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251230.mbx T R O U B L E D C O M P A N Y R E P O R T E R Tuesday, December 30, 2025, Vol. 29, No. 363 Headlines 1065 FULTON OWNERSHIP: Seeks Chapter 11 Bankruptcy in New York 1065 FULTON: Voluntary Chapter 11 Case Summary 1630 N MILTON: Hires Gary S. Poretsky as Bankruptcy Counsel 229 BROADHOLLOW: Hires Weinberg Gross & Pergament LLP as Counsel 229 BROADHOLLOW: Taps Gary Schoer as Special Real Estate Counsel 3015 SE RANCH: Seeks Chapter 11 Bankruptcy in New York 393 HOLDINGS: Gets Extension to Access Cash Collateral 44 LAUREL: Claims to be Paid from Asset Sale Proceeds A.E. SCHLUETER: Unsecureds to Get Share of Income for 5 Years AB AND J JEWELRY: Seeks Approval to Hire Black Inc as Bookkeeper ABSOLUTE TRUCK: Seeks Chapter 11 Bankruptcy in Florida ACCLAIM INVESTMENT: Case Summary & One Unsecured Creditor ACTIVATE INC: Case Summary & 16 Unsecured Creditors ALLIED TELECOM: Case Summary & 16 Unsecured Creditors ALLSTAR PROPERTIES: Gets Extension to Access Cash Collateral AMATA LLC: Court Extends Cash Collateral Access to March 6 APPERSON CRUMP: Gets Interim OK to Use Cash Collateral ARAMSCO PARENT: XAI Octagon Marks $370,382 2L Loan at 28% Off B&B GLASS: Seeks Chapter 7 Bankruptcy in Texas BALROG ACQUISITION: Moody's Cuts CFR to 'Caa1', Outlook Stable BARRACUDA PARENT: Franklin Marks $1.3MM 1L Loan at 16% Off BAUSCH HEALTH: Completes $1.6B Senior Secured Notes Exchange BAYTEX ENERGY: Fitch Cuts LongTerm IDR to 'B+', Outlook Stable BENAIAH HOLDINGS: Kinnetz Seeks Turn Over of Receivership Property BIG BEND DRIVE: Seeks Chapter 11 Bankruptcy in Texas BISHOP OF SAN DIEGO: Franklin Soto Represents Parishes BLACK BUFFALO: Case Summary & 20 Largest Unsecured Creditors BLIZE HEALTHCARE: Seeks Chapter 11 Bankruptcy in California BREAD FINANCIAL: Fitch Rates Preferred Equity 'B-' BRIGHT AUTO: Hires Weintraub Zolkin Talerico as Bankruptcy Counsel BUCKINGHAM SENIOR: Hires Implex Advisors LLC as Financial Advisor BUCKINGHAM SENIOR: Hires McDermott Will & Schulte LLP as Counsel BUCKINGHAM SENIOR: Seeks to Tap Raymond James as Investment Banker BUDDY MAC: Hire Kane Russell Coleman Logan as Bankruptcy Counsel BUDDY MAC: Taps Mark Shapiro of GlassRatner Advisory as CRO CABLE ONE: Moody's Lowers CFR to 'B1' & Alters Outlook to Stable CACI INTERNATIONAL: Moody's Affirms 'Ba1' CFR, Outlook Stable CALIFORNIA ENVIRONMENTAL: Gets OK to Use Cash Collateral CCH JOHN EAGAN I: Seeks to Hire Landau Law as Bankruptcy Counsel CD GREEN: Seeks Chapter 11 Bankruptcy in New York CENTRAL GARDEN: Fitch Affirms 'BB' LongTerm IDR, Outlook Stable CENTRAL JUNCTION: First Citizens Wins Automatic Stay Relief CHICAGO SOUTH LOOP: Gets Extension to Access Cash Collateral CLEARWATER ANALYTICS: Permira Deal No Impact on Moody's 'B1' CFR COMFORT ALL-STARS: Seeks Chapter 11 Bankruptcy in Florida CONAIR HOLDINGS: Franklin Marks $1.9MM 1L Loan at 36% Off CONTENT MEDIA: Deadline for Panel Questionnaires Set for Dec. 30 CREATIVE WAY: Hires Martone & Associates as Bankruptcy Counsel CT&C FAB: Case Summary & 20 Largest Unsecured Creditors CTCHGC LLC: Case Summary & 20 Largest Unsecured Creditors CVR PARTNERS: Fitch Assigns 'B+' IDR, Outlook Stable D.R. PATEL: Seeks to Hire Marcus & Millichap as Real Estate Broker DIAMOND COMIC: Court Appoints M. Fisher as Interim Ch. 7 Trustee DIOCESE OF SAN FRANCISCO: Hires Weintraub Tobin as Special Counsel DOLORES SPANISH: Seeks Chapter 7 Bankruptcy in Texas E&M BINDERY: Seeks to Hire Weinberg Lieberman & Co. as Accountant EAZY-PZ LLC: Gets OK to Use Cash Collateral ENDURE DIGITAL: XAI Octagon Marks $648,154 1L Loan at 29% Off ERO COPPER: Fitch Hikes LongTerm IDR to B+, Outlook Stable FAST CUTTING: Seeks Chapter 7 Bankruptcy in Florida FIRST BRANDS: Franklin Marks $11MM 1L Loan at 64% Off FIRST BRANDS: Franklin Marks $2.4MM Loan at 64% Off FIRST BRANDS: XAI Octagon Marks $1MM 2L Loan at 65% Off FLEX REVOLUTION: Seeks Chapter 11 Bankruptcy in Delaware FLEX TX CAB: Seeks Chapter 11 Bankruptcy in Delaware FLEXSHOPPER INC: Deadline for Panel Questionnaires Set for Dec. 30 FNZ USA: XAI Octagon Marks $1.3MM 1L Loan at 20% Off FORTUNA AUCTION: Court Confirms Second Amended Subchapter V Plan FP HOUSTON: Gets Court OK to Use Cash Collateral FRED RAU: Gets Interim OK to Use Cash Collateral FREEPORT LNG: Moody's Raises CFR to 'B2', Outlook Positive GIAPREET LLC: Hires Summit Commercial Real Estate Corp as Broker GIAPREET LLC: Hires Weinberg Gross & Pergament LLP as Counsel GIAPREET LLC: Taps Gary Schoer Law as Special Real Estate Counsel GILBERT LEGGETT: Court Extends Cash Collateral Access to Jan. 15 GREENFIRE RESOURCES: Moody's Withdraws 'B3' CFR on Debt Repayment GRIT PRODUCTIONS: Gets Interim OK to Use Cash Collateral GROFF TRACTOR: Committee Hires Province LLC as Financial Advisor HARMONY WELLNESS: Gets OK to Use Cash Collateral HIGHLANDER HOTEL: Seeks Chapter 11 Bankruptcy in Iowa HIGHLANDS AT STONEGATE: Taps Smith Jadin as Special Counsel HOTEL ONE: Gets Interim OK to Use Cash Collateral HOWARD'S APPLIANCES: Hires Golden Goodrich as Bankruptcy Counsel HOWARD'S APPLIANCES: Seeks to Tap Epiq Bankruptcy as Claims Agent ICORECONNECT INC: Amends Unsecured Claims Pay Details INGENOVIS HEALTH: XAI Octagon Marks $1.1MM 1L Loan at 69% Off INTERCHANGE LOGISTICS: Taps Daniel Reinganum as Bankruptcy Counsel IROBOT CORP: Hires Stretto Inc as Claims and Noticing Agent J3 EQUITIES: Seeks Chapter 11 Bankruptcy in Florida JET FREIGHT: Seeks Chapter 7 Bankruptcy in California JGA DEVELOPMENT: Unsecureds Will Get 7.98% of Claims in Plan JHW PLUMBING: Gets Interim OK to Use Cash Collateral KIDS FIRST PEDIATRIC: Seeks Chapter 11 Bankruptcy in California KLE EQUIPMENT: BMO Bank Loses Bid for Derivative Standing KLOCKNER PENTAPLAST: Franklin Marks $2.7MM Loan at 50% Off LASERSHIP INC: Franklin Marks $1.5MM Loan at 28% Off LASERSHIP INC: Franklin Marks $1MM Loan at 72% Off LASERSHIP INC: XAI Octagon Marks $465,412 2L Loan at 71% Off LAUNDROMAT OF NEVADA: Case Summary & 20 Top Unsecured Creditors LCPR LOAN: XAI Octagon Marks $558,979 1L Loan at 43% Off LEES EARNED: Claims to be Paid from Lease Income LEEWARD RENEWABLE: Moody's Affirms Ba3 CFR, Outlook Remains Stable LILYDALE PROGRESSIVE: Cash Collateral Hearing Set for Dec. 31 LIMITLESS ABA: Gets Extension to Access Cash Collateral LJK WALLCOVERINGS: Claims to be Paid from Ongoing Operation LUXURY RIDES: Unsecureds Will Get 19.9% of Claims over 36 Months MAGENTA BUYER: XAI Octagon Marks $383,563 1L Loan at 57% Off MANAGEMENT MCOA: Seeks Chapter 11 Bankruptcy in Florida MARTINEZ & SONS: Section 341(a) Meeting of Creditors on January 27 MEDICAL SOLUTIONS: Franklin Marks $3.3MM Loan at 64% Off MIGGS RESTAURANT: Seeks to Hire SPB Law P.A. as Bankruptcy Counsel MIRADOR MASTER: Wants Greenwich Barred from Raising D&O Issue MOHNARK PHARMACEUTICALS: Seeks Chapter 11 Bankruptcy in Florida MONTE MARTIN: Gets Final OK to Use Cash Collateral MOSAIC MENTAL: Seeks to Hire Lane Law Firm as Bankruptcy Counsel NEW FORTRESS: XAI Octagon Marks $1.3MM 1L Loan at 52% Off NEW GRANT: Hires Colliers International as Valuation Consultant NOBLE LIFE: Unsecureds Will Get 2% of Claims over 5 Years OASIS GB: Seeks to Hire Sternberg Naccari & White as Co-Counsel ORCHARD FALLS: Unsecureds to Get Share of Income for 5 Years OUTDOOR LIVING: Seeks Chapter 7 Bankruptcy in Texas OUTPATIENT SERVICE: Seeks to Hire William Haeberle as Accountant PACKERS HOLDINGS: Fitch Assigns 'CCC+' IDR on Exchange Offer Deal PALM BEACH SANDAL: Seeks Chapter 11 Bankruptcy in Florida PELICAN PRODUCTS: XAI Octagon Marks $474,072 2L Loan at 15% Off PERATON CORP: Franklin Marks $7.1MM 1L Loan at 15% Off PINNACLE GROUP: Receives $451MM Offer From Summit PRESTIGE BRANDS: Moody's Ups CFR to Ba2 & Alters Outlook to Stable R LUJAN CONSTRUCTION: Seeks Chapter 7 Bankruptcy in Florida RECREATION DISCOUNT: Hearing Today on Bid to Use Cash Collateral RESTORATION DOCTOR: Seeks Chapter 11 Bankruptcy in New York REX VENTURE: Receiver's Assignee Seeks Show Cause Order RLG HOLDINGS: XAI Octagon Marks $1.3MM 2L Loan at 18% Off RUSS'S MULCH: Gets OK to Hire Benjamin Legal Services as Counsel SAINT ANNE'S RETIREMENT: Fitch Affirms BB Rating on 2020/2022 Bonds SEAL ROCK: Section 341(a) Meeting of Creditors on January 21 SEAMLESS QUALITY: Gets Extension to Access Cash Collateral SEXTANT STAYS: Amends Unsecured Claims Pay Details SHILO INN IDAHO FALLS: Gets Extension to Access Cash Collateral SHILO INN NEWPORT: Gets Extension to Access Cash Collateral SHILO INN OCEAN SHORES: Gets Extension to Access Cash Collateral SI GROUP: Completes Recapitalization, Cuts Debt by $1.7 Billion SJ HOLDINGS: A10 Commercial Files Liquidating Plan SK INDUSTRIES: Gets Extension to Access Cash Collateral SKOPIMA CONSILIO: Franklin Marks $5.3MM Loan at 15% Off SKYLINE EMS: Amends Unsecureds & Several Secured Claims Pay SMOKE RINGS: Seeks Subchapter V Bankruptcy in Ohio SMT TRUCKING: Gets Interim OK to Use Cash Collateral SPIN HOLDCO: Franklin Marks $1.8MM Loan at 16% Off SPIN HOLDCO: XAI Octagon Marks $2.1MM 1L Loan at 17% Off STICKY WALL: Seeks Chapter 11 Bankruptcy in Florida SYNERGY 768: Seeks Chapter 11 Bankruptcy in California TERRASTRAT GROUP: Case Summary & 20 Largest Unsecured Creditors TG NATURAL: Fitch Affirms 'BB-' LongTerm IDR, Outlook Stable THOMAS GORMAN: Jimenez-Fogarty Loses Bid to Dismiss Ch.11 Case TRANSBLUE DENT: Seeks Chapter 7 Bankruptcy in California UNIQUE DENTAL: Hires Dunham Hildebrand as Bankruptcy Counsel UNITED SITE: Case Summary & 30 Largest Unsecured Creditors UNITED SITE: Seeks Chapter 11 Bankruptcy to Cut Debt Load URBANCORE PRESERVATION: Jan. 23 Hearing to Appoint Receiver VACO HOLDINGS: XAI Octagon Marks $743,756 1L Loan at 14% Off VANGUARD DEVELOPMENT: Seeks Chapter 11 Bankruptcy in Maryland VIA MIZNER OWNER II: Seeks Chapter 11 Bankruptcy in Florida VIA MIZNER PLEDGOR II: Seeks Chapter 11 Bankruptcy in Florida VIBRANTZ TECHNOLOGIES: Franklin Marks $1.6MM Loan at 19% Off VIBRANTZ TECHNOLOGIES: Franklin Marks $9.2MM Loan at 19% Off VIBRANTZ TECHNOLOGIES: XAI Octagon Marks $301,111 Loan at 19% Off VISUAL EYE: Seeks Chapter 7 Bankruptcy in Texas VN PAINTING: Seeks Chapter 11 Bankruptcy in New York WATER WOOD: Chapter 15 Case Summary WATERBOY SPORTS: Gets Interim OK to Use Cash Collateral WELCOME GROUP: Court Extends Cash Collateral Access to March 16 WESTSIDE TOW: Court OKs Interim Use of Cash Collateral WILDFANG HOLDINGS: Amends Lane County Tax Assessor Secured Claim WINDMILL POINT: Claims to be Paid from Continued Operations WOODLANDS MOVING: Seeks Chapter 7 Bankruptcy in Texas XPLR INFRASTRUCTURE: Fitch Affirms 'BB+' IDR, Outlook Stable ZUUM TRANSPORTATION: Committee Taps Blank Rome LLP as Counsel ZYNEX INC: Gets OK to Pay Certain Prepetition Taxes and Fees [] 3 Big Retail Brands That Closed Forever After 2025 Bankruptcy ********* 1065 FULTON OWNERSHIP: Seeks Chapter 11 Bankruptcy in New York -------------------------------------------------------------- On December 23, 2025, 1065 Fulton Ownership LLC filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Eastern District of New York. According to court filings, the Debtor reports between $1 million and $10 million in debt owed to between 1 and 49 creditors. About 1065 Fulton Ownership LLC 1065 Fulton Ownership LLC is a single asset real estate company. 1065 Fulton Ownership LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-46093) on December 23, 2025. In its petition, the Debtor reports estimated assets ranging from $1 million to $10 million and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Elizabeth S. Stong handles the case. The Debtor is represented by Clifford Katz, Esq. of Goetz Platzer LLP. 1065 FULTON: Voluntary Chapter 11 Case Summary ---------------------------------------------- Debtor: 1065 Fulton Ownership LLC 200 Park Avenue New York NY 10166 Business Description: 1065 Fulton Ownership LLC is a single-asset real estate debtor, as defined in 11 U.S.C. Section 101(51B). Chapter 11 Petition Date: December 23, 2025 Court: United States Bankruptcy Court Eastern District of New York Case No.: 25-46093 Judge: Hon. Elizabeth S. Stong Debtor's Counsel: Clifford Katz, Esq. GOETZ PLATZER LLP 1 Penn Plaza Suite 3100 New York NY 10119 Tel: 212-695-8100 E-mail: ckatz@goetzplatzer.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Eran Silverberg as authorized signatory. 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/A7UDKBY/1065_Fulton_Ownership_LLC__nyebke-25-46093__0001.0.pdf?mcid=tGE4TAMA 1630 N MILTON: Hires Gary S. Poretsky as Bankruptcy Counsel ----------------------------------------------------------- 1630 N Milton, LLC seeks approval from the U.S. Bankruptcy Court for the District of Maryland to hire The Law Offices of Gary S. Poretsky, LLC as bankruptcy counsel. The firm will provide these services: (a) advise the Debtor of its rights, powers and duties; (b) advise the Debtor regarding matters of bankruptcy law; (c) represent the Debtor in proceedings and hearings in this court; (d) review the nature and validity of liens asserted against the property of the Debtor and advise it of enforceability of such liens; (e) prepare on behalf of Debtor all necessary and appropriate applications, motions, pleadings, drafter orders, notices, and other documents, and review all financial and other reports to be filed in the its chapter 11 case; (f) advise the Debtor concerning, and prepare responses to, legal papers that may be filed and served in the Debtor's Chapter 11 case; and (g) perform all other legal services for and on behalf of the Debtor that may be necessary or appropriate in the administration of the its Chapter 11 case. The firm's attorneys will be billed at $495 per hour plus expenses. Gary Poretsky, Esq., an attorney at the firm, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Gary S. Poretsky, Esq. The Law Offices of Gary S. Poretsky, LLC 6 Church Lane Pikesville, MD 21208 Telephone: (443) 738-5432 Email: gary@plgmd.com About 1630 N Milton LLC 1630 N Milton, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Md. Case No. 25-21539) on December 9, 2025, with $50,001 to $100,000 in assets and $100,001 to $500,000 in liabilities. Judge Michelle M. Harner presides over the case. Gary S. Poretsky, Esq., at The Law Offices Of Gary S Poretsky, LLC represents the Debtor as bankruptcy counsel. 229 BROADHOLLOW: Hires Weinberg Gross & Pergament LLP as Counsel ---------------------------------------------------------------- 229 Broadhollow Realty LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to employ Weinberg, Gross & Pergament LLP as counsel. The firm will provide these services: (a) advise the Debtor with respect to its powers and duties in the continued management of its business and property; (b) represent the Debtor before the Bankruptcy Court and at all hearings on matters pertaining to its affairs; (c) advise and assist the Debtor in the preparation and negotiation of a plan of reorganization with its creditors; (d) prepare all necessary legal papers; and (e) perform all legal services for the Debtor which may be desirable and necessary. The hourly rates of the firm's counsel and staff are as follows: Partners $650 - $675 Associates $450 Paralegals $120 Marc Pergament, Esq., an attorney at Weinberg, Gross & Pergament disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Marc A. Pergament, Esq. Weinberg, Gross & Pergament, LLP 400 Garden City Plaza, Suite 309 Garden City, NY 11530 Telephone: (516) 877-2424 Email: mpergament@wgplaw.com About 229 Broadhollow Realty 229 Broadhollow Realty LLC owns and operates the commercial property located at 229 Broadhollow Road in Farmingdale, New York, which has an estimated market value of about $7.5 million. 229 Broadhollow Realty filed for relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-74655) on December 4, 2025. In the petition signed by Amardeep Singh, member, the Debtor disclosed $7,505,209 in total assets and $7,166,000 in total liabilities. Honorable Bankruptcy Judge Sheryl P. Giugliano handles the case. The Debtor is represented by Marc A. Pergament, Esq., at Weinberg, Gross & Pargament LLP. 229 BROADHOLLOW: Taps Gary Schoer as Special Real Estate Counsel ---------------------------------------------------------------- 229 Broadhollow Realty LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to employ Gary Schoer, Esq. as special real estate counsel. The firm will represent and assist the Debtor in the sale of the Debtor's commercial real estate. The firm will charge an hourly rate of $475, plus reimbursement of reasonable disbursements. Gary Schoer Law Office is a "disinterested person" within the meaning of 11 U.S.C. 101(14), according to court filings. The firm can be reached through: Gary Schoer, Esq. Gary Schoer Law Office 6800 W Jericho Turnpike # 108W Syosset, NY 11791 Phone: (516) 496-3500 About 229 Broadhollow Realty 229 Broadhollow Realty LLC owns and operates the commercial property located at 229 Broadhollow Road in Farmingdale, New York, which has an estimated market value of about $7.5 million. 229 Broadhollow Realty filed for relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-74655) on December 4, 2025. In the petition signed by Amardeep Singh, member, the Debtor disclosed $7,505,209 in total assets and $7,166,000 in total liabilities. Honorable Bankruptcy Judge Sheryl P. Giugliano handles the case. The Debtor is represented by Marc A. Pergament, Esq., at Weinberg, Gross & Pargament LLP. 3015 SE RANCH: Seeks Chapter 11 Bankruptcy in New York ------------------------------------------------------ On December 22, 2025, 3015 SE Ranch, LLC filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Eastern District of New York. According to court filings, the Debtor reports between $1 million and $10 million in debt owed to between 1 and 49 creditors. About 3015 SE Ranch, LLC 3015 SE Ranch, LLC is engaged in the ownership and management of real estate assets. The company’s operations include leasing, maintenance, and asset management functions. 3015 SE Ranch, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-46084) on December 22, 2025. In its petition, the Debtor reports estimated assets ranging from $0 to $100,000 and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Elizabeth S. Stong handles the case. The Debtor is represented by Charles Wertman, Esq. of Law Offices of Charles Wertman P.C. 393 HOLDINGS: Gets Extension to Access Cash Collateral ------------------------------------------------------ The U.S. Bankruptcy Court for the Northern District of Florida issued a second interim order authorizing 393 Holdings, LLC to continue using cash collateral to fund operations during its Chapter 11 case. The Debtor's use of cash collateral is restricted to expenditures set forth in the court-approved budget, with an aggregate variance capped at 10% per week. The order favors senior lender, CPIF MRA, LLC, imposing strict controls on the Debtor's use of funds and requiring the Debtor to first exhaust all proceeds from its DIP facility before accessing the lender's cash collateral. As adequate protection, CPIF will receive replacement liens on all post-petition cash and accounts, maintaining the same priority and scope as its pre-bankruptcy liens. These protections survive any conversion of the Debtor's Chapter 11 case to Chapter 7, ensuring continuity of the lender's secured position. The order imposes reporting requirements on the Debtor, including weekly budget variance reports due each Wednesday and monthly operating reports due within 21 days after month-end. The Debtor must also maintain required property insurance by staying current on payments to the Pinewood 30-A Condominium Association. Failure to comply with reporting obligations, budget limits, or other material terms constitutes a termination event. Upon a termination event such as dismissal or conversion of the case, or an uncured budget breach, the lender must provide written notice, after which the Debtor has four business days to cure. If uncured, the Debtor must immediately cease using and segregate all cash collateral absent further court order. The court set a continued hearing for February 5, 2026. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/nQe1Z from PacerMonitor.com. About 393 Holdings, LLC 393 Holdings, LLC, doing business as Pinewood 30-A, engages in activities related to real estate in Santa Rosa Beach, Florida. The Company manages and oversees operations associated with the Pinewood 30-A condominium property at 179 South County Highway 393. 393 Holdings, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Fla. Case No. 25-31055-JCO). At the time of filing, the Debtor reported estimated assets of between $10 million and $50 million and estimated liabilities of between $10 million and $50 million. Judge Jerry C. Oldshue Jr. oversees the case. Berger Singerman LLP serves as the Debtor's legal counsel. 44 LAUREL: Claims to be Paid from Asset Sale Proceeds ----------------------------------------------------- 44 Laurel LLC filed with the U.S. Bankruptcy Court for the Southern District of Florida a Disclosure Statement describing Chapter 11 Plan dated December 17, 2025. The Debtor owns and operates two luxury properties as rentals in Fort Lauderdale, FL and Philadelphia, PA. They rent out to high paying tenants as their business. The Laurel Condominium Association filed a lawsuit against the Debtor which was leading to a foreclosure action. The Debtor wanted to refinance or make a deal with the lender but throughout the process has realized it is more business responsible to sell the properties and satisfy the claims. This Chapter 11 Plan is a liquidating plan proposed for the purpose of winding down the Debtor's estate in an orderly and efficient manner. The Plan provides for the liquidation of substantially all assets of the estate through sales. Proceeds generated from the liquidation of estate assets will be distributed in accordance with the priority scheme established by the Bankruptcy Code and as set forth in this Plan. The primary objective of this Plan is to maximize the value of the estate for the benefit of creditors and to ensure that allowed claims are satisfied to the extent possible from the liquidation proceeds. Upon consummation of the Plan, the Debtor will cease operations, all remaining assets will be liquidated, and distributions will be made to holders of allowed claims in full or in part, depending on asset recovery and claim priority. The Plan consists of four classes. Classes 1 through 3 are Secured Classes and Class 4 is General Unsecured Claims. All four classes are impaired. 3 of the impaired classes are secured (Classes 1-3). Class 4 is unsecured and also impaired. There are two priority tax claims held by the Philadelphia Department of Revenue and the Broward County Tax Collector. Class 4 consists of Allowed General Unsecured Creditors. A pot plan will take place following the receipt of all net proceeds from the sale. The remaining proceeds, after payment of administrative expenses, priority tax claims, and secured claims up to the value of their collateral, will be distributed pro rata to all holders of Allowed General Unsecured Claims, if any. No further payments will be made to Class 4 beyond this distribution. The amount of Class 4 Allowed Unsecured Claims is unknown. This class is impaired. All payments and distributions under the Plan will be funded exclusively from the net proceeds generated by the sale of all real property assets conducted pursuant to the Court approved motion to sell. The Debtor will not continue business operations post-confirmation except as necessary to wind down the estate. No revenues from continued business operations will fund any distributions under the Plan. A full-text copy of the Disclosure Statement dated December 17, 2025 is available at https://urlcurt.com/u?l=k6vlGr from PacerMonitor.com at no charge. Counsel to the Debtor: Chad T. Van Horn, Esq. Van Horn Law Group, PA 500 NE 4th Street, Suite 200 Fort Lauderdale, FL 33301 Tel: (561) 621-1360 Email: info@cvhlawgroup.com About 44 Laurel LLC 44 Laurel, LLC, owns a single townhouse-style condominium, Unit TH3, at 701 N Fort Lauderdale Beach Blvd in Fort Lauderdale, Florida, within the Paramount Fort Lauderdale complex. 44 Laurel sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-20251) on September 1, 2025. In its petition, the Debtor reported between $1 million and $10 million in assets and liabilities. Honorable Bankruptcy Judge Scott M. Grossman handles the case. The Debtor is represented by Chad Van Horn, Esq., at Van Horn Law Group, P.A. A.E. SCHLUETER: Unsecureds to Get Share of Income for 5 Years ------------------------------------------------------------- A.E. Schlueter Pipe Organ Sales and Service Inc. filed with the U.S. Bankruptcy Court for the Northern District of Georgia a Disclosure Statement describing Plan of Reorganization dated December 17, 2025. The Debtor was incorporated in Georgia in 1979. For over 55 years, Debtor has built, rebuilt, repaired, serviced, and maintained pipe organs across the United States. Arthur E. Schlueter, Jr. is the sole shareholder and Chief Executive Officer of Debtor. The Debtor maintains four employees who are also insiders: Mr. Schlueter, Arthur Schlueter III, Susan Schlueter, and Stephanie Schlueter (collectively, the "Insiders"). Prior to the Filing Date, Debtor was facing a cash flow shortage due in large part to nonpayment or slow payment on contracts where the federal government or a federal agency was the owner. During this case, the Debtor has been able to negotiate change orders and amendments to these contracts in order to be able to continue preforming under these contracts profitably. Debtor is proposing to continue to perform on all of its contracts with its customers. The Plan contemplates the reorganization and ongoing business operations of Debtor and the resolution of the outstanding Claims against and Interests in Debtor pursuant to Sections 1129(b) and 1123 of the Bankruptcy Code. The Plan classifies all Claims against and Interests in Debtor into separate Classes. Class 9: General Unsecured Claims. Notwithstanding anything else in the Plan to the contrary, any Class 9 Claims shall be reduced by any payment received by the creditor holding such claim from any third party or other obligor and Debtor's obligations thereunder shall be reduced accordingly. The Class 9 Claims are Impaired by the Plan and the Holders of the Class 9 Claims are entitled to vote to accept or reject the Plan. Class 10 consists of Interest Claims. If the Class 9 General Unsecured Creditors vote to accept the Plan as a class, then Arthur E. Schlueter Jr. shall retain 100% of the interest in the Debtor. If the Class 9 Unsecured Creditors do not vote to accept the Plan, as a class, then the following terms shall apply: * All pre-petition Interests in Debtor shall be cancelled. Arthur E. Schlueter III shall receive 100% of the newly-issued stock in the Debtor upon the Effective Date in exchange for the payment of $10,000.00. The $10,000.00 contribution by Arthur E. Schlueter III shall constitute "new value." New value is the vehicle through which the equity interest of the Debtor is purchased. Efforts of Arthur E. Schlueter III to purchase the equity interest of the Debtor may be subject to competing bids in the market place under certain circumstances. Specifically, if Class 9 General Unsecured Creditors do not vote to accept the Plan as a class as set forth in this provision, then, in that event third parties may be able to purchase the equity interest of the Debtor by appearing at the Confirmation Hearing and submitting a higher bid for the equity interests. The requirements for and validity and sufficiency of any such competing bid shall be subject to the approval and review of the Court. "Administrative and General Unsecured Creditors Payment" means the projected disposable income of the Debtor to be received in the five-year-period beginning on the date that the first payment is due to the General Unsecured Creditors under the Plan, which will be applied to make payments under the Plan. The Administrative and General Unsecured Creditors Payment shall be fixed based upon the amount set forth on the Budget. Such Administrative and General Unsecured Creditors Payments shall be disbursed as follows: * First, pro-rata to the Holders of an Allowed Administrative Expense Claims, pro rata with all other Allowed Administrative Expense Claims, until all Allowed Administrative Expense Claims are paid in full. Debtor anticipates the following administrative expense claims: (1) Jones & Walden, LLC, as counsel to the Debtor. * Second, all remaining payments shall be paid to the Holders of an Allowed Class 9 General Unsecured Claim, pro rata with all other Allowed Class 9 General Unsecured Claims. The source of funds for the payments pursuant to the Plan is the continued operation of Debtor. The Plan provides that Debtor shall act as the Disbursing Agent to make payments under the Plan unless Debtor appoints some other entity to do so. Debtor may maintain bank accounts under the confirmed Plan in the ordinary course of business. Debtor may also pay ordinary and necessary expenses of administration of the Plan in due course. A full-text copy of the Disclosure Statement dated December 17, 2025 is available at https://urlcurt.com/u?l=hbaM8R from PacerMonitor.com at no charge. A.E. Schlueter Pipe Organ Sales and Service Inc. is represented by: Thomas T. McClendon, Esq. Jones & Walden LLC 699 Piedmont Avenue, NE Atlanta, GA 30308 Tel: (404) 564-9300 Email: TMcClendon@joneswalden.com About A.E. Schlueter Pipe Organ Sales and Service A.E. Schlueter Pipe Organ Sales and Service Inc. designs, builds, restores, and maintains pipe organs primarily in the Southeastern United States. Founded in Lithonia, Georgia, the Company provides custom pipe organ construction, tuning, and repair services. A.E. Schlueter Pipe Organ Sales and Service Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-55514) on May 16, 2025. In its petition, the Debtor estimated assets between $100,000 and $500,000 and estimated liabilities between $1 million and $10 million. The Debtors are represented by Thomas T. McClendon, Esq. at JONES & WALDEN LLC. AB AND J JEWELRY: Seeks Approval to Hire Black Inc as Bookkeeper ---------------------------------------------------------------- AB and J Jewelry Inc. seeks approval from the U.S. Bankruptcy Court for the Central District of California to hire Black, Inc. as bookkeeper. The firm will prepare and provide financial reporting to be made in connection with this case, including but not limited to income and expense reports, financial statements, tax returns, monthly operating reports and providing data necessary for interim statements and operating reports. The firm will receive a flat rate of $2,000 monthly. As disclosed in the court filings, Black, Inc. is a "disinterested person" within the meaning of 11 U.S.C. 101(14). The firm can be reached through: Rocio Cruz Ruiz Black, Inc. 742 S Atlantic Blvd, East Los Angeles, CA 90022 Phone: (323) 423-0270 Email: rociocruzruiz@yahoo.com About AB and J Jewelry Inc. AB and J Jewelry Inc. sold plated and fine jewelry products through a retail store in Ontario, California and via online platforms, offering items such as gold-plated stainless steel chains, silver jewelry, and moissanite pieces. AB and J Jewelry Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-15659) on August 12, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Scott H. Yun handles the case. The Debtor is represented by Leonard Pena, Esq. at PENA & SOMA, APC. ABSOLUTE TRUCK: Seeks Chapter 11 Bankruptcy in Florida ------------------------------------------------------ On December 23, 2025, Absolute Truck Repair, LLC filed for Chapter 11 protection in the Middle District of Florida Bankruptcy Court. According to court filing, the Debtor reports between $100,001 and $1,000,000 in assets and $100,001 to $1,000,000 in liabilities owed to 1-49 creditors. About Absolute Truck Repair, LLC Absolute Truck Repair, LLC is a Florida-based company specializing in commercial truck repair and maintenance services. The company sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-04758) on December 23, 2025. In its petition, the Debtor reports estimated assets of $100,001 to $1,000,000 and estimated liabilities of $100,001 to $1,000,000. Honorable Bankruptcy Judge Jacob A. Brown handles the case. The Debtor is represented by Bryan K. Mickler, Esq. of Mickler & Mickler. ACCLAIM INVESTMENT: Case Summary & One Unsecured Creditor --------------------------------------------------------- Debtor: Acclaim Investment Management, LLC 17970 Lakeshore Drive, #B Lake Elsinore, CA 92530 Business Description: Acclaim Investment Management LLC is a real estate company whose principal assets are located at 17240 and 17242 Grand Avenue in Lake Elsinore, California. Chapter 11 Petition Date: December 23, 2025 Court: United States Bankruptcy Court Central District of California Case No.: 25-19168 Judge: Hon. Magdalena Reyes Bordeaux Debtor's Counsel: Krystina T. Tan, Esq. LAW OFFICES OF KRYSTINA T TRAN 17011 Beach Blvd., Suite 830 Huntington Beach, CA 92647 Tel: (949) 797-9090 Email: ktran@ktranlaw.com Estimated Assets: $0 to $50,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Brenda Hale as member. The Debtor listed Superior Loan Servicing, based in Pasadena, California, as its sole unsecured creditor, holding a claim of $1.12 million. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/4RSL2DQ/Acclaim_Investment_Management__cacbke-25-19168__0001.0.pdf?mcid=tGE4TAMA ACTIVATE INC: Case Summary & 16 Unsecured Creditors --------------------------------------------------- Debtor: Aktivate, Inc. d/b/a FamX 110-02 68 Drive Forest Hills, NY 11375 Business Description: Aktivate, Inc., doing business as FamX, provides a sports and activities management platform primarily for K-12 schools and athletic programs in the United States, offering tools for registration, scheduling, communications, fundraising, and fee collection, and digital management of coach certifications and athlete records. Chapter 11 Petition Date: December 19, 2025 Court: United States Bankruptcy Court Eastern District of New York Case No.: 25-46069 Judge: Hon. Elizabeth S Stong Debtor's Counsel: Alan L. Braunstein, Esq. RIEMER & BRAUNSTEIN LLP Times Square Tower, Suite 2506 Seven Times Square New York, NY 10036 Tel: (617) 880-3516 Fax: (617) 880-3456 Email: abraunstein@riemerlaw.com Total Assets as of December 19, 2025: $3,391,597 Total Liabilities as of December 19, 2025: $4,706,262 The petition was signed by Yechezkel Kutscher as CEO. A copy of the Debtor's list of 16 unsecured creditors is available for free on PacerMonitor at: https://www.pacermonitor.com/view/K3WTDDQ/Aktivate_Inc__nyebke-25-46069__0007.0.pdf?mcid=tGE4TAMA A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/2VRFO6Q/Aktivate_Inc__nyebke-25-46069__0001.0.pdf?mcid=tGE4TAMA ALLIED TELECOM: Case Summary & 16 Unsecured Creditors ----------------------------------------------------- Debtor: Allied Telecom Group, LLC 2000 Pennsylvania Ave, NW Suite 7000 Washington DC 20006 Business Description: Allied Telecom Group LLC provides internet access and data transport services to business, nonprofit, educational, and government customers, focusing on last-mile connectivity, wide-area network transport, and cloud and data center interconnection. The Washington, D.C.-based company operates as a competitive local exchange carrier serving the District of Columbia, Maryland, and Virginia, and also offers managed IT and network security services such as firewall protection, intrusion detection, network monitoring, and disaster recovery planning. Allied Telecom Group serves a customer base of about 1,200 organizations across the public and private sectors, including federal, state, and local government agencies and educational institutions. Chapter 11 Petition Date: December 23, 2025 Court: United States Bankruptcy Court District of Columbia Case No.: 25-00599 Judge: Hon. Elizabeth L. Gunn Debtor's Counsel: Jennifer E. Wuebker, Esq. Justin F. Paget, Esq. Nicholas S. Monico, Esq. HUNTON ANDREWS KURTH LLP 951 E. Byrd Street Richmond VA 23219 Tel: (804) 788-8200 Fax: (804) 788-8218 Email: jwuebker@hunton.com jpaget@hunton.com nmonico@hunton.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $10 million to $50 million The petition was signed by Ken Williams as designated officer. 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/FNSG2GA/Allied_Telecom_Group_LLC__dcbke-25-00599__0001.0.pdf?mcid=tGE4TAMA ALLSTAR PROPERTIES: Gets Extension to Access Cash Collateral ------------------------------------------------------------ Allstar Properties, LLC and its affiliates received final approval from the U.S. Bankruptcy Court for the Northern District of Georgia to use cash collateral to fund operations. The final order authorized the Debtors to use cash collateral to pay post-petition operating expenses in accordance with the budget, subject to a 10% variance per line item (excluding insurance, which may exceed that limit as needed). As adequate protection, ASP must make $15,000 monthly pro-rata payments starting January 2026, contingent on the closing of a specified property sale. If ASPI or ACH sell properties not subject to specific liens, they may retain 40% of sale proceeds for operations, with 60% distributed to lenders. Creditors with potential security interests in the properties and rents include banks and lenders such as Bank of America N.A., AgSouth Farm Credit ACA, and Synovus Bank. To protect the interests of secured creditors, the Debtors will grant replacement liens on post-petition assets, with the same validity and extent as their pre-bankruptcy liens. These liens do not extend to potential proceeds from avoidance actions. The order imposes robust reporting and oversight requirements, including bi-weekly confidential sales updates, monthly operating reports, insurance compliance, and lender audit and inspection rights. It also establishes a default and cure process with a ten-business-day cure period and requires the Debtors to file a Lease Motion by December 31 , to formalize related-party property use and ensure transparency. The final order will remain in effect through and including June 30, 2026, unless superseded or extended by further order of the court. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/qKCek from PacerMonitor.com. Bank of America is represented by: William A. DuPre, IV, Esq. Clayton A. Smith, Esq. Miller & Martin, PLLC Regions Plaza, Suite 2100 1180 West Peachtree Street NW Atlanta, GA 30309 bill.dupre@millermartin.com clayton.smith@millermartin.com AgSouth is represented by: Roy E. Manoll, III, Esq. Fortson, Bentley and Griffin, PA 2500 DaniellÃƒÂ¢Ã¢â€šÂ¬Ã¢â€žÂ¢s Bridge Rd. Building 200, Suite 3A Athens, GA 30606 (706) 548-1151 rem@fbglaw.com About Allstar Properties LLC Allstar Properties, LLC and affiliates are Georgia-based real estate companies that hold and manage property assets. The Allstar entities focus on property ownership, while ACH Rental Properties provides property management and rental services. Collectively, they operate within the real estate sector across residential and nonresidential properties in the state. Allstar Properties sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-41314) on August 31, 2025. In its petition, the Debtor reported estimated assets and liabilities between $10 million and $50 million each. Honorable Bankruptcy Judge Barbara Ellis-Monro handles the case. Anna Mari Humnicky, Esq., at Small Herrin, LLP is the Debtor's legal counsel. AMATA LLC: Court Extends Cash Collateral Access to March 6 ---------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Ilinois, Eastern Division, issued its eighth interim order permitting Amata, LLC to use cash collateral until March 6, 2026. The Debtor was authorized to use cash collateral to pay expenses in accordance with its projected budget, subject to a 15% variance. Non-conforming uses require creditor consent. American Commercial Bank and Trust, a secured creditor, will be provided with protection for the Debtor's use of cash collateral in the form of a replacement lien and payments pursuant to the budget. A final hearing is scheduled for February 25, 2026, with objections due by February 20, 2026. The Debtor has a loan from American Commercial Bank & Trust, secured by its personal property assets. It has approximate balance of $1.147 million. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/UtJtM from PacerMonitor.com. About Amata LLC Amata, LLC is primarily engaged in renting and leasing real estate properties. Amata filed Chapter 11 petition (Bankr. N.D. Ill. Case No. 24-17012) on November 12, 2024, listing up to $50,000 in assets and up to $10 million in liabilities. Judge David D. Cleary oversees the case. Jeffrey C. Dan, Esq., at Goldstein & Mcclintock, LLLP is the Debtor's legal counsel. American Commercial Bank and Trust, as secured creditor, is represented by: John Adam Powers, Esq. Brotschul Potts, LLC 1 Tower Lane, Suite 2060 Oakbrook Terrace, IL 60181 Tel: 312-551-9003 apowers@brotschulpotts.com APPERSON CRUMP: Gets Interim OK to Use Cash Collateral ------------------------------------------------------ The U.S. Bankruptcy Court for the Western District of Tennessee, Eastern Division, entered an agreed interim order granting Apperson Crump, PLC approval to use cash collateral. The court authorized the Debtor to use Advocate Capital, Inc.'s cash collateral, including funds in bank accounts and post-petition legal fee revenue, from the petition date through January 8, 2026. Such use must be consistent with the approved budget, with expenditures permitted up to 105% of the budgeted totals during the interim period. As adequate protection, Advocate will be granted a first-priority post-petition replacement lien on all assets of the Debtor acquired or created after the petition date and all proceeds thereof, without the need for further documentation. If this protection proves insufficient, Advocate will also be granted a superpriority administrative expense claim under 11 U.S.C. section 507(b), senior to nearly all other administrative claims except U.S. Trustee fees. The liens and claims are deemed perfected upon entry of the Order, though the Debtor must execute additional documents if requested. A final hearing is scheduled for January 8, 2026. About Apperson Crump Apperson Crump is the oldest law firm in Memphis, Tennessee. It provides a broad range of legal services including criminal law, corporate and business law, family law, labor and employment law, litigation, and estate planning. The firm's members have held leadership roles in the Memphis Bar Association and national legal organizations, with several appointed to the bench, reflecting its longstanding professional recognition. It serves clients across public, private, and nonprofit sectors, and is rated "AV" by Martindale-Hubbell. Apperson Crump sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tenn. Case No. 25-11660) on December 1, 2025. In its petition, the Debtor reports nearly $2.7 million in liabilities against assets valued at just under $1.3 million. Honorable Bankruptcy Judge Jimmy L. Croom handles the case. The Debtor is represented by C. Jerome Teel, Jr., Esq. of Teel & Gay, PLC. ARAMSCO PARENT: XAI Octagon Marks $370,382 2L Loan at 28% Off ------------------------------------------------------------- XAI Octagon Floating Rate & Alternative Income Trust has marked its $370,382 loan extended to Aramsco Parent, Inc. to market at $266,057 or 72% of the outstanding amount, according to XFLT's Form N-CSR for the fiscal year ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. XFLT is a participant in a Secured Second Lien Loan to Aramsco Parent, Inc. The loan accrues interest at a rate of 3M SOFR + 4.75% per annum. The loan matures on October 10, 2030. XFLT is a diversified, closed-end management investment company registered under the Investment Company Act of 1940, as amended. The Trust commenced operations on September 27, 2017. The Trust seeks to achieve its investment objective by investing in a dynamically managed portfolio of opportunities primarily within the private credit markets. Under normal market conditions, the Trust will invest at least 80% of its Managed Assets in floating rate credit instruments and other structured credit investments. XA Investments LLC serves as the investment adviser to the XAI Octagon Floating Rate & Alternative Income Trust. Octagon Credit Investors, LLC serves as the Trust's investment sub-adviser and is responsible for the management of the Trust's portfolio of investments. The Fund is led Theodore J. Brombach as President and Chief Executive Officer; and Derek J. Mullins as Treasurer and Chief Financial Officer. The Fund can be reach through: Theodore J. Brombach XAI Octagon Floating Rate & Alternative Income Trust 321 North Clark Street, Suite 2430 Chicago, IL 60654 Telephone: (312) 374-6930 About Aramsco Parent, Inc. Aramsco Holdings Inc. operates as a holding company. The Company, through its subsidiaries, provides professionals products and service such as air movers, carpet cleaning equipment, safety products, data loggers, floor scrubbing, adhesives and chemicals, vacuums, gas detection, pumps, and other products. B&B GLASS: Seeks Chapter 7 Bankruptcy in Texas ---------------------------------------------- On December 18, 2025, B&B Glass, Inc., filed for Chapter 7 protection in the U.S. Bankruptcy Court for the Eastern District of Texas. According to court filings, the Debtor reports between $1 million and $10 million in debt owed to between 100 and 199 creditors. About B&B Glass, Inc. B&B Glass, Inc. is a glass and glazing contractor specializing in the supply, installation, and repair of architectural glass products. The company’s services include storefront systems, shower enclosures, insulated glass units, and custom glass applications. B&B Glass, Inc. sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 25-43847) on December 18, 2025. In its petition, the Debtor reports estimated assets ranging from $0 to $100,000 and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Brenda T. Rhoades handles the case. The Debtor is represented by Howard Marc Spector, Esq. of Spector & Cox, PLLC. BALROG ACQUISITION: Moody's Cuts CFR to 'Caa1', Outlook Stable -------------------------------------------------------------- Moody's Ratings downgraded Balrog Acquisition, Inc.'s ("BakeMark") ratings, including its Corporate Family Rating to Caa1 from B3 and Probability of Default Rating to Caa1-PD from B3-PD. Moody's also downgraded the ratings on the company's senior secured first lien term loans to Caa1 from B3 and the rating on the senior secured second lien term loan to Caa3 from Caa2. The asset-based lending (ABL) revolving credit facility is not rated. The rating outlook is stable. The rating downgrades reflect a significant deterioration in earnings with Moody's-adjusted EBITDA declining in Q3 2025 and for the first nine months of 2025 compared to the prior year. This has driven debt-to-EBITDA leverage above 10x (Moody's adjusted) as of September 2025. BakeMark has historically used debt to fund acquisitions which has also contributed to the higher leverage. The decline in earnings is a result of national chain volume weakness in line with broader economic uncertainty while the company's core street business has remained more resilient. Input cost volatility and tariffs have also significantly reduced margins. Input prices spiked earlier in 2025, and the company was not able to pass through these costs as effectively as they historically have, resulting in significant margin erosion. BakeMark has since taken strategic pricing actions to address lower margins, and input costs have moderated, which should support margin recovery. The company is also refocusing on disciplined pricing and top-line growth initiatives and is reducing headcount to align with lower volumes. Moody's expects these measures to drive modest earnings improvement and reduce leverage to around 8.5x–9.0x over the next 12–18 months. However, risks remain given the challenges of achieving volume growth in highly competitive categories and a less certain consumer spending environment requiring strategic pricing execution. BakeMark's liquidity is adequate, supported by cash on hand and availability under the $200 million ABL, subject to borrowing base limitations. As of September 2025, BakeMark had $7 million in cash and estimated ABL availability of $143 million (net of $24 million drawn and $18 million in outstanding letters of credit). Moody's expects positive free cash flow in Q4 2025, driven by working capital reductions, which should modestly reduce revolver borrowings by year-end. In 2026, free cash flow is projected to be relatively breakeven, so the company may rely on the ABL to fund annual mandatory amortization of about $6.1 million (1% of term loans). There are no other material debt maturities over the next 12 months. The ABL matures in September 2028, subject to a springing maturity 91 days prior to the first-lien term loan maturity, which is also due in September 2028. RATINGS RATIONALE BakeMark's Caa1 CFR reflects very high financial leverage, a modest EBITDA margin, and an aggressive financial policy. BakeMark's earnings are declining in 2025 driven by national chain volume weakness in line with broader economic uncertainty while the company's core street business has remained more resilient. Input cost volatility and tariffs have also significantly reduced margins. While BakeMark has taken steps to restore profitability, execution risk to execute an earnings turnaround remains high given the challenges of achieving volume growth in highly competitive categories, and somewhat more limited pricing power in light of cautious consumer spending. The rating also incorporates event risk associated with the PIK preferred stock issued at the time of the Clearlake leveraged buyout in September 2021 and held by a third party, as redemption could be funded with additional debt. Free cash flow has remained weak since the LBO, primarily due to working capital needs, high cash interest, and integration costs from acquisitions. BakeMark's credit profile benefits from its position as a leading distributor and manufacturer of bakery ingredients across North America, supported by a diverse customer base, long-standing relationships, and a captive truck fleet. The company's ability to offer value-added manufacturing and well-recognized baking brands bolsters the competitive position. Demand for baked goods is expected to remain relatively resilient given their affordability and consumer preference for small indulgences. However, risks persist, including potential further demand softness due to constrained consumer budgets and evolving health and wellness trends, such as increased focus on healthier eating and the rising use of GLP-1 weight loss drugs. Earnings may also remain vulnerable to input cost volatility and tariffs, particularly given limited consumer appetite for additional price increases. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The stable outlook reflects Moody's expectations that adequate liquidity will support the company's efforts to restore profitability. Moody's anticipates modest earnings improvement over the next 12–18 months, helping reduce leverage and reliance on the ABL. Nonetheless, execution risk remains high. A rating upgrade could occur if BakeMark grows operating earnings and improves liquidity, including sustained positive free cash flow. BakeMark would also need to reduce debt-to-EBITDA leverage and sustain EBITDA less capital spending-to-interest coverage above 1.25x. A rating downgrade could occur if operating performance does not improve due to factors such as lower volumes, pricing pressure, or higher costs. A downgrade could also occur if liquidity deteriorates or free cash flow remains weak or negative. PRINCIPAL METHODOLOGY The principal methodology used in these ratings was Distribution and Supply Chain Services published in November 2025. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. COMPANY PROFILE Based in Pico Rivera, CA, BakeMark is a specialty distributor and manufacturer of bakery ingredients, ready mixes, and supplies. BakeMark serves customers in North America and in some international markets across industry channels with a product portfolio that includes bakery mixes, fillings, icings, glazes, commodities, frozen products, and bakery supplies. BakeMark is the exclusive distributor of some of the industry's top brands, including Westco, BakeSense, Best Brands, Multifoods, BakeQwik, Trigal Dorado, C'est Vivant, and Sprinkelina. Clearlake acquired the company in a September 2021 leveraged buyout. Revenue for the 12 months ended September 2025 was approximately $1.8 billion. BARRACUDA PARENT: Franklin Marks $1.3MM 1L Loan at 16% Off ---------------------------------------------------------- Franklin Senior Loan ETF has marked its $1,366,637 loan extended to Barracuda Parent LLC to market at $1,152,164 or 84% of the outstanding amount, according to Franklin's Form N-CSR for the semi-annual period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. Franklin is a participant in a First Lien Term Loan to Barracuda Parent LLC. The loan accrues interest at a rate of 8.81% per annum. The loan matures on March 4, 2028. The Fund, a Delaware statutory trust, is registered under the Investment Company Act of 1940. The Funds are exchange-traded funds. ETFs are funds that trade like other publicly-traded securities. Unlike shares of a mutual fund, which can be bought from and redeemed by the issuing fund by all shareholders at a price based on net asset value, shares of the Funds may be directly purchased from and redeemed by the Funds at NAV solely by certain large institutional investors who have entered into agreements with the Funds' distributor. Each of the Funds seek to provide the investment results that closely correspond, before fees and expenses, to the performance of each Fund's corresponding underlying index. The Trust is led by Christopher Kings as Chief Executive Officer – Finance and Administration, and Vivek Pai as Chief Financial Officer, Chief Accounting Officer and Treasurer. The Company can be reach through: Christopher Kings One Franklin Parkway San Mateo, CA 94403-1906 Telephone: (650) 312-2000 About Barracuda Parent LLC Barracuda Parent, LLC builds cloud-first, enterprise grade security solutions. The Company provides easy, comprehensive and affordable solutions for email protection, application and cloud security, network security, and data protection to safeguard from threats. Barracuda Parent serves customers worldwide. BAUSCH HEALTH: Completes $1.6B Senior Secured Notes Exchange ------------------------------------------------------------ Bausch Health Companies Inc. and its subsidiary 1261229 B.C. Ltd. announced the final results and expiration of their previously announced offers to exchange the Company's outstanding 4.875% Senior Secured Notes due 2028 and 11.00% Senior Secured Notes due 2028 for up to $1.6 billion aggregate principal amount of the Issuer's 10.00% Senior Secured Notes due 2032, in each case, pursuant to the terms described in a confidential exchange offer memorandum dated November 24, 2025. The Exchange Offers expired at 5:00 p.m., New York City time, on December 23, 2025. As reported by D.F. King & Co., Inc., the exchange agent and information agent for the Offers, as of the Expiration Time, an aggregate principal amount of $2.7 billion of Existing Senior Secured Notes had been validly tendered. * 11.00% Senior Secured Notes due 2028: - CUSIP Numbers (Rule 144A/Reg S): 071734AQ0 / C07885AL7 - Aggregate Principal Amount Outstanding: $1,774,067,000 - Total Consideration (per $1,000 principal): $1,020.00 (in principal amount of new notes; excludes accrued interest paid in cash) - Aggregate Principal Amount Tendered: Approximately $1,519,477,000 (from early results; total tenders across both series reached approx. $2.7 billion) - Principal Amount Accepted: $885,806,000 (prorated due to $1.6 billion cap) - Principal Amount of New 10.00% Senior Secured Notes due 2032 Issued: $903,359,000 * 4.875% Senior Secured Notes due 2028 - CUSIP Numbers (Rule 144A/Reg S): 071734AN7 / C07885AJ2 - Aggregate Principal Amount Outstanding: $1,600,000,000 - Total Consideration (per $1,000 principal): $873.84 (in principal amount of new notes; adjusted for net accrued interest) - Aggregate Principal Amount Tendered: Approximately $1,170,539,000 (from early results; total tenders across both series reached approx. $2.7 billion) - Principal Amount Accepted: $797,431,000 (prorated due to $1.6 billion cap) - Principal Amount of New 10.00% Senior Secured Notes due 2032 Issued: $696,641,000 Subject to the terms and conditions of the Offers set forth in the Exchange Offer Memorandum, upon settlement of the Offers, which is currently expected to occur on December 26, 2025, there will be approximately $1,600 million principal amount of New Notes issued in respect of the Existing Senior Secured Notes to be accepted in the Offers. All eligible holders who have certified to the Offerors that they are eligible to participate in the Offers and whose Existing Senior Secured Notes are accepted for exchange pursuant to the Offers on the Settlement Date will also be paid a cash amount, if applicable, equal to the difference between: (i) the accrued interest due to each holder of Existing Senior Secured Notes accepted in the Offers and (ii) the accrued and unpaid interest due on the New Notes from the last interest payment date of the existing 10.00% Senior Secured Notes due 2032 to, but not including, the Settlement Date. Sullivan & Cromwell LLP and Norton Rose Fulbright Canada LLP acted as legal counsel, and Evercore Inc. acted as financial advisor to the Company. About Bausch Health Companies Inc. Bausch Health Companies Inc. develops drugs for unmet medical needs in central nervous system disorders, eye health, and gastrointestinal diseases, as well as contact lenses, intraocular lenses, ophthalmic surgical equipment, and aesthetic devices. As of September 30, 2025, the Company had $26.82 billion in total assets, $26.47 billion in total liabilities, and $356 million in total equity. The Company had an accumulated deficit of $9.56 billion as of September 30, 2025. * * * In May 2025, Fitch Ratings has affirmed and withdrawn Bausch Health Companies Inc.'s (BHC) and Bausch Health Americas, Inc.'s (BHA) Company Default Ratings (IDRs) at 'CCC+'. Prior to the withdrawal, the ratings remained in the 'CCC' category reflecting the long-term refinancing risk, non-zero risk of a distressed debt exchange for later maturities, and a weakening balance sheet when XIFAXAN revenues decline and if BHC separates Bausch + Lomb Corporation. Fitch has also affirmed and withdrawn the instrument ratings including the first lien debt issued by 1261229 B.C. Ltd and BHC at 'B' with a Recovery Rating of 'RR2', the second lien debt (issued by BHC) at 'CCC-'/'RR6' and the unsecured notes (issued by BHC and BHA) at 'CC'/'RR6'. BAYTEX ENERGY: Fitch Cuts LongTerm IDR to 'B+', Outlook Stable -------------------------------------------------------------- Fitch Ratings downgraded Baytex Energy Corp.'s Long-Term Issuer Default Rating (IDR) to 'B+' from 'BB-' and affirmed its 2030 and 2032 senior unsecured notes at 'BB-' with a revised Recovery Rating revised to 'RR3' from 'RR4'. The ratings were removed from Negative Watch. The IDR Outlook is Stable. These actions follow the close of Baytex's divestiture of its U.S. Eagle Ford assets on Dec. 19, 2025. Baytex expects to repay its 2030 notes shortly after close. This transaction reduces Baytex's operational scale, geographical diversification and cash flow generation. It also lowers its netback before interest and raises exposure to light-heavy oil price differentials. Sale proceeds will be used to repay outstanding credit facilities, the 2030 notes and most of the 2032 notes, which will lower EBITDA leverage to 0.2x in 2026. Immaterial interest payments post-debt reduction will support FCF. A conservative financial profile helps offset Baytex's weaker business profile. Key Rating Drivers Divestiture Substantially Reduces Scale: Fitch believes Baytex's divestiture of the liquids rich Eagle Ford assets weakens its business profile through lower operating scale. Fitch said, "We expect the company's production to decline by about 55% to below 70 kboe/d from around 150 kboe/d in 3Q25. Baytex's netbacks before interest may deteriorate slightly, and its EBITDA and free cash flow scale is expected to be materially weaker due to lower production volumes; however, Baytex will benefit from lower interest payments." Higher Costs, Lower Royalties: Fitch expects a modest decrease in Baytex's future netbacks before interest. Its Canadian netbacks would be supported by lower royalties than in the Eagle Ford, but would be offset by higher crude differentials and operating costs, as well as increasing average administrative expenses. Fitch assumes that Baytex's midcycle maintenance capex will be materially lower than the CAD550-CAD625 million preliminary capex guidance for 2026. Fitch believes Baytex can reduce capex in a downside scenario. Material Debt Reduction: The USD2.3 billion proceeds from the sale of the assets are used to repay its outstanding credit facilities (CAD182 million at Sept. 30, 2025), fully repay the USD759 million senior notes due 2030 and partially repay the USD480 million of the 2032 senior notes shortly after closing. Fitch assumes the company will target minimal amount of debt unless it has to borrow to cover negative FCF. Baytex's pro forma midcycle EBITDA leverage is expected to be up to 0.3x in 2026-2029. Fitch assumes that excess cash after debt repayment will be allocated to share repurchases and small bolt-on acquisitions. Flat Production, Lower Reserve Life: Fitch expects Baytex to maintain production slightly below 70 kboe/d, based on its oil price assumptions. In 3Q25, its Canadian production was 65 thousand barrels of oil equivalent per day (kboe/d). Fitch expects proved reserve life to decrease from seven years at YE 2024. Heavy Oil Focus, Limited Diversification: Baytex's exit from the U.S. meaningfully limits its assets base diversification in both geography and hydrocarbon type. The company will focus solely on Canada, with heavy oil operations at Peavine, Peace River and Lloydminster, and light oil operations at Pembina Duvernay and Viking. The pro forma oil mix is expected to rise to about 84%, with heavy oil corresponding to 66%. The company is expected to be more exposed to heavy crude oil differentials than before which may add cash flow volatility. Decreased Long Term Hedging Strategy: Baytex hedged more than 30% of its oil exposure before royalties in 2025, helping provide additional cash flow visibility. The company's oil production is currently hedged at around 50% in 1Q26 with a USD60 WTI floor. Fitch believes the pro forma company will be less hedged in the future. Peer Analysis After the divestment, Baytex's expected scale of roughly 70 kboe/d will be lower than both of its peers Vermilion Energy Inc. (BB-/Negative) and Crescent Energy Company (BB-/Positive). Baytex will have lower diversification and be exposed to higher heavy crude differentials. Baytex's leverage will be the lowest among both peers. In 3Q25, Baytex had a higher production scale than its Canadian peer Vermilion Energy Inc. (119 kboe/d; 41% oil). Vermilion is exposed to European natural gas production, which currently generates significant margins for the company. Netbacks for Baytex were USD22.5/boe in 3Q25 while Vermilion's were USD13.3/boe as Baytex has a higher share of oil the production mix. Baytex is expected to have lower midcycle leverage than Vermilion. In 3Q25, Baytex had lower production than Crescent Energy Company (253 kboe/d; 41% oil). Baytex's netback was higher than Crescent's (USD16/boe) due to its smaller exposure to mature assets and more oil in the product mix. Crescent has historically been better hedged than Baytex. Fitch's Key Rating-Case Assumptions -- WTI of USD64/barrel (bbl) in 2025, USD58/bbl in 2026-2027, USD57/bbl at midcycle; -- Henry Hub of USD3.50 per thousand cubic feet (mcf) in 2025 and 2026, USD 3.0/mcf in 2027, and USD2.75/mcf in 2028 and at mid- cycle; -- Around USD95 million of the 2032 notes remain outstanding in December 2025; -- Production of around 150 kboe/d in 2025, decreasing to around 70kboe/d in the forecasts; -- Dividends around CAD55 million in 2026-2029; -- Capex of CAD1.2 billion annually in 2025, decreasing to around CAD450-600 million per year through the forecasts; -- Excess cash after debt repayment will be allocated to share repurchases. Recovery Analysis The recovery analysis assumes that Baytex would be reorganized as a going concern (GC) in bankruptcy rather than liquidated. Fitch has assumed a 10% administrative claim. Going-Concern Approach Baytex's GC EBITDA assumption is based on Fitch's projections using a stressed-case price deck. This assumes Henry Hub natural gas prices at USD3.50 in 2025, decreasing to USD2.50 in 2026 and USD 2.25 thereafter, and WTI oil prices at USD64 in 2025, decreasing to USD42 in 2026 and 2027, and USD45 thereafter. The GC EBITDA estimate reflects Fitch's view of a sustainable, post-reorganization EBITDA level upon which Fitch bases the enterprise valuation (EV). The GC EBITDA assumption of CAD305 million accounts for the decline from current pricing levels to stressed levels, followed by a partial recovery from a troughed pricing environment. Fitch applied an EV multiple of 3.0x EBITDA to the increased GC EBITDA to calculate a post-reorganization EV. Liquidation Approach The liquidation estimate reflects Fitch's view of the value of balance-sheet assets that can be realized through sale or liquidation during bankruptcy or insolvency proceedings and then distributed to creditors. Fitch considers valuations like SEC PV-10 and M&A transactions for each basin, including multiples for production per flowing barrel, proved reserves valuation, value per acre and value per drilling location. Recovery Waterfall Fitch assumes that the revolver will be 100% drawn upon default. In the liability waterfall, the revolver is assumed to have a committed amount of CAD750 million and holds seniority over the senior unsecured notes. The allocation of value in the liability waterfall results in an 'RR1' recovery for the first lien revolver and an 'RR3' recovery to the unsecured notes. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade -- Weakening liquidity, such as sustained low availability under the revolver; -- Production volume materially decreasing; -- Midcycle EBITDA leverage sustained over 2.5x. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade -- Production volume materially exceeding 100 kboe/d; -- Improvement in average netbacks; -- Midcycle EBITDA leverage maintained below 2.0x. Liquidity and Debt Structure Baytex had CAD10 million of cash available and CAD 182 million drawn from its CAD1.5 billion credit facilities as at 3Q25. Pro forma the close of the divestiture, its revolving credit facilities and 2030 notes are expected to be fully paid and roughly USD95 million of its 2032 notes remain outstanding. The company would have no maturities until 2032. Fitch expects the company to have negative net leverage post close and abundant liquidity. The revolving credit facilities is expected to be reduced to CAD750 million from CAD 1.5 billion. Issuer Profile Baytex is a small Canadian exploration and production company. It produces light oil and condensate, heavy oil, natural gas liquids and natural gas, with operations in the Western Canadian Sedimentary Basin. RATINGS ACTION Rating Prior ------ ----- Baytex Energy Corp. LT IDR B+ Downgrade BB- senior unsecured LT BB- Affirmed RR3 BB- BENAIAH HOLDINGS: Kinnetz Seeks Turn Over of Receivership Property ------------------------------------------------------------------ Timothy A. Kinnetz filed an expedited motion with the U.S. District Court for the District of South Dakota, Southern Division, seeking to compel Benjamin Paul Wiener and his counsel of record to turn over certain Receivership Property, including login credentials, and to cooperate with the Court-appointed receiver Lighthouse Management Group, Inc. The Receivership Order requires the Receivership Entities and their agents and representatives, such as: (a) Benaiah Capital, LLC (b) Benaiah Digital, LP (c) Benjamin Paul Wiener (d) Benaiah Holdings, Inc. (e) Benaiah Digital Fixed Income, LP (f) Benaiah Enterprises, LLC (g) Guiding Light Marketing, LLC (h) LEW Hodlings, LLC (i) Benaiah Management Company, Inc. (j) Aslan Management, LLC d/b/a Benaiah Custodial Solutions (k) Runway Four10, LLC (l) Ilana Wealth, LLC Wealth, to cooperate with the Receiver, including, without limitation, surrendering physical possession of Receivership Property, delivering Receivership Property to the Receiver, and assisting the Receiver to enable it to discharge its duties under the Receivership Order. The Receivership Order defines "Receivership Property" as: All now-existing and hereafter-acquired tangible and intangible assets of the [Receivership Entities], including, without limitation, all of their accounts, accounts receivable, chattel paper (including, without limitation, electronic chattel paper and tangible chattel paper), deposit accounts, documents, equipment, vehicles, general intangibles, contract rights, goods, instruments, inventory, investment property, letter-of-credit rights, letters of credit, patents, patent rights, copyrights, trademarks, trade names, goodwill, royalty rights, franchise rights, license rights, software, payment intangibles, receivables, claims, causes of action and other rights to payment; together with (i) all substitutions and replacements for and products of any of the foregoing; (ii) proceeds of any and all of the foregoing; (iii) in the case of all tangible goods, all accessions; (iv) all accessories, attachments, parts, equipment and repairs now or hereafter attached or affixed to or used in connection with any tangible goods; (v) all warehouse receipts, bills of lading, and other documents of title now or hereafter covering such goods; or (vi) any money, or other assets of the Receivership Entities. Mr. Wiener and his counsel of record, Kutak Rock LLP, have failed to surrender possession of certain Receivership Property to the Receiver in direct violation of the Receivership Order. Since the Receiver's original appointment as receiver over Benaiah Capital and Benaiah Digital, Mr. Wiener has refused to cooperate with the Receiver and, in some instances, sought to mislead the Receiver or to take action in direct contravention of the Receivership Order and the Receiver's instructions. On August 21, 2025, the Receiver met with Mr. Wiener and his counsel, and Wiener stated that Benaiah Digital currently had approximately $6 million in cold storage. Mr. Wiener told the Receiver that at least $4 million in cold storage could not be accessed because the keys are on an SD card in possession of the FBI and another $2 million was stored on a thumb drive also in possession of the FBI. On November 6, 2025, the Receiver met with representatives of the FBI, IRS, and the U.S. Attorney General's Office. The Government representatives confirmed that the SD card and thumb drive were in the Government's custody and have agreed to allow Mr. Wiener and the Receiver access to the SD card and thumb drive to allow Mr. Wiener and the Receiver to recover the keys necessary to access the cold storage account. On November 19, 2025, the Receiver's counsel sent Mr. Wiener and his counsel a letter demanding turnover of certain Receivership Property and to arrange a meeting at the Government's office to access the keys purportedly located on the SD card and thumb drive by no later than November 25, 2025. Based on Mr. Wiener's shifting statements regarding the SD cards and thumb drive, his prior actions attempting to conceal and dispose of Receivership Property, and inappropriate attempt to limit his cooperation solely to the Plaintiff's digital assets, the Receiver declined Mr. Wiener's proposal and filed this Motion seeking an order compelling Wiener's cooperation in accessing the SD cards and thumb drive in possession of the Government. The Receiver requires this access to first determine whether Receivership Property is located in cold storage and then to ensure the Receivership Property is properly protected and monetized for the benefit of the creditors in this case. After entry of the Receivership Order, the Receiver traveled to Sioux Falls, SD, on November 11, 2025, to immediately begin taking possession of Receivership Property as required by the Receivership Order, including certain digital devices and computers. Upon arrival at the office of the Receivership Entities, the Receiver requested that Mr. Wiener provide the passwords for the digital devices and all digital exchange accounts, including a bpwiener@gmail.com Kraken account. Mr. Wiener claimed he did not have the login credentials for the bpwiener@gmail.com Kraken account and denied that any other digital exchange accounts existed. After accessing the digital devices and computers found at the office of the Receivership Entities, the Receiver identified over 50 digital exchange accounts, including accounts at Kraken, Coin Lion, BITGO, BITMart, KuCoin, MEXC, PrimeXBT, WEEX, and XT Trading that appear to be Receivership Property which he did not disclose. In subsequent meetings with Mr. Wiener and his counsel, the Receiver requested certain login credentials. In the Demand Letter, the Receiver included a demand for turnover of the passwords by no later than November 25, 2025. Mr. Wiener has failed to turn over any login credentials. In some instances, the Receiver was still able to take control of certain accounts without login credentials from Wiener. However, the Receiver discovered that for the bpwiener@gmail.com Kraken account, Mr. Wiener changed the login credentials to try and prevent the Receiver's access and requested that Kraken close the account. Eventually, the Receiver gained access to the locked room and discovered numerous items of sports memorabilia, including three autographed baseballs, an autographed football, an autographed Vikings helmet, approximately 12 autographed jerseys, three autographed photos of athletes, and thousands of trading cards. The Receiver secured the sports memorabilia from this room and throughout the office building and is currently seeking to sell the sports memorabilia at auction. Based on records of the Receivership Entities, the Receiver believes additional sports memorabilia constituting Receivership Property exists based on lists maintained on the Receivership Entities' computers. Based on communications observed by the Receiver, Mr. Wiener knows the location of the Receivership Property and is actively concealing the Receivership Property from the Receiver and seeking to sell the Receivership Property without the permission of the Receiver. For instance, the Receiver discovered that Mr. Wiener has taken sports memorabilia and other Receivership Property to consignment shops throughout the Sioux Falls area in attempts to sell it. The Receiver also discovered that Mr. Wiener previously provided autographed jerseys of Shohei Ohtani, Kobe Bryant, John Elway, and Mickey Mantle to his attorneys of record in this case, Kutak Rock LLP, as a retainer with an estimated collective value of over $100,000. In the Demand Letter, the Receiver demanded that Kutak Rock LLP turn over the jerseys, as Receivership Property, to the Receiver, but Kutak Rock LLP has failed to do so. Consequently, the Receiver was forced to bring this Motion to require Kutak Rock LLP to turn over the Receivership Property. Both Mr. Wiener and Kutak Rock LLP, are acting in direct violation of the Receivership Order. About Benaiah Holdings, Inc. et al. Benaiah Holdings, Inc. was a South Dakota-based investment firm, founded by Benjamin Wiener, that focused on digital assets/crypto but has recently faced major legal trouble, with federal agencies (IRS, FBI) investigating it and its founder for alleged fraud, leading to lawsuits from investors and the collapse/raids of its entities in mid-2025, despite previous marketing as a sophisticated digital asset manager. Benaiah Digital, LP is a digital asset hedge fund that is currently in receivership following allegations of fraud. It is a part of Benaiah Capital, an investment firm focused on blockchain technology and Web3. The companies are facing a receivership case captioned as Timothy A. Kinnetz v. Benaiah Holdings, Inc., Benaiah Capital, LLC, Benaiah Digital, LP, Benaiah Digital Fixed Income, LP, individually Benjamin Paul Wiener, Joshua Dewitt, and Christopher Charles Hmielewski, Benaiah Enterprises LLC, Benaiah Management Company, Inc., Runway Four10 LLC, Triple Point Trading LLC, and individually Ronald J. Gasca, Jr., Case No. 4:25-cv-04134 (D. S.D.), before the Hon. Camela C. Theeler. The case was filed on July 18, 2025. Attorneys for Receiver Lighthouse Management: Jeffrey W. Post, Esq. Steven R. Kinsella, Esq. FREDRIKSON & BYRON, P.A. 60 South Sixth Street, Suite 1500 Minneapolis, MN 55402-4400 Tel: (612) 492-7000 Fax: jpost@fredlaw.com E-mail: skinsella@fredlaw.com BIG BEND DRIVE: Seeks Chapter 11 Bankruptcy in Texas ---------------------------------------------------- On December 19, 2025, Big Bend Drive, 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 million in liabilities owed to 1–49 creditors. About Big Bend Drive, LLC Big Bend Drive, LLC is a limited liability company engaged in business operations in Texas. Big Bend Drive, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-43852) on December 19, 2025. In its petition, the Debtor reports estimated assets of $0 to $100,000 and estimated liabilities ranging from $100,001 to $1 million. The case is pending before the Honorable U.S. Bankruptcy Judge for the Eastern District of Texas. The Debtor is represented by Robert W. Buchholz, Esq., of The Law Office of Robert W. Buchholz, P.C. BISHOP OF SAN DIEGO: Franklin Soto Represents Parishes ------------------------------------------------------ In the Chapter 11 bankruptcy cases of The Roman Catholic Bishop of San Diego, a California Corporation Sole, Franklin Soto Leeds LLP filed with the United States Bankruptcy Court for the Southern District of California, a Verified Statement pursuant to Federal Rule of Bankruptcy Procedure 2019. According to the Verified Statement: 1. Paul J. Leeds of Franklin Soto Leeds was retained as counsel to represent The Roman Catholic Services Corporation for Parishes and Schools of San Diego and Imperial Counties and 188 parishes in connection with the Debtor's Chapter 11 case. 2. The Parishes have not agreed to act as a formal committee, nor have they delegated any authority to a group to act collectively. FSL has filed proofs of claim for each of the Parishes, filed a joinder to Debtor's opposition to the Motion for Relief From Stay, and appeared at hearings on the Parishes' behalf. FSL will continue to represent the Parishes throughout the Debtor's bankruptcy case. 3. FSL does not hold a "disposable economic interest" against the Roman Catholic Bishop of San Diego, a Corporation Sole, the debtor and debtor-in-possession ("Debtor"). 4. Each of the Parishes holds or may hold a "disclosable economic interest" against Debtor as follows: a. Claims that may not yet be known or determined, that may be unmatured, unliquidated, and/or contingent, and may be the subject of the proofs of claim filed by each of the Parishes. b. The Parishes may be a party to agreements with the Debtor. c. The Parishes may be a defendant in litigation in which the Debtor is a defendant. d. The Parishes may have or share an interest in Debtor’s property, including insurance policies and proceeds, or property held by Debtor for any one of the Parishes or have claims relating to such property. To the extent any of the Parishes hold additional claims, rights, liens, or interests, such interests will be supplemented as required by Fed. R. Bankr. P. 2019. 5. The information provided is provided solely for purposes of complying with Fed. R. Bankr. P. 2019 and not for any other purpose. The information contained herein should not be construed as a limitation or waiver of any rights or remedies held by any of the Parishes. 6. The firm reserves the right to amend or supplement this Statement as needed for compliance with Fed. R. Bankr. P. 2019. The interested parties are listed on a 6-page Exhibit A, a copy of which is available at https://urlcurt.com/u?l=KQVhEc Attorneys for The Roman Catholic Services Corporation for Parishes and Schools of San Diego and Imperial Counties, San Diego Catholic Account For Parishes and Schools, Incorporated, and Certain Parishes Paul J. Leeds, Esq. Shelby A. Poteet, Esq. FRANKLIN SOTO LEEDS LLP 444 West C Street, Suite 300 San Diego, CA 92101 Tel: (619) 872-2520 Fax: (619) 566-0221 E-mail: pleeds@fsl.law spoteet@fsl.law About The Roman Catholic Bishop of San Diego The Roman Catholic Bishop of San Diego sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Cal. Case No. 24-02202) on June 17, 2024. In the petition signed by Rodrigo Valdivia, vice moderator of the Curia, the Debtor disclosed up to $500 million in both assets and liabilities. Judge Christopher B. Latham oversees the case. The Debtor tapped Gordon Rees Scully Mansukhani, LLP as counsel and GlassRatner Advisory & Capital Group, LLC, doing business as B. Riley Advisory Services, as financial advisor. Donlin, Recano & Company, Inc., is the claims agent and administrative advisor. The official committee of unsecured creditors formed in the case retained KTBS Law LLP as its counsel; Berkeley Research Group, LLC as its financial advisor; and Morgan, Lewis & Bockius LLP as its special insurance counsel. BLACK BUFFALO: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------------ Debtor: Black Buffalo 3D Corporation 1071 Hudson Street Union, NJ 07083 Business Description: Black Buffalo 3D Corporation develops and supplies large-scale 3D construction printing systems, proprietary cement-based printing materials, and related training and consulting services. The Union, New Jersey– based company offers the NEXCON line of 3D construction printers used to produce code- compliant structural walls and building components for onsite and offsite construction. Black Buffalo 3D operates globally in the construction technology and additive manufacturing industry, serving developers, contractors, governments, and non-governmental organizations. Chapter 11 Petition Date: December 24, 2025 Court: United States Bankruptcy Court District of Delaware Case No.: 25-12270 Judge: Hon. Judge Thomas M Horan Debtor's Counsel: Laurel D. Roglen, Esq. BALLARD SPAHR LLP 919 North Market Street, 11th Floor Wilmington DE 19801 Tel: (302) 252-4465 Email: roglenl@ballardspahr.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by George Perry as chief executive officer. 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/PQUHECI/Black_Buffalo_3D_Corporation__debke-25-12270__0001.0.pdf?mcid=tGE4TAMA BLIZE HEALTHCARE: Seeks Chapter 11 Bankruptcy in California ----------------------------------------------------------- edhat santa barbara reports that Blize Healthcare, a Northern California-based provider of home health and hospice services, filed a voluntary Chapter 11 bankruptcy petition on December 18, 2025, in the U.S. Bankruptcy Court for the Northern District of California. Court records show the case was filed as a non-individual debtor seeking reorganization under Chapter 11 of the U.S. Bankruptcy Code. According to the petition, Blize Healthcare operates in the healthcare industry and provides home health care, hospice care, and private duty home care services. The company reported estimated assets between $100,001 and $500,000 and estimated liabilities ranging from $1 million to $10 million. Blize Healthcare also disclosed that it has between one and 49 creditors. The filing states that the company is pursuing Chapter 11 protection due to financial distress and the need to restructure its operations while continuing patient services. Major creditors include the California Department of Health Care Services, the U.S. Small Business Administration, and Itria Ventures. The company listed its principal place of business as 750 Alfred Nobel Drive in Hercules, California, and identified Blessing Elendu and Ukeje Elendu as equal equity holders. About Blize Healthcare California Inc. Blize Healthcare California Inc. provides home health care, hospice and palliative care, and non-medical homecare services, delivering skilled nursing, therapy, and supportive care to patients in their homes. The Company serves individuals across Northern California, including Alameda, Contra Costa, Napa, San Francisco, Marin, Sacramento, San Jose, San Mateo, Santa Clara, and Solano counties, and operates with interdisciplinary care teams under physician-directed plans of care. Its services are designed for patients managing chronic conditions, recovering from illness or surgery, or requiring end-of-life and supportive home-based care. Blize Healthcare California Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Cal. Case No. 25-42377) on December 18, 2025. In its petition, the Debtor reports estimated assets between $100,001 and $500,000 and estimated liabilities between $1 million and $10 million. The Debtor is represented by Michael Jay Berger, Esq. of LAW OFFICES OF MICHAEL JAY BERGER. BREAD FINANCIAL: Fitch Rates Preferred Equity 'B-' -------------------------------------------------- Fitch Ratings has assigned a 'B-' rating to Bread Financial Holdings (BFH; BB/Stable) Perpetual, Non-Cumulative Preferred Stock issuance of Nov. 20, 2025. BFH plans to use the proceeds for general corporate purposes, which may include contributing or lending all or a portion of the proceeds to one of their subsidiary Banks, Comenity Capital Bank, and share repurchases. Key Rating Drivers BFH's preferred equity shares are rated four notches below its 'bb' Viability Rating (VR), which conforms with baseline notching for preferred equity, according to Fitch's "Bank Rating Criteria." The rating reflects two notches for loss severity and two for non-performance risk. In October 2025, Fitch upgraded Bread's rating to 'BB' with a Stable Outlook from 'BB-' with a Positive Outlook. Rating Sensitivities Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade A downgrade of BFH's VR would lead to a downgrade of the preferred equity rating. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade An upgrade of BFH's VR would lead to an upgrade of the preferred equity rating. BRIGHT AUTO: Hires Weintraub Zolkin Talerico as Bankruptcy Counsel ------------------------------------------------------------------ Bright Auto World LLC seeks approval from the U.S. Bankruptcy Court for the Central District of California to hire Weintraub Zolkin Talerico & Selth LLP as bankruptcy counsel. The firm will render these services: a. advice concerning the Debtor's rights, powers, and duties under Sections 1107 and 1108 of the Bankruptcy Code; b. advice concerning all general administrative matters in the Bankruptcy Case and dealings with the Office of the United States Trustee; c. represent the Debtor at all hearings before the United States Bankruptcy Court involving the Debtor in its capacity as debtor-in-possession and as reorganized debtor, as applicable, unless the Debtor is represented in that proceeding or hearing by other/special counsel; d. prepare the Debtor's behalf, as debtor-in-possession, of all necessary schedules and amendments thereto, applications, motions, orders and other legal papers; e. advice the Debtor regarding matters of bankruptcy law, including the Debtor's rights and remedies with respect to assets of their bankruptcy estate and creditor claims; f. represent the Debtor with regard to all contested matters; g. represent the Debtor in any litigation commenced by, or against, it, provided that such litigation is within the Firm's expertise and subject to a further engagement agreement with the Debtor on terms acceptable to Debtor and the Firm; h. represent the Debtor with regard to the negotiation, preparation and implementation of one or more plans of reorganization; i. analyze any secured, priority, or general unsecured claims that have been filed in the Bankruptcy Case; j. negotiate with the Debtor's secured and unsecured creditors regarding the amount and payment of claims; k. object to claims as may be appropriate; and l. perform all other legal services for the Debtor in its capacity as a debtor-in-possession, as may be necessary. The firm will be paid at these rates: Derrick Talerico, Partner $675 per hour David Zolkin, Partner $675 per hour As disclosed in the court filings, Weintraub Zolkin Talerico & Selth LLP is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Derrick Talerico, Esq. WEINTRAUB, ZOLKIN TALERICO & SELTH LLP 11766 Wilshire Blvd Suite 730 Los Angeles CA 90025 Tel: (424) 500-8552 Email: dtalerico@wztslaw.com About Bright Auto World LLC Bright Auto World LLC owns and operates an automobile dealership at 109 Commerce Court in Rincon, Georgia, and is classified under NAICS 4411 as a single-asset real estate entity managing the dealership property, valued at approximately $1.8 million. Bright Auto World LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-17950) on November 3, 2025, listing $1,800,000 in assets and $963,655 in liabilities. The petition was signed by Sokhim Lay as manager and member. Judge Magdalena Reyes Bordeaux presides over the case. Derrick Talerico, Esq. at WEINTRAUB, ZOLKIN TALERICO & SELTH LLP represents the Debtor as counsel. BUCKINGHAM SENIOR: Hires Implex Advisors LLC as Financial Advisor ----------------------------------------------------------------- Buckingham Senior Living Community, Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas to employ Implex Advisors, LLC as financial advisor. The firm's services include: a. assisting the Debtor's business activities, including budgeting, cash management, and overall financial management; b. supporting the Debtor and its counsel in preparing first day motions; c. participating in meetings and calls with management, counsel, lenders, and other parties as needed; d. preparing financial disclosures required by the Court, including Schedules of Assets and Liabilities, Statements of Financial Affairs, and Monthly Operating Reports; e. providing information and analyses related to the Debtor's use of cash collateral, including preparation for hearings on cash collateral usage; f. identifying executory contracts and leases and perform cost/benefit evaluations for assumption or rejection decisions; g. consulting with management and assist in preparing reports for lenders and other creditors regarding financial performance; h. evaluating current operations and identify areas for potential cost savings, including overhead reductions and efficiency improvements; i. preparing reports and communications for the Court, creditors, and other stakeholders; j. reviewing and analyzing the financial impact of proposed transactions requiring Court approval; k. coordinating activities related to refinancing, capital raising, and sale processes for the Debtor; l. providing financial advice and assistance for sale transactions and Sec. 363 auctions of Debtor's assets; m. assisting in negotiations or discussions with federal or state regulators, if necessary; n. rendering testimony in the Court as appropriate and required; and o. performing other tasks as requested by the Debtor. The firm's standard hourly rates are: Managing Partner $695 Director to Senior Director $475 - $550 Manager $375 - $450 Associate/Senior Associate $200 - $350 Implex regularly hires contract professionals as needed, depending on the particular tasks required by the engagement. Implex will bill for such contract professionals at a rate of approximately $200 to $550 per hour, plus reasonable expenses. Implex received $50,000 as an initial retainer. As disclosed in the court filings, Implex is a "disinterested person" within the meaning of Bankruptcy Code section 101(14) as required by Bankruptcy Code section 327(a), and does not hold or represent an interest adverse to the Debtor's estate. The firm can be reached through: Stuart Walker Implex Advisors, LLC 8350 N Central Expressway, Suite 1900-105 Dallas, TX 75206 Phone: (214) 546-0490 Email: swalker@implexadvisors.com About Buckingham Senior Living Community Buckingham Senior Living Community, Inc., doing business as The Buckingham, operates a not-for-profit continuing care retirement community (CCRC) in Houston, Texas, offering independent living, assisted living, memory care, skilled nursing, rehabilitation, and respite care. The community spans 23 acres near the Memorial neighborhood and features walking trails, courtyards, gardens, 24-hour security, dining, wellness programs, and other amenities designed to support resident lifestyle and relationships. Established over 20 years ago, The Buckingham provides comprehensive senior living services, allowing residents to transition across care levels as needs evolve. Buckingham Senior Living Community filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-80595) on Nov. 17, 2025, listing up to $500 million in both assets and liabilities. Judge Michelle V. Larson presides over the case. The Debtor tapped McDermott Will and Schulte LLP as counsel; Implex Advisors, LLC as financial advisor; and Raymond James & Associates, Inc. as investment banker. Epiq Corporate Restructuring, LLC is the claims, noticing, solicitation, and administrative agent. BUCKINGHAM SENIOR: Hires McDermott Will & Schulte LLP as Counsel ---------------------------------------------------------------- Buckingham Senior Living Community, Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas to employ McDermott Will & Schulte LLP as counsel. The firm's services include: a. advising the Debtor with respect to its powers and duties as debtor in possession in the continued management and operation of its business and property; b. advising and consulting on the conduct of this Chapter 11 Case, including all of the legal and administrative requirements of operating in chapter 11; c. attending meetings and negotiating with representatives of the Debtor's creditors and other parties-in-interest; d. taking all necessary actions to protect and preserve the Debtor's estate, including prosecuting actions on the Debtor's behalf, defending any action commenced against the Debtor, and representing the Debtor in negotiations concerning litigation in which the Debtor is involved, including objections to claims filed against the Debtor's estate; e. preparing pleadings in connection with this Chapter 11 Case, including motions, applications, answers, orders, reports, and papers necessary or otherwise beneficial to the administration of the Debtor's estate; f. advising the Debtor in connection with any potential sale of assets or transfer of operations; g. appearing before the Court and any appellate courts to represent the interests of the Debtor's estate; h. advising the Debtor regarding tax matters; i. assisting the Debtor in reviewing, assessing, estimating, and resolving claims asserted against the Debtor's estate; j. advising the Debtor regarding insurance and regulatory matters; k. commencing and conducting litigation necessary and appropriate to assert rights held by the Debtor, protect assets of the Debtor's chapter 11 estate, or otherwise further the goals of the Debtor in this Chapter 11 Case; l. taking any necessary action on behalf of the Debtor to negotiate, prepare, and obtain approval of a disclosure statement and confirmation of a chapter 11 plan and all documents related thereto, including the review and analysis of potential claims and causes of action that may be released under such a plan; and m. performing all other necessary legal services for the Debtor in connection with the prosecution of this Chapter 11 Case, including: (i) analyzing the Debtor's contracts and the potential assumption and assignment or rejection thereof; (ii) analyzing the validity of liens asserted against the Debtor; and (iii) advising the Debtor on corporate and litigation matters. McDermott's current hourly rates are: Partners $1,500 to $2,520 Counsel $1,300 to $1,650 Associates $895 to $1,485 Paraprofessionals $395 to $820 McDermott's hourly rates effective January 1, 2026 are: Partners $1,800 to $2,795 Counsel $1,500 to $1,855 Associates $985 to $1,645 Paraprofessionals $440 to $910 Daniel Simon, Esq., a partner at McDermott Will & Emery, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Daniel M. Simon, Esq. McDermott Will & Schulte LLP 444 West Lake Street, Suite 4000 Chicago, IL 60606 Telephone: (312) 372-2000 Facsimile: (312) 984-7700 Email: dsimon@mwe.com About Buckingham Senior Living Community Buckingham Senior Living Community, Inc., doing business as The Buckingham, operates a not-for-profit continuing care retirement community (CCRC) in Houston, Texas, offering independent living, assisted living, memory care, skilled nursing, rehabilitation, and respite care. The community spans 23 acres near the Memorial neighborhood and features walking trails, courtyards, gardens, 24-hour security, dining, wellness programs, and other amenities designed to support resident lifestyle and relationships. Established over 20 years ago, The Buckingham provides comprehensive senior living services, allowing residents to transition across care levels as needs evolve. Buckingham Senior Living Community filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-80595) on Nov. 17, 2025, listing up to $500 million in both assets and liabilities. Judge Michelle V. Larson presides over the case. The Debtor tapped McDermott Will and Schulte LLP as counsel; Implex Advisors, LLC as financial advisor; and Raymond James & Associates, Inc. as investment banker. Epiq Corporate Restructuring, LLC is the claims, noticing, solicitation, and administrative agent. BUCKINGHAM SENIOR: Seeks to Tap Raymond James as Investment Banker ------------------------------------------------------------------ Buckingham Senior Living Community, Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas to employ Raymond James & Associates, Inc. to provide certain financial advisory and investment banking services. The firm will render these services: a. conduct an external solicitation of offers to support the Transaction; b. conduct a site-visit to the Facility and determine what further information and diligence items are needed to support the Process, including evaluating the operation of the Facility; c. establish a timeline and work schedule agreeable to the Debtor; d. participate in the negotiation process for the proposed restructuring of the Debtor's obligations; e. work with the Debtor and its professionals to develop and prepare a financial forecast, which may be circulated to creditors and interested third parties; f. assemble and distribute marketing materials to generate awareness and interest in a potential Transaction but only to the extent such materials are approved in advance by the Debtor, with potential third parties receiving any such materials containing confidential information if they sign a confidentiality agreement in form and substance satisfactory to the Debtor (each an "NDA"); g. assemble, distribute, solicit and market the sale or affiliation of the Facility to a broad audience through and including: (i) development of a Sales Memorandum and Virtual Data Room, for review by interested parties subject to an NDA; (ii) interact with interested parties to generate bids; (iii) facilitate a negotiation process to select a "stalking horse" for an auction (if required); (iv) negotiate an asset purchase agreement/affiliation agreement/debt restructuring; (v) facilitate and conduct an auction (if required); and (vi) close and consummate the Transaction; h. advise the Debtor and its professionals of current conditions in the local and national relevant skilled nursing and/or senior living markets, and other general information and economic data; i. attend meetings and participate in conference calls with the Debtor's board of directors, creditor groups, official constituencies and other interested parties, including their respective attorneys and other professionals, as needed; j. provide periodic updates to the Debtor; k. coordinate with the Debtor and other interested parties as necessary and interface with attorneys, other outside professionals and representatives of the Debtor; l. assist the Debtor in evaluating indications of interest and proposals regarding any Transaction; m. advise the Debtor as to strategy and tactics for negotiations related to the Transaction; n. assist the Debtor with the negotiation of any Transaction, including participating in negotiations with creditors and other parties involved in any Transaction; o. render such other investment banking and related services which are customary in engagements of this type or which may from time to time be agreed upon by Raymond James and the Debtor; p. participate in court-related proceedings as may be requested by the Debtor, its professionals or as otherwise may be required in connection with the Transaction, providing expert advice and testimony regarding financial matters related to any Transaction, if necessary; and q. provide such other advisory and investment banking services as may be agreed by the Debtor and Raymond James. Raymond James’s fee will be as follows: Upfront Retainer None Monthly Fee: (1) $50,000 Base Fee: $500,000 Success Fee (2): Bond Restructuring: 2 percent of par amount of the Current Pay Restructured Bonds; or Sale/Affiliation: 2.75 percent of Gross Sale Proceeds; and Placement Agent Fee: 2 percent of the par amount of new money or interim loans Arranged by Raymond James; and Out of Pocket Expenses: Reimbursed at cost (1) 50 percent of post-petition Monthly Fees will be credited against Success Fee. (2) Base Fee will be Credited against the Success Fee. Raymond James is a "disinterested person" within the meaning of Sec. 101(14) of the Bankruptcy Code, as modified by Sec. 1107(b) of the Bankruptcy Code, according to court filings. The firm can be reached through: David B. Fields, CFA Raymond James & Associates, Inc. 300 Conshohocken State Road, Suite 400 West Conshohocken, PA 19428 Tel: (484) 849-8644 Email: raymondjames.com About Buckingham Senior Living Community Buckingham Senior Living Community, Inc., doing business as The Buckingham, operates a not-for-profit continuing care retirement community (CCRC) in Houston, Texas, offering independent living, assisted living, memory care, skilled nursing, rehabilitation, and respite care. The community spans 23 acres near the Memorial neighborhood and features walking trails, courtyards, gardens, 24-hour security, dining, wellness programs, and other amenities designed to support resident lifestyle and relationships. Established over 20 years ago, The Buckingham provides comprehensive senior living services, allowing residents to transition across care levels as needs evolve. Buckingham Senior Living Community filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-80595) on Nov. 17, 2025, listing up to $500 million in both assets and liabilities. Judge Michelle V. Larson presides over the case. The Debtor tapped McDermott Will and Schulte LLP as counsel; Implex Advisors, LLC as financial advisor; and Raymond James & Associates, Inc. as investment banker. Epiq Corporate Restructuring, LLC is the claims, noticing, solicitation, and administrative agent. BUDDY MAC: Hire Kane Russell Coleman Logan as Bankruptcy Counsel ---------------------------------------------------------------- Buddy Mac Holdings, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas to hire Kane Russell Coleman Logan PC as counsel. The firm will render these services: a. prepare and file any petition, motions, applications, schedules, statement of affairs, and plan which may be required; b. represent the Debtors at the meeting of creditors, confirmation hearing and any adjourned hearings thereof; c. represent the Debtors in adversary proceedings and other contested bankruptcy matters; d. take all necessary action to protect and preserve the Debtors' estates, including the prosecution of actions on the Debtors' behalf, the defense of any actions commenced against the Debtors, the negotiation of disputes in which the Debtors are involved and the preparation of objections to claims filed against the Debtors' estates; e. prepare on behalf of the Debtors, as debtors in possession, all necessary motions, applications, answers, orders, reports, and other papers in connection with the administration of the Debtors' estates; f. advise and consult with the Debtors concerning (i) legal questions arising in administering and reorganizing the Debtors' estates and (ii) the Debtors' rights and remedies in connection with their estates' assets and creditors' claims; g. assist the Debtors in the formulation of a disclosure statement and a plan of reorganization, and assist the Debtors in obtaining confirmation and consummation of a plan of reorganization, and such further actions as may be required in connection with the administration of the Debtors' estates; h. if necessary and advisable, take all appropriate actions in connection with the sale of the Debtors' assets pursuant to section 363 of the Bankruptcy Code, or otherwise; i. assist the Debtors in preserving and protecting the value of the Debtors' estates; j. appear before the Court, any appellate courts and the United States Trustee and protect the interests of the Debtors and the assets of the estate before such courts and the United States Trustee; k. investigate and potentially prosecute preference, fraudulent transfer and other causes of action arising under the Debtors' avoidance powers; and l. perform any and all other legal services for the Debtors that the Debtors deem necessary and appropriate to faithfully discharge its duties as a debtors-in-possession. KRCL’s standard hourly rates are: Joseph Coleman $1,025 Mark Taylor $935 John Kane $795 Casey Roy $715 Kyle Woodard $685 JaKayla DaBera $575 Paralegals $355 - $375 The firm received a pre-petition retainer of $500,000. As disclosed in the court filings, Kane Russell Coleman Logan PC is a "disinterested person" as that term is defined in section 101(14) of the Bankruptcy Code, as modified by section 1107(b) of the Bankruptcy Code. The firm can be reached through: John J. Kane, Esq. Kyle Woodard, Esq. JaKayla J. DaBera, Esq. Joseph M. Coleman, Esq. KANE RUSSELL COLEMAN LOGAN PC 901 Main Street, Suite 5200 Dallas, TX 75202 Telephone: (214) 777-4200 Email: jkane@krcl.com kwoodard@krcl.com jdabera@krcl.com jcoleman@krcl.com About Buddy Mac Holdings LLC Buddy Mac Holdings, LLC, together with its affiliates, operates a rent-to-own retail business selling home furnishings, electronics, and appliances, allowing customers to make periodic payments with the option to complete purchase or return the product at any time. The company began its rent-to-own operations in 2014 as a franchisee of Buddy's Home Furnishings and has expanded to operate 47 store locations across Arkansas, Florida, Illinois, Kansas, Missouri, New Mexico, Oklahoma, and Texas. It offers products under franchise agreements, with typical customer contracts spanning 12 to 18 months. Buddy Mac Holdings and its affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Texas Lead Case No. 25-34839) on December 4, 2025. In the petition signed by William Ian MacDonald, manager, Buddy Mac Holdings disclosed up to $50 million in both assets and liabilities. John J. Kane, Esq., at Kane Russell Coleman Logan PC, represents the Debtors as legal counsel. BUDDY MAC: Taps Mark Shapiro of GlassRatner Advisory as CRO ----------------------------------------------------------- Buddy Mac Holdings, LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the Northern District of Texas to hire GlassRatner Advisory & Capital Group, LLC, and designate Mark Shapiro as the chief restructuring officer. The firm's services include: a. providing Mark Shapiro as CRO for the Debtors, with such role encompassing the responsibilities and authorities as set forth in the Engagement Letter; b. consulting on all aspects of the Debtors' business activities and operations, including budgeting, cash management and financial management; c. attending hearings, providing information and analyses for inclusion in bankruptcy court filings; d. providing testimony, as needed, in the Bankruptcy Case; e. supporting negotiations with the creditors and other constituents in the Bankruptcy Case; f. preparing monthly financial reports as required of a debtor in possession and other financial reporting required by the Office of the United States Trustee on behalf of a debtor in possession; g. coordinating and assisting the Debtors in connection with any refinancing, capital raising, and/or sale process for the Debtors in their capacity as debtor in possession, including: (i) negotiating terms of debtor in possession financing, if necessary, and/or (ii) developing a plan to sell some or all of the Debtors' assets of and/or to reorganize the Debtors, and to the extent requested by the Debtors, run a sale process for substantially all assets (iii) to the extent requested by the Debtors, lead efforts to obtain debt financing, equity infusion or similar liquidity and/or capital enhancements; h. working with the Debtors and their professionals to maximize the value of the Debtors' estate; i. assisting the Debtors and their counsel in pursuing litigation and claims the estate may have and acting as the responsible party for all corporate decisions; j. assisting the Debtors in communications and negotiations with key constituents, as requested, including lenders, equity holders, customers, and/or other stakeholders; and k. providing such other services by the Debtors and agreed to by GlassRatner. GlassRatner's hourly rates are: Mark Shapiro, CRO $895 Senior Managing Directors $650 to 895 Managing Directors $495 to 850 Other $325 to 495 The firm will seek reimbursement of all reasonable out-of-pocket and direct expenses incurred in connection with the services. GlassRatner will receive a retainer in the amount of $150,000. GlassRatner is a "disinterested persons" as that term is defined in Sec. 101(14) of the Bankruptcy Code, and does not hold or represent any interest adverse to the Debtors' Estates, according to court filings. The firm can be reached through: Mark Shapiro GlassRatner Advisory & Capital Group, LLC 3445 Peachtree Road, Suite 1225 Atlanta, GA 30326 Phone: (470) 346-6800 About Buddy Mac Holdings LLC Buddy Mac Holdings, LLC, together with its affiliates, operates a rent-to-own retail business selling home furnishings, electronics, and appliances, allowing customers to make periodic payments with the option to complete purchase or return the product at any time. The company began its rent-to-own operations in 2014 as a franchisee of Buddy's Home Furnishings and has expanded to operate 47 store locations across Arkansas, Florida, Illinois, Kansas, Missouri, New Mexico, Oklahoma, and Texas. It offers products under franchise agreements, with typical customer contracts spanning 12 to 18 months. Buddy Mac Holdings and its affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Texas Lead Case No. 25-34839) on December 4, 2025. In the petition signed by William Ian MacDonald, manager, Buddy Mac Holdings disclosed up to $50 million in both assets and liabilities. John J. Kane, Esq., at Kane Russell Coleman Logan PC, represents the Debtors as legal counsel. CABLE ONE: Moody's Lowers CFR to 'B1' & Alters Outlook to Stable ---------------------------------------------------------------- Moody's Ratings downgraded Cable One, Inc.'s (Cable One or the Company) Corporate Family Rating to B1 from Ba3 and Probability of Default Rating to B1-PD from Ba3-PD. Moody's also downgraded all instrument ratings by one notch, including the Company's senior secured credit facilities ratings to Ba3 from Ba2 and senior unsecured notes rating to B3 from B2. The outlook was changed to stable from negative. The Speculative Grade Liquidity Rating (SGL) was downgraded to SGL-2 from SGL-1. The actions reflect governance considerations given the expected leveraging impact from the upcoming acquisition of the remaining equity interest in Mega Broadband Investments Intermediate I (Mega, B2 Stable), while financial policies provide offsetting support. The downgrades also reflect weaker operating performance due to intense competitive pressures in the cable broadband space, coupled with continued secular declines in video and voice. The downgrade of the speculative grade liquidity rating (SGL) to SGL-2 from SGL-1 reflects the significant cash uses for its convertible note maturity in March 2026 and acquisition of Mega Broadband that will require external financing or substantial revolver borrowings. RATINGS RATIONALE Cable One's B1 CFR is constrained by intense competition, resulting in customer churn and limited pricing power. Year-to-date, revenue and EBITDA (excluding one-time items and minority interest losses) decreased by 4.6% and 6.8%, largely due to increased Q2-Q3 residential subscriber losses. These were driven by significant roll-offs from promotional pricing and migration issues to a new billing platform. Churn was back to more normalized levels in October, with expectations for continued improvement as new retention and acquisition strategies are implemented. Digital platform upgrades and new pricing strategies should enable better alignment of products with customer needs, enhancing the experience. Despite this, Cable One will still contend with strong competition from wireline and fixed wireless providers, posing risks in managing churn and pricing. Moody's anticipates low single-digit declines in high-speed data subscribers, trending toward stability, with ARPU remaining flat over the next 12-18 months. The rating is further constrained by modest scale, high capital requirements for its network, and declines in video and voice services. On the other hand, Cable One's credit profile is bolstered by its focus on reducing leverage despite a challenging environment and in preparation for the MBI acquisition. The company targets a net leverage in the high-two to low-three times range. As competition intensifies and valuations fall in the cable broadband sector, financial policies prioritizing leverage reduction are increasingly vital. Cable One's efforts are supported by strong EBITDA margins, which provide solid cash flow, and monetizable assets. The high-margin high-speed data (HSD) segment, now accounts for 75% of the business and offers a stable foundation, even with expected slight declines. Furthermore, the company owns stakes in several businesses, allowing continued monetization to further decrease leverage. Moody's expects Moody's adjusted leverage (excluding minority interest losses) to decline to approximately 3.6x-3.8x prior to the close of MBI, spike temporarily to 4.1x-4.3x on a pro-forma basis at close, and improve towards 3.8x-4.1x at the end of 2027 as a result of the aforementioned stabilizing trends and debt reduction via cash flow and asset sale proceeds. The company has good liquidity, as evidenced by its SGL-2 rating, supported by internal sources of approximately $167 million of balance sheet cash (as of Q3 2025), Moody's expectations for $250-$300 million of annual free cash flow and a sizable $1.25 billion senior secured revolving credit facility (due February 2028) with $55 million drawn (as of Q3 2025). However, the company does have material cash uses over the next 12-18 months including the $575 million of convertible notes maturing in March 2026 and the purchase of Mega, so the company may temporarily draw on the revolver as it determines financing options. The company is subject to two maintenance covenants: 5x maximum total net leverage (with a 0.5x step up for 4 quarters following material M&A) and 4.25x maximum first lien net leverage. Moody's expects the company to remain well in compliance with both tests. Moody's rates the senior secured credit facilities Ba3, one notch above the B1 Corporate Family Rating (CFR). Secured lenders benefit from junior capital provided by senior unsecured notes rated B3 and the unrated senior unsecured convertible notes, ranked pari-passu. The instrument ratings reflect the probability of default of the company, as reflected in the B1-PD Probability of Default Rating, and an average expected family recovery rate of 50% at default given mixed capital structure. The stable outlook reflects Moody's expectations that management's customer retention and acquisition strategies will help stabilize HSD trends, while maintaining conservative financial policies aimed at reducing leverage to its publicly stated target of high-two to low-three times (on a net basis), which Moody's expects the Company to be able to achieve within two years of closing the Mega acquisition. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Moody's could consider a positive rating action if sustained HSD subscriber and ARPU trends resulted in organic revenue and EBITDA growth such that Moody's adjusted debt/EBITDA is sustained below 3.0x and Moody's adjusted retained cash flow to net debt is sustained above 20 percent. Moody's could consider a negative rating action if Moody's expects Moody's adjusted debt/EBITDA to be sustained above 4.0x, or Moody's adjusted retained cash flow to net debt is sustained below 15%. In addition, a negative rating action would be likely if HSD subscriber trends fail to improve such that the expected reduction in leverage does not occur or takes longer than expected. If liquidity deteriorates, network investments are reduced, or there are significant, unfavorable, and sustained shifts in market position, it could lead to downward pressure on the ratings. Headquartered in Phoenix, AZ, Cable One, Inc. is a fully integrated provider of data, video and voice services to residential and business customers in 24 Western, Midwestern and Southern US states. The company provided services to approximately 1 million residential and business customers out of approximately 2.9 million passings as of September 30, 2025. Of these customers, approximately 1,010,000 subscribed to data services, 94,900 subscribed to video services and 96,800 subscribed to voice services. The Company is public, does business as Sparklight, and trades on the NYSE under the ticker CABO. Revenue for the twelve months ended September 30, 2025 was approximately $1.5 billion. The principal methodology used in these ratings was Telecommunications Service Providers published in December 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. CACI INTERNATIONAL: Moody's Affirms 'Ba1' CFR, Outlook Stable ------------------------------------------------------------- Moody's Ratings affirmed its ratings for CACI International Inc ("CACI" or the "company"), including the company's corporate family rating at Ba1 and probability of default rating at Ba1-PD, in response to the company's plan to acquire ARKA Group L.P. (ARKA) from funds managed by Blackstone Tactical Opportunities (Blackstone) for $2.6 billion. Moody's also affirmed the Baa3 rating on CACI's senior secured first lien term loan B and the Ba2 ratings on the senior unsecured notes. The outlook is stable. The pending acquisition of ARKA will initially increase debt/EBITDA (on a gross debt basis and including Moody's lease and securitization adjustments) to approximately 4.8x, assuming the transaction closes at the end of the company's third fiscal quarter ended March 31, 2026. However, Moody's expects that the company's strong cash generation accompanied by organic revenue growth and EBITDA contribution from acquisitions, will enable it to reduce debt/EBITDA towards 4.0x by the end of 2027. The ratings affirmation reflects Moody's expectations that the company will focus on the aforementioned deleveraging, in line with its track record of deleveraging following prior acquisitions. Moody's also expects that the company will deleverage such that it falls back in line with its own publicly stated net leverage target of 2.5x to 3.0x by the end of the first quarter of 2028. RATINGS RATIONALE CACI's Ba1 CFR reflects the company's large scale and well-entrenched position with the US government agencies focused on national security. CACI is well positioned to benefit from the current spending priorities within the US Department of Defense (DoD) that comprises three quarters of the company's revenue. The company's work with the DoD, intelligence community and Department of Homeland Security constitute approximately 90% of annual revenue. The company also has a good track record in integrating acquisitions within the defense services sector and subsequent deleveraging. The variable cost nature of the business helps sustain strong free cash flow even as demand fluctuates which is an important consideration amid the current uncertain funding environment. Notwithstanding the substantial financial leverage contemplated to complete the ARKA acquisition, there are qualitative and strategic benefits to the acquisition that enhance CACI's credit profile. The acquisition will increase the breadth and depth of CACI's work with intelligence and defense agencies while adding to its defense technology capabilities. In addition, the company's focus on providing technology and expertise aimed at national security is also complemented by the pending acquisition. Further, the top-line growth, EBITDA margin and cash flow characteristics of ARKA will be accretive to CACI's operating profile. However, the ratings are constrained by high acquisition-related financial leverage and the largely secured nature of the company's debt capital structure. The ratings also reflect the company's acquisitive nature. The company's pending acquisition of ARKA and ongoing integration of the October 2024 $1.3 billion acquisition of Virginia-based Azure Summit Technology presents a degree of execution and integration risk. Further, CACI is not immune to an uncertain federal spending environment, although Moody's notes that a sizable part of the company's business is aligned with the current administration's spending priorities. The stable outlook reflects Moody's expectations of meaningful debt repayment following the proposed acquisition of ARKA with adjusted debt/EBITDA improving towards 4.0x by the end of fiscal 2027 and very good liquidity. A strong backlog also provides a degree of revenue visibility. The SGL-1 speculative grade liquidity rating is supported by free cash flow over $500 million per annum, well in excess of scheduled term loan amortization and with only mild seasonality. Pro forma for the pending acquisition, availability under the company's $2 billion revolving credit facility stands at $700 million. Moody's expects availability to increase as the company pays down revolver borrowings with free cash flow generation. The credit facility features two financial maintenance tests under which Moody's expects headroom to remain good. