Kleopatra Finco S.a r.l., is a private limited company incorporated under the laws of Luxembourg. Finco is the financing arm of Klockner. Kleopatra Finco S.a r.l. and 24 affiliates sought Chapter 11 bankruptcy protection (Bankr. S.D. Texas Lead Case No. 25-90642) on Nov. 4, 2025, before the Hon. Christopher M. Lopez. The Debtors listed $1 billion to $10 billion in estimated assets and liabilities. The debtors sought Chapter 11 protection after entering into a Restructuring Support Agreement with an ad hoc group of lenders. A Chapter 11 plan was filed together with the petition. Kirkland & Ellis LLP serves as counsel to the Debtors. Porter Hedges LLP serves as local counsel. PJT Partners is the investment banker and Alvarez & Marsal is the restructuring advisor. Stretto, Inc. is the claims and noticing agent and Ernst & Young LLP is the tax advisor. The U.S. Trustee for Region 7 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. The committee was later disbanded. Wilmington Savings Fund Society, FSB, as DIP agent, is represented by ArentFox Schiff LLP. Coface Finanz Gmbh is represented by Mayer Brown LLP. FactoFrance is represented by Dentons US LLP. KNAPP & BRUNNER: Charles Mouranie of CMM Named Subchapter V Trustee ------------------------------------------------------------------- The U.S. Trustee for Regions 3 and 9 appointed Charles Mouranie of CMM & Associates as Subchapter V trustee for Knapp & Brunner, LLC. Mr. Mouranie 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. Mouranie declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Charles M. Mouranie CTP CMM & Associates 43313 Woodward Ave., Ste. 1189 Phone: 248.767.9492 Email: cmouranie@cmmengllc.com About Knapp & Brunner LLC Knapp & Brunner, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. E.D. Mich. Case No. 25-32708) on December 15, 2025, with up to $50,000 in assets and $100,001 to $500,000 in liabilities. Judge Joel D. Applebaum presides over the case. George E. Jacobs, Esq. at Bankruptcy Law Offices represents the Debtor as bankruptcy counsel. KOOMBEA INC: Voluntary Chapter 11 Case Summary ---------------------------------------------- Debtor: Koombea Inc. 3811 Airport Rd N Suite 100A Naples FL 34105 Business Description: Koombea Inc., based in Miami, Florida, is a digital product development company that designs and develops mobile and web applications for startups and established enterprises, leveraging custom Agile methodologies and artificial intelligence to enhance innovation, efficiency, and digital presence. The Company offers a range of services including mobile and web development, AI solutions, UX/UI design, quality assurance, e-commerce platforms, and digital transformation, serving industries such as fintech, medtech, retail, edtech, IoT, and high technology. Koombea also supports multiple platforms including WordPress, Shopify, AWS, Stripe, and Contentful, positioning itself as a strategic partner providing technology solutions across these systems. Chapter 11 Petition Date: December 22, 2025 Court: United States Bankruptcy Court Middle District of Florida Case No.: 25-02556 Judge: Hon. Luis Ernesto Rivera II Debtor's Counsel: Michael Dal Lago, Esq. DAL LAGO LAW 999 Vanderbilt Beach Rd. Suite 200 Naples FL 34108 Tel: 239-571-6877 E-mail: mike@dallagolaw.com Estimated Assets: $500,000 to $1 million Estimated Liabilities: $1 million to $10 million The petition was signed by Jonathan Tarud as president. The petition was filed without the Debtor's list of its 20 largest unsecured creditors. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/HQVSOKA/Koombea_Inc__flmbke-25-02556__0001.0.pdf?mcid=tGE4TAMA KPOWER GLOBAL: Trustee Taps Hutchinson & Greenberg as Accountant ---------------------------------------------------------------- C. Jerome Teel, Jr., the Chapter 11 Trustee of KPower Global Logistics, LLC, seeks approval from the U.S. Bankruptcy Court for the Western District of Tennessee to employ Hutchinson & Greenberg, PC to serve as accountant. Hutchinson & Greenberg will provide these services: (a) prepare amended income tax filings for 2023 and 2024; (b) prepare the amended federal income tax filing along with the applicable required state filings for the years ended December 31, 2023 and 2024; and (c) prepare applicable owners' personal amended tax filings for each year. The firm will be compensated $7,500 for these services. The Trustee has determined that Hutchinson & Greenberg, PC is a disinterested person within the meaning of 11 U.S.C. Sec. 101(13), pursuant to the Affidavit of David M. Greenberg, except that the Accounting Firm also represented the Debtor prior to the appointment of the Trustee. The firm can be reached at: Hutchinson & Greenberg, PC 6363 Poplar Avenue, Suite 108 Memphis, TN 38119 Telephone: (901) 763-4308 Facsimile: (901) 763-0047 About KPower Global Logistics KPower Global Logistics LLC provides third-party logistics services specializing in customized supply chain solutions across the United States. The Company offers staffing, warehousing, bulk storage, consulting, packaging, and special project services for distribution centers and manufacturing operations. KPower Global Logistics sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tenn. Case No. 25-22294) on May 8, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million. The Hon. Judge Jennie D. Latta handles the case. The Debtor is represented by the Law Offices of Craig M. Geno, PLLC. Craig M. Geno, PLLC/Law Offices of Geno and Steiskal, PLLC and Payne Law Firm were later relieved as counsel in light of the appointment of C. Jerome Teel, Jr. as Chapter 11 Trustee. LAKE BUENA VISTA: Court Extends Cash Collateral Access to March 12 ------------------------------------------------------------------ Lake Buena Vista Investments, LLC received another extension from the U.S. Bankruptcy Court for the Middle District of Florida, Orlando Division to use cash collateral. The court issued a third interim order extending the Debtor's authority to use cash collateral from December 31 to March 12, 2026, to fund regular business expenses as outlined in its budget. To facilitate this, Wilmington Trust, N.A., DBR Investments Co. Limited's successor-in-interest, was directed to immediately release necessary funds from the Debtor's lockbox account so that the Debtor could continue operations without disruption. The Debtor may vary budgeted expenses by up to 10% per line item and 10% overall. Professional fees included in the budget may not be paid until the court grants further approval. The budget projects total operational expenses of $427,585 from January to March. To protect Wilmington Trust's interest, the court granted the secured lender a post-petition lien on all cash generated after the bankruptcy filing, but only to the extent and in the order of priority of any existing valid pre-bankruptcy lien. This lien is deemed automatically perfected without the need for additional filings or documentation. The Debtor must also make a $108,000 interest payment. The next hearing is set for March 12, 2026. Wilmington Trust, as secured lender, is represented by: Morgan L. Swing, Esq. Duane Morris LLP 201 S. Biscayne Blvd., Suite 3400 Miami, FL 33131 Telephone: 305-960-2200 Facsimile: 305-960-2201 mlswing@duanemorris.com About Lake Buena Vista Investments LLC Lake Buena Vista Investments, LLC is a Florida-based limited liability company engaged in activities related to real estate under NAICS 5313. Its principal assets are located at 12341-12353 Winter Garden Vineland Road in Orlando, Florida, a site encompassing hospitality and commercial properties. Lake Buena Vista Investments sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-06768) on October 21, 2025, listing between $10 million and $50 million in both assets and liabilities. The petition was signed by Jack Flechner as manager. Judge Hon. Grace E Robson oversees the case. The Debtor is represented by Aaron A. Wernick, Esq., at Wernick Law, PLLC. LAURUS GROUP: Robert Goe Named Subchapter V Trustee --------------------------------------------------- The U.S. Trustee for Region 16 appointed Robert Goe, Esq., a practicing attorney in Irvine, Calif., as Subchapter V trustee for Laurus Group, Inc. Mr. Goe will be paid an hourly fee of $545 for his services as Subchapter V trustee while his case administrator, Arthur Johnston, will be paid an hourly fee of $195. In addition, the Subchapter V trustee will receive reimbursement for work-related expenses incurred. Mr. Goe declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Robert P. Goe, Esq. 17701 Cowan Building D, Suite 210 Irvine, CA 92614 Telephone: (949) 798-2460 Facsimile: (949) 955-9437 bktrustee@goeforlaw.com About Laurus Group Inc. Laurus Group Inc. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. C.D. Calif. Case No. 25-13531) on December 17, 2025, with $500,001 to $1 million in assets and liabilities. Judge Mark D. Houle presides over the case. LAURUS GROUP: Seeks Chapter 11 Bankruptcy in California ------------------------------------------------------- On December 17, 2025, Laurus Group Inc. initiated a voluntary Chapter 11 bankruptcy proceeding in the Central District of California. Court records indicate the company reports liabilities ranging from $100,001 to $1,000,000, with one to 49 creditors listed in the filing. About Laurus Group Inc. Laurus Group Inc. operates as a private investment and financial advisory firm serving middle-market businesses. Laurus Group Inc. filed for protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-13531) on December 17, 2025. The petition reflects assets estimated between $100,001 and $1,000,000 and liabilities estimated between $100,001 and $1,000,000. The case is assigned to Honorable Bankruptcy Judge Mark D. Houle. LFSN HOLDCO: S&P Assigns 'CCC+' ICR After Financial Restructuring ----------------------------------------------------------------- S&P Global Ratings assigned its 'CCC+' issuer credit rating to LFSN Holdco I LLC ("LifeScan"). At the same time, S&P assigned a 'CCC+' issue-level rating and '3' recovery rating to its new $185 million first-lien term loan due 2030. S&P said, "The stable outlook reflects our expectation that although secular industry declines will contribute to lower earnings and cash flow, LifeScan's liquidity will be sufficient to operate its business over the next 12 months, and its new capital structure will provide enhanced financial and operational flexibility, potentially enabling the company to pursue growth opportunities in the continuous glucose monitoring (CGM) market. "At the same time, we assigned a 'CCC+' issue-level rating and '3' recovery rating to its new $185 million first-lien term loan due 2030. "The stable outlook reflects our expectation that although secular industry declines will contribute to lower earnings and cash flow, LifeScan's liquidity will be sufficient to operate its business over the next 12 months, and its new capital structure will provide enhanced financial and operational flexibility, potentially enabling the company to pursue growth opportunities in the continuous glucose monitoring (CGM) market. "Our 'CCC+' rating reflects LifeScan's improved credit metrics but uncertain longer-term business prospects following its emergence from bankruptcy. LifeScan's reorganization reduced its debt and rebate liabilities by more than 80% from prepetition levels but had little impact on the current trajectory of the business. Its post-emergence capital structure comprises a $45 million asset-based lending (ABL) facility due 2029 (undrawn at closing) and a $185 million first-lien term loan due 2030. "Pro forma for the new capital structure, we expect the company's S&P Global Ratings-adjusted debt to EBITDA to be about 1.6x in 2026, increasing to about 2.0x in 2027, compared with about 3.5x prebankruptcy. Despite the reduced debt burden, we continue to view LifeScan's capital structure as unsustainable given ongoing declines in its core BGM business, potential investment needs and dependence on partnerships, and uncertain future growth drivers. "We project its S&P Global Ratings-adjusted funds from operation (FFO) to debt will be 43% in 2026, declining to 34% in 2027, compared with about 14% pre-bankruptcy. Improved FFO reflects lower cash interest costs of $16 million-$18 million. "While the reduced debt burden and improved cash flow and liquidity are credit positives and provide the company with some financial flexibility to execute its post-emergence plan (which may include pursuing opportunities in the CGM market or further debt reduction), we believe it will be difficult for LifeScan to execute a turnaround in a highly competitive marketplace. Given the significant execution risk, we believe LifeScan is currently vulnerable and depends on favorable business, financial, and economic conditions to meet its longer-term financial commitments." S&P expects sharp revenue declines in its core BGM business amid technological advancements in diabetes care. While LifeScan maintains a leading market position in BGM and traditional blood glucose monitoring remains a reliable tool for diabetes management, increasing patient adoption of CGM, due to its real-time data and trend monitoring capability, is shrinking the demand for BGM. The expansion of insurance coverage and streamlining of reimbursement policy is also accelerating the adoption of CGM devices. The company's recent performance has also been hindered by the cancellation of its contracts with U.S. pharmacy benefit managers (PBMs). This contributed to a 16% decline in the company's reported revenue for the third quarter of 2025 compared with the prior year following the removal of LifeScan's products from certain PBMs formularies, limiting patient access. Although a reduction in rebate obligations could lead to higher strip pricing in the U.S., the absence of established PBM relationships could exacerbate the volume decline in its core BGM business. For 2026, we project LifeScan's total revenue will decline about 18%. S&P expects LifeScan to prioritize the rollout of a CGM device, but successful execution of this potential plan is highly uncertain. Since 2019, the company has sought to enter the CGM market through a strategic partnership with a third-party manufacturer. However, regulatory delays and approval setbacks due to component issues have prevented LifeScan from launching its CGM product to date. Concurrently, established market participants such as Abbott and Dexcom have secured a significant market share--estimated at approximately 80%--through the introduction of advanced CGM technologies. Other BGM players such as Roche and Ascensia have also made their way to the CGM market by offering features such as AI-based predictive capabilities and extended implantable solutions. While the market is still underpenetrated, S&P believes intense competition could make it difficult for LifeScan to grow share. This will likely require enhanced product differentiation or competitive pricing strategies to achieve significant penetration, in its view. S&P said, "We believe the pursuit of the CGM opportunity could burden LifeScan's earnings and cash flow more than we currently expect. Given the expected dependence on a CGM product for future growth, our base-case assumptions incorporate incremental spending on CGM initiatives in 2026 (i.e., related to sales, marketing, and distribution costs), with anticipated contribution to revenue and EBITDA from 2028. We forecast free operating cash flow generation of approximately $75 million and $50 million in 2026 and 2027, respectively, which we believe would be more than sufficient to cover its annual debt amortization of below $5 million. "We believe the company's performance over the next 12-24 months will be critical because it will reveal the impact of the discontinued PBM relationships on its BGM business and provide more clarity on the company's potential CGM market entry. Significant uncertainties remain regarding the timing of a definitive agreement with a third-party CGM manufacturer, regulatory approvals, establishment of distribution channels across various regions, and the overall duration of the product rollout. These factors could introduce volatility in LifeScan's financial performance during this transitional period. "The stable outlook reflects our expectation that although secular industry declines will contribute to lower earnings and cash flow, LifeScan's liquidity will be sufficient to operate its business over the next 12 months, and its new capital structure will provide it with enhanced financial and operational flexibility, potentially enabling the company to pursue growth opportunities in the CGM market. "We could lower the rating if we believe the company will default within the next 12 months. This could occur if it faces more-severe-than-expected deterioration in BGM, likely coupled with limited growth prospects in CGM, such that its EBITDA and cash flow decline significantly and impact its ability to meet its financial obligations. "We could raise the rating if the company successfully launches and commercializes its CGM product and meaningfully improves its revenue and EBITDA trends such that we believe its business is sustainable." LIFESCAN GLOBAL: Exits Ch.11 Bankruptcy Under New Owners, Cuts Debt ------------------------------------------------------------------- Timothy Alexander of My Chesco reports that LifeScan, the maker of OneTouch glucose monitoring products, announced on December 8, 2025, that it has successfully completed a Chapter 11 restructuring that eliminated more than 75% of its prepetition debt. Approved by the court on October 27, 2025 the reorganization allows the company to operate under new ownership from its existing lenders, including Canyon Partners and Brigade Capital Management. The debt reduction aims to provide LifeScan with increased financial flexibility to invest in lowering costs and improving availability of its products in domestic and international markets. With a global customer base exceeding 20 million, LifeScan says the restructuring positions it to remain competitive in the diabetes care market. The company can now address pricing pressures and shifts in demand while continuing to focus on enhancing patient outcomes and expanding access to essential monitoring tools. CEO Valerie Asbury highlighted that the company now has a stronger financial foundation and a renewed commitment to patients. Lenders involved in the restructuring described the process as a reset, supporting LifeScan's ongoing growth and global reach. The company received advisory support from Milbank LLP, Alvarez & Marsal, PJT Partners, and C Street Advisory Group, with the lender group advised by Davis Polk & Wardwell and Houlihan Lokey. 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. and several affiliates 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 cases. Milbank LLP and Porter Hedges LLP are the Debtors' legal counsel. PJT Partners LP is the investment banker. GA Advisory & Valuation Services, LLC dba GA Group as its financial advisor. The Official Committee of Unsecured Creditors retained Paul Hastings LLP as counsel; Pachulski Stang Ziehl & Jones LLP to serve as its conflicts counsel; Jefferies LLC as investment banker; and Province, LLC as its financial advisor. Davis Polk & Wardwell LLP and Norton Rose Fulbright US LLP represent an Ad Hoc Group whose members, collectively, beneficially own (or are the investment advisors or managers for funds that beneficially own) or manage approximately (i) $317 million in aggregate principal amount of First Lien Loans and (ii) $200 million in aggregate principal amount of Second Lien Term Loans. LTR HOLDINGS: Case Summary & 20 Largest Unsecured Creditors ----------------------------------------------------------- Debtor: LTR Holdings LLC d/b/a Wolf Disposals 11960 Bricksome Avenue Suite B Baton Rouge, LA 70816 Business Description: LTR Holdings LLC, doing business as Wolf Disposals, provides solid waste management and debris hauling services across northeast Louisiana, parts of Mississippi, and areas along the Mississippi River. Its services include: residential garbage collection, bulky and yard waste pickup, and roll-off dumpsters; commercial and industrial waste containers, compactors, balers, and heavy equipment debris removal; and portable restroom services. Chapter 11 Petition Date: December 22, 2025 Court: United States Bankruptcy Court Middle District of Louisiana Case No.: 25-11171 Debtor's Counsel: Ryan J. Richmond, Esq. STERNBERG, NACCARI & WHITE, LLC 450 Laurel Street Suite 1450 Baton Rouge, LA 70801 Tel: (225) 412-3667 Fax: (225) 286-3046 E-mail: ryan@snw.law Estimated Assets: $100,000 to $500,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Lamont T. Roach as president. A copy of the Debtor's list of 20 largest unsecured creditors is available for free on PacerMonitor at: https://www.pacermonitor.com/view/WR22J3I/LTR_Holdings_LLC__lambke-25-11171__0002.0.pdf?mcid=tGE4TAMA A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/WVPFNDQ/LTR_Holdings_LLC__lambke-25-11171__0001.0.pdf?mcid=tGE4TAMA LUMIERE ESTATES: Voluntary Chapter 11 Case Summary -------------------------------------------------- Debtor: Lumiere Estates LLC 14328 Victory Blvd., Suite 202 Van Nuys, CA 91402 Business Description: Lumiere Estates LLC is a California-based limited liability company that owns residential properties at 1000 North Bundy Dr., Los Angeles, CA 90049; 15207 Whitfield Ave., and 1545 Umeo Rd, Pacific Palisades, operating in the real estate ownership and property management sector. Chapter 11 Petition Date: December 23, 2025 Court: United States Bankruptcy Court Central District of California Case No.: 25-12402 Judge: Hon. Martin R Barash Debtor's Counsel: Matthew D. Resnik, Esq. RHM LAW LLP 17609 Ventura Blvd. Suite 314 Encino, CA 91316 Tel: (818) 285-0100 Fax: (818) 855-7013 E-mail: matt@rhmfirm.com Estimated Assets: $10 million to $50 million Estimated Liabilities: $10 million to $50 million The petition was signed by Claudia Janet Vargas Lopez as managing member. The Debtor's petition indicates there are no unsecured creditors. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/EVNXEZA/Lumiere_Estates_LLC__cacbke-25-12402__0001.0.pdf?mcid=tGE4TAMA MAIN LINE: Gets Final OK to Use Cash Collateral ----------------------------------------------- Main Line Expo, Inc. received final approval from the U.S. Bankruptcy Court for the Eastern District of Pennsylvania to use cash collateral to fund operations. The court authorized the Debtor to use cash collateral in accordance with its budget from October 20 until December 31 and, thereafter, for all ordinary operating expenses consistent with the historical terms of the budget. As adequate protection for any diminution in the value of their collateral, secured creditors will be granted replacement liens on the Debtor's post-petition property, with the same validity, priority and extent as their pre-bankruptcy liens. The final order is available at https://is.gd/cYDjPH from PacerMonitor.com. Before bankruptcy, Main Line Expo had secured three commercial loans from The Victory Bank totaling $125,000 and a $150,000 Economic Injury Disaster Loan from the U.S. Small Business Administration, both secured by liens on the Debtor's accounts, deposit accounts, and general intangibles. As of the petition date, the Debtor held approximately $52,571 in bank deposits and various accounts receivable, which together constitute cash collateral under 11 U.S.C. section 363(a). About Main Line Expo Inc. Main Line Expo Inc., doing business as Futura Building Systems, provides residential and commercial construction services in Texas. It offers roofing, remodeling, gutters, siding, and renovation work, operating from its office in Dallas. Main Line Expo sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Pa. Case No. 25-12825) on July 15, 2025. In its petition, the Debtor reported between $100,000 and $500,000 in assets and liabilities. Judge Derek J. Baker oversees the case. Musa A. Jan, Esq., at the Law Offices of Musa Jan is the Debtor's bankruptcy counsel. MARYLAND HEALTH: Court Extends Cash Collateral Access to March 29 ----------------------------------------------------------------- Maryland Health Alliance, Inc. received another extension from the U.S. Bankruptcy Court for the District of Maryland, Greenbelt Division, to use cash collateral to fund operations. The court extended the Debtor's authority to use cash collateral through March 29, 2026, to pay business expenses in accordance with its updated 13-week budget, subject to a 10% variance. As adequate protection, First Savings Bank and other pre-bankruptcy secured creditors will be granted replacement liens on substantially all post-petition property of the Debtor, excluding Chapter 5 causes of action and any property subject to the carveout. In addition, First Savings Bank will continue to receive a monthly payment of $2,500. The next hearing is set for March 25, 2026. The deadline for filing objections is on March 19, 2026. A copy of the interim order and the Debtor's budget is available at https://shorturl.at/Cpm5a from PacerMonitor.com. Substantially all of the Debtor's cash, including amounts on deposit in bank accounts and proceeds from operations, constitutes proceeds of collateral and therefore cash collateral. The creditors that have or may have an interest in the cash collateral include First Savings Bank, Pinnacle Business Funding, LLC, Parkside Funding Group, LLC and the Internal Revenue Service. First Savings Bank is represented by: Paulina Garga-Chmiel, Esq. 10 South Wacker Drive, Suite 2300 Chicago, IL 60606 Direct: 312-627-5662 Mobile: 224-595-2366 Fax: 866-561-3142 PGarga@dykema.com Parkside Funding Group is represented by: Shanna M. Kaminski, Esq. Kaminski Law, PLLC P.O. Box 247 Grass Lake, MI 49240 Phone: (248) 462-7111 skaminski@kaminskilawpllc.com About Maryland Health Alliance Inc. Maryland Health Alliance Inc. operates as an outpatient mental health practice providing counseling and rehabilitation services to individuals and families in Maryland. The organization offers group therapy and psychiatric rehabilitation programs with an emphasis on culturally competent care and community engagement. It focuses on promoting personal growth, family well-being, and holistic approaches to mental health within the communities it serves. Maryland Health Alliance Inc. in Greenbelt, MD, sought relief under Chapter 11 of the Bankruptcy Code filed its voluntary petition for Chapter 11 protection (Bankr. D. Md. Case No. 25-19411) on Oct. 8, 2025, listing $500,000 to $1 million in assets and $1 million to $10 million in liabilities. Corey A. Williams as president, signed the petition. Steiner Law Group, LLC serves as the Debtor's bankruptcy counsel. MAWSON INFRASTRUCTURE: Regains Nasdaq Bid Price Compliance ---------------------------------------------------------- Mawson Infrastructure Group Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Company received written notice from the Listing Qualifications Hearings Department of The Nasdaq Stock Market LLC confirming that the Company has regained compliance with the $1.00 bid price requirement for continued listing on The Nasdaq Capital Market set forth in Nasdaq Listing Rule 5550(a)(2). As previously disclosed, the Company was notified by Nasdaq that the Company no longer satisfied the Bid Price Rule and the $35 million market value of listed securities requirement set forth in Nasdaq Listing Rule 5550(b). In response, the Company attended a hearing before the Nasdaq Hearings Panel to present its plan to evidence compliance with the Bid Price Rule and the $2.5 million stockholders' equity requirement set forth in Nasdaq Listing Rule 5550(b) alternative to the MVLS Rule. The Company remains under an extension granted by the Panel to evidence compliance with the Stockholders' Equity Rule through December 19, 2025. As previously disclosed, on October 17, 2025, the Company filed a prospectus supplement to its prospectus dated September 15, 2025 (the "Prospectus") to register the offer and sale of shares of its common stock, par value $0.001 per share, having an aggregate offering price of up to $9.6 million from time to time under the At The Market Offering Agreement by and between the Company and H.C. Wainwright & Co. LLC, dated as of October 16, 2025. On December 11, 2025, the Company filed another prospectus supplement to the Prospectus to register the offer and sale of additional shares of Common Stock having an aggregate offering price of up to $40 million from time to time under the Sales Agreement. To date, the Company has sold 2,161,379 shares of Common Stock pursuant to the Sales Agreement for aggregate net proceeds of approximately $13.2 million. As a result, the Company believes it has stockholders' equity of at least $2.5 million as required under the Stockholders' Equity Rule (in lieu of compliance with the MVLS Rule) as of December 17, 2025. The Company awaits Nasdaq's formal confirmation that it has evidenced compliance with all applicable criteria for continued listing on The Nasdaq Capital Market and will provide an update regarding its listing status as soon as practicable. About Mawson Infrastructure Group Mawson is a U.S.-based technology company that designs, builds, and operates next-generation digital infrastructure platforms. Previously, Mawson Infrastructure Group's creditors filed a Chapter 11 involuntary petition against the company (Bankr. D. Del. Case No. 24-12726) on Dec. 4, 2024. The petitioning creditors include W Capital Advisors Pty Ltd, Marshall Investments MIG Pty Ltd, and Rayra Pty Ltd. On November 4th, 2025, the United States Bankruptcy Court for the District of Delaware issued a written Order formalizing its ruling from the bench on October 21, 2025, dismissing with prejudice the involuntary bankruptcy petition filed against Mawson. The Order enables Mawson to pursue attorneys' fees and costs, any damages proximately caused by the involuntary petition, and potentially punitive damages against the petitioning creditors. Going Concern: Boston, Massachusetts-based Wolf & Company, P.C., the Company's auditor since 2023, 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 fiscal year ended December 31, 2024, citing that the Company has incurred net losses since its inception, and had negative working capital and will need additional funding to continue operations. This raises substantial doubt about the Company's ability to continue as a going concern. As of September 30, 2025, the Company had $52 million in total assets, $61.4 million in total liabilities, and $9.4 million in total stockholders' deficit. MAX US: Moody's Affirms 'B3' CFR & Alters Outlook to Negative ------------------------------------------------------------- Moody's Ratings affirmed Max US Bidco Inc.'s (Alphia) B3 Corporate Family Rating, B3-PD Probability of Default Rating and B3 ratings on the company's backed senior secured first lien credit facility. The first lien credit facility consists of a $110 million revolver expiring in October 2028 and a $640 million term loan due in October 2030. Moody's changed the outlook to negative from stable. The change in the outlook to negative reflects Alphia's weakening operating margin and credit metrics amid a pronounced shift in sales mix toward value and private label products. On Moody's adjusted basis, debt-to-EBITDA leverage was approximately 9x and EBITDA-less capital spending-to-interest coverage around 0.7x for the last 12 months ending September 30, 2025. Moody's expects leverage to remain elevated given continued margin pressure in the fourth quarter of 2025. The negative outlook also reflects execution risk to improve earnings amid soft industry demand and consumer trade-down to more value-oriented products that is compressing profitability even as the company ramps up new business volumes, and it will take time for pricing, mix optimization and cost savings to translate into sustained improvement. Moody's affirmed the B3 CFR because the company's adequate liquidity provides some flexibility to execute the turnaround, and the company is taking actions to preserve cash and improve operations. Alphia generated positive free cash flow of about $54 million in 2025, largely from negotiating longer payable terms. While payable term negotiations are expected to continue and could yield further improvements in 2026, the benefit will not be to the same degree as in 2025. The company ended the third quarter of 2025 with roughly $21 million of cash and about $70 million of undrawn revolver capacity. Alphia remains focused on operational initiatives, including the Texas facility integration, network optimization, and process improvements, which together with continued volume onboarding should support modest EBITDA margin improvement and Moody's expectations of continued positive free cash flow of at least $10 million in 2026. RATINGS RATIONALE Alphia's B3 CFR reflects its position as a pure-play contract manufacturer with significant dry kibble capacity, a reputation for quality and complex formulations, high leverage and recent operating challenges onboarding new volumes. The company's operations are largely resilient to economic volatility, providing essential and consumable products that support stable demand even in challenging market conditions. In the third quarter of 2025, Alphia achieved a substantial 31% year-over-year increase in production volumes to 254 million pounds. However, revenue and margins declined compared to the prior year, primarily due to a shift toward lower-priced value and private-label products and costs associated with the rapid volume ramp. This shift is consistent with broader industry trends, as consumer trade-down and heightened competition continue to pressure the premium pet food segment, where Alphia has traditionally focused. Alphia's credit profile is constrained by high financial leverage that weakly positions the company within the rating category. The company's modest free cash flow limits its ability to reinvest in operations and repay debt. Ongoing consumer trade-down trends and heightened competition continue to pressure the premium pet food segment, resulting in margin compression and increased reliance on lower-priced products. Additionally, execution risks persist, particularly around the timing and profitability of new business and the company's ability to restore margins in a challenging and inflationary market environment. The recent acquisition of additional manufacturing capacity, while strategically important, increased debt and reduced revolver availability, further weighing on Alphia's financial flexibility. Despite these headwinds, Alphia has demonstrated the ability to secure new business wins, including partnerships with major retailers, which are expected to drive further volume growth in 2026. The acquisition of the Pittsburg, Texas manufacturing facility in March 2025 expanded the company's production capacity in anticipation of higher volume demand. A largely domestic sourcing strategy limits exposure to tariff disruptions. Moody's expects Alphia's leverage to moderate to around 8x in 2026 as volumes ramp and cost savings are realized through ongoing operational initiatives. Liquidity is projected to remain adequate, supported by cash on hand and revolver availability that is sufficient to fund required annual term loan amortization of about $6 million. Moody's projects free cash flow of at least $10 million in 2026. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if the company is able to successfully execute an operational turnaround, and meaningfully grow production volume, revenue and EBITDA. Alphia would need to reduce and sustain debt-to-EBITDA leverage below 5.5x and EBITDA-less capital spending-to-interest expense above 1.5x while generating meaningful positive free cash flow. In addition, a ratings upgrade would require financial policy that sustains such stronger credit metrics. The ratings could be downgraded if the company's earnings do not stabilize due to factors such as volume losses, continued shifts in consumer purchases away from more premium products, turnaround execution challenges, or costs increase. The ratings could also be downgraded if the company generates weak or negative free cash flow, liquidity otherwise weakens such as through increased reliance on revolver borrowings, or if the company pursues a debt-funded acquisition or shareholder distribution. The principal methodology used in these ratings was Consumer Packaged Goods published in June 2022. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. Max US Bidco Inc. (Alphia), founded in 1985, is one of North American's largest contract manufacturers of dry kibble pet food and treats, serving the super-premium, premium and value segments. Alphia partners with leading pet food brands and major retailers, providing end-to-end manufacturing solutions as well as supplying high-quality ingredients for the broader pet food industry. As of the last 12 months ended September 30, 2025, the company generated approximately $794 million in revenue. Alphia operates a network of manufacturing facilities across the United States, including a recently acquired plant in Pittsburg, Texas, which expanded its production capacity by roughly 20%. The company's vertically integrated operations and focus on food safety, quality, and innovation have positioned it as a trusted partner for both established brands and private label programs. Alphia's customer base includes blue-chip retailers and well-known pet food companies, reflecting its reputation for reliability and technical expertise. Following a leveraged buyout in October 2023, Alphia is majority owned by PAI Partners, a private equity firm. MAXIMUS SUPPLY: Unsecureds Will Get 2% of Claims over 36 Months --------------------------------------------------------------- Maximus Supply Chain Holdings, LLC, and its affiliates filed with the U.S. Bankruptcy Court for the Northern District of Indiana a Disclosure Statement describing Chapter 11 Plan dated December 16, 2025. The Debtors have three lines of business manufacturing, logistics, and warehousing/sourcing. The entities do have some overlaps and operate near the manufacturing hub in Lafayette, Indiana. The consolidation through the Chapter 11 process and the relief of some debt through some key sales of certain lines of manufacturing have primed the Debtors for a reorganization of its business moving forward. The Debtors prior to the Petition Date, the Debtors began negotiations with Wabash National, L.P. to sell certain manufacturing liens and related equipment to Wabash. After extensive negotiations, Maximus Industries Corporation ("MIC") and Maximus Logistics Solutions, LLC ("MLS") (MIC and MLS collectively are the "Debtor Sellers") entered into an Asset Purchase Agreement ("Purchase Agreement") whereby the Debtor Sellers agreed to sell the following assets to Wabash for a total purchase price of $9,950,000 (the "Purchase Price"). The sale closed on November 1, 2024. The Debtor filed motions for Distribution of Proceeds to satisfy secured debt and some administrative professional fees. Those Motions were filed on Nonmember 22, 2024, and were approved. The Debtors have turned in all monthly operating reports and the vast majority have been positive. The Debtors have consolidated the operations from three (3) locations to (2) and will save almost $2,000,000.00 in operating cost with the consolidation. Further, Debtors have surrounded numerous equipment of semi tractors and semi-tailors to save on cost and operating overhead. Debtors have adopted the do more with less approach regarding operations. Class 2 consists of General Unsecured Claims. These are claims filed by the Creditor that have no security interest in collateral. These claims include those with a deficiency from its secured claim(s). The Proposed Treatment of Class 2 is to pay 2% of allowed claims over 36 months. All Class 2 unsecured creditors shall receive a pro-rata distribution totaling $216,713.35, which equates to 2.00% of the total allowed claims. The allowed unsecured claims total $10,835,667.45. Class 3 consists of Equity Interests. Pursuant to the Plan and the new value exception under Section 1129(b) of the Bankruptcy Code: * Tuna Bazzi shall receive 51% of the equity interests in the Reorganized Debtor in exchange for waiving her portion of the $150,000 in post-petition, court-approved insider financing, which constitutes a substantial, money’s-worth new value contribution that is necessary for the reorganization and funding of the Plan. * Sam Bazzi shall receive 49% of the equity interests in the Reorganized Debtor solely pursuant to the new value exception to the absolute priority rule. All prepetition equity interests are canceled on the Effective Date. No equity interest is retained or issued on account of any prepetition ownership interest, insider status, or prior role with the Debtor. Any equity issued is conditioned exclusively upon the contribution of new value in money or money's worth. * The prior equity interests of Sam Bazzi in Maximus Supply Chain Holdings, LLC are canceled, and new ownership interests in Nova-Tech Industries shall be issued as set forth herein. Because the prior equity is canceled and replaced with new equity interests under the terms of this Plan, Class 3 Equity Interests are impaired and deemed to reject the Plan and are not entitled to vote. No equity interest is issued or retained on account of any prepetition ownership, and any post-confirmation equity is issued solely in exchange for new value determined by the Court to satisfy Section 1129(b) of the Bankruptcy Code. Cash Flow Model in including beginning cash (Cash, Inventory and Accounts Receivable), debt payments, balloon obligations, and the $1,000,000 CapEx expenditure in 2027. This feasibility analysis supports confirmation of the Plan under Section 1129(a)of the Bankruptcy Code and demonstrates the Debtor's ability to perform all Plan obligations. A full-text copy of the Disclosure Statement dated December 16, 2025 is available at https://urlcurt.com/u?l=DCMl8N from Stretto Inc., claims agent. Counsel to the Debtor: R. David Boyer, Esq. Boyer & Boyer 46 N. Washington Blvd., Ste. 21 Sarasota, FL 34236 Telephone: (941) 365-2304 About Maximus Supply Chain Holdings Maximus develops innovative solutions and products servicing a variety of industries including automotive, commercial vehicle, agricultural equipment, RVs, and power manufacturing industries. Maximus Supply Chain Holdings, LLC, and its affiliates filed their voluntary petitions for Chapter 11 protection (Bankr. N.D. Ind. Lead Case No. 24-40167) on June 25, 2024, listing as much as $0 in both assets and liabilities. Sam Bazzi, president/CEO, signed the petitions. Judge Robert E. Grant oversees the cases. Boyer & Boyer serves as the Debtors' legal counsel. Stretto, Inc. is the Debtors' claims and noticing agent. MEDLINE BORROWER: Moody's Raises CFR to 'Ba1', Outlook Stable ------------------------------------------------------------- Moody's Ratings upgraded Medline Borrower, LP's (d/b/a "Medline") Corporate Family Rating to Ba1 from B1, the Probability of Default Rating to Ba1-PD from B1-PD, the senior secured credit facilities and senior secured notes ratings to Ba1 from Ba3 and the senior unsecured notes rating to Ba2 from B3. The outlook is stable. Previously, the rating was on review for upgrade. Moody's assigned to Medline a Speculative Grade Liquidity (SGL) rating of SGL-1. The rating actions conclude the review commenced on December 12, 2025. Medline Inc., the ultimate parent of Medline Borrower, LP, completed its initial public offering (IPO) on December 17, 2025, pricing approximately 248 million shares at $29 per share, resulting in gross proceeds of about $7.2 billion. The company has subsequently repaid $4 billion of indebtedness under its senior secured term loan facilities. The ratings upgrade reflects the substantial debt reduction through the IPO, which will materially improve the company's key credit metrics and Moody's expectations that the company will continue to operate at lower leverage levels going forward. Moody's estimates Medline's debt-to-EBITDA leverage will be 3.6x as of year-end 2025 pro forma for the IPO transaction, down from 4.9x pre-IPO for the 12 months ended June 2025. The debt reduction will benefit the company's liquidity, with a significant reduction in annual interest expense and a high cash balance of ~$2 billion post-IPO. Medline remains majority owned and controlled by its existing sponsor group—Blackstone, Carlyle, and Hellman & Friedman—along with the Mills family. Together, these parties retain over 80% of voting rights immediately post-IPO. Governance risk considerations are a key driver of this rating action, reflecting the company's significant debt repayment and more conservative approach to managing its balance sheet going forward, as well as the expected addition of independent board members and increased governance transparency as a result of the IPO. RATINGS RATIONALE Medline's Ba1 CFR reflects the company's position as a leading manufacturer and distributor of a broad range of medical products with a focus on single use products with low levels of technological obsolescence risk. The company services a sizable and stable end market, and has been increasing its number of prime vendor relationships over the past several years, where Medline serves as the exclusive supplier to a particular hospital or hospital system for a period of time. Further, the company generates excellent free cash flow and has strong interest coverage and moderate financial leverage after the IPO. Moody's estimates that the company's adjusted debt to EBITDA will be 3.6x for the twelve months ending December 31, 2025, pro forma for the IPO debt paydown. Moody's expects leverage to be in the low to mid 3x range in the next 12-18 months. The rating is constrained by Medline's exposure to pricing pressure from customers and a competitive distribution landscape. The stable outlook reflects Moody's expectations that Medline will sustain strong operating performance and maintain very good liquidity. Medline's SGL-1, Speculative Grade Liquidity Rating, reflects Moody's expectations that the company will maintain very good liquidity. The company will operate with a strong cash balance as Moody's expects free cash flow will be at least $1.5 billion in 2026. Post IPO debt paydown, Moody's expects the company to have ~$2 billion of cash on balance sheet. The company has access to a $1 billion revolving credit facility which Moody's expects will remain undrawn. The company's secured credit facilities and secured notes are rated Ba1, in-line with the corporate family rating. The secured debt benefits from the loss absorption provided by $2.5 billion of senior unsecured notes. The Ba2 rating on the senior unsecured notes reflects the notes' junior position relative to the significant amount of senior secured debt. Medline's CIS-3 score (previously CIS-4), indicates that ESG considerations have a limited impact on the current credit rating with potential for greater negative impact over time. Medline has exposure to environmental risks (E-4) as a distributor utilizing a fossil fuel dependent truck fleet. The company's social risk stems from its indirect exposure to reimbursement risks through its hospital customers. Medline's governance risk considerations G-3 score (previously G-4) reflects the company's track record of improving credit metrics over time and using proceeds of the IPO to repay debt. The company has a solid track record in growing earnings and conservative financial policies. Governance risk exposures also consider the company's concentrated ownership structure and control. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Moody's could upgrade the ratings if Medline establishes a track record of operating as an independent public company and sustains commitment to operating at a lower leverage than historically and maintains good liquidity. Adopting financial policies consistent with a typical investment grade credit profile—including a meaningful shift towards an unsecured debt capital structure and reducing reliance on secured debt—would further support an upgrade. Additionally, a reduction in ownership concentration would be viewed positively. Quantitatively, maintaining debt-to-EBITDA below 3.25x on a sustained basis could also lead to a higher rating. Moody's could downgrade the ratings if the company adopts an aggressive financial policy, including material debt-financed acquisitions or returns to shareholders. Quantitatively, the ratings could be downgraded if debt/EBITDA is sustained above 4 times. The principal methodology used in these ratings was Medical Products and Devices published in October 2025. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. Headquartered in Northfield, IL, Medline Borrower, LP is a leading manufacturer and distributor of healthcare supplies to hospitals, post-acute settings, physicians' offices and surgery centers. Following the 2021 leveraged buyout, The Blackstone Group, The Carlyle Group, Hellman & Friedman LLC (collectively the Sponsors), and other investors own a significant majority of Medline with the balance held by the Mills family. MEMORIAL PARK: Security Mutual Wants Trident's Williams as Receiver ------------------------------------------------------------------- Security Mutual Life Insurance Company of New York filed a motion with the U.S. District Court for the Northern District of Texas, San Angelo Division, asking the Court to appoint Gregg Williams with Trident Pacific Real Estate Group, Inc., as receiver for the property located at 2400 Crockett Dr., Brownwood, Texas 76801. The Property is owned by Memorial Park Medical Center, Inc. and secures Security Mutual's loan to the owner. The loan is guaranteed by Defendant William Ruth. The Property a 27,737 square-foot commercial office and medical office building, owned by Memorial Park Medical Center, Ruth and a John Doe, and was constructed in 2007 and situated on approximately 1.82 acres of land in Brown County, Texas. Security Mutual asserts it is entitled to the appointment of a receiver for the Property as a remedy for the Defendants' significant defaults under the terms of the Loan Documents. Additionally, a receiver is necessary to preserve and protect the Property and its revenue and to prevent the Property from possible liens as a result of the Defendants' failure to pay property taxes and misapplication of rents that should be applied to secured obligations. Plaintiff has learned the Property is uninsured and the Defendants have failed to renew the property insurance; therefore, appointment of a receiver for the Property is necessary so a receiver may obtain insurance for the Property. Security Mutual contends appointment is also warranted both to prevent the erosion of its collateral position from the Defendants' continued failure to pay property taxes -- which exposes the Property to the risk of a superior tax lien and foreclosure by the appraisal district -- and to safeguard the rents generated by the Property, which are subject to the Plaintiff's lien but have not been remitted by the Borrower. The obligations arise under a $2,130,000 loan made by the Plaintiff to the Borrower on January 31, 2014, evidenced by a promissory note and deed of trust duly recorded in the Brown County property records, and later supplemented by a tax advance note and deed of trust amendment executed in November 2023 when Plaintiff advanced funds to cover unpaid 2022 property taxes. The Loan was structured with an interest rate of 5.25% and required the Borrower to make monthly payments of principal and interest, with a final balloon payment due upon the maturity date of February 1, 2024. To secure the loan, the Borrower executed a Deed of Trust, Security Agreement, and Assignment of Rentals dated January 31, 2014, made by the Borrower in favor of the Plaintiff, recorded on February 4, 2014, in the County Clerk of Brown County, Texas, granting a first-priority lien on the Property to Plaintiff. The Borrower sought to refinance the loan to extend the repayment term and avoid default. Given the Property's continued occupancy and rental income, the Plaintiff conditionally approved a refinancing proposal, allowing the Borrower to obtain a new loan for $1,732,000, structured with a five-year term, 25-year amortization schedule, and a 7.0% fixed interest rate, resulting in monthly principal and interest payments of $12,241.42. The Plaintiff's commitment to refinance the Loan was expressly conditioned on the Borrower obtaining a title insurance commitment insuring the Plaintiff’s deed of trust lien would be a first priority lien against the Property. The Plaintiff withdrew the commitment to refinance after the Borrower was unable to secure a new title insurance commitment. On February 1, 2024, the loan matured, and the Borrower failed to make the required balloon payment of $1,600,564.13. The Borrower also failed to pay the 2023 real property taxes when due on January 31, 2024, with the result that the Plaintiff was required to advance those amounts as well. The Borrower also failed to pay the 2024 real property taxes when due on January 31, 2025. These taxes and penalties remain unpaid and have a current past due balance of $79,055.30. Despite receiving notice and multiple opportunities to cure the default, the Borrower and the Guarantor failed to pay the outstanding balance due under the Loan. Nevertheless, the Plaintiff continued to attempt to work with the Borrower and the Guarantor to allow the Borrower to either secure financing or sell the Property to pay the Loan in full. However, after repeated efforts on the part of the Plaintiff to accommodate the Borrower, ultimately, the Plaintiff was unable to resolve with the Borrower and the Guarantor with respect to the Loan. As of November 1, 2025, the total amount due and outstanding under the loan is $1,939,650.02. The Plaintiff also requests that the Court enter its order providing that the Receiver shall be paid for his services a total monthly receiver fee not to exceed $3,000.00, plus reimbursement of actual out-of-pocket expenses. About Memorial Park Medical Center Inc. Memorial Park Medical Center Inc. offers various specialized medical services, with a specific focus on areas like oncology, surgery, and women's health, requiring specific location searches for precise info. Memorial Park is facing a receivership case captioned as Security Mutual Life Insurance Company of New York v. Memorial Park Medical Center, Inc., William Ruth, and John Doe, Case No. 6:25-cv-00026 (N.D. TX), before the Hon. James Wesley Hendrix. The case was filed on Mar. 12, 2025. Attorneys for Plaintiff are: Valerie H. Henderson, Esq. Daniel J. Ferretti, Esq. BAKER, DONELSON, BEARMAN, CALDWELL & BERKOWITZ P.C. 1301 McKinney Street, Suite 3700 Houston, TX 77010 Tel: (713) 650-9700 Fax: (713) 650-9701 E-mail: vhenderson@bakerdonelson.com dferretti@bakerdonelson.com - and - Alexis Del Rio, Esq. BAKER, DONELSON, BEARMAN, CALDWELL & BERKOWITZ P.C. 5956 Sherry Lane, 20th Floor Dallas, TX 75225 Tel: (956) 827-0864 E-mail: adelrio@bakerdonelson.com MG LOGISTICS: Hires Douglas Cuscaden & Hoscheit as Counsel ---------------------------------------------------------- MG Logistics Incorporated seeks approval from the U.S. Bankruptcy Court for the Northern District of Illinois to hire Douglas Cuscaden & Hoscheit, McGuirk, McCracken & Cuscaden, P.C. to serve as special counsel. HMMC will provide these services: (a) serve as counsel in the Eviction Actions concerning the 13400 and 13800 Properties; (b) interface with Debtor's lead restructuring counsel, Goldstein & McClintock LLLP, as needed; (c) make every effort to avoid overlap and ensure efficient and effective representation of all three Tenants. Douglas Cuscaden, Esq., an HMMC attorney expected to be primarily responsible for providing services to the Debtor, will be paid $525 per hour. HMMC is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. The firm can be reached at: John J. Hoscheit, Esq. John M. Mcguirk, Esq. Kate L. Mccracken, Esq. Douglas R. Cuscaden, Esq. Michael J. Hoscheit, Esq. HOSCHEIT, MCGUIRK, MCCRACKEN & CUSCADEN, P.C. 1001 East Main Street, Suite G Saint Charles, IL 60174-2203 Telephone: (630) 513-8700 Facsimile: (630) 513-8799 Email: mattm@goldmelaw.com miseberg@iseberglaw.com vassil@mgl.us About MG Logistics Incorporated MG Logistics Incorporated provides freight transportation services across the U.S. The Company operates from Huntley, Illinois, and is authorized for interstate trucking. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-10269) on July 4, 2025. In the petition signed by Vassil Bayraktarov, authorized representative of the Debtor, the Debtor disclosed up to $50 million in both assets and liabilities. Judge Donald R. Cassling oversees the case. Jeffrey C. Dan, Esq., at Goldstein & McClintock, LLLP, represents the Debtor as legal counsel. MGT MERGER: Cliffwater Marks $496,552 Loan at 50% Off ----------------------------------------------------- Cliffwater Enhanced Lending Fund has marked its $496,552 loan extended to MGT Merger Target, LLC to market at $245,922 or 50% of the outstanding amount, according to Cliffwater's Form N-CSRS for the semi-annual period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. Cliffwater Enhanced is a participant in a Revolver Loan to MGT Merger Target, LLC. The loan accrues interest at a rate of 9.57% per annum. The loan matures on April 10, 2028. The Cliffwater Enhanced Lending Fund is a closed-end, non-diversified management investment company registered under the Investment Company Act of 1940. The Fund is a "fund of funds" that operates and is organized as an interval fund. Cliffwater LLC serves as the investment adviser of the Fund. The Fund's primary investment objective is to seek high current income and modest capital appreciation, while the Fund's secondary objective is capital preservation. Cliffwater Enhanced is led by Stephen Nesbitt as Principal Executive Officer, and Lance J. Johnson as Treasurer and Principal Financial Officer. The Company can be reach through: Stephen Nesbitt Cliffwater Enhanced Lending Fund 235 West Galena Street Milwaukee, WI 53212 Telephone: (414) 299-2030 About MGT Merger Target, LLC MGT Merger Target LLC offers investment services. The Company serves customers in the United States. MIGGS RESTAURANT: Files Emergency Bid to Use Cash Collateral ------------------------------------------------------------ Miggs Restaurant, LLC asks the U.S. Bankruptcy Court for the Middle District of Florida, Tampa Division, for authority to use cash collateral and provide adequate protection. The Debtor explains that its financial distress stems from prolonged cash-flow disruptions caused by a prior account freeze, the economic impact of hurricanes, and sharply rising inflation that increased food and supply costs. In an attempt to survive these pressures, the Debtor relied on multiple merchant cash advance arrangements carrying high costs of capital, which ultimately worsened its liquidity crisis as funders began diverting daily revenues. These conditions, combined with mounting delinquent sales and use tax obligations owed to the Florida Department of Revenue, led Miggs to seek Chapter 11 protection to stabilize operations and restructure its obligations. The Debtor requests that the Court schedule an emergency preliminary hearing to approve an interim order authorizing the immediate use of property that may constitute cash collateral, followed by a final hearing approximately fourteen days later to consider permanent relief. Miggs Restaurant asserts that several creditors claim security interests in its cash, deposit accounts, and related personal property, including multiple merchant cash advance providers with disputed claims ranging from approximately $5,000 to $60,000, a point-of-sale contract provider, a small loan creditor, and the Florida Department of Revenue, which asserts a $70,000 lien. While Miggs does not concede the validity, perfection, or priority of these asserted liens, it acknowledges that, if enforceable, they could encumber substantially all available operating cash, making court authorization essential to avoid immediate and irreparable harm. To protect the interests of these creditors while maintaining business continuity, Miggs proposes a comprehensive adequate-protection framework. This includes providing regular written financial reporting comparable to monthly operating reports, granting replacement liens in post-petition cash collateral to the same extent and priority as any prepetition liens notwithstanding section 552, and strictly adhering to a detailed operating budget attached to the motion. The proposed budget permits limited flexibility, allowing individual line-item variances of up to 15 percent and aggregate variances of up to 10 percent during the interim period. The Debtor also seeks an order under section 542 directing third parties owing money to Miggs to remit payments directly to the Debtor, with such collections treated as cash collateral subject to any valid liens. A copy of the motion is available at https://urlcurt.com/u?l=EF5ZBr from PacerMonitor.com. About Miggs Restaurant LLC Miggs Restaurant LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-08989) on November 29, 2025, listing up to $50,000 in assets and between $100,001 and $500,000 in liabilities. Judge Caryl E. Delano presides over the case. Samuel P. Bennett, Esq., at Spb Law PA represents the Debtor as legal counsel. MK WEEDEN: Employs Hire Christian Samson Baskett as Local Counsel ----------------------------------------------------------------- MK Weeden Construction, Inc., MK Equipment Co. LLC, and WMK Holdings LLC seek approval from the U.S. Bankruptcy Court for the District of Montana to employ Seamus B. McCulloch of Christian, Samson, Baskett, Phelan & Bell, PLLC to serve as attorneys for the Debtors. Mr. McCulloch and his firm will act as local counsel and will provide these services: (a) general counseling to the Debtors in connection with their Chapter 11 cases; and (b) local representation before the Court in connection with these proceedings. Under the proposed terms, services rendered by Seamus B. McCulloch will be billed at an hourly rate of $275. Services rendered by other attorneys will be billed at their customary hourly rates ranging from $225 to $395. Services rendered by paralegals, law clerks, or legal assistants will be billed at hourly rates ranging from $50 to $195. Out-of-pocket expenses, including photocopying, fax, and postage, will be billed at cost. According to the application, the professional has no connection with the Debtors, creditors, or other parties in interest and is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. The firm can be reached at: Seamus B. McCulloch, Esq. CHRISTIAN, SAMSON, BASKETT, PHELAN & BELL, PLLC 310 W. Spruce Street Missoula, MT 59802 Telephone: (406) 721-7772 E-mail: seamus@csblawoffice.com About MK Weeden Construction, Inc. MK Weeden Construction, Inc., based in Lewistown, Montana, is an earthmoving and heavy civil construction contractor operating throughout Montana, Wyoming, and the western United States. Founded in 1991 and incorporated in 1994, the Company has grown to approximately 150 employees and over 200 pieces of equipment. It provides large-scale excavation and earthmoving services, leveraging advanced construction technology to support efficiency and project quality. M.K. Weeden Construction, Inc. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Mont. Case No. 4:25-bk-40100) on December 11, 2025. In the petitions signed by Monte K. Weeden as president and manager, M.K. Weeden discloses total assets of $27,956,847 and total liabilities of $23,678,668, MK Equipment's total asset $10,781,882 and total liabilities of $19,960,273 and WMK Holding's total assets of $6,775,000 and total liabilities of $23,812,640. Debtor Case No. ------ -------- M.K. Weeden Construction, Inc. 25-40100 92 Industrial Way Lewistown, MT 59457 MK Equipment Co. LLC 25-40101 92 Industrial Way Lewistown, MT 59457 WMK Holding LLC 25-40102 92 Industrial Way Lewistown, MT 59457 Judge Benjamin P. Hursh presides over the case. Seamus B. McCulloch at Christian, Samson, & Baskett, PLLC, represents the Debtors as legal counsel. MK WEEDEN: Seeks to Hire DBS Law as Legal Counsel ------------------------------------------------- MK Weeden Construction, Inc., MK Equipment Co. LLC, and WMK Holding LLC seek approval from the U.S. Bankruptcy Court for the District of Montana to employ DBS Law as legal counsel in their jointly administered Chapter 11 cases. DBS Law will provide general counseling and representation before the Bankruptcy Court in connection with this case. Under the proposed terms of employment, services rendered by attorney Laurie M. Thornton will be compensated at the rate of $525 per hour and attorney Dominique R. Scalia at the rate of $500 per hour, subject to revision in January of each year (with such rates effective for 2025). Other attorneys of DBS Law may work on this matter from time to time and their hourly rates are currently between $475 and $575 for 2025. Services rendered by paralegals will be compensated at rates between $225 and $315 per hour. According to court filings, DBS Law represents that it has no connection with the Debtors' creditors or any other party in interest and is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, except that Laurie Thornton previously served as Assistant United States Trustee for the Western District of Washington and District of Alaska from July 2019 to May 2024 and had no involvement with the Debtors or their creditors during that time. The firm can be reached at: Laurie M. Thornton, Esq. Dominique R. Scalia, Esq. DBS Law 819 Virginia Street, Suite C-2 Seattle, WA 98101 Telephone: (206) 489-3802 E-mail: lthornton@lawdbs.com dscalia@lawdbs.com About MK Weeden Construction, Inc. MK Weeden Construction, Inc., based in Lewistown, Montana, is an earthmoving and heavy civil construction contractor operating throughout Montana, Wyoming, and the western United States. Founded in 1991 and incorporated in 1994, the Company has grown to approximately 150 employees and over 200 pieces of equipment. It provides large-scale excavation and earthmoving services, leveraging advanced construction technology to support efficiency and project quality. M.K. Weeden Construction, Inc. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Mont. Case No. 4:25-bk-40100) on December 11, 2025. In the petitions signed by Monte K. Weeden as president and manager, M.K. Weeden discloses total assets of $27,956,847 and total liabilities of $23,678,668, MK Equipment's total asset $10,781,882 and total liabilities of $19,960,273 and WMK Holding's total assets of $6,775,000 and total liabilities of $23,812,640. Debtor Case No. ------ -------- M.K. Weeden Construction, Inc. 25-40100 92 Industrial Way Lewistown, MT 59457 MK Equipment Co. LLC 25-40101 92 Industrial Way Lewistown, MT 59457 WMK Holding LLC 25-40102 92 Industrial Way Lewistown, MT 59457 Judge Benjamin P. Hursh presides over the case. Seamus B. McCulloch at Christian, Samson, & Baskett, PLLC, represents the Debtors as legal counsel. MODEL SHIPWAYS: Seeks to Hire Lorium Law as Legal Counsel --------------------------------------------------------- Model Shipways, Inc. seeks approval from the United States Bankruptcy Court for the Southern District of Florida to hire Joe M. Grant, Esq. of Lorium Law to serve as counsel for the Debtor-in-Possession. Mr. Grant and Lorium Law will provide these services: (a) give advice to the Debtor with respect to its powers and duties as a debtor in possession under Chapter 11 and the continued management of its business operations; (b) advise the Debtor with respect to its responsibilities in complying with the U.S. Trustee's Operating Guidelines and Reporting Requirements and with the rules of the Court; (c) prepare and/or defend motions, pleadings, orders, applications, adversary proceedings, and other legal documents necessary in the administration of the case; (d) protect the interest of the Debtor in all matters pending before the Court; and (e) represent the Debtor in negotiation with its creditors in the preparation of a plan and confirmation of same. Lorium Law incurred fees in the amount of $2,952 for services rendered prior to the Petition Date, all of which were paid as of the Petition Date. The Debtor also paid Lorium Law a fee retainer of $10,000 plus the cost of the filing fee of $1,738. According to court filings, neither Joe M. Grant nor Lorium Law have any connection with creditors or other parties in interest, do not represent any interest adverse to the Debtor, and are disinterested as required by 11 U.S.C. Sec. 327(a). The firm can be reached at: Joe M. Grant, Esq. LORIUM PLLC 197 South Federal Highway, Suite 200 Boca Raton, FL 33432 Telephone: 561.361.1000 E-mail: jgrant@loriumlaw.com About Model Shipways Inc. Model Shipways, Inc., doing business as Model Expo, designs and manufactures scale model kits covering historic ships, aircraft, artillery, and Western vehicles from its facility in Miami, Florida. It produces wood and metal kits using in-house laser-cutting and casting processes and supplies replacement parts for its product lines, including Model Shipways, Model Airways, Model Trailways, and Guns of History. Model Shipways distributes its kits to scale model builders worldwide. Model Shipways filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-23837) on November 21, 2025, listing up to $50,000 in assets and between $1 million and $10 million in liabilities. Marc Mosko, president of Model Shipways, signed the petition. Joe M. Grant, Esq., at Lorium Law represents the Debtor as bankruptcy counsel. MONTEREY BAY: Unsecureds to Get 100 Cents on Dollar in Plan ----------------------------------------------------------- Monterey Bay Horsemanship & Therapeutic Center filed with the U.S. Bankruptcy Court for the Northern District of California a Plan of Reorganization for Small Business under Subchapter V dated December 15, 2026. The Debtor is a non-profit corporation. Since November 2000, the Debtor has been in the business of supporting individuals of all ages and abilities by offering an Adult Day Program, Respite, Therapeutic Activities, and Traditional Horseback Riding Lessons. In June 2021, the San Andreas Regional Center (SARC) issued a final audit report concluding that MBHTC failed to maintain adequate records and that the documentation it did provide did not support the payments it had received for Vendor Codes HS0453 and ZS0606. As a result, SARC ordered MBHTC to repay $637,728.78. On October 25, 2021, the California Department of Developmental Services (DDS) issued a Letter of Findings upholding SARC's audit conclusions but adjusting the overpayment amount to $459,694.48. In addition, SARC informed MBHTC that it would be required to bill at a lower hourly rate for future services going forward. The combined impact of the repayment demand and reduced billing rate would have left MBHTC unable to meet payroll, SARC repayment and other financial obligation. This caused MBHTC to reevaluate closure or continuing services. To prevent shutdown and preserve services to clients, the present action was filed. The Debtor's financial projections show that the Debtor will have projected disposable income of $ 202,032. The final Plan payment is expected to be paid in March 2031, which is anticipated to be 60 months after the effective date. This Plan of Reorganization proposes to pay creditors of the Debtor from cash flow from operations. Non-priority unsecured creditors holding allowed claims will receive distributions, which the proponent of this Plan has valued at approximately 100 cents on the dollars, consistent with the liquidation analysis and projected disposable income. This Plan also provides for the payment of administrative and priority claims. Class 3 consists of Non-priority unsecured creditors. Holders of allowed general unsecured claims will be paid 60 equal monthly of $5,300, each on the 15th day of the month following the effective date of the plan. This Class is impaired. Class 4 consists of Equity security holders of the Debtor. The Debtor will retain its interests in estate property without modification. A full-text copy of the Plan of Reorganization dated December 15, 2025 is available at https://urlcurt.com/u?l=K5Jeer from PacerMonitor.com at no charge. Counsel to the Debtor: Marc Voisenat, Esq. 2329A Eagle Avenue Alameda, CA 94501 Telephone: (510) 263-8664 Facsimile: (510) 272-9158 About Monterey Bay Horsemanship & Therapeutic Monterey Bay Horsemanship & Therapeutic Center has been in the business of supporting individuals of all ages and abilities by offering an Adult Day Program, Respite, Therapeutic Activities, and Traditional Horseback Riding Lessons. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Cal. Case No. 25-51429) on Sept. 16, 2025, with $100,001 to $500,000 in assets and liabilities. Judge M. Elaine Hammond presides over the case. The Law Offices of Marc Voisenat is serving as the Debtor's bankruptcy counsel. MOONLAKE IMMUNOTHERAPEUTICS: Cliffwater Marks $45MM Loan at 76% Off ------------------------------------------------------------------- Cliffwater Enhanced Lending Fund has marked its $45,000,000 loan extended to MoonLake Immunotherapeutics AG to market at $10,978,153 or 24% of the outstanding amount, according to Cliffwater's Form N-CSRS for the semi-annual period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. Cliffwater Enhanced is a participant in a Delayed Draw Loan to MoonLake Immunotherapeutics AG. The loan accrues interest at a rate of 8.70% per annum. The loan matures on April 1, 2030. The Cliffwater Enhanced Lending Fund is a closed-end, non-diversified management investment company registered under the Investment Company Act of 1940. The Fund is a "fund of funds" that operates and is organized as an interval fund. Cliffwater LLC serves as the investment adviser of the Fund. The Fund's primary investment objective is to seek high current income and modest capital appreciation, while the Fund's secondary objective is capital preservation. Cliffwater Enhanced is led by Stephen Nesbitt as Principal Executive Officer, and Lance J. Johnson as Treasurer and Principal Financial Officer. The Company can be reach through: Stephen Nesbitt Cliffwater Enhanced Lending Fund 235 West Galena Street Milwaukee, WI 53212 Telephone: (414) 299-2030 About MoonLake Immunotherapeutics AG MoonLake Immunotherapeutics is a clinical-stage biopharmaceutical company that provides next-level therapies to elevate care. MOUNT ACADIA: Case Summary & 20 Largest Unsecured Creditors ----------------------------------------------------------- Debtor: Mount Acadia Senior Properties LLC 224 Birmingham Drive, Suite 1A1 Cardiff by the Sea, CA 92007 Business Description: Mount Acadia Senior Properties LLC is a single-asset real estate company that owns one income-producing property. Chapter 11 Petition Date: December 23, 2025 Court: United States Bankruptcy Court Southern District of California Case No.: 25-05308 Judge: Hon. J. Barrett Marum Debtor's Counsel: Garrick A. Hollander, Esq. WINTHROP GOLUBOW HOLLANDER, LLP 1301 Dove Street, Suite 500 Newport Beach, CA 92660 Tel: 949-720-4100 Email: ghollander@wghlawyers.com Estimated Assets: $10 million to $50 million Estimated Liabilities: $10 million to $50 million The petition was signed by John T. DeWald as managing partner. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/RCWSXOY/Mount_Acadia_Senior_Properties__casbke-25-05308__0001.0.pdf?mcid=tGE4TAMA List of Debtor's 20 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Allen Landscape Trade $35,424 John Allen 2141 S El Camino Real, Suite G Oceanside, CA 92054 2. Allied Builders, Inc. Trade $40,359 Matt Schwartz 5820 Equestrian Court Chino, CA 91710 3. CCS Proclean Trade $141,028 Natalie 1200 Grand Ave Spring Valley, CA 91977 4. Clark Food Services Trade $41,004 Christa Feister 2207 Old Philidelpia Pike Lancaster, PA 17602 5. Coss Steel Trade $32,359 Eglen Coss 1937 Friendship Dr, Ste F El Cajon, CA 92020 6. Direct Supply Trade $83,330 Andrew Reiss 6635 W Champions Way Milwaukee, WI 53223 7. ECLR Flooring, Inc Trade $35,249 Kevin Nasseri 15373 Innovation Drive San Diego, CA 92128 8. Electric Unlimited Trade $92,344 Don Romera 5173 Waring Road San Diego, CA 92120 9. Elite SD Construction Trade $61,019 Efren Calva 3904 Alta Loma Dr. Bonita, CA 91902 10. Future Dry Wall Trade $47,080 Mike Salazar 2026 Camino Cantera Vista, CA 92084 11. Lux Trade $23,040 Chris Black 138 Victory Ship Way, Unit 2 North Vancouver BC, V7L 0B1 12. Mosaic Construction Trade $141,870 Attn: Jon Allendar 650 Hawthorne Ave. SE Ste 210 Salem, OR 97301 13. Nick Aldous, Inc Trade $63,538 (Solid Ground) Rachel Aldous 1835 Granada Ave San Diego, CA 92120 14. Pasco Laret Suiter & Assoc Trade $23,662 Dana Montano 1911 San Diego Ave Suite 100 San Diego, CA 92110 15. Reese Mechanical, Inc Trade $78,700 Jeremy Reese 2626217 Jefferson Ave. Murrieta, CA 92562 16. RhodesMoore Trade $484,978 1855 Freda Lane Cardiff by the Sea, CA 92007 17. Schindler Trade $150,337 James Whowell 9810 Summers Ridge Rd, Ste 140 San Diego, CA 92121 18. Sunstate Equipment Co. LLC Trade $31,055 c/o Accurate Lien 1853 S Horne Ste 2 Mesa, AZ 85204 19. Taylor Trim Trade $24,972 Fernando Prado 2342 Meyers Avenue Escondido, CA 92029 20. Trademark Construction Trade $69,269 dba JMW Truss John Cao 15916 Bernardo Center Drive San Diego, CA 92127 MVP GROUP: Seeks to Extend Plan Exclusivity to March 27, 2026 ------------------------------------------------------------- MVP Group, LLC asked the U.S. Bankruptcy Court for the Southern District of Florida to extend its exclusivity periods to file a plan of reorganization and obtain acceptance thereof to March 27, 2026 and May 26, 2026, respectively. The Debtor explains that there are approximately 450 creditors, although this case is not particularly large. Moreover, the Debtor acquires most products from overseas. From an operational standpoint, the Debtor's operations got off to a relatively slow start due to the negotiation of a new warehouse agreement and the transitioning of inventory from the old to the new warehouse. The Debtor claims that this case is approximately 3.5 months old. Accordingly, more time is necessary to evaluate operations, formulate and draft a plan of reorganization, and to seek and obtain confirmation. The Debtor asserts that the initial 3.5 months of this case have been marked with some progress. The Debtor negotiated a new warehouse agreement and transitioned inventory from the old to the new warehouse. The Debtor is also actively engaged in discussions with prospective DIP/exit lenders and potential equity investors, which would facilitate the filing of a plan. Likewise, the Debtor has had regular communications with and has provided financial reporting to the senior secured lender. The Debtor further asserts that it is not seeking to use exclusivity to pressure creditors into accepting a plan they find unacceptable or as a delay tactic. Rather, the Debtor legitimately requires additional time to formulate, draft, and file a plan of reorganization, as well as to seek and obtain confirmation. MVP Group LLC is represented by: Michael D. Seese, Esq. Seese, P.A. 101 N.E. 3rd Avenue, Suite 1500 Ft. Lauderdale, FL 33301 Tel: (954) 745-5897 Email: mseese@seeselaw.com About MVP Group LLC MVP Group LLC is a Fort Lauderdale-headquartered distributor of commercial food service equipment. The Company supplies products to restaurants, hotels, schools, government institutions, and other foodservice operators, with clients including global chains such as Subway, Burger King, Marriott and Best Western. MVP Group supports its operations through a network of warehouses, inventory centers and authorized service agents throughout North America. MVP Group LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-20199) on August 29, 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 Scott M. Grossman handles the case. The Debtor is represented by Michael D. Seese, Esq. at SEESE, P.A. MZS PROPERTIES: Court Extends Cash Collateral Access to Jan. 6 -------------------------------------------------------------- MZS Properties, LLC received another extension from the U.S. Bankruptcy Court for the Northern District of Illinois, Eastern Division, to use cash collateral. The court authorized the Debtor to use cash collateral until January 6, 2026, under the terms set by the bankruptcy court in its prior orders. A status hearing is scheduled for January 6, 2026. The Debtor's principal asset is real estate in Chicago, Ill., secured by a mortgage in which the initial lender was Sharestates Investments, DACL LLC. Sharestates holds a first priority lien on the property in the initial amount of $113,000. The lender claims it is owed $226,211 as of the petition date. Rents collected from the property are the Debtor's sole source of revenue. The value of the property is scheduled at $325,000. About MZS Properties MZS Properties, LLC filed Chapter 11 petition (Bankr. N.D. Ill. Case No. 25-01523) on January 31, 2025, listing up to $500,000 in both assets and liabilities. Mouzma Syed, manager of MZS Properties, signed the petition. Judge Jacqueline Cox oversees the case. Bradley Foreman, Esq., at the Law Offices of Bradley H. Foreman, P.C., is the Debtor's bankruptcy counsel. Sharestates Investments, DACL LLC, as lender, is represented by: Timothy R. Yueill, Esq. Law Offices of Ira T. Nevel, LLC 175 N. Franklin St., Ste. 201 Chicago, IL 60606 Telephone: 312-357-1125 TimothyY@nevellaw.com NEAREST GREEN: Asks Judge to End Receivership --------------------------------------------- The founders of Uncle Nearest are asking a federal court to terminate the receivership overseeing the whiskey brand, according to The Lynchburg Times. The request follows months of court supervision after the company was placed into receivership amid a dispute with its primary lender. As previously reported by AFROTECH, Uncle Nearest, a whiskey maker that reportedly reached a valuation exceeding $1 billion, was placed under receivership in August 2025. Farm Credit Mid-America alleged the company defaulted on more than $108 million in loans, prompting U.S. District Judge Charles E. Atchley Jr. to appoint Tennessee attorney Phillip G. Young Jr. as receiver. The Weavers, Uncle Nearest's founders, allege that former Chief Financial Officer Mike Senzaki overstated barrel inventory, which they say resulted in a $24 million increase in available credit from Farm Credit. Under the receivership, Young assumed control of the company's Shelbyville, Tennessee, distillery, along with its real estate, intellectual property, and affiliated entities, according to the Moore County Observer. In a motion filed ahead of the Christmas holidays, the Weavers argued that the company's assets exceed its outstanding debt and that there is no evidence of financial mismanagement by current leadership. They also claimed the receivership has hurt sales, weakened distributor confidence, and disrupted retailer relationships, asserting the business could continue operating normally if court control is lifted. About Nearest Green Distillery Nearest Green Distillery, also known as Uncle Nearest Distillery, is a Shelby, Tennessee-based distillery. A Tennessee federal judge on August 14, 2025, granted Farm Credit Mid-America's motion to place Nearest Green Distillery and its related companies under receivership after alleged loan defaults of more than $108 million. The lender accused the distillery of overstating its barrel inventory, which served as collateral, and violating key financial covenants. The court appointed Phillip G. Young Jr. to oversee operations and protect the company's assets amid the dispute. NEUROONE MEDICAL: Cuts FY25 Loss to $3.6M, Flags Going Concern Risk ------------------------------------------------------------------- NeuroOne Medical Technologies Corporation filed with the U.S. Securities and Exchange Commission its Annual Report on Form 10-K for the fiscal year ended September 30, 2025, reporting a net loss of $3.6 million in year ended September 30, 2025 compared to net loss of $12.3 million for the year prior. Product revenues for the years ended September 30, 2025 and 2024, were $9.1 million and $3.5 million, respectively. As of September 30, 2025, the Company had $10.8 million in total assets, $3.7 million in total liabilities, and $7.1 million in total stockholder's equity. Liquidity Outlook: NeuroOne Medical said, "Even though we have received regulatory clearance to expand the use of our Evo sEEG electrode technology for up to 30 days, commercial sales of the sEEG electrodes and OneRF Ablation System are expected to take some time to be a significant source of