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Ratings could be upgraded if the company transitions to an unsecured debt capital structure. CACI's ratings could also be upgraded if debt/EBITDA is sustained below 3x while free cash flow remains robust. Smooth integration of the ARKA and AST acquisitions could also be supportive of a ratings upgrade. Ratings could be downgraded if debt/EBITDA is sustained above 4.0x beyond calendar 2027. The ratings could also be pressured downward if there is a shift towards a more aggressive financial policy, which may include a dearth of meaningful debt repayment or successive acquisitions that alter the trajectory of CACI's deleveraging. Contract execution problems exerting pressure on the company's revenue or EBITDA margin or weakening liquidity could also result in a ratings downgrade. The principal methodology used in these ratings was Aerospace and Defense published in July 2025. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. CACI International Inc ("CACI"), based in Reston, Virginia, provides information technology ("IT") and mission-oriented expertise and technology to the US Department of Defense ("DoD"), US Intelligence Community, federal civilian agencies and the government of the UK. Pro forma revenue for the last twelve months ended September 30, 2025 approximates $9.5 billion. CALIFORNIA ENVIRONMENTAL: Gets OK to Use Cash Collateral -------------------------------------------------------- The U.S. Bankruptcy Court for the Eastern District of California, Sacramento Division, entered an order authorizing California Environmental Systems, Inc. to use cash collateral. The court authorized the Debtor to use cash collateral pursuant to its budget from January 1 to June 30, 2026. All expenditures and collections must comply with the budget, subject to a permitted variance of up to 15% per line item, ensuring operational flexibility while maintaining creditor oversight. As adequate protection, the court granted secured creditors including Bank of America, Zurich American Insurance Company, Great American Insurance Company, Collectronics of California, the Internal Revenue Service, and the Employment Development Department replacement liens on pre-petition and post-petition assets, excluding Chapter 5 causes of action. The Debtor must also make monthly adequate protection payments totaling $15,000, beginning January 2026. The order takes effect immediately and contains no financial reporting requirement. While the court approved the use of cash collateral under the budget, it expressly reserved rights regarding payments that require separate approval under the Bankruptcy Code, including professional fees and insider compensation. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/qkOVH from PacerMonitor.com. About California Environmental Systems California Environmental Systems, Inc. is a full-service mechanical contractor specializing in the installation and design/build of plumbing, heating, and air conditioning systems. California Environmental Systems filed Chapter 11 petition (Bankr. E.D. Calif. Case No. 25-20329) on February 27, 2025, listing up to $10 million in both assets and liabilities. Jeanette Pierce, secretary of California Environmental Systems, signed the petition. Judge Ronald H. Sargis oversees the case. Gabriel E. Liberman, Esq., at Law Offices of Gabriel Liberman, represents the Debtor as bankruptcy counsel. CCH JOHN EAGAN I: Seeks to Hire Landau Law as Bankruptcy Counsel ---------------------------------------------------------------- CCH John Eagan I Homes, L.P. and its affiliate seek approval from the U.S. Bankruptcy Court for the Southern District of Florida to hire Landau Law PLLC as counsel. The firm will provide these services: (a) advise the Debtor with respect to its powers and duties; (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 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 negotiations with its creditors in the preparation of a plan. The hourly rates of the firm's counsel and staff are as follows: Philip Landau, Attorney $650 Paralegals $300 In addition, the firm will seek reimbursement for expenses incurred. The firm received a retainer in the amount of $78,476 from a third-party, Creative Choice Homes, LLLP. Mr. Landau disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Philip Landau, Esq. Landau Law PLLC 3010 N. Military Trail, Suite 318 Boca Raton, FL 33131. Telephone: (561) 43-0802 Email: phil@landau.law About CCH John Eagan I Homes, L.P. CCH John Eagan I Homes, L.P. is a limited partnership specializing in real estate holdings, focused on property ownership and development activities. CCH John Eagan I Homes, L.P. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-24569) on December 10, 2025. In its petition, the debtor reports estimated assets ranging from $10 million to $50 million and estimated liabilities between $10 million and $50 million. Honorable Bankruptcy Judge Mindy A. Mora is overseeing the case. The debtor is represented by Philip J. Landau, Esq. of Landau Law, PLLC. CD GREEN: Seeks Chapter 11 Bankruptcy in New York ------------------------------------------------- On December 21, 2025, CD Greene Inc. filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of New York. According to court filings, the Debtor reports between $1 million and $10 million in debt owed to between 1 and 49 creditors. About CD Greene Inc. CD Greene Inc. is engaged in general contracting and construction management services for both residential and commercial clients. Its services include site development, renovations, and comprehensive project oversight. CD Greene Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-12853) on December 21, 2025. In its petition, the Debtor reports estimated assets ranging from $100,001 to $1 million and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge John P. Mastando III handles the case. The Debtor is represented by Charles C. Wolofsky, Esq. of Wolofsky PLLC. CENTRAL GARDEN: Fitch Affirms 'BB' LongTerm IDR, Outlook Stable --------------------------------------------------------------- Fitch Ratings has affirmed Central Garden & Pet Company's (CENT) ratings, including the Long-Term Issuer Default Rating (IDR) at 'BB', secured asset-backed loan (ABL) at 'BBB-' with a Recovery Rating of 'RR1', and senior unsecured bonds at 'BB'/'RR4'. The Rating Outlook is Stable. CENT's ratings reflect strong positions in pet and garden consumables, recent margin improvement from cost and portfolio optimization initiatives, and ample liquidity with moderate EBITDA leverage below 4x. These attributes provide flexibility to navigate tariffs, moderating consumer health, and changes in weather conditions while sustaining profitability. The ratings acknowledge the company's smaller scale versus larger consumer peers, ongoing product portfolio rationalization, and exposure to durables and weather, which temper topline growth. Key Rating Drivers Moderate Leverage, Disciplined Financial Policy: Fitch expects CENT's EBITDA leverage to remain below 4x over the medium term, supported by EBITDA of around $360 million to $380 million and total debt of about $1.2 billion. CENT's gross leverage target of 3.0x-3.5x corresponds to about 3.5x-4.0x on a Fitch-defined basis. Fitch expects annual FCF in the mid-$200 million range, supporting potential acquisitions and share repurchases while maintaining moderate leverage. Liquidity is strong, with nearly $900 million of cash and no borrowings under the credit facility as of September 2025, providing flexibility through seasonality and macroeconomic uncertainty. Near-Term Top-line Softness: Fitch expects fiscal 2026 (ending September) sales to decline in the low-single digits to about $3.1 billion, reflecting ongoing portfolio simplification and cautious retailer ordering amid value-focused consumer behavior. This follows three consecutive years of low single-digit sales declines after elevated consumer engagement and spending in the lawn and garden and pet categories during the pandemic. Beyond 2026, Fitch expects CENT's revenues could grow in the low-single digits, consistent with industry growth rates. CENT's model is relatively recession-resistant, given the consumable nature of most of its portfolio and its position as a producer of private-label products. However, it is exposed to adverse weather patterns, which can create some volatility in its Garden segment, affecting demand and earnings. Favorable weather can also support sales and earnings relative to historical norms. Portfolio Optimization, Shift to Consumables: Fitch expects CENT's continued emphasis on branded consumables in the pet segment and the planned reduction of lower-margin durables to support margin durability and cash generation. Consumables currently represent about 84% of pet sales and the company is targeting a 90% mix over time. Ongoing SKU rationalization and selective exits are expected to weigh on near-term revenue but improve profitability. Cost Action Support Margins: Fitch expects margins to be stable over the base case, underpinned by structural cost efficiencies, footprint consolidation and mix improvement from portfolio optimization. The company's multiyear supply chain network redesign, enterprise-wide e-commerce fulfillment capability and closure of legacy facilities support productivity gains. Tariff-related cost increases are expected to be largely offset by pricing, sourcing changes and SKU optimization. Capital Allocation and M&A: Fitch expects CENT to prioritize margin-accretive consumables M&A and targeted organic investment in innovation and digital capabilities, supported by strong liquidity that includes nearly $900 million of cash and $472 million of revolver availability as of Sept. 27, 2025. The company does not currently pay a dividend and Fitch expects share repurchases to continue opportunistically. If CENT enters a new segment beyond Pet and Garden through M&A, Fitch expects management will target a segment that adds meaningful scale and has a clear strategic fit with the rest of the portfolio. Limited EBITDA, Adequate Diversification: CENT's scale is limited, with EBITDA in the mid- to high-$300 million range compared with about $500 million typically expected for 'BB' rated consumer goods issuers. CENT competes in fewer verticals than larger diversified peers. However, its product portfolios within verticals are broad. In Pet (58% of fiscal 2025 sales), CENT's assortment includes food, treats, toys, habitats, health and wellness products and grooming supplies. In Garden (42% of fiscal 2025 sales), the portfolio includes seeds, fertilizer, pest control, live plants and wild bird supplies. Strong Positioning Mitigates Concentration: Customer concentration is elevated, with over 50% of revenue from the top five customers, and even more concentrated in in Garden, where Walmart, The Home Depot, and Lowe's represent over 75%. This is offset by industry supplier concentration, which supports stable market share for CENT. The pet segment has a diverse customer base, spanning national chains, independent retailers, grocery stores, warehouse clubs, mass retailers and internet retailers. CENT's innovation and proprietary formulas secure leading positions in various categories. CENT also produces private-label products. Peer Analysis CENT is rated lower than Reynolds Consumer Products Inc. (BB+/Stable), in line with Spectrum Brands, Inc. (BB/Stable) and higher than ACCO Brands Corporation (BB-/Negative). CENT's leverage is higher than Reynolds and Spectrum and lower than ACCO. CENT's scale, as measured by EBITDA, is larger than Spectrum and ACCO but smaller than Reynolds. Reynolds' larger scale and consumables-driven demand support stable cash flow and lower leverage relative to CENT. Spectrum's lower leverage following portfolio reshaping and debt reduction is a positive compared with CENT, but it is balanced by Spectrum's smaller scale. CENT's product offering is less diverse than Spectrum's and Reynolds', but it has breadth within Pet and Garden. ACCO's elevated leverage and Negative Outlook reflect secular pressures in paper-based and related office products, while CENT's branded consumables exposure supports stability but is tempered by weather-related volatility. Fitch's Key Rating-Case Assumptions -- Fitch expects revenue to decline in the low-single digits in 2026 to below $3.1 billion, reflecting SKU rationalization, increased promotional activity, and more conservative retailer ordering amid moderating consumer health. Beyond 2026, revenue is projected to grow in the low-single digits, broadly in line with Fitch's outlook for the pet and garden segment; -- EBITDA is expected to be roughly flat in 2026 at around $365 million, compared to around $370 million in 2025. Fitch anticipates continued supply-chain efficiencies, pricing action, and SKU optimization will largely offset moderating sales and tariff-related cost pressures. Beyond 2026, EBITDA is expected to trend toward $380 million, supported by modest revenue growth; -- FCF is projected in the mid-$200 million range in 2026 and thereafter, following roughly $290 million in 2025. The decrease reflects working-capital dynamics tied to higher-priced inventory from tariffs, with Fitch's projections assuming annual capex intensity of about 2% of sales and no dividends. FCF may be deployed for share repurchases or acquisitions; -- Debt is assumed to remain roughly flat at around $1.2 billion, resulting in EBITDA leverage in the low-3x range over the base case, compared with approximately 3.2x in 2025; -- CENT's capital structure comprises a floating-rate, asset-based RCF and unsecured notes with fixed interest rates. Recovery Analysis Fitch has assigned Recovery Ratings (RRs) to the various debt tranches in accordance with its criteria, which allows for the assignment of RRs for issuers with IDRs in the 'BB' category. Due to the distance to default, RRs in the 'BB' category are not computed by bespoke analysis. Instead, they serve as a label to reflect an estimate of the risk of these instruments relative to other instruments in the entity's capital structure. Fitch assigned the first lien secured ABL a 'BBB-'/'RR1' rating, notched up two from the IDR, and a 'BB'/'RR4' rating to the unsecured bonds, in line with the company's IDR. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade -- EBITDA leverage sustained above 4.0x as a result of financial performance below Fitch's expectations, such as EBITDA trending in the mid to high $200 million range; -- A change in financial policy or a transformative debt-financed acquisition, absent a concrete plan to reduce leverage below 4.0x within12 months-24 months of acquisition close. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade -- The company commits to maintaining EBITDA leverage below 3.0x, while maintaining strong topline growth, reflecting low-single-digit organic growth and tuck-in acquisitions. Liquidity and Debt Structure CENT has ample liquidity to support its operating needs. As of Sept. 27, 2025, the company had liquidity of around $1.35 billion, comprised of $882 million of cash on balance sheet and $472 million available on its $750 million asset-based RCF. In November 2025, the company reduced the size of its RCF to $600 million and extended the maturity to November 2030. The facility is secured by substantially all assets of the borrowing parties and is subject to a borrowing base calculated using a formula based on eligible receivables and inventory minus certain reserves. The facility contains a fixed-charge coverage ratio of 1.0:1.0 that is only triggered when availability falls below stated thresholds. CENT's debt was $1.2 billion as of Sept. 27, 2025 and consisted of $300 million of 5.125% senior unsecured notes due February 2028, $500 million of 4.125% senior unsecured notes due October 2030 and $400 million of 4.125% senior unsecured notes due April 2031. Fitch expects the company to refinance its debt. Although there were no borrowings and no LOC outstanding under the credit facility, there were other LOCs totaling $3 million at year end. Issuer Profile Central Garden & Pet Company (CENT) is a leading innovator, producer and distributor of branded and private label products for the lawn and garden and pet supplies markets in the U.S. RATINGS ACTION Rating Prior ------ ----- Central Garden & Pet Company LT IDR BB Affirmed BB senior unsecured LT BB Affirmed RR4 BB senior secured LT BBB- Affirmed RR1 BBB- CENTRAL JUNCTION: First Citizens Wins Automatic Stay Relief ----------------------------------------------------------- Judge M. Ruthie Hagan of the United States Bankruptcy Court for the Western District of Tennessee granted the emergency motion to terminate the automatic stay and for abandonment of property of the estate filed by First Citizens National Bank, allowing the bank to proceed with a pending non-judicial foreclosure in the bankruptcy case of Central Junction, LLC. Central Junction is the owner and developer of an apartment complex being constructed at 2601 Central Avenue and 294 South Hollywood Street, Memphis, Tennessee 38104. The apartment complex consists of approximately 127 units. The development was nearing completion when this bankruptcy petition was filed. First Citizens holds a note executed by Central Junction on February 24, 2022, the repayment of which is secured by a Construction Deed of Trust dated February 24, 2022, an Assignment of Rents, and a Commercial Security Agreement against the property and certain personal property. The original principal amount of the loan was $19,600,000. However, as of petition date, the outstanding balance on the loan was approximately $23,183,179.75 which includes multiple protective advances plus $433,084.762 for additional allowed expenses First Citizens expended pursuant to the loan documents for a total of $23,616,264.51. First Citizens alleges that prior to the petition date, Central Junction was in default under the loan documents by failing: (1) to make required monthly payments beginning with the May 2025 payment, and (2) to maintain and secure insurance. First Citizens also alleges that Central Junction defaulted under the loan documents when "volumes of construction liens were recorded" totaling almost $6 million. Because of this default, First Citizens proceeded to exercise its rights and remedies under the loan documents by publishing a nonjudicial foreclosure sale set October 16, 2025. The foreclosure sale did not proceed due to commencement of this case and the resulting imposition of the automatic stay. Central Junction filed a voluntary petition for relief under Chapter 11 of the Bankruptcy Code on October 15, 2025. First Citizens first sought emergency and expedited relief from the automatic stay on October 22, 2025. The Court finds First Citizens met its burden by establishing there is no equity in the property valued at $24,900,000. Central Junction has failed to meet its burden and has failed to demonstrate the possibility of an effective reorganization. Central Junction provided no evidence as to: (1) income projections (much less sufficient income to service First Citizens' loan), (2) any potential rental income, projections or occupancy expectancy for the Property, (3) any potential investor, (4) any cash infusion from ownership, or (5) any potential purchaser for the Property. Accordingly, the Court finds that First Citizens is entitled to relief from the provisions of the automatic stay under 11 U.S.C. Sec. 362(d)(2) and the stay provisions of FED. R. BANKR. P. 4001(a)(3) are waived. A copy of the Court's Opinion and Order dated December 16, 2025, is available at https://urlcurt.com/u?l=R8S3yu from PacerMonitor.com. About Central Junction, LLC Central Junction, LLC is classified as a single-asset real estate debtor under Section 101(51) of the U.S. Bankruptcy Code. Central Junction, LLC in Memphis TN, sought relief under Chapter 11 of the Bankruptcy Code filed its voluntary petition for Chapter 11 protection (Bankr. W.D. Tenn. Case No. 25-25292) on Oct. 15, 2025, listing as much as $1 million to $10 million in both assets and liabilities. Marion Threatt as member, signed the petition. Judge Denise E Barnett oversees the case. MARCUS D. WARD, PLLC serve as the Debtor's legal counsel. CHICAGO SOUTH LOOP: Gets Extension to Access Cash Collateral ------------------------------------------------------------ Chicago South Loop Hotel Owner, LLC received second interim approval from the U.S. Bankruptcy Court for the Northern District of Illinois, Eastern Division, to use cash collateral to fund operations. The court authorized the Debtor to use cash collateral pending the final hearing and make monthly adequate protection payments of $41,514.65 to Hospitality Structured Funding IV, LLC, payable through its counsel, Scott & Kraus, LLC. Hospitality may allow additional non-conforming uses of cash collateral if consent is given in writing by its manager, Michael Thompson, with notice to the U.S. Trustee. To protect against any diminution in value of its collateral, Hospitality will be granted a replacement lien on all assets of the Debtor on which it had properly perfected liens pre-petition. This replacement lien does not apply to causes of action. A final hearing is scheduled for January 28, 2026. Hospitality is represented by: Eugene S. Kraus, Esq. Scott & Kraus LLC 150 S. Wacker Drive, Suite 2900 Telephone: (312)327-1050 ekraus@skcounsel.com About Chicago South Loop Hotel Owner Chicago South Loop Hotel Owner, LLC operates public hotels and motels. Chicago South Loop Hotel Owner, LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ill. Case No. 23-02595) on Feb. 27, 2023. The petition was signed by Todd Hansen as manager. At the time of filing, the Debtor estimated $10 million to $50 million in assets and $1 million to $10 million in liabilities. Judge Lashonda A. Hunt presides over the case. Penelope N. Bach, Esq., at Bach Law Offices, Inc., represents the Debtor as counsel. CLEARWATER ANALYTICS: Permira Deal No Impact on Moody's 'B1' CFR ---------------------------------------------------------------- Moody's Ratings said that the definitive agreement that Clearwater Analytics, LLC entered into to be taken private by an investor group led by private equity firms Permira and Warburg Pincus is credit negative for the pro forma borrower entity, and that the existing ratings on Clearwater Analytics, LLC, including its B1 Corporate Family Rating, B1-PD Probability of Default Rating, B1 rating on its Backed Senior Secured Bank Credit Facility (term loan and revolving credit facility), as well as the stable outlook, remain unchanged. The company announced the agreement on December 21. The company's credit agreement includes change of control provisions; the merger agreement indicates that the company will have sufficient funding to prepay or repay all outstanding debt; and recent company disclosures also indicate that Private Credit at Goldman Sachs Alternatives has provided 100% committed debt financing to the investor group for the planned transaction, which is expected to close in the first half of 2026. Hence, Moody's expectations is that the current rated debt will be repaid around the time of transaction close and for the existing ratings to be withdrawn for the current borrower entity. While the board of directors has approved the transaction, it is still subject to shareholder and regulatory approvals. Also, the agreement includes a "go-shop" period through January 23, 2026, with a 10-day extension for certain offers, that allow the company to entertain alternative bids, although termination fees also exist for both parties. Moody's expects the contemplated transaction—which offers $24.55 per share in cash and values the company at $8.4 billion— to be leveraging, given the valuation relative to the current amount of debt of $839 million (net of issuance costs), as well as the presence of financial sponsors, such as Warburg Pincus and Permira, with participation from Temasek and support from Francisco Partners. Hence, Moody's expects financial policies, especially financial leverage management, to be more aggressive than under public listing. Additionally, the company has a large amount of stock-based compensation—at around $135 million—relative to about $140 million of EBITDA (inclusive of expensing such compensation). The risk exists that some of the equity-based compensation converts to cash-based, affecting cash flow leverage and coverage credit metrics, once shareholding employees lose the liquidity that comes from a public listing. Clearwater Analytics, LLC is a single instance, multi-tenant SaaS platform that provides investment management software to asset managers and asset owners, including insurance companies and large corporations. The company's modular applications include investment accounting, reporting, and data and analytics solutions. The April 2025 Enfusion acquisition expanded the company's offerings to include more robust investment front-office capabilities, such as order management, portfolio management and rebalancing, pre-trade compliance, among other features. Furthermore, the acquisitions of Beacon and Bistro also in early 2025 added capabilities around managing alternative and private investment assets. Pro forma revenue for FY 2024 is approximately $700 million, with about 75% coming from the United States. COMFORT ALL-STARS: Seeks Chapter 11 Bankruptcy in Florida --------------------------------------------------------- On December 22, 2025, Comfort All-Stars, 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 $100,001 and $1 million in debt owed to between one and 49 creditors. About Comfort All-Stars, Inc. Comfort All-Stars, Inc. is a services company operating in the home and building comfort sector. The company provides heating, ventilation, and air conditioning (HVAC) installation, repair, and maintenance services for residential and light commercial customers. Its offerings typically include system replacements, diagnostics, preventative maintenance, and related mechanical services. Comfort All-Stars, Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-09642) on December 22, 2025. In its petition, the Debtor reports estimated assets of $100,001 to $1 million and estimated liabilities in the same range. The case is assigned to Honorable Bankruptcy Judge Caryl E. Delano. The Debtor is represented by Buddy D. Ford, Esq., of Ford & Semach, P.A. CONAIR HOLDINGS: Franklin Marks $1.9MM 1L Loan at 36% Off --------------------------------------------------------- Franklin Senior Loan ETF has marked its $1,994,206 loan extended to Conair Holdings LLC to market at $1,268,813 or 64% of the outstanding amount, according to Franklin's Form N-CSR for the semi-annual period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. Franklin is a participant in a First Lien Initial Term Loan to Conair Holdings LLC. The loan accrues interest at a rate of 8.03% per annum. The loan matures on May 17, 2028. The Fund, a Delaware statutory trust, is registered under the Investment Company Act of 1940. The Funds are exchange-traded funds. ETFs are funds that trade like other publicly-traded securities. Unlike shares of a mutual fund, which can be bought from and redeemed by the issuing fund by all shareholders at a price based on net asset value, shares of the Funds may be directly purchased from and redeemed by the Funds at NAV solely by certain large institutional investors who have entered into agreements with the Funds’ distributor. Each of the Funds seek to provide the investment results that closely correspond, before fees and expenses, to the performance of each Fund's corresponding underlying index. The Trust is led by Christopher Kings as Chief Executive Officer - Finance and Administration, and Vivek Pai as Chief Financial Officer, Chief Accounting Officer and Treasurer. The Company can be reach through: Christopher Kings One Franklin Parkway San Mateo, CA 94403-1906 Telephone: (650) 312-2000 About Conair Holdings LLC Conair Holdings LLC operates as a holding company. The Company, through its subsidiaries, provides personal care products such as hair dryers, air brushes, flat irons, hot rollers, wavers, facial rollers and trimmer, eye masks, mask applicators, shaver, wand massager, and other beauty products with delivery services. Conair Holdings serves customers worldwide. CONTENT MEDIA: Deadline for Panel Questionnaires Set for Dec. 30 ---------------------------------------------------------------- The United States Trustee is soliciting members for committee of unsecured creditors in the bankruptcy cases of Conscious Content Media Inc., et al. If a party wishes to be considered for membership on any official committee that is appointed, it must complete a questionnaire available at https://tinyurl.com/3umduhej and return by email it to Timothy Fox -- timothy.fox@usdoj.gov –- at the Office of the United States Trustee so that it is received no later than December 30, 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 Content Media Inc. Conscious Content Media Inc. is an education technology company focused on teaching children coding and digital skills. The company develops interactive learning platforms and curriculum for students as young as three, combining technology with educational content to enhance early childhood learning. Content Media Inc. and four of its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-12231) on December 17, 2025. In its petition, the Debtor reported estimated assets and liabilities between $100 million and $500 million each. Honorable Bankruptcy Judge Brendan Linehan Shannon handles the cases. The Debtors are represented by Daniel N. Brogan, Esq. and Steven D. Adler, Esq. of Bayard P.A. The Debtors tapped Eisner Amper as financial advisor and Bankruptcy Management Solutions, Inc. dba Stretto as claims and noticing agent. CREATIVE WAY: Hires Martone & Associates as Bankruptcy Counsel -------------------------------------------------------------- The Creative Way, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to hire Martone & Associates, LLC as its bankruptcy counsel. The firm will render these services: (a) advising the Debtor with respect to the powers and duties in the continued management and operation of business as debtor-in-possession, including the Debtor's rights and remedies with respect to the Debtor's assets and claims and with respect to the claims of creditors; (b) advising the Debtor with respect to preparing and obtaining approval of the Plan; (c) preparing all necessary applications, motions, complaints, answers, orders, reports and other pleadings and documents; (d) appearing before this Court and other officials, if necessary, and protecting the Debtor's interest in Federal, state and foreign jurisdictions and administrative proceedings; (e) negotiating and preparing documents relating to the disposition of the Debtor's assets; (f) advising the Debtor of day-to-day operations of in conjunction with the administration of the Debtor's estate as debtor-in-possession; (g) performing such other legal services for the Debtor as debtor-in-possession, as may be necessary and appropriate; and (h) providing general guidance in connection with the Debtor's Chapter 11 case. Christopher S. Martone, Esq. will undertake this representation at the rate of $500 per hour plus disbursements. The Debtor paid Martone & Associates a retainer in the amount of $8,245 for the Chapter 11 representation. Mr. Martone, founder of Martone & Associates, disclosed in a court filing that his firm is a "disinterested person" as that term is defined in section 101(14) of the Bankruptcy Code. The firm can be reached through: Christopher S. Martone, Esq. MARTONE & ASSOCIATES, LLC 2500 Lemoine Avenue Fort Lee, New Jersey 07024 Telephone: (201) 944-5004 Facsimile: (201) 353-2582 Email: martonelaw@gmail.com About The Creative Way, LLC The Creative Way, LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-45807) on December 3, 2025, listing $1 million to $10 million in assets and $500,000 to $1 million in liabilities. The petition was signed by Nicole McGill as managing member. Judge Jil Mazer-Marino presides over the case. Christopher S. Martone, Esq. at MARTONE & ASSOCIATES, LLC represents the Debtor as counsel. CT&C FAB: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------- Debtor: CT&C Fab LLC 5505 Droubay Rd. Erda, UT 84074 Business Description: CT&C Fab LLC is a Utah-based steel fabrication and welding company providing structural and miscellaneous steel fabrication and related services for industrial and construction projects in the Salt Lake City area. The Company specializes in heavy industrial construction and support work, including pipe, iron, and structural steel fabrication, serving customers in the chemical, refining, and power generation industries. It also provides installation, maintenance, project management, and other field services. Chapter 11 Petition Date: December 28, 2025 Court: United States Bankruptcy Court District of Utah Case No.: 25-27781 Judge: Hon. Peggy Hunt Debtor's Counsel: Brian D. Johnson, Esq. BRIAN D. JOHNSON, P.C. 290 25th Street Ogden, UT 84401 Tel: (801) 394-2336 Fax: (801) 866-0102 Email: brian@bdjexpresslaw.com Estimated Assets: $100,000 to $500,000 Estimated Liabilities: $1 million to $10 million The petition was signed by David Sullivan as managing member. A copy of the Debtor's list of its 20 largest unsecured creditors is available for free on PacerMonitor at: https://www.pacermonitor.com/view/Q2QWXRA/CTC_Fab_LLC__utbke-25-27781__0002.0.pdf?mcid=tGE4TAMA A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/Q5CJMGI/CTC_Fab_LLC__utbke-25-27781__0001.0.pdf?mcid=tGE4TAMA CTCHGC LLC: Case Summary & 20 Largest Unsecured Creditors --------------------------------------------------------- Debtor: CTCHGC, LLC Central Texas Gun Works Centex Guns CTGW 321 W Ben White Blvd Austin, TX 78704-7087 Business Description: CTCHGC, LLC, doing business as Central Texas Gun Works, operates a firearms retail and training business in Austin, Texas, offering handguns, firearms accessories, Federal Firearms License transfer services, and safety and license-to-carry courses. The Company serves individual and law enforcement clients in the Central Texas area. Chapter 11 Petition Date: December 23, 2025 Court: United States Bankruptcy Court Western District of Texas Case No.: 25-12029 Judge: Hon. Shad M Robinson Debtor's Counsel: Stephen W Sather, Esq. BARRON & NEWBURGER, P.C. 7320 N. MoPac Expressway 400 Austin TX 78731 Tel: (512) 476-9103 x220 Email: ssather@bn-lawyers.com Total Assets: $593,503 Total Liabilities: $2,902,186 The petition was signed by Michael D. Cargill as manager. 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/WVUNRTY/CTCHGC_LLC__txwbke-25-12029__0001.0.pdf?mcid=tGE4TAMA CVR PARTNERS: Fitch Assigns 'B+' IDR, Outlook Stable ---------------------------------------------------- Fitch Ratings has assigned a Long-Term Issuer Default Rating (IDR) of 'B+' to CVR Partners, LP. Fitch has also assigned ratings of 'BB+' with a Recovery Rating (RR) of 'RR1' to the $50 million ABL and 'BB'/'RR2' to the $550 million 6.125% senior secured notes. The Rating Outlook is Stable. The ratings reflect CVR Partners' strong profitability underpinned by a low-cost position and supportive nitrogen fertilizer pricing, a small but strategically located asset base, moderate leverage, and strong liquidity. The Stable Outlook assumes EBITDA leverage trending between 2.5x and 3.5x and continued solid financial flexibility, even with mostly negative post‑distribution FCF driven by unitholder distributions and project spending. Key Rating Drivers Pricing, Cost Position Underpin Margins: Fitch expects CVR Partners to sustain strong profitability over the medium term, anchored by its low-cost position. EBITDA margins are projected to remain around 30%. While ammonia and urea ammonium nitrate (UAN) prices are expected to soften modestly in 2026 as new capacity comes online, nitrogen fertilizer pricing should remain supportive of robust operating cash generation. When viewed before unitholder distributions, free cash flow (FCF) margins are forecast to average approximately 17% over the outlook period. Stable Financial Flexibility Alongside Distributions: Although post‑distribution FCF is expected to be mostly negative over the forecast, Fitch expects CVR Partners to maintain solid financial flexibility. Excess cash reserves built in recent years provide capacity for upcoming manageable growth spending. Cash will likely decline as projects proceed, driven mainly by variable unitholder distributions. Fitch expects liquidity to stay strong and the $50 million ABL revolver to remain undrawn. Moderate Leverage: EBITDA leverage is moderate, expected to trend between 2.5x and 3.5x. While the company has no formal leverage target, Fitch believes the history of low debt and disciplined growth spend balances the variable distribution policy, reflecting a generally credit‑conscious financial policy. Debt has held at $550 million since 2022. Fitch does not expect material near‑term debt issuance or distributions funded with debt. Small but High-Quality Assets: Fitch assesses CVR Partners near the low end of global cost curves for ammonia and UAN, supporting resilient CFO through the cycle. Cost advantages stem from access to low-cost U.S. natural gas feedstock and unique feedstock diversification into pet coke at the Coffeyville, KS facility. Strategically located plants serve the U.S. Farm and Corn Belt with proximity to key delivery points, limiting logistics costs. These factors mitigate, but do not eliminate, risks from the issuer's small scale and two‑plant concentration in Kansas and Illinois. Parent-Subsidiary Linkage Considerations: CVR Partners' Standalone Credit Profile (SCP) of 'b+' is the same as that of its parent, CVR Energy, Inc., resulting in aligned IDRs. If either entity's SCP changes, CVR Partners' IDR would be reassessed to reflect the relevant linkage factors with the parent. Peer Analysis Fitch compares CVR Partners with nitrogen fertilizer peer CF Industries, Inc. (BBB/Stable), titanium dioxide producer Kronos Worldwide, Inc. (B+/Stable), and phosphate fertilizer producer OCP S.A. (BB+/Stable). CVR Partners' operational scale is smaller than all peers, but its market position is defensible given a low-cost profile, strategic asset footprint, and solid operating execution. CVR Partners' profitability ranks near the top of the peer group, with EBITDA margins expected at approximately 30% through the cycle. This margin profile is comparable to CF and OCP, and stronger than Kronos. The comparatively strong margin profile for CVR Partners reflects its cost advantages. That said, post‑distribution FCF is projected to be neutral to negative over the next several years as excess cash reserves are returned, which is weaker than midcycle peer expectations. This is partially offset by CVR's strong liquidity and financial flexibility. When comparing by financial flexibility and financial structure, CVR Partners' leverage of 2.5x-3.5x through the cycle is higher than CF's but broadly similar to Kronos' and OCP's. When viewed by CFO-capex/debt, CVR Partners ranks alongside CF and at the top of the peer set, with a significant gap versus the remaining peers. Fitch's Key Rating-Case Assumptions -- Average selling prices steadily decline beginning in 2026, derived using the Fitch fertilizer price deck published on Sept. 12, 2025, and adjustments to approximate CVR Partners' realized price; -- Sales volumes decline through 2026 with muted growth thereafter on industry capacity additions; -- Capex of around $55 million in 2026, reducing toward maintenance levels of around $30 million thereafter; -- Unitholder distributions fluctuate with OCF and excess cash reserves are gradually utilized, resulting in neutral to negative post-distribution FCF over the forecast horizon; -- No debt issuances are forecast, with all growth spending and distributions effectively funded via OCF and existing reserves. Recovery Analysis The recovery analysis assumes CVR Partners would be reorganized as a going concern (GC) in bankruptcy rather than liquidated. Fitch has assumed a 10% administrative claim. Fitch assumes the company draws $45 million under its ABL, representing 90% of the full $50 million amount. This is due to the likelihood the ABL borrowing base will be lessened in a distressed operating scenario. GC Approach Fitch used a GC EBITDA of $90 million to reflect a midcycle amount in a post-bankruptcy scenario, which would likely be around 2009/2010 market pricing levels. The GC EBITDA estimate reflects Fitch's view of a sustainable, post-reorganization EBITDA level upon which it bases the enterprise valuation. Specifically, the GC EBITDA depicts a sustained period of oversupply and economic contraction in North America, resulting in an extended period of severe volume headwinds and low pricing which leads to a material decline in EBITDA and cash generation. The GC EBITDA reflects emergence during a low-price environment, above the depressed levels at time of the assumed default. An enterprise value multiple of 6.0x is applied to the GC EBITDA to calculate a post-reorganization enterprise value. The 6.0x multiple acknowledges the commoditized nature of CVR Partners' nitrogen fertilizer products, strong margins, modest scale, strategically located but concentrated asset footprint, low-cost position, and unique feedstock flexibility into pet coke. Fitch's recovery assumptions result in a rating of 'BB+'/'RR1' for the ABL revolver and 'BB'/'RR2' for the senior secured notes. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade -- Midcycle EBITDA leverage sustained above 3.5x; -- Diminished CFO generation and/or liquidity, potentially from operational disruptions at a facility; -- Material debt issuance without accompanying midcycle EBITDA enhancements, signaling a shifting financial policy. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade -- Material increase in operational scale and diversification at CVR Partners; -- An upgrade of CVR Energy's IDR could lead to an upgrade of CVR Partners' IDR; -- Midcycle EBITDA leverage sustained below 2.5x. Liquidity and Debt Structure CVR Partners' liquidity is strong, with full availability under the $50 million ABL revolver and $156.2 million of cash as of Sept. 30, 2025. While excess cash is expected to decline over the next several years to fund growth initiatives and unitholder distributions, Fitch expects total liquidity to remain solid and does not anticipate material debt issuance over this period. Issuer Profile CVR Partners is a nitrogen fertilizer producer specializing in ammonia and UAN, operating two manufacturing facilities serving the Southern Plains and Corn Belt regions of the U.S. CVR Partners is a limited partnership formed by CVR Energy. RATINGS ACTION Rating ------ CVR Partners, LP LT IDR B+ New Rating senior secured LT BB New Rating RR2 senior secured LT BB+ New Rating RR1 D.R. PATEL: Seeks to Hire Marcus & Millichap as Real Estate Broker ------------------------------------------------------------------ D.R. Patel Investments, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of California to employ Marcus & Millichap Real Estate Investment Services as broker. The firm will assist the Debtor in the sale of some or all the interest in the real property of the estate commonly known as 2230 Lombard St, San Francisco, CA 947123-2704. The broker has agreed to a commission of three percent, with a 1.5 percent commission to be paid to the cooperating buyer’s broker. Marcus & Millichap is a disinterested person as that term is defined in section 104(14) of the Bankruptcy Code and does not represent or hold an interest adverse to the Debtor or its estate, according to court filings. The firm can be reached through: Taylor Flynn Marcus & Millichap Real Estate Investment Services 750 Battery Street, Fifth Floor San Francisco, CA 94111 Office: (415) 963-3000 Phone: (415) 963-3042 About D.R. Patel Investments LLC D.R. Patel Investments, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Cal. Case No. 25-30866) on Oct. 23, 2025, listing up to $10 million in both assets and liabilities. Matthew D. Metzger, Esq., at Beldevere Legal, PC serves as the Debtor's counsel. DIAMOND COMIC: Court Appoints M. Fisher as Interim Ch. 7 Trustee ---------------------------------------------------------------- Rich Johnston of bleedingcool.com reports that Diamond Comic Distributors’ bankruptcy case is moving closer to Chapter 7 administration following the appointment of an interim trustee. A notice filed shortly before Christmas confirms that the U.S. Trustee's Office named Morgan W. Fisher of Baltimore, Maryland, to oversee the estates of the company and its affiliated debtors, effective just before the start of the New Year. Fisher, who owns the Law Offices of Morgan Fisher, LLC, is a practicing attorney based in Annapolis, Maryland. He regularly represents parties in restructuring, insolvency, and bankruptcy matters, and frequently acts as a court-appointed fiduciary overseeing asset recoveries, liquidations, and creditor claim administration, the report states. The designation of a Chapter 7 trustee represents a pivotal shift in the case's trajectory. Chapter 7 proceedings focus on liquidation and distribution to creditors, while Chapter 11 typically centers on reorganization. Although Chapter 11 cases can involve liquidation, the Bankruptcy Code permits conversion to Chapter 7 only under limited circumstances outlined in 11 U.S.C. 1112(a), 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. DIOCESE OF SAN FRANCISCO: Hires Weintraub Tobin as Special Counsel ------------------------------------------------------------------ Roman Catholic Archbishop of San Francisco filed a supplemental application seeking approval from the U.S. Bankruptcy Court for the Northern District of California to employ Weintraub Tobin Chediak Coleman Grodin as special corporate & litigation counsel. The firm will render these additional services: a. consult, review, and assist Lead Defense Counsel, upon request of Lead Defense Counsel with discovery and law and motion practice; b. attend and participate in depositions and at all or part of any trial upon request of Lead Defense Counsel; c. all other tasks performed by Associate Defense Counsel at the request of or with the approval of Lead Defense Counsel; and d. participate and associate with any and all aspects of the Released State Court Actions. The firm's hourly rates are: Partners $350 Associates $235 Paralegals $145 Weintraub Tobin Chediak Coleman Grodin is a "disinterested person" within the meaning of Bankruptcy Code section 101(14), as modified by Bankruptcy Code section 1107(b), according to court filings. The firm can be reached through: Paul E. Gaspari, Esq. Weintraub Tobin Chediak Coleman Grodin 475 Sansome Street, Suite 510 San Francisco, CA 94111 Telephone: (415) 433-1400 Facsimile: (415) 433-3883 About Roman Catholic Archbishop of San Francisco The Roman Catholic Archbishop of San Francisco filed a Chapter 11 petition (Bankr. N.D. Cal. Case No. 23-30564) on Aug. 21, 2023, with $100 million to $500 million in both assets and liabilities. Judge Dennis Montali oversees the case. The Debtor tapped Felderstein Fitzgerald Willoughby Pascuzzi & Rios, LLP and Sheppard, Mullin, Richter & Hampton LLP as counsel. Weintraub Tobin Chediak Coleman & Grodin as special litigation counsel. Weinstein & Numbers, LLP as special insurance counsel. GlassRatner Advisory & Capital Group LLC d/b/a B. Riley Advisory Services as financial advisor. Omni Agent Solutions, Inc., is the administrative agent. DOLORES SPANISH: Seeks Chapter 7 Bankruptcy in Texas ---------------------------------------------------- On December 18, 2025, Dolores Spanish Pecan, LLC filed for Chapter 7 protection in the Western District of Texas. According to court filings, the Debtor reports between $0-$100,000 in assets and $1 million to $10 million in liabilities, owed to 200-999 creditors. About Dolores Spanish Pecan, LLC Dolores Spanish Pecan, LLC is a company engaged in the production and distribution of pecans and related nut products. Dolores Spanish Pecan, LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 25-53034) on December 18, 2025. In its petition, the Debtor reports estimated assets of $0-$100,000 and estimated liabilities of $1 million to $10 million. Honorable Bankruptcy Judge Craig A. Gargotta handles the case. The Debtor is represented by Martin Seidler, Esq. of Law Offices Of Martin Seidler. E&M BINDERY: Seeks to Hire Weinberg Lieberman & Co. as Accountant ----------------------------------------------------------------- E&M Bindery, Inc. seeks approval from the U.S. Bankruptcy Court for the District of New Jersey to employ Weinberg Lieberman & Co. as accountant. The Weinberg Firm has provided accounting services to the Debtor for the past several years, has extensive experience and resources with respect to providing such accounting services, and is familiar with the Debtor's books and records. The Weinberg Firm has provided the Debtor with general accounting services, preparation of annual compiled financial statements and business tax returns. The Weinberg Firm also performed annual audits for the Debtor's 401(K) plan. In connection with such services, the Weinberg Firm also prepared tax returns on behalf of Gary Markovits, the Debtor's sole shareholder and principal. The Weinberg Firm anticipates that its services in this matter will consist of the foregoing services, plus any additional services required for preparing monthly operating reports and providing other financial information as warranted. Weinberg's hourly rates are: David J. Wolliver $425 Jeff Lieberman $252 Staff $300 to $400 As disclosed in the court filings, Weinberg Firm is a "disinterested person" within the meaning of sections 101(14) and 327(a) of the Bankruptcy Code. The firm can be reached through: David J. Wolliver, CPA Weinberg Lieberman & Co. 155 Passaic Avenue – Suite 370 Fairfield, N.J. 07004 Tel: (973) 403-0400 Fax: (973) 403-1653 Email: jl@weinberglieberman.com About E&M Bindery, Inc. E&M Bindery, Inc. provides mechanical binding, perfect binding, die cutting, embossing, folding, mailing, collating, tabbing and other post-press services from its headquarters in Clifton, New Jersey. It serves individuals, businesses, brokers and institutions with trade binding, finishing and related production work. Founded in 1962, the company operates as one of the larger binderies on the U.S. East Coast. E&M Bindery sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 25-22444) on November 21, 2025, with $2,744,279 in assets and $2,623,698 in liabilities. Gary Markovits, president of E&M Bindery, signed the petition. Judge Stacey Meisel presides over the case. David Edelberg, Esq., at Scarinci Hollenbeck represents the Debtor as legal counsel. EAZY-PZ LLC: Gets OK to Use Cash Collateral ------------------------------------------- The U.S. Bankruptcy Court for the District of Colorado entered a second order authorizing Eazy-PZ LLC to continue using cash collateral. The court's order authorized the Debtor's interim use of cash collateral in accordance with its budget through the date of the final hearing. The Debtor must only expend cash collateral pursuant to the budget, subject to reasonable fluctuation by no more than 10% for each expense line item per month, according to the court order. As protection for any diminution in the value of their interest in the cash collateral, the U.S. Small Business Administration and other secured creditors will be granted replacement liens on the proceeds of the Debtor's post-petition accounts. The replacement liens do not apply to any Chapter 5 claim. In addition, the Debtor was ordered to keep its personal property insured. As further protection to SBA, the Debtor will continue its monthly loan payments to the agency as per the budget. As of the petition date, the Debtor held approximately $36,000 in various bank accounts, which constitutes cash collateral primarily subject to a perfected lien held by SBA under an Economic Injury Disaster Loan. WebBank may claim a secondary lien through a merchant loan agreement but did not perfect its lien by filing a UCC-1, which the Debtor may challenge under Chapter 5 of the Bankruptcy Code. The SBA is owed approximately $485,000, and WebBank about $23,000. The Debtor's additional assets that may be converted to cash collateral during the case include about $733,000 in accounts receivable and $251,000 in inventory. 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, Esq. at WADSWORTH GARBER WARNER CONRARDY, P.C. ENDURE DIGITAL: XAI Octagon Marks $648,154 1L Loan at 29% Off ------------------------------------------------------------- XAI Octagon Floating Rate & Alternative Income Trust (XFLT) has marked its $648,154 loan extended to Endure Digital, Inc. to market at $460,189 or 71% of the outstanding amount, according to XFLT's Form N-CSR for the fiscal year ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. XFLT is a participant in a Senior Secured First Lien Loan to Endure Digital, Inc. The loan accrues interest at a rate of 1M SOFR + 3.61% per annum. The loan matures on February 10, 2028. XFLT is a diversified, closed-end management investment company registered under the Investment Company Act of 1940, as amended. The Trust commenced operations on September 27, 2017. The Trust seeks to achieve its investment objective by investing in a dynamically managed portfolio of opportunities primarily within the private credit markets. Under normal market conditions, the Trust will invest at least 80% of its Managed Assets in floating rate credit instruments and other structured credit investments. XA Investments LLC serves as the investment adviser to the XAI Octagon Floating Rate & Alternative Income Trust. Octagon Credit Investors, LLC serves as the Trust's investment sub-adviser and is responsible for the management of the Trust's portfolio of investments. The Fund is led Theodore J. Brombach as President and Chief Executive Officer; and Derek J. Mullins as Treasurer and Chief Financial Officer. The Fund can be reach through: Theodore J. Brombach XAI Octagon Floating Rate & Alternative Income Trust 321 North Clark Street, Suite 2430 Chicago, IL 60654 Telephone: (312) 374-6930 About Endure Digital, Inc. Endurance International Group, Inc., previously named BizLand, now part of Newfold Digital, was an IT services company specializing in web hosting. ERO COPPER: Fitch Hikes LongTerm IDR to B+, Outlook Stable ---------------------------------------------------------- Fitch Ratings has upgraded Ero Copper Corp.'s (Ero) Long-Term Issuer Default Rating (IDR) to 'B+' from 'B'. Fitch has also upgraded Ero's senior unsecured notes to 'B+' with a Recovery Rating of 'RR4' from 'B'/'RR4'. The Rating Outlook is Stable. The upgrade follows advanced ramp-up of the Tucuma copper operation and the resulting increased size, higher profitability and swing into positive FCF. Ero's credit profile is limited by its product and geographic concentration amid growing EBITDA and scale with a degree of execution risk. The Stable Outlook reflects Ero's average cost profile, increased mine diversification, sound mine lives, and improved capital structure. Fitch expects Ero to conservatively manage its capital allocation strategy amid increasing operating cash flow generation. Fitch also expects Ero's credit metrics to remain relatively low for its rating category over the rating horizon, with total and net EBITDA leverage below 1.2x and 1.0x during 2025-27. Key Rating Drivers Advancing Copper Ramp Up: Commercial production was achieved at Ero's new low-cost copper mine Tucuma in 3Q25. Quarterly output grew nearly 20% thanks to improved initiatives in the tailings filtration circuit and high-grade blocks mine sequencing. Fitch expects Tucuma to contribute 40% of revenue in 2026 while the copper mine site Caraiba will account with 33%, reflecting lower planned grades. The Xavantina gold mine is expected to provide 13% of revenue and the new processing of stockpiled gold concentrates will contribute a similar 14%. Improving Gold Operational Flexibility: Ero is swiftly reacting to tap high gold prices by almost doubling contribution from its smallest mining unit in a new development. Xavantina began processing stockpiled high-grade gold concentrates in 4Q24 to unlock value from material accumulated since 2012. Ramp-up will continue through year-end and 4Q25 project sales will reach 15,000 oz. Management expects sales are over the next 12-18 months, according to inferred resources where ongoing sampling continues into 2026 with potential annual output of 50,000 oz. Continued Exploration Efforts: Ero has stabilized and extended mine life. Reserves-to-production ratios remain stable at Caraiba (17 years), Tucuma (12 years), and Xavantina (11 years). The Furnas project in Para, Brazil, completed the second of three drill programs for a scoping study to help Ero's bid to secure 60% ownership from Vale Base Metals Ltd. Copper Sensitivity: Fitch estimates a USD500/metric ton (MT) increase in 2026 in copper prices from the current USD9,500/MT would lift EBITDA by USD37 million. Ero's average realized copper price was USD3.91/pound (lb; USD8,620/MT) in 2024, compared to USD3.64/lb (USD8,025/MT) in 2023. Spot prices are about USD11,737/MT (USD5.32/lb), compared with Fitch's assumptions of USD9,500/MT (USD4.31/lb) in 2026, USD8,500/MT (USD3.86/lb) in 2026, and USD8,000/MT (USD3.63/lb) in 2028 and thereafter. Turning into Positive FCF: Fitch projects Ero will generate around USD550 million of EBITDA in 2026 from more than USD360 million in 2025, spurred by increased copper and gold production. Capex is forecast to increase to USD310 million in 2026 due to the new external shaft at Caraiba, higher throughput and filtering investments in Tucuma and mechanization expenses at Xavantina. Opportunistic share buybacks are assumed in 2027. Fitch expects FCF to turn positive by 2026. Lower Leverage: Ero is anticipated to maintain a manageable leverage profile during the production ramp-up of Tucuma. Total and net EBITDA leverage ratios are expected to decrease to 0.8x and 0.7x in 2026, from 1.7x and 1.5x in 2025, as EBITDA increases from Tucuma and the gold concentrates production. Total debt will average below USD520 million as Ero intends to payback drawdowns from its credit facility, available up to USD200 million (USD45 million available) and the use of its USD75 million copper prepayment facility (USD46 million to be repaid). Peer Analysis Ero's production scale and diversification, with copper and gold spread across multiple sites, is larger and less concentrated than Taseko Mines Ltd. (B-/Positive) and comparable to Aris Mining Corp. (B+/Stable), but smaller than Eldorado Gold Corp. (B+/Stable), Hudbay Minerals Inc. (BB-/Stable), and IAMGOLD Corp. (B+/Stable). Copper comprises over 80% of Ero's revenue. Peers like Taseko and Hudbay have concentrated revenue in copper, while Aris, Eldorado, and IAMGOLD focus on gold. Hudbay also diversifies into gold, zinc, molybdenum, and silver. Ero's mine life average of 14 years, which is comparable to Aris and shorter than Taseko's 22 years but longer than IAMGOLD's five years. Ero's cost position in the third to fourth quartile is worse than Hudbay's first and Eldorado's second but better than Taseko's and IAMGOLD's fourth. Ero's expected average Total EBITDA leverage for 2025-2026 should be around 1.3x, which is similar to IAMGOLD's 1.3x, and lower than Taseko's 2.2x, Eldorado's 2.15x, Aris' 1.5x, and Hudbay's 2.1x. Fitch's Key Rating-Case Assumptions -- Copper price at USD9,500/MT, USD8,500/MT, and USD8,000/MT in 2026, 2027, and 2028; -- Gold price at USD3,400/ounce (oz), USD2,500/oz, and USD2,000/oz in 2026, 2027, and 2028; -- Copper sold from Caraiba at 38,000 MT, 40,000 MT, and 42,000 MT in 2026, 2027, and 2028; -- Copper sold from Tucuma at 37,000 MT in 2026, 2027, and 2028; -- Gold sold from Xavantina at 50,000 oz in 2026, 2027, and 2028; -- Gold sold from Xavantina Concentrates at 50,000 oz, 20,000 oz and 5,000 oz in 2026, 2027, and 2028; -- Tucuma reaches full production in 2026; -- No dividends or share-repurchases until 2027, with USD10 million if stock price weakens; -- Capex (investing cash flow in additions to mineral PPE, exploration and evaluation assets) including exploration USD310 million, USD270 million, and USD160 million in 2026-2028. Recovery Analysis The recovery analysis assumes Ero would be reorganized as a going-concern in bankruptcy rather than liquidated. Fitch assumed a 10% administrative claim, the USD200 million revolver is fully drawn, and pending USD46 million copper prepayment facility is not repaid. Ero's going-concern EBITDA assumption is based on copper at USD8,000/MT and cash costs at USD2.75/lb for Tucuma and Caraiba in 2026, when capital spending is elevated and additional funding or a project delay of the Xavantina concentrates would be required. The going-concern EBITDA estimate reflects Fitch's view of a sustainable, post-reorganization EBITDA level upon which it bases the enterprise valuation in a low copper price environment. An enterprise valuation multiple of 5x EBITDA is applied to the going-concern EBITDA to calculate a post-reorganization enterprise value (EV). The choice of this multiple considered the following factors: the historical bankruptcy case study exit multiples for peer companies were 4.0x-6.0x, Ero's relatively small size, average cost and country risk. Fitch applies a waterfall analysis to the post-default EV based on the relative claims of the debt in the capital structure. The debt waterfall assumptions consider the company's total debt. These assumptions result in a recovery rate for the unsecured debt within the 'RR1' range, but due to the soft cap of Brazil at 'RR4', Ero Copper's senior secured debt is rated at 'B+'/'RR4'. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade -- Increased costs or material disruption at Caraiba or Tucuma; -- Total debt/EBITDA after minority distributions anticipated to be sustained above 3.5x; -- Large debt-funded acquisitions; -- Negative FCF on a sustained basis and debt funding; -- Material deterioration in liquidity and difficulties to access funding. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade -- Increasing size and diversification over the medium term; -- Financial policies in place resulting in consolidated total debt/EBITDA after minority distributions anticipated to be sustained below 2.5x Liquidity and Debt Structure As of Sept. 30, 2025, Ero held approximately USD66 million of cash and cash equivalents and USD612 million of total debt and USD50 million in the short term. Ero has a RCF of USD200 million due December 2028, with USD45 million currently undrawn. In addition, Ero counts with a fully drawn USD75 million a copper prepayment facility with a bank syndicate, the remaining principal to be repaid was USD45.6 million. This remaining principal amount is being repaid in monthly instalments through YE 2026. Ero's senior unsecured USD400 million bond is due in 2030. Fitch expects Ero's cash generation to be underpinned by the contribution from the Tucuma mine. Depending on copper prices, Fitch expects the company to make credit facility repayments in the short to medium term. Issuer Profile Ero Copper Corp., based in Vancouver, holds 99.6% of Caraíba copper operations (Bahia) and 97.6% of the Xavantina gold mine (Mato Grosso), and owns the Tucuma IOCG-type copper development project in Para, Brazil. FAST CUTTING: Seeks Chapter 7 Bankruptcy in Florida --------------------------------------------------- On December 19, 2025, Fast Cutting Supply, Corp. filed a voluntary petition for Chapter 7 bankruptcy in the U.S. Bankruptcy Court for the Southern District of Florida. The filing states the Debtor owes between 50 and 99 creditors, with debt estimated between $1 million and $10 million. About Fast Cutting Supply, Corp. Fast Cutting Supply, Corp. is a Florida-based company engaged in the distribution of industrial cutting tools and related supplies. The company serves customers across manufacturing, metalworking, and fabrication sectors, providing equipment and consumables used in precision cutting operations. Fast Cutting Supply, Corp. sought relief under Chapter 7 of the U.S. Bankruptcy Code on December 19, 2025 (Bankr. Case No. 25-25008). According to the petition, the company reports assets valued between $0 and $100,000 and liabilities ranging from $1 million to $10 million. Honorable Bankruptcy Judge Peter D. Russin oversees the proceedings. The Debtor is represented by Patrick L. Cordero, Esq. FIRST BRANDS: Franklin Marks $11MM 1L Loan at 64% Off ----------------------------------------------------- Franklin Senior Loan ETF has marked its $11,078,324 loan extended to First Brands Group LLC to market at $4,027,801 or 36% of the outstanding amount, according to Franklin's Form N-CSR for the semi-annual period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. Franklin is a participant in a 2021 First Lien Term Loan Loan to First Brands Group LLC. The loan accrues interest at a rate of 9.57% per annum. The loan matures on March 30, 2027. The Fund, a Delaware statutory trust, is registered under the Investment Company Act of 1940. The Funds are exchange-traded funds. ETFs are funds that trade like other publicly-traded securities. Unlike shares of a mutual fund, which can be bought from and redeemed by the issuing fund by all shareholders at a price based on net asset value, shares of the Funds may be directly purchased from and redeemed by the Funds at NAV solely by certain large institutional investors who have entered into agreements with the Funds’ distributor. Each of the Funds seek to provide the investment results that closely correspond, before fees and expenses, to the performance of each Fund's corresponding underlying index. The Trust is led by Christopher Kings as Chief Executive Officer - Finance and Administration, and Vivek Pai as Chief Financial Officer, Chief Accounting Officer and Treasurer. The Company can be reach through: Christopher Kings One Franklin Parkway San Mateo, CA 94403-1906 Telephone: (650) 312-2000 About First Brands Group LLC First Brands GrouP is a global automotive parts company that develops, markets and sells premium products through a portfolio of market-leading brands. FIRST BRANDS: Franklin Marks $2.4MM Loan at 64% Off --------------------------------------------------- Franklin Senior Loan ETF has marked its $2,437,804 loan extended to First Brands Group LLC to market at $888,275 or 36% of the outstanding amount, according to Franklin's Form N-CSR for the semi-annual period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. Franklin is a participant in a 2022 Incremental Term Loan Loan Loan to First Brands Group LLC. The loan accrues interest at a rate of 9.57% per annum. The loan matures on March 30, 2027. The Fund, a Delaware statutory trust, is registered under the Investment Company Act of 1940. The Funds are exchange-traded funds. ETFs are funds that trade like other publicly-traded securities. Unlike shares of a mutual fund, which can be bought from and redeemed by the issuing fund by all shareholders at a price based on net asset value, shares of the Funds may be directly purchased from and redeemed by the Funds at NAV solely by certain large institutional investors who have entered into agreements with the Funds’ distributor. Each of the Funds seek to provide the investment results that closely correspond, before fees and expenses, to the performance of each Fund's corresponding underlying index. The Trust is led by Christopher Kings as Chief Executive Officer - Finance and Administration, and Vivek Pai as Chief Financial Officer, Chief Accounting Officer and Treasurer. The Company can be reach through: Christopher Kings One Franklin Parkway San Mateo, CA 94403-1906 Telephone: (650) 312-2000 About First Brands Group LLC First Brands Group is a global automotive parts company that develops, markets and sells premium products through a portfolio of market-leading brands. FIRST BRANDS: XAI Octagon Marks $1MM 2L Loan at 65% Off ------------------------------------------------------- XAI Octagon Floating Rate & Alternative Income Trust (XFLT) has marked its $1,097,294 loan extended to First Brands Group LLC to market at $386,456 or 35% of the outstanding amount, according to XFLT's Form N-CSR for the fiscal year ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. XFLT is a participant in a Secured Second Lien Loan to First Brands Group LLC. The loan accrues interest at a rate of 3M SOFR + 5.26% per annum. The loan matures on March 30, 2027. XFLT is a diversified, closed-end management investment company registered under the Investment Company Act of 1940, as amended. The Trust commenced operations on September 27, 2017. The Trust seeks to achieve its investment objective by investing in a dynamically managed portfolio of opportunities primarily within the private credit markets. Under normal market conditions, the Trust will invest at least 80% of its Managed Assets in floating rate credit instruments and other structured credit investments. XA Investments LLC serves as the investment adviser to the XAI Octagon Floating Rate & Alternative Income Trust. Octagon Credit Investors, LLC serves as the Trust's investment sub-adviser and is responsible for the management of the Trust's portfolio of investments. The Fund is led Theodore J. Brombach as President and Chief Executive Officer; and Derek J. Mullins as Treasurer and Chief Financial Officer. The Fund can be reach through: Theodore J. Brombach XAI Octagon Floating Rate & Alternative Income Trust 321 North Clark Street, Suite 2430 Chicago, IL 60654 Telephone: (312) 374-6930 About First Brands Group LLC First Brands Group is a global automotive parts company that develops, markets and sells premium products through a portfolio of market-leading brands. FLEX REVOLUTION: Seeks Chapter 11 Bankruptcy in Delaware -------------------------------------------------------- On December 22, 2025, Flex Revolution, LLC filed for Chapter 11 protection in the U.S. Bankruptcy Court for the District of Delaware. According to court filings, the Debtor reports between $0 and $100,000 in debt owed to between 50 and 99 creditors. About Flex Revolution, LLC Flex Revolution, LLC provides fitness services focused on flexibility training, mobility enhancement, and assisted stretching. Its business model centers on individualized coaching sessions designed to support injury prevention and physical wellness. Flex Revolution, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-12257) on December 22, 2025. In its petition, the Debtor reports estimated assets of $100,001 to $1 million and estimated liabilities of $0 to $100,000. The case is overseen by Honorable Bankruptcy Judge Laurie Selber Silverstein. The Debtor is represented by Robert J. Dehney, Esq., of Morris, Nichols, Arsht & Tunnell. FLEX TX CAB: Seeks Chapter 11 Bankruptcy in Delaware ---------------------------------------------------- On December 22, 2025, Flex TX Cab LLC filed for Chapter 11 protection in the District of Delaware bankruptcy court. According to the filing, the Debtor reports between $0 and $100,000 in liabilities owed to 1-49 creditors. About Flex TX Cab LLC Flex TX Cab LLC is a Texas-based transportation company operating in the passenger mobility sector. The company provides on-demand transportation services through managed vehicle fleets and licensed drivers, supporting localized ride-hailing operations within the state. Flex TX Cab LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-12261) on December 22, 2025. In its petition, the company reports estimated assets of $0-$100,000 and estimated liabilities of $0-$100,000. Honorable Bankruptcy Judge Laurie Selber Silverstein handles the case. The Debtor is represented by Robert J. Dehney, Esq., of Morris, Nichols, Arsht & Tunnell. FLEXSHOPPER INC: Deadline for Panel Questionnaires Set for Dec. 30 ------------------------------------------------------------------ The United States Trustee is soliciting members for committee of unsecured creditors in the bankruptcy cases of FlexShopper, Inc., et al. If a party wishes to be considered for membership on any official committee that is appointed, it must complete a questionnaire available at https://tinyurl.com/2s33ybj6 and return by email it to Joseph McMahon Jr. Esq. -- joseph.mcmahon@usdoj.gov –- and Linda Casey -- linda.casey@usdoj.gov -- at the Office of the United States Trustee so that it is received no later than Tuesday, December 30, 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 Flexshopper Inc. FlexShopper, Inc. provides consumer financing services focused on lease-to-own and lending products, enabling consumers to obtain durable goods such as electronics and home furnishings through its e-commerce marketplace. The Company operates as an intermediary by approving consumers through a proprietary underwriting model, purchasing goods from merchant and other supply partners, and leasing them to end users, while also offering consumer loan products through affiliated platforms and third-party arrangements. FlexShopper Inc and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bank. D. Del., Lead Case No. 25-12254) on December 22, 2025. The Debtors reported $50 million to $100 million in estimated assets and $100 million to $500 million in estimated liabilities. The petitions were signed by Matthew Doheny as chief restructuring officer. The Honorable Bankruptcy Judge Laurie Selber Silverstein handles the cases. The Debtors are represented by Morris, Nichols, Arsht & Tunnell LLP. The Debtors tapped Glassratner Advisory & Capital Group, LLC as financial advisor; Two Roads Advisors LLC as investment banker; and Epiq Corporate Restructuring LLC as claims and noticing agent. FNZ USA: XAI Octagon Marks $1.3MM 1L Loan at 20% Off ---------------------------------------------------- XAI Octagon Floating Rate & Alternative Income Trust (XLFT) has marked its $1,314,695 loan extended to FNZ USA FINCO, LLC to market at $1,051,756 or 80% of the outstanding amount, according to XFLT's Form N-CSR for the fiscal year ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. XFLT is a participant in a Senior Secured First Lien Loan to FNZ USA FINCO, LLC. The loan accrues interest at a rate of 3M SOFR + 5.00% per annum. The loan matures on November 5, 2031. XFLT is a diversified, closed-end management investment company registered under the Investment Company Act of 1940, as amended. The Trust commenced operations on September 27, 2017. The Trust seeks to achieve its investment objective by investing in a dynamically managed portfolio of opportunities primarily within the private credit markets. Under normal market conditions, the Trust will invest at least 80% of its Managed Assets in floating rate credit instruments and other structured credit investments. XA Investments LLC serves as the investment adviser to the XAI Octagon Floating Rate & Alternative Income Trust. Octagon Credit Investors, LLC serves as the Trust's investment sub-adviser and is responsible for the management of the Trust's portfolio of investments. The Fund is led Theodore J. Brombach as President and Chief Executive Officer; and Derek J. Mullins as Treasurer and Chief Financial Officer. The Fund can be reach through: Theodore J. Brombach XAI Octagon Floating Rate & Alternative Income Trust 321 North Clark Street, Suite 2430 Chicago, IL 60654 Telephone: (312) 374-6930 About FNZ USA FINCO, LLC FNZ USA Finco LLC provides other financial services. FORTUNA AUCTION: Court Confirms Second Amended Subchapter V Plan ---------------------------------------------------------------- Chief Judge Martin Glenn of the United States Bankruptcy Court for the Southern District of New York confirmed the Second Amended Chapter 11 (Subchapter V) Plan of Reorganization of Fortuna Auction LLC. The remaining Plan confirmation objections have been withdrawn or are overruled. The United States Trustee and Anissa Caroll filed objections to the Plan. Carroll is a former employee of the Debtor who, prior to the Petition Date, on or about August 21, 2023, brought a civil action in the Southern District of New York against the Debtor and Herbert John Saxon for violations of the Fair Labor Standards Act and related regulations. Carroll asserts that the discovery process is complete. On May 29, 2025, Carroll filed a claim (Claim No. 49) in the Chapter 11 proceedings in the amount of $252,685.80. Caroll filed an objection to the confirmation of the First Amended Plan, specifically objecting to the injunction "which enjoins any party from bringing an action against any one of the debtor's principals, including, without limitation, Herbert John Saxon, for a five year period (i.e. the life of the plan)." The UST objected on the grounds that: 1) The First Amended Plan was not properly noticed and served. 2) The injunctions release and exculpation provisions render the First Amended Plan unconfirmable. 3) There are other defects that render the First Amended Plan patently unconfirmable. As reported by the Troubled Company Reporter on July 25, 2025, Fortuna Auction, LLC, filed with the Bankruptcy Court a Plan of Reorganization under Subchapter V dated June 30, 2025. The Debtor's business was started in 2016 by Mr. Saxon, his wife Maria Saxon, and Seth Holehouse and his wife, Anna Lin. By 2019, FORTUNA had firmly established itself as an innovative alternative to traditional auction houses, offering a transparent, seller-friendly model that gained the trust of both private clients (non-professionals) and dealers (industry professionals) alike. By 2019, the Debtor's auctions were breaking records, investor interest was surging, and a Series A capital raise was gaining serious momentum. The delayed payments to consignors, coupled with rumors fueled by former employees and angry clients, sparked a vicious cycle of fear and distrust. Consignments dried up, revenue dropped, and the Debtor's ability to meet existing obligations eroded. Even though the business model remained strong and its auctions continued to perform, the cash flow crisis caused by MCA repayments became a noose around the Debtor's neck. In an effort to regain control, the Debtor engaged a firm that claimed to specialize in MCA negotiations and paid a $50,000 retainer. They promised to reduce the Debtor's obligations through restructuring and negotiation, but failed to deliver any tangible results. Ultimately, through the Debtor's bankruptcy counsel, the Debtor was able to recover $30,000 of the retainer and obtain a release of any further alleged claims for fees that the law firm asserted. During the months prior to commencing this Chapter 11 case, the Debtor's ability to operate was overwhelmed by mounting MCA obligations, legal expenses, loss of consignor trust, and broader industry headwinds. Class 4 consists of General Unsecured Claims Not Otherwise Classified. Each holder of a Class 4 Claim shall receive Cash in an amount equal to 10% of the Allowed amount of its Class 4 Claim in equal semi annual installments over a period of percent of three years, or such other time not to exceed not to exceed 5 years as fixed by the Court, beginning January 31, 2028 or within two months following the Bankruptcy Court's entry of an order confirming this Plan, if it is later, to be paid from the disposable income from the Debtor's operations, after payment in full of all Allowed Claims in Classes 2 and 3, Priority Tax Claims and other costs of administration, including Allowed Administrative Claims. The initial Distributions to holders of Class 43 Claims shall be made on the later of (x) January 31, 2028, (y) within two months following the Bankruptcy Court's entry of an order confirming this Plan; or (z) the date on which each Class 4 Claim becomes an Allowed Claim, or as soon thereafter as practicable. Subsequent Distributions shall be made semi-annually thereafter. The treatment and consideration to be received by the holders of Class 4 Claims shall be in full and final satisfaction, release and discharge of their respective Class 4 Claims. Class 4 is Impaired under the Plan. The holder of Interests in the Debtor shall retain such Interests in the Debtor. The treatment and consideration to be received by holders of Class 5 Interests shall be in full settlement and final satisfaction of their respective Interests. Reorganized Fortuna intends to continue its operations, and utilize its disposable income to fund payments to creditors pursuant to this Plan. A full-text copy of the Plan of Reorganization dated June 30, 2025 is available at https://urlcurt.com/u?l=T3gTJZ from PacerMonitor.com at no charge. Counsel to the Debtor: Tracy L. Klestadt, 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: tklestadt@klestadt.com The Plan provides for five classes of claims and interests: (1) Breakout Capital Claims, (2) Priority Unsecured Claims, (3) Consignor Claims, (4) General Unsecured Claims Not Otherwise Classified, and (5) Interests. There is nothing that suggests that any claims or interests have been improperly classified, and no one has objected on this basis. Accordingly, the Court finds the Plan meets the requirements of section 1122. As required by section 1123(a)(1), the Plan designates the classes of claims and interests and specifies the treatment of each class. Classes 1, 3, and 4 are impaired under the Second Amended Plan. For Class 2, the Second Amended Plan indicates that the reorganized debtor will pay the Allowed Secured Claim in full in cash on the Effective Date or on the date each Class 2 Claim becomes allowed. For Class 5, the Second Amended Plan indicates that the reorganized debtor will be paid in full. According to the Court, the Plan budget shows the Debtor's projected ability to meet its obligations. As no one has objected, there is no reason to believe that the Projections are unrealistic. Therefore, it appears the Plan provides for adequate means of implementation. Section 1123(a)(7) has been satisfied because the provisions in the Second Amended Plan provide for the continuation of Saxon as Manager of the Debtor, which is consistent with the interest of creditors and equity security holders. Accordingly, the Plan meets all the requirements of section 1123. As the Plan meets the requirements of sections 1122 and 1123, the Plan meets the requirements of section 1129(a)(1). Courts have identified a number of factors to examine to determine whether a proposed plan is feasible. The Second Amended Plan proposes to "pay creditors of the Debtor from the Debtor's disposable income from its operations for a period of 60 months. The Projections, while they have some months and periods of negative cashflow, indicate that factor 2 (earning power of the business) and factor 3 (economic conditions) will be met. No parties objected to the proposed budget. Factor 4 (the ability of management) and factor 5 (the continuation of management) is implicated by Mr. Saxon continuing in his role as Member. The positive outlook of the Projections indicate that the Debtor has a feasible business model going forward. Therefore, the Plan meets the requirements of section 1129(a)(11). Carrol and the UST objected to the Third-Party Injunction included in the Plan as impermissible. Carrol's objection was resolved and withdrawn during the confirmation hearing, but the UST Objection remains. The Objection is overruled. The Debtor has clarified that the injunction, if approved, is only in place for the life of the Plan (5 years); it does not discharge any personal liability that Mr. Saxon may have regarding debts on which he may be a co-debtor with the Debtor. As such, it is permissible. The Court determines, largely based on the overwhelming acceptance of the Plan by all impaired creditor classes, that the Plan should be confirmed. A copy of the Court's Memorandum Opinion dated December 19, 2025, is available at https://urlcurt.com/u?l=KBJrry from PacerMonitor.com. About Fortuna Auction Fortuna Auction, LLC is a boutique auction house specializing in fine, antique jewelry and luxury watches. Established in 2011, the Company offers a platform for collectors, wholesalers, retailers, and private clients to buy and sell jewelry and watches internationally. Fortuna Auction sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-10632) on April 1, 2025. In its petition, the Debtor reported estimated assets between $100,000 and $500,000 and estimated liabilities between $1 million and $10 million. The Debtor tapped Tracy L. Klestadt, Esq., at Klestadt Winter Jureller Southard & Stevens, LLP as counsel and Norman Schulman, CPA, at Schulman Lobel LLP as accountant. FP HOUSTON: Gets Court OK to Use Cash Collateral ------------------------------------------------ The U.S. Bankruptcy Court for the Southern District of Texas, Houston Division entered a second interim stipulation and agreed cash collateral order granting FP Houston Apartments, LLC approval to use cash collateral. The Debtor is authorized to use cash collateral for up to 30 days, or until foreclosure under the lift-stay order, dismissal of the case, or January 10, 2026, whichever occurs first. Use is restricted to a 30-day operating budget with a 5% per-line-item variance, and any off-budget expenses require Flagship's prior written consent or court approval. The order confirms that Flagship holds valid, perfected, first-priority liens on the collateral, which cannot be challenged using cash collateral. As adequate protection, Flagship receives first-priority replacement liens on all estate assets and monthly adequate protection payments of $45,000 beginning this month, continuing until foreclosure, plan confirmation, trustee appointment, or conversion. The Debtor must comply with strict operational safeguards, including maintaining insurance, paying taxes and U.S. Trustee fees, segregating cash collateral in DIP accounts, providing information upon request, and allowing property access. A final hearing is scheduled for January 9, 2026. About FP Houston Apartments LLC FP Houston Apartments, LLC is a single-asset real estate company that owns Forest Park Apartments in Houston, Texas. FP Houston Apartments sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S. D. Texas Case No. 25-90606) on November 3, 2025, listing between $10 million and $50 million in assets and liabilities. Dal Thandi, manager, signed the petition. Judge Alfredo R. Perez oversees the case. David Ritter, Esq., at Ritter Spencer, PLLC, represents the Debtor as legal counsel. FRED RAU: Gets Interim OK to Use Cash Collateral ------------------------------------------------ The U.S. Bankruptcy Court for the Eastern District of California, Fresno Division, granted Fred Rau Dairy Inc. another extension to use cash collateral. The court authorized the Debtor to use cash collateral through January 18, 2026, in accordance with the approved weekly budget, subject to a 10% variance. The existing stipulation governing cash collateral use and adequate protection remains in full force and effect. The previously approved stipulation with AgWest Farm Credit, FLCA and AgWest Farm Credit, PCA continues to govern the use of cash collateral. As adequate protection, creditors holding security interests in the cash collateral will be granted automatically perfected replacement liens on all of the Debtor's property retroactive to the petition date. These replacement liens will have the same validity, priority, and extent as their pre-bankruptcy liens and adequate protection payments continue to accrue as administrative expenses. A further hearing is scheduled for January 7, 2026. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/pY2ae from PacerMonitor.com. About Fred Rau Dairy Inc. Fred Rau Dairy, Inc. operates a large-scale dairy farm in Fresno, California. The family-owned business utilizes advanced robotic milking systems and automated feeding technologies. It has been part of the regional agricultural sector since 1976. Fred Rau Dairy sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Cal. Case No. 25-11791) on May 29, 2025. In its petition, the Debtor reported between $10 million and $50 million in both assets and liabilities. Judge Jennifer E. Niemann handles the case. The Debtor tapped Peter L. Fear, Esq., at Fear Waddell, P.C. as legal counsel and Boos & Associates, P.C. as financial consultant and accountant. FREEPORT LNG: Moody's Raises CFR to 'B2', Outlook Positive ---------------------------------------------------------- Moody's Ratings has upgraded ratings of Freeport LNG Investments, LLLP (FLNGI), including Corporate Family Rating to B2 from B3, Probability of Default Rating to B2-PD from B3-PD and rating on its backed senior secured term loan B to B2 from B3. The outlook on the ratings remains positive. "The upgrade of FLNGI's ratings and the positive outlook reflect the company's strengthening financial position, supported by enhanced reliability of its LNG facilities, a recovery in operating cash flow generation, and resumed distributions to FLNGI," commented Elena Nadtotchi, a Moody's Ratings Senior Vice President. RATINGS RATIONALE The upgrade of FLNGI's CFR to B2 reflects the improvement in the financial position of the company, driven by improving reliability of the LNG facilities, recovery in operating cash flow generation and distributions to FLNGI. The company's cash flow and debt capacity are ultimately supported by the predictable and recurring nature of the long-dated, contractually derived cash flow generated by its operating companies and distributed to FLNGI through intermediate holding companies. FLNGI and its principal owner maintain effective controlling rights over the group's distributions, entire operations and strategic development. The stability and magnitude of FLNGI's cash flow stream is tempered by the high extent to which FLNGI's debt is structurally subordinated to substantial debt raised at intermediate holding company FLEX-IH and project debt that the group's LNG operating companies raised earlier to finance construction of the three principal operating assets. The group has been reducing debt at its operating subsidiaries, but the absolute level of indebtedness remains substantial. While FLNGI's principal owner provided substantial financial support to the company that enabled it's compliance with debt service requirements during the period of extended business interruption caused by an industrial accident in 2022, Moody's notes risks associated with concentrated ownership, as well as financial risks associated with more complex capital structures and the presence of significant minority shareholders in operating companies, as well as FLNGI's high degree of tolerance for debt and leverage. The positive outlook reflects Moody's expectations that the company will proactively address its refinancing requirements and continue to strengthen its operating and financial position in 2026 and 2027. FLNGI liquidity position remains adequate. Moody's expects distributions from the operating subsidiaries to be sufficient to cover debt service payments and maintain compliance with the DSCR coverage requirements through 2026. FLNGI's Term Loan A (unrated) matures in December 2026, and Moody's expects FLNGI to proactively address this refinancing requirement to maintain its adequate liquidity. FLNGI's senior secured Term Loan B is rated B2, at the same level as the B2 CFR, given the predominant position of the term loans in the FLNGI's capital structure. The company also has shareholder loans that are subordinated to the senior secured term loans. Moody's views the B2 rating as more appropriate than the rating implied by the application of Moody's Ratings Loss Given Default for Speculative-Grade Companies methodology that factors in lift from the subordinated shareholder loans. The Term Loan B ranks pari passu with the Term Loan A, with both benefitting from the security package that includes the first-lien pledge of the ownership interests in Freeport LNG Development, L.P. ("FLNG"). FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The upgrade of the ratings will require FLNGI to continue to improve its leverage metrics, including sustaining stand-alone EBITDA/interest above 2.5x. A weakening of liquidity, rising leverage, or declining interest coverage, including as a result of a change in the financial policy or a prolonged interruption in operations, could lead to the downgrade of the ratings. Freeport LNG Investments, LLLP (FLNGI) is a limited liability limited partnership that holds 55.35% interest in Freeport LNG Development, L.P. Additionally, FLNGI Option Holdco, LLC (FLNGI Option) owns an additional 8.11% interest in FLNG. FLNGI and FLNGI Option are ultimately owned by Mr. Michael Smith, the founder and the beneficial controlling shareholder of the group. FLNG holds through its 100% subsidiary FLEX Intermediate Holdco, LLC (FLEX IH) interests in the three operating LNG facilities, including 50% interest in FLNG Liquefaction 1, LLC (FLIQ1), 42% interest in FLNG Liquefaction 2, LLC (FLIQ2) and 100% interest in FLNG Liquefaction 3, LLC (FLIQ3). All three trains operate under long term use-or-pay tolling contracts and have capacity of over 5 MTPA per train. The principal methodology used in these ratings was Midstream Energy 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. GIAPREET LLC: Hires Summit Commercial Real Estate Corp as Broker ---------------------------------------------------------------- Giapreet LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to hire Summit Commercial Real Estate Corp as real estate broker. The firm will market and sell the Debtor's properties known as 1478 Old Country Road, Plainview, New York, 1538 Old Country Road, Plainview, New York and 40 Ranick Road, Hauppauge, New York. The broker will receive a commission equal to 6 percent of the selling price. Luciano Oliverio, a real estate agent at Summit Commercial Real Estate, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Luciano Oliverio Summit Commercial Real Estate 200 Broadhollow Road, Suite 201 Melville, NY 11747 About Giapreet LLC Giapreet LLC is a Long Island real estate holding company. Giapreet LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-74654) on December 4, 2025. In its petition, the Debtor reports assets between $10 million and $50 million and estimated liabilities of more than $35 million. Honorable Bankruptcy Judge Louis A. Scarcella handles the case. The Debtor is represented by Marc A. Pergament, Esq. of Weinberg, Gross, & Pergament, LLP. GIAPREET LLC: Hires Weinberg Gross & Pergament LLP as Counsel ------------------------------------------------------------- Giapreet LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to hire Weinberg, Gross & Pergament LLP as counsel. The firm will provide these services: (a) advise the Debtor with respect to its powers and duties in the continued management of its business and property; (b) represent the Debtor before the Bankruptcy Court and at all hearings on matters pertaining to its affairs; (c) advise and assist the Debtor in the preparation and negotiation of a plan of reorganization with its creditors; (d) prepare all necessary legal papers; and (e) perform all legal services for the Debtor which may be desirable and necessary. The hourly rates of the firm's counsel and staff are as follows: Partners $650 - $675 Associates $450 Paralegals $120 Marc Pergament, Esq., an attorney at Weinberg, Gross & Pergament disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Marc A. Pergament, Esq. Weinberg, Gross & Pergament, LLP 400 Garden City Plaza, Suite 309 Garden City, NY 11530 Telephone: (516) 877-2424 Email: mpergament@wgplaw.com About Giapreet LLC Giapreet LLC is a Long Island real estate holding company. Giapreet LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-74654) on December 4, 2025. In its petition, the Debtor repors assets between $10 million and $50 million and estimated liabilities of more than $35 million. Honorable Bankruptcy Judge Louis A. Scarcella handles the case. The Debtor is represented by Marc A. Pergament, Esq. of Weinberg, Gross, & Pergament, LLP. GIAPREET LLC: Taps Gary Schoer Law as Special Real Estate Counsel ----------------------------------------------------------------- Giapreet LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to hire Gary Schoer Law Office as special real estate counsel. The firm will represent and assist the Debtor in the sale of the Debtor's commercial real estate. The firm will charge an hourly rate of $475, plus reimbursement of reasonable disbursements. Gary Schoer Law Office is a "disinterested person" within the meaning of 11 U.S.C. 101(14), according to court filings. The firm can be reached through: Gary Schoer, Esq. Gary Schoer Law Office 6800 W Jericho Turnpike # 108W Syosset, NY 11791 Phone: (516) 496-3500 About Giapreet LLC Giapreet LLC is a Long Island real estate holding company. Giapreet LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-74654) on December 4, 2025. In its petition, the Debtor reports assets between $10 million and $50 million and estimated liabilities of more than $35 million. Honorable Bankruptcy Judge Louis A. Scarcella handles the case. The Debtor is represented by Marc A. Pergament, Esq. of Weinberg, Gross, & Pergament, LLP. GILBERT LEGGETT: Court Extends Cash Collateral Access to Jan. 15 ---------------------------------------------------------------- Gilbert Leggett Farms, Inc. received sixth interim approval from the U.S. Bankruptcy Court for the Eastern District of North Carolina to use cash collateral. The court's sixth interim order extended the Debtor's authority to use cash collateral from December 15 to January 15, 2026, to pay the expenses set forth in its budget, subject to a 10% variance per line item. The Debtor projects total operational expenses of $111,114.00 for the interim period. Secured creditors Ag Resource Management/Agrifund, LLC and AgCarolina Farm Credit, ACA assert liens on the Debtor's assets, including cash collateral. A subordination agreement gives Agrifund a first priority status. As adequate protection, the secured creditors' pre-bankruptcy security interests will continue to attach to post-petition collateral, maintaining the same priority and extent as on the petition date. The sixth interim order will remain in full force and effect until January 15, 2026, unless terminated earlier by agreement or by the court; confirmation of a plan of reorganization; or upon filing of a notice of default, whichever comes first. The next hearing is scheduled for January 28, 2026. About Gilbert Leggett Farms Inc. Gilbert Leggett Farms, Inc. grows and sells sweet potato seed plants, including the Covington variety, and is also involved in cultivating crops such as peanuts, sweet corn, and cotton. Gilbert Leggett Farms sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.C. Case No. 25-02668) on July 14, 2025. In its petition, the Debtor reported total assets of $2,329,639 and total liabilities of $2,340,328. Judge Pamela W. Mcafee handles the case. David J. Haidt, Esq., at Ayers & Haidt, P.A. is the Debtor's legal counsel. Ag Resource Management/Agrifund, LLC, as secured creditor, is represented by: Ciara L. Rogers, Esq. Waldrep Wall Babcock & Bailey, PLLC 3600 Glenwood Avenue, Suite 210 Raleigh, NC 27612 Telephone: 919-589-7985 crogers@waldrepwall.com AgCarolina Farm Credit, ACA, as secured creditor, is represented by: Matthew P. Weiner, Esq. Poyner Spruill, LLP P.O. Box 1801 Raleigh, NC 27602-1801 Telephone: (919) 783-6400 Facsimile (919) 783-1075 mweiner@poynerspruill.com GREENFIRE RESOURCES: Moody's Withdraws 'B3' CFR on Debt Repayment ----------------------------------------------------------------- Moody's Ratings withdrew Greenfire Resources Ltd.'s (Greenfire) B3 corporate family rating, B3-PD probability of default rating, B3 senior secured notes rating and SGL-3 speculative grade liquidity rating (SGL). Prior to the withdrawal, the outlook was negative. This action follows Greenfire's repayment of its US$237.5 million senior secured notes subsequent to completing its CAD$300 million rights offering. RATINGS RATIONALE Moody's have withdrawn the ratings as a result of the repayment of the rated debt. Greenfire is a publicly-listed Calgary, Alberta based steam-assisted-gravity-drainage (SAGD) oil sands developer at the Hangingstone Expansion project and in the Hangingstone Demo project which are both located in the Northern Athabasca region, close to Fort McMurray, Alberta. GRIT PRODUCTIONS: Gets Interim OK to Use Cash Collateral -------------------------------------------------------- Grit Productions, LLC and its affiliates received second interim approval from the U.S. Bankruptcy Court for the Northern District of Texas, Fort Worth Division, to use cash collateral. The Debtors intend to use cash collateral strictly in accordance with their budget through January 20, 2026, to pay expenses, preserve equipment and inventory, collect receivables, maintain vendor and customer confidence, and fund administrative costs. The Debtors may not exceed any individual budget line item or the total budget by more than 10% without written consent from PlainsCapital Bank or a further court order, ensuring close financial oversight during the interim period. To adequately protect PlainsCapital Bank and other secured parties, the court granted replacement liens on post-petition accounts receivable and inventory, along with a super-priority administrative expense claim under section 507(b). The order also imposes detailed reporting obligations, requiring regular delivery of bank statements, asset information, and accounts receivable reports to the secured lender and the creditors' committee. The interim order includes a carveout ensuring payment of U.S. Trustee fees and court-approved professional fees ahead of secured lenders' replacement liens. Events of default under the interim order include budget violations and conversion of the Debtor's Chapter 11 case to one under Chapter 7 while generally allowing a seven-day cure period after notice. A final hearing is scheduled for January 20, 2026, with objections due by January 16, 2026. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/zT5EK from PacerMonitor.com. About Grit Productions LLC Grit Productions, LLC, Grit Expositions, LLC, Grit Transportation Services, LLC, and Grit Holding Company, LLC operate as an integrated group providing event-industry services that include general services contracting, event production, video production, content development, studio services, logistics support, and event freight transportation. The companies offer single-source solutions for live events, meetings, and expositions across their production, planning, and transportation segments. They also engage in community-focused initiatives related to industry development, sustainability, and local outreach. Grit Productions and its affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Texas Lead Case No. 25-44447) on November 13, 2025. At the time of the filing, Grit Productions listed between $1 million and $10 million in assets and between $10 million and $50 million in liabilities. Judge Mark X. Mullin oversees the case. Bryan C. Assink, Esq., at Bonds Ellis Eppich Schafer Jones, LLP, represents the Debtors as legal counsel. GROFF TRACTOR: Committee Hires Province LLC as Financial Advisor ---------------------------------------------------------------- The official committee of unsecured creditors of Groff Tractor Mid Atlantic, LLC and affiliates seek approval from the U.S. Bankruptcy Court for the Northern District of Texas to employ Province, LLC as financial advisor. The firm's services include: (a) becoming familiar with and analyzing the Debtors' DIP/Cash Collateral budget, assets and liabilities, and overall financial condition; (b) reviewing financial and operational information furnished by the Debtors; (c) monitoring the sale process, interfacing with the Debtors' professionals, and advising the Committee regarding the process; (d) scrutinizing the economic terms of various agreements, including, but not limited to, various professional retentions; (e) analyzing the Debtors' proposed business plans and developing alternative scenarios, if necessary; (f) assessing the Debtors' various pleadings and proposed treatment of unsecured creditor claims therefrom; (g) preparing, or reviewing as applicable, avoidance action and claim analyses; (h) assisting the Committee in reviewing the Debtors' financial reports, including, but not limited to, statements of financial affairs, schedules of assets and liabilities, DIP/Cash Collateral budgets, and monthly operating reports; (i) advising the Committee on the current state of these chapter 11 cases; (j) advising the Committee in negotiations with the Debtors and third parties as necessary; (k) if necessary, participating as a witness in hearings before the Court with respect to matters upon which Province has provided advice; and (l) other activities as are approved by the Committee, the Committee's counsel, and as agreed to by Province. Province’s current standard hourly rates are: Per Hour (USD) Managing Directors and Partners $850 to $1,450 Vice Presidents, Directors, and Senior Directors $700 to $1,050 Analysts, Associates, and Senior Associates $350 to $825 Paraprofessional / Admin $270 to $450 Effective as of January 1, 2026, the firm's revised hourly rates are: Managing Directors and Principals $900 to $1,600 Vice Presidents, Directors, and Senior Directors $700 to $1,050 Analysts, Associates, and Senior Associates $370 to $750 Paraprofessional / Admin / Interns $270 to $380 In addition, the firm will seek reimbursement for expenses incurred. Sanjuro Kietlinski, Esq., a partner at Province, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Sanjuro Kietlinski Province LLC 2360 Corporate Circle, Suite 340 Henderson, NV 89074 Telephone: (702) 685-5555 E-mail: info@provincefirm.com About Groff Tractor Mid Atlantic, LLC Groff Tractor Mid Atlantic, LLC and subsidiaries operate a network of construction equipment dealerships serving the Mid-Atlantic region of the United States. The company sells, rents, and services heavy and compact construction machinery, offering parts and attachments for brands such as Wirtgen, Hamm, Vogele, Transtech, Thunder Creek, John Deere Equipment, and TopCon. Groff Tractor Mid Atlantic sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Texas Case No. 25-90010) on October 14, 2025. In its petition, the Debtor reported between $100 million and $500 million in assets and liabilities. Honorable Bankruptcy Judge Edward L. Morris handles the case. The Debtor tapped Bonds Ellis Eppich Schafer Jones, LLP as legal counsel; Michael Juniper of CR3 Partners, LLC as chief restructuring officer; and TM Capital as investment banker. Epiq Corporate Restructuring, LLC is the Debtor's claims and noticing agent. The U.S. Trustee for Region 6 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. HARMONY WELLNESS: Gets OK to Use Cash Collateral ------------------------------------------------ The U.S. Bankruptcy Court for the District of Colorado entered an order granting Harmony Wellness, Inc. approval to use cash collateral. The court authorized the Debtor to use cash collateral strictly in accordance with the budget, allowing the Debtor to continue operating during the Chapter 11 process. The court also approved the Debtor's proposal to provide adequate protection to Wells Fargo Bank, N.A., the secured creditor, in the manner set forth in the motion, ensuring protection of the bank's interests while the Debtor utilizes cash collateral. Wells Fargo Bank holds a perfected security interest in all of Harmony Wellness' tangible and personal property, including inventory, accounts, equipment, and general intangibles, with a current secured claim of approximately $331,116 under a commercial security agreement. The Debtor's total assets, including cash, deposits, inventory, and equipment, are valued at approximately $180,000, making the use of cash collateral critical to continuing operations, particularly to meet payroll obligations of $63,000 to $74,000 per month, rent of $13,323, and other operating expenses such as equipment rentals, insurance, and professional fees. Other creditors including the IRS, Colorado Department of Revenue, Larimer County, SBA, and First-Citizens Bank, may have interests in its assets but Wells Fargo Bank holds a first-priority interest in the cash collateral. About Harmony Wellness Harmony Wellness, Inc. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Colo. Case No. 25-15682) on September 4, 2025, with $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Judge Kimberley H. Tyson presides over the case. Jeffrey Weinman, Esq., at Allen Vellone Wolf Helfrich & Factor P.C. represents the Debtor as legal counsel. HIGHLANDER HOTEL: Seeks Chapter 11 Bankruptcy in Iowa ----------------------------------------------------- Annie Smith Barkalow of Corridor Business Journal reports that Iowa City's Highlander Hotel has become the latest regional lodging business to file for Chapter 11 bankruptcy protection, according to court filings. Highlander Hotel, LLC initiated the voluntary petition on Dec. 16, 2025, in the U.S. Bankruptcy Court for the Southern District of Iowa, where it will seek to reorganize under court supervision. The hotel, which has operated since the 1960s and was later renovated into a boutique resort destination, features a blend of unique amenities and event facilities that have made it a local favorite. Its filing comes as independent hospitality operators across the Midwest contend with an uneven travel market, according to report. Under Chapter 11, Highlander Hotel plans to continue operations while crafting a reorganization strategy to address its financial obligations to creditors. The process typically involves negotiating terms with lenders and other stakeholders while maintaining day-to-day business, the report states. The bankruptcy filing highlights persistent stress within the hospitality sector, where smaller and independently operated hotels have faced mounting economic pressure from labor costs, shifting guest patterns, and competition from larger chains. Court supervision will guide Highlander Hotel as it works toward a viable path forward, the report cites. About Highlander Hotel The Highlander Hotel operates as a boutique hospitality property in Iowa City, Iowa, providing lodging accommodations, event spaces, and food and beverage services. The hotel serves a mix of local, regional, and visiting guests across leisure and business segments. Highlander Hotel sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S. Iowa Case No. 25-02166) on December 16, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Lee M. Jackwig handles the case. The Debtor is represented by Robert C. Gainer, Esq. HIGHLANDS AT STONEGATE: Taps Smith Jadin as Special Counsel ----------------------------------------------------------- The Highlands at Stonegate North Condominium Association seeks approval from the U.S. Bankruptcy Court for the District of Colorado to employ Smith Jadin Johnson, PLLC as special counsel. The firm will provide legal services with respect to the Debtor's insurance coverage issues. Christopher M. Drake, Esq. will be the primary attorney responsible for the Debtor's account. His hourly rate is $500 per hour. Other attorneys and professionals who may perform services on the Debtor's account bill at hourly rates of $275 to $500 for attorneys, and $175 to $195 for other staff. As disclosed in the court filings, Smith Jadin Johnson, PLL has no connection or relationship with creditors and is disinterested as defined in the Code. The firm can be reached through: Christopher M. Drake, Esq. Smith Jadin Johnson, PLLC 1875 Lawrence Street, Suite 730 Denver, CO 80202 Telephone: (888) 495-9140 Facsimile: (612) 235-7927 Email: info@sjjlawfirm.com About The Highlands at Stonegate North Condominium Association Highlands at Stonegate North Condominium Association manages a residential community in Parker, Colorado, overseeing maintenance of common areas and shared amenities such as pools and landscaping. The association enforces community standards, collects assessments, and coordinates with property management to ensure operational and regulatory compliance. The Highlands at Stonegate North Condominium Association in Parker, CO, sought relief under Chapter 11 of the Bankruptcy Code filed its voluntary petition for Chapter 11 protection (Bankr. D. Colo. Case No. 25-17804) on Nov. 26, 202, listing as much as $1 million to $10 million in both assets and liabilities. Sherri Rosselot as president of the Board, signed the petition. Judge Thomas B McNamara oversees the case. KUTNER BRINEN DICKEY RILEY PC serve as the Debtor's legal counsel. HOTEL ONE: Gets Interim OK to Use Cash Collateral ------------------------------------------------- Hotel One Partners Miramar Beach, LLC received second interim approval from the U.S. Bankruptcy Court for the Northern District of Florida, Pensacola Division, to use cash collateral. The second interim order signed by Judge Jerry Oldshue, Jr. authorized the Debtor to use cash collateral to pay the amounts expressly authorized by the court, including payments of U.S. trustee quarterly fees; the expenses set forth in the budget, plus an amount not to exceed 15% for each line item; and additional amounts subject to approval by Community Bank of Louisiana. All post-petition franchise fees owed to Holliday Hospitality Franchising, LLC (HHF) under the Staybridge Suites license agreement are not subject to the budget limits and must be paid in full monthly, according to the court order. As adequate protection, Community Bank of Louisiana, the Debtor's primary secured lender, will be granted a replacement lien on the Debtor's post-petition cash collateral, including cash, cash equivalents, accounts, and related proceeds. This replacement lien will have the same priority as the bank's pre-bankruptcy lien. The interim order is without prejudice to future requests for modified protection or to any committee's right to challenge the bank's liens. The next hearing is scheduled for February 13, 2026. Community Bank of Louisiana holds liens on the Debtor's assets including its 116-unit Staybridge Suites hotel in Miramar Beach, Florida. These liens extend to cash and cash equivalents, including rental income, deposits, and other proceeds from the property, constituting cash collateral under 11 U.S.C. section 363(a). Community Bank of Louisiana is represented by: Robert J. Powell, Esq. Moorhead Law Group, PLLC 127 Palafox Place, Suite 200 Pensacola, FL 32502 Phone: (850) 466-4093 Fax: (850) 477-0982 rpowell@moorheadlaw.com heidi@moorheadlaw.com bbangle@moorheadlaw.com About Hotel One Partners Miramar Beach LLC Hotel One Partners Miramar Beach, LLC is a Kentucky limited liability company and the owner of the 116-unit Staybridge Suites hotel in Miramar Beach, Florida. Hotel One Partners sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Fla. Case No. 25-31131) on November 7, 2025. In its petition, the Debtor reported between $10 million and $50 million in assets and liabilities. Honorable Bankruptcy Judge Jerry C. Oldshue Jr. handles the case. The Debtor is represented by Edward J. Peterson, III, Esq., at Berger Singerman, LLP. HOWARD'S APPLIANCES: Hires Golden Goodrich as Bankruptcy Counsel ---------------------------------------------------------------- Howard's Appliances, Inc. seeks approval from the U.S. Bankruptcy Court for the Central District of California to hire Golden Goodrich LLP as counsel. The firm will provide these services: (a) advise the Debtor and Debtor-in-Possession with respect to the requirements and provisions of the Bankruptcy Code, Federal Rules of Bankruptcy Procedure, Local Bankruptcy Rules, U.S. Trustee Guidelines, and other applicable requirements; (b) assist the Debtor in preparing and filing Schedules and Statement of Financial Affairs, and other pleadings and documents required in a Chapter 11 case; (c) represent the Debtor at the Initial Debtor Interview and the Sec. 341(a) meeting of creditors, and any continuances thereof; (d) assist the Debtor in identifying and obtaining court approval for the employment of other necessary professionals; (e) assist in negotiations with creditors and other parties-in-interest; (f) assist in the preparation and formulation of a Chapter 11 plan and confirmation of such plan; (g) advise concerning rights and remedies of the estate and the Debtor regarding adversary proceedings and, if appropriate, assist in retaining special counsel; (h) prepare all motions, applications, answers, orders, reports, and papers necessary for case administration; (i) represent the Debtor in any proceeding or hearing in the Bankruptcy Court where the rights of the estate or Debtor may be litigated or affected; and (j) provide other general insolvency counsel services as necessary in a Chapter 11 case. Golden Goodrich LLP will be compensated at hourly rates ranging from $250 to $850, depending on the experience and expertise of the attorney or paralegal performing the work. The firm has received a pre-petition retainer of $60,000. Golden Goodrich LLP is a "disinterested person" within the meaning of 11 U.S.C. Sec. 101(14) and has no interest adverse to the Debtor's estate, according to court filings. The firm can be reached at: David M. Goodrich, Esq. GOLDEN GOODRICH LLP 3070 Bristol Street, Suite 640 Costa Mesa, CA 92626 Telephone: (714) 966-1000 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. HOWARD'S APPLIANCES: Seeks to Tap Epiq Bankruptcy as Claims Agent ----------------------------------------------------------------- Howard's Appliances, Inc. seeks approval from the U.S. Bankruptcy Court for the Central District of California to hire Epiq Bankruptcy Solutions, LLC as claims, noticing and balloting agent. Epiq will oversee the distribution of notices and will assist in the maintenance, processing, and docketing of proofs of claim filed in the Chapter 11 cases of the Debtors. Before the petition date, the Debtors provided Epiq a retainer in the amount of $15,000. Kathryn Mailloux, a consulting director at Epiq, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Kathryn Mailloux Epiq Bankruptcy Solutions, LLC 777 Third Avenue, 11th Floor New York, NY 10017 Phone: (646) 282-2532 Email: kmailloux@epiqglobal.com 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. ICORECONNECT INC: Amends Unsecured Claims Pay Details ----------------------------------------------------- iCoreConnect Inc. and iCore Midco Inc. submitted an Amended Disclosure Statement describing Plan of Liquidation dated December 17, 2025. In the opinion of the Debtors, the treatment of Claims and Interests under the Plan contemplates a substantially greater recovery than that which is likely to be achieved under other alternatives. The Debtors anticipate that the Plan will pay all Allowed Secured Claims, Allowed Administrative Expense Claims, Allowed Priority Tax Claims, and Allowed Priority Claims in full, and provide a distribution of between 70% and 100% to Class 5 Unsecured Creditors depending upon the claims reconciliation process and Cause of Action recoveries. Accordingly, the Debtors believe that confirmation of the Plan is clearly in the best interests of Creditors and Holders of Equity Interests and strongly recommends that Creditors holding Allowed Claims in the Voting Classes vote to accept the Plan. On October 1, 2025, the Court entered an order granting the Sale Motion (the "Sale Order"), authorizing the Debtors to sell substantially all their assets to Standard Dental, LLC free and clear of liens, claims and encumbrances, and granting related relief. On that same date, the Court entered an order granting the Assignment Motion (the "Assignment Order"). On October 7, 2025, the Debtors filed a Notice of Closing Under Amended and Restated Asset Purchase Agreement with Standard Dental Inc. (f/k/a Standard Dental, LLC) providing notice that the transactions approved by the Court in the Sale Order and the Assignment Order closed on October 1, 2025. The Debtors ceased operations after closing and are winding down. On October 16, 2025, the Debtors filed the Debtor's Motion for Authorization to Pay Semi-Monthly Prepetition Payroll Owed to Debtor's Employees From Net Sale Proceeds seeking to pay the executive management team for the pre-petition period of May 16, 2025, through May 31, 2025. The executive management team deferred payment of their prepetition priority claims to preserve the Debtors' cash flow pending the closing of the sale. The Court granted the motion by order dated December 11, 2025. The Debtors ceased business operations on October 1, 2025 (the "Closing Date") upon the closing of the sale of substantially all their assets. Class 5 consists of all Allowed General Unsecured Claims not otherwise classified in the Plan. Within thirty days of the Effective Date, the Postconfirmation Trustee shall distribute to each Holder of an Allowed Class 5 Claim such Holder's Pro Rata share of an amount equal to the Remaining Sale Proceeds less (i) funds required to pay senior claims including Allowed Secured Claims, Allowed Administrative Expense Claims, Allowed Priority Tax Claims, Allowed Priority Claims, and Wind Down Expenses, and (ii) the Holdback. Subsequent distributions to the Holders of Class 5 Claims shall be made at the discretion of the Postconfirmation Trustee from the Holdback, Cause of Action recoveries, and/or other Trust Assets in accordance with the Bankruptcy Code, the Plan, the Trust Agreement, and orders of the Bankruptcy Court. Class 5 is Impaired and, therefore, is entitled to vote to accept or reject the Plan. Class 6A consists of the Connect Preferred Equity. Class 6B consists of the Connect Common Equity. Class 6C consists of the Midco Equity. The Class 6A, 6B, and 6C Equity Interests shall be extinguished on the Effective Date. Classes 6A, 6B, and 6C are Impaired and, therefore, are entitled to vote to accept or reject the Plan. The Plan provides for the liquidation of substantially all the Debtors' Assets pursuant to the Sale Order. The Closing of the Sale occurred on October 1, 2025, in accordance with the Purchase Agreement, Sale Order, and Contracts Order. The Allowed Secured Claims of ESF and PIGI were paid in accordance with Articles 5.05 and 5.06 of the Plan. Except as otherwise expressly provided in the Plan: (a) all Allowed Secured Tax Claims, Allowed Administrative Expense Claims, Allowed Priority Tax Claims, and Allowed Priority Claims shall be paid on the Effective Date from the Remaining Sale Proceeds; and (b) the Holders of Allowed Class 5 Claims shall be paid in accordance with Article 5.07 of the Plan from the Remaining Sale Proceeds and any other Trust Assets. A full-text copy of the Amended Disclosure Statement dated December 17, 2025 is available at https://urlcurt.com/u?l=91XcJ3 from PacerMonitor.com at no charge. Counsel to the Debtors: Amy Denton Mayer, Esq. BERGER SINGERMAN LLP 101 E Kennedy Blvd Suite 1165 Tampa, FL 33602 Phone: (813) 498-3400 Fax: (813) 527-37052 Email: amayer@bergersingerman.com About iCoreConnect Inc. iCoreConnect Inc. provides cloud-based software solutions for the healthcare sector across the United States. Its SaaS offerings support functions such as ePrescribing, insurance verification, claims management, analytics, and HIPAA-compliant communication and backup. The company is headquartered in Ocoee, Florida. iCoreConnect and iCore Midco Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Lead Case No. 25-03390) on June 2, 2025. In its petition, iCoreConnect reported between $1 million and $10 million in both assets and liabilities. Judge Grace E. Robson handles the cases. The Debtors tapped Amy Denton Mayer, Esq., at Stichter, Riedel, Blain & Postler, PA as bankruptcy counsel and Bhavsar Law Group, PA as special immigration counsel. INGENOVIS HEALTH: XAI Octagon Marks $1.1MM 1L Loan at 69% Off ------------------------------------------------------------- XAI Octagon Floating Rate & Alternative Income Trust (XFLT) has marked its $1,120,404 loan extended to Ingenovis Health, Inc. to market at $347,325 or 31% of the outstanding amount, according to XFLT's Form N-CSR for the fiscal year ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. XFLT is a participant in a Senior Secured First Lien Loan to Ingenovis Health, Inc. The loan accrues interest at a rate of 3M SOFR + 4.51% per annum. The loan matures on March 6, 2028. XFLT is a diversified, closed-end management investment company registered under the Investment Company Act of 1940, as amended. The Trust commenced operations on September 27, 2017. The Trust seeks to achieve its investment objective by investing in a dynamically managed portfolio of opportunities primarily within the private credit markets. Under normal market conditions, the Trust will invest at least 80% of its Managed Assets in floating rate credit instruments and other structured credit investments. XA Investments LLC serves as the investment adviser to the XAI Octagon Floating Rate & Alternative Income Trust. Octagon Credit Investors, LLC serves as the Trust's investment sub-adviser and is responsible for the management of the Trust's portfolio of investments. The Fund is led Theodore J. Brombach as President and Chief Executive Officer; and Derek J. Mullins as Treasurer and Chief Financial Officer. The Fund can be reach through: Theodore J. Brombach XAI Octagon Floating Rate & Alternative Income Trust 321 North Clark Street, Suite 2430 Chicago, IL 60654 Telephone: (312) 374-6930 About Ingenovis Health, Inc. Ingenovis Health, Inc. provides healthcare staffing services. The Company focuses on clinical and non-clinical staffing, health care, and technology solutions. INTERCHANGE LOGISTICS: Taps Daniel Reinganum as Bankruptcy Counsel ------------------------------------------------------------------ Interchange Logistics, LLC seeks approval from the U.S. Bankruptcy Court for the District of New Jersey to hire the Law Offices of Daniel Reinganum to handle its Chapter 11 case. The firm's hourly rates are: Daniel Reinganum, Attorney $425 Paralegals $150 to $200 Law Clerks $175 to $225 Non-Attorney Staff $125 Administrative $60 to $75 Mr. Reinganum disclosed in a court filing that his firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Daniel Reinganum, Esq. Law Offices of Daniel Reinganum 615 White Horse Pike Haddon Heights, NJ 08035 Telephone: (856) 548-5440 Email: Daniel@ReinganumLaw.com About Interchange Logistics, LLC Interchange Logistics, LLC provides interstate freight transportation services in the United States, operating as an asset-based motor carrier with company-owned tractors and trailers. Interchange Logistics, LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D.N.J. Case No. 25-23199) on December 14, 2025, listing $209,265 in assets and $1,652,891 in liabilities. The petition was signed by Zeb M. Campagna as managing member. Judge Andrew B Altenburg Jr presides over the case. Daniel Reinganum, Esq. at LAW OFFICES OF DANIEL REINGANUM represents the Debtor as counsel. IROBOT CORP: Hires Stretto Inc as Claims and Noticing Agent ----------------------------------------------------------- iRobot Corp. seeks approval from the U.S. Bankruptcy Court for the District of Delaware to hire Stretto, Inc. as claims and noticing agent. Stretto will oversee the distribution of notices and will assist in the maintenance, processing, and docketing of proofs of claim filed in the Chapter 11 cases of the Debtors. Prior to the petition date, the Debtors provided Stretto an advance in the amount of $25,000. Sheryl Betance, a senior managing director at Stretto, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Sheryl Betance Stretto, Inc. 410 Exchange Irvine, CA 92602 Telephone: (800) 634-7734 About 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 reports estimated assets and liabilities between $100 million and $500 million each. The cases are overseen by the Honorable Judge Brendan Linehan Shannon. The Debtors are represented by Paul M. Basta, Esq. of Paul, Weiss, Rifkind, Wharton & Garrison. Young Conaway Stargatt & Taylor, LLP serves as their Co-Counsel. Goodwin Procter LLP serves as Special Litigation and Corporate Counsel to the Debtors. Alvarez & Marsal Securities, LLC serves as Investment Banker and Financial Advisor to the Debtors. Stretto, Inc. serves as Claims and Noticing Agent and as Administrative Advisor to the Debtors. 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 Prepackaged Plan; conditionally approve the Disclosure Statement, and approve solicitation-related procedures is scheduled for Jan. 22, 2026 at 10:00 a.m. J3 EQUITIES: Seeks Chapter 11 Bankruptcy in Florida --------------------------------------------------- On December 23, 2025, J3 Equities, LLC filed for Chapter 11 protection in the Middle District of Florida Bankruptcy Court. According to court filing, the Debtor reports between $1 million and $10 million in assets and $1 million to $10 million in liabilities owed to 1-49 creditors. About J3 Equities, LLC J3 Equities, LLC is a Florida-based company specializing in real estate investments and equity management services. The company sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-08329) on December 23, 2025. In its petition, the Debtor reports estimated assets and estimated liabilities each ranging from $1 million to $10 million. The Debtor is represented by Justin M. Luna, Esq. of Latham, Luna, Eden & Beaudine, LLP. JET FREIGHT: Seeks Chapter 7 Bankruptcy in California ----------------------------------------------------- On December 17, 2025, Jet Freight Inc. filed for Chapter 7 protection in the Northern District of California. According to court filings, the Debtor reports between $100,001 and $1,000,000 in debt owed to 1-49 creditors. About Jet Freight Inc. Jet Freight Inc. is a U.S.-based transportation and logistics company that provides air and ground freight services, including cargo management, warehousing, and expedited shipping for commercial clients. Jet Freight Inc. sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 25-42365) on December 17, 2025. In its petition, the Debtor reports estimated assets of $0-$100,000 and estimated liabilities of $100,001-$1,000,000. Honorable Bankruptcy Judge William J. Lafferty handles the case. The Debtor is represented by Kevin Tang, Esq. of Tang & Associates. JGA DEVELOPMENT: Unsecureds Will Get 7.98% of Claims in Plan ------------------------------------------------------------ JGA Development, LLC, submitted a Third Disclosure Statement describing Chapter 11 Liquidating Plan dated December 17, 2025. This is a liquidating plan. In other words, the Proponent seeks to accomplish payment under the plan by selling its assets in an orderly manner and ceasing operations. The Debtor's liquidating plan envisions completion of the ongoing rehabilitation projects at 5 Cherryville-Stanton Road, Flemington, NJ 08822 and 36 East Grant Avenue, Building D, Unit 22, Rahway, NJ 07065. As of October 31, 2025 the Debtor had $252,230.49 of unrestricted cash in the DIP bank account. Class 7 consists of General Unsecured Creditors, including but not limited to Capital Stack UT, LLC and remaining balances owed to Anchor Loans, LP following short sales. Following payment of secured claims and administrative claims, the remaining balance on hand will be distributed pro rata to holders of allowed general unsecured claims. The Debtor projects that there will be approximately $479,030 available for distribution to general unsecured, which will result in a distribution of approximately 7.98% to general unsecured claimants. This Class is impaired. The Plan will be funded by the Debtor's cash on hand at the time of confirmation plus the net proceeds from the sale of 5 Cherryville Stanton Road, Flemington, New Jersey and 36 East Grand, Building D, Rahway, NJ 07065. The Debtor will continue to be managed by Gowtham Reddy following confirmation. A full-text copy of the Third Disclosure Statement dated December 17, 2025 is available at https://urlcurt.com/u?l=IGXdYl from PacerMonitor.com at no charge. Counsel to the Debtor: Daniel Reinganum, Esq. Law Offices of Daniel Reinganum 615 White Horse Pike Haddon Heights, NJ 08035 856-548-5440 / Daniel@ReinganumLaw.com About JGA Development, LLC JGA Development, LLC, a real estate investment and development company in Vineland, N.J., filed Chapter 11 petition (Bankr. D.N.J. Case No. 24-16864) on July 9, 2024. At the time of the filing, the Debtor disclosed $10 million to $50 million in both assets and liabilities. Judge Andrew B. Altenburg, Jr. oversees the case. The Debtor tapped the Law Offices of Daniel Reinganum as bankruptcy counsel and Michele Zelina, Esq., as special counsel. The U.S. Trustee for Regions 3 and 9 appointed an official committee to represent unsecured creditors in the Debtor's Chapter 11 case. JHW PLUMBING: Gets Interim OK to Use Cash Collateral ---------------------------------------------------- The U.S. Bankruptcy Court for the District of Arizona entered an interim order authorizing JHW Plumbing, LLC to use cash collateral. The court authorized the Debtor to use cash collateral for operating expenses outlined in the approved monthly budget, subject to a 10% variance. This authority continues through plan confirmation, dismissal of the case, or further court order, and is governed by the same terms set forth in the prior interim cash collateral order. The Debtor projects total operational expenses of $121,920.72 for January 2026. As adequate protection, Evolve Bank and Trust was granted replacement liens on the Debtor's post-petition assets, including cash and receivables, to the extent of any diminution in value caused by the use of cash collateral, excluding avoidance actions. Specialty Capital LLC was also granted a conditional replacement lien in cash collateral, without prejudice to future determinations regarding the validity, value, or extent of its pre-petition lien, with all parties reserving their rights. The order also approved monthly adequate protection payments to secured creditors, including Evolve Bank & Trust. Additionally, JHW Plumbing was required to establish debtor-in-possession bank accounts and provide ongoing financial disclosures. The relief was granted without prejudice, allowing secured creditors to seek modified adequate protection if circumstances change. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/APBzw from PacerMonitor.com. About JHW Plumbing LLC JHW Plumbing LLC, also known as DeGeorge Plumbing & HVAC, provides plumbing, heating, air-conditioning, water-treatment, and sewer and drain services to residential and commercial customers across Phoenix and surrounding communities including Scottsdale, Tempe, Mesa, Chandler, Gilbert, Glendale, Paradise Valley, Fountain Hills, Arcadia, Anthem, New River, and Cave Creek. The Company operates within the HVAC and plumbing services industry, offering repair, installation, and maintenance work throughout its service area, providing 24/7 service coverage. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ariz. Case No. 25-11019) on November 17, 2025. In the petition signed by James H. Whitley, member, the Debtor disclosed up to $500,000 in assets and up to $10 million in liabilities. Ronald J. Ellett, Esq., at Ellett Law Offices, P.C., represents the Debtor as bankruptcy counsel. KIDS FIRST PEDIATRIC: Seeks Chapter 11 Bankruptcy in California --------------------------------------------------------------- On December 22, 2025, Kids First Pediatric Therapy, Inc. filed for Chapter 11 protection in the Central District of California. According to court filings, the Debtor reports between $100,001 and $1,000,000 in debt owed to 50-99 creditors. About Kids First Pediatric Therapy, Inc. Kids First Pediatric Therapy, Inc. is a pediatric healthcare company providing therapy services for children, including physical, occupational, and speech therapy. The company is committed to enhancing developmental progress and overall well-being for its patients. Kids First Pediatric Therapy, Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-21513) on December 22, 2025. In its petition, the Debtor reports estimated assets of $100,001-$1,000,000 and estimated liabilities of $100,001-$1,000,000. Honorable Bankruptcy Judge Deborah J. Saltzman handles the case. The Debtor is represented by David Wood, Esq. of Marshack Hays Wood LLP. KLE EQUIPMENT: BMO Bank Loses Bid for Derivative Standing --------------------------------------------------------- Judge G. Michael Halfenge of the United States Bankruptcy Court for the Eastern District of Wisconsin denied BMO Bank N.A.'s motion for derivative standing in the bankruptcy case of KLE Equipment Leasing, LLC. Creditor BMO Bank N.A. moves for derivative standing to "pursue avoidance actions" against the debtor Kirk Ecklund's sons, Trenton Ecklund and Tanor Ecklund, "and any other entities who were transferees of avoidable transfers by the Debtor and any entities for whose benefit the Debtor made avoidable transfers, whether currently identified or to be identified after investigation." The motion does not adequately describe the claims BMO seeks to pursue. It broadly asserts that the estate has potential claims against the debtor's sons under Wis. Stat. Sec. 242, et seq., 11 U.S.C. Sec. 548, and 11 U.S.C. Sec. 549 for "approximately $15 million of property" the debtor transferred to his sons prepetition and "over $20,000" the debtor transferred "to Ecklund Farms, LLC" that is "avoidable under section 549." The motion leaves the Court with only the vaguest sense of the claims BMO insists the bankruptcy estate should pursue. In all events, the motion's failure to adequately describe the claims for which derivative standing is requested or show that those claims are colorable is also a sufficient reason to deny the motion. The Court finds the motion does not "state its grounds with particularity", as required by Fed. R. Bankr. P. 9013(b) and must be denied without prejudice. A copy of the Court's Decision and Order dated December 16, 2025, is available at https://urlcurt.com/u?l=aTGbbZ from PacerMonitor.com. About KLE Equipment Leasing KLE Equipment Leasing, LLC, is a Wisconsin-based equipment leasing company headquartered in Neenah. KLE Equipment Leasing sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Wis. Case No. 25-22922) on May 21, 2025. In its petition, the Debtor reported between $10 million and $50 million in both assets and liabilities. Judge G. Michael Halfenger handles the case. The Debtor is represented by Nicholas Kerkman, Esq., and Jerome R. Kerkman, Esq., at Kerkman & Dunn. KLOCKNER PENTAPLAST: Franklin Marks $2.7MM Loan at 50% Off ---------------------------------------------------------- Franklin Senior Loan ETF has marked its $2,716,022 loan extended to Klockner Pentaplast of America Inc. to market at $1,357,169 or 50% of the outstanding amount, according to Franklin's Form N-CSR for the semi-annual period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. Franklin is a participant in a USD Term Loan Facility B to Klockner Pentaplast of America Inc. The loan accrues interest at a rate of 9.02% per annum. The loan matures on February 12, 2026. The Fund, a Delaware statutory trust, is registered under the Investment Company Act of 1940. The Funds are exchange-traded funds. ETFs are funds that trade like other publicly-traded securities. Unlike shares of a mutual fund, which can be bought from and redeemed by the issuing fund by all shareholders at a price based on net asset value, shares of the Funds may be directly purchased from and redeemed by the Funds at NAV solely by certain large institutional investors who have entered into agreements with the Funds' distributor. Each of the Funds seek to provide the investment results that closely correspond, before fees and expenses, to the performance of each Fund's corresponding underlying index. The Trust is led by Christopher Kings as Chief Executive Officer – Finance and Administration, and Vivek Pai as Chief Financial Officer, Chief Accounting Officer and Treasurer. The Company can be reach through: Christopher Kings One Franklin Parkway San Mateo, CA 94403-1906 Telephone: (650) 312-2000 About Klockner Pentaplast of America Inc. Kloeckner Pentaplast of America, Inc. manufactures and distributes packaging and printing products. The Company designs and markets polyester and vinyl films. LASERSHIP INC: Franklin Marks $1.5MM Loan at 28% Off ---------------------------------------------------- Franklin Senior Loan ETF has marked its $1,502,168 loan extended to LaserShip Inc. to market at $1,085,316 or 72% of the outstanding amount, according to Franklin's Form N-CSR for the semi-annual period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. Franklin is a participant in a Initial Term Loan B1 to LaserShip Inc. The loan accrues interest at a rate of 5.76% per annum. The loan matures on August 10, 2029. The Fund, a Delaware statutory trust, is registered under the Investment Company Act of 1940. The Funds are exchange-traded funds. ETFs are funds that trade like other publicly-traded securities. Unlike shares of a mutual fund, which can be bought from and redeemed by the issuing fund by all shareholders at a price based on net asset value, shares of the Funds may be directly purchased from and redeemed by the Funds at NAV solely by certain large institutional investors who have entered into agreements with the Funds' distributor. Each of the Funds seek to provide the investment results that closely correspond, before fees and expenses, to the performance of each Fund's corresponding underlying index. The Trust is led by Christopher Kings as Chief Executive Officer - Finance and Administration, and Vivek Pai as Chief Financial Officer, Chief Accounting Officer and Treasurer. The Company can be reach through: Christopher Kings One Franklin Parkway San Mateo, CA 94403-1906 Telephone: (650) 312-2000 About LaserShip Inc. Lasership, Inc. operates as a courier services. The Company offers pickup, delivery of letters, small packages, and documents. LASERSHIP INC: Franklin Marks $1MM Loan at 72% Off -------------------------------------------------- Franklin Senior Loan ETF has marked its $1,082,273 loan extended to LaserShip Inc. to market at $303,036 or 28% of the outstanding amount, according to Franklin's Form N-CSR for the semi-annual period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. Franklin is a participant in a Initial Term Loan D to LaserShip Inc. The loan accrues interest at a rate of 5.76% per annum. The loan matures on August 10, 2029. The Fund, a Delaware statutory trust, is registered under the Investment Company Act of 1940. The Funds are exchange-traded funds. ETFs are funds that trade like other publicly-traded securities. Unlike shares of a mutual fund, which can be bought from and redeemed by the issuing fund by all shareholders at a price based on net asset value, shares of the Funds may be directly purchased from and redeemed by the Funds at NAV solely by certain large institutional investors who have entered into agreements with the Funds' distributor. Each of the Funds seek to provide the investment results that closely correspond, before fees and expenses, to the performance of each Fund's corresponding underlying index. The Trust is led by Christopher Kings as Chief Executive Officer - Finance and Administration, and Vivek Pai as Chief Financial Officer, Chief Accounting Officer and Treasurer. The Company can be reach through: Christopher Kings One Franklin Parkway San Mateo, CA 94403-1906 Telephone: (650) 312-2000 About LaserShip Inc. Lasership, Inc. operates as a courier services. The Company offers pickup, delivery of letters, small packages, and documents. LASERSHIP INC: XAI Octagon Marks $465,412 2L Loan at 71% Off ------------------------------------------------------------ XAI Octagon Floating Rate & Alternative Income Trust has marked its $465,412 loan extended to Lasership, Inc.. to market at $134,192 or 29% of the outstanding amount, according to XFLT's Form N-CSR for the fiscal year ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. XFLT is a participant in a Secured Second Lien Loan to Lasership, Inc. The loan accrues interest at a rate of 3M SOFR + 1.76% per annum. The loan matures on August 10, 2029. XFLT is a diversified, closed-end management investment company registered under the Investment Company Act of 1940, as amended. The Trust commenced operations on September 27, 2017. The Trust seeks to achieve its investment objective by investing in a dynamically managed portfolio of opportunities primarily within the private credit markets. Under normal market conditions, the Trust will invest at least 80% of its Managed Assets in floating rate credit instruments and other structured credit investments. XA Investments LLC serves as the investment adviser to the XAI Octagon Floating Rate & Alternative Income Trust. Octagon Credit Investors, LLC serves as the Trust's investment sub-adviser and is responsible for the management of the Trust's portfolio of investments. The Fund is led Theodore J. Brombach as President and Chief Executive Officer; and Derek J. Mullins as Treasurer and Chief Financial Officer. The Fund can be reach through: Theodore J. Brombach XAI Octagon Floating Rate & Alternative Income Trust 321 North Clark Street, Suite 2430 Chicago, IL 60654 Telephone: (312) 374-6930 About Lasership Inc. LaserShip is a regional last-mile delivery company that services the Eastern and Midwest United States. Founded in 1986, LaserShip is based in Vienna, Virginia, and has sorting centers in New Jersey, Ohio, North Carolina, and Florida. LAUNDROMAT OF NEVADA: Case Summary & 20 Top Unsecured Creditors --------------------------------------------------------------- Debtor: Laundromat of Nevada LLC d/b/a 24 Hour Laundromat Lavanderia (Arville) d/b/a Laundromat Lavanderia (Valley View) 3380 Arville Street, Suite G Las Vegas, NV 89102 Business Description: Laundromat of Nevada LLC, doing business as 24 Hour Laundromat Lavanderia and Laundromat Lavanderia, operates a self-service retail laundromat providing washing and drying services. The Las Vegas, Nevada–based company serves local residential customers and operates in the drycleaning and laundry services industry. Chapter 11 Petition Date: December 23, 2025 Court: United States Bankruptcy Court District of Nevada Case No.: 25-17794 Judge: Hon. August B. Landis Debtor's Counsel: Brett A. Axelrod, Esq. FOX ROTHSCHILD LLP 1980 Festival Plaza Drive Suite 700 Las Vegas, NV 89135 Tel: (702) 262-6899 Email: baxelrod@foxrothschild.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Tim Madsen 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/LWUYLLA/LAUNDROMAT_OF_NEVADA_LLC__nvbke-25-17794__0001.0.pdf?mcid=tGE4TAMA LCPR LOAN: XAI Octagon Marks $558,979 1L Loan at 43% Off -------------------------------------------------------- XAI Octagon Floating Rate & Alternative Income Trust (XFLT) has marked its $558,979 loan extended to LCPR Loan Financing LLC to market at $319,619 or 57% of the outstanding amount, according to XFLT's Form N-CSR for the fiscal year ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. XFLT is a participant in a Senior Secured First Lien Loan to LCPR Loan Financing LLC. The loan accrues interest at a rate of 6M SOFR + 4.18% per annum. The loan matures on October 16, 2028. XFLT is a diversified, closed-end management investment company registered under the Investment Company Act of 1940, as amended. The Trust commenced operations on September 27, 2017. The Trust seeks to achieve its investment objective by investing in a dynamically managed portfolio of opportunities primarily within the private credit markets. Under normal market conditions, the Trust will invest at least 80% of its Managed Assets in floating rate credit instruments and other structured credit investments. XA Investments LLC serves as the investment adviser to the XAI Octagon Floating Rate & Alternative Income Trust. Octagon Credit Investors, LLC serves as the Trust's investment sub-adviser and is responsible for the management of the Trust's portfolio of investments. The Fund is led Theodore J. Brombach as President and Chief Executive Officer; and Derek J. Mullins as Treasurer and Chief Financial Officer. The Fund can be reach through: Theodore J. Brombach XAI Octagon Floating Rate & Alternative Income Trust 321 North Clark Street, Suite 2430 Chicago, IL 60654 Telephone: (312) 374-6930 About LCPR Loan Financing LLC LCPR Loan Financing LLC provides television services. LEES EARNED: Claims to be Paid from Lease Income ------------------------------------------------ Lees Earned Portfolio LLC filed with the U.S. Bankruptcy Court for the District of Utah a Plan of Reorganization dated December 17, 2025. The Debtor is the owner of 2 properties: 22803 NE 19th Drive, Arlington WA 98223 ("Arlington Property"); and 955 Delmar Avenue, Parma, Idaho 83660 (Nu Acres Community Hall) ("Idaho Property"). The Arlington Property is currently being operated by Susan Lee, (MS Human Services Administration; CAN) and Mark Lee, (Retired, skilled workshop-based woodworker, silk screener and model builder founded) (collectively "Lees") who previously owned the property under the name of Leeside Manor. The Arlington property consists of space for 9 tenants, of which 3 are currently occupied, at the rate of $5,000/month per unit (rent-only). It is anticipated that by February 2026, the Lees will have an additional 5 spaces rented. The Debtor also owns real property in Idaho formerly known as the Nu Acres Community Hall, located in a rural area consisting of a 30 × 60 brick building featuring a kitchen, bathroom, and metal roof. The property has been used for community events, private gatherings, and quinquennia's. The Idaho property is well recognized locally as a multi-purpose venue. This Plan provides for unclassified administrative claims, two class of secured claims, one class of unsecured claims, and one class of equity security holders. Class 3 consists of General Unsecured Claims. Any allowed Class 3 claims will be paid in with monthly payments beginning on March 1, 2026 until paid in full. This Class is impaired. The Debtor will make monthly payments pursuant to the terms of this Plan. The source of the income to make the Plan payments will be from lease income from the Arlington and Idaho Property which consists of amounts paid by the Lees. A full-text copy of the Plan of Reorganization dated December 17, 2025 is available at https://urlcurt.com/u?l=ZNT7EW from PacerMonitor.com at no charge. Counsel to the Debtor: Geoffrey L. Chesnut, Esq. Argus Law Group, Inc. 2107 W. Sunset Boulevard, 2nd Floor St. George, UT 84770 Telephone: (435) 634-1600 Email: gchesnut@arguslawgroup.com - and - Thomas D. Neeleman, Esq. Neeleman Law Group, P.C. 1904 Wetmore Ave. Suite 200 Everett, WA 98201 Telephone: (425) 212-4800 Facsimile: (425) 212-4802 Email: thomas@neelemanlaw.com About Lees Earned Portfolio Lees Earned Portfolio LLC owns and manages real estate properties, including residential and non-residential assets, and leases them to tenants, operating within the real estate rental and property management sector. Lees Earned Portfolio LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Utah Case No. 25-25578) on Sept. 18, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Peggy Hunt handles the case. The Debtor is represented by Argus Law Group, Inc. and Neeleman Law Group, PC. LEEWARD RENEWABLE: Moody's Affirms Ba3 CFR, Outlook Remains Stable ------------------------------------------------------------------ Moody's Ratings affirmed the ratings of Leeward Renewable Energy Operations, LLC (Leeward Renewable), including its Ba3 corporate family rating, Ba3 senior unsecured rating and Ba3-PD probability of default rating. The rating outlook remains stable. Leeward Renewable's speculative grade liquidity rating remains SGL-2. RATINGS RATIONALE "Leeward Renewable's ratings affirmation follows management's progress in implementing its growth strategy while continuing to pursue relatively prudent financial policies" said Nati Martel, Moody's Ratings Vice President - Senior Analyst. "The Ba3 rating considers that Leeward Renewable's holding company debt will remain steady at $375 million although the issuance of $812 million of secured notes issued at intermediate holding company, LRE Financing I, LLC during 2025 has added financial complexity to the group's capital structure," added Martel. Leeward Renewable's Ba3 rating incorporates the long-term contracted operations of the majority of its renewable assets with creditworthy counterparties. Management estimated that the weighted average remaining life of the contracts was about 11 years as of September 2025. The Ba3 is constrained by the indirect exposure to execution risk associated with its affiliated companies that develop and construct renewable energy projects that will eventually be dropped into Leeward Renewable's portfolio. Between January and September 2025, management added five solar projects and one wind project to Leeward Renewable's portfolio, which increased its installed capacity by 955 MW or 45% to nearly 3.1 gigawatts (GW). During the fourth quarter of 2025, management contributed five more projects, with an installed capacity of 765 MW. This increased Leeward Renewable's fleet to 31 projects with a capacity of about 3.7 GW, on an ownership adjusted basis. These new assets include the 126 MW Antelope Valley asset, which is its first standalone battery storage. The increase in revenues and cash flow from the new largely long-term contracted assets is reducing the issuer's historical higher exposure to merchant cash flows compared to peers. Following the completion of the last additions during the 4Q2025, Leeward Renewable's portfolio of operating assets consists of nine solar assets accounting for about 39% of the ownership adjusted installed capacity, which is substantially more than the one solar project that represented less than 1% of the fleet capacity at the end of 2024. The solar fleet is expected to grow further with the company's planned contribution of nine additional assets, including seven solar projects, during 2026 through early 2027, which will continue to reduce the company's historically material concentration in wind generation. These credit positives from Leeward Renewable's growth strategy from a technology diversity and cash flow predictability perspective are balanced against the growing exposure to Verizon Communications (Baa1 stable), the offtaker of seven of the new 2025-early 2027 projects. Moody's estimates that these assets will account for about 20% of the project's total EBITDA. The Ba3 rating also reflects Moody's expectations that the company's long-term holding company debt will remain steady at $375 million and that any amount of debt issued at the parent company, Leeward Renewable Energy LLC (LRE), will be modest, if any. Moody's understands that currently there is no debt outstanding after the $82 million outstanding under its $185.5 million term loan was repaid using a portion of the debt proceeds raised in connection with the LRE Financing I, LLC notes issuance last April. The rating incorporates the lack of strong ring-fencing provisions between the Leeward Renewable and the rest of the group, including its exposure to its affiliate companies' construction risk. The stable outlook reflects Moody's expectations that Leeward Renewable will be able to maintain credit metrics that remain supportive of the Ba3 ratings despite continued growth. Specifically, Moody's expects a ratio of funds from operations (FFO) to debt of 9-11% on a run-rate basis, including certain analytical adjustments. When calculating the company's financial metrics, Moody's incorporates the cash flow run-rate of the new assets by reflecting a typical full-year financial performance, as well as proportional ownership adjustments considering its 50% ownership in the Goshen and Rockland windfarms, accounting for net payments under the tax equity partnerships, and including LRE's outstanding debt. LIQUIDITY Leeward Renewable's SGL-2 speculative grade liquidity rating reflects good liquidity and Moody's expectations that operating cash flow will be sufficient to meet its debt service obligations. At the end of September 2025, Leeward Renewable recorded an unrestricted cash balance of $72.5 million. In July 2025, Leeward Renewable amended its revolving credit facility, increasing the committed capacity to $300 million from $200 million and extending the maturity to July 2030 from May 2028. The facility includes a $200 million borrowing sublimit and a $147 million sublimit for letters of credit. As of September 30, 2025, about $43 million was available under the letters of credit sublimit after borrowings of $200 million and outstanding letters of credit aggregating $57.1 million. Moody's understands that management intends to repay borrowings under the credit facility over the near term with the proceeds received from upcoming project level financings at the issuer's affiliated company, Leeward Renewable Energy Development (Leeward Development). Leeward Renewable also has a $450 million letter of credit backed by Export Development Canada (Aaa, stable; EDC L/C facility). It is Moody's understanding that EDC typically extends this facility on an annual basis such that it was extended to June 2026 after its last scheduled expiration in June 2025. Leeward Renewable uses the two facilities largely to post letters of credit to support contractual obligations (mostly related to PPAs), including for Leeward Development's operations. As it is customary for non-investment grade issuers, borrowings under the revolving credit facility are subject to a material adverse change clause. There are also two financial covenants requiring the company to maintain (i) a leverage ratio (total ratio of borrower debt to borrow cash flow) that does not exceed 5:50:1:00; as well as (ii) an interest coverage ratio (ratio of borrower cash flow to borrower interest expense) that is not less than 1.75:1.00. Moody's expects the company will continue to comfortably comply with these covenants. Leeward Renewable's only long-term debt maturity consists of the $375 million notes that will mature in July 2029. The SGL-2 also assumes that the project's operating cash flow will be sufficient to meet the issuer's annual interest payment of around $30 million, including interest under the revolver and fees due under the L/C facility, as well as the assets' debt service (including annual scheduled amortizations). As of September 30, 2025, management reported that cash flow available for debt service (CFADS) aggregated around $119 million for the 3QLTM2025 (year-end 2024: nearly $87 million). Moody's expects the encumbered projects will further meet their distribution tests to upstream cash flows to the company. Moody's liquidity analysis also considers that fourteen out of the thirty-one assets included in Leeward Renewable's portfolio at year-end 2025 will be unencumbered. However, only seven of them will not be subject to tax equity partnerships. Except for one, the capital structures of the new assets contributed in 2025 include tax equity partnerships (at an intermediate subsidiary), and all have back-levered project debt. Ten of these new projects support the debt service of the $812 million LRE Financing I, LLC notes due in 2050. Reliance on these types of financings to fund the group's expansion reduces the amount of cash that is available for distribution. In September 2025, Leeward Renewable's affiliated companies, LRE Construction Warehouse, LLC and LRE Warehouse Operations, LLC, upsized the warehouse facility to $1.75 billion from $1.2 billion that they used to fund the construction of assets. Moody's expects that the company will upstream the vast majority of its excess cash flow to the parent company. However, Moody's acknowledges the financial flexibility awarded by its private ownership which eliminates the pressure to meet certain public dividend payment targets. Moody's also considers OMERS' financial strength that underpins its ability to make planned annual equity contributions to Leeward Development to help fund the group's expansion strategy. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Factors that could lead to an upgrade Assuming that the continuation of its growth strategy does increase Leeward Renewable's business risk profile, its ratings could be upgraded if the company is able to generate a run-rate ratio of FFO to debt above 12%, on a sustained basis. Factors that could lead to a downgrade A downgrade of Leeward Renewable's ratings is possible if its growth strategy results in a material increase in the business risk profile or results in material incremental holding company debt. A deterioration in the company's financial profile would also put pressure on the ratings; specifically, if the consolidated ratio of FFO to debt ratio falls below 7%, on a sustained basis. Leeward Renewable is a privately owned, growth-oriented renewable energy holding company that indirectly owns a portfolio of renewable generation assets in the US. As of September 30, 2025, its portfolio consists of 31 assets with a net installed capacity of approximately 3 GW, on an ownership adjusted basis. Leeward Renewable is ultimately owned by OMERS Administration Corporation (OMERS; Aa1 stable), the defined benefit pension plan for municipal employees in the Province of Ontario. LIST OF AFFECTED RATINGS Issuer: Leeward Renewable Energy Operations, LLC Affirmations: LT Corporate Family Rating, Affirmed Ba3 Probability of Default Rating, Affirmed Ba3-PD Senior Unsecured, Affirmed Ba3 Outlook Actions: Outlook, Remains Stable The principal methodology used in these ratings was Unregulated Utilities and Power Companies published in August 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. LILYDALE PROGRESSIVE: Cash Collateral Hearing Set for Dec. 31 ------------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Illinois is set to hold a status hearing on December 31 on Lilydale Progressive Missionary Baptist Church's bid to use cash collateral. The Debtor's authority to utilize cash collateral pursuant to the court's December 12 order expires on December 31. The Debtor owns a property in Chicago valued at approximately $2 million. This property generates income through tithes and offerings, which qualify as cash collateral under Section 363(a) of the Bankruptcy Code. CadleRock III, LLC, the successor in interest to the original lender Park National Bank, has a mortgage on the Debtor's property. As of the petition date, Cadlerock is owed $504,401.05. About Lilydale Progressive Missionary Lilydale Progressive Missionary Baptist Church sought protection under Chapter 11 of the U.S. Bankruptcy Code (Banker. N.D. Ill. Case No. 24-12502) on August 26, 2024, with $500,001 to $1 million in assets and $100,001 to $500,000 in liabilities. Judge Janet S. Baer presides over the case. The Debtor tapped the Law Office William E. Jamison & Associates as bankruptcy counsel and Chitwood & Chitwood Financial Services as accountant. CadleRock III, LLC, as secured creditor, is represented by: Cynthia G. Feeley, Esq. Feeley & Associates, P.C. 161 North Clark Street, Suite 1600 Chicago, IL 60601 Tel: 312-541-1200 feeleypc@aol.com LIMITLESS ABA: Gets Extension to Access Cash Collateral ------------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Florida entered an interim order authorizing Limitless ABA, LLC to continue to use cash collateral. Under the interim order, the Debtor is authorized to use cash collateral solely to pay the expenses set forth in its budget and the amounts expressly authorized by the court including payments to the Subchapter V trustee. Any use of cash collateral outside of these limits is prohibited. The Debtor projects total operational expenses of $77,553 for January 2026; $65,525 for February 2026; $71,346 for March 2026; and $70,346 for April 2026. As adequate protection, potential secured creditors Byzfunder NY, LLC and Forward Funding, LLC will be granted post-petition liens on cash collateral existing as of the petition date and any arising post-petition, with the same validity and priority as any pre-bankruptcy liens, subject to later court review. The order does not prejudice creditors from seeking additional protection. The next hearing is scheduled for February 17, 2026. At the time of its Chapter 11 filing, the Debtor had cash collateral consisting of $11,957.21 in cash on hand, $37.32 in bank accounts, and $88,488.03 in accounts receivable, totaling $100,482.56. On October 22, TriCare deposited about $35,000 into the Debtor's account. The Debtor owes approximately $87,000 to Byzfunder and $48,000 to Forward Funding. Byzfunder is represented by: Mitun Mitra, Esq. P.O. Box 1018 Sarasota, FL 34230 (248) 462-7111 mmitra@kaminskilawpllc.com About Limitless ABA LLC Limitless ABA, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-03824) on October 21, 2025, with $100,001 to $500,000 in assets and liabilities. L. Todd Budgen, Esq., a practicing attorney in Longwood, Fla., serves as Subchapter V trustee. Judge Jacob A. Brown presides over the case. Lisa C. Cohen, Esq., at Ruff & Cohen, PA represents the Debtor as legal counsel. LJK WALLCOVERINGS: Claims to be Paid from Ongoing Operation ----------------------------------------------------------- LJK Wallcoverings, Inc., filed with the U.S. Bankruptcy Court for the Southern District of New York an Amended Disclosure Statement describing Amended Chapter 11 Plan dated December 17, 2025. The Debtor is a small painting company that provides commercial and residential painting and wallcovering services throughout Westchester County, New York City, and the surrounding areas. The Debtor ran into cash flow issues and accumulating debt, including among other things, debts to the IRS and the Small Business Administration (the "SBA"), which ultimately led to the Debtor's Chapter 11 bankruptcy filing. Early in the Debtor's Chapter 11 bankruptcy case, the Debtor entered into stipulated payment agreements with the IRS and the SBA, and during the course of this bankruptcy the Debtor has been making payments to the IRS and the SBA pursuant to the terms of those agreements. The Debtor's Amended Plan proposes to have the Debtor continue to make payments to the SBA and IRS pursuant to the terms of the stipulated agreement, which is necessary to allow the Debtor to continue operations. The Debtor's Amended Plan further proposes to make quarterly disbursements of the Debtor's net income to the remaining creditors over the five years of the Amended Plan, which will allow disbursements to creditors to increase over the course of the Debtor's Amended Plan as the Debtor's financial situation improves. Class 3 consists of Unsecured Claims. Allowed Class 3 Claims shall be paid pro rata on a quarterly basis in an amount equal to the amount of the Debtor's quarterly net disposable income after payments to holders of Administrative, Priority, and Secured Claims. Class 3 Claims are Impaired and are entitled to vote. Class 3 claims consist of the following: Funding Metrics ($23,961.64); IRS ($134,618.17); JP Morgan Chase ($27,567.78); Zachter ($59,624.46); American Express ($14,636.42); Can Capital ($58,690.15); Can Capital ($13,261.63); and ODK Capital ($37,195.76). Class 4 consists of the Equity Interest of the owners of Debtor, as set forth in the Petition. On the Effective Date, all class 4 Equity Interests shall be cancelled without any distribution on account of such Equity Interests, and new interests in the Reorganized Debtor will be issued 100% to the existing shareholders in return for their continued operation of the Debtor and services performed thereto. The Chapter 11 Plan will be funded from income generated through the on-going operation of the Debtor. On the Effective Date (or as soon after as possible) the Debtor will pay Administrative Expense Claims (unless otherwise agreed upon) and U.S. Trustee Fees in full. A full-text copy of the Amended Disclosure Statement dated December 17, 2025 is available at https://urlcurt.com/u?l=0RCDbJ from PacerMonitor.com at no charge. Counsel to the Debtor: Charles Higgs, Esq. LAW OFFICE OF CHARLES A. HIGGS 2 Depot Plaza First Floor, Office 4 Bedford Hills, NY 10507 Tel: (917) 673-3768 Email: Charles@freshstartesq.com About LJK Wallcoverings, Inc. LJK Wallcoverings, Inc., is a small painting company that provides commercial and residential painting and wallcovering services throughout Westchester County, New York City, and the surrounding areas. The Debtor filed a Chapter 11 bankruptcy petition (Bankr. S.D.N.Y. Case No. 23-22876) on November 27, 2023, disclosing under $1 million in both assets and liabilities. The Debtor is represented by THE LAW OFFICE OF CHARLES A. HIGGS. LUXURY RIDES: Unsecureds Will Get 19.9% of Claims over 36 Months ---------------------------------------------------------------- Luxury Rides, LLC, filed with the U.S. Bankruptcy Court for the Eastern District of Louisiana a Plan of Reorganization dated December 18, 2025. Luxury Rides, LLC is a Louisiana limited liability company that was formed on May 26, 2021. The Debtor is a ground transportation company providing private, chauffeured transportation services to individuals, corporate clients, tourists, and group travelers. Luxury Rides generates revenue primarily from transportation fees charged per trip, hourly services, and contracted event transportation. The Debtor's success is closely tied to tourism levels, event schedules , seasonal demand, and overall economic conditions in the region. Despite a strong service reputation and consistent demand during peak periods, the Debtor has faced significant financial challenges that have impacted its liquidity and long term sustainability. Over time, these factors constrained the Company's cash flow, making it increasingly difficult to meet ongoing obligations as they came due while still investing in fleet maintenance and service quality. As a result, the Debtor was unable to remain current on its lease and loan obligations. Facing repossession of certain leased vehicles, the Debtor filed Chapter 11. The Debtor recognizes that to go forward, the company will need to restructure the secured debt, reduce the amount paid to unsecured creditors, assume certain executory contracts, and reject certain executory contracts. By reorganizing its secured and unsecured debt and rejecting certain executory contracts, the Debtor has positioned itself to avoid further reorganization. This Plan of Reorganization proposes to pay creditors of the Debtor from future revenue. Non-priority unsecured creditors holding allowed claims will receive distributions, which the proponent of the Plan has valued at approximately 19.9% of the allowed claim amount. This Plan also provides for the payment of administrative and priority claims as unclassified claims. Class 6 consists of all non-priority unsecured claims. Class 6 is impaired. Quarterly commencing on the third month after the Effective Date and continuing every quarter through the thirty-sixth month after the Effective Date. Class 6 Claims shall be paid pursuant to the Payment Schedule. Individual amounts are pro rata and based on the amount of each allowed claim. The proceeds from any avoidance actions or other litigation initiated by the Reorganized Debtor, after payment of any attorney fees and costs, will be paid to holders of allowed Class 6 Claims as additional distributions. The allowed unsecured claims total $253,628.74. This Class will receive a distribution of 19.9% of their allowed claims. This Class will receive distributions as follows: Quarters 1-3 - $750.00/quarter Quarters 4-6 $1,500.00/quarter Quarters 7-12 $7,500.00/quarter Class 7 consists of the Equity Interest of the Debtor. Holders of Equity Interests shall retain their interest in the Reorganized Debtor, Although the Holders of Existing Equity Interests shall retain those interests after Confirmation, no distributions may be made to the Holders of such Equity Interests by virtue of those interests during the term of the Plan. This Plan will be funded by the business operations of the Debtor. The Debtor anticipates that Ahmad Elbarqa, who is the owner of the Debtor, will continue receiving compensation at the Court approved weekly salary of $1,000.00, plus $500 per month in health insurance premiums, building rent of $1,625.00, and $358.00 per month for cell phone and tablet use of the business. Mr. Elbarqa's spouse, Perla Estevez will continue serving as marketing director and receiving compensation at the Court approved weekly salary of $850.000. The Debtor does not anticipate increasing the salaries of insiders in the foreseeable future. The Debtor has projected an annual three percent increase in revenue and operating expenses in the budget. A full-text copy of the Plan of Reorganization dated December 18, 2025 is available at https://urlcurt.com/u?l=d3URe5 from PacerMonitor.com at no charge. Counsel to the Debtor: Patrick S. Garrity, Esq. Eric J. Derbes, Esq. THE DERBES LAW FIRM, L.L.C. 3027 Ridgelake Drive Metairie, LA 70002 Telephone: (504) 207-0920 Facsimile: (504) 832-0322 E-mail: pgarrity@derbeslaw.com About Luxury Rides LLC Luxury Rides, LLC is a ground transportation company providing private, chauffeured transportation services to individuals, corporate clients, tourists, and group travelers. The Debtor sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D. La. Case No. 25-12104) on September 19, 2025. At the time of the filing, the Debtor had estimated assets of between $100,001 to $500,000 and liabilities of between $100,001 to $500,000. Judge Meredith S. Grabill oversees the case. The Debtor tapped Derbes Law Firm, LLC as counsel and Blackwood Financial, LLC as accountant. MAGENTA BUYER: XAI Octagon Marks $383,563 1L Loan at 57% Off ------------------------------------------------------------ XAI Octagon Floating Rate & Alternative Income Trust (XFLT) has marked its $383,563 loan extended to Magenta Buyer LLC to market at $166,083 or 43% of the outstanding amount, according to XFLT's Form N-CSR for the fiscal year ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. XFLT is a participant in a Senior Secured First Lien- Second Out Loan to Magenta Buyer LLC. The loan accrues interest at a rate of 3M SOFR + 7.26% per annum. The loan matures on July 27, 2028. XFLT is a diversified, closed-end management investment company registered under the Investment Company Act of 1940, as amended. The Trust commenced operations on September 27, 2017. The Trust seeks to achieve its investment objective by investing in a dynamically managed portfolio of opportunities primarily within the private credit markets. Under normal market conditions, the Trust will invest at least 80% of its Managed Assets in floating rate credit instruments and other structured credit investments. XA Investments LLC serves as the investment adviser to the XAI Octagon Floating Rate & Alternative Income Trust. Octagon Credit Investors, LLC serves as the Trust's investment sub-adviser and is responsible for the management of the Trust's portfolio of investments. The Fund is led Theodore J. Brombach as President and Chief Executive Officer; and Derek J. Mullins as Treasurer and Chief Financial Officer. The Fund can be reach through: Theodore J. Brombach XAI Octagon Floating Rate & Alternative Income Trust 321 North Clark Street, Suite 2430 Chicago, IL 60654 Telephone: (312) 374-6930 About Magenta Buyer LLC Magenta Buyer LLC provides security software solutions. MANAGEMENT MCOA: Seeks Chapter 11 Bankruptcy in Florida ------------------------------------------------------- On December 23, 2025, Management MCOA LLC filed for Chapter 11 protection in the Southern District of Florida. According to court filings, the Debtor reports between $0 and $100,000 in debt owed to 1-49 creditors. About Management MCOA LLC Management MCOA LLC is a limited liability company. Management MCOA LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-25184) on December 23, 2025. In its petition, the Debtor reports estimated assets of $0-$100,000 and estimated liabilities of $0-$100,000. Honorable Bankruptcy Judge Erik P. Kimball handles the case. The Debtor is represented by Jordi Guso, Esq. MARTINEZ & SONS: Section 341(a) Meeting of Creditors on January 27 ------------------------------------------------------------------ On December 18, 2025, Martinez & Sons Produce, Inc. filed for Chapter 11 protection in the Southern District of California. According to court filings, the Debtor reports assets in the range of $100,001-$1,000,000 and liabilities of $1 million to $10 million, owed to 1-49 creditors. A meeting of creditors under Section 341(a) to be held on January 27, 2026 at 01:00 PM To access telephonic 341 meeting, call 888-330-1716 and enter passcode 6374440# when prompted. About Martinez & Sons Produce, Inc. Martinez & Sons Produce, Inc., founded in 1985 by the Martinez family in San Diego, California, cultivates and distributes gourmet vegetables including tomatoes, carrots, squash, cucumbers, onions, green beans, beets, and basil, and operates a vertically integrated system managing production from field to customer, supplying regional and national markets. Martinez & Sons Produce, Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-05253) on December 18, 2025. In its petition, the Debtor reports estimated assets of $100,001-$1,000,000 and estimated liabilities of $1 million to $10 million. The Debtor is represented by Maggie Schroedter, Esq. of Robberson Schroedter LLP. MEDICAL SOLUTIONS: Franklin Marks $3.3MM Loan at 64% Off -------------------------------------------------------- Franklin Senior Loan ETF has marked its $3,397,447 loan extended to Medical Solutions Holdings Inc. to market at $1,223,081 or 36% of the outstanding amount, according to Franklin's Form N-CSR for the semi-annual period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. Franklin is a participant in a Initial Term Loan to Medical Solutions Holdings Inc. The loan accrues interest at a rate of 7.91% per annum. The loan matures on November 1, 2028. The Fund, a Delaware statutory trust, is registered under the Investment Company Act of 1940. The Funds are exchange-traded funds. ETFs are funds that trade like other publicly-traded securities. Unlike shares of a mutual fund, which can be bought from and redeemed by the issuing fund by all shareholders at a price based on net asset value, shares of the Funds may be directly purchased from and redeemed by the Funds at NAV solely by certain large institutional investors who have entered into agreements with the Funds’ distributor. Each of the Funds seek to provide the investment results that closely correspond, before fees and expenses, to the performance of each Fund's corresponding underlying index. The Trust is led by Christopher Kings as Chief Executive Officer - Finance and Administration, and Vivek Pai as Chief Financial Officer, Chief Accounting Officer and Treasurer. The Company can be reach through: Christopher Kings One Franklin Parkway San Mateo, CA 94403-1906 Telephone: (650) 312-2000 About Medical Solutions Holdings Inc. Medical Solutions Holdings, Inc. operates as a holding company. The Company, through its subsidiaries, provides clinical and non-clinical solutions to healthcare clients, such as nursing, allied, therapy professions, and medical services. Medical Solutions serves patients worldwide. MIGGS RESTAURANT: Seeks to Hire SPB Law P.A. as Bankruptcy Counsel ------------------------------------------------------------------ Miggs Restaurant LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of Florida to hire SPB Law P.A. as counsel. The firm's services include: a. rendering legal advice with respect to the Debtor's powers and duties as debtor-in-possession; b. preparing necessary motions, applications, orders, reports, pleadings, and other legal papers, including schedules of assets and liabilities; c. appearing before the court and the United States Trustees to represent and protect the interests of the Debtor; d. assisting with and participating in negotiations with creditors and other parties in interest in formulation a chapter 11 plan, drafting such a plan and a related disclosure statement, and taking necessary steps to confirm such a plan; e. representing the Debtor in all adversary proceedings, contested matters, and matters involving the administration of this case; and f. performing all other legal services that may be necessary for the proper preservation and administration of this chapter 11 case. The firm's current flat rate for a Chapter 11 case is $15,000. SPB Law P.A. is a "disinterested person" within the meaning of 11 U.S.C. 101(14), according to court filings. The firm can be reached through: Samuel P. Bennett, Esq. SPB Law P.A. 6345 102 Terrace North Pinellas Park, FL 33782 Tel: (863) 591-0345 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. MIRADOR MASTER: Wants Greenwich Barred from Raising D&O Issue ------------------------------------------------------------- Melanie E. Damian, in her capacity as the Court-appointed receiver for Mirador Master Association Inc., as Defendant/counter-plaintiff, and Mirador 1000 Condominium Association, Inc. and Mirador 1200 Condominium Association, Inc., Intervenor-Plaintiffs, filed an omnibus motion with the U.S. District Court for the Southern District of Florida, in limine: (1) precluding Greenwich Insurance Company from attempting to relitigate at trial in this Coblentz action the underlying liability of Greenwich's insureds or otherwise suggest to the jury that the insureds are not liable to the Receiver and Mirador 1000/1200; and (2) precluding Greenwich from advancing, eliciting, or suggesting to the jury any argument, testimony, evidence, or inference that is contrary to, inconsistent with, or in any way undermines this Court's orders and rulings in this case. Damian et al. argue that the Coblentz Agreement has conclusively established the former and resulting consent judgments entered against the D&Os and Mirador Master after Greenwich wrongfully refused to defend its insureds. This is a Coblentz action arising out of Greenwich's wrongful denial of a defense and indemnity with respect to a lawsuit brought by the Receiver against certain of Mirador Master's former officers and directors for breach of fiduciary duty, and a lawsuit brought by Mirador 1000/1200 against Mirador Master for breach of fiduciary duty. After Greenwich abandoned its insureds by wrongfully refusing to defend the D&Os and Mirador Master and denying all coverage for the Receiver and Mirador 1000/1200's claims, the