liquidity." "Zimmer has exclusive global rights to distribute our strip and grid cortical electrodes, depth electrodes and electrode cable assembly products. Zimmer's failure to timely develop or commercialize these products would have a material adverse effect on our business and operating results. In October 2024, we entered into an Amended and Restated Distribution Agreement with Zimmer to provide Zimmer with the exclusive right and license to distribute our OneRF Ablation System in the brain for an upfront payment of $3.0 million, with eligibility for an additional $1.0 million payment from Zimmer upon achievement of certain specified net sales milestones. "At September 30, 2025, we had cash and cash equivalents in the aggregate of approximately $6.6 million. "Management has noted the existence of substantial doubt about our ability to continue as a going concern. Additionally, our independent registered public accounting firm included an explanatory paragraph in the report on our financial statements as of and for the years ended September 30, 2025 and 2024, respectively, noting the existence of substantial doubt about our ability to continue as a going concern." Minneapolis, Minnesota-based Baker Tilly US, LLP, the Company's auditor since 2021, issued a "going concern" qualification in its report dated Dec. 17, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended September 30, 2025, citing that had recurring losses from operations and an accumulated deficit, expects to incur losses for the foreseeable future and requires additional working capital. These are the reasons that raise substantial doubt about the Company's ability to continue as a going concern. "Our existing cash and cash equivalents may not be sufficient to fund our operating expenses through at least twelve months from the date of this filing. To continue to fund operations, we will need to secure additional funding through public or private equity or debt financing, through collaborations or partnerships with other companies, or other sources." "We may not be able to raise additional capital on terms acceptable to us, or at all. Any failure to raise capital when needed could compromise our ability to execute on our business plan. If we are unable to raise additional funds, or if our anticipated operating results are not achieved, we believe planned expenditures may need to be reduced in order to extend the time period that existing resources can fund our operations. "If we are unable to obtain the necessary capital in the future from operating results or future financing, it may have a material adverse effect on our operations and the development of our technology, or we may have to cease operations altogether. "The development and commercialization of our cortical strip, grid electrode, depth electrode, ablation system technology and future products and technology is subject to numerous uncertainties, and we could use our cash and cash equivalent resources sooner than we expect. Additionally, the process of developing medical devices is costly, and the timing of progress in pre-clinical tests and clinical trials is uncertain. "Our ability to successfully transition to profitability will be dependent upon achieving further regulatory approvals and achieving a level of product sales adequate to support our cost structure. We cannot assure you that we will ever be profitable or generate positive cash flow from operating activities. "Our other cash requirements within the next twelve months include accounts payable, accrued expenses, purchase commitments and other current liabilities. Our other cash requirements greater than twelve months from various contractual obligations and commitments include operating leases and contracted services. "We expect to satisfy our short term and long term obligations through cash on hand and, until we generate an adequate level of revenue from commercial sales to cover expenses, if ever, from future equity and debt financings." Management Commentary: "The fourth quarter of fiscal 2025 capped the most successful year in our history," said Dave Rosa, CEO of NeuroOne, in a press release. "Bolstered by expansion of our OneRF Ablation System, sales surged in the fiscal fourth quarter to $2.7 million and reached a total of $9.1 million in fiscal year 2025. In addition, we improved our gross margin to 56.5% while decreasing operating expenses and improving our balance sheet significantly with a capital raise in April. Operationally, we received FDA 510(k) clearance for the OneRF® Trigeminal Nerve Ablation System and performed the first two cases successfully, advanced the development of our spinal cord stimulation electrode for lower back pain, initiated a new product development program for basi-vertebral nerve ablation for lower back pain, reported sales of our first pre-clinical drug delivery devices to a large pharmaceutical company, strengthened our infrastructure with key senior executive hires, initiated the process to gain ISO 13485 certification for international commercial expansion and, lastly, bolstered our intellectual property portfolio. "We continue to remain encouraged that our technology platform can significantly improve the quality of life for people with debilitating neurological disorders. Our financial condition has improved significantly and continues to advance toward anticipated profitability. Leveraging our strengthened balance sheet, we believe we are well positioned to expand the use of our technology platform into all three areas of focus: brain related disorders, pain management, and drug delivery. We believe this is critical to build long-term value for our shareholders," concluded Rosa. A full-text copy of the Company's Form 10-K is available at: http://www.sec.gov/Archives/edgar/data/1500198/0001213900-25-122390-index.htm About NeuroOne Medical Technologies Headquartered in Eden Prairie, Minnesota, NeuroOne Medical Technologies Corporation -- nmtc1.com -- is a medical technology company focused on (i) diagnostic, ablation and deep brain stimulation technology for brain related conditions such as epilepsy and Parkinson's disease; (ii) ablation and stimulation for pain management throughout the body; and (iii) drug delivery including diagnostic and stimulation capabilities. The Company is developing and commercializing thin film electrode technology for continuous electroencephalogram ("cEEG") and stereoelectrocencephalography ("sEEG"), spinal cord stimulation, brain stimulation, drug delivery and ablation solutions for patients suffering from epilepsy, Parkinson's disease, dystonia, essential tremors, chronic pain due to failed back surgeries and other pain-related neurological disorders. The Company is also developing the capability to use its sEEG electrode technology to deliver drugs or gene therapy while being able to record brain activity before, during, and after delivery. Additionally, the Company is investigating the potential applications of its technology associated with artificial intelligence. NEW FORTRESS: Amends Letter of Credit Commitments, Maintains $195MM ------------------------------------------------------------------- New Fortress Energy Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Company entered into the Twelfth Amendment Agreement, by and among the Company, as the borrower, the guarantors party thereto, Natixis, New York Branch, as administrative agent and collateral agent, and each of the other financial institutions party thereto, as lenders and issuing banks, which amends that certain Letter of Credit and Reimbursement Agreement, dated as of July 16, 2021 (as amended, restated, supplemented or otherwise modified from time to time, the "Letter of Credit Agreement"), by and among the Company, as the borrower, the guarantors from time to time party thereto, Natixis, New York Branch, as administrative agent and collateral agent, and each of the other financial institutions from time to time party thereto, as lenders and issuing banks, to terminate an automatic reduction of commitments previously scheduled to occur on December 22, 2025 under the Letter of Credit Agreement. After giving effect to the Twelfth Amendment, the commitments under the Letter of Credit Agreement will remain at approximately $195 million. About New Fortress Energy Inc. New Fortress Energy Inc., a Delaware corporation, is a global energy infrastructure company founded to help address energy poverty and accelerate the world's transition to reliable, affordable and clean energy. The Company owns and operates natural gas and liquefied natural gas infrastructure, ships and logistics assets to rapidly deliver turnkey energy solutions to global markets. The Company has liquefaction, regasification and power generation operations in the United States, Jamaica, Brazil and Mexico. The Company has marine operations with vessels operating under time charters and in the spot market globally. As of September 30, 2025, the Company had $11.9 billion in total assets, $10.8 billion in total liabilities, and a total stockholders' equity of $1.1 billion. * * * In November 2025, S&P Global Ratings lowered its issuer credit rating on New Fortress Energy Inc. (NFE) to 'SD' (selective default) from 'CCC'. At the same time, S&P lowered its issue level rating on NFE's 12% senior secured notes due 2029 to 'D' from 'CCC-'. The downgrade reflects NFE's decision to enter into a forbearance agreement. S&P will reevaluate its ratings on NFE before the end of November as more information becomes available. The Company has initiated a process to evaluate its strategic alternatives to improve its capital structure. It has retained Houlihan Lokey Capital, Inc. as financial advisor and Skadden, Arps, Slate, Meagher & Flom LLP as legal advisor to assist it in this evaluation. The Company, along with its advisors, is considering all options available, including asset sales, capital raising, debt amendments and refinancing transactions, and other strategic transactions that seek to provide additional liquidity and relief from acceleration under its debt agreements. As part of this process, the Company is engaging in discussions with various existing stakeholders and potential investors. There are inherent uncertainties as the outcome of these negotiations and potential transactions are outside management's control, and therefore there are no assurances that management will be successful in these negotiations and that any of these potential transactions will occur. In addition, there can be no assurances that these transactions will sufficiently improve the Company's liquidity or that the Company will otherwise realize the anticipated benefits. Moreover, if the Company fails to obtain amendments and forbearance, the Company may be required or compelled to pursue additional restructuring initiatives to preserve value and optionality, including possible out-of-court restructurings, or in-court relief, which could have a material and adverse impact on the Company's stockholders. NEW FORTRESS: S&P Downgrades ICR to 'SD', Cuts Loan Rating to 'D' ----------------------------------------------------------------- S&P Global Ratings lowered its issuer credit rating on New Fortress Energy Inc. (NFE) to 'SD' from 'CCC-'. At the same time, S&P removed the ratings from CreditWatch, where they were placed with negative implications on Nov. 25, 2025. S&P said, "At the same time, we lowered our issue-level rating on the company's senior secured term loan B due 2028 to 'D' from 'CCC-'. The '3' recovery rating is unchanged, indicating our expectation that lenders would receive meaningful (50%-70%; rounded estimate: 65%) recovery in the event of default. "Our 'CC' issue-level rating on the company's senior secured notes due 2026 and 2029 (legacy notes) is unchanged. The '5' recovery rating, also unchanged, indicates our expectation for modest (10%-30%; rounded estimate: 25%) recovery in a default. "Our rating on NFE's senior secured notes due 2029 (exchanged notes) remains at 'D'; the '5' recovery rating indicates our expectation for modest (10%-30%; rounded estimate: 20%) recovery in a default." On Dec. 17, 2025, NFE announced it had entered into a forbearance agreement with certain lenders to the term loan B due Oct. 30, 2028, after failing to make the scheduled interest payment due Dec. 10, 2025. NFE didn't make its $30.6 million scheduled term loan B interest payment on Dec. 10, 2025. The company also informed the lenders that it doesn't intend to make certain principal payments due on Dec. 31, 2025. NFE entered into a forbearance agreement with certain lenders to the term loan B credit agreement and has extended its forbearance agreement with the new 2029 noteholders to Jan. 9, 2026. S&P believes a debt restructuring that is tantamount to a default will likely occur within the next few weeks. S&P said, "We revised our assessment of NFE's liquidity to weak from less than adequate. NFE's cash position as of Sept. 30, 2025, totaled about $389 million. This includes about $244 million of restricted cash allocated primarily for construction projects in Brazil, with a small portion for collateral for letters of credit and performance bonds. Upon the termination of the forbearance agreement, if an extension of forbearance or debt restructuring isn't agreed to, the holders of the new 2029 notes could accelerate the outstanding principal amount of the notes. If that happens, substantially all of NFE's other $6.6 billion in outstanding debt would become payable on demand. "We believe the company will take the next several weeks during the forbearance period to negotiate with its other lenders on an amenable solution to restructure all debt across its capital structure. In our view, it's highly likely that the outcome of these negotiations will either constitute a conventional default or a selective default under our criteria. We will reevaluate our ratings on NFE as significant developments related to the capital structure arise or upon the announcement of a more comprehensive debt-restructuring plan." NEXTGEN MRO: Gets Final OK to Use Cash Collateral ------------------------------------------------- NextGen MRO Solutions, LLC received final approval from the U.S. Bankruptcy Court for the Western District of Virginia to use cash collateral. The court issued a final order authorizing the Debtor to use cash collateral to pay operating expenses consistent with its budget until confirmation of a Chapter 11 plan or further order modifying or prohibiting such use. This cash collateral includes receivables, which the Debtor is free to use after the court determined that its transactions with the merchant cash advance lenders were not sales of its receivables but extensions of credit. As adequate protection, creditors with valid pre-bankruptcy interests in the cash collateral will be granted replacement liens on such collateral, with the same validity, priority and extent as their pre-bankruptcy liens. The creditors that may have interest in the cash collateral are WebBank, PayPal/Swift, CAN Capital, Harborpoint Capital, Lendr.Online, Navitas Credit Corp., Marlin/PEAC Solutions and the U.S. Small Business Administration. NextGen's financial distress began in early 2024 when one of its members, William Tucker, became seriously ill and required months of medical treatment, while it simultaneously dealt with the breakdown of its delivery truck and had to purchase a replacement. Declining sales and mounting obligations led the Debtor to borrow heavily, including entering into several merchant cash advance agreements. The final order is available at https://is.gd/f1LTYD from PacerMonitor.com. About NextGen MRO Solutions LLC NextGen MRO Solutions, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr .W.D. Va. Case No. 25-61428) on November 21, 2025, listing up to $500,000 in assets and up to $1 million in liabilities. William Callahan, Jr. serves as Subchapter V trustee. Judge Rebecca B. Connelly oversees the case. David Cox, Esq., at Cox Law Group, represents the Debtor as legal counsel. NORTHERN STAR THEATRE: Receiver Appointed by Court Amid Legal Fight ------------------------------------------------------------------- Michelle Jensen of The Chronotype reports that a Rice Lake theater organization is facing legal action from a lender seeking repayment of an $850,000 loan issued in 2018, with a court-appointed receiver now in place to manage the theater's former property on West Marshall Street. The dispute centers on the downtown Rice Lake building at 12 W. Marshall St., which once served as the theater's home. Wisconsin Impact Fund II, LLC, based in Rice Lake, filed separate lawsuits in Barron County Circuit Court against Northern Star Theatre Co. and Northern Star Foundation, Inc. Court filings allege the theater group borrowed $850,000 in March 2018, secured by a mortgage on the Marshall Street property, and defaulted by failing to pay the balance when the loan matured on March 1, 2025, according to report. The lender claims the theater group owes more than $858,000, including principal, accrued interest, fees, and attorney costs, with interest continuing to accumulate. Wisconsin Impact Fund is seeking a monetary judgment and foreclosure of the property, arguing that the building's value may not fully cover the outstanding debt, the report states. After months of dispute over whether a receiver was necessary, the court approved an agreement between the parties at a December 17, 2025 hearing, appointing Stephen Bant as receiver. Court records indicate the receiver’s fees are capped at 10% of rental income, with maintenance expenses subject to court oversight. The case remains active, with the next hearing scheduled for January 13, 2026, the report relays. About Northern Star Theatre Co. Northern Star Theatre Co. is a Rice Lake, Wisconsin–based performing arts organization focused on producing and presenting live theatrical performances. The organization supports community arts programming and cultural events serving local and regional audiences. A Barron County judge appointed a receiver to manage Northern Star Theatre’s former downtown Rice Lake property after a lender alleged default on an $850,000 mortgage loan. The appointed receiver will manage the property while the foreclosure and repayment dispute proceeds. OASIS INTERNATIONAL: Court Approves $29,450 in Fees --------------------------------------------------- The Hon. Virginia M. Hernandez Covington granted the Receiver's Twenty-Sixth Interim Motion for Order Awarding Fees, Costs and Reimbursement of Costs to Receiver and His Professionals in the case, Commodity Futures Trading Commission v. Oasis International Group, Limited et al., Case No. 19-cv-00886 (M.D. Fla.). Burton W. Wiand is the court-appointed receiver over the assets of: 1. Defendants Oasis International Group, Limited; Oasis Management, LLC; Satellite Holdings Company; Michael J. Dacorta; Joseph S. Anile, II.; Raymond P Montie III; Francisco L. Duran; and John J. Haas; and 2. Relief defendants Fundaministration, Inc.; Bowling Green Capital Management LLC; Lagoon Investments, Inc.; Roar of the Lion Fitness LLC; 444 Gulf of Mexico Drive, LLC; 4064 Founders Club Drive, LLC; 6922 Lacantera Circle, LLC; 13318 Lost Key Place, LLC; and 4 Oaks LLC. In the course of the receivership case, the Receiver has retained professionals to assist him in his work, including: (1) Wiand Guerra King P.A., now known as Guerra & Partners, P.A., to provide legal services; (2) KapilaMukamal, LLP to provide forensic accounting services; (3) PDR CPAs to provide general accounting and tax services; (4) RWJ Group, LLC to provide asset management and investigative services; (5) E-Hounds, Inc. to provide computer forensic services; (6) the Godfrey Firm to provide legal services in Belize; (7) Maples Group to provide legal services in the Cayman Islands; (8) Sergio Godinho with SEDA Experts, LLC, to provide litigation consulting in connection with litigation against Fundadministration, Inc.; (9) Englander Fischer to assist the Receiver and his counsel with clawback litigation; and (10) Thomas J. Bakas with RPM Financial Markets Group LLC to provide litigation consulting in connection with litigation against ATC. The fees cover professional services rendered and costs incurred from July 1, 2025, through September 30, 2025. The Court awards these sums and directs that payment be made from the Receivership assets: Burton W. Wiand, Receiver $7,378.64 Burton W. Wiand P.A. $6,363.50 Johnson Newlon & DeCort $810.00 Jared J. Perez P.A. $5,152.00 Englander Fischer $1,264.30 Older Lundy $435.50 Elam & Burke $1,474.04 Phillips Lyte LLP $270.00 PDR CPAs $1,407.50 E-Hounds, Inc. $4,895.00 Receiver's Fees In his Motion, the Receiver requested that the Court award him a total of $7,378.64, which includes $5,580.00 in fees for professional services rendered and $1,258.64 in costs incurred from July 1, 2025, through September 30, 2025. The standard hourly rate the Receiver charges clients in private litigation is $500. However, the Receiver agreed, for purposes of his appointment as the Receiver, that his hourly rate would be reduced to $360, representing a 28% discount off the standard hourly rate that he charges clients in comparable matters. The Receiver commenced services immediately upon his appointment. The Receiver has billed his time for these activities in accordance with the Billing Instructions, which request that this motion contain a narrative of each "business enterprise or litigation matter" for which outside professionals have been employed. The Billing Instructions identify each such business enterprise or litigation matter as a separate "project." Further, the Billing Instructions request that the time billed for each project be allocated to one of several Activity Categories. In addition to the work of the Receivership, the Receiver created two projects for litigation commenced on April 14, 2020. The work of the Receiver focused on investigating fraud and related activities, locating and taking control of Receivership assets, investigating and pursuing additional assets for the Receivership, and administering the claims process. The Receiver's time and fees for services rendered for each Activity Category from July 1, 2025, through September 30, 2025, are as follows: Receiver's Time and Fees for Services Rendered 1. Asset Analysis and Recovery Hours Expended - 8.30 Fee Amount - $2,988.00 2. Business Operations Hours Expended - 2.20 Fee Amount - $792.00 3. Case Administration Hours Expended - 2.70 Fee Amount - $972.00 4. Claims Administration Hours Expended 2.30 Fee Amount $828.00 TOTAL Hours Expended - 15.50 Fee Amount - $5,580.00 In addition to legal fees, the Receiver advanced the total costs of Web-Related, which is $1,258.64. In conjunction with the Receivership, two discrete litigation projects have been formally commenced by the Receiver. 1. Recovery of False Profits from Investors. This is a project involving the Receiver's efforts to recover false profits from investors whose purported accounts received monies in an amount that exceeded their investments. These purported profits were false because they were not based on any trading or investment gain, but rather were fruits of a Ponzi scheme that consisted of funds from new and existing investors. Pursuant to the Consolidated Order and the Court's express authorization, on April 14, 2020, the Receiver filed a clawback complaint against numerous investors. The liability portion of these actions is complete. The Receiver's time and fees for services rendered for each Activity Category are as follows: Receiver's Time and Fees for Services Rendered Activity Category - Asset Analysis and Recovery Total Hours Expended - 1.40 Total Fee Amount - $504.00 2. Litigation Against Raymond P. Montie. This is a project involving the Receiver's clawback litigation against Raymond P. Montie for fraudulent transfers and abetting or personally committing breaches of fiduciary duty. The Receiver has settled this litigation for $549,410.88 after evaluation of the Receiver's claims and prospects of collection. The Receiver's time and fees for services rendered for each Activity Category are as follows: Receiver's Time and Fees for Services Rendered Activity Category - Asset Analysis and Recovery Total Hours Expended - 0.10 Total Fee Amount - $36.00 Burton W. Wiand P.A.'s Fees The Receiver requested that the Court award his firm Wiand P.A. fees for the professional services rendered from July 1, 2025, through September 30, 2025, in the amount of $6,363.50. As an accommodation to the Receiver and to conserve the resources of the Receivership Estate, Wiand P.A's attorneys and paralegals have agreed to reduce their standard rates. Attorney Maya Lockwood of Wiand P.A. began providing services immediately upon the appointment of the Receiver. Wiand P.A. has billed time for these activities in accordance with the Billing Instructions. For the time covered by this motion, Wiand P.A.'s work focused primarily on pursuing additional assets for the Receivership, preserving Receivership assets, and administering the claims process. Wiand P.A.'s time and fees for services rendered on this matter for each Activity Category are as follows: Wiand P.A. Time and Fees for Services Rendered 1. Asset Analysis and Recovery Hours Expended - 7.00 Fee Amount - $1,680.00 2. Business Operations Hours Expended - 5.30 Fee Amount - $825.50 3. Case Administration Hours Expended - 12.00 Fee Amount - $2,806.50 4. Claims Administration Hours Expended 5.90 Fee Amount $1,027.50 TOTAL Hours Expended - 30.20 Fee Amount - $6,339.50 The Receiver also requests the Court award Johnson Newlon and DeCort fees for professional services rendered by paralegal Mary Gura for her continuation of work on behalf of the Receivership from July 1, 2025, through September 30, 2025, in the amount of $810.00. In conjunction with the Receivership, two discrete litigation projects have been formally commenced by the Receiver. 1. Recovery of False Profits from Investors. This is a project involving the Receiver’s efforts to recover false profits from investors whose purported accounts received monies in an amount that exceeded their investments. These purported profits were false because they were not based on any trading or investment gain, but rather were fruits of a Ponzi scheme that consisted of funds from new and existing investors. On April 14, 2020, the Receiver filed a clawback complaint against numerous investors. The liability portion of these actions is complete. Wiand P.A. did not incur any costs or fees for services rendered for this matter during the time covered by this motion. 2. Litigation Against Raymond P. Montie. This is a project involving the Receiver's clawback litigation against Raymond P. Montie for fraudulent transfers and abetting or personally committing breaches of fiduciary duty. The Receiver settled this litigation for $549,410.88 after evaluation of the Receiver’s claims and prospects of collection. Wiand P.A.'s time and fees for services rendered for each Activity Category are as follows: Wiand P.A.'s Time and Fees for Services Rendered Activity Category - Asset Analysis and Recovery Total Hours Expended - 0.10 Total Fee Amount - $24.00 Jared J. Perez P.A.'s Fees The Receiver requested the Court to award Jared Perez fees for professional services rendered and costs incurred from July 1, 2025, through September 30, 2025, in the amount of $5,152.00. As an accommodation to the Receiver and to conserve the resources of the Receivership Estate, Mr. Perez has agreed to reduced rates. Jared J. Perez P.A. began providing services on July 8, 2022. Mr. Perez, as part of Guerra King, was originally the lead counsel and senior attorney on this matter from its inception. Mr. Perez later left GK and continues to represent the Receiver through his new legal practice. Englander Fischer/Older, Lundy, Koch & Martino Fees The Receiver requested that the Court award Englander Fischer fees for professional services rendered and costs incurred from July 1, 2025, through September 30, 2025, in the amount of $1,264.30. On March 24, 2020, the Receiver sought approval of the retention of John Waechter and Englander Fischer to assist the Receiver and his then primary counsel, Guerra & Partners, P.A. The Court granted the Receiver's motion on April 13, 2020. As an accommodation to the Receiver, Mr. Waechter agreed to a reduced rate of $335 per hour for his work on behalf of the Receivership. On August 11, 2025, Beatriz McConnell left Englander Fischer to join the law firm of Older, Lundy, Koch & Martino. At the time of Ms. McConnell's departure, she was the primary attorney handling the two remaining Receivership matters at Englander Fischer, which are the resolution of the Rocco Garbellano settlement and enforcement of a subpoena to Stephen Preziosi. Thus, the Receiver determined it would be in the best interest of the Receivership to continue Ms. McConnell's representation at her new law firm. She has agreed to continue billing at the reduced hourly rate she was billing at Englander Fischer. The Receiver requested that the Court award Older Lundy fees for professional services rendered and costs incurred from July 1, 2025, through September 30, 2025, in the amount of $435.50. Elam & Burke Fees The Receiver requested the Court award Elam & Burke (formerly Evans Keane LLP) fees for professional services rendered and costs incurred from July 1, 2025, through September 30, 2025, in the amount of $1,474.04. Elam & Burke is assisting the Receiver as local counsel in Idaho in connection with a subpoena served on a non-party in Idaho. Phillips Lytle LLP's Fees The Receiver requested that the Court award Phillips Lytle LLP fees for professional services rendered and costs incurred from July 1, 2025, through September 30, 2025, in the amount of $270.00. Phillips Lytle is assisting the Receiver as local counsel in New York in connection with a subpoena served on a non-party in New York. PDR CPAs' Fees The Receiver requested that the Court award PDR fees for professional services rendered and costs incurred from July 1, 2025, through September 30, 2025, in the amount of $1,407.50. PDR is an accounting firm that specializes in tax matters and has extensive experience with the tax treatment of settlement funds. PDR is assisting the Receiver with internal Receivership accounting, financial reporting, and tax preparation and filing. PDR started providing services for the Receivership on May 17, 2019. E-Hounds, Inc.'s Fees The Receiver requested the Court to award E-Hounds fees for professional services rendered and costs incurred from July 1, 2025, through September 30, 2025, in the amount of $4,895.00. E-Hounds is a computer forensics firm that assists the Receiver in securing, analyzing, and maintaining electronic data. E-Hounds started providing services for the Receivership on April 22, 2019. * * * The Receiver anticipates that additional funds will be obtained through the Receiver's negotiations or litigation with third parties. Although the Commodity Future Trading Commission (CFTC) investigated and filed the initial pleadings in this case, as directed by the Consolidated Order, the Receiver is involved with the investigation and forensic analysis of the events leading to the commencement of the pending action, the efforts to locate and gather investors' money, the determination of investor and creditor claims and the payment of these claims through the claims process. The Receiver is sensitive to the need to conserve the Receivership Entities' assets. He has reviewed the invoices of all professionals and vendors and believes that their fees are reasonable and have provided value to the Receivership. Under the Consolidated Order, the Receiver, among other things, is authorized and empowered to engage professionals to assist him in carrying out his duties and obligations. The Consolidated Order further provides that he apply to the Court for authority to pay himself and his Professionals for services rendered and costs incurred. In exercising his duties, the Receiver has determined that the services rendered and their attendant fees and costs were reasonable, necessary, advisable, and in the best interests of the Receivership. Undersigned counsel for the Receiver has conferred with counsel for the CFTC and is authorized to represent to the Court that the CFTC does not oppose the relief requested in this motion. The Receiver has not consulted with defendants DaCorta, Anile, Duran, Haas, and Montie because they have either lost on the merits (pending appeal in DaCorta's case), defaulted, or settled the CFTC's claims against them through the entry of consent orders and judgments and thus are no longer active participants in this litigation. The Receiver has also not consulted with the United States, as an intervening party, because the government has not previously taken a position on the Receiver's fee applications and the stay it earlier obtained expired on July 24, 2022. About Oasis International Group et al. Oasis International Group is the largest information management provider, offering records management and digital services in Europe. Oasis Management, LLC is an investment management firm headquartered in Hong Kong with additional offices in Tokyo and Austin, Texas. FundAdministration, Inc. is a financial services company that provides a wide range of middle and back-office administrative services to private investment structures, such as hedge funds, private equity funds, and family offices. The company is based in Ronkonkoma, New York. The companies and individuals are facing a receivership case captioned, as Commodity Futures Trading Commission v. Oasis International Group, Limited; Oasis Management, LLC; Satellite Holdings Company; Michael J. Dacorta; Joseph S. Anile, II.; Raymond P Montie III; Francisco L. Duran; and John J. Haas and Fundaministration, Inc.; Bowling Green Capital Management LLC; Lagoon Investments, Inc.; Roar of the Lion Fitness LLC; 444 Gulf of Mexico Drive, LLC; 4064 Founders Club Drive, LLC; 6922 Lacantera Circle, LLC; 13318 Lost Key Place, LLC; and 4 Oaks LLC, Case No. 8:19-cv-00886 (M.D. Fla.), before the Hon. Sean P. Flynn. The case was filed on April 15, 2019. Attorneys for Burton W. Wiand, Receiver: Maya Lockwood, Esq. BURTON W. WIAND PA 114 Turner Street Clearwater, FL 33756-5211 Tel: (813) 902-4147 E-mail: maya@burtonwwiandpa.com - and - Jared J. Perez, Esq. JARED J. PEREZ P.A. 301 Druid Rd W Clearwater, FL 33756-3852 Tel.: (727) 641-6562 E-mail: jared.perez@jaredperezlaw.com OUT THE GATE: Prime Sportsbook Assets Auction Set for Jan. 13 ------------------------------------------------------------- AuctionAdvisors has been retained to conduct a court-approved bankruptcy auction for the assets of Prime Sportsbook, a fully operational, multi-state licensed online sports betting operator known for its reduced-juice pricing, sharp-friendly platform, and strong customer retention. The auction will be held on January 13, 2026 at 10:00 AM EST, with qualifying bids due by January 6, 2026 at 4:00 PM EST. The sale is being conducted in connection with the Chapter 11 case In re: Out The Gate, Inc., Case No. 1:25-bk-12023, pending in the U.S. Bankruptcy Court for the District of Delaware. "This sale provides bidders with an extraordinary chance to acquire a proven, licensed, and operational sportsbook with a loyal customer base and strong brand positioning" Prime Sportsbook represents a rare opportunity to acquire a turnkey digital gaming operation with licenses in New Jersey, Ohio, and Kentucky, a robust 17,500+ customer account base, and a technology platform designed to support significant future scale. The company differentiated itself in the competitive sports wagering market by offering customers reduced juice, high deposit limits, market-leading odds, and a sharp-friendly environment--advantages that fueled strong recurring betting volume and retention. Key Highlights of the Offering: -- Multi-State Licensing: Fully regulated and operational in three U.S. states. -- 17,500+ Registered Customers. -- Reduced-Juice Pricing Advantage. -- Feature-Rich Technology Platform. -- Prime Sports University content and education ecosystem. -- Scalable operations and strong recurring handle across player segments. "This sale provides bidders with an extraordinary chance to acquire a proven, licensed, and operational sportsbook with a loyal customer base and strong brand positioning," said Joshua Olshin, Managing Partner at AuctionAdvisors. Since the U.S. Supreme Court struck down PASPA in 2018, the regulated sports betting industry has grown into a multi-billion-dollar market as more states authorize online wagering, creating strong demand for proven technology stacks, licenses, and customer databases. He adds, "strategic operators and investors increasingly look to acquisitions as a faster, more cost-effective way to enter or expand within newly opened markets, making this sale a timely opportunity to secure an established platform with existing regulatory approvals and an active customer base." A full data room has been prepared to allow interest party to perform due diligence, accessible at www.AuctionAdvisors.com. Media Contact: Joshua Olshin AuctionAdvisors Phone: (212) 375-1222 703 Email: jolshin@auctionadvisors.com https://auctionadvisors.com About Out the Gate Inc. Founded on February 8, 2021, Out The Gate, Inc. is a privately held gaming and entertainment company that offers electronic sports betting services in the United States. It operates licensed sportsbooks in Kentucky, New Jersey, and Ohio, providing wagering platforms under state-regulated gaming frameworks. Out The Gate sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-12023) on November 12, 2025. In its petition, the Debtor reported estimated assets of $1 million to $10 million and estimated liabilities between $50 million and $100 million. Honorable Bankruptcy Judge Karen B Owens handles the case. The Debtor is represented by Marc S. Casarino, Esq., at Kennedys CMK LLP. PALM BEACH SANDAL: Case Summary & 20 Largest Unsecured Creditor --------------------------------------------------------------- Debtor: Palm Beach Sandal Company 1027 N Florida Mango Rd, Suite 6 West Palm Beach, FL 33409-5259 Business Description: Palm Beach Sandal Company designs, manufactures, and retails handcrafted leather sandals, producing classic footwear styles using premium leather materials. The Company operates a workshop and retail presence in West Palm Beach, Florida. Chapter 11 Petition Date: December 23, 2025 Court: United States Bankruptcy Court Southern District of Florida Case No.: 25-25134 Judge: Hon. Erik P Kimball Debtor's Counsel: Brian K. McMahon, Esq. BRIAN K. MCMAHON, PA 1401 Forum Way Suite 730 West Palm Beach, FL 33401 Tel: 561-478-2500 E-mail: briankmcmahon@gmail.com Estimated Assets: $0 to $50,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Evan White as owner. A full-text copy of the petition, which includes a list of the Debtor's 20 largest unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/FX56PHQ/Palm_Beach_Sandal_Company__flsbke-25-25134__0001.0.pdf?mcid=tGE4TAMA PARKERVILLE LP: To Sell DeSoto Property to DRHI for $4.8MM ---------------------------------------------------------- Parkerville LP seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas, Fort Worth Division, to sell, free and clear of liens, claims, interests, and encumbrances, its real property and improvements consisting of 55 single-family, residential lots, more commonly known as Phase 4B of Parkerville Meadows, an addition to the City of DeSoto, Texas. On or about December 12, 2024, the Debtor entered into a Contract of Sale with DRHI, Inc., a Delaware corporation for the development and sale of the lots to the Buyer for a purchase price of $4,895,000.00. The contract's closing date is being extended by agreement between the Debtor and the Buyer. No brokers, agents, finders' fees or commissions, or other similar fees, are due or arising in connection with the entering into the original DRHI Contract, the sale and purchase of the Property, or the consummation of transactions contemplated. Since the inception of the DRHI Contract, the Debtor has completed the development, construction, and installation of the lights and the water, sewer, and other utilities necessary to serve the Subdivision. The Debtor sent its Substantial Completion Notice to Buyer on October 29, 2025, thereby setting the initial tentative closing date for a date no later than November 28, 2025. Upon receipt of the Substantial Completion Notice, the Buyer identified and requested certain additional repairs, construction, and installation of improvements that needed to be performed in order for Buyer to close the purchase of the Lots under the DRHI Contract. The Debtor has agreed to perform the Substantial Completion Improvements and is in the process of obtaining bids/estimates regarding the completion of the Substantial Completion Improvements, which Debtor believes will be a maximum of $75,000.00. In order to provide for the payment of the Substantial Completion Improvements, the Debtor and Buyer have agreed that, at the time of the closing of the purchase of the Lots, the Substantial Completion Costs will be escrowed with the Title Company out of the Net Sale Proceeds of the Purchase Price. The Substantial Completion Improvements shall be performed and the contractors/service providers shall be paid only out of Substantial Completion Escrow. Any excess amount remaining after the payment of the contractors/service providers shall be deposited into the Sale Escrow. Other than the Substantial Completion Improvements, the cost of which was to be provided for by the escrow of the Substantial Completion Costs at closing, the Debtor has performed all duties and obligations thereunder and, as of the Original Closing Date, the parties stood ready, willing, and able to close the purchase of the Lots in accordance with the terms of the DRHI Contract. The Debtor has been advised by the Buyer that, upon the execution of the Amendment, it stands ready, willing, and able to close the purchase of the Lots in accordance with the terms of the DRHI Contract and the Amendment. The Debtor would show that, in the event that it is unable to obtain approval from this Court to consummate the sale of the Lots under the Amended DRHI Contract, the Debtor believes that the Buyer may exercise its option to terminate the Amended DHRI Contract, thereby resulting in a loss the estate of the $4,895,000.00 in sales proceeds. Under the terms of the Original DRHI Contract, proposed final Closing Date for the purchase of the Lots was November 29, 2025. As a result of the passing of such date, the Debtor and DRHI have entered into their First Amendment to Contract of Sale. The lienholders of the Property are Ceasons Holdings, LLC and and Ellis Management Company d/b/a Ellis Equity Lending. The State Court Action asserts claims and causes of action arising out of the conduct of the Lender Defendants in connection with numerous development and construction loans in the amount of approximately $7,900,000.00. In the event, the Debtor is successful in its claims against Lender Defendants, the sale of the Debtor Lots will generate a substantial profit of approximately for the Debtor's estate, which represents a significant return on the Debtor's investment in the Debtor Lots and the Subdivision. If the Debtor were to reject the Amended DRHI Contract, it would lose the benefit of the $4,895,000.00 purchase price and would be forced to retain the Debtor Lots and incur ongoing carrying costs, or to market the Debtor Lots to new potential buyers, which would likely result in significant delays and potentially a lower purchase price. The Debtor has determined that the Amended DRHI Contract represents fair market value for the Debtor Lots based on current market conditions and comparable sales in the area. The Debtor will show that Buyer is entitled to the protections of a good faith purchaser. About Parkerville, LP Parkerville, LP is a real estate holding company focused on the ownership and management of property assets. Parkerville, LP filed for Chapter 11 protection under the U.S. Bankruptcy Code (Bankr. Case No. 25-44890) on December 15, 2025. The petition lists assets valued between $1 million and $10 million, with liabilities in the same range. The case is overseen by Honorable Bankruptcy Judge Mark X. Mullin. The debtor is represented by Joyce W. Lindauer, Esq., of Joyce W. Lindauer Attorney, PLLC. PARKVIEW FOOD: Ronald Friedman Named Subchapter V Trustee --------------------------------------------------------- The U.S. Trustee for Region 2 appointed Ronald Friedman, Esq., at Rimon, PC as Subchapter V trustee for Parkview Food Center, LLC. Mr. Friedman will be paid an hourly fee of $800 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Friedman declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Ronald J. Friedman, Esq. Rimon PC 100 Jericho Quadrangle, Ste. 300 Jericho, NY 11753 Email: ronald.friedman@rimonlaw.com About Parkview Food Center LLC Parkview Food Center, LLC is a Brooklyn, New York-based limited liability company that operates a neighborhood grocery store at 109 Lawrence Avenue, offering fresh produce, pantry staples, household goods, and other everyday essentials to local customers. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. N.Y. Case No. 25-45929) on December 11, 2025, with $114,534 in assets and $3,241,912 in liabilities. Sarah Ehrenfeld, member, signed the petition. Judge Elizabeth S. Stong presides over the case. Charles Wertman, Esq., at the Law Offices of Charles Wertman, P.C. represents the Debtor as bnakruptcy counsel. PATRON WESTERN: Katharine Battaia 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 Patron Western Wear, 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 Patron Western Wear LLC Patron Western Wear LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Texas Case No. 25-44892) on December 15, 2025, with $100,001 to $500,000 in assets and liabilities. Judge Mark X. Mullin presides over the case. Robert Thomas DeMarco, Esq., represents the Debtor as legal counsel. PC LEARNING: Gets Interim OK for DIP Financing From Julie Kaplan ---------------------------------------------------------------- PC Learning Centers, Inc. received interim approval from the U.S. Bankruptcy Court for the Southern District of New York to use cash collateral and obtain debtor-in-possession financing to get through bankruptcy. The Debtor operates a technology conference center at leased premises in Manhattan, where it advances costs for client events such as catering and cleanup which are later reimbursed by clients. This operating model creates periodic cash flow gaps, especially when combined with unexpected expenses. Historically, the Debtor has relied on short-term private financing to manage these gaps, primarily from Julie Kaplan, the wife of the Debtor's vice president, through short-term loans and authorized use of her personal credit card. These arrangements existed prepetition and are reflected as unsecured debts on the Debtor's schedules. Although the Debtor has operated profitably since filing for bankruptcy, it is entering a seasonally slower period around the holidays, when revenues typically decline. To maintain liquidity through this period and ideally through confirmation of a Subchapter V plan, the Debtor intends to continue its established financing relationship with Ms. Kaplan. The DIP Loan Agreement provides for a revolving line of credit of up to $120,000 and continued use of Ms. Kaplan's personal credit card. The Debtor emphasizes that these terms mirror its pre-petition ordinary course practices but seeks court approval out of caution and transparency. The loan terms include a 5% annual interest rate compounded daily, borrowing subject to a detailed operating budget with limited variance, and a maturity date tied to key case milestones such as plan confirmation or case conversion. Any liens granted to Ms. Kaplan would be junior to existing replacement liens held by Citibank and the U.S. Small Business Administration, and her administrative priority claim would apply only to the extent of any collateral shortfall, subordinated to Citibank and SBA administrative claims but on par with other administrative creditors. The agreement includes multiple debtor-protective features, such as no cross-collateralization of prepetition debt, no rollup, no prepayment penalty, no change-of-control provisions, no exit financing requirements, no releases of claims, and no obligation for the debtor to pay the lender's legal fees. A limited carve-out of up to $5,000 is provided for potential Chapter 7 trustee costs. The Debtor asserts that it cannot obtain unsecured credit from any source other than Ms. Kaplan, given its small size, limited assets, and recent financial distress. Without approval of the proposed post-petition financing, the debtor contends it will lack sufficient liquidity to continue operations, making a successful Subchapter V reorganization highly unlikely. The final hearing is set for January 6, 2026. The interim order is available at https://is.gd/JclpPt from PacerMonitor.com. About PC Learning Centers PC Learning Centers, Inc., doing business as NYC Seminar and Conference Center (NYCSCC), operates a 9,300-square-foot event and conference facility in New York City's Flatiron District, Chelsea neighborhood. The center provides flexible seminar and meeting spaces accommodating 6 to 200 participants, supporting hybrid events with integrated audiovisual and technology infrastructure, including internet connectivity, video conferencing, and on-site tech support. NYCSCC offers event planning services, catering options, customizable room configurations and online booking, targeting corporate meetings, training sessions, and professional seminars. PC Learning Centers filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. N.Y. Case No. 25-11964) on September 9, 2025, with up to $50,000 in assets and $1 million to $10 million in liabilities. Tod Shapiro, vice president of PC Learning Centers, signed the petition. Judge Michael E. Wiles presides over the case. Kenneth L. Baum, Esq., at the Law Offices of Kenneth L. Baum, LLC represents the Debtor as the bankruptcy counsel. PHARMIX USA: Carol Fox of GlassRatner Named Subchapter V Trustee ---------------------------------------------------------------- The Acting U.S. Trustee for Region 21 appointed Carol Fox of GlassRatner as Subchapter V trustee for Pharmix USA, LLC. Ms. Fox will be paid an hourly fee of $450 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Fox declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Carol Fox GlassRatner 200 East Broward Blvd., Suite 1010 Fort Lauderdale, FL 33301 Tel: 954.859.5075 Email: cfox@brileyfin.com About Pharmix USA LLC Pharmix USA, LLC operates as a privately held company within the pharmaceutical and healthcare industry. On December 17, 2025, Pharmix USA sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-24876), listing up to $50,000 in assets and liabilities. Judge Laurel M. Isicoff oversees the case. The Debtor is represented by Thomas G. Zeichman, Esq. PINE GATE RENEWABLES: Gets Final OK for DIP Financing ----------------------------------------------------- Pine Gate Renewables, LLC and its affiliates received final approval from the U.S. Bankruptcy Court for the Southern District of Texas to obtain post-petition financing to get through bankruptcy. The final order, signed by Judge Christopher Lopez, authorized the Debtors to obtain up to $1.66 billion in superpriority senior secured, multi-draw, delayed draw DIP term loan financing from the lenders, associated with Fundamental Renewables, Brookfield Asset Management, and The Carlyle Group. The $1.66 billion loan consists of $551.51 million under the Brookfield DIP facility, $373.97 million under the Carlyle DIP facility, and $730.76 million under the Fundamental DIP facility. The final order also authorized the Debtors to roll up approximately $652 million in pre-bankruptcy debt. The approval follows the court's prior rejection of the Debtors' request to roll up $1.4 billion on an interim basis. As protection, the DIP lenders were granted valid, non-avoidable and automatically perfected security interests and liens on assets securing the DIP loans. In addition, the DIP lenders were granted, on a final basis, allowed superpriority administrative expense claims. Use of Cash Collateral The final order also authorized the Debtors to use the cash collateral of pre-bankruptcy secured creditors from the interim order effective date until the DIP termination date. As adequate protection, pre-bankruptcy secured creditors were granted replacement security interest in and lien on the applicable collateral securing the DIP loans, subject and subordinate to the fee carveout and DIP liens. They are also entitled to an allowed administrative expense claim, subject to the carveout and DIP superpriority claims. The Debtors assert they need the DIP financing and consensual use of cash collateral to achieve their objectives in their Chapter 11 cases, adding this will stabilize operations and support a value-maximizing sale process for all stakeholders. The Debtors, through their in-house finance team, source financing for each stage of a project, including through debt facilities from lenders associated with Fundamental Renewables, Brookfield Asset Management, and The Carlyle Group. Each of the corporate-level debt facilities has separate collateral and obligors. As of the petition date, the Debtors had approximately $1.48 billion in pre-bankruptcy corporate debt. Bid Administrator LLC, as Brookfield DIP agent, is represented by: John F. Higgins, Esq. Megan N. Young-John, Esq. Jack M. Eiband, Esq. 1000 Main Street, 36th Floor Houston, TX 77002 Phone: (713) 226-6000 Fax: (713) 228-1331 jhiggins@porterhedges.com myoung-john@porterhedges.com jeiband@porterhedges.com -and- Brian S. Hermann, Esq. Robert A. Britton, Esq. Douglas R. Keeton, Esq. PAUL, WEISS, RIFKIND, WHARTON & GARRISON LLP 1285 Avenue of the Americas New York, NY 10019 Telephone: (212) 373-3000 Facsimile: (212) 757-3990 bhermann@paulweiss.com rbritton@paulweiss.com dkeeton@paulweiss.com A copy of the final order is available at: http://bankrupt.com/misc/PineGateRenewables_FinalDIPOrder.pdf About Pine Gate Renewables Pine Gate Renewables, LLC develops, finances, constructs, and operates renewable energy projects across the United States. Founded in 2016, the company manages an operational portfolio of more than two gigawatts of solar and storage assets and maintains a development pipeline exceeding 30 gigawatts. It has arranged and secured roughly $10 billion in project financing and capital investment and, through its wholly owned subsidiary ACT Power Services, provides operations and maintenance support for over seven gigawatts of third-party solar and storage facilities. Pine Gate Renewables and its affiliates filed Chapter 11 petitions (Bankr. S.D. Texas Lead Case No. 25-90669) on November 6, 2025. In their petitions, Pine Gate Renewables reported between $1 billion and $10 billion in assets and liabilities. Honorable Bankruptcy Judge Christopher M. Lopez handles the cases. The Debtors tapped Timothy A. Davidson II, Esq., at Hunton Andrews Kurth, LLP and Latham & Watkins LLP as bankruptcy counsel; Alvarez & Marsal North America, LLC as financial advisor; Lazard Freres & Co., LLC as investment banker; and Omni Agent Solutions, Inc. as claims, noticing and solicitation agent. PITTS FUNERAL: Employs Rodney D. Shepherd as Legal Counsel ---------------------------------------------------------- Pitts Funeral Home & Cremation Service, LLC seeks approval from the United States Bankruptcy Court for the Western District of Pennsylvania to hire Rodney D. Shepherd, a professional practicing law, to serve as legal counsel. Mr. Shepherd will provide these services: (a) represent the Debtor in connection with its Chapter 11 bankruptcy case; (b) provide legal services necessary for the administration of the Chapter 11 case; and (c) perform legal services strictly related to the representation of the Debtor in the Chapter 11 Bankruptcy. The Debtor paid an up-front retainer of $3,000, which was paid pre-petition on October 28, 2025. Once the retainer becomes exhausted, counsel plans to bill at an hourly rate of $300. According to court filings, Rodney D. Shepherd has no connection with the Debtor or any other party in interest, holds no position or interest adverse to the Debtor, and is a disinterested person under applicable provisions of the Bankruptcy Code. The firm can be reached at: Rodney D. Shepherd, Esq. 2403 Sidney Street, Suite 208 Pittsburgh, PA 15203 Telephone: (412) 471-9670 E-mail: rodsheph@cs.com About Pitts Funeral Home & Cremation Service, LLC Pitts Funeral Home & Cremation Service, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. W.D. Pa. Case No. 25-23211 CMB) on November 25, 2025. At the time of the filing, the Debtor had estimated assets of between $500,001 and $1 million and liabilities of between $100,001 and $500,000. Honorable Judge Carlota M. Bohm oversees the case. Rodney D. Shepherd, Esquire serves as the Debtor's legal counsel. POSIGEN PBC: Orrick Represents TEP Class A Members DFO & M&T ------------------------------------------------------------ In the Chapter 11 bankruptcy cases of PosiGen, PBC, and its debtor-affiliates, Orrick, Herrington & Sutcliffe LLP filed with the United States Bankruptcy Court for the Southern District of Texas, Houston Division, a Verified Statement pursuant to Bankruptcy Rule 2019. According to the Verified Statement: 1. Orrick, Herrington & Sutcliffe LLP represents DFO Private Investments, L.P. and M&T Community & Environmental Development LLC, which are creditors and/or parties-in-interest in the Chapter 11 Cases, in their capacities as the Class A Members -- TEP Class A Members -- of certain tax equity partnerships formed between the TEP Class A Members and certain non-Debtor affiliates. 2. The TEP Class A Members hold claims, which may include unsecured pre-petition claims and potentially other claims, including, without limitation, claims under certain guarantees executed by Debtor PosiGen, PBC in connection with the TEPs in favor of the TEP Class A Members. The full amount of DFO's claims is no less than $4,434,427 (including indemnifiable legal fees), and the full amount of M&T's claims is no less than $22,291,452 (including indemnifiable legal fees). The information is based upon information provided by the TEP Class A Members to Orrick and is subject to change. 3. Orrick is engaged by each of the TEP Class A Members individually pursuant to engagement letters. If Orrick undertakes any additional representation of other clients in these Chapter 11 Cases, this Statement will be supplemented in accordance with Bankruptcy Rule 2019. 4. Orrick has no prepetition claims against or equity interest in the Debtors. 5. Orrick does not currently represent or purport to represent any other parties in these Chapter 11 Cases. In addition, Orrick does not represent the TEP Class A Members as a formal ad hoc group or a "committee" (as such term is used in the Bankruptcy Code and Bankruptcy Rules) and does not undertake to represent the interests of, and is not a fiduciary for, any other creditor, party in interest, or other entity that has not signed an engagement letter with Orrick. The TEP Class A Members do not represent or purport to represent any other entities in connection with these Chapter 11 Cases. None of the TEP Class A Members represent the interests of, nor act as a fiduciary for, any person or entity other than themself in connection with the Chapter 11 Cases. 6. Nothing contained in this Statement should be construed as (i) a waiver or release of any claims against or equity interests in the Debtors; (ii) a waiver or release of any rights, actions, defenses, setoffs or recoupments to which any of the TEP Class A Members may be entitled, in law or in equity, pursuant to applicable law or under any agreement or otherwise, with all such rights, actions, defenses, setoffs or recoupments being expressly reserved in all respects; (iii) an admission with respect to any fact or legal theory; (iv) a waiver or release of the rights of any of the TEP Class A Members to have any final order entered by, or other exercise of the judicial power of the United States performed by an Article III court; (v) a waiver or release of the rights of any of the TEP Class A Members to have any and all final orders in any and all non-core matters entered only after de novo review by a United States District Judge; (vi) consent to the jurisdiction of the Court over any matter; (vii) an election of remedies; (viii) a waiver or release of any rights of any of the TEP Class A Members may have to a jury trial; or (ix) a waiver or release of the right to move to withdraw the reference with respect to any matter or proceeding that may be commenced in these Chapter 11 Cases against or otherwise involving any of the TEP Class A Members. Nothing should be construed as a limitation upon, or waiver of, any rights of any Customer to assert, file, and/or amend any proof of claim in accordance with applicable law and any order entered in these cases establishing procedures for filing proofs of claim or interests 7. The information contained herein is intended only to comply with Bankruptcy Rule 2019 and is not intended for any other use or purpose. The names and addresses of the TEP Class A Members represented by Orrick are as follows: 1. DFO Private Investments, L.P. 1 Vanderbilt Avenue, 26th Floor New York, NY 10017 Attn: John Bailey 2. M&T Community & Environmental Development LLC c/o M&T Community & Environmental Development Corp. 250 South Clinton Street, 4th Floor Syracuse, NY 13202 Attn: Ally Kinney; Eric Heintz Counsel to DFO Private Investments, L.P. and M&T Community & Environmental Development LLC Emanuel C. Grillo, Esq. David Litterine-Kaufman, Esq. Jacob R. Herz, Esq. Jenna MacDonald Busche, Esq. 51 West 52nd Street New York, NY 10019-6142 Telephone: (212) 506-5000 Facsimile: (212) 506-5151 Email: egrillo@orrick.com dlitterinekaufman@orrick.com jherz@orrick.com jmacdonaldbusche@orrick.com About PosiGen, PBC PosiGen, PBC is a residential solar energy company. PosiGen PBC and its debtor-affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-90787) on Nov. 24, 2025. In its petition, the Debtor reports estimated assets and liabilities between $100 million and $500 million each. The Honorable Bankruptcy Judge Alfredo R. Perez handles the case. The Debtors have hired at White & Case as counsel; FTI Consulting, Inc., as financial advisor; and Kroll Restructuring Administration, LLC as claims and noticing agent. The Official Committee of Unsecured Creditors has retained McDermott Will & Schulte LLP and Pachulski Stang Ziehl & Jones LLP as counsel. POSIGEN PBC: Secures Bankruptcy Financing Deal w/ Major Creditors ----------------------------------------------------------------- Randi Love of Bloomberg Law reports that PosiGen PBC's major stakeholders have agreed to provide up to $41 million in bankruptcy financing to help the solar installer navigate its restructuring. The financing is designed to support ongoing operations and facilitate a smooth transition of assets. Under the deal, disputes with solar project investors are resolved, and virtually all of PosiGen's assets will be sold to lenders through a credit bid matching the financing amount, according to a December 24, 2025 filing in the U.S. Bankruptcy Court for the Southern District of Texas. On Friday, List Government Receivables Fund LLC, acting as collateral agent, and other bridge lenders objected to the proposed court approval timeline, citing concerns that it does not allow sufficient review time, the report states. About PosiGen PBC PosiGen PBC is a residential solar energy company. PosiGen PBC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-90787) on November 24, 2025. In its petition, the Debtor reports estimated assets and liabilities between $100 million and $500 million each. Honorable Bankruptcy Judge Alfredo R. Perez handles the case. The Debtor is represented by Charles R. Koster, Esq. of White & Case. PRACTICETEK PURCHASER: Cliffwater Virtually Writes Off $1.9MM Loan ------------------------------------------------------------------ Cliffwater Enhanced Lending Fund has marked its $1,934,381 loan extended to PracticeTek Purchaser LLC to market at $50,801 or 3% of the outstanding amount, according to Cliffwater's Form N-CSRS for the semi-annual period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. Cliffwater Enhanced is a participant in a Delayed Draw Loan to PracticeTek Purchaser LLC. The loan accrues interest at a rate of 9.91% per annum. The loan matures on August 30, 209. The Cliffwater Enhanced Lending Fund is a closed-end, non-diversified management investment company registered under the Investment Company Act of 1940. The Fund is a "fund of funds" that operates and is organized as an interval fund. Cliffwater LLC serves as the investment adviser of the Fund. The Fund's primary investment objective is to seek high current income and modest capital appreciation, while the Fund's secondary objective is capital preservation. Cliffwater Enhanced is led by Stephen Nesbitt as Principal Executive Officer, and Lance J. Johnson as Treasurer and Principal Financial Officer. The Company can be reach through: Stephen Nesbitt Cliffwater Enhanced Lending Fund 235 West Galena Street Milwaukee, WI 53212 Telephone: (414) 299-2030 About PracticeTek Purchaser LLC PracticeTek is an innovative software and services company delivering solutions that foster exceptional patient experiences, attract new patients. PRAESUM HEALTHCARE: Cash Collateral Hearing Set for Dec. 30 ----------------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of Florida, West Palm Beach Division, will hold a hearing on December 30 to consider the request of Praesum Healthcare Services, LLC and its affiliates to continue to use cash collateral. The Debtors' authority to use cash collateral pursuant to the court's ninth interim order expires on December 30. The ninth interim order entered on December 22 authorized the Debtors to pay business expenses from the cash collateral consistent with their budget. The order granted City National Bank of Florida and nine other secured creditors protection through post-petition liens on the Debtors' personal property, with the same priority and extent as their pre-bankruptcy liens on such property. The other creditors are C T Corporation System; ASD Special Healthcare, LLC; Amerisourcebergen Drug Corporation; Navitas Credit Corp.; Family Funding Group, LLC; First Corporate Solutions; I Got Funded, LLC; and the U.S. Small Business Administration. Praesum Healthcare Services provides administrative support and centralized cash management for 27 affiliated treatment providers that operate across the detox, residential, and outpatient substance abuse treatment spectrum in multiple states. Cash from each treatment provider is swept daily into a Praesum-controlled account, from which operating expenses are paid. City National Bank of Florida, which provided $23 million in financing to Praesum in 2023, holds a blanket lien on the Debtors' assets and has declared the loan in default, filing a lawsuit and seeking a receiver. The amounts deposited by City National Bank of Florida into the Debtors' accounts at the bank (including $750,000 on September 4, $660,000 on August 22, and $1,683,354.59 on August 20) are treated as the bank's cash collateral, subject to prior orders and protections. 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. 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 PREMIER LUMBER: Unsecureds to be Paid in Full over 36 Months ------------------------------------------------------------ Premier Lumber Company, Inc. and TexStar Lumber, Inc., filed with the U.S. Bankruptcy Court for the Eastern District of Texas an Amended Plan of Reorganization under Subchapter V dated December 16, 2025. Premier Lumber owns the real property located at 5925 FM 1003 S, Kountze, Texas 77625, which consists of a 33.53-acre lot on which the sawmill facility, and all improvements thereon, is located (collectively, the "Sawmill"). The Sawmill houses the equipment used to operate the Debtors' business (the "Equipment"), which was used to produce the Debtors' revenues prior to the forced cessation of the Debtors' business operations. TexStar runs the Debtors' day-to-day operations and previously employed workers to operate the Sawmill. In September 2023, the Debtors took a term loan and a revolving loan in the principal amounts of $1,335,000 and $165,000, respectively (collectively, the "Byline Loans"), from Byline Bank, which are guaranteed by the U.S. Small Business Administration ("SBA"). As of the Petition Date, the Debtors' total prepetition indebtedness to Byline Bank is estimated to be $1,487,485.00. The Debtors felt compelled to file for bankruptcy relief because the Debtors' pre-petition lender, Byline Bank, posted the Sawmill for a foreclosure sale scheduled for July 1, 2025. Such foreclosure would have made it impossible for the Debtors to ever repay their debts and other financial obligations. This Chapter 11 Case was commenced under Subchapter V of the Bankruptcy Code. Subchapter V enables small business debtors such as the Debtors to more effectively reorganize in Chapter 11. Class 4 consists of General Unsecured Claims. Pro Rata distribution from unsecured creditor pool paid following payment of all allowed administrative expense and priority claims. This class will be paid in full with no interest over 36 months with payments beginning in the seventh month after the Effective Date or the month following when the Reorganized Debtor's cash reserves reach $500,000, whichever is later. After the initial payment, the Reorganized Debtor shall make at least one payment to this class every three months. Exhibit B shows the Reorganized Debtor making monthly payments of $69,609.66 beginning in the seventh month. This is one hypothetical scenario. The Reorganized Debtor may begin payments at a different date and in a different amount provided that it begins making payments as outlined above and creditors are paid in full no later than 36 months after the Effective Date. The Reorganized Debtor may pay unsecured creditors in full earlier than 36 months, with no penalty, if it so chooses. The interests of Equity Holders of the Debtors will be canceled upon the Effective date. New shares in the Reorganized Debtor will be issued, with 100% of those shares going to Prime Tex Lumber, LLC. The Reorganized Debtor will continue to operate its business and is authorized to take any actions it deems necessary to operate same. The Plan will be funded from the Reorganized Debtor's disposable income earned from the Debtor's operations. To date, the Debtors have filed monthly operating reports for July 2025 through August 2025. A full-text copy of the Disclosure Statement dated December 16, 2025 is available at https://urlcurt.com/u?l=qzfivc from PacerMonitor.com at no charge. Counsel to the Debtor: Lloyd A. Lim, Esq. Rachel T. Kubanda, Esq. KEAN MILLER LLP 711 Louisiana Street, Suite 1800 South Tower Houston, TX 77002 Telephone: (713) 362-2550 E-mails: Lloyd.Lim@KeanMiller.com Rachel.Kubanda@KeanMiller.com About Premier Lumber Company Inc. Premier Lumber Company Inc. owns the real property located at 5925 FM 1003 S, Kountze, Texas 77625, which consists of a 33.53-acre lot on which the sawmill facility, and all improvements thereon, is located (collectively, the "Sawmill"). The Debtor sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Tex. Case No. 25-10295) on June 30, 2025. At the time of the filing, Debtors had estimated assets of between $1,000,001 to $10 million and liabilities of between $1,000,001 to $10 million. Judge Joshua P. Searcy oversees the case. Kean Miller LLP is Debtors' legal counsel. PRIME CAPITAL: Trustee Files Liquidating Plan --------------------------------------------- Yann Geron, the chapter 11 trustee for Prime Capital Ventures, LLC, submitted a Disclosure Statement to accompany Plan of Liquidation for the Debtor dated December 16, 2025. On or around July 26, 2006, Prime Commercial Lending, LLC was formed as a New York limited liability company. Prime Commercial appears to have been a small lender making loans as small as $22,000 to businesses and up to $2 million on commercial real estate. On December 14, 2021, Kris Daniel Roglieri formed the Debtor as a Delaware limited liability company. Upon information and belief, until on or around May 15, 2024, Roglieri was the manager of the Debtor and its chief executive. In addition, brother and sister Kimberly Humphrey, a/k/a Kimberly Owen and Christopher Snyder ("Snyder," and collectively with Roglieri and Humphrey, the "Debtor Insiders") assisted Roglieri in the operation of the Debtor and had intimate knowledge of the Debtor's operations. The concept was apparently that the Debtor would be Prime Commercial's division as "a fund specifically designed to provide capital for large development, commercial development and commercial real estate transactions from $50 million to more than $1 billion." By December 2023, the Debtor was besieged by litigation largely from borrowers who did not get their loans funded and wanted the return of their ICA Deposits. On May 28, 2024, a criminal complaint was filed by the United States of America (the "Government"), by and through the United States Attorney's Office, Northern District of New York (the "U.S. Attorney") against Roglieri commencing Case No. 24-cr 00392 (MAD) (N.D.N.Y.) (the "Roglieri Criminal Case"), wherein he is charged with five counts of wire fraud in violation of Section 1343 of the Bankruptcy Code, and for forfeiture of assets. Roglieri was arrested on May 31, 2024. On November 13, 2025, a plea agreement was filed, wherein Roglieri changed the previously entered plea of not guilty and plead guilty to Count 1 charging conspiracy to commit wire fraud, in violation of Section 1349, 1343 of the Bankruptcy Code (the "Roglieri Plea"). Roglieri's sentencing is currently scheduled for March 11, 2026. The Trustee is seeking a finding that the Debtor Insiders were conducting an advance fee/Ponzi scheme by and through the Debtor. As of the date of this Disclosure Statement, a total of 31 claims were filed against the Debtor and its bankruptcy estate. The claims asserted the following amounts: (i) secured claims in the amount of approximately $10 million; and (iii) unsecured claims in the amount of approximately $238 million. Class 2 consists of General Unsecured Claims in the Chapter 11 Case that are asserted, filed or scheduled against the Debtor. Each Holder of an Allowed General Unsecured Claim shall receive their pro rata share from the remaining portion of the Post Confirmation Estate Fund, after satisfaction in full of senior Claims. The pro rata share of each Holder's Allowed Class 2 Claim shall be determined by a formula, the numerator of which is the then unsatisfied amount of such Holders' Class 2 Allowed Claim and the denominator of which is the aggregate unsatisfied amount of the remaining Allowed Class 2 Claims. Distributions to holders of Allowed Class 2 Claims shall be made by the Plan Administrator from the Post-Confirmation Estate Fund until all Allowed Class 2 Claims are paid in full or the Post Confirmation Estate Fund is depleted. Class 2 is Impaired and Holders of General Unsecured Claims are therefore entitled to vote on the Plan. Creditor Assignors, Holders of Allowed Class 2 Claims that choose to execute a Creditor Assignment and assign their Creditor Related Causes of Action to the Plan Administrator for prosecution, shall receive, after payment and satisfaction of any outstanding Post Confirmation Expenses, such Creditor Assignors' pro rata share of the Creditor Related Causes of Action Fund. Unless otherwise fixed by the Bankruptcy Court, each Creditor Assignor's share of the Creditor Related Causes of Action Fund shall be presumed to be pro rata based upon the amount of such Creditor Assignor's outstanding Allowed Class 2 Claim. Holders of Allowed Class 2 Claims that choose not to assign their Creditor Related Causes of Action to the Plan Administrator shall be permitted to pursue any such claims individually but shall have no right to participate in the Creditor Related Causes of Action Fund, if any. Pursuant to the Government Stipulation, holders of Allowed Class 2 Claims will be permitted to share pro rata in the Victim Fund comprised of the net proceeds of the Subject Vehicles and other seized property voluntarily turned over to the Debtor, the Trustee, or the Plan Administrator by the Government unless the Government determines that any holders of Allowed Class 2 Claims are not Victims of the Debtor's fraud, in which case such holders of Allowed Class 2 Claims will be excluded from the sharing in distributions from the Victim Fund, but will retain the right and ability to share in all other distributions to which holders of Allowed Class 2 Claims are entitled under the Plan. Class 3 consists of the Equity Interests in the Debtor. Class 3 Equity Interests are Impaired as they will receive no Distribution under the Plan. Class 3 Equity Interests are deemed to reject the Plan and, as such, are not entitled to vote to accept or reject the Plan. On the Effective Date, all Class 3 Equity Interests will be deemed canceled, null and void and of no force and effect. The Plan shall be funded by a combination of the proceeds of sale of the Debtor's Assets, and proceeds from liquidation of remaining Assets. The Plan Administrator shall utilize the PostConfirmation Estate Fund and in certain cases, the Creditor Related Causes of Action Fund, for purposes of making distributions to holders of Allowed Claims in Classes 1 and 2 after payment of Allowed Administrative Expense Claims and reserving for Disputed Claims. The Confirmation Order shall provide for the appointment of the Plan Administrator. The Plan Administrator shall be deemed the PostConfirmation Estate's exclusive representative in accordance with section 1123 of the Bankruptcy Code and shall have all powers, authority and responsibilities specified under sections 704 and 1106 of the Bankruptcy Code. A full-text copy of the Disclosure Statement dated December 16, 2025 is available at https://urlcurt.com/u?l=UBFe12 from PacerMonitor.com at no charge. General Counsel to Yann Geron, Chapter 11 Trustee of the Debtor: Yann Geron, Esq. Nicole N. Santucci, Esq. Geron Legal Advisors LLC 370 Lexington Avenue, Suite 1208 New York, NY 10017 Telephone: (646) 560-3224 Email: ygeron@geronlegaladvisors.com Special Litigation Counsel to Yann Geron, Chapter 11 Trustee of the Debtor: Fred Stevens, Esq. Lauren C. Kiss, 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 Email: fstevens@klestadt.com About Prime Capital Ventures Prime Capital owns a residential property located at 600 Linkhorn Drive, Virginia Beach, VA 23451, valued at $4.02 million. Prime Capital Ventures, LLC, filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D.N.Y. Case No. 24-11029) on Sept. 16, 2024, listing $6,452,230 in assets and $244,529,327 in liabilities. The petition was signed by Christian H. Dribusch as manager. Christian H. Dribusch, Esq., at Dribusch Law Firm, is the Debtor's counsel. Yann Geron was appointed as trustee in the Chapter 11 case. He tapped Geron Legal Advisors LLC as bankruptcy counsel and Klestadt Winters Jureller Southard & Stevens LLP as special litigation counsel. PRINCETON LAKES: Hires Jones & Walden LLC as Legal Counsel ---------------------------------------------------------- Princeton Lakes Pediatrics, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Georgia to hire Thomas T. McClendon of Jones & Walden LLC to serve as legal counsel. Mr. McClendon will provide these services: (a) preparing pleadings and applications; (b) conducting examination; (c) advising Debtor of its rights, duties and obligations as a debtor-in-possession; (d) consulting with Applicant and representing Applicant with respect to a Chapter 11 plan; (e) performing those legal services incidental and necessary to the day-to-day operations of Debtor's business; and (f) taking any and all other action incident to the proper preservation and administration of Applicant's estate and business. Jones & Walden LLC shall receive hourly rates of $225 to $500 for attorneys and $150 to $250 for paralegals and law clerks, plus reasonable expenses, subject to review by the Court. Jones & Walden LLC 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: Thomas T. McClendon, Esq. JONES & WALDEN LLC 699 Piedmont Avenue, NE Atlanta, GA 30308 Telephone: (404) 564-9300 E-mail: TMcClendon@joneswalden.com About Princeton Lakes Pediatrics, LLC Princeton Lakes Pediatrics, LLC, founded in 2007 by Dr. Dekisha Drayton, operates medical practices in Atlanta and Kennesaw, Georgia, providing pediatric care and related clinical services to children and adolescents from birth through age 18 across the greater Atlanta area. The practice offers routine checkups, immunizations, screenings, and general pediatric treatment, which include separate entrances for well and sick children to reduce the spread of illness. Princeton Lakes Pediatrics, LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-64395) on December 10, 2025. In its petition, the debtor reports estimated assets of $0 to $100,000 and estimated liabilities ranging from $1 million to $10 million. Honorable Chief Bankruptcy Judge Barbara Ellis-Monro is handling the case. The debtor is represented by Thomas T. McClendon, Esq. of Jones & Walden, LLC. PROSPECT MEDICAL: Gets Final OK for DIP Loan, Cash Collateral ------------------------------------------------------------- Prospect Medical Holdings, Inc. and affiliates obtained final approval from the U.S. Bankruptcy Court for the Northern District of Texas, Dallas Division, to obtain additional debtor-in-possession financing from MPT TRS Lender PMH, LLC and use cash collateral. The court approved the additional loan, which consists of a single draw secured new money term loan of $15 million available immediately upon execution of the amended DIP term loan agreement; and a multi-draw secured new money term loan of up to $10 million available after the initial $15 million loan has been funded, subject to certain conditions. The Debtors may access the $10 million loan in tranches if their projected cash falls below a defined threshold, enabling them to manage week-to-week liquidity while completing critical tasks. Back Stop Facility The HCo Debtors were authorized to enter into the Incremental Backstop Tranche, as defined, and subject to the terms and conditions set forth, in the Upsize Superpriority DIP Term Sheet. Contemporaneously with the Plan Effective Date, the Backstop Facility Lender will enter into the Amended Backstop Credit Agreement, which, at the option of the Backstop Facility Lender in its sole discretion, may provide for, in addition to the $30 million single draw, secured new money term loan already committed by the Backstop Facility Lender as set forth in the Acceptable Plan , the Incremental Backstop Tranche. All amounts owing by the borrowers under the Backstop Facility shall be secured by a perfected, first-priority security interest in and lien on the proceeds of the Assigned Estate Causes of Action and all other assets, if any, transferred (or to be transferred) to the GUC Trust. Substantially concurrently with the Effective Date, the GUC Trust will assume all of the Debtors' obligations under the Backstop Facility and the Debtors shall be wound down pursuant to the Acceptable Plan. Interest on the term loans (i) advanced under the Original Backstop Facility shall accrue at a rate equal to 14% per annum and (ii) advanced under the Incremental Backstop Tranche shall accrue at a rate equal to 17% per annum, in each case, payable in kind (capitalizing at the end of each fiscal quarter) and shall have a 5-year maturity with mandatory repayment provisions upon the earlier of the Backstop Maturity Date or recovery of the Backstop Facility through application of Net Proceeds under the Recovery Waterfall. If and when the borrowers under the Backstop Facility pays, for any reason (including, but not limited to, payment upon maturity, any optional prepayment, or any mandatory prepayment, whether or not after the occurrence of an Event of Default or after acceleration, including in connection with the commencement of any insolvency proceeding), all or any part of the principal balance of any term loans outstanding under the Incremental Backstop Tranche at any time on or after the six month anniversary of the Plan Effective Date, the borrowers under the Backstop Facility shall pay to the Backstop Facility Lender a premium on the amount so repaid or prepaid in an amount that would result in the Backstop Facility Lender having received cash payments in an amount equal to at least the MOIC Threshold. A copy of the final order is available at https://urlcurt.com/u?l=dpaqvC 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. PUBLISHERS CLEARING: Court OKs Liquidation Plan After Sale ---------------------------------------------------------- James Nani of Bloomberg Law reports that the sweepstakes and marketing company formerly known as Publishers Clearing House LLC received bankruptcy court approval of a liquidation plan that is expected to leave remaining prize winners with only nominal recoveries. U.S. Bankruptcy Judge Martin Glenn approved the plan during a Monday, December 22, 2025, hearing in the Southern District of New York, transferring control of the company's liquidation and wind-down process to counsel for the unsecured creditors' committee. The hearing proceeded without opposition. "I'm glad we're able to dispose of this very quickly," Judge Glenn said. Publishers Clearing House was founded in 1953 and became widely known for its direct-mail sweepstakes and prize promotions. About Publishers Clearing House Publishers Clearing House LLC is a direct-to-consumer company offering free-to-play digital entertainment. Through its PCH/Media division, PCH helps brands and advertisers connect with qualified, responsive audiences across its extensive chance-to-win gaming platforms. PCH has evolved into a multi-channel media company, combining digital entertainment, direct-to-consumer marketing, and commerce to create compelling experiences for users and brands alike. Publishers Clearing House filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-10694) on April 9, 2025. The case is pending before the Honorable Martin Glenn. Klestadt Winters Jureller Southard & Stevens, LLP is serving as legal advisor, William H. Henrich and Laurence Sax from Getzler Henrich & Associates LLC are serving as co-chief restructuring officers, SSG Capital Advisors, LLC, is serving as investment banker, and C Street Advisory Group is serving as strategic communications advisor to the Company. Omni Agent Solutions is the claims agent. On April 24, 2025, the Office of the United States Trustee for the Southern District of New York appointed an official committee of unsecured creditors appointed in this Chapter 11 case. The committee tapped Rimon PC as counsel. PULASKI ROOFING: Seeks to Hire Smith Ortiz P.C. as Legal Counsel ---------------------------------------------------------------- Pulaski Roofing & Construction Co. seeks approval from the U.S. Bankruptcy Court for the Northern District of Illinois, Eastern Division, to hire Ted A. Smith of Smith Ortiz P.C. to serve as legal counsel. Mr. Smith will provide these services: (a) represent the Debtor in matters concerning negotiation with creditors; (b) preparation of a plan and disclosure statements; (c) examining and resolving claims filed against the estate; (d) preparation and prosecution of adversary matters; and (e) otherwise represent the Debtor in matters before the Court. Mr. Smith will receive an hourly rate of $350. Prior to filing this case, the Debtor paid a retainer of $4,262.00 for pre-petition work and $1,738.00 for filing fees. The firm can be reached at: Ted A. Smith, Esq. Smith Ortiz P.C. 4309 W. Fullerton Avenue Chicago, IL 60639 Telephone: (773) 384-7400 E-mail: ted.smith@smithortiz.com About Pulaski Roofing & Construction Co. Pulaski Roofing & Construction Co. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-18718) on December 5, 2025, with up to $50,000 in assets and between $100,001 and $500,000 in liabilities. Judge David D. Cleary presides over the case. Ted Smith, Esq., at Smith Ortiz PC represents the Debtor as legal counsel. RELLIS CAMPUS: Gets Interim OK for DIP Financing From Twelve Bridge ------------------------------------------------------------------- RELLIS Campus Data and Research Center, LLC and its affiliates received interim approval from the U.S. Bankruptcy Court for the Southern District of Texas to obtain post-petition financing to get through bankruptcy. The interim order, signed by Judge Alfredo Perez, authorized the Debtors to obtain an initial $1.5 million from Twelve Bridge Capital, LLC. The lender has committed to provide up to $3.3 million in superpriority senior secured, multi-draw, delayed draw DIP term loan financing. The terms and conditions of the DIP term sheet were approved. As protection, the DIP lender will be granted valid, binding, continuing, enforceable, non-avoidable, and automatically and properly perfected security interests and liens securing the DIP loans and an allowed superpriority administrative expense claim. Based on the DIP motion and on the record presented to the court at the interim hearing, the court finds that the total pre-petition secured debt, at most, is $24,752,536.59, and the Debtors' data center facility, including all rights, interests and agreements related thereto, has a net book value of $30,351,108.80, and a fair market value likely in excess of its net book value, and as such, the pre-petition secured creditors have an equity cushion in excess of the DIP facility on the data center facility and are thus adequately protected pursuant to 11 U.S.C. Sec. 364(d)(1)(b). Further, both Vantage and TPB have secured personal guaranty's from Sam Tenorio III, which evidences additional adequate protection on their pre-petition secured debt. The DIP facility is due and payable on the earliest of: 1. June 1, 2026; 2. the closing of any sale or other disposition of all or substantially all of the assets of the Debtors pursuant to 11 U.S.C. section 363; 3. a recapitalization of the Debtor pursuant to a sale or plan of reorganization; 4. the effective date of any Chapter 11 plan of reorganization with respect to the borrowers; 5. the date of the acceleration of the DIP term loans and the termination of the DIP commitment in accordance with the DIP documents; 6. dismissal or conversion of the Chapter 11 cases to cases under Chapter 7 of the Bankruptcy Code; 7. the date an order is entered in any bankruptcy case appointing a Chapter 11 trustee or examiner with enlarged powers; 8. any lender other than the DIP lender providing any commitment or funding to the borrowers, including debtor-in-possession financing before or after entry of the interim order; and 9. the occurrence of an event of default. The Debtors are required to comply with these milestones: 1. The bankruptcy court must have entered the DIP interim order no later than two business days after the hearing on Debtors' motion for DIP financing; 2. Entry of the final DIP order within 28 days after entry of the interim order, which order must not be stayed or subject to appeal; 3. The Debtors must have filed a bid procedures and sale motion no later than February 1, 2026, seeking approval of bid procedures for the sale of the Debtors' assets and upon culmination of the bid procedures hearing, an Order approving the bid procedures and a subsequent order to be entered upon conclusion of the sale hearing; 4. The bankruptcy court must have entered the bid procedures order no later than 28 days after the filing of the bid procedures and sale motion; 5. The Debtors selecting a stalking horse bidder, if any, on or before March 15, 2026; 6. The Debtors must hold an auction (if any), pursuant to the bidding procedures order, no later than March 25, 2026; 7. The bankruptcy court must have entered one or more sale orders approving each of the winning bids resulting from such sales no later than April 5, 2026; and 8. Subject to the bankruptcy court's entry of a sale order, closing of the winning bids must occur no later than May 1, 2026. The Debtors said that the DIP facility is necessary to preserve going-concern value, facilitate either a restructuring or sale process, and ultimately maximize recoveries for all creditors, particularly Vantage, which they contend is adequately protected by a significant equity cushion in the project and a personal guaranty from the Debtors' principal. A copy of the interim order is available at https://is.gd/44sad0 from PacerMonitor.com. A final hearing is set for January 14, 2026. The deadline for filing objections is on January 9, 2026. The Debtors own a partially constructed data center located on Texas A&M University's RELLIS Campus, with a net book value exceeding $30 million and substantial interest from potential joint venture partners or buyers, many of whom have indicated a willingness to pay creditors in full upon exit from bankruptcy. However, none were willing to provide short-term liquidity to fund the Chapter 11 process. The Debtors' financial distress arose after the termination of an equity purchase agreement with ISQ NA DC Holdings, which failed to secure an anchor tenant or provide promised funding. This termination triggered cascading defaults under related agreements with the general contractor, Texas A&M University, and Vantage Bank, the Debtors' primary secured lender. As a result, Vantage declared a default and initiated foreclosure proceedings, Texas A&M issued a notice of default under the ground lease, and the contractor asserted liens and litigation claims. As of the petition date, the Debtors' secured debt totaled approximately $24.75 million, consisting primarily of Vantage Bank loans, a Texas Partners Bank line of credit, and construction-related claims secured by mechanics' and materialmen's liens, with an additional $7.4 million in unsecured debt largely owed to affiliates. After Vantage declined to provide post-petition financing, the Debtors sought third-party funding and negotiated a $3.3 million DIP facility with Twelve Bridge Capital, LLC. The proceeds would be used exclusively to fund professional fees, U.S. Trustee fees, and other administrative costs pursuant to a court-approved budget. Twelve Bridge Capital, as DIP lender, is represented by: Michael Fishel, Esq. FISHEL LAW GROUP 602 Sawyer, Suite 400 Houston, TX 77007 Telephone: (713) 294-0379 michael@FishelLawGroup.com About RELLIS RELLIS Campus Data and Research Center, LLC and Optimus DataCenters, LLC are two non-operator entities owned by TenTech-3 Holdings, LLC, formed to develop and manage a data center on Texas A&M University's RELLIS Campus in Bryan, Texas. The RELLIS Campus, designed to foster innovation and technology for public and private sector applications, provides the setting for the planned facility along State Highway 21 on its northern side. The Debtors filed Chapter 11 petitions (Bankr. S.D. Texas Lead Case No. 25-90666) on November 5, 2025. At the time of the filing, RELLIS listed between $10 million and $50 million in assets and liabilities while Optimus DataCenters listed between $10 million and $50 million in assets and up to $50,000 in liabilities. Judge Alfredo R Perez oversees the cases. The Debtors tapped Christopher Adams, Esq., at Okin Adams Bartlett Curry, LLP as legal counsel and Veritas Restructuring Group as restructuring and financial advisor. RESERVOIR FINANCIAL: DBRS Hikes Class E Loan Rating to B(low) ------------------------------------------------------------- DBRS, Inc. upgraded its provisional credit ratings on the Class D Loan and Class E Loan and subsequently finalized its provisional credit ratings on the Class A Loan, Class B Loan, Class C Loan, Class D Loan, and Class E Loan (together, the Loans) issued by Reservoir Financial, LLC, pursuant to the terms of the Fourth Amended and Restated Loan Agreement (the Loan Agreement) dated December 20, 2024, among Reservoir Financial, LLC, as the Borrower; Delaware Life Insurance Company as a Lender and the Managing Lender; Clear Spring Life and Annuity Company, as a Lender; and Cortland Capital Market Services LLC, as the Paying Agent and Calculation Agent: -- Class A Loan from (P) AA (low) (sf) to AA (low) (sf) -- Class B Loan from (P) A (low) (sf) to A (low) (sf) -- Class C Loan from (P) BBB (sf) to BBB (sf) -- Class D Loan from (P) BB (sf) to BB (high) (sf) -- Class E Loan from (P) B (low) (sf) to B (sf) The credit rating on the Class A Loan addresses the timely payment of interest and the ultimate payment of principal on or before the Legal Final Maturity Date. The credit ratings on the Class B Loan, the Class C Loan, and the Class D Loan, and the Class E Loan address the ultimate payment of interest and the ultimate payment of principal on or before the Legal Final Maturity Date. The Loans could have an earlier Maturity Date (as defined in the Loan Agreement) if the proceeds from the liquidation of the assets of the Borrower, distributed pursuant to Section 1.4 of the Loan Agreement, would be sufficient so that after such distribution all interest and Deferred Interest (if any) due and payable and the outstanding principal amount of the Loans would be paid in full and the Aggregate Loan Balance reduced to zero. Should a Distribution Event (as defined in the Loan Agreement) occur, the Designated Lender (as defined in the Loan Agreement) shall have the right at any time, upon written notice to the Borrower, the Paying Agent, and the Rating Agency, to instruct the Paying Agent to distribute the Borrower's assets to the Designated Lenders. In consideration thereof, the Aggregate Loan Balance of the Loans will be reduced to zero and all obligations of the Borrower (except those which expressly survive the termination of the Loan Agreement) shall be deemed satisfied. Morningstar DBRS' credit ratings on the applicable classes address the credit risk associated with the identified financial obligations in accordance with the relevant transaction documents. Where applicable, a description of these financial obligations can be found in the transaction's respective press release at issuance. Morningstar DBRS' long-term credit ratings provide opinions on risk of default. Morningstar DBRS considers risk of default to be the risk that an issuer will fail to satisfy the financial obligations in accordance with the terms under which a long-term obligation has been issued. CREDIT RATING RATIONALE/DESCRIPTION The credit rating actions are a result of Morningstar DBRS' annual review of the transaction performance by applying the Global Methodology for Rating CLOs and Corporate CDOs (the CLO Methodology; November 10, 2025). The Legal Final Maturity Date is December 18, 2034. The Scheduled Reinvestment Period Termination Date is the Payment Date immediately succeeding the date that is three years following the DBRS Final Ratings Effective Date, as defined in the Loan Agreement. Given sufficient diversification of collateral to date and analytical results, Morningstar DBRS upgraded and finalized its provisional credit ratings, as proposed above. Reservoir Financial, LLC is a cash flow collateralized loan obligation (CLO) that is collateralized primarily by a portfolio of U.S. senior secured middle-market (MM) corporate loans and managed by Delaware Life Insurance Company as the Servicer. Morningstar DBRS considers Delaware Life Insurance Company to be an acceptable CLO manager. In its review, Morningstar DBRS applied the Level III surveillance approach, as described in the CLO Methodology, and incorporated the Trading Scenarios Approach, given that the transaction is still within its Reinvestment Period. In its analysis, Morningstar DBRS considered the following aspects of the transaction: (1) The transaction's capital structure and the form and sufficiency of available credit enhancement. (2) Relevant credit enhancement in the form of subordination. (3) The ability of the Tranche Amounts and the Notes to withstand projected collateral loss rates under various cash flow stress scenarios. (4) The credit quality of the underlying collateral, subject to the Replenishment Criteria. (5) Morningstar DBRS' assessment of the origination, servicing, and management capabilities of Delaware Life Insurance Co. (6) The legal structure as well as legal opinions addressing certain matters of the Borrower and the consistency with the Morningstar DBRS "Legal Criteria for U.S. Structured Finance" methodology. The transaction has a dynamic structural configuration that permits variations of certain asset metrics via the selection of an applicable row from a collateral quality matrix (the CQM). The following metrics change depending on the row selection in the CQM: Morningstar DBRS Risk Score, Weighted-Average Spread (WAS), and Weighted-Average Recovery Rate (WARR), Weighted Average Life. Morningstar DBRS analyzed each structural configuration as a unique transaction and all configurations (rows) passed the applicable Morningstar DBRS rating stress levels. The Coverage Tests and triggers as well as the Collateral Quality Tests that Morningstar DBRS modeled during its analysis are presented below. Coverage Tests Class A Overcollateralization Test: Actual 147.52%; Threshold 137.06% Class B Overcollateralization Test: Actual 133.75%; Threshold 125.33% Class C Overcollateralization Test: Actual 125.40%; Threshold 119.00% Class D Overcollateralization Test: Actual 114.52%; Threshold 110.28% Class E Overcollateralization Test: Actual 109.04%; Threshold 106.73% Collateral Quality Tests Minimum Weighted-Average Spread: Subject to the Collateral Quality Matrix (CQM): Current 5.24%; Threshold 5.25% Minimum Weighted-Average Coupon: Current N/A; Threshold 5.50% Minimum Weighted-Average Recovery Rate: Current 55.84%; Threshold 52.50% Maximum DBRS Risk Score: Subject to CQM: Current 31.16%; Threshold 32.00% Maximum Weighted Average Life: Current 3.61; Threshold 5.50 As of November 10, 2025, the transaction is failing the Weighted-Average Spread Test (5.24% vs. the minimum threshold of 5.25%) which was accounted for in Morningstar DBRS' analysis of the transaction. There were two defaulted obligations registered in the Portfolio totaling $11,054,400.00. Some particular strengths of the transaction are (1) collateral that consists of primarily U.S. senior-secured MM corporate loans, and (2) the expected adequate diversification of the portfolio of collateral obligations (CQM-driven). Some challenges were identified: (1) the collateral will be revolving during the Reinvestment Period and will continue to ramp up after the Closing Date, and (2) the expected weighted-average credit quality of the underlying obligors may fall below investment grade (per the CQM) and the majority of the underlying loans are not expected to have public ratings. Notes: All figures are in U.S. dollars unless otherwise noted. RESTORATION DOCTOR: Case Summary & Three Unsecured Creditors ------------------------------------------------------------ Debtor: Restoration Doctor, LLC 115 E 34th Street, Frnt 1 New York, NY 10016-9991 Business Description: Restoration Doctor, LLC, based in New York, provides residential and commercial disaster restoration and home renovation services, including water damage mitigation, fire restoration, roof tarping, and mold remediation, with 24/7 emergency response capabilities. The Company offers a full- service model, handling damage assessment through complete property restoration, and directly coordinates with insurance providers. Restoration Doctor operates in the disaster recovery and property restoration industry. Chapter 11 Petition Date: December 22, 2025 Court: United States Bankruptcy Court Southern District of New York Case No.: 25-12859 Judge: Hon. Philip Bentley Debtor's Counsel: Robert L. Rattet, Esq. DAVIDOFF HUTCHER & CITRON LLP 605 Third Avenue 34th Floor New York, NY 10158 Tel: 212-557-7200 Fax: 212 286 1884 Email: rlr@dhclegal.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Mario Smuglovsky as president. 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/FS6FGLA/Restoration_Doctor_LLC__nysbke-25-12859__0001.0.pdf?mcid=tGE4TAMA REVA HOSPITALITY BOSSIER: Sec. 341(a) Creditors Meeting on Jan. 23 ------------------------------------------------------------------ On December 17, 2025, Reva Hospitality Bossier, LLC filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Eastern District of Texas. According to court filings, the Debtor reports between $100,001 and $1,000,000 in debt owed to between 1 and 49 creditors. A meeting of creditors filed by US Trustee under Section 341(a) to be held on January 23, 2026 at 02:45 PM via Telephonic Dial-In Information. About Reva Hospitality Bossier, LLC Reva Hospitality Bossier, LLC is a hospitality company based in Louisiana that operates lodging and related hospitality assets in the Bossier City market. The company focuses on hotel operations, guest services, and property management. Reva Hospitality Bossier, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Tex. Case No. 25-43822) on December 17, 2025. In its petition, the Debtor reports estimated assets ranging from $1 million to $10 million and estimated liabilities between $100,001 and $1,000,000. Honorable Chief Bankruptcy Judge Brenda T. Rhoades handles the case. The Debtor is represented by Joyce W. Lindauer, Esq. of Joyce W. Lindauer Attorney, PLLC. REYNA HOSPITALITY: Unsecureds Will Get 12% of Claims over 3 Years ----------------------------------------------------------------- Reyna Hospitality Group Inc. filed with the U.S. Bankruptcy Court for the Southern District of New York a Small Business Plan of Reorganization dated December 15, 2025. The Debtor is a New York corporation that was formed to operate a restaurant. The Debtor's restaurant located at 11 East 13th Street in New York City. The Debtor's restaurant opened in 2022. The Debtor's first year of operations was very difficult and the Debtor fell behind in paying certain of its obligations. In September 2023, the Debtor's sales began to rise, with the Debtor's sales increasing between 20% to 70% a month. In spring 2025, however, owing to liquidity issues, the Debtor entered into a merchant cash advance ("MCA") loan which hurt its cash flow. In June 2025, the Debtor entered into another MCA loan to assist with cash flow. Ultimately, the events that precipitated the Debtor's filing, include, without limitation: (i) oppressive terms under MCA loans; and (ii) liquidity concerns in connection with slowing sales, and (iii) a disagreement with the landlord. This Plan under Subchapter V of Chapter 11 of the Bankruptcy Code proposes to pay Allowed unsecured creditors with Cash on hand and the Debtor's projected income for the next 3 years. The Debtor believes there are approximately $989,943.33 in Class 2 non-priority unsecured claims. Creditors holding Allowed claims against the Debtor will receive, on and after the Effective Date, six installment distributions of the pro rata share of $118,793.20, with the first payment to occur on the Effective Date, and the next five to occur every six months thereafter. The percentage of the Claim to be paid on each General Unsecured Creditor will be approximately 12 percent. This Plan also provides for the payment of all of the Debtor's Administrative and Priority Claims in full. Class 2 are the Allowed General Unsecured Claims. Each holder of an allowed Class 2 claim shall receive their pro rata share of six biannual payment of $0.02 (for a total amount of $0.12) on their Allowed General Unsecured Claim against the Debtor, or in an accelerated sum at any time. Holders of General Unsecured Claims are entitled to vote on the Plan. Class 3 represents the equity interest of the Debtor. Upon the Effective Date of the Plan, current equity holders will retain their interests in the Debtor. This Plan shall be funded with the net proceeds of (a) cash on hand; and (b) the Debtor’s projected income for the next three years, of approximately $118,793.20 in total. A full-text copy of the Plan of Reorganization dated December 15, 2025 is available at https://urlcurt.com/u?l=4dDsff from PacerMonitor.com at no charge. Counsel to the Debtor: Robert L. Rattet, Esq. Davidoff Hutcher & Citron LLP 120 Bloomingdale Road, Suite 100 White Plains, NY 10605 Telephone: (914) 381-7400 About Reyna Hospitality Group Reyna Hospitality Group, Inc., operates a restaurant in New York City under the name Reyna New York. Reyna Hospitality Group sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-12020) on Sept. 16, 2025, listing up to $1 million in both assets and liabilities. Samuel Dawidowicz serves as Subchapter V trustee. Judge Lisa G. Beckerman oversees the case. Robert L. Rattet, Esq., at Davidoff Hutcher & Citron, LLP, is the Debtor's legal counsel. RINCHEM CO: S&P Downgrades ICR to 'CCC' on Eroding Liquidity ------------------------------------------------------------ S&P Global Ratings downgraded Rinchem Co. LLC to 'CCC' from 'CCC+'. S&P also lowered its rating on its first-lien credit facilities to 'CCC' from 'CCC+'. The '3' recovery rating is unchanged. The negative outlook reflects S&P's view that Rinchem faces heightened risk of a liquidity crisis, debt restructuring, or default in 2026 mainly due to declining availability under its RCF from persistent free cash flow deficits and unsustainably high leverage. Rinchem Co. LLC's earnings and liquidity have been weaker than expected, leading to draws on the company's revolving credit facility (RCF). S&P said, "We expect negative reported free operating cash flow (FOCF) to persist through 2025 and 2026 to an extent that could exhaust Rinchem's liquidity or lead to a debt restructuring within the next 12 months. "We believe Rinchem's ongoing cash flow deficits and weaker liquidity have increased the risk of a liquidity event or debt restructuring. During the first nine months of 2025, Rinchem reported negative free cash flow of approximately $14 million, which exceeded our previous expectations, and required borrowings of $13 million under its $35 million RCF. We assume free cash flow deficits will persist through the rest of 2025 and 2026 and further constrain its liquidity position, with the RCF estimated to be close to fully drawn in advance of its March 2027 maturity with no certainty it will be extended. We also consider its debt structure as unsustainable due to high leverage and interest obligations, and its public debt trades at a steep discount to par. As a result, we believe the company is likely to face a liquidity crisis or consider a debt restructuring transaction within the next 12 months. "We expect earnings to remain under pressure through 2026. We have lowered our earnings and cash flow estimates for 2025 and 2026, mainly because of slower-than-expected volume ramp up at Rinchem's relatively new Malaysia and Oregon warehousing facilities, low freight rates in the transportation segment, and continued subdued demand in the semiconductor materials end market. The company is taking steps to improve its earnings, including diversifying away from its semiconductor end market into life sciences and specialty industrial chemicals, and offering value-added services like waste disposal. However, we estimate reported EBITDA in 2026 to be marginally better at about $26 million from our 2025 estimate of $21 million, though it doesn't change our view on the company's overall financial situation. In addition, we expect Rinchem will continue generating a free cash flow deficit in 2026 (about $10 million), even when considering an assumed normalization in working capital from 2025. "The company's S&P Global Ratings-adjusted leverage remains high at over 11x, as estimated for 2025. We consider this unsustainable and do not expect material improvement beyond this year. The company's interest costs are significant (its 2025 estimated EBITDA interest coverage is 1.1x) and primarily account for our free cash flow deficit estimates. In addition, we believe Rinchem is close to breaching the net leverage covenant under its RCF, which stands at 9x (the company remains in compliance after credit agreement permitted adjustments). We also do not anticipate any additional sources of cash to improve its liquidity position. While management had undertaken asset disposals and leaseback financings in 2024 to improve liquidity, we do not anticipate further such transactions due to our understanding of limited unencumbered assets. Furthermore, we do not expect additional financial sponsors support, which included a $45 million paid-in-kind (PIK) loan issued in December 2023. "The negative outlook reflects our view that Rinchem faces heightened risk of a liquidity crisis, debt restructuring, or default in 2026 mainly due to declining availability under its RCF from persistent free cash flow deficits and unsustainably high leverage. In our view, weak semiconductor production volumes at foundries serviced by Rinchem, continuing subdued freight market conditions, and high interest costs preclude improvement in the company's liquidity position and elevate the risk of a debt restructuring. "We could lower the rating if we believe a default, distressed exchange, or liquidity shortfall is inevitable within the next six months. "We could take a positive rating action on Rinchem if the company meaningfully improves its liquidity position and addresses the upcoming maturity of its RCF. In this scenario, we would no longer consider a debt restructuring transaction as imminent." ROLLING HILLS: Case Summary & Four Unsecured Creditors ------------------------------------------------------ Debtor: Rolling Hills Food & Beverage, Inc. Green Parrot 2106 Lancaster Street San Marcos, TX 78666 Business Description: Rolling Hills Food & Beverage, Inc., based in San Marcos, Texas, is the owner and operator of Green Parrot, a restaurant and bar venue offering casual dining and drink services. The Company primarily serves local residents and college communities in the San Marcos area through this downtown establishment. Chapter 11 Petition Date: December 22, 2025 Court: United States Bankruptcy Court Northern District of Texas Case No.: 25-44970 Judge: Hon. Edward L Morris Debtor's Counsel: Robert T DeMarco, Esq. DEMARCO MITCHELL, PLLC 12770 Coit Road, Suite 850 Dallas TX 75251 Tel: (972) 991-5591 Email: robert@demarcomitchell.com Estimated Assets: $100,000 to $500,000 Estimated Liabilities: $10 million to $50 million The petition was signed by Eric White as president. A full-text copy of the petition, which includes a list of the Debtor's four unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/ZSBYWSY/Rolling_Hills_Food__Beverage__txnbke-25-44970__0001.0.pdf?mcid=tGE4TAMA ROOF EZ: Seeks Chapter 11 Bankruptcy in Florida ----------------------------------------------- On December 19, 2025, Roof EZ Inc. 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 one and 49 creditors. About Roof EZ Inc. Roof EZ Inc. is a Florida-based company engaged in the roofing and exterior construction industry. The company provides residential and commercial roofing services, including roof installation, repair, replacement, and related maintenance work. Roof EZ Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-02539) on December 19, 2025. In its petition, the Debtor reports estimated assets between $100,001 and $1 million and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Luis Ernesto Rivera II handles the case. The Debtor is represented by Michael R. Dal Lago, Esq. ROSE RENTAL: Hires Rollins Law Firm as Legal Counsel ---------------------------------------------------- Rose Rental Properties, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Mississippi to hire The Rollins Law Firm, PLLC to serve as legal counsel. The firm will provide these services: (a) give the Debtor and Debtor-in-Possession legal advice with respect to its powers and duties in these proceedings; (b) prepare on behalf of the Debtor and Debtor-in-Possession the necessary applications, answers, orders, reports, and other legal papers; (c) perform all other legal services for the Debtor and Debtor-in-Possession which may be necessary herein; and (d) appear at hearings and other proceedings necessary to the successful administration of the case. The Rollins Law Firm, PLLC will receive hourly rates of $400 for Thomas C. Rollins, $360 for Jennifer Calvillo, $155 for paralegals, and $100 for legal assistants. The firm 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: Thomas C. Rollins, Jr., Esq. Jennifer A. Curry Calvillo, Esq. The Rollins Law Firm, PLLC P.O. Box 13767 Jackson, MS 39236 Telephone: 601-500-5533 E-mail: trollins@therollinsfirm.com About Rose Rental Properties, LLC Rose Rental Properties, LLC is a Mississippi-based real estate rental business that operates from Jackson and is associated with residential property activities. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Miss. Case No. 25-03091) on December 4, 2025. In the petition signed by Jerrick W Rose, member-manager, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Jamie A. Wilson oversees the case. Thomas C. Rollins, Jr., Esq., at THE ROLLINS LAW FIRM, PLLC, represents the Debtor as legal counsel. RP CAPITAL: Retains Macco & Corey P.C. as Legal Counsel ------------------------------------------------------- RP Capital Group, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to retain Macco & Corey, P.C. to serve as legal counsel. Macco & Corey, P.C. will provide these services: (a) advising the Debtor with respect to its powers and duties as a debtor in possession; (b) negotiating with creditors to propose a chapter 11 plan of reorganization, as well as taking all necessary steps to confirm such plan; (c) preparing, filing, and serving all necessary motions, orders, reports, complaints, and other pleadings; (d) appearing on behalf of and protecting and advancing the interest of the Debtor before the Court and the Office of the United States Trustee; and (e) performing legal services for the Debtor, as debtor-in-possession, as may be necessary and appropriate in a chapter 11 case. Under the retainer agreement, Macco & Corey, P.C. received $16,738, consisting of a $15,000 initial legal fee retainer and a $1,738 initial expense retainer. The firm charges an hourly rate of $575 for services rendered by Cooper J. Macco, Esq., and $150 per hour for paralegal time. Macco & Corey, 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: Cooper J. Macco, Esq. MACCO & COREY, P.C. 2950 Express Drive South, Suite 109 Islandia, NY 11749 About RP Capital Group, LLC RP Capital Group LLC, classified as a Single Asset Real Estate entity under 11 U.S.C. Section 101(51B), owns a single-family home in Long Beach, New York, with an estimated value of $700,000. RP Capital Group sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 8-25-74769-ast) on December 11, 2025. At the time of the filing, the Debtor reported estimated assets of between $500,001 and $1 million and liabilities of between $1,000,001 and $10 million. Honorable Judge Alan S. Trust oversees the case. Macco & Corey, P.C. serves as the Debtor's legal counsel. RYVYL INC: Stockholders OK Four Key Proposals at Annual Meeting --------------------------------------------------------------- RYVYL Inc. held its 2025 Annual Meeting of Stockholders. At the close of business on October 31, 2025, the record date for the Annual Meeting, there were 36,085,978 shares of common stock, par value $0.001 per share, and 50,000 shares of Series C convertible preferred stock, par value $0.001 per share, outstanding, held by one record holder. Each share of Common Stock entitled the holder thereof to one vote, and each share of Series C Preferred Stock entitled the holder thereof to vote on an as-converted to Common Stock basis, subject to certain beneficial ownership limitation provisions, and as a result such shares entitled such holder to an aggregate of 7,202,092 votes. At the Annual Meeting, the holders of shares representing an aggregate of 23,535,606 votes of the Company's capital voting stock were represented in person or by proxy, constituting a quorum. Four proposals were voted on at the Annual Meeting and the stockholder votes on each such proposal, are certified by the inspector of elections for the Annual Meeting. These proposals are described in further detail in the Definitive Proxy Statement on Schedule 14A that the Company filed with the U.S. Securities and Exchange Commission on November 14, 2025. Proposal No. 1: The four nominees named in the Proxy Statement were elected at the Annual Meeting to serve as the Company's directors until the Company's 2026 Annual Meeting of Stockholders and until each of their respective successors are elected and qualified or until each of their earlier resignation or removal. The final voting results with respect to the election of each such nominee were as follows: 1. George Oliva * Votes For: 17,737,418 * Withheld: 459,764 * Broker Non-Votes: 5,338,424 2. Brett Moyer * Votes For: 17,861,387 * Withheld: 335,795 * Broker Non-Votes: 5,338,424 3. Gene Jones * Votes For: 17,821,295 * Withheld: 375,887 * Broker Non-Votes: 5,338,424 4. Tod Browndorf * Votes For: 17,846,052 * Withheld: 351,130 * Broker Non-Votes: 5,338,424 Proposal No. 2: The appointment of Simon & Edward, LLP as the Company's independent registered public accounting firm for the fiscal year ending December 31, 2025 was ratified by the Company's stockholders. The final voting results were as follows: * Votes For: 23,050,640 * Votes Against: 105,492 * Abstain: 379,474 Proposal No. 3: The authorization of the Board of Directors to amend the Company's amended and restated articles of incorporation, as amended (, to effect a reverse stock split of the Common Stock at a ratio of between one-for-twenty and one-for-fifty, with such ratio to be determined at the sole discretion of the Board and such reverse stock split to be effectuated at such a rate and at such time and date as determined by the Board of directors in its sole discretion and no later than June 30, 2026 was approved by the Company's stockholders. The final voting results were as follows: * Votes For: 21,712,237 * Votes Against: 1,512,893 * Abstain: 310,476 Proposal No. 4: Approval of an amendment to the Articles of Incorporation to increase the number of authorized shares of Common Stock from 100,000,000 to 500,000,000 was approved by the Company's stockholders. The final voting results were as follows: * Votes For: 21,725,433 * Votes Against: 1,475,548 * Abstain: 334,625 Delisting Notice, Remedy Steps and Process: On December 11, 2025, the Company received a Staff Delisting Determination letter from Nasdaq regarding non-compliance with the minimum bid price rule under Nasdaq Listing Rule 5550(a)(2). The Company believes the reverse split approved by the stockholders will address the bid price deficiency, and the Company has already addressed the stockholder equity issue for continued listings. As previously announced, RTB Digital, Inc., which is scheduled to merge with RYVYL, has sufficient capital to meet any stockholder equity requirements. Additionally, on December 17, 2025, the Company filed the required appeal to the Nasdaq Hearings Panel, which it expects will return the Company to full compliance with Nasdaq listing requirements in the coming weeks. "Today's stockholder approval reflects the strong support from our stockholders for the actions associated with the Roundtable merger and their continued support along the way," said George Oliva, Interim Chief Executive Officer and Chief Financial Officer of RYVYL. "We are taking immediate action to move forward with the reverse split, which we believe will resolve the Nasdaq listing matter through their appeal process." Review of Actions Taken to Maintain Nasdaq Listing Ahead of Merger between Roundtable and RYVYL: * On April 8, 2025, RYVYL received an initial notice from Nasdaq that the Company did not meet the minimum stockholder equity threshold required by Nasdaq Listing Rule 5550(b)(1) (the "Stockholder Equity Rule"). * On June 12, 2025, RYVYL received a notice from Nasdaq that the Company was no longer compliant with the $1.00 minimum bid price requirement under Nasdaq Listing Rule 5550(a)(2) (the "Minimum Bid Price Requirement") and must regain compliance with such rule by December 9, 2025 in accordance with Nasdaq Listing Rule 5810(c)(3)(A) or would be subject to delisting. * On September 28, 2025, RYVYL signed a definitive agreement to merge with privately-held Roundtable, a Web3-powered digital media platform for major media clients. Press release HERE. Roundtable had previously secured $33 million in financing. On October 7, 2025, and December 9, 2025, Roundtable acquired shares of preferred stock of the Company, for an aggregate purchase price of $6,500,000, thus increasing RYVYL stockholder equity in compliance with Nasdaq requirements. * On October 15, 2025, RYVYL was notified by Nasdaq that it had regained compliance with the Stockholder Equity Rule after Roundtable's investment, thereby lifting the previous delisting risk well ahead of the anticipated merger between Roundtable and RYVYL. * On October 29, 2025, RYVYL rescheduled its 2025 Annual Meeting with a new record date for stockholders to allow a significant number of new stockholders to participate and vote on the approval of the reverse split. * On December 15, 2025, stockholders approved all of the stockholder proposals, including the increase in the number of authorized shares which will be required to finalize the proposed merger. * As expected, due to the rescheduled date for the annual meeting, the Company could not regain compliance with the Minimum Bid Price Requirement by the December 9th deadline, and on December 11, 2025, the Company received a notice from Nasdaq that it would be delisted unless the Company appealed such determination by December 18, 2025, which the Company has addressed by filing an appeal with Nasdaq. * Roundtable has already invested sufficient capital to exceed the Nasdaq required stockholder equity threshold, and after 10 trading days following a reverse stock split already approved by stockholders, the Company believes it will be in full compliance with Nasdaq listing requirements. About RYVYL Inc. RYVYL Inc., headquartered in San Diego, Calif., develops financial technology platforms and tools focused on global payment acceptance and disbursement. The Company's QuickCard product, initially a physical and virtual card processing system for high-risk, cash-based businesses, has transitioned to a fully virtual, app-based platform and is now offered through a licensing model to partners with compliance capabilities. RYVYL operates in the fintech industry, providing cloud-based payment solutions and merchant management services. In its audit report dated March 28, 2025, Simon & Edward, LLP issued a "going concern" qualification citing that the Company transitioned its QuickCard product in North America away from terminal-based to app-based processing