Receiver, Mirador 1000/1200, and the D&Os engaged in extensive, good faith settlement negotiations and ultimately entered into a mediated settlement agreement for $3,800,000 against the D&Os and in favor of the Receiver and for $865,757.39 against Mirador Master and in favor of Mirador 1000/1200. That agreement included a covenant not to execute against the personal assets of the D&Os and Mirador Master in exchange for an assignment of the D&Os' and Mirador Master's rights against Greenwich under Greenwich's excess/umbrella policy and at law. As part of that settlement, the primary carrier, Travelers, exhausted the remaining limits of the primary policy. Before the Coblentz Agreement was executed by the parties or approved by the Receivership Court, however, Greenwich was advised that Travelers had agreed to tender its remaining policy limits and given another opportunity to agree to provide a defense to its insureds. Rather than agree to defend its insureds, Greenwich unequivocally denied coverage, refused to defend the D&Os and Mirador Master, and filed this action seeking a declaratory judgment that it has no duty to defend or indemnify its insureds. Following approval of the settlement by the Receivership Court, the Receiver filed a counterclaim against Greenwich and Mirador 1000/1200 filed an Intervenor Complaint seeking to enforce the Coblentz Agreement and to recover from Greenwich the $3.8 million and $865,757.39 respective settlement amounts. Greenwich attempted to argue that the Receiver was not entitled to seek certain damages from the D&Os in the Receiver Action as a result of the D&Os' breaches of fiduciary duties. Damian et al. contend that, not only is Greenwich's argument wrong as a matter of law, but if Greenwich wanted to challenge the Receiver's entitlement to seek certain damages from the D&Os in the Receiver's lawsuit against them or Mirador 1000/1200's entitlement to seek certain damages from Mirador Master, Greenwich should have agreed to provide a defense to its insureds in the underlying lawsuits. Florida law is well-settled that a consent judgment entered pursuant to a Coblentz agreement establishes the insured's liability and damages. Notwithstanding this well-settled law, the Receiver and Mirador 1000/1200 anticipate that Greenwich may attempt to argue (or suggest) to the jury that the D&Os were not liable to the Receiver and that Mirador Master was not liable to Mirador 1000/1200, or otherwise attempt to relitigate the issue of Greenwich's insureds' liability and raise defenses to the Receiver's claims against the D&Os or Mirador 1000/1200's claims against Mirador Master in this Coblentz action that could have been raised in the underlying actions. Damian et al. assert the Court should also preclude Greenwich from presenting argument, evidence, or testimony contrary to the Court's orders and rulings. In addition to Greenwich's anticipated attempts to relitigate liability and damages, the Receiver and Mirador 1000/1200 seek a further ruling preventing Greenwich from offering testimony, evidence, or argument that contradicts, disregards, or invites the jury to disregard the Court's prior rulings in this action. Accordingly, the Receiver and Mirador 1000/1200 request that the Court issue a clear directive prohibiting Greenwich from offering any argument, testimony, or evidence inconsistent with the Court's orders. Such an order is necessary to ensure that the trial is conducted consistently with the governing legal framework, that the jury is not misled, and that the Court's rulings are respected and applied. Because the consent judgment entered in favor of the Receiver and against the D&Os conclusively establishes the D&Os' liability and the consent judgment entered in favor of the Mirador 1000/1200 against Mirador Master conclusively establishes Mirador Master's liability, and because Greenwich's refusal to defend its insureds precludes it from relitigating liability and damages now, the Court should enter an Omnibus Order in limine precluding Greenwich from introducing at trial any evidence, arguments, or testimony that improperly attempt to relitigate the D&Os' and Mirador Master's liability and damages at the trial in this Coblentz action or raise any defenses that should have been raised in the Receiver's underlying lawsuit against the D&Os and Mirador 1000/1200's action against Mirador Master. Damian et al. further note that, because the Court's forthcoming legal rulings may conclusively establish there is coverage under the policy and that Greenwich wrongfully declined to defend its insureds, Greenwich should be precluded from presenting any evidence, testimony, or argument that contradicts, undermines, or is inconsistent with the Court's prior orders and rulings. About Mirador Master Association, Inc. Mirador Master Association, Inc. is a community organization based in Miami, Florida, that focuses on managing and maintaining the common areas and amenities of its residential properties. The association oversees various aspects of property management to enhance the overall living experience for its residents. Mirador Master is facing a receivership case captioned as Greenwich Insurance Company v. Humberto Fernandez, Seth Frohlich, Claudia Herman, Bernardo Sandoval, Mirador Master Association, Inc., and Melanie E. Damian, in her capacity as the Court-appointed receiver for Mirador Master Association, Inc., Case No. 1:24-cv-23909 (S.D. Fla.), before the Hon. Cecilia M. Altonaga. The case was filed on Oct. 9, 2024. Attorneys for Melanie E. Damian, in her capacity as the Court-appointed receiver for Mirador Master Association, Inc.: Jason S. Mazer, Esq. Joshua R. Alhalel, Esq. MAZER LAW P.A. 2 Grove Isle Drive, Suite PH10 Miami, FL 33133 Tel: (305) 374-6481 E-mail: jmazer@mazer-law.com jalhalel@mazer-law.com Attorneys for Mirador 1000 Condominium Association, Inc. and Mirador 1200 Condominium Association, Inc.: Meghan C. Moore, Esq. Nicole A. Josephy, Esq. FLASTER GREENBERG PC 2255 Glades Road, Suite 324A Boca Raton, FL 33431 Tel: (561) 961-4508 E-mail: meghan.moore@flastergreenberg.com nicole.josephy@flastergreenberg.com MOHNARK PHARMACEUTICALS: Seeks Chapter 11 Bankruptcy in Florida --------------------------------------------------------------- On December 23, 2025, Mohnark Pharmaceuticals, Inc. filed for Chapter 11 protection in the Southern District of Florida. According to court filings, the Debtor reports between $100,001 and $1,000,000 in debt owed to 1-49 creditors. About Mohnark Pharmaceuticals, Inc. Mohnark Pharmaceuticals, Inc. is a pharmaceutical company engaged in the development and commercialization of drug products. The company focuses on identifying, developing, and advancing therapeutic solutions intended to address unmet medical needs. Mohnark Pharmaceuticals, Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-25193) on December 23, 2025. In its petition, the Debtor reports estimated assets between $0 and $100,000 and estimated liabilities between $100,001 and $1,000,000. Honorable Bankruptcy Judge Laurie Selber Silverstein handles the case. The Debtor is represented by Daniel Gielchinsky, Esq. MONTE MARTIN: Gets Final OK to Use Cash Collateral -------------------------------------------------- Monte Martin, Inc received final approval from the U.S. Bankruptcy Court for the Northern District of Texas, Dallas Division, to use cash collateral. The final order authorized the Debtor to use cash collateral through confirmation of a Chapter 11 plan or further court order, in accordance with a 13-week cash flow budget. The Debtor must not exceed any individual budget line item by more than 15%, and total disbursements must not exceed the overall budget without further court approval or consent from the U.S. Small Business Administration. The SBA, a secured creditor, holds a loan of approximately $1,265,000, and asserts a lien on substantially all of the Debtor's assets, including accounts, inventory, and proceeds. As adequate protection, SBA will be granted replacement liens on the Debtor's post-petition assets similar to its pre-bankruptcy collateral. The SBA is also entitled to bi-weekly adequate protection payments of $1,962.50, applied first to post-petition interest and then to principal. These liens are subject to a carveout for fees, including U.S. Trustee fees, up to $25,000 in Debtor professional fees, and up to $15,000 for a professional retained by the Subchapter V trustee. The order imposes ongoing reporting obligations, requiring monthly budget-to-actual financial statements to the SBA, Subchapter V Trustee, and U.S. Trustee. The authorization may terminate upon specified defaults, including missed payments, misuse of cash collateral, or failure to provide reports. About Monte Martin Inc. Based in Dallas, Texas, Monte Martin Inc. provides fine art services, exhibit design and fabrication, lighting design, and electrical contracting through its headquarters at 2819 Anode Lane. It serves a diverse clientele including galleries, museums, institutions, restaurants, retail establishments, hotels, and private collectors, integrating art and lighting in its projects. Monte Martin formerly conducted business under the names Martin & Martin Design Services, LLC, Martin & Martin Design Electrical, LLC, Martin & Martin Design Fine Art Services, LLC, and Martin & Martin Design Exhibition Design, LLC. Monte Martin Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Texas Case No. 25-33677) on September 22, 2025. In its petition, the Debtor reports estimated assets between $100,000 and $500,000 and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Michelle V. Larson handles the case. The Debtor is represented by David Shuster, Esq., at Shuster Law, PLLC. MOSAIC MENTAL: Seeks to Hire Lane Law Firm as Bankruptcy Counsel ---------------------------------------------------------------- Mosaic Mental Health, PLLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to hire The Lane Law Firm, PLLC as counsel. The firm will render these services: a. assist, advise and represent the Debtor relative to the administration of the chapter 11 case; b. assist, advise and represent the Debtor in analyzing the Debtor's assets and liabilities, investigating the extent and validity of lien and claims, and participating in and reviewing any proposed asset sales or dispositions; c. attend meetings and negotiate with the representatives of the secured creditors; d. assist the Debtor in the preparation, analysis, and negotiation of any plan of reorganization and disclosure statement accompanying any plan of reorganization; e. take all necessary action to protect and preserve the interests of the Debtor; f. appear, as appropriate, before this Court, the Appellate Courts, and other Courts in which matters may be heard and to protect the interests of the Debtor before said Courts and the United States Trustee; and g. perform all other necessary legal services in these cases. The firm will be paid at these hourly rates: Robert Lane, Attorney $650 Joshua Gordon, Senior Associate $625 Zach Casas, Attorney $575 Kyle Garza, Attorney $450 Grant Bullwinkel, Paralegal $250 In addition, the firm will seek reimbursement for expenses incurred. The firm received multiple payments from Debtor totaling $35,000. Mr. Lane disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Robert C. Lane, Esq. The Lane Law Firm, PLLC 6200 Savoy, Suite 1150 Houston, TX 77036 Telephone: (713) 595-8200 Facsimile: (713) 595-8201 About Mosaic Mental Health PLLC Mosaic Mental Health, PLLC is a professional limited liability company that provides outpatient mental health services. The practice offers behavioral health care, including therapy, counseling, and related clinical services, to individuals and families. Mosaic Mental Health, PLLC filed a petition under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Case No. 25-37534) on December 11, 2025, with $50,001 to $100,000 in assets and $100,001 to $500,000 in liabilities. Judge Eduardo V. Rodriguez presides over the case. Robert C. Lane, Esq., at The Lane Law Firm represents the Debtor as bankruptcy counsel. NEW FORTRESS: XAI Octagon Marks $1.3MM 1L Loan at 52% Off --------------------------------------------------------- XAI Octagon Floating Rate & Alternative Income Trust (XFLT) has marked its $1,393,107 loan extended to New Fortress Energy, Inc. to market at $669,959 or 48% of the outstanding amount, according to XFLT's Form N-CSR for the fiscal year ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. XFLT is a participant in a Senior Secured First Lien Loan to New Fortress Energy, Inc. The loan accrues interest at a rate of 3M SOFR + 5.50% per annum. The loan matures on October 30, 2028. XFLT is a diversified, closed-end management investment company registered under the Investment Company Act of 1940, as amended. The Trust commenced operations on September 27, 2017. The Trust seeks to achieve its investment objective by investing in a dynamically managed portfolio of opportunities primarily within the private credit markets. Under normal market conditions, the Trust will invest at least 80% of its Managed Assets in floating rate credit instruments and other structured credit investments. XA Investments LLC serves as the investment adviser to the XAI Octagon Floating Rate & Alternative Income Trust. Octagon Credit Investors, LLC serves as the Trust's investment sub-adviser and is responsible for the management of the Trust's portfolio of investments. The Fund is led Theodore J. Brombach as President and Chief Executive Officer; and Derek J. Mullins as Treasurer and Chief Financial Officer. The Fund can be reach through: Theodore J. Brombach XAI Octagon Floating Rate & Alternative Income Trust 321 North Clark Street, Suite 2430 Chicago, IL 60654 Telephone: (312) 374-6930 About New Fortress Energy, Inc. New Fortress Energy Inc. operates as an energy infrastructure company. The Company owns and operates natural gas and liquefied natural gas infrastructure, and an integrated fleet of ships and logistics assets to deliver energy solutions. NEW GRANT: Hires Colliers International as Valuation Consultant --------------------------------------------------------------- New Grant Acquisitions, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Georgia to employ Colliers International Valuation and Advisory Services, LLC as valuation consultant. The firm's services include: (a) preparation of an appraisal of the Debtor's real estate assets; (b) preparation of oral and possibly written reports reflecting such appraisal conclusion; and (c) litigation support as may be requested by the Debtor. Colliers will be paid a flat fee of $20,000 for preparing an oral report of its conclusions as to the value of the Debtor's real estate. Should the Debtor's request a draft written report of same, Colliers will be paid an additional flat fee of $10,000. Any additional time spent by Colliers either in preparing a final report or in providing litigation support shall be billed on an hourly basis, at rates ranging from $350 to $850 per hour. As disclosed in the court filings, Colliers is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: John T. Farrell Colliers International Valuation and Advisory Services, LLC 1625 Eye Street NW, Suite 950 Washington, DC 20006 Phone: (202) 261-2238 About New Grant Acquisitions New Grant Acquisitions, LLC is a real estate lessor with its principal assets located at 44 Broad Street NW in Atlanta, Georgia. New Grant Acquisitions, LLC in Davenport, IA, sought relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-61599) on Oct. 6, 2025, listing as much as $10 million to $50 million in both assets and liabilities. Brent Crittenden, authorized agent, signed the petition. Scroggins, Williamson & Ray, PC serves as the Debtor's counsel. NOBLE LIFE: Unsecureds Will Get 2% of Claims over 5 Years --------------------------------------------------------- Noble Life Sciences, Inc. filed with the U.S. Bankruptcy Court for the District of Maryland a Disclosure Statement in support of Plan of Reorganization dated December 18, 2025. The Debtor owns and operates an advanced preclinical drug, vaccine and medical device testing service provider located in Sykesville, Maryland. Its primary business deals with providing its clients with the necessary and required testing services in both animal and cell-based models. The Debtor was growing its infrastructure and staffing to what it predicted would be a growth in the life sciences area that the Debtor practiced in. Regretfully, prior to the Debtor's Bankruptcy, there was a reduction in research associated with life sciences which significantly affected and reduced the Debtor's sales. The Debtor began reducing its staff and expenses prior to the filing of the Bankruptcy Petition but could not accomplish such a reduction and service before its Bank filed suit. Therefore, the Debtor decided to file this Bankruptcy Proceeding to restructure its financial affairs. Since the Debtor filed its Bankruptcy Petition, it has experienced an increase in sales from about $1,753,000 to $2,790,749 as of November 31, 2025. What is even more encouraging is that it has experienced an increase in the bookings for future work. These bookings are important because that future work eventually creates future accounts receivable. So, based upon the restructuring efforts that the Debtor took both before it filed bankruptcy and after its bankruptcy filing, the Debtor sees, in the future, increased profitability. This increased profitability is more specifically set forth in the Debtor's five-year projections. Therefore, the Debtor believes that the proposed Plan is feasible. The Debtor hereby dedicates 100% of its income and assets toward the payment to its creditors as set forth in this Plan. In addition, if there is a dissenting class of superior to the Debtor's Equity Holders and the Debtor's Investment Group will provide the Debtor with $25,000 in addition to the $350,000 that has already been invested in the Debtor during this bankruptcy proceeding. Unsecured creditors, in Class 15, are impaired. The unsecured creditors will receive a 2% payment on their claim, assuming that Fulton Bank consents and waives the Absolute Priority Rule. If Fulton Bank does not consent, then there will be no distribution to the unsecured creditors. These creditors shall receive their payments for five years in even payments due on the anniversary date of the Plan. The allowed unsecured claims total $3,654,969.14. The funds necessary to pay all Allowed Claims shall be derived from project income after expenses of the Debtor's business operations, or business sales and/or a refinancing. The Reorganized Debtor shall continue to exist with the existing equity interest holders listed in the Bankruptcy Schedules. The officers and directors shall remain in their positions post confirmation. A full-text copy of the Disclosure Statement dated December 18, 2025 is available at https://urlcurt.com/u?l=YQIKvu from PacerMonitor.com at no charge. Counsel to the Debtor: Robert B. Scarlett, Esq. Scarlett & Croll, PA 201 N. Charles St., Ste. 600 Baltimore, MD 21201 Telephone: (410) 468-3100 Facsimile: (410) 332-4026 Email: Rscarlett@scarlettcroll.com About Noble Life Sciences Noble Life Sciences Inc. is a pre-clinical contract research organization that provides GLP and non-GLP services, including safety and efficacy testing, for drugs, vaccines, and medical devices. The Company offers capabilities in pharmacology, bioanalysis, analytical testing, and preclinical development across a range of therapeutic areas such as oncology, infectious diseases, and cardiovascular conditions. Noble Life Sciences Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Md. Case No. 25-15637) on June 22, 2025. In its petition, the Debtor reports total assets of $488,456 and total liabilities of $5,160,511. The Debtors are represented by Robert B. Scarlett, Esq. at SCARLETT & CROLL, P.A. OASIS GB: Seeks to Hire Sternberg Naccari & White as Co-Counsel --------------------------------------------------------------- Oasis GB, LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of Louisiana to hire Sternberg, Naccari & White, LLC as co-counsel. The firm's services include: (a) advise the Debtor with respect to its powers and duties; and (b) perform all legal services for the Debtor which may be necessary. Ryan Richmond, Esq., the primary attorney in this representation, will be paid at his hourly rate of $300 plus expenses. The firm received a retainer of $7,500 from the Debtor. Mr. Richmond disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Ryan J. Richmond, Esq. Sternberg, Naccari & White, LLC 450 Laurel Street, Suite 1450 Baton Rouge, LA 70801 Telephone: (225) 412-3667 Facsimile: (225) 286-3046 Email: ryan@snw.law About Oasis GB, LLC Oasis GB, LLC, doing business as Tickfaw Landing, operates a full-service marina and waterfront residential development in Killian, Louisiana, offering boat storage, concierge boat services, and access to the Tickfaw River. The Company provides 250 dry boat slips across 48,750 square feet, alongside 62 waterfront residential lots and community amenities such as a pool and social events. Oasis GB serves recreational boating and waterfront property markets in the greater Baton Rouge area and southeastern Louisiana. Oasis GB, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. La. Case No. 25-11131) on December 10, 2025. In its petition, the Debtor reports estimated assets and estimated liabilities between $1 million and $10 million each. The Debtor is represented by Markus E. Gerdes, Esq. of GERDES LAW FIRM, L.L.C. ORCHARD FALLS: Unsecureds to Get Share of Income for 5 Years ------------------------------------------------------------ Orchard Falls Operating Company, LLC, filed with the U.S. Bankruptcy Court for the District of Colorado a Disclosure Statement describing Chapter 11 Plan dated December 18, 2025. The Debtor is a single-asset real estate entity whose sole asset consists of the real property and improvements thereon located at 7800 East Orchard Road, Greenwood Village, Colorado 80111 (the "Property"), as well the rental income it derives from the same. It is the Debtor's relationship with and obligations to the Lender that eventually led it to file this Chapter 11 bankruptcy. Pre petition, Debtor attempted to negotiate an extension of its loan with Lender. When negotiations eventually fell through, Lender declared the loan in default and initiated foreclosure proceedings in Arapahoe County, Colorado, requiring Debtor to file this bankruptcy in order to save the Property and its operations. Following Confirmation of the Plan, the Debtor intends to continue management of the Property and earning rental income therefrom, which shall provide the income necessary to fund the Plan, in addition to the New Value Payment made by Orchard Falls Holding Company, LLC ("HoldCo"), as funded by Kenneth Grant, an insider of the Debtor and one of the ultimate owners of the equity in the Debtor. Specifically, HoldCo will contribute "new value" to the Debtor in the amount of $2,016,146.00, split as follows, one $500,000.00 up front payment to fund payments to Classes 2 and 3 on the Effective Date, and the remaining shortfall over the term of the Plan in the amount of $1,516,146.00 (the "New Value Payment"). Mr. Grant has committed to obtaining a letter of credit reflecting his ability to obtain this amount to pay towards the Plan. In particular, the Debtor contemplates that it will establish a Plan Payment Fund to fund the Plan as to Allowed Unsecured Claims in Classes 2 and 3, in addition to ongoing payments to Allowed Secured Claims and the cure payments as to the executory contract creditors in Classes 5 and 6. With respect to Allowed Secured Claims, upon the Effective Date of the Plan, Debtor shall begin monthly payments to the holders of Secured Claims in Classes 1 and 4. Debtor, upon the Effective Date, shall also begin the cure payments to the creditors in Classes 5 and 6. The Debtor's projections show an accumulated remaining cash balance available to pay Allowed Unsecured Claims in Classes 2 and 3 in the total amount of approximately $517,401.00 over the five-year Plan period. This amount shall be paid to Unsecured Creditors with Allowed Claims in Classes 2 and 3, pro rata. The projections also demonstrate the ability to pay the Secured Creditors in Classes 1 and 4, the cure payments to executory contract creditors in Classes 5 and 6, plus administrative claims. Class Three consists of Allowed Unsecured Claims totaling $131,908.00. Class Three shall receive annual payments once per year on the anniversary of the Confirmation Order over the Plan term of five years from Debtor's Net Income in an amount not to exceed its Allowed Claim, pro rata with Class Two. Payments shall only be made if there is Net Income available as defined in the Plan. Notwithstanding the foregoing or anything to the contrary herein, the Debtor, in its sole discretion, may pay the Claims in Class Three in full at any time prior to the end of the Plan. Class Three is Impaired under the Plan. Class Seven consists of the Interests of the Debtor. Specifically, Class Seven consists of the equitable interests of Orchard Falls Holding Company, LLC ("HoldCo"), the holder of 100% of the Debtor's ownership interests. The holder of Class Seven interests will receive no distribution under the Plan. They will retain their interests to the same extent that it held such interests prior to the filing of the Bankruptcy. HoldCo will make the New Value Payment to the Debtor from money obtained by Kenneth Grant in order for the Debtor's equitable interests to remain unchanged, the value of which represents the shortfall anticipated over the five-year term of the Plan. Class Seven is Unimpaired under the Plan. The Debtor will continue to manage the Property and derive income from rental of the same. The Debtor will make monthly payments to holders of claims in Classes One and Four, Five and Six as stated herein. The Debtor's Net Income shall be used to pay holders of Allowed Unsecured Claims from the Plan Payment Fund to holders of claims in Classes Two and Three as stated herein, which shall be supplemented by a $500,000.00 up front payment on the Effective Date of the Plan as part of the New Value Payment. A full-text copy of the Disclosure Statement dated December 18, 2025 is available at https://urlcurt.com/u?l=795U10 from PacerMonitor.com at no charge. Counsel to the Debtor: Jeffrey A. Weinman, Esq. Bailey C. Pompea, Esq. MICHAEL BEST & FRIEDRICH LLP 675 15th Street, Suite 2000 Denver, CO 80202 Tel: (720) 240-9515 Email: jeffrey.weinman@michaelbest.com Email: bailey.pompea@michaelbest.com About Orchard Falls Operating Company Orchard Falls Operating Company, LLC, is a single-asset real estate debtor, as defined in 11 U.S.C. Section 101(51B). Orchard Falls Operating Company, LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Colo. Case No. 25-16047) on Sept. 19, 2025. At the time of filing, the Debtor estimated $1 million to $10 million in assets and $1 million to $50 million in liabilities. Kenneth Grant, Manager of Orchard Falls Holding Company LLC, signed the petition on behalf of Orchard Falls Operating Company, LLC, which is managed by the holding company. Judge Thomas B Mcnamara presides over the case. Jeffrey A. Weinman, at Michael Best & Friedrich LLP, is the Debtor's counsel. OUTDOOR LIVING: Seeks Chapter 7 Bankruptcy in Texas --------------------------------------------------- On December 18, 2025, Outdoor Living Services LLC filed for Chapter 7 protection in the U.S. Bankruptcy Court for the Northern District of Texas. According to court filings, the Debtor reports between $1 million and $10 million in debt owed to between 1 and 49 creditors. Outdoor Living Services LLC is engaged in the design, construction, and maintenance of outdoor living environments. Its services commonly include patios, decks, pergolas, outdoor kitchens, and landscape improvements for residential and commercial customers. About Outdoor Living Services LLC Outdoor Living Services LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 25-35073) on December 18, 2025. In its petition, the Debtor reports estimated assets ranging from $100,001 to $1 million and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Michelle V. Larson is presiding over the case. OUTPATIENT SERVICE: Seeks to Hire William Haeberle as Accountant ---------------------------------------------------------------- Outpatient Service Providers, LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of Florida to hire William Haeberle, a certified public accountant based in Fla. The Debtor needs an accountant to prepare its monthly operating reports. Mr. Haeberle will charge $250 per hour to bill off the $1,500 retainer for income tax preparation payable monthly. Mr. Haeberle disclosed in a court filing that he is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. The accountant can be reached at: William G. Haeberle, CPA 1440 Peachtree St. Jacksonville, FL, 32207 About Outpatient Service Providers Outpatient Service Providers, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-03588) on October 6, 2025, listing between $1 million and $10 million in liabilities. Andrew Layden serves as Subchapter V trustee. Judge Jacob A. Brown presides over the case. PACKERS HOLDINGS: Fitch Assigns 'CCC+' IDR on Exchange Offer Deal ----------------------------------------------------------------- Fitch Ratings has upgraded Packers Holdings, LLC's (Packers) (doing business as Fortrex) Long-Term Issuer Default Rating (IDR) to 'CCC+' from 'RD'. This action follows the company's execution of an exchange transaction on Dec. 8, 2025, where holders of the company's $1.5 billion term loan have exchanged into a pro rata share of a $250 million take-back term loan and additional equity. This meets the conditions for a distressed debt exchange (DDE) as per Fitch's "Corporate Rating Criteria." Following the transaction, Fortrex Sanitation, LLC (Fortrex) will be the borrower of the super senior revolving credit facility and senior secured term loan. Fitch has assigned Fortrex a Long-Term IDR of 'CCC+' and rated its revolving credit facility and term loans at 'B+' with a Recovery Rating of 'RR1'. The ratings on the legacy senior secured term loan and revolving facility have been withdrawn as they have been extinguished as part of the exchange transaction. Key Rating Drivers Rating Rationale: The 'CCC+' rating reflects the continued execution risk Fortrex faces as it turns around its business following recent years of customer attrition and cash outflows. Fitch forecasts EBTIDA margins will recover modestly but remain compressed compared to historical levels. Fitch is forecasting cash flow generation to turn neutral to slightly positive as the new capital structure leads to lower interest service costs. Combined with the improved liquidity position, Fortrex is afforded more financial flexibility and runway to turn its operations around. The stricter immigration policy and execution uncertainty, along with expensive workforce compliance has led to recent underperformance. Improved Capital Structure: The new capital structure lowers Fitch-calculated 2026 EBITDA leverage to around 5.0x while 2026 EBITDA interest coverage is forecast to improve to around 2.0x. Prior to the transaction, Fitch's anticipated EBITDA interest coverage would be below 1.0x in 2026 while EBITDA leverage was projected to remain well above 10x through the forecast period. The transaction also alleviates Fortrex's liquidity and refinancing risk. The transaction included new equity and the company's debt maturity schedule was extended. The revolving credit facility was upsized to $69 million, and its maturity was extended to December 2030 while the term loan matures in March 2031. The accounts receivable facility has been extinguished as part of the transaction. Strong Market Position: Fortrex remains the largest contract sanitation company for the food processing industry in North America, and Fitch believes it has been able to retain many key customers. Fortrex's recent investment in compliance helps the company maintain its competitive position. The company won several new projects in the second half of 2023 and the beginning of 2024, but project wins slowed in the second half of 2024. Fitch believes Fortrex's competitive advantage is intact, but a turnaround has been slower than expected. Turnaround Challenges: Fortrex's turnaround efforts in 2025 were hampered by additional labor costs in reaction to uncertainties around immigration policy and enforcement. Fortrex incurred higher operating costs to ensure workforce compliance and to mitigate exposure to higher-risk workers, leading cash outflows to remain elevated and constraining financial flexibility. Necessity of Service: Fitch believes the company's business model is supported by its clear and strong position and regulatory barriers. Many U.S. protein plants are inspected daily by the USDA prior to opening. Protein plants must pass these inspections or be subject to fines, citations and production delays, with costs running in the tens of thousands of dollars per hour. In addition, non-protein plants are regularly reviewed by the FDA, with end customers such as Walmart, McDonald's and Subway driving higher sanitation standards. Peer Analysis Fortrex's operating profile is similar to industrial service peers including Pinnacle Buyer, LLC (B+/Stable) and Waste Pro USA, Inc. (B+/Stable). Fortrex and its rated industrial service peers benefit from strong market positions in highly fragmented markets. Prior to the Department of Labor investigation, Fortrex had historically benefitted from long-standing customer relations and business stability, as well as cash flow generation. Following the restructuring, Fitch forecasts EBITDA margins to remain compressed but FCF margins to recover to neutral to slightly positive given the new capital structure, subject to execution risk. Fitch's Key Rating-Case Assumptions -- Customer losses continue to weigh on the company in 2025, leading to sales declines and further margin compression; -- Revenue and EBITDA margins begin to recover in 2026; -- Capital intensity of about 1% to 2% of sales over the forecast period; -- Limited litigation risk stemming from the federal investigation; -- Effective interest rate of 9%-10% through the forecast period. Recovery Analysis The recovery analysis assumes that Fortrex would be reorganized rather than liquidated and would be considered on a going concern (GC) basis. Fitch has assumed a 10% administrative claim. Fortrex's GC EBITDA of $75 million reflects Fitch's view of a sustainable, post-reorganization EBITDA level. Fortrex is currently showing signs of distress, and EBITDA is approaching trough levels. Fitch anticipates that the EBITDA level will improve alongside the recovery of sales and margins as the company emerges from distress. Fitch expects the enterprise value multiple to be approximately 6.0x. The company's business profile and market position are strong. Fortrex has historically consistently generated positive FCF and stable margins while growing organically. Fitch's estimate of post-reorganization enterprise value results in a 'B+/'RR1' rating with a recovery estimate of 100% for the revolving credit facility and senior secured loan. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade -- Heightened liquidity risks, including credit facility availability below 50% or sustained negative FCF; -- EBITDA interest coverage sustained below 1.0x. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade --Demonstrated execution on project wins, operational improvements and margin enhancements that lead to sustained neutral to positive FCF; -- EBITDA interest coverage sustained above 1.5x. Liquidity and Debt Structure Post-restructuring, Fortrex's debt structure will consist of a $69 million super senior revolving credit facility and a $250 million senior secured term loan. The term loan will amortize at 1% per annum and mature on March 10, 2031. The revolving credit facility matures on Dec. 9, 2030. Issuer Profile Fortrex is North America's largest and the only nationwide provider of outsourced cleaning and sanitation services to the growing food processing industry. The company and its subsidiaries serve a broad customer base of protein and non-protein processing plants. RATINGS ACTION Rating Prior ------ ----- Packers Holdings, LLC LT IDR CCC+ Upgrade RD senior secured LT WD Withdrawn C Fortrex Sanitation, LLC LT IDR CCC+ New Rating senior secured LT B+ New Rating RR1 super senior LT B+ New Rating RR1 PALM BEACH SANDAL: Seeks Chapter 11 Bankruptcy in Florida --------------------------------------------------------- Daniel Kline of The Street reports that Palm Beach Sandal Company, the West Palm Beach–based luxury footwear business operating under the Palm Beach Sandals brand, has filed for Chapter 11 bankruptcy protection, according to court records. The case, No. 25-25134, was filed Dec. 23, 2025, in the U.S. Bankruptcy Court for the Southern District of Florida. The company listed assets between $0 and $50,000 and liabilities ranging from $1 million to $10 million. Its principal address is 1027 N. Florida Mango Rd., Suite 6, in West Palm Beach. Major unsecured creditors include Ray and Andrea Titus, who are owed $750,000, along with Always.bank, ReadyCap Lending for nearly $1 million in SBA-backed loans, and TD Bank, which is owed $150,000, according to report. Additional creditors include several financial institutions and a former franchisee asserting a disputed $55,000 claim tied to a down payment. An email sent to Brian K. McMahon, the attorney listed in the Chapter 11 filing, was not returned, BKData reports. The filing comes amid broader challenges in the luxury goods sector. Industry research from Bain & Company and McKinsey & Co. points to slowing global demand driven by economic uncertainty, geopolitical tensions, currency volatility, and weakening consumer confidence, trends that have increasingly pressured high-end specialty brands such as Palm Beach Sandals, the report cites. About Palm Beach Sandal Company Palm Beach Sandal Company is a West Palm Beach–based luxury footwear business operating under the Palm Beach Sandals brand. Palm Beach Sandal sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-25134) on December 23, 2025. In its petition, the Debtor reports assets between $0 and $50,000 and liabilities ranging from $1 million to $10 million. Honorable Bankruptcy Judge Erik P. Kimball handles the case. The Debtor is represented by Brian K. McMahon, Esq. PELICAN PRODUCTS: XAI Octagon Marks $474,072 2L Loan at 15% Off --------------------------------------------------------------- XAI Octagon Floating Rate & Alternative Income Trust (XFLT) has marked its $474,072 loan extended to Pelican Products, Inc. to market at $401,539 or 85% of the outstanding amount, according to XFLT's Form N-CSR for the fiscal year ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. XFLT is a participant in a Secured Second Lien Loan to Pelican Products, Inc. The loan accrues interest at a rate of 3M SOFR + 4.51% per annum. The loan matures on December 29, 2028. XFLT is a diversified, closed-end management investment company registered under the Investment Company Act of 1940, as amended. The Trust commenced operations on September 27, 2017. The Trust seeks to achieve its investment objective by investing in a dynamically managed portfolio of opportunities primarily within the private credit markets. Under normal market conditions, the Trust will invest at least 80% of its Managed Assets in floating rate credit instruments and other structured credit investments. XA Investments LLC serves as the investment adviser to the XAI Octagon Floating Rate & Alternative Income Trust. Octagon Credit Investors, LLC serves as the Trust's investment sub-adviser and is responsible for the management of the Trust's portfolio of investments. The Fund is led Theodore J. Brombach as President and Chief Executive Officer; and Derek J. Mullins as Treasurer and Chief Financial Officer. The Fund can be reach through: Theodore J. Brombach XAI Octagon Floating Rate & Alternative Income Trust 321 North Clark Street, Suite 2430 Chicago, IL 60654 Telephone: (312) 374-6930 About Pelican Products, Inc. Pelican Products, Inc. manufactures protective cases and lighting systems. The Company offers tablet, netbook, laptop, and calculator cases. PERATON CORP: Franklin Marks $7.1MM 1L Loan at 15% Off ------------------------------------------------------ Franklin Senior Loan ETF has marked its $7,108,988 loan extended to Peraton Corp. to market at $6,013,777 or 85% of the outstanding amount, according to Franklin's Form N-CSR for the semi-annual period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. Franklin is a participant in a First Lien Term Loan B to Peraton Corp. The loan accrues interest at a rate of 8.01% per annum. The loan matures on February 1, 2028. The Fund, a Delaware statutory trust, is registered under the Investment Company Act of 1940. The Funds are exchange-traded funds. ETFs are funds that trade like other publicly-traded securities. Unlike shares of a mutual fund, which can be bought from and redeemed by the issuing fund by all shareholders at a price based on net asset value, shares of the Funds may be directly purchased from and redeemed by the Funds at NAV solely by certain large institutional investors who have entered into agreements with the Funds' distributor. Each of the Funds seek to provide the investment results that closely correspond, before fees and expenses, to the performance of each Fund's corresponding underlying index. The Trust is led by Christopher Kings as Chief Executive Officer – Finance and Administration, and Vivek Pai as Chief Financial Officer, Chief Accounting Officer and Treasurer. The Company can be reach through: Christopher Kings One Franklin Parkway San Mateo, CA 94403-1906 Telephone: (650) 312-2000 About Peraton Corp. Peraton Inc. is a privately held American national security and technology company formed in 2017. PINNACLE GROUP: Receives $451MM Offer From Summit ------------------------------------------------- Jonathan Randles of Bloomberg Law reports that real estate firm Summit Properties USA has reached a $451 million agreement to acquire dozens of New York City apartment buildings placed into bankruptcy by their current owner, Pinnacle Group, according to court filings. Summit Gold Inc. was designated as the stalking horse bidder for the properties, which include approximately 5,100 mostly rent-stabilized apartments across Brooklyn, Manhattan, Queens, and the Bronx. A Dec. 23 bankruptcy court filing states that the bid will set the minimum price ahead of a Chapter 11 auction scheduled for January 8, 2025, where higher offers may be submitted. About Pinnacle Group Based in Sunrise, Fla., Pinnacle Group and its subsidiaries are wholesalers of motor vehicle parts and accessories. Pinnacle Group and its subsidiaries sought Chapter 11 protection (Bankr. S.D. Fla. Lead Case No. 19-13519) on March 19, 2019. In its petition, Pinnacle Group estimated assets of $500,000 to $1 million and liabilities of $1 million to $10 million. Judge John K. Olson oversees the case. Jordan L. Rappaport, Esq., at Rappaport Osborne & Rappaport, PLLC, is the Debtor's bankruptcy counsel. PRESTIGE BRANDS: Moody's Ups CFR to Ba2 & Alters Outlook to Stable ------------------------------------------------------------------ Moody's Ratings upgraded Prestige Brands, Inc.'s ("Prestige") Corporate Family Rating to Ba2 from Ba3, its Probability of Default Rating to Ba2-PD from Ba3-PD, and its backed senior unsecured notes to Ba3 from B1. Prestige's SGL-1 Speculative Grade Liquidity rating is unchanged. The rating outlook is stable and was previously positive. The upgrade reflects Prestige's stable operating performance and consistently strong free cash flow that continue to drive strong credit metrics and acquisition funding flexibility. Prestige has reduced debt-to-EBITDA to 2.8x as of the 12 months ended (LTM) 9/30/2025. The company remains selective on accretive acquisitions and Moody's continues to expect that the company will pursue acquisitions focusing on niche categories that Prestige can expand and innovate. Moody's also expects the company to periodically increase leverage with debt-funded acquisitions but maintain leverage at a moderate level. The sizeable free cash flow of at least $200 million annually provides good capacity to fund investments and repay debt. The company maintains a conservative financial policy with historically low capital spending and no dividend payments, while recent strategic investments such as the Pillar5 acquisition and opportunistic share repurchases reflect its disciplined approach to growth and shareholder distributions. Prestige has a publicly stated net leverage ratio of below 3.0x (based on the company's calculation). Prestige has shown resiliency and adaptability in addressing supply chain challenges and evolving market conditions. The company has taken steps to address the Clear Eyes supply issue through the Pillar5 acquisition, which is intended to help restore continuity in this key product line. Executing these plans effectively will be important to restoring reliable supply. RATINGS RATIONALE Prestige's Ba2 CFR reflects its strong and stable free cash flow from a diversified portfolio of over-the-counter ("OTC") branded products. The company's products are generally among the leading market position and brands in their respective niche categories that are targeted at treating common, recurring ailments. Prestige's branded products typically have long commercial histories and have built broad appeal and trust among consumers. Prestige's predominantly outsourced manufacturing creates a variable cost structure and limits the need for sizable capital spending, which favorably contributes to cash flow stability. The company has maintained a strong EBITA margin over 30% in the last seven years, including during the peak of the pandemic when sales in certain categories related to travel, cough and cold, and sports activities declined due to reduced consumption. Moody's projects the EBITA margin will remain relatively steady given the company's continued productivity improvements and the variable cost structure. The company operates in mature categories that typically experience flat-to-low single-digit organic growth, with the exception of recent performance driven by temporary supply chain disruptions affecting Clear Eyes. The company has taken steps to address the supply issues, and Moody's expects performance to normalize in line with historical trends. Prestige's modest scale compared to large diversified consumer peers as well as the company's OTC business focus create greater exposure to category competition including from private label offerings, and concentrated retail distribution. The company's track record of acquisitions to bolster growth and the product portfolio also leads to periodic increases in leverage and integration risk. Moody's expects the company to remain disciplined on its acquisition strategy and only acquire brands and categories that the company can innovate and expand. The stable outlook reflects Moody's views that Prestige's sizable free cash flow and continued earnings growth provides the company good financial flexibility to pursue acquisitions while maintaining solid credit metrics. The stable outlook also reflects Moody's expectations that if Prestige pursues large debt financed acquisitions, the company will reduce leverage to below 3.5x (Moody's calculations) in less than a year. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be downgraded if Prestige's operating earnings deteriorates, if the company's strong free cash flow were to weaken, or if the company's financial policies become more aggressive, including large debt funded acquisitions. Additionally, Moody's could downgrade the ratings if the company's liquidity deteriorates or if debt to EBITDA is sustained above 3.5x. The ratings could be upgraded if Prestige materially grows its scale, demonstrates consistent positive organic revenue growth, sustains strong profitability and free cash flow, and continues to maintain at least good liquidity. 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. Prestige Brands, Inc., headquartered in Tarrytown, New York, manages and markets a broad portfolio of branded over-the-counter (OTC) healthcare products. The company is publicly-traded and generated about $1.1 billion of revenue for the 12 months ending September 30, 2025. R LUJAN CONSTRUCTION: Seeks Chapter 7 Bankruptcy in Florida ----------------------------------------------------------- On December 22, 2025, R Lujan Construction filed for Chapter 7 protection in the Middle District of Florida Bankruptcy Court. According to court filing, the Debtor reports between $0-$100,000 in assets owed to $0-$100,000 and 1-49 creditors. About R Lujan Construction R Lujan Construction is a construction services company providing residential and commercial building solutions in Florida. R Lujan Construction sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 25-08304) on December 22, 2025. In its petition, the Debtor reports estimated assets of $0-$100,000 and estimated liabilities of $0-$100,000. Honorable Bankruptcy Judge Lori V. Vaughan handles the case. The Debtor is represented by Monica A. Santiago, Esq. RECREATION DISCOUNT: Hearing Today on Bid to Use Cash Collateral ---------------------------------------------------------------- The U.S. Bankruptcy Court for the District of Massachusetts, Eastern Division, is set to hold a hearing on December 30 to consider extending Recreation Discount Wholesale, Inc.'s authority to use cash collateral. The Debtor was initially authorized to use cash collateral to pay operating expenses under the court's December 12 interim order. The interim order granted secured creditors, Eastern Bank and the U.S. Small Business Administration, replacement liens, with the same validity, priority and extent as their pre-bankruptcy liens. The Debtor believes Eastern Bank and the SBA are the only secured creditors that are not wholly unsecured. Meanwhile, the Debtor maintains approximately $1.2 million in general unsecured debt, including prepaid customer obligations, and an estimated $43,000 in current sales and payroll tax obligations. About Recreation Discount Wholesale Inc. Recreation Discount Wholesale, Inc. operates as an online retailer based in Walpole, Massachusetts, offering a range of home- recreation, pool and spa, and outdoor-living products through a family of niche e-commerce websites. The Company distributes more than 15,000 products and parts through a nationwide network of over 100 vendors and warehouses. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 25-12606) on December 2, 2025. In the petition signed by Eric Feigen, treasurer, the Debtor disclosed $322,231 in total assets and $3,104,679 in total liabilities. Judge Christopher J Panos oversees the case. David B. Madoff, Esq., at Madoff & Khoury, LLP, represents the Debtor as legal counsel. RESTORATION DOCTOR: Seeks Chapter 11 Bankruptcy in New York ----------------------------------------------------------- On December 22, 2025, Restoration Doctor, LLC commenced a voluntary Chapter 11 bankruptcy case in the Southern District of New York. Court records indicate the Debtor lists liabilities estimated between $1 million and $10 million owed to approximately 1 to 49 creditors. About Restoration Doctor, LLC Restoration Doctor, LLC is a property restoration company providing water, fire, and mold remediation services to residential and commercial clients. The company specializes in restoring damaged properties to their original condition. Restoration Doctor, LLC filed for relief under Chapter 11 of the U.S. Bankruptcy Code on December 22, 2025, under Bankruptcy Case No. 25-12859. The bankruptcy petition reflects estimated assets of $1 million to $10 million and estimated liabilities in the same range. The case is assigned to Honorable Bankruptcy Judge Philip Bentley. The Debtor is represented by James B. Glucksman, Esq. of Davidoff Hutcher & Citron LLP. REX VENTURE: Receiver's Assignee Seeks Show Cause Order ------------------------------------------------------- Nationwide Judgment Recovery, Inc., as Assignee of Matthew W. Orso, in his capacity as court-appoint Receiver for Rex Venture Group, LLC d/b/a ZeekRewards.com, by its counsel Maurice Wutscher LLP filed a motion with the U.S. District Court for the Northern District of Ohio (Cleveland), asking the Court to issue an Order to Show Cause why Lesley Karen Green shall not be held in contempt for her failure to comply with a subpoena to produce documents or information, or object or to permit inspection of premises in a civil action, which was served upon her on November 21, 2025 at 5:53 pm. NJR is a Judgment Creditor against Defendant, Carl Brown, and had taken numerous steps to proceed with execution on its judgment, including but not limited to conducting a Debtor's Examination of the Defendant and Request For The Production of Documents. Mr. Brown did provide some documents to NJR, including bank statements and tax returns for him and his wife, as well as a bank statement for Alpha 20/20 Ministries. He failed to produce the tax returns for Alpha 20/20 Ministries. On November 19, 2025, the Court held a Telephone Conference where counsel for NJR and the Defendant were present. Mr. Brown partially turned over the records. The Court found that the business records remained outstanding and that Mr. Brown was to provide the full name and address of his accountant and any and all business names and addresses that she may use, and any other information requested by counsel for NJR on or before November 21, 2025. Mr. Brown provided counsel for NJR with said information. Counsel for NJR issued a Subpoena to produce documents or information, or object or to permit inspection of premises in a civil action on November 20, 2025, requiring Lesley Karen Green to provide Tax Returns for 2022, 2023, and 2024 for Alpha 20/20 Ministries and if none where filed by financial records for Alpha 20/20 Ministries for 2022, 2023 and 2024 pursuant to the court Order. Documents were to be produced on or before December 2, 2025, at 5:00 p.m. The Subpoena was served on November 21, 2025, at 5:53 p.m. by Pablo Delgado, process server of ABC Legal Services, upon Lesley Karen Green at 1243 Cleveland Heights Blvd. Cleveland, OH 44121. On November 24, 2025, Plaintiff filed a Notice of Service of Subpoena to Produce Documents, Information or Objects or to permit Inspection of Premises in a Civil Action filed by NJR. According to NJR, no documents have been received at the law offices of Maurice Wutscher LLP located at 23611 Chagrin Blvd. Suite 207, Beachwood, OH 44122. Counsel for NJR has not been contacted in any manner by Lesley Karen Green since the filing of the service of the Subpoena. No pleadings or Motions to Quash said subpoena had been filed. NJR contends Lesley Karen Green has failed to comply with the subpoena and should be ordered to appear, or Show Cause why she should not be held in contempt, and sanctions be issued. The Court will hold a hearing January 7, 2026 at 2:00 p.m. on the Show Cause Motion before Magistrate Judge Carmen E. Henderson. The Show Cause Motion was filed in the case captioned as, Orso v. Disner, et al., Case No. 1:21-mc-00056 (N.D. Ohio), before the Hon. Benita Y. Pearson. The case was filed on July 26, 2021. Disner was among those sued by the court-appointed receiver tasked with recovering assets for the $600 million ZeekRewards Ponzi scheme back in 2014. The Receiver filed lawsuits in the U.S. District Court for the Western District of North Carolina, (i) seeking the return of tens of millions of dollars from company insiders, and (ii) asserting fraudulent transfer claims against not only the ten largest scheme "net winners," but also against a class of about 9,000 victims that received at least $1,000 from the scheme. Disner, in his individual capacity and as trustee for Kestrel Spendthrift Trust, was sued over allegedly receiving $1.875 million from the scheme. Counsel for Nationwide Judgment Recovery, Inc.: Alan C. Hochheiser, Esq. MAURICE WUTSCHER LLP 23611 Chagrin Blvd., Suite 207 Beachwood, OH 44122 Tel: (216) 220-1129 Fax: (216) 472-8510 Email: ahochheiser@mauricewutscher.com RLG HOLDINGS: XAI Octagon Marks $1.3MM 2L Loan at 18% Off --------------------------------------------------------- XAI Octagon Floating Rate & Alternative Income Trust (XFLT) has marked its $1,319,005 loan extended to RLG Holdings, LLC to market at $1,080,648 or 82% of the outstanding amount, according to XFLT's Form N-CSR for the fiscal year ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. XFLT is a participant in a Secured Second Lien Loan to RLG Holdings, LLC. The loan accrues interest at a rate of 1M SOFR + 4.36% per annum. The loan matures on July 7, 2028. XFLT is a diversified, closed-end management investment company registered under the Investment Company Act of 1940, as amended. The Trust commenced operations on September 27, 2017. The Trust seeks to achieve its investment objective by investing in a dynamically managed portfolio of opportunities primarily within the private credit markets. Under normal market conditions, the Trust will invest at least 80% of its Managed Assets in floating rate credit instruments and other structured credit investments. XA Investments LLC serves as the investment adviser to the XAI Octagon Floating Rate & Alternative Income Trust. Octagon Credit Investors, LLC serves as the Trust's investment sub-adviser and is responsible for the management of the Trust's portfolio of investments. The Fund is led Theodore J. Brombach as President and Chief Executive Officer; and Derek J. Mullins as Treasurer and Chief Financial Officer. The Fund can be reach through: Theodore J. Brombach XAI Octagon Floating Rate & Alternative Income Trust 321 North Clark Street, Suite 2430 Chicago, IL 60654 Telephone: (312) 374-6930 About RLG Holdings, LLC LG Holdings, LLC operates as a holding company. The Company, through its subsidiaries, offers packaging for pressure sensitive, sustainable products, smart labels, shrink sleeves, security and flexible packaging, cut, and stack, as well as printing, label, and designing services. RUSS'S MULCH: Gets OK to Hire Benjamin Legal Services as Counsel ---------------------------------------------------------------- Judge Rachel M. Blise of the United States Bankruptcy Court for the Eastern District of Wisconsin authorized Russ's Mulch & Trucking LLC to employ Benjamin Legal Services as counsel for the debtor-in-possession pursuant to 11 U.S.C. Sec. 327 but will not make the employment retroactive. The debtor filed a voluntary bankruptcy petition under subchapter V of chapter 11 on September 12, 2025. The debtor was assisted by legal counsel with Benjamin Legal Services PLC in the preparation and filing of the petition and related documents. The same counsel assisted the debtor to file the required statements and schedules and accompanied the debtor to the initial debtor interview with the United States trustee's office and to the Sec. 341 meeting of creditors. After all these services were provided and over five weeks after the September 12, 2025 petition date, the debtor filed an application to employ Benjamin Legal Services as counsel for the debtor-in-possession on October 19, 2025. The application requested that the employment be made retroactive to the petition date. Counsel states that he feared if an application to employ was filed with the petition, and no objections were filed, the application would be granted in less than 21 days, in violation of Rule 6003(a)(1). According to Judge Blise, "Counsel's excuses for not filing his application to employ with or even soon after the petition do not provide a justifiable reason for the delay. In this case, counsel's lackadaisical approach to the timing of the filing of the application to employ was 'neglect of the non-excusable kind.' Therefore, retroactive approval of the application to employ is not appropriate." Because no objections to the application were filed, the Court will grant the application effective as of the date it was filed. The effective date of the employment shall be October 19, 2025. A copy of the Court's Decision and Order dated December 11, 2025, is available at https://urlcurt.com/u?l=kRHcnd from PacerMonitor.com. About Russ's Mulch & Trucking LLC Russ's Mulch & Trucking LLC provides general freight trucking services in Wisconsin, focusing on the intrastate transport of bulk and general freight materials. Russ's Mulch & Trucking LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Wis. Case No. 25-25134) on September 12, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Rachel M. Blise handles the case. The Debtor is represented by Kevin Benjamin, Esq. at Benjamin Legal Services PLC. SAINT ANNE'S RETIREMENT: Fitch Affirms BB Rating on 2020/2022 Bonds ------------------------------------------------------------------- Fitch Ratings has affirmed the 'BB' rating on the following bonds issued by the Lancaster County Hospital Authority on behalf of Saint Anne's Retirement Community, PA (SARC): -- $9.6 million series 2022 revenue bonds; -- $36.3 million revenue bonds, series 2020. Fitch has also affirmed SARC's Issuer Default Rating (IDR) at 'BB'. The Rating Outlook is Stable. The 'BB' rating reflects SARC's slim financial profile with cash-to-adjusted debt maintained in the range of 25.0% in fiscal 2025 (ended June 30) and 1Q26. While SARC complied with its debt service coverage covenant in fiscal 2025, its liquidity of 129 days cash on hand (DCOH) was below the covenant of 150 DCOH, as skilled nursing facility (SNF) census and Medicaid reimbursement continue to lag budgeted expectations, leading to volatility in SARC's operating cash position. SARC is remedying the violation by providing quarterly statements of its liquidity position to the bond trustee and expects to comply with the covenant by June 30, 2026, which is the next testing date. Failure to meet the covenant by this date would result in a consultant call-in. The Stable Outlook reflects SARC's moderate debt burden and sound maximum annual debt service (MADS) coverage following the refinancing of its series 2012 bonds during fiscal 2022, as well as its considerably improved operating performance over the last few years. This improvement mitigates Fitch's concerns about SARC's high exposure to SNF revenues, which Fitch expects to shift over time as the community invests in new independent living unit (ILU) construction. Favorably, SARC's reliance on Medicaid revenues has considerably declined from historical levels. SECURITY The bonds are secured by a pledge of gross revenues of the obligated group, mortgage interest in certain properties and a master debt service reserve fund. KEY RATING DRIVERS Revenue Defensibility - 'bbb' Good ILU Occupancy, Moderately Competitive Market Area SARC is a single-site life plan community (LPC) with a track record of sound demand, operating in a competitive market area. SARC's ILUs averaged about 93% occupancy from fiscal 2022 to fiscal 2024. This period follows the phase II ILU apartments coming online in February 2021. ILU occupancy was a similarly strong 94% in the quarter ended Sept. 30, 2025. SARC has a sizable waitlist of over 200 prospective residents that is updated monthly. SARC continues to make strides toward improving its revenue mix to be less reliant on its SNF beds, with recently constructed ILU cottages fully occupied and 12 cottages planned. SARC still derives most of its net revenues from its SNF (54.8% of net revenues in fiscal 2025). While SARC has maintained stable SNF occupancy in line with Fitch's expectations, its SNF census continues to lag budgeted expectations, contributing to the volatility in SARC's operating cash position. SARC's primary market area (PMA) is a 20-mile radius in Lancaster County, PA, from which it draws most of its residents. The PMA's economic and demographic characteristics are mixed, which makes SARC's modest entrance fee and rental component affordable and appealing to a broad base of prospective residents and supportive of a moderate degree of pricing flexibility. The competitive landscape in Lancaster County is varied and mature. In addition to SARC, there are five other longstanding type-C LPCs in the PMA that provide a full scope of services. Operating Risk - 'bbb' Sufficient Operations, Moderated Debt Burden As a predominantly fee-for-service LPC, SARC has historically maintained sound core operations, with operating ratios of 99.4% in fiscal 2024, 100.8% in fiscal 2025 and 98.0% in 1Q26. Fitch expects SARC's operations to stabilize at an improved level as its new ILUs fill and SNF census makes incremental progress toward budgeted levels. SARC's average age of plant of 14.1 years belies robust capex, which has averaged 114.4% of depreciation since the opening of the phase II ILU apartments. SARC has focused its strategic capex on increasing its complement of ILUs further, having added 84 new apartments that were funded with the proceeds of the series 2020 bonds and 34 new cottages that were funded with initial entrance fees. SARC has plans to build 12 more cottages (six duplexes) on the property (for a total of 70 units when all construction is complete) and will pre-sell each unit prior to construction. SARC's MADS more than doubled to $3.3 million in fiscal 2023 from $1.4 million in fiscal 2022 per stipulations in the series 2020 bond documents that SARC is tested on full MADS now that the newly constructed ILUs have reached 90% occupancy. Despite this escalation, SARC's capital-related metrics are consistent with Fitch's 'bbb' assessment of SARC's operating risk, with revenue-only MADS coverage of 1.0x, MADS at 12.9% of revenue and 11.7x debt to net available as of fiscal 2025. SARC has actively managed its payor mix in its SNF to reduce its exposure to Medicaid, which historically averaged well above 25% of SNF net revenues but has stabilized at an average of 21.9% over the last five fiscal years. The Stable Outlook reflects Fitch's expectation that SARC's SNF payor mix will remain consistent with recent levels. Financial Profile - 'bb' Slim Financial Cushion SARC's cash to adjusted debt has hovered around a slim 25.0% for the last three fiscal years, which is a result of a combination of operational and financial market pressures. SARC was in violation of its liquidity covenant in fiscal 2025, which it is remedying as described above, but which is consistent with a 'weaker' asymmetric risk assessment to its financial profile. Fitch expects SARC's cash to adjusted debt to remain stable to modestly improving over the next several years, including in a stress case, as management continues to execute on its strategic capital plan. Despite its slim liquidity, SARC's financial profile assessment is bolstered by its MADS coverage, which was sufficient at 1.3x in fiscal 2025 and 2.2x as of Sept. 30, 2025. Fitch expects SARC's MADS coverage to continue to improve as the community constructs and fills new ILU cottages, which should contribute to the community's net entrance fees, especially given SARC's predominantly non-refundable contract mix. Asymmetric Additional Risk Considerations No other asymmetric risk considerations besides SARC's liquidity profile are relevant to the rating. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade -- Declines in SARC's cash to adjusted debt to sustained levels of 20% or below will pressure the rating; -- Failure to comply with SARC's DCOH or debt service coverage covenant at fiscal YE 2026 could exact further rating pressure. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade -- Positive rating action is unlikely over the Outlook period and ultimately would be predicated on significant improvement in SARC's liquidity position evidenced by sustained cash-to-adjusted debt above 25% throughout Fitch's stress case scenario and DCOH above 200. PROFILE SARC is a fee-for-service LPC located outside of Columbia, PA in the Township of West Hempfield, approximately 35 miles southeast of Harrisburg and 10 miles west of Lancaster. SARC is sponsored by the Religious Congregation of Sisters of the Adorers of the Blood of Christ, U.S. Region (ASC). SARC consists of 176 ILUs (119 apartments, 58 cottages), 51 personal care units, 51 memory care units and 61 SNF beds. SARC offers type-C contracts for its villas and cottages, with 60% of its outstanding entrance fee plans fully amortizing. For its ILU apartments, SARC offers primarily type-D (rental) contracts, which require a one-time community fee upon entry. SARC's total operating revenues were $24.6 million in fiscal 2025. SARC's President has announced her intent to retire in June 2026. The board has started a search to identify a replacement. Management expects to name a new CEO by May 2026. SARC's CFO has also announced her intent to retire in December 2026. Management expects the new CEO to name a replacement by November. SEAL ROCK: Section 341(a) Meeting of Creditors on January 21 ------------------------------------------------------------ On December 16, 2025, Seal Rock Property LLC filed for Chapter 11 protection in the Eastern District of California. According to court filings, the Debtor reports between $1 million and $10 million in debt owed to 1-49 creditors. A meeting of creditors under Section 341(a) to be held on January 21, 2026 at 09:00 AM via Sacramento Conference Line: 888-330-1716 Passcode: 4191086#. About Seal Rock Property LLC Seal Rock Property LLC is a single-asset real estate entity that owns a property at 103 Seal Rock Reach within The Sea Ranch, California 95497, operating in the real estate sector. Seal Rock Property LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-27068) on December 16, 2025. In its petition, the Debtor reports estimated assets of $1 million-$10 million and estimated liabilities of $1 million-$10 million. Honorable Bankruptcy Judge Christopher M. Klein handles the case. The Debtor is represented by Cyrus Zal, Esq. of Cyrus Zal, A Professional Corporation. SEAMLESS QUALITY: Gets Extension to Access Cash Collateral ---------------------------------------------------------- Seamless Quality Solutions, LLC received another extension from the U.S. Bankruptcy Court for the Middle District of Florida to use cash collateral. The court issued a second interim order authorizing the Debtor to use cash collateral to pay the amounts expressly authorized by the court, including payments to the U.S. trustee for quarterly fees; the expenses set forth in the budget, plus an amount not to exceed 10% for each line item; and additional amounts subject to approval by Amerifactors/Gulf Coast Bank & Trust Company. This authorization will continue until further court order. As adequate protection, Amerifactors/Gulf Coast Bank & Trust Company and other secured creditors will receive replacement liens, with the same priority as their pre-bankruptcy liens. In addition, the Debtor must maintain insurance and allow secured creditors access to business records and premises upon notice. The interim order reserves the rights of all parties, including the U.S. Trustee and any future creditors' committee, to challenge liens or seek modified protections. The next hearing is scheduled for February 5, 2026. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/hmZYB from PacerMonitor.com. About Seamless Quality Solutions, LLC Seamless Quality Solutions, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Flo. Case No. 25-03853) on October 23, 2025, listing between $50,001 and $100,000 in assets and between $100,001 and $500,000 in liabilities. Judge Hon. Jason A Burgess oversees the case. The Debtor is represented by: Bryan K. Mickler, Esq. Mickler & Mickler Tel: 904-725-0822 Email: court@planlaw.com SEXTANT STAYS: Amends Unsecured Claims Pay Details -------------------------------------------------- Sextant Stays Inc. d/b/a Roami submitted an Amended Disclosure Statement describing Amended Liquidating Plan dated December 17, 2025. The Debtor commenced the Chapter 11 Case with a clear path to a confirmable Chapter 11 plan of liquidation, in which there would be an orderly administration of the Debtor's Estate and winddown of its Debtor's business operations (the "Liquidation"). On June 18, 2025, the Debtor entered into that certain Asset Purchase Agreement (the "APA") with CozySuites LLC ("Cozy" or "Buyer"), which was one of the five potential buyers identified by the Debtor through its pre-petition marketing efforts, that contemplated the sale of the Debtor's rights, title, and interest in twenty-two of the properties, subject to Bankruptcy Court approval. The Debtor and Buyer are prepared their post-closing reconciliation under the APA on and filed same on October 7, 2025 (the "Reconciliation"). Thereafter, the Debtor and Buyer explored settlement options but were not able to reach a resolution. On December 17, 2025, Debtor filed its Debtor's Motion to Enforce Asset Purchase Agreement and to Compel Cozysuites LLC to Deliver the Cash Balance of the Purchase Price demanding payment in the amount of $588,795. Cozy's position is that the Debtor owes Cozy $1,433,394 under the APA. On August 20, 2025, the closing of the sale and assignment of substantially all assets of Debtor's estate was closed subject to a dispute between the Debtor and the purchaser regarding the calculation of the working capital adjustment. Debtor's position is that the purchaser owes a remaining $588,795. Cozy's position is that the Debtor owes Cozy in excess of $1,433,394. After the August 20, 2025 sale closing, the Debtor has dedicated its resources to navigate the case through a plan confirmation process. Substantially all of Debtor's operations have ceased, employees have been terminated, and efforts to mitigate costs and expenses have been implemented. As part of the Liquidation, Plan contemplates a wind down of the remaining assets of the Debtor's estate, primarily litigation claims and an Earned Income Tax Credit, and a distribution to creditors in accordance with the absolute priority rule under Section 502 of the Bankruptcy Code. Further, the Plan also seeks to appoint a Plan Administrator, an independent third-party professional fiduciary, to make distributions to creditors and explore and advance litigation claims and implement the final wind down of the Debtor's Estate. Class 5 consists of General Unsecured Claims. Except to the extent that a holder of a Class 5 Allowed General Unsecured Claim agrees to different treatment, on the later of the Effective Date and the date that is ten Business Days after the monetization of the Total Assets, or as soon thereafter as is reasonably practicable, after payment in full of Class 1, 2, 3 and Allowed Priority Tax Claims and Allowed Non-Priority Tax Claims as provided herein, each holder of a General Unsecured Claim will receive, in full and final satisfaction of their claim Allowed Claim, such holder's Pro Rata share of the Net Proceeds of the Total Assets after the Secured Claims, Administrative Claims, Priority Tax Claims and Priority Non-Tax Claims and US Trustee Fees are satisfied as provided herein. As of October 15, 2025, approximately $33,846,185 in unsecured claims have been filed. Debtor continues to evaluate proofs of claims. The Debtor has identified approximately $7,933,911 in filed unsecured claims by the Vigo Entities to which the Debtor objects. The Debtor reserves all rights to evaluate all claims filed and to object to same consistent with the Plan. Class 5 is Impaired, and holders of General Unsecured Claims entitled to vote to accept or reject the Plan. The Debtor shall fund distributions and satisfy applicable Allowed Claims and Allowed Interests under the Plan using Cash on hand and the net proceeds from the monetization of the Total Assets (which includes, among other things, the Net Proceeds from the Arkup Receivable, ERC Credit, Causes of Action, Options, and ABC Receivable). A full-text copy of the Amended Disclosure Statement dated December 17, 2025 is available at https://urlcurt.com/u?l=wM3rcf from PacerMonitor.com at no charge. Counsel for the Debtor: EDELBOIM LIEBERMAN PLLC Brett D. Lieberman, Esq. Alexander Lewitt, Esq. 2875 NE 191st St., Penthouse One Miami, FL 33180 Telephone: (305) 768-9909 Facsimile: (305) 928-1114 Email: brett@elrolaw.com Email: alex@elrolaw.com About Sextant Stays Sextant Stays, Inc., doing business as Roami, is a hospitality company that offers urban group travel accommodations in cities such as Miami and New Orleans. Founded in 2016, the company manages entire buildings to provide consistent, design-forward spaces aimed at delivering memorable and connected travel experiences. Sextant Stays' approach bridges the gap between traditional hotels and inconsistent vacation rentals, catering to modern travelers seeking comfort, reliability, and style. Sextant Stays sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-15908) on May 27, 2025, listing $5,033,274 in assets and $15,895,759 in liabilities. Andreas King-Geovanis, chief executive officer of Sextant Stays, signed the petition. Judge Robert A. Mark oversees the case. Brett Lieberman, Esq., at Edelboim Lieberman, PLLC, is the Debtor's legal counsel. SHILO INN IDAHO FALLS: Gets Extension to Access Cash Collateral --------------------------------------------------------------- Shilo Inn, Idaho Falls, LLC received another extension from the U.S. Bankruptcy Court for the Western District of Washington to use cash collateral. The court's 19th interim order authorized the Debtor to use cash collateral to pay the expenses set forth in its budget for the interim period until the order ceases to be in full force and effect or until the occurrence of the so-called termination event (e.g. February 28, 2026). The Debtor must adhere to the budget, with limited flexibility for minor variances (up to 10% per line item or 110% of total monthly expenses). RSS CGCMT 2017P7-ID SIIF, LLC, a secured creditor, will be granted a first priority post-petition security interest in and lien on all of the Debtor's assets to the same priority, validity and extent as its pre-bankruptcy security interest and lien. As additional protection, RSS will continue to receive a monthly payment of $26,837.08. The next hearing is scheduled for February 19, 2026. About Shilo Inn, Idaho Falls Shilo Inn, Idaho Falls, LLC filed Chapter 11 petition (Bankr. W.D. Wash. Case No. 20-42489) on November 2, 2020. At the time of filing, Shilo Inn, Idaho Falls disclosed up to $50 million in assets and up to $10 million in liabilities. Judge Brian D. Lynch oversees the case. Levene, Neale, Bender, Yoo & Brill L.L.P. and Stoel Rives LLP serve as counsel to Shilo Inn, Idaho Falls. Shilo Inn, Idaho Falls' case is not jointly administered with those of Shilo Inn, Ocean Shores, LLC, and Shilo Inn, Nampa Suites, LLC, both of which sought Chapter 11 protection (Bankr. W.D. Wash. Lead Case No. 20-42348) on October 15, 2020. Ocean Shores and Nampa Suites' cases are jointly administered. RSS CGCMT 2017P7-ID SIIF, LLC, as secured creditor, is represented by: James B. Zack, Esq. Lane Powell PC 1420 Fifth Avenue, Suite 4200 Seattle, WA 98101 Telephone: (206) 223-7000 Facsimile: (206) 223-7107 ZackJ@lanepowell.com Docketing@LanePowell.com SHILO INN NEWPORT: Gets Extension to Access Cash Collateral ----------------------------------------------------------- Shilo Inn, Newport, LLC received second interim approval from the U.S. Bankruptcy Court for the Western District of Washington to use cash collateral to fund operations. The second interim order authorized the Debtor to use cash collateral pending further hearing in accordance with its budget, subject to a 15% variance. The Debtor may amend the budget with creditor consent or further court approval. As adequate protection, secured creditors including RSS SGCMS2016-C5 - OR SIN, LLC and the U.S. Small Business Administration will be granted replacement liens on post-petition assets, subject to a fee carveout. In addition, the Debtor was directed to maintain insurance coverage to protect its secured creditors. The next hearing is scheduled for February 19, 2026, with objections due by February 12, 2026. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/Wrcni from PacerMonitor.com. RSS SGCMS2016-C5 is represented by: James B. Zack, Esq. Ballard Spahr LLP 1301 Second Avenue, Suite 2800 Seattle, WA 98101 Telephone: (206) 223-7122 Zackj@ballardspahr.com Docketclerk_seattle@ballardspahr.com About Shilo Inn Newport LLC Shilo Inn, Newport, LLC, doing business as Shilo Inn Newport Oceanfront, operates a 179-room beachfront hotel in Newport, Oregon. Shilo Inn Newport sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Wash. Case No. 25-42508) on October 10, 2025. In its petition, the Debtor reported between $10 million and $50 million in assets and liabilities. Honorable Bankruptcy Judge Mary Jo Heston handles the case. The Debtor is represented by Richard B. Keeton, Esq., at Bush Kornfeld, LLP. SHILO INN OCEAN SHORES: Gets Extension to Access Cash Collateral ---------------------------------------------------------------- Shilo Inn, Ocean Shores, LLC and Shilo Inn, Nampa Suites, LLC received another extension from the U.S. Bankruptcy Court for the Western District of Washington to use cash collateral. The court authorized the Debtors to use cash collateral to pay the expenses set forth in their budget for the period from December 1, 2025 until its interim order ceases to be in full force and effect or until the occurrence of the so-called termination event (e.g. February 28, 2026). RSS WFCM2016NXSS-WA SIOSN, LLC, a secured creditor, will be granted a first priority post-petition security interest in and lien on all of the companies' assets to the same priority, validity and extent as its pre-bankruptcy security interest and lien. As additional protection, RSS will continue to receive until May a monthly payment of $29,900 from Shilo Inn, Ocean Shores and $16,100 from Shilo Inn, Nampa Suites. The next hearing is scheduled for February 19, 2026. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/tSkjU from PacerMonitor.com. About Shilo Inn Hospitality companies Shilo Inn, Ocean Shores, LLC and Shilo Inn, Nampa Suites, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Wash. Lead Case No. 20-42348) on Oct. 15, 2020. At the time of filing, Shilo Inn, Ocean Shores disclosed assets of between $10 million and $50 million and liabilities of the same range. Shilo Inn, Nampa Suites disclosed $1 million to $10 million in both assets and liabilities. Judge Brian D. Lynch oversees the cases. The Debtors tapped Levene, Neale, Bender, Yoo & Brill L.L.P. as their bankruptcy counsel and Stoel Rives LLP as their local counsel. SI GROUP: Completes Recapitalization, Cuts Debt by $1.7 Billion --------------------------------------------------------------- SI Group, a global developer and manufacturer of performance additives, process solutions, and chemical intermediates, on Dec. 23, 2025, announced the successful completion of a comprehensive recapitalization transaction supported by its lenders and equity partners. Through this transaction, SI Group has reduced its outstanding net indebtedness by approximately $1.7 billion (an over 80% reduction) and made amendments to its revolving credit facility, both of which materially enhance SI Group's financial and operational flexibility going forward. In addition, a new institutional ownership group has injected $150 million of junior capital, demonstrating their confidence in the company's long-term outlook. This investment will enable SI Group to fund the company's working capital needs, invest in key operational initiatives, and accelerate growth to serve the needs of its customers and business partners. "This recapitalization represents an important step for SI Group," said David Bradley, President and CEO of SI Group. "By reducing our debt and securing new investment, we have strengthened our financial foundation, allowing us to continue investing in growth, improving operational capabilities, and supporting our customers worldwide. We appreciate the partnership of our new institutional investors, whose commitment reflects confidence in our strategy and positions us for long-term success." SK Capital Partners, a private investment firm, acquired SI Group in October 2018 from the descendants of W. Howard Wright, who founded the company in 1906. Advisors Latham & Watkins LLP served as legal advisor, PJT Partners served as investment banker, AlixPartners LLP served as financial advisor to SI Group. Akin Gump Strauss Hauer & Feld LLP served as legal advisor and Lazard served as investment banker to an ad hoc group of the company's second-out term loan lenders. Baker Botts L.L.P. served as legal advisor to the company's pre-transaction equity holders. About SI Group SI Group is a global developer and manufacturer of performance additives, process solutions and chemical intermediates. SI Group solutions are essential to enhancing the quality and performance of countless industrial and consumer goods within plastics, rubber & adhesives, fuels & lubricants, oilfield, and pharmaceutical industries. SI Group's global manufacturing footprint includes 18 facilities on three continents, serving customers in 80 countries with 1,600 employees worldwide. On the Web: http://www.siigroup.com/ SJ HOLDINGS: A10 Commercial Files Liquidating Plan -------------------------------------------------- A10 Commercial Mortgage Trust 2024- FLSN1, LLC (the "Secured Creditor") filed with the U.S. Bankruptcy Court for the Eastern District of New York a First Amended Disclosure Statement describing First Amended Plan of Liquidation for SJ Holdings Group LLC dated December 18, 2025. The Debtor is the owner of certain real properties, improvements and related assets known as "Walden Pointe Apartments," a 379-unit apartment complex located in Memphis, Tennessee (collectively, the "Property"). The Property and the rents generated therefrom are the Debtor's sole significant assets. On or about June 21, 2019, the Secured Creditor made a loan (the "Loan") to the Debtor as evidenced by, among other things, (i) that certain Loan Agreement dated June 21, 2019 by and among the Secured Creditor and the Debtor and the Loan Modification Agreement dated July 1, 2022 by and among the Secured Creditor's predecessor-in-interest and the Debtor (collectively, the "Loan Agreement"); (ii) that certain Amended and Restated Promissory Note dated July 1, 2022, in the original principal amount of up to $4,800,000.00 (the "Note"), executed by the Debtor and payable to the Secured Creditor; (iii) that certain Deed of Trust, Assignment of Leases and Rents, Security Agreement and Fixture Filing dated June 21, 2019 (the "Deed of Trust") from the Debtor, as ultimately assigned to the Secured Creditor; (iv) that certain Assignment of Leases, Rents and Profits dated June 21, 2019 (the "Assignment of Leases"); and (v) that certain Conditional Springing Guaranty dated June 21, 2019 (the "Guaranty") made by Mikhail Levitanksy (the "Guarantor"), the Debtor's sole member, in favor of the Secured Creditor. On August 1, 2024, the Secured Creditor, the Debtor and the Guarantor executed a Loan Forbearance Agreement (the "Forbearance Agreement"), pursuant to which, among other things, the Secured Creditor agreed to forbear from exercising its rights and remedies under the Loan Documents until November 1, 2024, to allow the Debtor time to obtain refinancing to pay off the Loan. It is the Secured Creditor's position that the Debtor and the Guarantor are bound by the admissions and stipulations they made in the Forbearance Agreement, and that the terms and conditions of the Forbearance Agreement, including the releases contained therein, are enforceable. The Plan Proponent believes that confirmation of the Plan provides the best opportunity for maximizing recoveries for the Debtor's creditors. The Plan provides that creditors will be paid from Cash turned over by the Debtor to the Plan Administrator, Sale Proceeds, and, if necessary, the GUC Contribution (which will guaranty that general unsecured creditors will receive a distribution under the Plan), and other Cash contributed by the Secured Creditor to the extent necessary to fund the payments and distributions called for under the Plan, in the priority established under the Bankruptcy Code. Under the Plan, Thomas A. Draghi, as Plan Administrator (the "Plan Administrator"), will make distributions to creditors. Class 6 consists of General Unsecured Claims. Subject to the provisions of Article 7 of the Plan with respect to Disputed Claims, in full satisfaction of Class 6 General Unsecured Claims, the holders of such Claims shall receive the following treatment: within five days after the Closing Date, or as soon as possible after such Claims become Allowed Claims, each holder of an Allowed Class 6 General Unsecured Claim shall receive from the Plan Administrator, unless otherwise agreed in writing between the Plan Administrator and the holder of such Claim, its Pro Rata payment of the remaining Cash from the Sale Proceeds after payment of Administrative Claims, Professional Fee Claims, Priority Tax Claims, Class 1 Claims, Class 2 Claims, Class 3 Claims, the Class 4 Claim, and Class 5 Claims; provided, however, if the amount of such remaining Cash from the Sale Proceeds available to pay Allowed Class 6 Claims is less than $10,000.00, the Plan Proponent will fund the GUC Contribution to the extent necessary to facilitate the Pro Rata distribution of $10,000.00 to holders of Allowed Class 6 General Unsecured Claims pursuant to the Plan. The estimated recovery for General Unsecured Claims is "unknown", according to the First Amended Disclosure Statement. Class 7 consists of Equity Interests. Interest Holders shall retain their Interests and their rights as to any remaining balance of Cash, if any, that may be held by the Plan Administrator after payment in full of all Allowed Claims described in Article II of the Plan, and all Classes of Claims against the Debtor; provided, however, that if all Allowed Claims are not paid in full, Interests of Equity shall be extinguished and the affairs of the Debtor will be wound down. Except as set forth elsewhere in the Plan, all payments required to be made under the Plan shall be made by the Plan Administrator in accordance with the terms of the Plan. Except as set forth elsewhere in the Plan, the Plan will be funded from the Sale Proceeds, any Cash held by the Debtor as of the Effective Date, which will be turned over by the Debtor to the Plan Administrator, and, if necessary, the GUC Contribution. Only in the event that the Secured Creditor or its designee is the Purchaser of the Property by credit bid, or if the Sale Proceeds are insufficient to pay the Allowed Administrative Claims, Professional Fee Claims, Priority Tax Claims, Class 1 Claims, Class 2 Claims, and Class 3 Claims in accordance with the terms of the Plan, the Secured Creditor shall deliver to the Plan Administrator for distribution pursuant to the provisions of the Plan (i) Cash in an amount sufficient to pay the Allowed Administrative Claims, Professional Fee Claims, Priority Tax Claims, Class 1 Claims, Class 2 Claims, and Class 3 Claims in accordance with the terms of the Plan, and (ii) the GUC Contribution. A full-text copy of the First Amended Disclosure Statement dated December 18, 2025 is available at https://urlcurt.com/u?l=335SEB from PacerMonitor.com at no charge. Counsel for A10 Commercial Mortgage Trust 2024- FLSN1, LLC: RUBIN LLC Paul A. Rubin, Esq. Hanh V. Huynh, Esq. 11 Broadway, Suite 715 New York, New York 10004 Tel: 212.390.8054 Fax: 212.390.8064 Email: prubin@rubinlawllc.com hhuynh@rubinlawllc.com About SJ Holdings Group SJ Holdings Group, LLC, doing business as Walden Pointe Apartments, is the owner of certain real properties, improvements and related assets known as "Walden Pointe Apartments," a 379-unit apartment complex located in Memphis, Tennessee (collectively, the "Property"). The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-42207) on May 7, 2025, with up to $50,000 in assets and between $1 million and $10 million in liabilities. Judge Nancy Hershey Lord presides over the case. Kevin J. Nash, at Goldberg Weprin Finkel Goldstein LLP, represents the Debtor as legal counsel. SK INDUSTRIES: Gets Extension to Access Cash Collateral ------------------------------------------------------- SK Industries, LLC received another extension from the U.S. Bankruptcy Court for the Northern District of Florida, Pensacola Division, to use cash collateral to fund operations. The court issued its eighth interim order authorizing the Debtor to use cash collateral until the next hearing on February 13, 2026, to pay its expenses per the budget, subject to a 10% variance per line item. As protection, Regions Bank, the Debtor's lender, was granted post-petition replacement liens on all personal property of the Debtor, including accounts receivable. In addition, the Debtor was ordered to make a monthly payment of $15,000 to Regions Bank and to keep its property insured in accordance with the terms of their loan agreement. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/lA2fu from PacerMonitor.com. About SK Industries LLC SK Industries, LLC, doing business as Pensacola Athletic Center, is a comprehensive fitness facility offering 24-hour gym access, personal training, childcare services, tennis courts, swimming pools, and group fitness classes. The family-owned business has been serving the Pensacola community since 1985, with a focus on health and wellness for individuals of all ages. SK Industries filed Chapter 11 petition (Bankr. N.D. Fla. Case No. 25-30138) on February 18, 2025, listing between $1 million and $10 million in both assets and liabilities. Judge Jerry C. Oldshue, Jr. oversees the case. The Debtor is represented by Byron W. Wright III, Esq., at Bruner Wright, P.A. Regions Bank, as lender, is represented by: Dana L. Robbins-Boehner, Esq. Burr & Forman, LLP 201 North Franklin Street, Suite 3200 Tampa, FL 33602 (813) 221-2626 (voice) (813) 221-7335 (fax) drobbins-boehner@burr.com SKOPIMA CONSILIO: Franklin Marks $5.3MM Loan at 15% Off ------------------------------------------------------- Franklin Senior Loan ETF has marked its $5,373,706 loan extended to Skopima Consilio Parent LLC to market at $4,579,419 or 85% of the outstanding amount, according to Franklin's Form N-CSR for the semi-annual period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. Franklin is a participant in a First LienTerm Loan B to Skopima Consilio Parent LLC. The loan accrues interest at a rate of 7.91% per annum. The loan matures on May 12, 2028. The Fund, a Delaware statutory trust, is registered under the Investment Company Act of 1940. The Funds are exchange-traded funds. ETFs are funds that trade like other publicly-traded securities. Unlike shares of a mutual fund, which can be bought from and redeemed by the issuing fund by all shareholders at a price based on net asset value, shares of the Funds may be directly purchased from and redeemed by the Funds at NAV solely by certain large institutional investors who have entered into agreements with the Funds' distributor. Each of the Funds seek to provide the investment results that closely correspond, before fees and expenses, to the performance of each Fund's corresponding underlying index. The Trust is led by Christopher Kings as Chief Executive Officer – Finance and Administration, and Vivek Pai as Chief Financial Officer, Chief Accounting Officer and Treasurer. The Company can be reach through: Christopher Kings One Franklin Parkway San Mateo, CA 94403-1906 Telephone: (650) 312-2000 About Skopima Consilio Parent LLC Skopima Consilio Parent LLC provides software solutions. SKYLINE EMS: Amends Unsecureds & Several Secured Claims Pay ----------------------------------------------------------- Skyline EMS, Inc., submitted a First Amended Disclosure Statement describing Plan of Reorganization dated December 18, 2025. The purpose of the Plan is to reorganize the Debtor and provide distributions to its Creditors. In broad overview, the Plan proposes to continue operating the emergency (911) ambulance transportation company, increase revenue by acquiring new contracts, retain existing contracts, reduce the payroll expense to revenue percent to 50%, and reduce other ongoing administrative and operational expenses. The Debtor's funding for the Plan comes from two sources. First, Debtor operates an emergency (911) ambulance transportation company servicing the Jim Hogg County, Texas, Precincts 1 and 3 of Hidalgo County, Texas and the City of Palmhurst, Texas metropolitan area from which it earns, using 2024 tax return receipts numbers, of $7,853,341 annually or $654,445.08 monthly. Class 1 consists of Secured Tax Claims. The Debtor proposes to pay the Internal Revenue Service, its Secured Claim of $1,701,788.01 which includes tax and interest, minus any cash collateral payments that might be applied to the secured claim in full. Debtor shall pay this $1,701,788.01 by remitting monthly payments of $37,420.93 for 53 months with interest on the unpaid balance accruing at 7% per annum. These payments shall begin thirty days from the confirmation date. Nevertheless, should the Debtor be unsuccessful in repaying the Internal Revenue Service its Secured Claim of $1,701,788.01 in full, the Internal Revenue Service may accelerate its allowed claim(s), past and future, and declare the outstanding amount of such claim(s) to be immediately due and owing and pursue any and all available state and federal rights and remedies. Class 2 consists of the Unsecured Priority Tax Claim of the Internal Revenue Service [Claim 1] in the amount of $968,570.16 which consists of unpaid taxes of $886,475.31 and unpaid interest of $82,094.85. The Debtor proposes to pay the Internal Revenue Service its Unsecured Priority Claim of $968,570.16 which includes tax and interest, minus any cash collateral payments that might be applied to the unsecured priority claim. The Debtor shall pay this $968,570.16 by remitting monthly payments of $21,298.07 for 53 months with interest on the unpaid balance accruing at 7% per annum. Class 3 consists of General Unsecured Claims. Except to the extent that a holder of an Allowed General Unsecured Claim agrees to less favorable treatment of such Claim, in exchange for full and final satisfaction, settlement, release, and discharge of, and in exchange for, such Allowed General Unsecured Claim, each holder of an Allowed General Unsecured Claim shall receive its Pro Rata share of the GUC Cash Pool up to the full amount of such Allowed General Unsecured Claim following the payment in full of all secured and priority classes; provided that the Reorganized Debtor shall not be required to make Distributions to any holder of an Allowed General Unsecured Claim if such Distribution is less than $50.00. The General Unsecured Claims will receive pro rata distributions from the GUC Cash Pool; the Reorganized Debtor will make Post-Emergence Monthly Payments Payments in the amount of $11,616.55 to the GUC Distribution Reserve after the Effective Date to fund the GUC Cash Pool. If the Reorganized Debtor does not make the Post Emergence Monthly Payments to the GUC Distribution Reserve when due under the Plan, the holder of any unsatisfied General Unsecured Claim can serve written notice of default on the Reorganized Debtor. Class 4 consists of the Unsecured NonPriority Tax of Internal Revenue Service. The Debtor proposes to pay the Internal Revenue Service its unsecured non-priority tax claim if the Internal Revenue Service does not agree to waive the $1,019,231.08 which is comprised of all penalty. The Reorganized Debtor will make Post-Emergence Monthly Payments in the amount of $21,011.44 to the GUC Distribution Reserve after the Effective Date to fund the GUC Cash Pool payment for this claim. A full-text copy of the First Amended Disclosure Statement dated December 18, 2025 is available at https://urlcurt.com/u?l=mL0hbn from PacerMonitor.com at no charge. Counsel for the Debtor: Antonio Martinez, Jr., Esq. 515 W. Nolana Ave., Ste. B McAllen, TX 78504 Telephone: (956) 683-1090 Email: martinez.tony.jr@gmail.com About Skyline EMS Inc. Skyline EMS Inc., an emergency medical services provider operating across the Rio Grande Valley in Texas. It provides ambulance and emergency medical response services from its base in Mission, Texas. Skyline EMS Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-70188) on July 7, 2025. In its petition, the Debtor estimated assets up to $50,000 and liabilities of $2.86 million. The Debtor is represented by Antonio Martinez, Jr., Esq. SMOKE RINGS: Seeks Subchapter V Bankruptcy in Ohio -------------------------------------------------- Daniel Kline of The Street reports that Ray Ray's Hog Pit operator Smoke Rings LLC has filed for Chapter 11 bankruptcy, signaling a bid to reorganize after a series of restaurant closures. The filing comes after the barbecue chain scaled back its footprint amid operational and financial challenges. Ray Ray's first opened in 2009 and has long emphasized its commitment to classic American barbecue traditions. According to the company, its combination of time-honored smoking practices and modern techniques helped cultivate a strong base of loyal customers who valued consistency, quality, and authenticity, the report states. In the months leading up to the bankruptcy, the chain closed several locations. Its Johnstown and Marion restaurants both shut down on November 12, 2025, while the Linworth food truck was discontinued earlier in November as part of a consolidation strategy, the report states. About Smoke Rings LLC Smoke Rings LLC is an Ohio-based restaurant company that operates the Ray Ray’s Hog Pit barbecue brand. The company specializes in American-style barbecue, combining traditional smoking methods with modern culinary techniques. Smoke Rings LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ohio Case No. 25-55608) on December 19, 2025. In its petition, the Debtor reports estimated assets between $100,000 and $500,000 and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Mina Nami Khorrami handles the case. The Debtor is represented by Sean Stone, Esq. SMT TRUCKING: Gets Interim OK to Use Cash Collateral ---------------------------------------------------- The U.S. Bankruptcy Court for the Eastern District of North Carolina, Greenville Division, entered an interim order authorizing SMT Trucking, LLC's use of cash collateral. The court found that cash generated from operations constitutes cash collateral of secured creditors, primarily the U.S. Small Business Administration and certain merchant cash advance lenders, though available equity appears sufficient only to secure the SBA's liens. The Debtor acknowledged the asserted liens for purposes of the order while expressly reserving all rights to later challenge their validity, priority, or enforceability. Under the interim order, the Debtor is authorized to use cash collateral for necessary and reasonable operating expenses, including payroll, fuel, insurance, and other business costs, in accordance with an approved budget. Individual budget line items may be exceeded by up to 10% without prior approval, but expenditures beyond that require written consent from the SBA, the Subchapter V trustee, and the Bankruptcy Administrator. The Debtor projects total operational expenses of $218,528.00 for the period from December 5 to January 6, 2026. As adequate protection, secured creditors will be granted post-petition replacement liens, with the same validity and priority as their prepetition liens, subject to a carveout for court-approved professional fees. Events of default under the interim order include misuse of cash collateral, failure to maintain insurance, or conversion to Chapter 7, and preserves secured creditors' lien rights even upon dismissal or conversion. The order remains in effect until modified, terminated for cause, or replaced by a subsequent interim or final order. A further hearing is scheduled for January 5, 2026. About SMT Trucking LLC SMT Trucking LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. N.C. Case No. 25-04795) on December 01, 2025, with up to $50,000 in assets and $100,001 to $500,000 in liabilities. Judge David M. Warren presides over the case. Laurie Biggs, Esq., at Biggs Law Firm, PLLC represents the Debtor as bankruptcy counsel. SPIN HOLDCO: Franklin Marks $1.8MM Loan at 16% Off -------------------------------------------------- Franklin Senior Loan ETF has marked its $1,887,300 loan extended to Spin Holdco Inc. to market at $1,589,380 or 84% of the outstanding amount, according to Franklin's Form N-CSR for the semi-annual period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. Franklin is a participant in a Initial Term Loan to Spin Holdco Inc. The loan accrues interest at a rate of 8.39% per annum. The loan matures on March 4, 2028. The Fund, a Delaware statutory trust, is registered under the Investment Company Act of 1940. The Funds are exchange-traded funds. ETFs are funds that trade like other publicly-traded securities. Unlike shares of a mutual fund, which can be bought from and redeemed by the issuing fund by all shareholders at a price based on net asset value, shares of the Funds may be directly purchased from and redeemed by the Funds at NAV solely by certain large institutional investors who have entered into agreements with the Funds' distributor. Each of the Funds seek to provide the investment results that closely correspond, before fees and expenses, to the performance of each Fund's corresponding underlying index. The Trust is led by Christopher Kings as Chief Executive Officer - Finance and Administration, and Vivek Pai as Chief Financial Officer, Chief Accounting Officer and Treasurer. The Company can be reach through: Christopher Kings One Franklin Parkway San Mateo, CA 94403-1906 Telephone: (650) 312-2000 About Spin Holdco Inc. Spin Holdco Inc. provides laundry solutions. The Company offers residential and commercial laundry solutions, as well as tire inflation and vacuum vending services at convenience stores and gas stations. Spin Holdco serves clients in North America and Europe. SPIN HOLDCO: XAI Octagon Marks $2.1MM 1L Loan at 17% Off -------------------------------------------------------- XAI Octagon Floating Rate & Alternative Income Trust has marked its $2,117,487 loan extended to Spin Holdco, Inc. to market at $1,765,836 or 83% of the outstanding amount, according to XFLT's Form N-CSR for the fiscal year ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. XFLT is a participant in a Senior Secured First Lien Loan to Spin Holdco, Inc. The loan accrues interest at a rate of 3M SOFR + 4.26% per annum. The loan matures on March 4, 2028. XFLT is a diversified, closed-end management investment company registered under the Investment Company Act of 1940, as amended. The Trust commenced operations on September 27, 2017. The Trust seeks to achieve its investment objective by investing in a dynamically managed portfolio of opportunities primarily within the private credit markets. Under normal market conditions, the Trust will invest at least 80% of its Managed Assets in floating rate credit instruments and other structured credit investments. XA Investments LLC serves as the investment adviser to the XAI Octagon Floating Rate & Alternative Income Trust. Octagon Credit Investors, LLC serves as the Trust's investment sub-adviser and is responsible for the management of the Trust's portfolio of investments. The Fund is led Theodore J. Brombach as President and Chief Executive Officer; and Derek J. Mullins as Treasurer and Chief Financial Officer. The Fund can be reach through: Theodore J. Brombach XAI Octagon Floating Rate & Alternative Income Trust 321 North Clark Street, Suite 2430 Chicago, IL 60654 Telephone: (312) 374-6930 About Spin Holdco, Inc. Spin Holdco Inc. provides laundry solutions. The Company offers residential and commercial laundry solutions, as well as tire inflation and vacuum vending services at convenience stores and gas stations. Spin Holdco serves clients in North America and Europe. STICKY WALL: Seeks Chapter 11 Bankruptcy in Florida --------------------------------------------------- On December 21, 2025, Sticky Wall Vinyl LLC filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Middle District of Florida. According to court filings, the Debtor reports between $100,001 and $1 million in debt owed to between one and 49 creditors. About Sticky Wall Vinyl LLC Sticky Wall Vinyl LLC is a company that specializes in decorative wall vinyl products designed for easy application and removal. Its product offerings include peel-and-stick wall decals and customizable vinyl graphics for residential and commercial interiors. Sticky Wall Vinyl LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-08281) on December 21, 2025. In its petition, the Debtor reports estimated assets of $0 to $100,000 and estimated liabilities of $100,001 to $1 million. Honorable Bankruptcy Judge Lori V. Vaughan handles the case. The Debtor is represented by L. Todd Budgen, Esq. of Budgen Law Group. SYNERGY 768: Seeks Chapter 11 Bankruptcy in California ------------------------------------------------------ On December 19, 2025, Synergy 768 Inc. filed for Chapter 11 protection in the Northern District of California. According to court filings, the Debtor reports assets in the range of $1 million to $10 million and liabilities of $1 million to $10 million, owed to 1-49 creditors. About Synergy 768 Inc. Synergy 768 Inc. specializes in providing software and technology-driven business solutions. The company offers services in cloud computing, process automation, and IT consulting to commercial clients throughout the United States, helping organizations enhance performance and productivity. Synergy 768 Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-42384) on December 19, 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 William J. Lafferty handles the case. The Debtor is represented by David C. Johnston, Esq. of the Law Offices of David C. Johnston. TERRASTRAT GROUP: Case Summary & 20 Largest Unsecured Creditors --------------------------------------------------------------- Debtor: TerraStrat Group LLC 280 E. Torrence Road Columbus, OH 43214 Business Description: TerraStrat Group LLC provides consulting and analytics services to financial institutions in the United States, focusing on optimizing branch networks and ATM placement. The Columbus, Ohio-based company delivers data- driven growth strategies that leverage predictive modeling, market analysis, and micromarket optimization to inform decisions on branch consolidation, expansion, and investment prioritization. Its services are tailored to each client's needs, helping banks improve efficiency, reach, and customer retention within their retail footprint. Chapter 11 Petition Date: December 24, 2025 Court: United States Bankruptcy Court Southern District of Ohio Case No.: 25-55664 Judge: Hon. Tiffany Strelow Cobb Debtor's Counsel: Tami Hart Kirby, Esq. PORTER WRIGHT MORRIS & ARTHUR LLP One South Main Street, Suite 1600 Dayton, OH 45402-2028 Tel: 937-449-6810 Fax: 937-449-6820 Email: tkirby@porterwright.com Estimated Assets: $100,000 to $500,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Kennard Wottowa as chief executive officer and president. A full-text copy of the petition, which includes a list of the Debtor's 20 largest unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/AOJ6KAY/TerraStrat_Group_LLC__ohsbke-25-55664__0001.0.pdf?mcid=tGE4TAMA TG NATURAL: Fitch Affirms 'BB-' LongTerm IDR, Outlook Stable ------------------------------------------------------------ Fitch Ratings has affirmed TG Natural Resources LLC and TGNR Intermediate Holdings LLC's (together TGNR) Long-Term Issuer Default Ratings (IDRs) at 'BB-'. Fitch has also affirmed the senior secured reserve-based lending (RBL) credit facility at 'BB+' with a Recovery Rating of 'RR1' and senior unsecured notes at 'BB-'/'RR4'. The Rating Outlook is Stable. TGNR's ratings reflect its strong strategic majority owner, demonstrated by the $1.35 billion equity injection for the Rockcliff acquisition and $700 million preferred equity investment in 1Q25. The company produces about 1.1 BCFE/d (3Q25), more than 10 years of drilling inventory, and pro forma 4.6 TCFe of proved reserves in the Haynesville basin following the Chevron JV and the announced Terryville divestiture. Under Fitch's price assumptions, Fitch forecasts neutral to negative FCF and EBITDA leverage approaching 3.0x. Offsetting factors include TGNR's size and scale, higher future capex requirements, and the need to de-risk its East Texas acreage. Key Rating Drivers Strong Strategic Owner: TGNR's IDR receives a one-notch uplift under Fitch's parent-subsidiary linkage criteria, reflecting moderate linkage with Tokyo Gas. Legal ties are limited, strategic ties are moderate given Tokyo Gas's financial support including the 2025 preferred equity investment, and operational ties are weak despite shared management. However operational benefits to Tokyo Gas are weaker. Tokyo Gas, not rated by Fitch, has a solid investment-grade profile. TGNR is moderately strategic to Tokyo Gas's Compass 2030 initiative to deepen LNG value-chain integration. The investment is long term and strategic, not focused on equity distributions. Haynesville Focus: TGNR is the second-largest private producer in the Haynesville and is positioned for Gulf Coast LNG growth. Proximity to Henry Hub and major buyers supports lower differentials and stronger realized prices. TGNR has 445,000 net acres mainly in East Texas and North Louisiana, equating to more than 10 years of drilling inventory. East Texas Haynesville has a shorter operating history, but reservoir traits support lower development costs and decline rates. Neutral to Negative FCF: Fitch believes TGNR will generate neutral to negative FCF over the forecast due to higher carry costs on the Chevron JV and near-term capex to replace volumes after the Terryville sale. At YE25, the total carry cost for the JV is about $440 million. Low operating costs and no dividends partly offset this. Fitch assumes focus on debt reduction through the forecast. Bond maturity is October 2029, and RBL maturity is June 2030, providing ample runway. Accretive Chevron JV: Fitch expects the Chevron JV to provide growth potential for TGNR going forward. TGNR acquired a 70% stake in East Texas gas assets for $525 million, paying $75 million up front with $450 million of carry up to 7.5 years, with synergies of over $170 million during the asset's development. TGNR expects to enter 2026 with four rigs split between the JV position and their legacy assets, potentially adding a third rig to the JV asset during 2026 subject to gas prices. Fitch said, "We would expect capex in 2026 to approach $1 billion if a fifth rig is added during the year." Continued Debt Reduction: Under Fitch's current pricing, TGNR plans to use $255 million (before adjustments) from the Terryville divestiture (expected around FYE25) to partially repay the $700 million Tokyo Gas preferred equity planned to be repaid in full by the end of March 2026, with remaining funded by cash, RBL drawings or term debt. Under Fitch's price assumptions, EBITDA leverage approaches 3.0x at mid-cycle prices. Hedging Reduces Price Risk: Fitch expects the company to maintain its multiyear hedging strategy to protect capital plans, de-risk cash flows and reduce pricing volatility. The RBL requires hedging at least 50% of PDP volumes for months 1-12 and 40% for months 13-24, tested quarterly. Months 13-24 hedging is waived if leverage is below 1.5x and the facility is less than 25% drawn. Currently TGNR has approximately 87% of natural gas hedged in 4Q25 at $3.60/mcf, about 55% of 2026 expected production hedged at $3.71/mcf, and about 33% of 2027 expected production hedged at $3.55/mcf. Peer Analysis At 3Q25, TGNR's average daily production of 1,143 mmcfe/d, was below that of CNX Resources Corp. (CNX; BB+/Stable, 1,753 mmcfe/d) and Ascent Resources Utica Holdings, LLC (Ascent; BB-/Positive, 2,247 mmcf/d) but slightly higher than Gulfport Energy Corp. (Gulfport; B+/Stable, 1,120 mmcfe/d). At FY2024, the company had proved reserves of 2.8 TCFE, which is lower than that CNX (8.5 TCFE), Ascent (9.0 TCFE) and Gulfport (4.0 TCFE). With the recent Chevron JV, proved reserves are expected to increase to approx. 4.6 TCFE including the partial offset by the recently announced Terryville divestiture. The company achieves favorable netbacks due to its low operating cost profile, proximity to Henry Hub and Gulf Coast demand centers, and low interest expense. TGNR's 3Q25 Fitch-calculated netback of $2.0/mcfe is one of the highest of its peers including CNX ($1.2/mcfe), Ascent ($1.3/mcfe) and Gulfport ($1.6/mcfe). Additionally, Fitch expects TGNR's EBITDA leverage to approach 3.0x at mid-cycle prices, which is slightly higher than its peers. Fitch's Key Rating-Case Assumptions -- WTI oil price of $64/bbl in 2025, $58/bbl in 2026 and 2027, and $57/bbl thereafter; -- Henry Hub natural gas price of $3.50/mcf in 2025 and 2026, $3.00/mcf in 2027 and $2.75/mcf thereafter; -- Production approaching 1.2 bcfe/d in 2025, a low single-digit drop in 2026 due to the announced Terryville divestiture, followed by a low-single digit increase in 2027 and 2028 before moderating thereafter; -- Capex of $750 million in 2025, increasing to $1 billion in 2026 with the addition of a fifth rig, and reducing in the outer years of the forecast; -- No dividend payments; -- No material M&A activity outside on the Chevron JV carry payments. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade -- Inability to generate FCF and failure to repay the preferred equity investment or increased RBL borrowings that materially erodes the liquidity profile; -- Loss of operational momentum resulting in production consistently below 1.0 BCFE/d; -- Change in financial policy that results materially weaker credit metrics; -- Mid-cycle EBITDA leverage consistently at or above 2.5x. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade -- A material increase in size and scale with an emphasis on diversification; -- Commitment to its stated financial policy, resulting in consistent positive FCF generation; -- Mid-cycle EBITDA leverage consistently below 2.0x. Liquidity and Debt Structure At 3Q25, TGNR's liquidity position was $71.4 million cash on the balance sheet and $1.34 billion available under the RBL to support neutral to negative FCF. Fitch believes TGNR's liquidity position is adequate following the recent transactions, considering the forecast has neutral to negative FCF. TGNR's outstanding debt consist of approximately $12.5 million letters of credit outstanding under its $1.35 billion first-lien RBL ($1.35 billion elected commitment) due June 13, 2030. The RBL includes an acceleration provision if the senior notes remain outstanding 91 days prior to the stated maturity date and have not been refinanced. The facility has two financial maintenance covenants: a net debt/EBITDAX covenant in which the ratio cannot be more than 3.5x and a current ratio covenant in which the ratio cannot be less than 1.00. The company is in compliance with both covenants. The senior unsecured bond ($700 million) is due Oct. 15, 2029. Issuer Profile TG Natural Resources LLC is a private U.S.