on February 2024, which was then terminated on the second quarter of 2024 and the Company then decided to introduce a licensing product for its payments processing platform. This business reorganization has resulted in a significant decline in processing volume and revenue, the recovery of the loss of revenues resulting from this product transition is not expected to occur until late 2025. The auditor said the loss of revenue has jeopardized the Company's ability to continue as a going concern. As of June 30, 2025, the Company had $20.60 million in total assets, $27.54 million in total liabilities, and a total stockholders' deficit of $6.94 million. As of Dec. 31, 2024, the Company had an accumulated deficit of $179.4 million. According to RYVYL, there can be no assurances that it will be able to achieve a level of revenues adequate to generate sufficient cash flow from operations or additional financing through private placements, public offerings and/or bank financing necessary to support its working capital requirements. To the extent that funds generated from any private placements, public offerings and/or bank financing are insufficient, it will need to raise additional working capital. There is no guarantee that additional financing will be available, or that any obtained funding can be secured on terms deemed acceptable. S&G LABS: Employs Crisham & Holman as Special Counsel ----------------------------------------------------- S&G Labs Hawaii, LLC and Lynn Welch Puana, M.D. seek approval from the U.S. Bankruptcy Court for the District of Colorado to employ Crisham & Holman LLC as special counsel. Crisham & Holman LLC will provide these services: (a) investigate and, if appropriate, commence litigation against Mr. Graves and his counsel relating to the wrongful receivership; and (b) represent the Debtors in connection with the Litigation Matters. The attorneys at Crisham & Holman LLC bill at these hourly rates: John Crisham at $625 and Matthew Johnson at $360. Legal assistance provided by paralegals will be billed at the hourly rate of $275. According to court filings, Crisham & Holman LLC does not hold or represent any interest adverse to the Debtors or the bankruptcy estates and is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. The firm can be reached at: John K. Crisham CRISHAM & HOLMAN LLC 2549 West Main Street, Suite 202 Littleton, CO 80120 Telephone: (720) 739-2175 E-mail: john@crishamholman.com About S&G Labs Hawaii LLC S&G Labs Hawaii LLC is a limited liability company. S&G Labs Hawaii LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Col. Case No. 25-18335) on November 7, 2025. In its petition, the Debtor reports estimated assets up to $100,000 and estimated liabilities between $1 million and $10 million. The Debtor is represented by David Wadsworth, Esq. of Wadsworth Garber Warner Conrardy, P.C. SABRE CORP: Exchange Offers Expire With Total of $961M Tenders -------------------------------------------------------------- Sabre Corporation announced that the previously announced exchange offers by Sabre GLBL Inc., a wholly-owned subsidiary of Sabre, to exchange: (i) any and all of its outstanding 8.625% Senior Secured Notes due 2027 and 11.250% Senior Secured Notes due 2027 and (ii) up to $379 million of its 10.750% Senior Secured Notes due 2029 for Sabre GLBL's new 10.750% Senior Secured Notes due 2030, upon the terms and subject to the conditions described in the confidential offering circular, dated as of November 20, 2025 (as amended, the "Offering Circular"), expired at 5:00 p.m., New York City time, on December 19, 2025. The following sets forth the principal amount of each series of the Existing Notes that was validly tendered and not validly withdrawn as of 5:00 p.m., New York City time, on the Expiration Date, according to information provided by D.F. King, the information and exchange agent for the Exchange Offers: - Title of Security: 8.625% Senior Secured Notes due 2027 CUSIP / ISIN: - 144A: 78573NAJ1 / US78573NAJ19 - Reg. S: U86043AG8 / USU86043AG86 Principal Amount Outstanding: $331,783,000 Offering being made: Any and all Principal Amount Tendered in the Exchange Offer: $240,218,000 Principal Accepted or Expected to be Accepted: $240,176,000 Consideration: $755.00 in cash and $320.00 principal amount of New Notes - Title of Security: 11.250% Senior Secured Notes due 2027 CUSIP / ISIN: - 144A: 78573NAH5 / US78573NAH52 - Reg. S: U86043AF0 / USU86043AF04 Principal Amount Outstanding: $45,814,000 Offering being made: Any and all Principal Amount Tendered in the Exchange Offer: $44,264,000 Principal Accepted or Expected to be Accepted: $44,256,000 Consideration: $755.00 in cash and $320.00 principal amount of New Notes - Title of Security: 10.750% Senior Secured Notes due 2029 CUSIP / ISIN: - 144A: 78573NAL6 / US78573NAL64 - Reg. S: U86043AJ2 / USU86043AJ26 Principal Amount Outstanding: $824,714,000 Offering being made: Up to $379 million (2) Principal Amount Tendered in the Exchange Offer: $676,492,000 Principal Accepted or Expected to be Accepted: $378,999,000 Consideration: $60.00 in cash and $1,000.00 principal amount of New Notes - Total Principal Amount Outstanding: $1,202,311,000 Principal Amount Tendered in the Exchange Offer: $960,974,000 Principal Accepted or Expected to be Accepted: $663,431,000 The Exchange Offers were made pursuant to the terms and conditions contained in the Offering Circular. The Exchange Offers expired on the Expiration Date and no tenders of Existing Notes submitted after the Expiration Date are valid. Sabre GLBL's obligation to accept for exchange the Existing Notes validly tendered and not validly withdrawn following the Early Exchange Date but on or prior to the Expiration Date is subject to the satisfaction or waiver of certain conditions as described in the Offering Circular. Any waiver of a condition by Sabre GLBL will not constitute a waiver of any other condition. BofA Securities served as Sole Dealer Manager for the Exchange Offers. Perella Weinberg Partners served as Capital Markets Advisor to Sabre. About Sabre Corporation Sabre Corporation is a leading technology company that takes on the biggest opportunities and solves the most complex challenges in travel. Sabre harnesses speed, scale and insights to build tomorrow's technology today -- empowering airlines, hoteliers, agencies and other partners to retail, distribute and fulfill travel worldwide. Headquartered in Southlake, Texas, USA, with employees across the world, Sabre serves customers in more than 160 countries globally. SAILORMEN INC: BMO Wants MorrisAnderson's Dooley as Receiver ------------------------------------------------------------ BMO Bank N.A., formerly known as BMO Harris Bank N.A., as administrative agent (in such capacity, as successor and assign of BBVA USA, formerly known as Compass Bank) to the lenders from time to time party to a Sixth Amended and Restated Credit Agreement, dated September 3, 2020, asked the U.S. District Court for the Southern District of New York to appoint Daniel F. Dooley of MorrisAnderson & Associates, Ltd., as the Receiver of Sailormen, Inc. Sailormen, Inc. owns and operates restaurants that prepare, merchandise, advertise, and sell "Louisiana" style menu items that include spicy chicken, biscuits, fried shrimp and other seafood, red beans and rice, and other quick-service menu items pursuant to franchise agreements with Popeyes Louisiana Kitchen, Inc. To fund its operations, Sailormen entered into the Credit Agreement with the Agent and the Lenders, pursuant to which the Lenders originally committed to lending the Defendant, as borrower, a total of $113,500,000 in loans, comprised of: (i) term loans in the aggregate amount of $101,500,000; (ii) a revolving line of credit in the aggregate amount of $4,000,000; and (iii) a development line of credit in the aggregate amount of $8,000,000. BMO contends Sailormen has committed numerous Events of Default under the Credit Agreement that are continuing, including by failing to pay the Lenders any principal and interest due and owing since November 2024. As of November 28, 2025, Sailormen owes the Lenders over $129,982,639 in principal, past-due interest and fees, including professional fees, due pursuant to the Loan Documents. BMO and Sailormen are -- after many months of negotiations -- at a critical impasse regarding funding of the Defendant's operations and repayment of the Obligations. Sailormen has done nothing to address its longstanding Events of Default and has no viable plan to remedy them, the bank says, noting Sailormen operates as if its obligations to the Lenders do not exist. The company functions through the simple expedient of not paying down the loan and hoping things will turn the corner. BMO avers it is now patently obvious that Sailormen is in immediate danger of running out of money. Defendant is insolvent because its liabilities exceed the liquidation value of its assets by tens of millions of dollars. Defendant's financial advisor has admitted that the company's value is nowhere near the amount of the Obligations, and Defendant's chief financial officer recently conceded that the company was "not in the financial position" to resume payments to the Lenders. According to BMO, appointing an independent receiver to assume complete control of Sailormen and all of its restaurant operations would largely ameliorate these problems. Utilizing key members of the Defendant's existing management and operational teams, a receiver would evaluate and implement an appropriate strategy to maximize the value of the business for the benefit of Defendant's economic stakeholders, including the Lenders, customers, vendors, and other commercial partners. BMO says a receiver would monetize their collateral and maintain Defendant's business as a going concern with a strong and healthy relationship with the Franchisor and the company's other economic stakeholders and commercial partners. Lenders would also be willing to fund up to $5,500,000, in accordance with an agreed-upon budget, to facilitate a sale of Defendant's assets and fund projected operational shortfalls during the receivership. Unless a receiver is immediately appointed over Defendant, the Lenders would have little choice but to exercise more extreme remedies that would almost certainly result in the total liquidation of Defendant and its assets and the termination of all of its over 4,000 employees. BMO says Daniel F. Dooley is a seasoned restructuring professional with specific experience with numerous franchised restaurants and with the Franchisor’s parent company in particular, as well as having served as federal receiver and a state court receiver. He is thus uniquely well qualified to manage Defendant’s assets and affairs and preserve its operational relationship with the Franchisor. Mr. Dooley is a principal, controlling equity owner, and chief executive officer of MorrisAnderson, owned by JS Held LLC, which is a boutique consulting firm solely focused on assisting companies in financial distress and their creditors. In addition to his receivership-specific experience, Mr. Dooley has extensive in-court restructuring experience through his active involvement in over thirty chapter 11 bankruptcy cases. He has served as a chapter 11 plan administrator and has served as a liquidating trustee and plaintiff in director and officer lawsuits. To add to his in-court experience, Mr. Dooley also has extensive experience managing financially distressed companies and participating in out-of-court restructurings. Mr. Dooley is active in providing financial advisory services to financially distressed companies and has served on several boards of directors for distressed companies, including serving as an independent director. He and his firm have been involved in approximately 20 restructuring situations concerning large operators of quick-service restaurants, including cases involving brands such as Burger King, Wendys, Pizza Hut, Sonic, Hardees, Del Taco and others. Mr. Dooley and his firm have advised secured lenders and others regarding financing, operations, franchisor negotiations and sale processes for quick-service restaurants as part of both in- and out-of-court restructurings. In connection with these quick-service restaurant restructurings, Mr. Dooley and/or his firm have served in various roles, including as financial advisor, as chief restructuring officer, as investment banker, and in other related roles. His extensive quick-service restaurant experience makes him an ideal candidate to serve as receiver. It is high time that the Court put a stop to Defendant compelling the Lenders to involuntarily finance its business for the benefit of its shareholders, whose equity is worthless, through continued failure to pay any of the obligations it owes under the Credit Agreement, BMO contends. BMO is a national banking association designated to have its main office in Chicago, Illinois. BMO is the agent for the Lenders and has the exclusive right to enforce the Credit Agreement on behalf of the Lenders. Defendant operates Popeyes Louisiana Kitchen restaurants pursuant to franchise agreements with the Franchisor and employs over 4,000 people in Florida and Georgia. About Sailormen Inc. Sailormen, Inc. owns and operates restaurants that prepare, merchandise, advertise and sell "Louisiana" style menu items that include spicy chicken, biscuits, fried shrimp and other seafood, red beans and rice and other quick-service menu items pursuant to franchise agreements with Popeyes Louisiana Kitchen, Inc. Sailormen is facing a receivership case captioned as BMO Bank N.A. v. Sailormen, Inc., Case No. 1:25-cv-10146 (S.D.N.Y.), before the Hon. Arun Subramanian. The case was filed on Dec. 8, 2025. Counsel for Plaintiff BMO Bank N.A., as Agent: Gabriel Hertzberg, Esq. Nathaniel Ament-Stone, Esq. KATTEN MUCHIN ROSENMAN LLP 50 Rockefeller Plaza New York, NY 10020-1605 Tel: (212) 940-8556 E-mail: gabe.hertzberg@katten.com nathaniel.ament-stone@katten.com - and - Peter P. Knight, Esq. Terence G. Banich, Esq. Paul T. Musser, Esq. Alexander L. Norman, Esq. KATTEN MUCHIN ROSENMAN LLP 525 W. Monroe St. Chicago, IL 60661-3693 Tel: (312) 902-5200 Fax: (312) 902-1061 E-mail: peter.knight@katten.com terence.banich@katten.com paul.musser@katten.com alex.norman@katten.com SBA COMMUNICATIONS: Moody's Alters Outlook on 'Ba2' CFR to Positive ------------------------------------------------------------------- Moody's Ratings affirmed the ratings of SBA Communications Corporation, including its Ba2 corporate family rating and Ba3 senior unsecured debt rating. The Speculative Grade Liquidity rating remains unchanged at SGL-2. Moody's also affirmed the Ba2 backed senior secured term loan B and backed senior secured revolving credit facility ratings of its subsidiary, SBA Senior Finance II, LLC. Moody's revised the outlook for SBA Communications Corporation and SBA Senior Finance II, LLC (collectively "SBA") to positive from stable. The ratings affirmations reflect SBA's substantial scale as the third largest wireless tower operator in the US, as well as its strong profit margins and stable cash flows. The positive outlook reflects the REIT's recently revised financial policy, specifically its commitment to maintaining reduced leverage levels and increasing the proportion of unsecured debt in its capital structure. Governance considerations related to SBA's revised financial policy are a key driver of the rating action and positive outlook. Moody's expects SBA to refinance a significant portion of its secured debt with unsecured capital over the coming year, which will increase the size of its unencumbered asset pool and extend its debt maturity profile. RATINGS RATIONALE SBA's Ba2 CFR reflects its large scale and global diversification, which includes strong market positions in the United States, Central America, and Brazil. SBA's tower operations are highly profitable and generate strong, predictable cash flow supported by non-cancellable long-term leases with the major wireless carriers. Sector fundamentals remain favorable as Moody's expects increasing data usage will drive carriers' continued investments in their wireless networks. Other key rating considerations include SBA's meaningful tenant concentrations with T-Mobile, Verizon and AT&T, which collectively contribute about 63% of its site rental income. Although these are creditworthy tenants, SBA's earnings growth is still highly dependent on the pace and extent of the carriers' investment activities. The REIT is also facing elevated churn related to carrier consolidation and related equipment decommissions, which will impact its organic revenue growth over the next 1-2 years. SBA recently announced a shift in its financial policy that includes maintaining more modest leverage levels and increasing the proportion of unsecured debt in its capital structure. Specifically, the REIT lowered its leverage target to 6.0x-7.0x (down from 7.0x-7.5x), which translates to around 6.5x-7.5x according to Moody's Net Debt/EBITDA calculation, adjusted for operating leases. As of 3Q25, Moody's Net Debt/EBITDA was 7.1x. SBA also plans to decrease its reliance on secured debt, which comprised 77% of its total debt as of 3Q25. Moody's expects the REIT will seek to refinance a meaningful portion of its secured debt with unsecured borrowings over the coming year, which will increase its unencumbered asset pool and provide financial flexibility. SBA's SGL-2 rating reflects its good liquidity. As of 3Q25, the REIT had $1.6 billion of available capacity on its $2 billion secured revolver plus $430 million of cash. SBA's liquidity is further supported by about $700 million of annual free cash flow. Upcoming maturities include a $750 million securitization and $1.165 billion securitization that have anticipated repayment dates in January 2026 and November 2026, respectively. The REIT has another $1.5 billion of securitizations plus $1.5 billion of unsecured notes maturing in 2027. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS SBA's ratings could be upgraded if the company continues to demonstrate EBITDA growth and maintains Moody's net debt to EBITDA below 7.0x on a sustained basis. SBA's ratings could be downgraded if cash flow growth declines or the company adopts a more aggressive financial policy, including large debt-financed acquisitions or share repurchases, resulting in Moody's net debt to EBITDA sustained above 8.0x. The principal methodology used in these ratings was REITs and Other Commercial Real Estate Firms published in May 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. SBA Communications Corporation is a leading independent owner and operator of wireless communications infrastructure including towers, buildings, rooftops, distributed antenna systems (DAS) and small cells. As of 3Q25, the REIT's portfolio included more than 44,500 communications sites throughout the Americas and in Africa. SCILEX HOLDING: Subsidiary Secures $100MM Non-Recourse Loan ----------------------------------------------------------- Scilex Holding Company disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that SCLX Stock Acquisition JV LLC, a wholly-owned subsidiary of the Company, entered into a Non-Recourse Loan and Securities Pledge Agreement with The St. James Bank & Trust Company Ltd., a corporation existing under the laws of the Bahamas, pursuant to which the Lender agreed to loan SCLX JV an aggregate principal amount of up to $100 million in one or more tranches. The timing and amount of any particular tranche of the Loan shall be determined at the sole discretion of the Lender, and the Lender shall notify SCLX JV in advance of its intention to fund a particular tranche. The Loan will accrue interest at the rate of the 12-month Secured Overnight Financing Rate, with such interest due and payable on the earlier of Maturity Date and the date of an event of default. The "Maturity Date" of the Loan is the eighth anniversary of the closing date of the first tranche of the Loan, and may be extended by up to 12 months at the request of SCLX JV. SCLX JV is also required to pay a fee of 0.25% of the principal amount of each tranche. Pursuant to the terms of the Loan Agreement, SCLX JV agreed to pledge such number of shares of common stock of the Company currently held by SCLX JV equal to 70% of the aggregate principal amount of the Loan, calculated in accordance with the terms set forth in the Loan Agreement in favor of the Lender as security for SCLX JV's satisfaction of its obligations thereunder. The Pledged Securities will be held in a securities account that SCLX JV or its affiliates will open with the Lender. The Loan Agreement contains certain events of default, including, without limitation: * a decrease in the closing price of the Pledged Securities of more than 20%, provided that such decrease is not cured within three days by delivering additional securities into the securities account or depositing cash into a bank account with the Lender as security for the Loan; * a decrease in the average trading volume of the Pledged Securities for any three consecutive trading days of more than 20% relative to the average trading volume of the 30 trading day period immediately preceding the closing of a tranche of the Loan; * or the Pledged Securities are delisted from the national securities exchange on which they are currently listed. If an event of default occurs and is not cured within the specified cure period under the terms of the Loan Agreement, then the Lender has certain remedies under the Loan Agreement, in addition to any remedies provided at law or in equity, including, without limitation, that the interest rate of the Loan will increase by an additional 5.0% per annum and the Loan Agreement will terminate automatically with the Lender entitled to foreclose upon or otherwise dispose of the Pledged Securities. The Loan Agreement also contains positive and negative covenants, representations and warranties and indemnification provisions that are customary for transactions of this type. A full text copy of the Loan Agreement is available at https://tinyurl.com/4cud6yxn 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. SHAHINAZ SOLIMAN: Hires Levene Neale Bender Yoo as Legal Counsel ---------------------------------------------------------------- Shahinaz Soliman Clinic Corp. seeks approval from the U.S. Bankruptcy Court for the Central District of California, Los Angeles Division, to hire Levene, Neale, Bender, Yoo & Golubchik L.L.P. to serve as legal counsel. LNBYG will provide these services: (a) advising the Debtor with regard to the requirements of the Bankruptcy Court, Bankruptcy Code, Bankruptcy Rules and the Office of the United States Trustee as they pertain to the Debtor and interacting with and cooperating with any committee appointed in the Debtor's bankruptcy case; (b) advising the Debtor with regard to certain rights and remedies of its bankruptcy estate and the rights, claims and interests of creditors; (c) representing the Debtor in any proceeding or hearing in the Bankruptcy Court involving its estate unless the Debtor is represented in such proceeding or hearing by other special counsel; (d) conducting examinations of witnesses, claimants or adverse parties and representing the Debtor in any adversary proceeding except to the extent that any such adversary proceeding is in an area outside of LNBYG's expertise or which is beyond LNBYG's staffing capabilities; (e) preparing and assisting the Debtor in the preparation of reports, applications, pleadings and orders including, but not limited to, applications to employ professionals, interim statements and operating reports, initial filing requirements, schedules and statement of financial affairs, lease pleadings, cash collateral pleadings, financing pleadings, and pleadings with respect to the Debtor's use, sale or lease of property outside the ordinary course of business; (f) representing the Debtor with regard to obtaining use of debtor in possession financing and/or cash collateral including, but not limited to, negotiating and seeking Bankruptcy Court approval of any debtor in possession financing and/or cash collateral pleading or stipulation and preparing any pleadings relating to obtaining use of debtor in possession financing and/or cash collateral; (g) assisting the Debtor in any asset sale process; (h) assisting the Debtor in the negotiation, formulation, preparation and confirmation of a plan of reorganization and the preparation and approval of a disclosure statement in respect of the plan; and (i) performing any other services which may be appropriate in LNBYG's representation of the Debtor during its bankruptcy case. LNBYG will be paid at these 2025 standard hourly rates: David L. Neale 750 Ron Bender 750 Timothy J. Yoo 750 David B. Golubchik 750 Eve H. Karasik 750 Gary E. Klausner 750 Eric P. Israel 750 Brad D. Krasnoff 750 Edward M. Wolkowitz 750 Beth Ann R. Young 750 Monica Y. Kim 725 Philip A. Gasteier 725 John N. Tedford, IV 725 Daniel H. Reiss 725 Todd A. Frealy 725 Kurt Ramlo 725 Richard P. Steelman, Jr. 725 Juliet Y. Oh 725 Todd M. Arnold 725 Krikor J. Meshefejian 725 John-Patrick M. Fritz 725 Joseph M. Rothberg 725 Jeffrey Kwong 725 Michael D'alba 725 Carmela T. Pagay 700 Anthony A. Friedman 700 Lindsey L. Smith 650 Robert Carrasco 550 Paraprofessionals 300 A retainer of $50,000 has been provided by Dr. Shahinaz Soliman, held in a segregated account, to be drawn upon Court approval. LNBYG 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: Ron Bender, Esq. Monica Y. Kim, Esq. LEVENE, NEALE, BENDER, YOO & GOLUBCHIK L.L.P. 2818 La Cienega Avenue Los Angeles, CA 90034 Telephone: (310) 229-1234 Facsimile: (310) 229-1244 E-mail: rb@lnbyg.com myk@lnbyg.com About Shahinaz Soliman Clinic Corp. Shahinaz Soliman Clinic Corp., dba Soliman Care Family Practice Center Inc., is a family practice health center that offers comprehensive healthcare services for individuals of all ages, from pediatrics to geriatrics. The clinic specializes in both acute and chronic care, focusing on prevention, diagnosis, and holistic treatment. Led by Dr. Shahinaz Soliman, the center is committed to providing compassionate, culturally competent, and patient centered care to the community. Shahinaz Soliman Clinic Corp. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Calif. Case No. 25-12747) on April 2, 2025. In its petition, the Debtor reported estimated assets between $100,000 and $500,000 and estimated liabilities between $1 million and $10 million. Judge Barry Russell handles the case. The Debtor is represented by Michael Jay Berger, Esq., at the Law Offices of Michael Jay Berger. SINTECHMEDIA NYC: Cliffwater Marks $423,729 Loan at 40% Off ----------------------------------------------------------- Cliffwater Enhanced Lending Fund has marked its $423,729 loan extended to SintecMedia NYC, Inc. to market at $255,419 or 60% of the outstanding amount, according to Cliffwater's Form N-CSRS for the semi-annual period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. Cliffwater Enhanced is a participant in a Revolver Loan to SintecMedia NYC, Inc. The loan accrues interest at a rate of 11.03% per annum. The loan matures on June 21, 2029. The Cliffwater Enhanced Lending Fund is a closed-end, non-diversified management investment company registered under the Investment Company Act of 1940. The Fund is a "fund of funds" that operates and is organized as an interval fund. Cliffwater LLC serves as the investment adviser of the Fund. The Fund's primary investment objective is to seek high current income and modest capital appreciation, while the Fund's secondary objective is capital preservation. Cliffwater Enhanced is led by Stephen Nesbitt as Principal Executive Officer, and Lance J. Johnson as Treasurer and Principal Financial Officer. The Company can be reach through: Stephen Nesbitt Cliffwater Enhanced Lending Fund 235 West Galena Street Milwaukee, WI 53212 Telephone: (414) 299-2030 About SintecMedia NYC, Inc. Sintec Media Inc develops application software. The Company offers designing, developing, and producing prepackaged computer software. SL ENERGY: Cliffwater Marks $25MM Loan at 88% Off ------------------------------------------------- Cliffwater Enhanced Lending Fund has marked its $25,000,000 loan extended to SL Energy Power Plant I, LLC to market at $2,936,873 or 12% of the outstanding amount, according to Cliffwater's Form N-CSRS for the semi-annual period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. Cliffwater Enhanced is a participant in a First Lien Term Loan to SL Energy Power Plant I, LLC. The loan accrues interest at a rate of 11.00% per annum. The loan matures on September 25, 2027. The Cliffwater Enhanced Lending Fund is a closed-end, non-diversified management investment company registered under the Investment Company Act of 1940. The Fund is a "fund of funds" that operates and is organized as an interval fund. Cliffwater LLC serves as the investment adviser of the Fund. The Fund's primary investment objective is to seek high current income and modest capital appreciation, while the Fund's secondary objective is capital preservation. Cliffwater Enhanced is led by Stephen Nesbitt as Principal Executive Officer, and Lance J. Johnson as Treasurer and Principal Financial Officer. The Company can be reach through: Stephen Nesbitt Cliffwater Enhanced Lending Fund 235 West Galena Street Milwaukee, WI 53212 Telephone: (414) 299-2030 About SL Energy Power Plant I, LLC SL Energy Power Plant I, LLC refers to a planned natural gas-fired combined-cycle power plant by Sandow Lakes Energy Company in Lee County, Texas, aiming to provide reliable, low-carbon energy, boost grid stability, and create local jobs. SLEEP QUARTERS: To Sell Ennis Property to Equity Investment ----------------------------------------------------------- Sleep Quarters Plus, Inc., seeks permission from the U.S. Bankruptcy Court for the Northern District of Texas, Dallas Division, to sell, free and clear of liens, claims, interests, and encumbrances, the 2.456 acres of improved real property located at 2400 W. Ennis Ave., Ennis, Texas 75117, to Equity Investment Acquisitions, LLC pursuant to a Commercial Contract – Improved Property for the price of $975,000.00. The Buyer will pay an earnest money of $9,750.00 in escrow. Citizens National Bank of Texas claims a lien on the property in excess of the amount sales proceeds and has other collateral to secure its loan with property in Waxahachie, Texas. The property is also encumbered with liens to the taxing authorities for ad valorem taxes. Taxes will be paid in full from the sale proceeds at closing. The Debtor has thoroughly marketed the Property for sale by hiring a real estate broker, advertising, placing a sign on the property, and negotiating with prospective buyers. The real estate firms of Tero Texas for the Debtor and Elysian Realty, LLC for the Buyer will each receive a commission of 3% of the gross sales price if the sale closes, for total sales commissions of 6%. Such commissions may be shared with other agents and brokers but in no event shall the total commissions exceed 6%. The Debtor has adequately marketed the Property and asserts the proposed Purchase Price is fair and reasonable. Delay may result in loss of the Buyer, or further reduction in value received. Delay will result in additional ongoing expenses. The Debtor will show at the hearing that it negotiated with all potential purchasers at arm's length, in good faith, and in an effort to achieve the best offer for the Property. About Sleep Quarters Plus Inc. Sleep Quarters Plus, Inc. specializes in the retail distribution of mattresses, bedding essentials, and bedroom furnishings. Based in Texas, the company offers an assortment of sleep-related products through its retail outlets, catering to customers looking for value-oriented and quality bedding options. Sleep Quarters Plus filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Texas Case No. 25-34803) on December 2, 2025. In its petition, the Debtor reports estimated assets of $1 million to $10 million and estimated liabilities of $1 million to $10 million. Honorable Bankruptcy Judge Scott W. Everett handles the case. The Debtor is represented by Joyce W. Lindauer, Esq., at Joyce W. Lindauer Attorney, PLLC. SMITH HOSPITALITY: Andrew Kight Named Subchapter V Trustee ---------------------------------------------------------- The Acting U.S. Trustee for Region 10 appointed Andrew Kight as Subchapter V trustee for Smith Hospitality Group, LLC. The Subchapter V trustee can be reached at: Andrew T. Kight 108 E. 9th Street Indianapolis, IN 46202 317-608-1130 trusteekight@jhklegal.com About Smith Hospitality Group LLC Smith Hospitality Group, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ind. Case No. 25-07541) on December 11, 2025, with $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Judge James M. Carr presides over the case. Preeti Gupta, Esq., represents the Debtor as legal counsel. SOLEMN INVESTMENTS: Claims to be Paid from Ongoing Operations ------------------------------------------------------------- Solemn Investments Inc., d/b/a ABJ Transport, filed with the U.S. Bankruptcy Court for the Southern District of Texas a Plan of Reorganization dated December 15, 2025. The Debtor is a limited liability company incorporated on December 4, 2014. Solemn Investments is a member-managed limited liability company, managed by Mr. Arthur Walters and owned by its members, Mr. Arthur Walters (50%) and Mrs. Elizangela Walters (50%). The Debtor operates an automobile transport business, providing car-hauling services for major automotive manufacturers including General Motors, Ford, and Stellantis. At its peak, the Debtor operated two Peterbilt trucks: a 2019 Peterbilt 389 and a 2017 Peterbilt 389, both leased from Trans Lease, Inc., generating approximately $24,000 per week in gross revenue. In early 2025, the Debtor's 2017 Peterbilt experienced complete engine failure, requiring replacement. Trans Lease initially agreed to cover the replacement engine cost; however, the contracted repair shop damaged the new engine during installation. Trans Lease subsequently refused to pay for a second replacement engine, leaving the Debtor responsible for costly repairs without available capital. With one truck inoperable, the Debtor's revenue was reduced by approximately 50%, from $24,000 per week to $12,000 per week, while fixed obligations remained unchanged. When Trans Lease threatened repossession of both vehicles, the Debtor faced the complete elimination of its ability to operate and the destruction of valuable business relationships with automotive manufacturers built over years of reliable service. Class 4 consists of all Allowed General Unsecured Claims against the Debtor. Holders of Allowed General Unsecured Claims in Class 4 shall receive payment in full of their Allowed Claims in sixty equal monthly installments, commencing thirty days from the Effective Date. Class 4 is impaired under the Plan. Holders of Allowed General Unsecured Claims in Class 4 are entitled to vote to accept or reject the Plan. Payments and distributions under the Plan will be Payments under the Plan will be funded from the Debtor's ongoing business operations. The Post-Confirmation Management of the Debtor will remain with Arthur Walters and Elizangela Walters. A full-text copy of the Plan of Reorganization dated December 15, 2025 is available at https://urlcurt.com/u?l=5GdRhC from PacerMonitor.com at no charge. Counsel to the Debtor: Jeremy T. Wood, Esq. Law Office of Jeremy T. Wood, PLLC 2950 N Loop W 5th Floor Suite 500 Houston, TX 77092 Phone: (713) 366-1288 Fax: (281) 954-3277 About Solemn Investments Inc. Solemn Investments Inc., doing business as ABJ Transport, is a Houston-based specialized freight trucking company, provides transportation and logistics services in the specialized freight sector. Solemn Investments Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-34630) on Aug. 8, 2025. In its petition, the Debtor estimated assets up to $50,000 and liabilities between $1 million and $10 million. Bankruptcy Judge Eduardo V. Rodriguez handles the case. The Debtor is represented by Jeremy Thomas Wood, Esq. at Law Office Of Jeremy T. Wood, PLLC. SOUTHERN TIRE: Case Summary & 12 Unsecured Creditors ---------------------------------------------------- Debtor: Southern Tire and Fleet Service, LLC 5937 Commonwealth Ave Jacksonville, FL 32254 Business Description: Southern Tire and Fleet Service, LLC, located in Jacksonville, Florida, provides tire sales and services, emergency roadside assistance, and fleet maintenance for trucks and trailers, including tire repair, brake services, hubs, and wheel seals. Chapter 11 Petition Date: December 23, 2025 Court: United States Bankruptcy Court Middle District of Florida Case No.: 25-04762 Judge: Hon. Jason A Burgess Debtor's Counsel: Thomas Adam, Esq. ADAM LAW GROUP, PA 2258 Riverside Ave Jacksonville, FL 32204 E-mail: tadam@adamlawgroup.com Total Assets: $256,751 Total Liabilities: $1,160,257 The petition was signed by Jason Cobb as member. A full-text copy of the petition, which includes a list of the Debtor's 12 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/KADDY5A/Southern_Tire_and_Fleet_Service__flmbke-25-04762__0001.0.pdf?mcid=tGE4TAMA SPLASH BEVERAGE: CPA Martin Scott Named Interim CFO --------------------------------------------------- Splash Beverage Group, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Board of Directors appointed Martin Scott as the Company's interim Chief Financial Officer (principal financial and accounting officer), effective immediately. Prior to his appointment, Mr. Scott has served as founder and executive officer of Martin Scott CFO Consulting Services Inc. since 2002. From September 1, 2023 to January 15, 2024, Mr. Scott served as chief financial officer of LUVU Brands, Inc. [OTCQB: LUVU]. From March 2022 to January 2023, Mr. Scott served as chief financial officer of MGO Global, Inc, [Nasdaq:MGOL]. Subsequently, that company was acquired by Heidmar Maritime Holdings Corp [Nasdaq:HMR]. Mr. Scott is a Certified Public Accountant. In connection with Mr. Scott's appointment, the Company entered into an Employment Agreement with Mr. Scott pursuant to which the Company agreed to compensate Mr. Scott as follows for his services: (A) a monthly base salary of $25,000, and (B) the following bonuses upon achieving the applicable milestones, subject to approval from the Company's Board of Directors: (i) $20,000 upon filing of the Company's Annual Report on Form 10-K and (ii) $30,000 upon the closing of a merger or change of control. In addition, Mr. Scott is eligible to receive equity grants under the Company's 2025 Equity Incentive Plan. There are no arrangements or understandings between Mr. Scott and any other person pursuant to which he was selected as an officer. Mr. Scott has no family relationships with any director or executive officer of the Company, and there are no transactions in which she has an interest requiring disclosure under Item 404(a) of Regulation S-K. A full text copy of Mr. Scott's Employment Agreement is available AT https://tinyurl.com/jmk4h3w2 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. ST MARK'S PROPERTY: Voluntary Chapter 11 Case Summary ----------------------------------------------------- Debtor: St Mark's Property Acquisition LLC 800 Second Avenue Unit 802 New York, NY 10017 Business Description: St. Mark's Property Acquisition LLC owns and leases a commercial space at 800 Second Avenue, Unit 802, New York, New York, which is currently valued at $1.4 million. Chapter 11 Petition Date: December 22, 2025 Court: United States Bankruptcy Court Southern District of New York Case No.: 25-12862 Judge: Hon. David S Jones Debtor's Counsel: Brian McCaffrey, Esq. MCCAFFREY & ASSOCIATES, PC 88-18 Sutphin Blvd 1st Floor Jamaica, NY 11435 Tel: 718-480-8280 Fax: 718-480-8279 Email: info@mynylawfirm.com Total Assets: $1,405,000 Total Liabilities: $652,410 The petition was signed by Michael Morgan as owner. The Debtor's petition indicates there are no unsecured creditors. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/4NN5VKI/ST_MARKS_PROPERTY_ACQUISITION__nysbke-25-12862__0001.0.pdf?mcid=tGE4TAMA STARLIGHT INVENTORY: Cliffwater Marks $15MM 1L Loan at 22% Off -------------------------------------------------------------- Cliffwater Enhanced Lending Fund has marked its $15,000,000 loan extended to Starlight Inventory I, LLC to market at $11,650,369 or 78% of the outstanding amount, according to Cliffwater's Form N-CSRS for the semi-annual period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. Cliffwater Enhanced is a participant in a First Lien Term Loan to Starlight Inventory I, LLC. The loan accrues interest at a rate of 13.79% per annum. The loan matures on March 28, 2026. The Cliffwater Enhanced Lending Fund is a closed-end, non-diversified management investment company registered under the Investment Company Act of 1940. The Fund is a "fund of funds" that operates and is organized as an interval fund. Cliffwater LLC serves as the investment adviser of the Fund. The Fund's primary investment objective is to seek high current income and modest capital appreciation, while the Fund's secondary objective is capital preservation. Cliffwater Enhanced is led by Stephen Nesbitt as Principal Executive Officer, and Lance J. Johnson as Treasurer and Principal Financial Officer. The Company can be reach through: Stephen Nesbitt Cliffwater Enhanced Lending Fund 235 West Galena Street Milwaukee, WI 53212 Telephone: (414) 299-2030 About Starlight Inventory I, LLC Starlight Inventory I, LLC (also Starlight Inventory Holdings I, LLC) is an entity connected to auto parts suppliers that filed for Chapter 11 bankruptcy in the Southern District of Texas in September 2025, jointly administered with other affiliated debtors like First Brands Group. STRIPE A LOT: Gets Extension to Access Cash Collateral ------------------------------------------------------ Stripe A Lot of America II, Corp. received another extension from the U.S. Bankruptcy Court for the Middle District of Florida, Tampa Division, to use cash collateral. At the recent hearing, the court extended the Debtor's authority to use cash collateral until January 22, 2026. The Debtor was previously authorized to use cash collateral under the court's December 16 second interim order to pay the amounts authorized by the court; the operating expenses set forth in its budget (with up to a 10% variance per line item); and additional amounts with approval from its secured creditors. The second interim order granted Commercial Credit Group, Inc. and other secured creditors post-petition replacement liens on cash collateral, with the same validity, priority, and extent as their pre-bankruptcy liens. The order also approved payments of $2,500 to Commercial Credit Group for November and December and monthly payments of $4,340, beginning January 15, 2026. Aside from Commercial Credit Group, the other secured creditors with interest in the cash collateral are BMO Harris Bank, N.A., Deutsche Leasing USA, Inc., John Deere Construction & Forestry Company, PNC Bank, N.A., Wells Fargo Bank, N.A., Wells Fargo Equipment Finance, Inc., First Citizens Bank, and the U.S. Small Business Administration. The claims of these creditors are secured by $9,515 in cash and $616,362.50 in collectible accounts receivable. About Stripe a Lot of America II Corp. Stripe a Lot of America II Corp. provides asphalt paving, resurfacing, and repair services across Florida. The Company offers full-service commercial solutions including asphalt and concrete installation, sealcoating, striping, crack filling, ADA-compliant ramps, and drainage work. It also performs milling, full-depth reclamation, and parking lot maintenance projects for property owners and contractors. Stripe a Lot of America II Corp. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-07715) on October 20, 2025. In its petition, the Debtor reports total assets of $633,127 and total liabilities of $4,028,903. Honorable Bankruptcy Judge Roberta A. Colton handles the case. The Debtor is represented by Buddy D. Ford, Esq., at Ford & Semach, P.A. SUNATION ENERGY: Terminates CVR Agreement With $276,000 Payment --------------------------------------------------------------- SUNation Energy Inc. (formerly Communications Systems, Inc., Pineapple Holdings, Inc. and Pineapple Energy Inc.) previously disclosed, on March 28, 2022, that it completed its merger transaction with Pineapple Energy LLC in accordance with the terms of a merger agreement, pursuant to which a subsidiary of the Company merged with and into Pineapple Energy, with Pineapple Energy surviving the merger as a wholly owned subsidiary of the Company. Prior to the Closing, the Company issued contingent value rights (or CVRs) to CSI shareholders of record at the close of business on March 25, 2022. The CVR entitled the holder to a portion of the cash, cash equivalents, investments and net proceeds of any divestiture, assignment, or other disposition of all legacy assets of CSI and/or its legacy subsidiaries, JDL and Ecessa, that were related to CSI's pre-merger business, assets, and properties that occur following the Closing. The CVR liability as of September 30, 2025 was estimated at $288,948 and represented the estimated fair value as of that date of the legacy CSI assets to be distributed to CVR holders as of that date. Effective December 16, 2025, the Contingent Value Rights Agreement, as amended by First Amendment to Contingent Value Rights Agreement, dated as of March 27, 2024 and Second Amendment to Contingent Value Rights Agreement, dated as of December 31, 2024 (as amended, the "CVR Agreement") among Parent (then named Communications Systems, Inc.), Equiniti Trust Company, as Rights Agent (and the CVR Holders' Representative), and all obligations thereunder was terminated following certification by the Rights Agent of receipt of the Company's final payment due under the CVR Agreement in the aggregate amount of $276,000.48, and the pro-rata distribution thereof to the CVR Holders. About SUNation Energy SUNation Energy Inc., formerly known as Pineapple Energy Inc., is focused on growing leading local and regional solar, storage, and energy services companies nationwide. Melville, N.Y.-based UHY LLP, the Company's former auditor, issued a "going concern" qualification in its report dated April 15, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company's current financial position and forecasted future cash flows for 12 months beyond the date of issuance of the financial statements indicate substantial doubt around the Company's ability to continue as a going concern. As of September 30, 2025, the Company had $49.6 million in total assets, $27.9 million in total liabilities, and $21.7 million in total stockholders' equity. SUREWERX PURCHASER: Cliffwater Marks $250,000 Loan at 73% Off ------------------------------------------------------------- Cliffwater Enhanced Lending Fund has marked its $250,000 loan extended to SureWerx Purchaser III, Inc. to market at $68,239 or 27% of the outstanding amount, according to Cliffwater's Form N-CSRS for the semi-annual period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. Cliffwater Enhanced is a participant in a Revolver Loan to SureWerx Purchaser III, Inc. The loan accrues interest at a rate of 9.25% per annum. The loan matures on December 28, 2028. The Cliffwater Enhanced Lending Fund is a closed-end, non-diversified management investment company registered under the Investment Company Act of 1940. The Fund is a "fund of funds" that operates and is organized as an interval fund. Cliffwater LLC serves as the investment adviser of the Fund. The Fund's primary investment objective is to seek high current income and modest capital appreciation, while the Fund's secondary objective is capital preservation. Cliffwater Enhanced is led by Stephen Nesbitt as Principal Executive Officer, and Lance J. Johnson as Treasurer and Principal Financial Officer. The Company can be reach through: Stephen Nesbitt Cliffwater Enhanced Lending Fund 235 West Galena Street Milwaukee, WI 53212 Telephone: (414) 299-2030 About SureWerx Purchaser III, Inc. Surewerx Purchaser III, Inc. manufactures power-driven hand tools. The Company offers industry, safety, welding, transportation and automotive aftermarket, manufacturing, food production, warehousing, and logistics. SWIFT BEEF: Closes California Meat Packing Plant w/ No Bankruptcy ----------------------------------------------------------------- Kirk O'Neil of The Street reports that Swift Beef Co., a longtime meat processor and subsidiary of JBS Foods, is closing its Riverside, California, facility and eliminating 374 jobs, the Los Angeles Times reported, adding to workforce shifts among major meat industry players. The company issued 60-day WARN notices on December 4, 2025, through the California Employment Development Department, citing plans to cease operations at the Riverside site by Feb. 2, 2026. Swift was founded in 1855 and has operated in the U.S. meat industry for more than a century, the report states. According to JBS, the Riverside plant prepares packaged meat products for U.S. grocery stores but does not slaughter animals. JBS said it will seek to place affected workers at other facilities and offer relocation assistance, though employees who opt not to relocate will be laid off when the plant closes. About Swift Beef Co. Swift Beef Co. is a U.S.-based meat processing company and a subsidiary of JBS Foods, a global producer of beef, poultry, and prepared foods. The company operates facilities that prepare and package beef products for distribution to grocery retailers and food service customers across the United States. SYNAPSE FINANCIAL: Victims to Receive $46MM from CFPB ----------------------------------------------------- PYMNTS reports that the Consumer Financial Protection Bureau (CFPB) has allocated $46 million to victims of Synapse Financial Technology's collapse. The payment, announced from the CFPB's Civil Penalty on November 28, 2025 was highlighted in reports by Bloomberg Law and FinTech Business Weekly. The $46 million figure, more precisely $46,248,291, may not cover the total deposits owed to consumers, and the methodology behind the calculation remains unclear. During Synapse's Chapter 11 bankruptcy proceedings, Trustee Jelena McWilliams estimated customer fund shortfalls between $65 million and $95 million, while the CFPB projected a gap ranging from $60 million to $90 million, the report states. Before its collapse, Synapse provided banking infrastructure to other FinTech companies, allowing startups to store customers' funds. At its peak, the company managed billions of dollars, but its failure last year left thousands of consumers unable to access their accounts, including debit card transactions, bill payments, and essential deposits such as wages, according to PYMNTS. The CFPB's complaint alleged that Synapse failed to maintain accurate consumer fund records and reconcile them with partner banks, causing widespread financial hardship. The collapse has triggered regulatory investigations, civil lawsuits, and criminal inquiries, highlighting systemic risks within the FinTech sector and the importance of proper fund management, the report relays. About Synapse Financial Technologies Headquartered in San Francisco, California, Synapse Financial Technologies, Inc. -- https://synapsefi.com/ -- is a banking-as-a-service platform for embedded finance solutions worldwide. The Debtor sought protection under Chapter 11 of the Bankruptcy Code (Bankr. C.D. Cal. Case No. 24-10646) on April 22, 2024. In the petition signed by Sankaet Pathak, chief executive officer, the Debtor disclosed up to $50 million in assets and liabilities. Judge Martin R. Barash oversees the case. Ron Bender, Esq., at Levene, Neale, Bender, Yoo & Golubchik L.L.P., is the Debtor's legal counsel. TAP-TEE REALTY: Hires Law Office of Richard A. Klass as Counsel --------------------------------------------------------------- Tap-Tee Realty Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to hire Richard A. Klass, Esq. of The Law Office of Richard A. Klass, Esq. to serve as special litigation counsel. Mr. Klass will provide these services: (a) performing legal services related to real estate matters, including litigation on behalf of the Debtor concerning partition actions, including without limitation, the disposition and/or resolution of such litigation; (b) advising the Debtor with respect to pending litigations commenced by the Debtor, including without limitation, partition actions, and other claims or causes of action that the Debtor may pursue; and (c) advising the Debtor with respect to the litigations pending and/or commenced against the Debtor and related issues, which includes, without limitation, claim objections and resolutions which pertain and/or are related to real estate matters. Mr. Klass shall receive an hourly rate of $600. The hourly rate for associates is $450, and the hourly rate for paralegals is $150. The Law Office of Richard A. Klass, Esq. 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: Richard A. Klass, Esq. THE LAW OFFICE OF RICHARD A. KLASS, ESQ. 16 Court Street, 28th Floor Brooklyn, NY 11241 About Tap-Tee Realty Inc. Tap-Tee Realty Inc. was established on June 30, 2008 as a domestic business corporation type registered at 525 Myrtle Avenue Suite C1 C-1 Brooklyn, New York. Tap-Tee Realty Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-43854) on August 11, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $100,000 and $500,000. Honorable Bankruptcy Judge Elizabeth S. Stong handles the case. The Debtor is represented by Joshua Reid Bronstein, Esq., at Joshua R. Bronstein & Associates, PLLC. TEAL JONES: To Sell Kinsale Property to Kinsale Road Partners ------------------------------------------------------------- Teal Jones Holdings Ltd., in its capacity as the duly appointed foreign representative of Pine Products, LLC and its affiliates, seeks approval from the U.S. Bankruptcy Court for the District of Delaware, to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtors are the largest privately held forest products company operating on the West Coast of Canada. Since their inception in 1946, the Debtors’ operations have been profitable. However, declines in lumber prices, inflationary pressures and interest rate increases adversely impacted the Debtors and resulted in severe liquidity constraints that caused the Debtors to commence the Canadian Proceedings. On April 24, 2024, the Debtors commenced the Canadian Proceedings to implement certain restructuring transactions related to the marketing, sale and investment solicitation process (SSIP). In the Initial Order, the Court appointed PricewaterhouseCoopers Inc. as monitor of the Debtors in the Canadian Proceedings. The Monitor has continued to work with the Debtors to explore restructuring solutions and is expressly empowered by the Canadian Court. The SISP is similar to bidding procedures in a chapter 11 case. The SISP established a clear and transparent process for the solicitation, receipt, and evaluation of bids on a timeline that the Foreign Representative, the Debtors and the Monitor believe has been reasonable nd has provided parties with sufficient time and information to submit a competitive bid. In accordance with the SISP, the Debtors marketed substantially all of their assets as 11 distinct parcels designed to maximize value. The Purchased Assets are referenced in the SISP as "Parcel 4" and include the Debtors' last mill asset in the United States. Parcel 4 comprises a sawmill (Potomac Mill) located on 162 acres in Kinsale, Virginia, owned by Debtor Potomac Supply, LLC. The Potomac Mill specializes in the production of Southern Yellow Pine that is primarily sold in the United States. However, due in part to the Debtors' liquidity constraints, operations at the Potomac Mill have been limited to asset maintenance since January 2025. On April 25, 2025, the parties entered into certain Asset Purchase Agreement by and among Potomac Supply and Pine Products, as Sellers, Mercury Merchant LLC, as buyer, and the Monitor. On July 22, 2025, with the consent of the Monitor, Potomac Supply and Pine Products exercised their right to terminate the Initial Purchase Agreement and retain the deposits thereunder as a result of Mercury’s failure to timely fund the purchase price and close the transaction. On September 19, 2025, Mercury filed and served a Notice of Appeal with the Canadian Court in respect of the Approval and Vesting Order and the Distribution Order in connection with the subsequent sale of Pine Products' assets. On October 8, 2025, the Court entered an order recognizing and enforcing the Canadian Court's order approving the sale of the Pine Mill. With respect to the Potomac Mill, the Debtors seek to consummate the Sale to Buyer, Kinsale Road Partners LLC, an affiliate of Chicago Flameproof and Wood Specialties Corp., which is a current tenant of Potomac Supply. The Debtors believe the sale to Buyer under the Purchase Agreement is appropriate. The Purchased Assets include the Potomac Mill and 162- acre property in Kinsale, Virginia, all furniture, fixtures and a narrow scope of equipment located on the portion of the property currently leased to Buyer, warranty rights, and certain other assets agreed between Buyer and Seller. Notably, the Sale is not a going concern sale of Seller’s business. Operational assets, including inventory, intellectual property and nearly all fixed assets and equipment located within the Potomac Mill, among other things, are excluded from the Purchased Assets. Under the Purchase Agreement, the Purchased Assets will be sold on an "as is, where is" basis, free and clear of all Encumbrances. Either party may terminate the Purchase Agreement if, among other potential reasons, the Closing does not occur prior to February 7, 2026. The purchase price payable by Buyer to the Monitor on behalf of the Seller for the Purchased Assets shall be the aggregate of: (a) a cash payment of $6,750,000; and (b) the amount of the Assumed Liabilities (for greater certainty, excluding any Assumed Liabilities that are not payable on or before, or accrued as of, the Closing). The Debtors and the Monitor have signed the Auction Agreement with the Liquidator to monetize the assets and equipment at the Potomac Mill excluded from the Sale, in addition to an asset located at the Antlers Mill in Oklahoma. The Foreign Representative submits that the sale of the Purchased Assets free and clear of all interests, as provided in the Approval and Vesting Order and the Proposed Order, satisfies the statutory prerequisites of section 363(f) of the Bankruptcy Code. The Foreign Representative also requests that the Court find that Buyer is entitled to the benefits and protections. The Foreign Representative submits that Buyer is a "good faith purchaser" within the meaning of section 363(m) of the Bankruptcy Code. About Teal Jones Holdings Teal Jones Holdings Ltd. -- https://tealjones.com -- is a Canadian forestry company established in 1946 and headquartered in Surrey, British Columbia. The Teal-Jones Group is the largest privately owned timber harvesting and primary lumber product manufacturing company in British Columbia. Teal Jones Holdings and 15 affiliates filed Chapter 15 Petition on April 26, 2024, with the United States Bankruptcy Court for the District of Delaware. The Chapter 15 judge is Hon. Thomas M. Horan. Teal Jones Holdings Ltd. and its affiliates were granted an order by the Supreme Court of British Columbia commencing proceeding pursuant to the Companies' Creditors Arrangement. Under the initial order, PricewaterhouseCoopers Inc. was appointed as the monitor of the Companies. The Foreign Representative is Gerrie Kotze. The Foreign Representative's counsel is R. Craig Martin, Esq., at DLA Piper, LLP (US). TEXAS INTERNATIONAL: Gets Interim OK to Use Cash Collateral ----------------------------------------------------------- Texas International Enterprises, Inc. got the green light from the U.S. Bankruptcy Court for the Southern District of Texas, Laredo Division, to use cash collateral. The court issued an interim order authorizing the Debtor to use cash and equipment collateral solely to pay post-petition expenses in accordance with its budget. The Debtor acknowledges substantial secured obligations, including approximately $27.9 million owed to Commercial Credit Group, Inc. under 29 equipment loans and more than $7.7 million owed to RTS Financial Service, Inc. under factoring arrangements and equipment notes. The collateral includes a large fleet of commercial trucks and tractors, inventory, and all accounts receivable. As adequate protection, both secured creditors will be granted post-petition replacement liens, with the same priority and scope as their pre-petition liens. In addition, Commercial Credit Group is entitled to a superpriority administrative expense claim and payments of $100,000, due this month and on January 13, 2026. Events of default under the interim order include any violation or failure by the Debtor to satisfy the terms of the order; appointment of a trustee or examiner without Commercial Credit Group's consent; dismissal or conversion of the Debtor's Chapter 11 case; inadequacy or termination of insurance under the loan agreements. Failure to cure the default results in immediate termination of cash collateral use and relief from the automatic stay, allowing lenders to repossess equipment. A final hearing is scheduled for January 14, 2026. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/ywIaK from PacerMonitor.com. Commercial Credit Group holds a claimed security interest in substantially all of the Debtor's assets, including accounts receivable, stemming from pre-petition factoring arrangements through RTF Factoring Company. Because the Debtor's primary operating revenue is derived from accounts receivable, any post-petition collections subject to Commercial Credit Group's lien qualify as cash collateral under the Bankruptcy Code. Commercial Credit Group, as secured creditor, is represented by: Patrick L. Hughes, Esq. Adam J. Schmit, Esq. Haynes and Boone, LLP 1221 McKinney Street, Suite 4000 Houston, TX 77010 Telephone: (713) 547-2000 Facsimile: (713) 547-2600 patrick.hughes@haynesboone.com adam.schmit@haynesboone.com RTS Financial Service, as secured creditor, is represented by: James W. Brewer, Esq. Kemp Smith, LLP P.O. Box 2800 El Paso, TX 79999-2800 Telephone: 915.533.4424 Fax: 915.546.5360 Jim.brewer@kempsmith.com About Texas International Enterprises Inc. Texas International Enterprises Inc. operates as a multifaceted company with interests in various commercial and service-based industries. The organization is built on principles of reliability, operational efficiency, and market adaptability. By focusing on sustainable growth and client satisfaction, Texas International Enterprises Inc. continues to strengthen its presence in its respective markets. Texas International Enterprises Inc. commenced its Chapter 11 case (Bankr. Case No. 25-50133) on December 6, 2025. In its petition, the Debtor listed estimated assets of $10 million to $50 million and estimated liabilities within the same range. Honorable Bankruptcy Judge Jeffrey P. Norman presides over the matter. The Debtor is represented by Carl M. Barto, Esq. of the Law Office of Carl M. Barto. TOGETHER GOOD: Seeks to Extend Plan Exclusivity to March 20, 2026 ----------------------------------------------------------------- Together Good Deeds IV, LLC asked the U.S. Bankruptcy Court for the Northern District of Texas to extend its exclusivity periods to file a plan of reorganization and obtain acceptance thereof to March 20, 2026 and May 19, 2026, respectively. The Debtor explains that it has started work on its plan of reorganization and intends to file well in advance of the extended deadline. The Debtor will continue to diligently work through its proposed plan. Therefore, the Debtor respectfully requests an extension of the exclusive period to file and confirm a plan of reorganization through March 20, 2026, and May 19, 2026, respectively. The Debtor submits that the requested extension is not sought for delay or to prejudice any party and is of a minimal amount of time necessary to file and confirm its plan. Together Good Deeds IV LLC is represented by: Vickie L. Driver, Esq. Christina W. Stephenson, Esq. Driver Stephenson, PLLC 13155 Noel Road, Ste. 900 Dallas, TX 75240 Telephone: (214) 910-9558 Email: vickie@driversteplaw.com Email: crissie@driversteplaw.com About Together Good Deeds IV LLC Together Good Deeds IV LLC, based in Texas, provides professional architectural, engineering, and related consulting services under NAICS code 5413. Together Good Deeds IV sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-33215) on August 22, 2025. In its petition, the Debtor reported estimated assets between $100,000 and $500,000 and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Scott W. Everett handles the case. The Debtor tapped Vickie L. Driver, Esq., at Driver Stephenson, PLLC as counsel and Andre + Associates PC as accountant. Capitol Indemnity Corporation, as lender, is represented by: Emory G. Allen, Esq. Troy T. Kramer, Esq. CLARK HILL PLC 2600 Dallas Parkway, Suite 600 Frisco, TX 75034 Telephone: 214.651.2185 Facsimile: 469.227.6575 eallen@clarkhill.com tkramer@clarkhill.com TRANSATLANTIC BRIDGE: Hires Law Offices of Mickler as Legal Counsel ------------------------------------------------------------------- Transatlantic Bridge Corp. seeks approval from the U.S. Bankruptcy Court for the Middle District of Florida to hire Bryan K. Mickler of the Law Offices of Mickler & Mickler, LLP to serve as legal counsel. Mr. Mickler will provide these services: (a) general representation of the applicant in this proceeding; and (b) performance of all legal services for the applicant which may be necessary herein. The firm's hourly rates range from $400-$500. To the best of the applicant's knowledge, Mr. Mickler has no interest adverse to the applicant or the estate, and his employment would be in the best interest of the estate, according to court filings. The firm can be reached at: Bryan K. Mickler, Esq. LAW OFFICES OF MICKLER & MICKLER, LLP 5452 Arlington Expressway Jacksonville, FL 322211 Telephone: (904) 725-0822 Facsimile: (904) 725-0855 E-mail: bkmickler@planlaw.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. TREE LANE: Seeks to Hire Stinson LLP as Legal Counsel ----------------------------------------------------- Tree Lane LLC seeks approval from the U.S. Bankruptcy Court for the Central District of California to hire Stinson LLP to serve as general bankruptcy counsel. Stinson will provide these services: (a) advise the Debtor as to the requirements of the Bankruptcy Court, the Bankruptcy Code, FRBP, LBR, and the Office of the United States Trustee as they pertain to the Debtor; (b) advise the Debtor as to certain rights and remedies of its bankruptcy estate and the rights, claims, and interests of creditors and/or other parties in interest; (c) advise and represent client with regard to the administration of the Chapter 11 bankruptcy estate and duties of a Debtor in Possession; (d) assist the Debtor with the negotiation, documentation, and any necessary Court approval of transactions disposing of property of the estate; (e) represent the Debtor in any proceeding or hearing in the Bankruptcy Court involving the bankruptcy estate unless the Debtor is represented in such hearing or proceeding by special counsel; (f) conduct examinations of witnesses, claimants and/or adverse parties; (g) prepare and assist the Debtor in preparation of reports, applications, and pleadings; (h) assist the Debtor in the negotiation, formulation, preparation, and confirmation of a plan of reorganization/liquidation and the preparation and approval of a disclosure statement in connection with the Plan; (i) advise Debtor with respect to the assumption of any unexpired leases or executory contracts; (j) perform any other services, which may be necessary and appropriate in the representation of the Debtor during the Bankruptcy Case; (k) continue to pursue on behalf of the Debtor and the Debtor's estate the claims against Zachary Vella; and (l) represent the Debtor in such other matters as agreed to by the Debtor and Stinson in connection with the Bankruptcy Case. Stinson's hourly rates for matters such as this are: $325 for paralegals; $435-$690 for associates; and $750-$850 for partners. Stinson LLP 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: Robyn B. Sokol, Esq. STINSON LLP 1901 Avenue of the Stars, Suite 450 Los Angeles, CA 90067 Telephone: (310) 730-7020 Facsimile: (310) 730-7019 E-mail: robyn.sokol@stinson.com About Tree Lane LLC Tree Lane LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Cal. Case No. 2:24-bk-13201-BB) on April 25, 2024. At the time of the filing, Debtor had estimated assets of between $10,000,001 and $50 million and liabilities of between $10,000,001 and $50 million. Judge Sheri Bluebond oversees the case. Stinson LLP is Debtor's legal counsel. TRINTECH INC: Cliffwater Marks $595,752 Loan at 73% Off ------------------------------------------------------- Cliffwater Enhanced Lending Fund has marked its $595,752 loan extended to Trintech, Inc. to market at $161,412 or 27% of the outstanding amount, according to Cliffwater's Form N-CSRS for the semi-annual period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. Cliffwater Enhanced is a participant in a Revolver Inc. Loan to Trintech, Inc. The loan accrues interest at a rate of 9.66% per annum. The loan matures on July 25, 2029. The Cliffwater Enhanced Lending Fund is a closed-end, non-diversified management investment company registered under the Investment Company Act of 1940. The Fund is a "fund of funds" that operates and is organized as an interval fund. Cliffwater LLC serves as the investment adviser of the Fund. The Fund's primary investment objective is to seek high current income and modest capital appreciation, while the Fund's secondary objective is capital preservation. Cliffwater Enhanced is led by Stephen Nesbitt as Principal Executive Officer, and Lance J. Johnson as Treasurer and Principal Financial Officer. The Company can be reach through: Stephen Nesbitt Cliffwater Enhanced Lending Fund 235 West Galena Street Milwaukee, WI 53212 Telephone: (414) 299-2030 About Trintech, Inc. Trintech, Inc. is a leading global software company providing cloud-based solutions for finance and accounting (F&A) to automate the financial close process, including reconciliation, journal entries, and compliance, helping organizations control risk and gain efficiency. TRIPLESHOT HOLDINGS: Court Extends Cash Collateral Access to Feb. 5 ------------------------------------------------------------------- Tripleshot Holdings, LLC received another extension from the U.S. Bankruptcy Court for the Middle District of Florida to use cash collateral to fund operations. The court extended the Debtor's authority to use cash collateral through February 5, 2026, to pay the amounts expressly authorized by the court, including payments of U.S. trustee quarterly fees; the expenses set forth in its budget; and additional amounts subject to approval by its senior creditor, Gulf Coast Bank and Trust Company. As adequate protection for the Debtor's use of its cash collateral, Gulf Coast Bank and any other secured creditors will have a first priority perfected post-petition lien on the cash collateral with the same priority as their pre-bankruptcy lien. As adequate protection, the Debtor must make reduced payments to Gulf Coast of $5,000 by January 5, 2026, and an additional $5,000 by February 5, 2026, if the secured claim is not addressed through plan confirmation. The Debtor's authority to use cash collateral will terminate before February 5, 2026 if one of the following occurs: dismissal or conversion of the Debtor's Chapter 11 case; the appointment of a trustee; the confirmation of the Debtor's Chapter 11 plan; termination after service of notice in accordance with the interim order; or a further hearing on cash collateral use. The next hearing is set for February 5, 2026. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/fBDyr from PacerMonitor.com. About Tripleshot Holdings LLC Tripleshot Holdings, LLC, doing business as Carver's Olde Iron, imports and sells cast-iron home decor products through its online storefront. Its offerings include doorstops, bookends, ashtrays, candle holders, and novelty pieces in rustic, western, vintage, and industrial styles. Tripleshot Holdings filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-04544) on July 3, 2025, listing total assets of $15,000 and total liabilities of $1,173,564. Kathleen DiSanto, Esq., at Bush Ross, P.A., serves as Subchapter V trustee. Judge Roberta A. Colton handles the case. The Debtor is represented by Samantha L Dammer, Esq., at Bleakley Bavol Denman & Grace. Gulf Coast Bank and Trust Company, as lender, is represented by: Dora F. Kaufman, Esq. Jonathan Camacho Villamil, Esq. Liebler, Gonzalez & Portuondo 44 West Flagler Street, 25th Floor Miami, FL 33130 Tel: (305) 379-0400 dfkf@lgplaw.com ec@lgplaw.com service@ lgplaw.com jcamacho@lgplaw.com TROUSDALE LIVING: Timothy Stone Named Subchapter V Trustee ---------------------------------------------------------- The Acting U.S. Trustee for Region 8 appointed Timothy Stone of Newpoint Advisors Corporation as Subchapter V trustee for Trousdale Living Communities, Inc. Mr. Stone 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. Stone declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Timothy Stone Newpoint Advisors Corporation 750 Old Hickory Blvd, Building Two, Suite 150 Brentwood, TN 37027 Phone: 800-306-1250/615-440-8273 Fax: (702) 543-3881 Email: tstone@newpointadvisors.us About Trousdale Living Communities Inc. Trousdale Living Communities, Inc. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Tenn. Case No. 25-05332) on December 18, 2025, with up to $50,000 in assets and between $1 million and $10 million in liabilities. Judge Charles M. Walker presides over the case. Robert James Gonzales, Esq., at Emergelaw, PLC represents the Debtor as bankruptcy counsel. TRY TROUT: Plan Contemplates Two Scenarios ------------------------------------------ Try Trout and Industrial, LLC, filed with the U.S. Bankruptcy Court for the Eastern District of California a Disclosure Statement to accompany Plan of Reorganization dated December 16, 2025. The Debtor owns two properties, referred to as Heritage Village and Creekside Village (the "Properties"). Heritage Village is Debtor's property located in Truckee, Nevada County, California, and situated within the confines of four assessor's parcels identified as 019-421-011-000, 019-421-012-000, 019-421-021-000 and 019-421-022-000, which contain a total land area of 7.93 acres. The site is proposed for the development of 108 condominium units over ground floor retail. Creekside Village is Debtor's property located in Truckee, Nevada County, California, and situated within the confines of assessor's parcel 019-421-014-000 with the working address of 11158 Church Street, Truckee, Nevada County, California, 96161. This property contains 5.44 acres of vacant land proposed for the development of 49 single-family homes and attached townhomes. Based on its Debtor's appraisals, Debtor believes the value of the Properties materially exceeds $65 million. The Plan contemplates paying all Allowed Claims in full through either a Sale Transaction (i.e., a sale of the Properties) or a Restructuring Transaction (i.e., a refinancing of the Properties, a recapitalization of the Debtor, a sale of the secured debt, or an alternative transaction that produces sufficing value to allow Debtor to repay its debt in full). To effectuate the Sale or Refinancing Transaction, Debtor has engaged the real estate brokerage firms of Berkadia Real Estate Advisors Inc. and Keen-Summit Capital Partners LLC (the "Brokers") who have extensive experience effectuating such transactions. The Brokers were selected after consulting with Debtor's secured lenders, Builders Capital Finance, LLC ("Builders Capital") and Truckee Development Associates, LLC ("TDA"). The Plan defines a "Sale Transaction" as "a sale or transfer of title of one or more of the Properties pursuant to Section 363 of the Bankruptcy Code, solely excluding a Credit Bid Transaction." The Plan defines a "Restructuring Transaction" as "[a]ny transaction, other than a Sale Transaction, involving the Debtor's pecuniary interests arising from or related or pertaining to (i) the restructuring of all or a portion of the Debtor's Secured Claims, and/or (ii) the raising of debt and/or equity capital and/or the closing of a joint-venture in order to: (a) refinance the Properties, (b) to recapitalize Debtor or an entity owned or controlled by Debtor, (c) to buy all or a portion of the Secured Claims currently encumbering the Properties, and/or (d) to an alternative transaction in an amount sufficient to fund the Plan. Class 5 is comprised of the TDA Unsecured Claim. While Debtor does not expect there to be a TDA Unsecured Claim as Debtor expects the proceeds of the Effectuating Transaction will be sufficient to repay the Allowed TDA Claim, out of an abundance of caution, Debtor has included the unsecured portion of the Allowed TDA Claim, if any, in Class 5. Class 6 is comprised of the Allowed General Unsecured Claims, which includes all Claims that are not secured by a Lien or other charge against or interest in property in which the Estate has an interest and is not (i) an Administrative Claim, (ii) a Priority Tax Claim, (iii) a Priority Unsecured Claim; or (iv) the TDA Unsecure Claim. General Unsecured Claims shall include all Claims arising under Section 502(g) of the Bankruptcy Code. As of the filing of this Disclosure Statement, the asserted General Unsecured Claims total approximately $6,625,601. Except to the extent that a Holder of an Allowed Class 5 or Class 6 Claim agrees to less favorable treatment, each Holder of an Allowed Class 5 TDA Unsecured Claim and/or an Allowed Class 6 General Unsecured Claim, shall, in full and final satisfaction of such Allowed Claim, be restructured and treated as follows: * On the fifteenth Business Day after the Disputed Claim Reserve is funded and all Allowed Priority Tax Claims and Allowed Class 4 Priority Unsecured Claims are paid in full, the Reorganized Debtor shall pay each Holder of an Allowed Class 5 or Class 6 Claim on such date, the lesser of: (i) their Pro Rata share of the Remaining Cash on such date; and (ii) the outstanding, unpaid balance of their Allowed Claim. * Within fifteen days after all Disputed Claims having been resolved and all Allowed Priority Tax Claims and Allowed Class 4 Priority Unsecured Claims are paid in full, the Reorganized Debtor shall pay each Holder of an Allowed Class 5 or Class 6 Claim on such date, the lesser of: (i) their Pro Rata share of the Remaining Cash and the Disputed Claim Reserve; and (ii) the outstanding, unpaid balance of their Allowed Claims, plus interest at the Plan Interest Rate, which Distributions shall continue on the fifteenth day after the end of each calendar quarter until all Allowed Class 5 and 6 Claims have been paid in full. * Prior to any Distribution being made on account of Class 7 Equity Securities, the Allowed Class 5 TDA Unsecured Claim and all Allowed Class 6 General Unsecured Claims shall have been paid in full with interest at the Plan Interest Rate. Classes 5 and 6 are Impaired under the Plan and the Holders of the Class 5 TDA Unsecured Claim and the Class 6 Allowed General Unsecured Claims are entitled to vote on the Plan. Class 7 is comprised of the Allowed Equity Securities in Debtor. On the Effective Date, the Holders of Equity Securities of Debtor shall retain all of their legal interests. All Allowed Claims shall have been paid in full prior to any Equity Securities receiving any payments from the Reorganized Debtor, whether by distribution or otherwise. The Debtor will implement its Plan by completing an Effectuating Transaction, which shall be either the closing of a Sale Transaction or Restructuring Transaction. On the Effective Date, Debtor shall be reorganized pursuant to the terms of the Plan and shall continue to exist as a separate entity in accordance with applicable law. The Reorganized Debtor shall be managed by Lamb Partners, LLC, Debtor's current manager. Debtor's existing articles of organization and operating agreement (as amended, supplemented, or modified) will continue in effect for the Reorganized Debtor following the Effective Date, except to the extent that such documents are amended in conformance with the Plan or by proper corporate action after the Effective Date. A full-text copy of the Disclosure Statement dated December 16, 2025 is available at https://urlcurt.com/u?l=rIZ1op from PacerMonitor.com at no charge. Counsel to the Debtor: William M. Noall, Esq. Talitha Gray Kozlowski, Esq. Garman Turner Gordon LLP 7251 Amigo Street, Suite 210 Las Vegas, NV 89119 Tel: (725) 777-3000 Fax: (725) 777-3112 Email: wnoall@gtg.legal tgray@gtg.legal About Try Trout and Industrial Try Trout and Industrial LLC develops and manages property in Truckee, California, focusing on parcels located at 11157, 11158, and 11189 Church Street. The Company's projects are part of the Downtown and Railyard Master Plan zones, including the Trout Creek and Industrial Heritage Districts. It operates within the real estate and property development sector, holding ownership of multiple parcels. Try Trout and Industrial LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Cal. Case No. 25-24548) on August 27, 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 Christopher D. Jaime handles the case. The Debtor is represented by William M. Noall, Esq. at GARMAN TURNER GORDON LLP. TUSKERS HOME: Shuts Down with No Bankruptcy Filing -------------------------------------------------- Kirk O'Neil of The Street reports that Florida-based furniture retailer Tuskers is closing its stores after nearly two decades in business, as the company's owner prepares to retire, Furniture Today reported. The closures mark the end of a long-standing presence in the Miramar Beach community. Final liquidation sales for Tuskers Home Store and Tuskers Furniture & Patio will begin on December 26, managed by Planned Furniture Promotions, a firm specializing in retail home furnishings promotions. In addition to inventory, the Tuskers Home Store showroom is also available for purchase, the report states. Founded in 2008 during the Great Recession, Tuskers opened its first location at a challenging economic time. The business quickly grew as the Miramar Beach area experienced a surge in building and second-home activity, helping the retailer establish a loyal customer base over the years, the report relays. About Tuskers Home Store Tuskers Home Store is a Miramar Beach, Florida-based home furnishings retailer that has served the Northwest Florida market since its founding in 2008. The company offers a wide range of indoor furniture, patio furnishings, and home décor tailored to coastal and second-home lifestyles. Operating alongside its sister brand, Tuskers Furniture & Patio, the retailer built a loyal customer base by serving homeowners, vacation property owners, and local residents. TWISTED SKY: Gets Final OK to Use Cash Collateral ------------------------------------------------- Twisted Sky High, Inc. received final approval from the U.S. Bankruptcy Court for the Western District of Pennsylvania to use cash collateral to fund operations. The court issued a final order authorizing the Debtor to use cash collateral strictly in accordance with its budget. The Debtor must operate within 10% of the budget until further court order. The pre-bankruptcy liens of creditors with interests in cash collateral continue post-petition but such liens must not exceed the value of the collateral as of the petition date. As adequate protection, the Debtor granted replacement liens to the U.S. Small Business Administration, Novus Capital Funding, Fora Financial Advance, LLC, and Itria Ventures, LLC, to the same extent and priority as their respective pre-bankruptcy liens. The final order is available at https://is.gd/Vos7yV from PacerMonitor.com. The SBA holds the earliest filing from June 2020, giving it first-priority status over all assets valued at $44,173, against a loan balance of approximately $280,000. Because the SBA's lien fully encumbers the Debtor's assets, all later-filed UCC-1 liens from Fora, Itria, and Novus lack effective collateral coverage and will be treated as unsecured claims unless later challenged. The Debtor nevertheless acknowledges each creditor may have a facially valid lien and agrees to granting them replacement liens to mirror their pre-bankruptcy positions while reserving the right to contest their validity and priority. About Twisted Sky High Inc. Twisted Sky High, Inc., doing business as Auntie Anne's, operates pretzel and snack food outlet at Pittsburgh International Airport under the Auntie Anne's franchise brand. It is engaged in preparing and selling soft pretzels, beverages, and related quick-service food items to travelers and retail customers. Twisted Sky High sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Pa. Case No. 25-22904) on October 29, 2025, listing up to $50,000 in assets and up to $10 million in liabilities. Paul Stepien, chief operating officer, signed the petition. Judge Carlota M. Bohm oversees the case. Chad Van Horn, Esq., at Van Horn Law Group, P.A., represents the Debtor as bankruptcy counsel. UNIQUE DENTAL: Gets Interim OK to Use Cash Collateral Until Jan. 23 ------------------------------------------------------------------- Unique Dental Care Professional Limited Liability Company received interim approval from the U.S. Bankruptcy Court for the Middle District of Tennessee, Nashville Division, to use cash collateral to fund operations. The court issued an interim order authorizing the Debtor to use cash collateral through January 23, 2026, consistent with its six-week cash budget. As adequate protection, Live Oak Banking Company and other secured creditors will be granted a replacement lien on post-petition receipts, with the same validity, priority and extent as their pre-bankruptcy liens. As additional protection, Live Oak will receive $10,000 monthly starting January 3, 2026, until the Debtor's plan of reorganization is confirmed or the Chapter 11 case is dismissed or converted. The court will hold a hearing on January 21, 2026. The order is available at https://is.gd/s7bOT0 from PacerMonitor.com. Unique Dental Care Professional derives revenue from patient payments and insurance reimbursements and acknowledges that certain creditors may assert liens on its cash and receivables, although the Debtor expressly reserves all rights to dispute the validity, scope, perfection, and enforceability of those liens. A preliminary lien review identified several potential cash collateral lienholders, including Live Oak, Bankers Healthcare Group, GreatAmerica Financial Services, CFG Merchant Solutions and the U.S. Small Business Administration, based on various UCC-1 filings asserting blanket liens, equipment liens, or interests in future receipts. The Debtor emphasizes that some filings contain discrepancies, including naming issues and stated indebtedness of zero. About Unique Dental Care Professional Limited Liability Company Unique Dental Care Professional Limited Liability Company 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. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Tenn. Case No. 25-05234) on December 12, 2025. In the petition signed by Franklin Daniel, owner, the Debtor disclosed $266,764 in assets and $3,143,552 in total liabilities. Judge Charles M. Walker oversees the case. Henry E. Hildebrand, IV, Esq., at DUNHAM HILDEBRAND PAYNE WALDRON, PLLC, represents the Debtor as legal counsel. UNITED DIGESTIVE: Cliffwater Marks $594,775 Loan at 93% Off ----------------------------------------------------------- Cliffwater Enhanced Lending Fund has marked its $594,775 loan extended to United Digestive MSO Parent, LLC to market at $42,223 or 7% of the outstanding amount, according to Cliffwater's Form N-CSRS for the semi-annual period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. Cliffwater Enhanced is a participant in a Delayed Draw Loan to United Digestive MSO Parent, LLC. The loan accrues interest at a rate of 10.04% per annum. The loan matures on March 30, 2029. The Cliffwater Enhanced Lending Fund is a closed-end, non-diversified management investment company registered under the Investment Company Act of 1940. The Fund is a "fund of funds" that operates and is organized as an interval fund. Cliffwater LLC serves as the investment adviser of the Fund. The Fund's primary investment objective is to seek high current income and modest capital appreciation, while the Fund's secondary objective is capital preservation. Cliffwater Enhanced is led by Stephen Nesbitt as Principal Executive Officer, and Lance J. Johnson as Treasurer and Principal Financial Officer. The Company can be reach through: Stephen Nesbitt Cliffwater Enhanced Lending Fund 235 West Galena Street Milwaukee, WI 53212 Telephone: (414) 299-2030 About United Digestive MSO Parent, LLC United Digestive focuses on building partnerships with physicians and gastroenterology practices nationwide. UNRIVALED BRANDS: Plan Exclusivity Period Extended to March 3, 2026 ------------------------------------------------------------------- Judge Sheri Bluebond of the U.S. Bankruptcy Court for the Central District of California extended Unrivaled Brands, Inc. and Halladay Holding, LLC's exclusive periods to file a plan of reorganization and obtain acceptance thereof to March 3, 2026 and April 30, 2026, respectively. As shared by Troubled Company Reporter, the Debtors explain that the opposition of Greenlane to the Abandonment Motion and the result of that contested matter will have to be taken into account in the companies' finalized amended plan and disclosure statement. Accordingly, the Debtors submit this factor weights in favor of a further extension so that the Debtors are allowed sufficient time to resolve the pending issues before them. The Debtors claim that they have demonstrated substantial good faith progress in these cases and have diligently sought to advance these cases since the Petition Date. The Debtors have been working to incorporate the settlement into an amended plan and disclosure statement. The Debtors are operating in good faith and intend to work collaboratively with their creditors as evidenced by the Debtors' success on the global settlement. The Debtors assert that their request for an extension of their plan exclusivity periods is being made in good faith and is not being made for the purpose of pressuring creditors into acceding to certain plan terms. The goal of the requested extension is to continue productive negotiations with Greenlane for the benefit of all creditors. The Debtors further assert that they will need additional time to finalize an amended plan and disclosure statement to account for the results of the pending litigation concerning the Abandonment Motion. The Debtors submit that these contingencies warrant an extension of their plan exclusivity periods. Accordingly, the Debtors respectfully submit that this factor also weighs in favor of an extension of the Debtors' plan exclusivity periods. The Debtors' Counsel: John Patrick M. Fritz, Esq. Robert M. Carrasco, Esq. LEVENE, NEALE, BENDER, YOO & GOLUBCHIK L.L.P. 2818 La Cienega Ave. Los Angeles, CA 90034 Tel: (310) 229-1234 Email: jpf@lnbyg.com About Unrivaled Brands Business Description: Unrivaled owns 100% membership interests in Halladay, and Halladay is Unrivaled's wholly owned subsidiary. Halladay's primary asset is a commercial real property building. Unrivaled Brands, Inc. in Downey, CA, sought relief under Chapter 11 of the Bankruptcy Code filed its voluntary petition for Chapter 11 protection (Bankr. C.D. Cal. Lead Case No. 24-19127) on Nov. 6, 2024, listing $10 million to $50 million in assets and $1 million to $10 million in liabilities. Sabas Carrillo as chief executive officer, signed the petition. LEVENE, NEALE, BENDER, YOO & GOLUBCHIK L.L.P. serves as the Debtor's legal counsel. USA CRICKET: ACE Loses Bid to Appoint Chapter 11 Trustee -------------------------------------------------------- Judge Michael E. Romero of the United States Bankruptcy Court for the District of Colorado denied the motion of American Cricket Enterprises, Inc. for an order to: (1) amend USA Cricket's voluntary petition pursuant to Federal Rule of Bankruptcy Procedure 1009(a) and (2) appoint a Chapter 11 trustee pursuant to 11 U.S.C. Sec. 1104(a) with powers under Sec. 1106. The Debtor commenced this case on October 1, 2025, and elected to proceed as a small business debtor under Subchapter V of Chapter 11. ACE filed the motion on November 11, 2025, asserting, among other things, that the Debtor's current governance has demonstrated gross mismanagement and an inability to act in the best interests of the estate. Specifically, ACE asserts the Debtor's CEO furloughed himself and that the Board of Directors is deadlocked and incapable of making the decisions necessary for the Debtor to function as a going concern. As such, ACE asserts that it is in the best interests of the estate and creditors that the Debtor's Subchapter V election be revoked, and a Chapter 11 trustee be appointed. The United States Trustee, however, objects to the motion, arguing the Court does not have the authority to revoke the Debtor's designation because the decision to proceed in Subchapter V belongs to the Debtor alone. The UST's objection is sustained, Judge Romero said. In this case, Judge Romero explained, the Court cannot find that all efforts to propose a successful plan of reorganization have been exhausted because the deadline to file a plan has not yet passed. Therefore, the Debtor has not yet demonstrated that it is truly incapable of successfully reorganizing under Subchapter V. As such, the Court cannot, at this time, find that cause exists to revoke the Debtor's designation. Because the Court cannot de-designate the Debtor at this time, the Court also cannot appoint a Chapter 11 trustee. According to the Court, neither ACE nor any other party in interest has requested that the Debtor be dispossessed, and the Subchapter V Trustee's powers be expanded. Instead, ACE asserts that even if the Debtor were removed as the debtor-in-possession and the Trustee's powers were expanded, the Debtor would still be unable to file a viable plan due to the dysfunctionality of the Debtor's governance. The Court agrees. If the Debtor fails to file a confirmable plan by the 90-day deadline, it will not matter if the Trustee's powers are expanded because the Debtor alone would retain the right to file a plan. The Subchapter V Trustee can still aid the Debtor by facilitating the development of a consensual plan without having his powers expanded. Therefore, the Court does not believe removing the Debtor as the debtor-in-possession and expanding the Trustee's powers will resolve the issues at hand and thus declines to do so. ACE's Motion is denied without prejudice. The Debtor is ordered to file its Subchapter V plan of reorganization on or before December 30, 2025. A copy of the Court's Order dated December 15, 2025, is available at https://urlcurt.com/u?l=MYlzFb from PacerMonitor.com. About USA Cricket USA Cricket filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Colo. Case No. 25-16381) on October 1, 2025, listing between $100,001 and $500,000 in assets and between $500,001 and $1 million in assets. The Debtor tapped Black Lion Services, PLLC as legal counsel. VANGUARD DEVELOPMENT: Stephen Metz Named Subchapter V Trustee ------------------------------------------------------------- The Acting U.S. Trustee for Region 4 appointed Stephen Metz of Offit Kurman, P.A. as Subchapter V trustee for Vanguard Development Group, LLC. Mr. Metz will be paid an hourly fee of $600 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Metz declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Stephen Metz Offit Kurman, P.A. 7501 Wisconsin Avenue, Suite 1000W Bethesda, Maryland 20814 Phone: (240) 507-1723 Email: smetz@offitkurman.com About Vanguard Development Group Vanguard Development Group, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Md. Case No. 25-21788) on December 17, 2025, with up to $50,000 in assets and liabilities. Jisoo Kim, Esq., at Pare & Associates, LLC represents the Debtor as legal counsel. VERSACE DOMINICAN: John Whaley Named Subchapter V Trustee --------------------------------------------------------- The Acting U.S. Trustee for Region 21 appointed John Whaley, a practicing accountant in Atlanta, Ga., as Subchapter V trustee for Versace Dominican Restaurant 1 Y Mas. Mr. Whaley will be paid an hourly fee of $425 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Whaley declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: John T. Whaley, CPA P.O. Box 76362 Atlanta, GA 30358 Phone: 404-946-5272 Email: trustee@jtwcpa.net About Versace Dominican Restaurant 1 Y Mas Versace Dominican Restaurant 1 Y Mas filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-64759) on December 18, 2025, listing between $100,001 and $500,000 in assets and between $1 million and $10 million in liabilities. Jonathan D. Clements, Esq. at Keck Legal, LLC represents the Debtor as legal counsel. VIA MIZNER: Case Summary & 20 Largest Unsecured Creditors --------------------------------------------------------- Two affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- Via Mizner Owner II, LLC (Lead Case) 25-25197 1515 N. Federal Highway, Suite 306 Boca Raton, FL 33432 Via Mizner Pledgor II, LLC 25-25198 1515 N. Federal Highway, Suite 306 Boca Raton, FL 33432 Business Description: Via Mizner Owner II, LLC owns and develops real property in Boca Raton, Florida, that constitutes the hotel tower phase of a larger mixed-use development that also includes an apartment tower, a condominium or residential tower, and an offsite country club. Via Mizner Pledgor II, LLC holds 100% of the equity interests in Via Mizner Owner II, LLC. Chapter 11 Petition Date: December 23, 2025 Court: United States Bankruptcy Court Southern District of Florida Judge: Hon. Mindy A Mora Debtors' General Bankruptcy Counsel: Bradley S. Shraiberg, Esq. SHRAIBERG PAGE PA 2385 NW Executive Center Dr Suite 300 Boca Raton, FL 33431 Tel: 561-443-0800 E-mail: bss@slp.law Estimated Assets: $100 million to $500 million Estimated Liabilities: $100 million to $500 million The petitions were signed by Mark Gensheimer as manager. Full-text copies of the petitions are available for free on PacerMonitor at: https://www.pacermonitor.com/view/ICCKK4Q/Via_Mizner_Owner_II_LLC__flsbke-25-25197__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/M7SM5PI/Via_Mizner_Pledgor_II_LLC__flsbke-25-25198__0001.0.pdf?mcid=tGE4TAMA List of Via Mizner Owner II's 20 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Agile Premium Finance $34,884 P.O. Box 549 Newark, NJ 07101 2. Beyel Brothers Inc. $9,581 P.O. Box 236246 Cocoa, FL 32923 3. Brian Orter Lighting Design, LLC $61,073 151 West 25th Street 11th Floor New York, NY 10001 4. Design Studio Boca, LLC $29,885 2300 Corporate Boulevard Suite 214 Boca Raton, FL 33431 5. Dixie Blueprint $11,545 Services Inc 2416 N Dixie Highway Boca Raton, FL 33431 6. Edgewood Partners $10,088 Insurance Center P.O. Box 21563 New York, NY 10087 7. Engineering Plus, LLC $30,204 9018 Heritage Parkway Suite 1000 Woodridge, IL 60517 8. Greenberg Traurig $79,817 777 South Flagler Drive Suite 300 East West Palm Beach, FL 33401 9. Guidepost $9,098 260 Madison Avenue Third Floor New York, NY 10016 10. HBA International, Inc. $20,370 171 17th Street Suite 600 Atlanta, GA 30363 11. Hotel Spec $29,219 International, Inc. 1721 Avenida del Sol Boca Raton, FL 33432 12. Mandarin Oriental $502,653 2500 Dallas Hwy PMB 225, Suite 202 Marietta, GA 30064 13. Miami Curtain Wall $34,293 Consultants Corp 4901 SW 75th Avenue Miami, FL 33155 14. Next Step Design, Inc. $29,096 913 West Street Annapolis, MD 21401 15. Nichols Architects, Inc. $145,519 2 Alhambra Plaza Suite 1020 Coral Gables, FL 33134 16. Quinn & Co. Of Ny Ltd $18,042 P.O. Box 22740 New York, NY 10087 17. Silverfox Studios Pte Ltd $54,000 2 Boon Leat Terrace #08-04 Harbourside Building 11984 18. Steven Feller P.E. LLC $104,460 500 NE 3rd Avenue Fort Lauderdale, FL 33301 19. Suntech Plumbing $10,000 And Mechanical, Co 6308 Nw 99th Ave Miami, FL 33178 20. Threshold Inspection $98,508 2571 NW 10th Street Delray Beach, FL 33445 List of Via Mizner Pledgor II, LLC's Nine Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Florida Department of Revenue Unknown P.O. Box 6668 Tallahassee, FL 32314-6668 2. Internal Revenue Service Unknown Attn: Special Procedures P.O. Box 34045 Stop 572 Jacksonville, FL 32202 3. Office of Attorney General Unknown State of Florida The Capitol PL-01 Tallahassee, FL 32399-1050 4. SEC Headquarters Unknown 100 F Street, NE Washington, DC 20549 5. Securities and Unknown Exchange Commission 801 Brickell Ave., Suite 1800 Miami, FL 33131 6. Stewart Management Company $0 301 North Market Street Suite 1410 Wilmington, DE 19801 7. United States Unknown Attorney General's Office US Department of Justice 950 Pennsylvania Avenue Washington, DC 20530-0001 8. US Attorney Unknown Southern District of Florida 500 South Australian Avenue Suite 400 West Palm Beach, FL 33401 9. Via Mizner Funding LP $80,000,000 691 N. US Highway One Tequesta, FL 33469 VIAJEHOY LLC: Case Summary & 20 Largest Unsecured Creditors ----------------------------------------------------------- Debtor: ViajeHoy, LLC d/b/a HavanaAir 4138 SW 16th Terrace Miami, FL 33134 Business Description: ViajeHoy, LLC, doing business as Havana Air, provides scheduled charter air transportation and related travel services between the United States and Cuba, operating as a public charter operator and travel services provider. The Miami, Florida-based company coordinates passenger travel and regulatory compliance for family, cultural, corporate, journalistic, and government-related trips. Chapter 11 Petition Date: December 22, 2025 Court: United States Bankruptcy Court District of Delaware Case No.: 25-12262 Judge: Hon. Thomas M Horan Debtor's Counsel: Neil B. Glassman, Esq. BAYARD P.A. 600 N. King St Suite 400 Wilmington, DE 19801 Tel: (302) 655-5000 Email: nglassman@bayardlaw.com Total Assets as of November 30, 2025: $5,716,362 Total Liabilities as of November 30, 2025: $5,641,877 The petition was signed by David Nesslein as secretary. A full-text copy of the petition, which includes a list of the Debtor's 20 largest unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/SSFQFYY/ViajeHoy_LLC__debke-25-12262__0001.0.pdf?mcid=tGE4TAMA VIAJEHOY LLC: Immigration Policies Put Co. Into Ch. 11 Bankruptcy ----------------------------------------------------------------- The Street and Law360 report that Havana Air has become the latest U.S.-based airline to seek protection under Chapter 11 of the Bankruptcy Code. The carrier, which has operated out of Miami International Airport since 2007, filed its petition in the U.S. Bankruptcy Court for the District of Delaware. As first reported by Law360, the airline, registered as Viajehoy LLC, attributed its financial distress to travel restrictions imposed by the Trump administration earlier this year. The company told the court that a ban affecting citizens of Cuba and other countries sharply curtailed demand for its services, with restrictions later expanded to additional nations at the beginning of December. Although Cuban citizens are not completely barred from entering the United States, the filing notes that new limitations on student and business visas significantly reduced travel between Cuba and South Florida. Havana Air said Cuban nationals and members of the Cuban diaspora traveling between Miami and the Cuban cities of Havana, Holguín, and Santa Clara represented the core of its customer base, the report states. The airline also cited reputational harm stemming from criticism of its partner, Global Crossing Airlines, which continued operating deportation charter flights for U.S. Immigration and Customs Enforcement. Havana Air reported a monthly revenue decline of roughly $700,000, total debts of $5.6 million, and a reduction in weekly flights from about 30 to just four. About ViajeHoy LLC ViajeHoy, LLC, doing business as Havana Air, is a U.S.-based aviation services company focused on providing scheduled and charter air transportation between the United States and international destinations. ViajeHoy, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-12262) on December 22, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Thomas M. Horan handles the case. The Debtor is represented by Neil B. Glassman, Esq. of Bayard, P.A. VILLAGE HOMES: To Sell Eight Lots to Hark Homes ----------------------------------------------- Village Homes, L.P., seeks permission from the U.S. Bankruptcy Court for the Northern District of Texas, Fort Worth Division, to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor is a Texas limited partnership formed in 1996. The Debtor's general partner is DH Management, Inc., a Texas corporation, which holds a 1% general partner interest. The Debtor has two limited partners: Michael Dike and James R. Harris. The Debtor is engaged in the construction of single-family homes, acquisition of single-family residential lots and options to acquire lots, and in the marketing and sale of the completed homes. The Debtor's properties are located in various subdivisions in Tarrant and Parker Counties, Texas. As of the Petition Date, the Debtor has in its portfolio approximately 117 single family real property lots. Some of those Lots have completed Single-Family Homes on them, some have homes under construction, but the majority are vacant Lots. To finance its homebuilding operations, the Debtor maintains various credit and borrowing facilities with several financial institutions, including Great Plains Bank, PlainsCapital Bank, Simmons Bank, Texas Bank, Valliance Bank, Huntington Bank (f/k/a Veritex Community Bank), and Worthington Bank. The Lenders are granted liens in the Lots for which they make advances for the acquisition or for construction of homes, or both. In October 2024, the Debtor entered into a Real Estate Sales Contract with Olerio Development, LLC, now known as VilHom FW Holdings LLC. VilHom did not close the Asset Sale Transaction by the scheduled closing date. As a result, on March 7, 2025, the Debtor terminated the Contract in writing delivered to VilHom's counsel. VilHom responded to the State Court Action with counterclaims against the Debtor for specific performance, or alternatively, for breach of the Contract and seeking monetary damages, and VilHom recorded notices of lis pendens in the official real property records of Tarrant County and Parker County, Texas. The Eight Lots are part of the Contract Lots that were proposed to be sold to VilHom under the Contract and are thus subject to the Lis Pendens. Post-petition Hark Homes approached the Debtor with renewed interest to acquire the Eight Lots but only upon the condition that it can acquire the Eight Lots free and clear of VilHom’s interest. Hark Homes proposes to purchase four of the Eight Lots under the HH Contract One as follows: - 404 Wingtail Drive; - 406 Wingtail Drive; - 821 Mallard; and - 221 Blackbird. The sale price in the for the four Lots combined is $560,000. The Debtor and Hark Homes signed another contract as HH Contract Two with the other four of the eight lots as follows: - 211 Blackbird; - 213 Blackbird; - 132 Kingfisher; and - 434 Wingtail. The sale price in the HH Contract Two for the four Lots combined is $565,000. Hark Homes is not an insider of the Debtor as such term is defined in section 101(31) of the Bankruptcy Code. Hark Homes’ proposed purchase of the Eight Lots is proposed in good faith and thus Hark Homes should be entitled to the full protection. Each of the Eight Lots proposed to be sold to Hark Homes is subject to the mortgage liens of the respective Lender that provided advances for the acquisition of each such Lot. The Lenders that made advances on the Eight Lots are: (a) Huntington Bank, f/k/a Veritex Community Bank (b) PlainsCapital Bank (c) Valliance Bank (d) TexasBank VilHom's Lis Pendens cover the Contract Lots which include the Eight Lots. Both of the HH Contracts require that the Debtor obtain an order of the Court authorizing the sale of the Eight Lots free and clear of any claims or interest asserted by VilHom. The Debtor seeks the authority to allow the closing agent, at closing of the HH Contract One and HH Contract Two, to pay to the relevant affected Lender the Release Price relevant to the Lot sold in exchange for such bank’s release of its lien on such property sold. The Debtor also seeks leave for the closing agent to distribute the sale proceeds to pay the ordinary and necessary cost of sale, including commissions, tax prorations, make-ready costs, and homeowners’ warranty premium costs. About Village Homes for Fort Worth Village Homes for Fort Worth was established in 1996 and has grown into a trusted homebuilder in Fort Worth, Texas, known for its inspired designs and dedication to quality. With almost three decades of experience, the company has fulfilled the dreams of over 1,500 homeowners while collaborating closely with the region's top architects, craftsmen, and vendors. KC 117 LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D.Tex. Case No. 25-43782-mxm) on October 1, 2025. Jeff P. Prostok at Vartabedian Hester & Haynes LLP, represents as legal counsel of the Debtor. VISIMO LLC: Employs Leech Tishman Fuscaldo & Lampl as Counsel ------------------------------------------------------------- Visimo, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Pennsylvania to employ John M. Steiner, Michael P. Kruszewski, and Leech Tishman Fuscaldo & Lampl, LLC to serve as legal counsel. Leech Tishman will provide these services: (a) advising the Debtor with respect to its powers and duties as a debtor and debtor-in-possession in the continued management and operation of the businesses; (b) preparing and filing motions, applications, answers, orders, reports, and any other necessary pleadings; (c) attending hearings on behalf of the Debtor; (d) pursuing any causes of action on behalf of the Debtor or which may be filed against the Debtor; and (e) performing all other legal services that are or may become necessary. Upon court approval, the firm will receive a post-petition retainer in the amount of $7,500 and monthly payments of $5,000. Attorneys and other personnel will bill at their standard hourly rates, plus reimbursement of actual and necessary expenses. Current hourly rates range from $275 to $1,450 for partners, $300 to $750 for associates and counsel, and $150 to $450 for paralegals and law clerks. According to court filings, Leech Tishman is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code and does not hold or represent any interest adverse to the Debtor or the bankruptcy estate. The firm can be reached at: John M. Steiner, Esq. Michael P. Kruszewski, Esq. LEECH TISHMAN FUSCALDO & LAMPL, LLC 525 William Penn Place, 28th Floor Pittsburgh, PA 15219 Telephone: (412) 261-1600 Facsimile: (412) 227-5551 About Visimo, LLC Visimo, LLC sought protection under Chapter 11 (Subchapter V) of the Bankruptcy Code (Bankr. W.D. Pa. Case No. 25-23226) on November 26, 2026. At the time of the filing, the Debtor had estimated assets of between $1,000,001 and $10 million and liabilities of between $100,001 and $500,000. Judge Carlota M. Böhm oversees the case. Leech Tishman Fuscaldo & Lampl, LLC serves as the Debtor's legal counsel. WATER ENERGY: Seeks to Extend Plan Exclusivity to January 15, 2026 ------------------------------------------------------------------ Water Energy Services, LLC, asked the U.S. Bankruptcy Court for the Western District of Texas to extend its exclusivity periods to file a plan of reorganization and obtain acceptance thereof to January 15, 2026 and March 16, 2026, respectively. The Debtor believes the relevant factors weigh in favor of extending exclusivity: * First, the instant case is relatively complex, primarily owing to the numerosity and complexity of the Debtor's prepetition transactions. * Second, the Debtor has been progressing towards a reorganization in good faith. The Debtor has been communicating with its creditors, selling certain properties, and has continued internally discussing plan strategies. * Third, the Debtor is generally paying its debts as they come due. * Fourth, the Debtor believes it has a reasonable prospect for confirming a viable plan. * Sixth, the Debtor is not filing the instant Motion as a means of pressuring any creditors. Water Energy Services, LLC is represented by: Charlie Shelton, Esq. Hayward PLLC 7600 Burnet Road, Suite 530 Austin, TX 78757 Telephone: (737) 881-7100 Email: cshelton@haywardfirm.com About Water Energy Services Water Energy Services, LLC, is a San Antonio-based company operating in the oil and gas extraction industry. Water Energy Services sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tex. Case No. 25-50539) on March 21, 2025. In its petition, the Debtor reported between $1 million and $10 million in assets and between $10 million and $50 million in liabilities. Judge Michael M. Parker handles the case. The Debtor is represented by Herbert C Shelton, II, Esq., at Hayward, PLLC. WEBSTER EQUITY: Cliffwater Marks $14.3MM Loan at 26% Off -------------------------------------------------------- Cliffwater Enhanced Lending Fund has marked its $14,343,058 loan extended to Webster Equity Partners to market at $10,580,383 or 74% of the outstanding amount, according to Cliffwater's Form N-CSRS for the semi-annual period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. Cliffwater Enhanced is a participant in a Delayed Draw Loan to United Digestive Webster Equity Partners. The loan accrues interest at a rate of 14.83%, 7.35% PIK per annum. The loan matures on May 7, 2034. The Cliffwater Enhanced Lending Fund is a closed-end, non-diversified management investment company registered under the Investment Company Act of 1940. The Fund is a "fund of funds" that operates and is organized as an interval fund. Cliffwater LLC serves as the investment adviser of the Fund. The Fund's primary investment objective is to seek high current income and modest capital appreciation, while the Fund's secondary objective is capital preservation. Cliffwater Enhanced is led by Stephen Nesbitt as Principal Executive Officer, and Lance J. Johnson as Treasurer and Principal Financial Officer. The Company can be reach through: Stephen Nesbitt Cliffwater Enhanced Lending Fund 235 West Galena Street Milwaukee, WI 53212 Telephone: (414) 299-2030 About Webster Equity Partners Webster Equity Partners, LLC operates as a private equity firm. The Firm invests in consumer products and private healthcare services companies. YACHT MANAGEMENT: Nomura Marks $739,571 Loan at 48% Off ------------------------------------------------------- Nomura Alternative Income Fund has marked its $739,571 loan extended to Yacht Management Services to market at $385,316 or 52% of the outstanding amount, according to Nomura's Form N-CSRS for the semi-annual period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. Nomura is a participant in a Loan to Yacht Management Services. The loan accrues interest at a rate of 12% per annum. The fund represents issuer in default as of September 30, 2025 and the security is in wind-down with no specific maturity date. Nomura Alternative Income Fund was organized as a Delaware statutory trust on August 24, 2022 and is registered under the Investment Company Act of 1940, as amended, as a non-diversified, closed-end management investment company that operates as an interval fund with a continuous offering of Fund shares. The primary investment objective of the Fund is to maximize risk-adjusted total return and the Fund will seek to provide current income as a secondary investment objective. The Fund is managed by Nomura Capital Management LLC. Cliffwater Enhanced is led by Robert Stark as Principal Executive Officer and President and Madeline Arment as Principal Financial Officer/Treasurer. The Company can be reach through: Robert Stark Nomura Alternative Income Fund c/o Ultimus Fund Solutions, LLC 225 Pictoria Drive, Suite 450 Cincinnati, OH 45246 Telephone: (212) 667-9000 About Yacht Management Services YMS is a fully licensed and insured yacht management company with six locations across three states. ZION & ZION: To Hire Allen Jones & Giles as Legal Counsel --------------------------------------------------------- Zion & Zion, LLC seeks approval from the U.S. Bankruptcy Court for the District of Arizona to employ Allen, Jones & Giles, PLC as counsel. Allen, Jones & Giles, PLC will provide these services: (a) providing the Debtor with legal advice with respect to its reorganization; (b) representing the Debtor in connection with negotiations involving secured and unsecured creditors; (c) representing the Debtor at hearings set by the Court in the Debtor's bankruptcy case; and (d) preparing necessary applications, motions, answers, orders, reports or other legal papers necessary to assist in the Debtor's reorganization. The firm's current hourly rates are: Thomas H. Allen, Member, at $525; David B. Nelson, Associate, at $400; Ryan M. Deutsch, Associate, at $325; Zachary A. Phillips, Associate, at $300; and legal assistants and law clerks at $150 to $235. Prior to the petition date, the Debtor paid a retainer of $31,738, of which $10,263.89 was applied to pre-petition fees and costs and $1,738 was applied to the Chapter 11 filing fee. The remaining $19,736.11 is held in the firm's IOLTA Trust Account for post-petition fees and costs, subject to court approval. According to court filings, Allen, Jones & Giles, PLC is disinterested and does not hold or represent any interest adverse to the Debtor or the estate. The firm can be reached at: Thomas H. Allen, Esq. David B. Nelson, Esq. ALLEN, JONES & GILES, PLC 1850 N. Central Ave., Suite 1025 Phoenix, AZ 85004 Telephone: (602) 256-6000 Facsimile: (602) 252-4712 E-mail: tallen@bkfirmaz.com dnelson@bkfirmaz.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. [] 2025 Bankruptcies Rose to 15-Year High Due to Trade Wars ----------------------------------------------------------- Brendan Rascius of Independent reports that corporate bankruptcy filings surged to a 15-year high in 2025 as companies grappled with inflation, elevated interest rates, and the effects of President Donald Trump's trade policies. Data from S&P reviewed by The Washington Post shows that at least 717 companies filed for Chapter 7 or Chapter 11 protection between January and November. That total represents a 14% increase from the same period in 2024 and marks the highest level of corporate bankruptcy filings since 2010, when businesses were still recovering from the Great Recession. Many companies cited rising costs and supply chain disruptions tied to tariffs as key contributors to their financial distress, the report states. Economists told the Post that Trump's broad tariffs have placed particular strain on import-dependent businesses, especially in construction, manufacturing, and transportation. While inflation eased to 2.7% year over year in November 2025, many firms have absorbed higher costs rather than passing them on to consumers, limiting margins and liquidity. The White House has defended tariffs as an economic positive, with Trump claiming they have reduced the trade deficit and boosted national security. However, analysts said the bankruptcy surge reflects an uneven economy, where headline growth masks stress across specific industries, particularly among firms lacking pricing power or scale. [] A&G Advises Out-of-Court Workouts to Avoid Ch. 11 Costs ---------------------------------------------------------- Struggling retailers and their asset-based lenders can use out-of-court workouts to escape today's escalating Chapter 11 bankruptcy costs, advised a restructuring veteran from A&G Real Estate Partners. That might sound counterintuitive at first, simply because Chapter 11 gives retailers the power to walk away from their non-core leases. But rising Chapter 11 bankruptcy costs have spurred more retailers and other companies to restructure their real estate out of court, explained A&G Co-President Andy Graiser during a panel at Debtwire's 2025 Restructuring Forum in Miami. "Right now, we are working with 14 different companies that are restructuring out of court to avoid Chapter 11," he noted. Major retail Chapter 11 filings sank to a low of just three in the stimulus-fueled economy of 2022. According to Debtwire's restructuring database, they rebounded to 17 in 2023, 15 in 2024 and at least 12 so far this year. A&G has been at the center of real estate restructuring for bankrupt chains. In just five cases over the past two years--Party City, Big Lots, Joann, The Container Store and Rite Aid--A&G led occupancy cost reduction, lease restructuring and disposition efforts for more than 4,000 leases and fee-owned properties. The work covered more than 110 million square feet of retail, office and industrial real estate and yielded $1 billion in savings and sales proceeds. On the non-bankruptcy front, moderator Derek Hunter of Kirkland and Ellis turned to Graiser for insights into the role of out-of-court real estate workouts in today's marketplace. Graiser laid out a strategic approach. "While you cannot reject a lease in a non-bankruptcy, we can put a transaction together with a large number of landlords," he told the audience. "Our message to landlords is straightforward: There's a limited bucket of dollars that are available to pay lease termination fees. Either we resolve 90% of the leases in the next 30 or 45 days, or the company will have to file for Chapter 11." Providing transparency into the reality of the situation is essential, he added. Given today's bankruptcy dynamics, the landlord's recovery could easily be zero. By contrast, A&G's out-of-court approach will result in guaranteed termination payments that they would not have otherwise have received in a Chapter 11, creating a strong incentive to work with the retailer. "Needless to say, not one size fits all and there are many nuances about each case and its capital structure that drive the option to consider an out-of-court restructuring," Graiser told the panel. Graiser also highlighted the benefits of a pre-packaged bankruptcy, sometimes called a prepack, in which creditors and the company agree to a detailed plan prior to the Chapter 11 filing. Since time is money in Chapter 11 bankruptcy, he explained, this fast-track approach can be worth exploring. "Prepacks, quick Chapter 11s, have worked out great," Graiser told the audience. "I remember us working with Mattress Firm--35 days, 2,600 stores, 2,200 landlords, $350 million of savings. The point is, it can get done." Additional panelists were: Thomas H. Ripley, Partner and Co-Founder, Ames Watson; Marc D. Puntus, Partner, Centerview Partners; U.S. Bankruptcy Court Judge Brendan L. Shannon, District of Delaware, and Michael Gatto, Partner, Silver Point Capital. About A&G A&G Real Estate Partners is a team of commercial real estate experts that always derives the highest possible value for clients' real estate assets and leases. A&G brings a proven track record in portfolio-optimization, real estate sales, due diligence, valuations, and strategic growth consulting in virtually every real estate sector. Known for integrity, technology, and market intelligence, A&G has advised the nation's leading brands in both healthy and distressed situations. Since 2012, the firm has sold over $13 billion in properties and leases and negotiated over $12 billion in occupancy-cost savings for clients. A&G is headquartered in New York with offices throughout the country. [] Kayci G. Hines Joins McGuireWoods' Insolvency Practice --------------------------------------------------------- McGuireWoods continues the expansion of its nationally recognized Restructuring & Insolvency Practice Group with the arrival of New York counsel Kayci G. Hines, who comes to the firm after serving as senior bankruptcy counsel in the U.S. Department of Justice. Ms. Hines served in DOJ's Environment and Natural Resources Division, where she led the representation of federal regulatory agencies in Chapter 11 environmental and energy bankruptcies. Her notable cases include the two largest offshore oil and gas bankruptcies in U.S. history. She also advised DOJ and agency management officials on environmental and energy bankruptcies and regulatory issues and presented at national bankruptcy conferences and trainings. Ms. Hines brings private practice experience representing unsecured creditors' committees, large individual creditors, indenture trustees, and post-confirmation trusts in Chapter 11 and 15 bankruptcies. At McGuireWoods, she will leverage her background in government and private practice to advise clients on in-court and out-of-court restructurings. "Kayci's experience at the intersection of bankruptcy, environmental and energy law — particularly her leadership in complex Chapter 11 cases — will be an invaluable asset to clients," said Dion Hayes, who co-leads McGuireWoods' Restructuring & Insolvency Practice Group with partners Mark Freedlander and Brian Swett. Mr. Freedlander said, "Kayci's unique perspective, honed through service at DOJ and in private practice, strengthens our ability to deliver innovative solutions in restructurings and distressed situations across industries." Mr. Swett added, "Kayci is a rising star whose track record advising federal agencies and private stakeholders solidifies McGuireWoods' position as a leader handling multifaceted restructuring matters." Ms. Hines is the eighth lawyer to join the firm from the Department of Justice in 2025, following former U.S. attorneys Ryan Buchanan in Atlanta, Michael F. Easley Jr. in Raleigh and Eric Olshan in Pittsburgh; former assistant U.S. attorneys Daniel Bubar in Raleigh, Natasha Cooper in Atlanta, and Jake Pryor in Richmond; and former DOJ senior counsel and trial attorney Andrew Knudsen in Washington, D.C. "Kayci is an outstanding addition to our restructuring group. Her arrival is another reflection of our commitment to building top-tier teams with unparalleled capabilities," said Richard W. Viola, deputy managing partner of the firm's corporate practice. McGuireWoods' Restructuring & Insolvency Practice Group provides strategic counsel across all types of financial and operational restructurings, distressed situations and workout matters. The team, which has a nationwide ranking in Chambers USA, handles large-scale regional, national and cross-border matters across industries. "I am thrilled to join McGuireWoods' highly respected and growing practice," Ms. Hines said. "I look forward to sharing my insights with clients to help them navigate complicated restructuring challenges and achieve their business goals." ********* 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 ***