-based independent exploration and production (E&P) company. It focuses on the development of natural gas properties in the Haynesville shale formation in East Texas and North Louisiana. THOMAS GORMAN: Jimenez-Fogarty Loses Bid to Dismiss Ch.11 Case -------------------------------------------------------------- The Honorable Kyu Y. Paek of the United States Bankruptcy Court for the Southern District of New York denied the requests of Sai Malena Jimenez-Fogarty seeking dismissal of the bankruptcy cases of Thomas Gorman and Bernard Griffin and denial of the bankruptcy discharges for those debtors. Thomas Gorman, Bernard P. Griffin, and Thomas A. Fogarty were principals and co-owners of Highbury Holdings, Inc.; Highbury Concrete Inc.; and Arteta LLC. On July 14, 2025, each of the principals filed Chapter 11 bankruptcy petitions. On October 20, 2025, Fogarty filed a motion to convert his bankruptcy to a case under Chapter 7 of the Bankruptcy Code, and the Court granted his motion by order dated November 24, 2025. Fogarty's estranged wife, Sai Malena Jimenez-Fogarty is also a Chapter 7 debtor in this Court. Fogarty is currently in a divorce proceeding with Jimenez-Fogarty. According to the Court, Jimenez-Fogarty is not a "party in interest" in the Gorman and Griffin cases. She argues that she is a creditor of Gorman and Griffin. However, Jimenez-Fogarty fails to identify what claims she has against Gorman or Griffin personally. Jimenez-Fogarty asserts that she is a party in interest because she has an interest in Highbury Concrete. However, the Court says Jimenez-Fogarty's Chapter 7 trustee is the appropriate person to appear and participate in the Gorman or Griffin cases to the extent Jimenez-Fogarty's interest in Highbury Concrete, if any, is directly affected by those cases. The requests of Jimenez-Fogarty as set forth in her submissions are denied for want of standing. The denial is without prejudice to the Jimenez-Fogarty trustee appearing in the Gorman and/or Griffin cases to the extent Jimenez-Fogarty's bankruptcy estate could be directly and adversely affected by proceedings in those cases. A copy of the Court's Memorandum Decision and Order dated December 15, 2025, is available at https://urlcurt.com/u?l=mVErgW from PacerMonitor.com. Thomas Gorman filed for Chapter 11 bankruptcy protection (Bankr. S.D.N.Y. Case No. 25-22643) on July 14, 2025, listing under $1 million in both assets and liabilities. Of Counsel to Thomas Gorman and Bernard P. Griffin: H. Bruce Bronson, Jr., Esq. BRONSON LAW OFFICES, P.C. 480 Mamaroneck Avenue Harrison, NY 10528 E-mail: hbbronson@bronsonlaw.net TRANSBLUE DENT: Seeks Chapter 7 Bankruptcy in California -------------------------------------------------------- On December 18, 2025, TransBlue Dent, Inc. filed for Chapter 7 bankruptcy in the Central District of California. According to the filing, the company reports $0-$100,000 in assets and $100,001-$1,000,000 in liabilities, with 1-49 creditors. About TransBlue Dent, Inc. TransBlue Dent, Inc. is a provider of dental care services, specializing in patient-focused oral health solutions, including preventive and restorative treatments. TransBlue Dent, Inc. sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 25-13549) on December 18, 2025, reporting estimated assets of $0-$100,000 and estimated liabilities of $100,001-$1,000,000. Honorable Bankruptcy Judge Scott C. Clarkson oversees the case. The Debtor is represented by Ethan Kiwhan Chin, Esq. of Ethan Chin Law. UNIQUE DENTAL: Hires Dunham Hildebrand as Bankruptcy Counsel ------------------------------------------------------------ Unique Dental Care Professional Limited Liability "Dentistry," LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of Tennessee to hire Dunham Hildebrand Payne Waldron, PLLC as counsel. The firm's services include: a. rendering legal advice with respect to the rights, power, and duties of the Debtor in the management of its assets and operations; b. investigating and, if necessary, instituting legal action on behalf of the Debtor to collect and recover assets of the Debtor's estate; c. preparing all necessary pleadings, orders and reports with respect to this proceeding and to render all other necessary or proper legal services; d. assisting and counseling the Debtor in the preparation, presentation, and confirmation of a plan of reorganization; e. representing the Debtor as may be necessary to protect its interests; and f. performing all other legal services that may be necessary and appropriate in the general administration of Debtor's estate. The firm's current standard hourly rates are $500 - $550 per hour for attorneys and $200 - $225 per hour for paralegals. The firm's standard hourly rates are subject to adjustment as of January 1 of each year. In addition, the firm will seek reimbursement for expenses incurred. Prior to filing, the firm received a retainer of $26,783 from the Debtor. Griffin Dunham, Esq., an attorney at Dunham Hildebrand Payne Waldron, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Henry E. ("Ned") Hildebrand, IV, Esq. Dunham Hildebrand Payne Waldron, PLLC 9020 Overlook Blvd., Ste. 316 Brentwood, TN 37027 Telephone: (615) 933-5850 About Unique Dental Care Unique Dental Care provides general, cosmetic, and restorative dental services from its office in Tennessee, offering treatments including preventive care, crowns, bridges, veneers, teeth whitening, dental bonding, inlays and onlays, and dental implants. Unique Dental Care Professional Limited Liability "Dentistry," LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Tenn. Case No. 25-05234) on December 12, 2025, listing $266,764 in assets and $3,143,552 in liabilities. The petition was signed by Dr. Franklin Daniel as owner. Judge Charles M Walker presides over the case. Henry E. ("Ned") Hildebrand, IV, Esq. at DUNHAM HILDEBRAND PAYNE WALDRON, PLLC represents the Debtor as counsel. UNITED SITE: Case Summary & 30 Largest Unsecured Creditors ---------------------------------------------------------- Lead Debtor: United Site Services, Inc. 118 Flanders Road Suite 1000 Westborough, MA 01581 Business Description: United Site Services, Inc. provides portable sanitation and related site services across the United States, including portable restrooms, hand hygiene stations, and non- hazardous liquid waste removal for construction sites, events, and industrial, agricultural, and commercial settings. The Company also offers complementary services such as temporary fencing, crowd control, roll-off dumpsters, storage, and temporary power solutions, and owns a fleet of roughly 350,000 portable restroom units. It is headquartered in Westborough, Massachusetts, and employs more than 3,000 people. Chapter 11 Petition Date: December 29, 2025 Court: United States Bankruptcy Court District of New Jersey Judge: Hon. Michael B Kaplan Debtors' General Bankruptcy Counsel: Michael D. Sirota, Esq. Felice R. Yudkin, Esq. Daniel J. Harris, Esq. COLE SCHOTZ P.C. 25 Main Street, Court Plaza North Hackensak NJ 07601 Tel: 1 (201) 489-3000 Email: MSirota@ColeSchotz.com FYudkin@coleschotz.com DHarris@coleschotz.com Debtors' General Bankruptcy Counsel: Dennis F. Dunne, Esq. Samuel A. Khalil, Esq. Matthew Brod, Esq. Lauren C. Doyle, Esq. Benjamin M. Schak MILBANK LLP 55 Hudson Yards New York, NY 10001 Telephone: 1 (212) 530-5000 Email: DDunne@Milbank.com SKhalil@Milbank.com MBrod@Milbank.com LDoyle@Milbank.com BSchak@Milbank.com Debtors' Investment Banker: PJT PARTNERS LP Debtors' Financial Advisor: ALVAREZ & MARSAL NORTH AMERICA, LLC Debtors' Notice & Claims Agent: KURTZMAN CARSON CONSULTANTS, LLC d/b/a VERITA GLOBAL Estimated Assets (on a consolidated basis): $1 billion to $10 billion Estimated Liabilities (on a consolidated basis): $1 billion to $10 billion The petitions were signed by John Hafferty as chief financial officer. A full-text copy of the Lead Debtor's petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/FD4NIPQ/United_Site_Services_Inc__njbke-25-23630__0001.0.pdf?mcid=tGE4TAMA Consolidated List of Debtors' 30 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount 1. UMB Bank, N.A. Amended First Undetermined 1412 Broadway Lien Term Loan New York, NY, 10018 Attn: Seth J. Kleinman Email: skleinman@beneschlaw.com Phone: 872-302-6453 2. Bank Of America, N.A. Gateway Second Out Loans Undetermined Village - 900 Building 900 W Trade Street Charlotte, NC, 28255-0001 Attn: Joel Moss, Jordan Wishnew Email: jmoss@cahill.com, jwishnew@cahill.com Phone: 212-701-3668, 212-701-3450 3. Wilmington Trust, N.A. 1100 Third Out Notes Undetermined North Market Street Wilmington, DE, 19890 Attn: Kurt F. Gwynne, Cameron A. Capp Email: kgwynne@reedsmith.com, ccapp@reedsmith.com Phone: 212-549-0230, 302-778-7567 4. Wilmington Trust, N.A. 1100 Unsecured Notes $133,000,000 North Market Street Wilmington, DE, 19890 Attn: Kurt F. Gwynne, Cameron A. Capp Email: kgwynne@reedsmith.com, ccapp@reedsmith.com Phone: 212-549-0230, 302-778-7567 5. Satellite Industries Inc Trade Payable $8,820,029 2530 Xenium Ln N Plymouth, MN, 55441-3695 Attn: Charlie Senecal Title: President Email: charlies@satelliteindustries.com Phone: 763-553-1900 6. Penske Truck Leasing Co LP Trade Payable $4,959,143 2675 Morgantown Road Reading, PA, 19607 Attn: Jeff Jackson Title: President Email: jeff.jackson@penske.com Phone: 610-775-6000 7. Alix Partners, LLP Trade Payable $4,104,238 2000 Town Center, Suite 2400 Southfield, MI, 48075 Attn: Joanne Taylor Title: Partner And Managing Director Email: jotaylor@alixpartners.com Phone: 212-490-2500 8. Enterprise FM Trust Trade Payable $1,254,439 600 Corporate Park Dr St. Louis, MO, 63105 Attn: Bryan Taylor Title: Senior Vice President Email: bryan.taylor@ehi.com Phone: 314-512-5000 9. Lux Facilities Trade Payable $892,979 215 Gage Dr Ste J #1007 Hollister, MO, 65672 Attn: Jay Edwards Title: Operations Manager Email: info@luxfacilities.com Phone: 417-501-5597 10. Sunbelt Rentals Inc Trade Payable $749,757 5701 Chapel Hill Rd Raleigh, NC, 27607-5103 Attn: Brendan Horgan Title: CEO Email: brendan.horgan@sunbeltrentals.com Phone: 317-782-1039 11. Ahead, Inc Trade Payable $740,940 444 W. Lake Street, Suite 3000 Chicago, IL, 60606 Attn: Daniel Adamany Title: CEO Email: daniel.adamany@thinkahead.com Phone: 312-924-4492 12. HERC Rentals Inc Trade Payable $528,381 27500 Riverview Center Blvd Suite 100 Bonita Springs, FL, 34134 Attn: Larry Silber Title: President And CEO Email: lsilber@hertzequip.com Phone: 317-849-5124 13. Stran & Company, Inc Trade Payable $478,282 500 Victory Rd, Suite 301 Quincy, MA, 02171 Attn: Andy Shape Title: President And CEO Email: andyshape@stran.com Phone: 617-822-6950 14. Google Inc Trade Payable $451,372 1600 Amphitheatre Parkway Mountain View, CA, 94043 Attn: Anat Ashkenazi Title: CFO Email: ashkenazi@google.com Phone: 650-253-0000 15. Amazon Business Trade Payable $431,177 410 Terry Avenue Seattle, WA, 98109 Attn: Marcus Mounir Hanana Title: CFO Email: marcush@amazon.com Phone: 888-280-4331 16. Automotive Rentals Inc Trade Payable $397,934 4001 Leadenhall Road Mount Laurel, NJ, 08054 Attn: Bob White Title: President Email: bob.white@holman.com Phone: 856-778-1500 17. Lytx Inc Trade Payable $345,256 9785 Towne Centre Drive San Diego, CA, 92121 Attn: Chris Cabrera Title: CEO Email: chris.cabrera@lytx.com Phone: 866-419-5861 18. UKG Inc Trade Payable $329,592 900 Chelmsford Street Lowell, MA, 01851 Attn: Jennifer Morgan Title: CEO Email: jennifer.morgan@ukg.com Phone: 800-225-1561 19. New Era Technology NE Trade Payable $312,196 2 Batterymarch Park, Ste 401 Quincy, MA, 02169 Attn: Dave Hart Title: Chairman & CEO Email: dave.hart@neweratech.com Phone: 617-367-7474 20. Sustain, LLC Trade Payable $297,500 4684 Bentwood Rd New Waterford, OH, 44445 Attn: Mark Brenner Title: CEO Email: marc.brenner@sustainenvironmental.com 21. Life Insurance Company Of Trade Payable $261,963 North America 51 Madison Avenue New York, NY, 10010 Attn: Eric Feldstein Title: Executive VP & CFO Email: eric_feldstein@newyorklife.com 22. CRK Venture And Consultants Trade Payable $239,400 3719 Watseka Ave Los Angeles, CA, 90034 Attn: Rohit Nannegari Title: Owner Email: rnannegari@gmail.com Phone: 650-206-9466 23. Peopleready Inc Trade Payable $227,793 1015 A Street Tacoma, WA, 98402 Attn: Kristy Willis Title: President Email: kwillis@peopleready.com Phone: 818-753-2850 24. Unifirst Corporation Trade Payable $221,380 1201 N John Stockbauer Dr Victoria, TX, 77901 Attn: Steven Sintros Title: President & CEO Email: steven_sintros@unifirst.com Phone: 615-399-5253 25. AW Site Services LLC Trade Payable $218,601 16150 Main St N Jacksonville, FL, 32218 Attn: Erica Sayo Title: National MVP Manager Email: esayo@asapmarketplace.com Phone: 888-413-5105 26. AM Transportation LLC Trade Payable $215,077 1332 Louisiana Street Memphis, TN, 38106 Attn: Evan Schneider Title: Owner Email: evan@amtranspo.com Phone: 978-772-3900 27. Digital Insurance LLC Trade Payable $193,306 200 Galleria Parkway, Ste 1950 Atlanta, GA, 30339 Attn: Julie Cape Title: Senior Vice President Email: julie.cape@digitalinsurance.com Phone: 770-250-3000 28. Tully Environmental, Inc. Trade Payable $188,579 15 Greene Street Bay Shore, NY, 11706 Attn: Peter Tully Title: President Email: ptully@tullygroup.us Phone: 631-586-0002 29. Zters Inc Trade Payable $172,703 13727 Office Park Drive Houston, TX, 77070 Attn: Chad Farley Title: CEO Email: chad@zters.com Phone: 281-378-4216 30. Wind River Environmental, LLC Trade Payable $171,493 31 Welch Park Dr Berlin, VT, 05602 Attn: David Parry Title: CEO Email: dparry@wrenvironmental.com Phone: 978-841-5057 UNITED SITE: Seeks Chapter 11 Bankruptcy to Cut Debt Load --------------------------------------------------------- Steven Church, Reshmi Basu, and Harry Suhartono of Bloomberg News report that United Site Services Inc., a portable sanitation provider owned by private equity firm Platinum Equity, has filed for Chapter 11 bankruptcy in New Jersey with plans to eliminate approximately $2.4 billion in debt and transfer ownership to its senior lenders. Ahead of the filing, the company reached a restructuring agreement with lenders holding more than 92% of its second-out term loans, according to court papers. Under the deal, more than $1.7 billion of that debt will be exchanged for roughly 98% of United Site’s equity, forming the centerpiece of the balance sheet overhaul. United Site reported estimated assets and liabilities each ranging between $1 billion and $10 billion. The company has secured commitments for $120 million in debtor-in-possession financing and said it will continue operating without disruption while soliciting votes on a prepackaged plan that has already received support from more than 75% of voting creditors. About United Site Services Inc. United Site Services Inc. is a national provider of portable toilet rentals and temporary site services. The company serves construction companies, municipalities, industrial clients, and event organizers throughout the United States. United Site Services Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 25-23630) on December 29, 2025. In its petition, the Debtor reports estimated assets and liabilities each ranging between $1 billion and $10 billion. Honorable Bankruptcy Judge Michael B. Kaplan handles the case. URBANCORE PRESERVATION: Jan. 23 Hearing to Appoint Receiver ----------------------------------------------------------- In the case, Federal National Mortgage Association v. UrbanCore Preservation Redwood, LP, Case No. 3:25-cv-09044 (N.D. Cal.), the U.S. District Court for the Northern District of California will hold an initial case management February 20, 2026, at 10:30 a.m., to be held via Zoom webinar. The Court previously approved a stipulation between Fannie Mae and UrbanCore extending the time to respond to Fannie Mae's motion for appointment of receiver. The deadline for the Defendant to respond to the Motion was December 8. Pursuant to the Stipulation, the Defendant's deadline to respond was extended to and including December 22, and Plaintiff's deadline to file any reply in support of the Motion is extended to January 6, 2026. The hearing on the Motion is continued from January 16 to January 23 at 9:00 a.m. before Judge Maxine M. Chesney. Fannie Mae filed its Complaint on October 21, 2025, and served the Complaint on Defendant on October 24. Plaintiff filed a Motion for Appointment of Receiver with the Court on November 24. UrbanCore filed its answer to the complaint on December 10 and its opposition to the Motion on December 22. UrbanCore contends the Court should deny any and all prayers for relief made by Fannie Mae. "Plaintiff's Complaint, in whole or in part, fails to state a claim upon which relief may be granted," UrbanCore argued. UrbanCore asserted that: -- Fannie Mae has failed to mitigate its damage, if any, by failing to work cooperatively with UrbanCore; -- Plaintiff may have failed to join indispensable and/or necessary parties to this action; -- Violations alleged in Plaintiff’s Complaint did not in fact exist or have been or are in the process of being remedied; -- The extreme remedy of receivership is unwarranted and unnecessary because UrbanCore has attempted to work with Plaintiff cooperatively; -- Violations alleged in Plaintiff's Complaint were caused by current occupants of the Property in spite of the reasonable attempts by UrbanCore to maintain the dwellings free of such alleged violations; -- The occupants or residents of the Property referred to in Plaintiff's Complaint did not notify or communicate the issues, conditions, or violations referred to in Plaintiff's Complaint to UrbanCore such that UrbanCore had adequate opportunity to address, fix, or remediate any such issues, conditions, or violations; and -- Plaintiff's claims are barred by the equitable defenses of waiver of laches. UrbanCore reserves the right to raise additional defenses to Plaintiff's Complaint as the same become known during the course of discovery, hearing, and/or trial. About Urbancore Preservation-Redwood LP UrbanCore Preservation-Redwood LP is a California limited liability company focused on revitalizing urban neighborhoods through innovative, sustainable real estate solutions. It owns the property located at 1848, 1852, 1856, 1860 E. 25th Street, Oakland, California 94606. UrbanCore is facing a receivership case captioned as, Federal National Mortgage Association aka Fannie Mae v. UrbanCore Preservation-Redwood LP, Case No. 3:25-cv-09044 (N.D. Calif.), before the Hon. Maxine M. Chesney. The case was filed on Oct. 21, 2025. UrbanCore is represented by Jamie L. Edmonson, Esq., at the law firm Robinson & Cole LLP. Fannie Mae is represented by: Alexis Anne Rochlin REED SMITH LLP Tel: 213-457-8000 E-mail: arochlin@reedsmith.com - and - Phillip Howard Babich, Esq. REED SMITH LLP Tel: 415-543-8700 E-mail: pbabich@reedsmith.com - and - Houston A. Marsha, Esq. REED SMITH LLP Tel: 213-457-8067 E-mail: mhouston@reedsmith.com Counsel for UrbanCore Preservation Redwood, LP: Jamie L. Edmonson, Esq. ROBINSON & COLE LLP Media Center, 4th Floor 1600 Rosecrans Avenue Manhattan Beach, CA 90266 Tel: 310-321-7650 Email: jedmonson@rc.com - and - Kristin Niver, Esq. ROBINSON & COLE LLP 1201 Pennsylvania Avenue, NW Washington, DC 20004 Tel: 771-213-5650 Email: dcarney@rc.com VACO HOLDINGS: XAI Octagon Marks $743,756 1L Loan at 14% Off ------------------------------------------------------------ XAI Octagon Floating Rate & Alternative Income Trust has marked its $743,756 loan extended to Vaco Holdings, LLC to market at $637,771 or 86% of the outstanding amount, according to XFLT's Form N-CSR for the fiscal year ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. XFLT is a participant in a Senior Secured First Lien Loan to Vaco Holdings, LLC. The loan accrues interest at a rate of 3M SOFR + 5.15% per annum. The loan matures on January 21, 2029. XFLT is a diversified, closed-end management investment company registered under the Investment Company Act of 1940, as amended. The Trust commenced operations on September 27, 2017. The Trust seeks to achieve its investment objective by investing in a dynamically managed portfolio of opportunities primarily within the private credit markets. Under normal market conditions, the Trust will invest at least 80% of its Managed Assets in floating rate credit instruments and other structured credit investments. XA Investments LLC serves as the investment adviser to the XAI Octagon Floating Rate & Alternative Income Trust. Octagon Credit Investors, LLC serves as the Trust's investment sub-adviser and is responsible for the management of the Trust's portfolio of investments. The Fund is led Theodore J. Brombach as President and Chief Executive Officer; and Derek J. Mullins as Treasurer and Chief Financial Officer. The Fund can be reach through: Theodore J. Brombach XAI Octagon Floating Rate & Alternative Income Trust 321 North Clark Street, Suite 2430 Chicago, IL 60654 Telephone: (312) 374-6930 About Vaco Holdings, LLC Vaco Holdings, LLC operates as a holding company. The Company through its subsidiaries, provides retained search, contingency, business management, and consulting services. VANGUARD DEVELOPMENT: Seeks Chapter 11 Bankruptcy in Maryland ------------------------------------------------------------- On December 17, 2025, Vanguard Development Group, LLC filed for Chapter 11 protection in the U.S. Bankruptcy Court for the District of Maryland. According to court filings, the Debtor reports between $0 and $100,000 in debt owed to between 1 and 49 creditors. About Vanguard Development Group, LLC Vanguard Development Group, LLC is engaged in real estate development, with activities that include property acquisition, development planning, and asset management. Vanguard Development Group, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-21788) on December 17, 2025. In its petition, the Debtor reports estimated assets and estimated liabilities in the range of $0 to $100,000. Honorable Bankruptcy Judge Michelle M. Harner handles the case. The Debtor is represented by Jisoo Kim, Esq. of Pare & Associates, LLC. VIA MIZNER OWNER II: Seeks Chapter 11 Bankruptcy in Florida ----------------------------------------------------------- Veronika Bondarenko of The Street reports that Mandarin Oriental, an Asian luxury hospitality group founded in Hong Kong in 1963, operates a global portfolio of 45 hotels and 12 residences. The brand has long been synonymous with upscale accommodations. In 2015, Florida developer Via Mizner Owner II announced plans to bring a 164-room Mandarin Oriental hotel to Boca Raton. Construction on the Boca Raton project began in 2019 but soon encountered repeated setbacks, including lawsuits tied to deposits paid by buyers of 95 planned private residences and condominiums. The partially completed towers at Federal Highway and Camino Real have stood unfinished for years, becoming a fixture in the city's downtown. While the developer offered little public detail on the delays, media reports cited a failed partnership and lenders withdrawing support. After years of stalled progress, Via Mizner Owner II and a related entity sought Chapter 11 protection on December 23, 2025 in the U.S. Bankruptcy Court for the Southern District of Florida. The filing lists secured debts of approximately $130.2 million owed to TIG Romspen US Master Mortgage LP and $80 million to Via Mizner Funding, L.P., against assets valued between $50 million and $100 million. The developer said the bankruptcy is intended to restructure debt and preserve the value of the property while continuing construction. About Via Mizner Owner II Via Mizner Owner II is a real estate development company overseeing a luxury mixed-use project in Boca Raton, Florida. The company serves as the owner and developer of the proposed Mandarin Oriental Boca Raton hotel and adjoining residential development. Via Mizner Owner II sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-25197) on December 23, 2025. In its petition, the Debtor reports estimated assets and liabilities between $100 million and $500 million each. Honorable Bankruptcy Judge Mindy A. Mora handles the case. The Debtor is represented by Samuel W. Hess, Esq. VIA MIZNER PLEDGOR II: Seeks Chapter 11 Bankruptcy in Florida ------------------------------------------------------------- On December 23, 2025, VIA Mizner Pledgor II, LLC filed for Chapter 11 protection in the Southern District of Florida Bankruptcy Court. According to court filing, the Debtor reports between $100 million and $500 million in assets and $100 million to $500 million in liabilities owed to 1-49 creditors. About VIA Mizner Pledgor II, LLC VIA Mizner Pledgor II, LLC is a real estate and investment entity engaged in large-scale commercial and residential property holdings and financing. The company sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-25198) on December 23, 2025. In its petition, the Debtor reports estimated assets of $100 million to $500 million and estimated liabilities of $100 million to $500 million. The Debtor is represented by Bradley S. Shraiberg, Esq. VIBRANTZ TECHNOLOGIES: Franklin Marks $1.6MM Loan at 19% Off ------------------------------------------------------------ Franklin High Yield Corporate ETF has marked its $1,649,000 loan extended to Vibrantz Technologies Inc. to market at $1,336,523 or 81% of the outstanding amount, according to Franklin's Form N-CSR for the semi-annual period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. Franklin is a participant in a Initial Term Loan to Vibrantz Technologies Inc. The loan accrues interest at a rate of 8.73% per annum. The loan matures on April 23, 2029. The Fund, a Delaware statutory trust, is registered under the Investment Company Act of 1940. The Funds are exchange-traded funds. ETFs are funds that trade like other publicly-traded securities. Unlike shares of a mutual fund, which can be bought from and redeemed by the issuing fund by all shareholders at a price based on net asset value, shares of the Funds may be directly purchased from and redeemed by the Funds at NAV solely by certain large institutional investors who have entered into agreements with the Funds' distributor. Each of the Funds seek to provide the investment results that closely correspond, before fees and expenses, to the performance of each Fund's corresponding underlying index. The Trust is led by Christopher Kings as Chief Executive Officer - Finance and Administration, and Vivek Pai as Chief Financial Officer, Chief Accounting Officer and Treasurer. The Company can be reach through: Christopher Kings One Franklin Parkway San Mateo, CA 94403-1906 Telephone: (650) 312-2000 About Vibrantz Technologies Inc. Vibrantz Technologies Inc. provides specialty chemicals and coatings solutions. VIBRANTZ TECHNOLOGIES: Franklin Marks $9.2MM Loan at 19% Off ------------------------------------------------------------ Franklin Senior Loan ETF has marked its $9,280,530 loan extended to Vibrantz Technologies Inc. to market at $7,521,916 or 81% of the outstanding amount, according to Franklin's Form N-CSR for the semi-annual period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. Franklin is a participant in a Initial Term Loan to Vibrantz Technologies Inc. The loan accrues interest at a rate of 8.73% per annum. The loan matures on April 23, 2029. The Fund, a Delaware statutory trust, is registered under the Investment Company Act of 1940. The Funds are exchange-traded funds. ETFs are funds that trade like other publicly-traded securities. Unlike shares of a mutual fund, which can be bought from and redeemed by the issuing fund by all shareholders at a price based on net asset value, shares of the Funds may be directly purchased from and redeemed by the Funds at NAV solely by certain large institutional investors who have entered into agreements with the Funds' distributor. Each of the Funds seek to provide the investment results that closely correspond, before fees and expenses, to the performance of each Fund's corresponding underlying index. The Trust is led by Christopher Kings as Chief Executive Officer – Finance and Administration, and Vivek Pai as Chief Financial Officer, Chief Accounting Officer and Treasurer. The Company can be reach through: Christopher Kings One Franklin Parkway San Mateo, CA 94403-1906 Telephone: (650) 312-2000 About Vibrantz Technologies Inc. Vibrantz Technologies Inc. provides specialty chemicals and coatings solutions. VIBRANTZ TECHNOLOGIES: XAI Octagon Marks $301,111 Loan at 19% Off ----------------------------------------------------------------- XAI Octagon Floating Rate & Alternative Income Trust (XFLT) has marked its $301,111 loan extended to Vibrantz Technologies, Inc. to market at $242,584 or 81% of the outstanding amount, according to XFLT's Form N-CSR for the fiscal year ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. XFLT is a participant in a Secured Second Lien Loan to Vibrantz Technologies, Inc. The loan accrues interest at a rate of 1M SOFR + 4.25% per annum. The loan matures on April 23, 2029. XFLT is a diversified, closed-end management investment company registered under the Investment Company Act of 1940, as amended. The Trust commenced operations on September 27, 2017. The Trust seeks to achieve its investment objective by investing in a dynamically managed portfolio of opportunities primarily within the private credit markets. Under normal market conditions, the Trust will invest at least 80% of its Managed Assets in floating rate credit instruments and other structured credit investments. XA Investments LLC serves as the investment adviser to the XAI Octagon Floating Rate & Alternative Income Trust. Octagon Credit Investors, LLC serves as the Trust's investment sub-adviser and is responsible for the management of the Trust's portfolio of investments. The Fund is led Theodore J. Brombach as President and Chief Executive Officer; and Derek J. Mullins as Treasurer and Chief Financial Officer. The Fund can be reach through: Theodore J. Brombach XAI Octagon Floating Rate & Alternative Income Trust 321 North Clark Street, Suite 2430 Chicago, IL 60654 Telephone: (312) 374-6930 About Vibrantz Technologies, Inc. Vibrantz Technologies Inc. provides specialty chemicals and coatings solutions. The Company develops technology in color solutions, functional coatings, and specialty minerals to bring color, performance, and vibrancy to life in countless products across a broad array of end markets. Vibrantz Technologies serves customers worldwide. VISUAL EYE: Seeks Chapter 7 Bankruptcy in Texas ----------------------------------------------- On December 18, 2025, Visual Eye Health, PLLC filed for Chapter 7 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 million in debt owed to between 1 and 49 creditors. About Visual Eye Health, PLLC Visual Eye Health, PLLC is an eye care practice specializing in comprehensive optometry services. Its offerings include vision examinations, contact lens services, prescription eyewear, and the management of common eye conditions. Visual Eye Health, PLLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 25-43839) on December 18, 2025. In its petition, the Debtor reports estimated assets ranging from $100,001 to $1 million and estimated liabilities in the same range. Honorable Chief Bankruptcy Judge Brenda T. Rhoades handles the case. The Debtor is represented by Robert A. Simon, Esq. of Whitaker Chalk Swindle & Schwartz, PLLC. VN PAINTING: Seeks Chapter 11 Bankruptcy in New York ---------------------------------------------------- On December 22, 2025, VN Painting & Trimwork Corp. filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of New York. According to court filings, the Debtor reports between $0 and $100,000 in debt owed to between 1 and 49 creditors. About VN Painting & Trimwork Corp. VN Painting & Trimwork Corp is a professional painting and interior finishing company serving residential and commercial clients. Its services include painting, trim installation, and surface preparation for a variety of building projects. VN Painting & Trimwork Corp. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-23233) on December 22, 2025. In its petition, the Debtor reports estimated assets ranging from $0 to $100,000 and estimated liabilities in the same range. Honorable Bankruptcy Judge Kyu Young Paek handles the case. The Debtor is represented by Alla Kachan, Esq. of Law Offices of Alla Kachan P.C. WATER WOOD: Chapter 15 Case Summary ----------------------------------- Lead Debtor: Water Wood Capital Management Limited (In Official Liquidiation) 18 Forum Lane, Camana Bay 258 Grand Cayman KY1-1104 Cayman Islands Business Description: Water Wood Capital Management Limited, formerly Amber Hill Capital Management Limited, is an exempted limited company incorporated in the Cayman Islands that operates as an investment manager for a group of segregated portfolio companies. The Company manages Mozi Fund SPC, Amber Hill GO Fund SPC, Mount Peak Fund SPC, Oasis FX Opp SPC, Water Wood Fund SPC, and Water Wood I Fund SPC, all organized under Cayman Islands law. Foreign Proceeding: In the Matter of Water Wood Capital Management Limited (In Voluntary Liquidation), Cause No. FSD 380 of 2024 (Grand Court of the Cayman Islands, Financial Services Division). Chapter 15 Petition Date: December 23, 2025 Court: United States Bankruptcy Court Southern District of New York Four affiliates that concurrently filed voluntary petitions for relief under Chapter 15 of the Bankruptcy Code: Debtor Case No. ------ -------- Water Wood Capital Management Limited (Lead Case) 25-12876 Mozi Fund SPC (In Official Liquidation) 25-12877 Amber Hill GO Fund SPC (In Official Liquidation) 25-12878 Mount Peak Fund SPC (In Official Liquidation) 25-12879 Judge: Hon. Michael E Wiles Foreign Representatives: Simon Conway; Yat Kit Jong; Man Chun So 18 Forum Lane, Camana Bay 258 Grand Cayman KY1-1104 Cayman Islands Foreign Representatives' Counsel: Scott M. Berman, Esq. FRIEDMAN KAPLAN SEILER ADELMAN & ROBBINS LLP 7 Times Square New York NY 10036 Tel: (212) 833-1100 Email: sberman@fklaw.com Estimated Assets: Unknown Estimated Debt: Unknown A full-text copy of Water Wood Capital's Chapter 15 petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/V6DPPAA/Water_Wood_Capital_Management__nysbke-25-12876__0001.0.pdf?mcid=tGE4TAMA WATERBOY SPORTS: Gets Interim OK to Use Cash Collateral ------------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Florida, Orlando Division, issued an interim order granting Waterboy Sports, LLC to use cash collateral. The court authorized the Debtor to use cash collateral on an interim basis to cover court-approved expenses and ordinary, necessary operating costs outlined in the approved budget, with flexibility of up to a 10% variance per line item. Additional expenditures require written approval from the U.S. Small Business Administration. The authorization remains in effect through January 21, 2026, unless extended by agreement. As adequate protection, the SBA and any subordinate lienholders were granted replacement post-petition liens on the cash collateral, maintaining the same validity, priority, and extent as their pre-petition liens without additional filing requirements. The Debtor was also required to maintain insurance coverage in accordance with loan and security agreements. A continued hearing is scheduled for January 21, 2026. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/yEih6 from PacerMonitor.com. About Waterboy Sports LLC Waterboy Sports, LLC designs and manufactures hydration systems used in athletic programs and other industries, producing power assisted, chiller, in-line and gravity-fed units. The company develops its equipment based on input from athletic trainers, coaches and athletes to address on-field hydration needs. It operates as a specialized supplier of mobile and fixed hydration solutions. Waterboy Sports filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-07635) on November 24, 2025, listing up to $50,000 in assets and between $1 million and $10 million in liabilities. Robert J. Mercer, sole managing member, signed the petition. Daniel A. Velasquez, Esq., at Latham, Luna, Eden & Beaudine, LLP represents the Debtor as legal counsel. WELCOME GROUP: Court Extends Cash Collateral Access to March 16 --------------------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of Ohio, Eastern Division, extended its final order allowing Welcome Group 2, LLC and its affiliates to continue to use their cash collateral to fund operations. The court extended the Debtors' authority to use cash collateral from December 16, 2025 to March 16, 2026, subject to the revised budget. The court ordered the Debtors to provide back-up documentation acceptable to RSS WFCM2019-C50 - OH WG2, LLC, the Debtors' secured lender, for the budgetary item concerning Capex prior to utilization of cash collateral for this item. The use of cash collateral is subject to the terms and conditions set forth in the final order issued on Oct. 31, 2023, any further order of the court, and reservation of rights and remedies of the secured lender under the Bankruptcy Code. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/45q4N from PacerMonitor.com. About Welcome Group 2 LLC Welcome Group 2, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S. D. Ohio Case No. 23-53044) on September 1, 2023. In the petition signed by Abhijit Vasani, as president, InnVite Opco, Inc., sole member, the Debtor disclosed up to $10 million in both assets and liabilities. Judge C. Kathryn Preston oversees the case. Denis E. Blasius, Esq., at Thomsen Law Group, LLC, represents the Debtor as legal counsel. Secured lender RSS WFCM2019-C50 - OH WG2, LLC, is represented by: Tami Hart Kirby, Esq. Walter Reynolds, Esq. Porter Wright Morris & Arthur LLP One South Main Street, Suite 1600 Dayton, OH 45402-2028 Telephone: (937) 449-6721 Facsimile: (937) 449-6820 E-mail: tkirby@porterwright.com wreynolds@porterwright.com WESTSIDE TOW: Court OKs Interim Use of Cash Collateral ------------------------------------------------------ The U.S. Bankruptcy Court for the Central District of California, Northern Division, entered an interim order authorizing Westside Tow & Trucking Inc., as debtor-in-possession, to use cash collateral and provide adequate protection in its Chapter 11 case. The Debtor is permitted to use cash collateral through March 31, 2026, in accordance with the approved budget, subject to court-imposed limitations. No insider payments are allowed absent further court order, payroll payments are limited to post-petition non-insider wages and related taxes, and a duplicate SBA payment was expressly excluded. As adequate protection, the U.S. Small Business Administration (SBA) is to receive monthly payments of $9,834 on the 15th of each month during the interim period. In addition, the SBA and other secured creditors will be granted automatically perfected replacement liens on the Debtor's personal property, including accounts receivable, with the same priority and validity as their prepetition liens. The Debtor is authorized to take all actions necessary to implement the order, and the court retained jurisdiction to interpret and enforce its terms. The order remains interim in nature, with a continued hearing scheduled to address further relief. About Westside Tow & Trucking Inc. Westside Tow & Trucking Inc. is a Los Angeles area towing and trucking company. Westside Tow & Trucking sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Calif. Case No. 25-11352) on October 8, 2025. In its petition, the Debtor reported between $1 million and $10 million in assets and liabilities. Honorable Bankruptcy Judge Ronald A. Clifford III handles the case. The Debtor is represented by Tamar Terzian, Esq., of Terzian Law Group, APC. WILDFANG HOLDINGS: Amends Lane County Tax Assessor Secured Claim ---------------------------------------------------------------- Wildfang Holdings LLC submitted a First Amended Disclosure Statement describing First Amended Plan of Reorganization dated December 17, 2025. The Debtor is an Oregon liability company owned by Kyle and Christina Wildfang (the "Wildfangs"). Debtor is a single asset real estate debtor, in the business of owning and operating the real property located at 770 Bertelsen Road, Eugene. The Debtor's sole tenant is Jimmy Mac's, Inc., which operates a bar and restaurant in the Debtor's real property. Jimmy Mac's, Inc. is an affiliate, also owned by Kyle and Christina Wildfang. Debtor has been marketing its property for sale, and filed this case to stop a foreclosure that was scheduled to occur. Class 1 consists of the Secured Claim of Lane County Tax Assessor. The Class 1 Claim is secured by the Property. The Class 1 Claim will be paid in full within one year of the Effective Date, along with all accrued interest to that date. This Class is impaired. Class 3 consists of General Unsecured Creditors. Any allowed Class 3 Claims shall be paid in full within one year of the Effective Date. This Class is impaired. The Debtor shall generate the funds necessary to make the payments under the Plan by selling its property or refinance to pay off all outstanding debts. The Debtor, creditors, and interest holders will take all actions and execute whatever documents are necessary and appropriate to effectuate the terms of the Plan. A full-text copy of the First Amended Disclosure Statement dated December 17, 2025 is available at https://urlcurt.com/u?l=wFZB1j from PacerMonitor.com at no charge. Counsel to the Debtor: Nicholas J. Henderson, Esq. Elevate Law Group 6000 Meadows Road, Suite 450 Lake Oswego, OR 97035 Tel: (503) 417-0500 Fax: (503) 417-0501 Email: nick@elevatelawpdx.com About Wildfang Holdings LLC Wildfang Holdings, LLC is a single-asset real estate company that owns and leases a commercial restaurant and bar property located in Eugene, Oregon. Wildfang Holdings sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ore. Case No. 25-61981) on July 16, 2025. In its petition, the Debtor reported total assets of $1,600,000 and total liabilities of $786,313. Bankruptcy Judge Thomas M. Renn handles the case. The Debtor is represented by Nicholas J. Henderson, Esq., at Elevate Law Group. WINDMILL POINT: Claims to be Paid from Continued Operations ----------------------------------------------------------- Windmill Point Apartments DE, LLC, filed with the U.S. Bankruptcy Court for the Middle District of Florida an Amended Disclosure Statement describing Amended Plan of Reorganization dated December 17, 2025. The Debtor was formed in December 1984 and owns real property located 69 units in an apartment complex known as Windmill Point Condominiums in Orlando, close to the University of Central Florida. The Property enjoys the use of the complex's pool, tennis court and clubhouse. The Property is 95% leased to tenants under one-year leases. The Plan contemplates allocation of specific units among Wilmington Trust and Windmill as part of settlements to resolve secured claims in full. In January 2025, Wilmington Trust, N.A. (as successor in interest to Corevest American Finance Lender, LLC) ("Lender") filed a lawsuit in the Circuit Court in Seminole County, Florida seeking to foreclose its commercial mortgage lien on the Property based on non-payment of principal and interest payments from May 2024. The Debtor disputes there was a proper default based on funds available in the reserve account with Lender but does not have a proper reconciliation from the Lender. Lender did not agree to use the funds in the reserve account to pay for such payments and filed the Lawsuit instead. Specifically, the Debtors plan to propose a 100% payment plan to all allowed claims with a combination of: (i) refinancing, (ii) finding new tenants for vacant spaces, (iii) exploring the sale of some of its properties; and (iv) servicing debt from current revenue. All Claims against the Debtor shall be classified and treated pursuant to the terms of the Plan. The Plan designates Classes of Claims. There are four Classes of Claims and Interests. The Plan provides the respective Holders of Allowed Administrative Claims, Allowed Priority Claims, and Allowed Priority Tax Claims, if any, will be paid in full on the Effective Date, over time as permitted by the Bankruptcy Code, or in accordance with the treatment specified herein. Class 3 consists of all allowed general unsecured claims against Windmill that are not otherwise classified herein. Holders of allowed general unsecured claims shall receive a pro rata distribution from available cash on hand after payment of Allowed Administrative Claims, Allowed Priority Claims, and settlement obligations under this Plan. Such distribution shall be made within 90 days after the Effective Date. Class 3 is Impaired. Class 4 consists of the Equity Interests in Windmill Point Apartments DE, LLC. Class 4 is impaired. The Debtor will continue to manage and operate its business in the ordinary course on a smaller scale, but with restructured debt obligations. It is anticipated that each Debtor's continued operations will be sufficient to make the Plan Payments. As reflected on the projection of the Debtor's anticipated financial performance over the next three years, the Debtor's revenue stream shall be sufficient to satisfy all obligations and plan payments. Funds generated from the Debtor's operations through the Effective Date will be used for Plan Payments; however, the Debtor's cash on hand as of Confirmation will be available for payment of Administrative Expenses. A full-text copy of the Amended Disclosure Statement dated December 17, 2025 is available at https://urlcurt.com/u?l=1RPPop from PacerMonitor.com at no charge. Counsel to the Debtor: Justin M. Luna, Esq. LATHAM, LUNA, EDEN & BEAUDINE, LLP 201 S. Orange Ave., Suite 1400 Orlando, Florida 32801 Telephone: 407-481-5800 Facsimile: 407-481-5801 About Windmill Point Apartments De Windmill Point Apartments De, LLC is a single-asset real estate debtor under U.S. bankruptcy law, as defined in 11 U.S.C. section 101(51B). Windmill sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-02855) on May 13, 2025, listing between $10 million and $50 million in both assets and liabilities. Barry Watson, manager of Windmill, signed the petition. Judge Tiffany P. Geyer oversees the case. Justin M. Luna, Esq., at Latham Luna Eden and Beaudine LLP, is the Debtor's legal counsel. Wilmington Trust, N.A., as secured creditor, is represented by: Ryan C. Reinert, Esq. Bridget M. Dennis, Esq. SHUTTS & BOWEN LLP 4301 W. Boy Scout Blvd., Suite 300 Tampa, FL 33607 Telephone: (813) 229-8900 bdennis@shutts.com rreinert@shutts.com WOODLANDS MOVING: Seeks Chapter 7 Bankruptcy in Texas ----------------------------------------------------- On December 18, 2025, The Woodlands Moving & Storage Co., Inc. filed for Chapter 7 protection in the U.S. Bankruptcy Court for the Southern 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. About The Woodlands Moving & Storage Co., Inc. Woodlands Moving & Storage Co., Inc. is a moving and storage services company specializing in residential and commercial relocations. The company provides packing, moving, and storage services for customers requiring local or long-distance transport. The Woodlands Moving & Storage Co., Inc. sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-37653) on December 18, 2025. In its petition, the Debtor reports estimated assets between $0 and $100,000 and estimated liabilities ranging from $100,001 to $1,000,000. The Debtor is represented by Erik Berglund, Esq. XPLR INFRASTRUCTURE: Fitch Affirms 'BB+' IDR, Outlook Stable ------------------------------------------------------------ Fitch Ratings has affirmed the Issuer Default Ratings (IDRs) of XPLR Infrastructure, LP (XPLR) and its subsidiary XPLR Infrastructure Operating Partners, LP (XPLR Opco) at 'BB+'. The Rating Outlook is Stable. Due to strong legal ties, the two IDRs are equal. Fitch has also affirmed XPLR Opco's senior unsecured notes at 'BB+' with a Recovery Rating of 'RR4'. XPLR's ratings derive support from continued dividend suspension and modest growth assumptions, providing financial flexibility and addressing funding concerns for post-2025 convertible equity portfolio financing (CEPF) buyouts. Leverage is expected to remain consistent with ratings albeit with limited headroom, as Fitch assumes capex will be debt-funded. The ratings also reflect stable cash flows from long-term contracted assets and XPLR's sponsor affiliation with NextEra Energy, Inc. (A-/Stable), alongside financial complexity and structural subordination at the holdco due to non-recourse project debt financings, tax equity and CEPF structures across project subsidiaries. Key Rating Drivers Continued Balance Sheet Support: Fitch views continued suspension of dividends and a modest growth model to be supportive of XPLR's credit ratings. These actions address funding concerns on CEPFs of around $860 million remaining post-2025 that mature over 2026-2028. Fitch expects these buyouts to be funded with a combination of free cash flow, asset sales and non-recourse project debt. This is consistent with XPLR's 100% equity credit assigned to CEPFs and removes reliance on capital market stability for buyouts while simplifying capital structure. Fitch currently assumes modest growth with capex over 2026-2029 expected to be repowering of around 700MW of older assets lending predictability to cash flows. As such, recent changes to federal tax incentives for renewable energy under the U.S. tax and spending bill passed in July 2025 is expected to have a limited impact on XPLR's financial profile. Thus far, planned repowering would qualify for safe harboring of tax credits and has secured permitting as well. Leverage Commensurate; Low Headroom: Fitch expects the holdco debt to holdco only funds from operations (FFO) ratio to remain elevated in 2025 and then average 4.9x through 2029, in line with the ratings, albeit with limited headroom. Pre-financing of future debt maturities and major repowering undertaken would elevate leverage in 2025. Going forward, continued cash flows with no major capex assumed and some proposed debt repayment would lend improvement in leverage. Management aims to maintain the holdco debt to parent-only FFO ratio within the 4.0x to 5.0x range. Favorable demand outlook for power in the U.S. offers a growth opportunity for gencos like XPLR. Fitch currently assumes modest capex will be financed by non-recourse project debt and some Holdco debt, resulting in limited headroom. Material growth beyond the current plan or resumption of distributions would require internal cash flow or equity support in order to preserve current ratings. Increased Financing Costs: Fitch expects XPLR's cash flows to face pressure from refinancing its capital structure at materially higher interest rates. XPLR has $1.8 billion of holdco debt maturing during 2026-2029 and Fitch estimates interest coverage ratio to weaken from 6.3x in 2024 to average 2.6x over 2026-2029. That said, XPLR has about $3 billion of treasury rate locks. Fitch also currently assumes net holdco repayment through 2029, which would support interest coverage at forecasted levels. Additionally, sufficient headroom exists in financial covenants around interest coverage. Long-Term Contracted Cash Flows: Fitch views XPLR's portfolio of wind, solar, and battery storage assets favorably due to long-term offtake arrangements with creditworthy counterparties and minimal exposure to volumetric or commodity risks. The average counterparty credit rating is 'BBB', per Fitch and others. As of Sept. 30, 2025, these projects had a 12-year average remaining contract term. XPLR's distributions from project subsidiaries are well diversified by geography. Cash Flow Stability: The predominance of wind in XPLR's portfolio poses a modest concern due to wind resource intermittency. However, the broad geographic spread of its wind assets helps mitigate this risk. Renewable project debt is typically structured to achieve a debt service coverage ratio (DSCR) above or around 1.2x and earn a low 'BBB-'/'BBB' rating, maturing before long-term contract expiration. Recent DSCRs from XPLR show most projects exceed thresholds, enabling cash flow distributions to the holdco. In addition, a diverse onshore wind portfolio on self-owned land also mitigates some policy risk recently observed in permitting. No Sponsor Financial Support Expected: XPLR benefits from its affiliation with NextEra, the largest U.S. renewable developer. After the name change, Fitch expects operational support from NextEra to continue but not equity support for CEPF buyouts or a buy-in, which would significantly increase NextEra's debt. Fitch deconsolidates XPLR from NextEra's balance sheet, considering only upstream dividends in credit analysis. This off-credit treatment reflects Fitch's assumption that NextEra would walk away from XPLR in the event of financial deterioration. Peer Analysis Fitch believes XPLR's ratings are positively positioned compared to Atlantica Sustainable Infrastructure Ltd. (BB-/Negative) due to favorable geographic exposure, long-term contractual cash flows with minimal regulatory risk, and strong sponsor association. Like peer Terraform Power Operating, LLC (TERPO; BB-/Stable), XPLR has parental support. Although NextEra supported XPLR through asset dropdowns and 2023 IDR suspension, it is not expected to assist with funding needs or CEPF buyouts. TERPO benefits from its sponsorship by Brookfield Corporation (A-/Stable). Atlantica was taken private by Energy Capital Partners (ECP). Its portfolio mainly comprises less-variable solar assets. XPLR has more wind, mitigated by its diverse U.S. footprint. TERPO's portfolio is 49% solar and 51% wind. XPLR's U.S. exposure (100%) is favorable compared to TERPO's (86%) and Atlantica's North American exposure (40%). XPLR's contracted fleet life is 12 years, longer than Atlantica's 12 and TERPO's 10 years. XPLR's forecast credit metrics are stronger than TERPO's and Atlantica's. Fitch forecasts XPLR's Holdco-Only FFO leverage will remain around 4.9x over the forecast period, around mid-5.0x for TERP and above 6.0x for Atlantica due to recent acquisitions and weakness in non-U.S. distributions, driving Atlantica's Negative Outlook. Fitch rates XPLR, Atlantica and TERPO based on a deconsolidated approach since their portfolio comprises assets financed using non-recourse project debt or with tax equity. XPLR's financing model is more complex as it also involves CEPF. Fitch defines Parent-Only FFO as project distributions less holdco general and administrative (G&A) expenses, fee for management service agreement, credit fees and holdco debt service costs. Fitch's Key Rating-Case Assumptions --Buyout of remaining CEPFs through 2029 with asset sales, non-recourse project debt and internal cash flows; --Interest expense on holdco debt over 2027-2029 at around 7%; --None of the project debt treated on-credit, which includes Fitch's assumption of future project debt issuances; --Net holdco debt of approximately $300 million repaid from 2026 through 2029, and all maturing convertible debt repaid; --Modest capex in line with management estimates during 2026-2029 financed with non-recourse and holdco debt and comprised mainly of repowers; --No distributions over the forecast period; --No CEPF nor equity issuance over the forecast period. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade -- Reliance on holdco debt to fund the buyout of investors in CEPFs; -- Holdco FFO leverage exceeding 5.0x on a sustainable basis; -- Material underperformance in underlying assets lending variability or shortfall to expected cash flow for debt service; -- Growth strategy underpinned by aggressive acquisitions, addition of assets in the portfolio that bear material volumetric, commodity or interest rate risks. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade -- The structural subordination of the holdco debt to the non-recourse project debt, tax equity and CEPFs, and management's 4.0x to 5.0x target holdco leverage caps the rating at 'BB+'. Liquidity and Debt Structure XPLR has a $2,450 million revolving credit facility (RCF) that matures in February 2029 with around $90 million of the RCF maturing 2028. The credit facility provides for up to $400 million of letter of credit borrowing capacity. XPLR has an accordion in its RCF for up to a total commitment size of $3,200 million. The facility provides flexibility for XPLR to finance acquisitions partly through revolver borrowings. XPLR had no outstanding debt under its RCF as of Sept. 30, 2025. The holdco debt at XPLR is subordinated to project debt, tax equity and CEPF structures. As of Sept. 30, 2025, there was about $1.5 billion of non-recourse project finance debt at XPLR's owned projects post-repayment of the Meade pipeline debt. Issuer Profile XPLR manages and owns a nearly 10GW diversified portfolio of contracted clean energy projects with stable long-term cash flows. RATING ACTIONS Rating Prior ------ ----- XPLR Infrastructure Operating Partners, LP LT IDR. BB+ Affirmed BB+ senior unsecured LT BB+ Affirmed RR4 BB+ XPLR Infrastructure, LP LT IDR BB+ Affirmed BB+ ZUUM TRANSPORTATION: Committee Taps Blank Rome LLP as Counsel ------------------------------------------------------------- The official committee of unsecured creditors of Zuum Transportation Inc. seeks approval from the U.S. Bankruptcy Court for the Central District of California to hire Blank Rome LLP as its counsel. The firm's services include: a. advising the Committee with regard to the requirements of the Bankruptcy Court, Bankruptcy Code, Bankruptcy Rules, and the guidelines of the OUST as they pertain to the Committee; b. advising the Committee regarding the Local Rules and local practices and procedures that are applicable to the Debtor's case; c. advising the Committee with regard to certain rights and remedies of the Debtor's bankruptcy estate and the rights, claims and interests of creditors; d. representing the Committee in any proceeding or hearing in the Bankruptcy Court involving the Debtor's estate; e. conducting examinations of witnesses, claimants, or adverse parties and representing the Committee in any adversary proceedings; f. assisting the Committee in the preparation and filing of reports, applications, pleadings, and orders including, but not limited to, applications to employ professionals, and responding to pleadings filed by any other party in interest in this case, including the Debtor; g. assisting the Committee to evaluate the existence of any assets and/or causes of action to pursue and representing the Committee in connection with the pursuit of any such causes of action; h. assisting the Committee to evaluate any sale or other disposition of assets in this case; i. assisting the Committee in the negotiation, formulation, preparation and confirmation of a plan of reorganization; and j. performing any other services which may be appropriate in its representation of the Committee during this bankruptcy case. Blank Rome will be paid at these rates: Joseph M. Welch, Partner $925 per hour Ira L. Herman, Senior Counsel $1,395 per hour Evan J. Zucker, Counsel $910 per hour Matthew E. Kaslow, Associate $820 per hour Jordan L. Williams, Associate $665 per hour In addition, the firm will receive reimbursement for out-of-pocket expenses incurred. Joseph Welch, Esq., a partner at Blank Rome, disclosed in a court filing that his firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Joseph M. Welch, Esq. 444 West Lake Street, Suite 1650 Chicago, IL 60606 Phone: (949) 812-6019 Email: joseph.welch@blankrome.com About Zuum Transportation Inc. Zuum Transportation Inc. based in Irvine, California, operates a digital logistics platform connecting shippers, brokers, carriers, and drivers across the U.S. and globally. The Company provides technology-driven freight and supply-chain solutions aimed at improving efficiency and cost-effectiveness for shippers while enhancing profitability for carriers. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-13127) on November 6, 2025. In the petition signed by Matt Tabatabai, chief executive officer, the Debtor disclosed up to $50 million in both assets and liabilities. Judge Mark D. Houle oversees the case. Eve H. Karasik, Esq., at LEVENE, NEALE, BENDER, YOO & GOLUBCHIK L.L.P., represents the Debtor as legal counsel. ZYNEX INC: Gets OK to Pay Certain Prepetition Taxes and Fees ------------------------------------------------------------ Judge Alfredo R. Perez of the United States Bankruptcy Court for the Southern District of Texas authorized Zynex Inc. and its debtor affiliates to pay certain prepetition taxes and fees. The Debtors filed an emergency motion for entry of an order, pursuant to sections 363, 507(a), 541(d) and 105(a) of the Bankruptcy Code and Bankruptcy Rules 6003 and 6004: (i) authorizing, but not directing, the Debtors to satisfy all Taxes and Fees due and owing to Taxing and Regulatory Authorities that arose prior to the Petition Date, including all Taxes and Fees subsequently determined by audit or otherwise to be owed for periods prior to the Petition Date, and to pay any postpetition amounts that become due and owing to the Taxing and Regulatory Authorities in the ordinary course during these cases, and (ii) granting related relief. The Court finds the relief requested in the motion is necessary to avoid immediate and irreparable harm to the Debtors and their estates as contemplated by Bankruptcy Rule 6003 and is in the best interests of the Debtors, their respective estates, creditors. A copy of the Court's Order dated December 16, 2025, is available at https://urlcurt.com/u?l=or0hLl from PacerMonitor.com. About Zynex Inc. Zynex Inc. is a medical technology firm specializing in non-invasive devices for pain management and rehabilitation. Zynex Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-90810) on December 15, 2025. In its petition, the Debtor reports estimated assets and liabilities between $50 million and $100 million each. Honorable Bankruptcy Judge Alfredo R. Perez handles the case. The Debtor is represented by Omar Jesus Alaniz, Esq. of Reed Smith, LLP. [] 3 Big Retail Brands That Closed Forever After 2025 Bankruptcy ---------------------------------------------------------------- Daniel Kline of The Street reports that retailers faced mounting headwinds in 2025, making it one of the industry's bleakest years in recent memory. A growing number of chains shut down completely, while others scaled back their physical footprints as economic uncertainty and changing shopping behaviors took their toll. Although final numbers are still pending, forecasts point to significant losses. Coresight Research estimates that store closures will reach approximately 15,000 this year, far surpassing the roughly 5,800 new openings and resulting in a substantial net decline, according to Retail TouchPoints. Industry observers say the shakeout reflects deeper shifts in consumer behavior. Deborah Weinswig of Coresight Research said retailers that failed to adapt their supply chains, pricing strategies, and in-store experiences were most vulnerable as shoppers increasingly demand ease, consistency, and competitive pricing. The 3 big Retailers that closed in 2025 are as follows: * Party City entered Chapter 11 bankruptcy on December 21, 2024 (Case No. 24-90621), launching a liquidation of its entire U.S. store base. Nearly 700 corporate-owned locations were closed by early 2025, leaving only franchise or Canadian operations under separate ownership. * Joann Inc. filed for Chapter 11 protection on January 15, 2025 (Case No. 25-10068), according to restructuring records. Court filings show the company shuttered all stores and liquidated inventory and assets, with final closures completed by May 2025. * Rite Aid Corporation sought Chapter 11 relief again on May 5, 2025 (Case No. 25-14861), in the District of New Jersey. The retailer closed its remaining pharmacies and liquidated assets by late 2025 after an earlier restructuring failed. ********* 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. 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