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260101.mbx T R O U B L E D C O M P A N Y R E P O R T E R Thursday, January 1, 2026, Vol. 30, No. 1 Headlines 1300 DESERT: Court Extends Cash Collateral Access to Jan. 31 1300 DESERT: Romspen Files Liquidating Plan 30 EAST 40TH: Hires Olshan Frome Wolosky LLP as Special Counsel 30 EAST 4TH: Seeks to Retain Northgate Real Estate as Broker 5 TUNN HAVRE: Hires Andrew Burger as Legal Counsel 520 E LLC: Hires Michael L. Previto as Legal Counsel 74 OXFORD STREET: Retains Tamposi Law Group as Bankruptcy Counsel ACE OF SPADE: Seeks Chapter 7 Bankruptcy in California AI AQUA: Moody's Affirms 'B3' CFR & Alters Outlook to Positive ALLITCON INC: Seeks Chapter 11 Bankruptcy in California ASOCIACION HOSPITAL: Cash Collateral Access Extended Until Jan. 30 BACCI CAFE: Case Summary & 20 Largest Unsecured Creditors BAXSTO LLC: Unsecured Creditors to Split $2.1M in Plan BLUM HOLDINGS: Closes Acquisition of High-Volume Cannabis Retailer BOKQUA LLC: Retains Atlas Real Estate as Property Management Co. BUCKINGHAM SENIOR: Committee Retains Greenberg Traurig as Counsel BUCKINGHAM SENIOR: Committee Taps Kane Russell as Co-Counsel BWY TRANSPORT: Seeks to Extend Plan Exclusivity to July 5, 2026 CAPE FEAR: Unsecured Creditors to Split $67,500 over 5 Years CDR TRANS: Court OKs Deal With SBA CITRUS360 LLC: Updates David & Thelma Esau's Secured Claims COSMOS HEALTH: Fails to Meet Minimum Bid Price Requirement CRUZ TEC: Unsecureds Will Get 0.15% of Claims over 5 Years D WOOD HOTEL: Taps Quilling Selander Lownds as General Counsel DARTMOUTH STREET: Hires Ehrhard & Associates as Legal Counsel DEEJAYZOO LLC: Unsecureds Will Get 2.5% of Claims over 60 Months DOCUMENT PUBLISHING: Voluntary Chapter 11 Case Summary DOLORES TERRAVISTA: Seeks Chapter 7 Bankruptcy in Texas DP LOUISIANA: Court Extends Cash Collateral Access to Jan. 28 E GLUCK: Gets Interim OK for DIP Financing From Israel Discount EKB INVESTMENTS: Taps Heugly & Bludworth as Legal Counsel ENGINEERS OF TOMORROW: Hires Herrin Law as Bankruptcy Counsel FOOD52 INC: Case Summary & 20 Largest Unsecured Creditors GENESIS GLOBAL: Claim Objection Deadline Extended to January 21 GROUP STONE: Gets Interim OK to Use Cash Collateral HIGHLANDS AT STONEGATE: Hires Winzenburg Leff Purvis as Counsel HORSEY DENISON: Court Extends Cash Collateral Access to March 28 HOWARD'S APPLIANCES: Court OKs Deal to Use Cash Collateral HUNTLEY AVENUE: Voluntary Chapter 11 Case Summary IDA DEVELOPMENT: Seeks Chapter 7 Bankruptcy in California IMAGE LOCATIONS: Hires Hahn Fife & Company as Accountants J.E. DALEY TRANSPORTATION: Seeks Chapter 7 Bankruptcy in Maryland MARCEL CONTRABAND: Updates Unsecured Claims Pay Details MEZMEREYES PLLC: Gets Interim OK to Use Cash Collateral MID-COLORADO INVESTMENT: Hires MacDougall & Woldridge as Counsel MIDWEST SKIING: Employs Michael Matezevich as Accountant NBA AUTOMOTIVE: Seeks to Extend Plan Exclusivity to April 26, 2026 NYC OF PIERMONT: Taps Robert S. Lewis PC as Legal Counsel OCUGEN INC: Awards CEO 9.37 Million Performance RSUs OFFICE PROPERTIES: Files Chapter 11 Schedules, Continues Operations PIPELINE CONSTRUCTION: Unsecureds' Recovery "Unknown" in Plan PONTUAL TRADING: Hires Bleakley Bavol Denman & Grace as Counsel PROFESSIONAL DIVERSITY: Acquires 25.9MM DTT Tokens for $2.6 Million QUANTUM CORP: Completes $54.7MM Debt Exchange With Dialectic QUANTUM CORP: Eight Key Proposals Approved at Annual Meeting QUORE GEM: Unsecureds Will Get 100% of Claims over 60 Months RELLIS CAMPUS: Committee Hires Shannon Lee Beatty as Counsel REMEMBER ME: Employs Johnson Hickey & Murchison as Accountant RIVERSIDE LAND: Case Summary & Three Unsecured Creditors SECOND STREET: Hires Desai Law Firm as Legal Counsel SLOAN VENTURES: Hires Joyce W. Lindauer Attorney as Counsel SONIM TECHNOLOGIES: Issues $1.2MM Convertible Note to DNA Holdings SONIM TECHNOLOGIES: Note-to-Stock Exchange Reduces Debt to $2.3MM SONIM TECHNOLOGIES: Streeterville Entities Hold 9.98% Stake SOUND VISION: Gets Interim OK to Use Cash Collateral STROMA MEDICAL: Claims to be Paid from Available Cash STYX LOGISTICS: Gets Final OK to Use Cash Collateral SVANGVITAYA LLC: Hires Law Offices of Michael Jay Berger as Counsel TGI FRIDAY'S: Seeks to Extend Plan Exclusivity to Feb. 25, 2026 UNIVERSAL DESIGN: Employs Blue Ocean Title as Closing Company URBAN ONE: Davis Polk Advised Noteholders on Refinancing URBAN ONE: Issues $352M in New Senior Secured Notes Due 2030-2031 URGENT CARE: Gets Interim OK to Use Cash Collateral VYVVE LLC: Employs Agentis PLLC as Special Litigation Co-Counsel WARREN'S READY-MIX: Gets Interim OK to Use Cash Collateral WILDEC LLC: Claims to be Paid from Property Sale Proceeds XWELL INC: Eight Key Proposals Approved at Annual Meeting ZYNEX INC: Secures $22.3 Million DIP Facility in Chapter 11 ZYNEX INC: To Move to OTC Markets After Nasdaq Delisting [^] Recent Small-Dollar & Individual Chapter 11 Filings ********* 1300 DESERT: Court Extends Cash Collateral Access to Jan. 31 ------------------------------------------------------------ 1300 Desert Willow Road, LLC received fourth interim approval from the U.S. Bankruptcy Court for the Southern District of New York to use cash collateral. The fourth interim order authorized the Debtor to use cash collateral through January 31 in accordance with its budget, with a 10% variance on a cumulative basis. Romspen is the Debtor's only secured creditor, originally lending $20 million but now claiming over $26 million is owed. As adequate protection for any diminution in the value of its collateral, Romspen was granted replacement liens on all post-petition assets of the Debtor and the proceeds thereof, to the same extent, validity and priority that existed on the petition date. The replacement liens are subject to U.S. Trustee fees, any Clerk's filing fees, and the fees and commissions of a hypothetical Chapter 7 trustee of up to $10,000. The replacement liens do not apply to any Chapter 5 causes of action. As additional protection, Romspen will be granted an allowed superpriority administrative expense claim. The Debtor's authority to use cash collateral terminates upon occurrence of certain events including dismissal or conversion of its Chapter 11 case, appointment of a trustee, or any breach or default by the Debtor of the interim order, that is not cured. The Debtor owns a 595,530-square-foot commercial property located at 1300 Desert Willow Road in Los Lunas, New Mexico, which is valued at approximately $50 million. Currently, about 50% of the space is vacant, and the Debtor is actively working to lease the unoccupied areas to double its revenue. In addition, the Debtor has a pre-bankruptcy bank balance of approximately $97,000 and has since opened a debtor-in-possession account at UMB Bank to handle post-petition funds. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/IOnXL from PacerMonitor.com. About 1300 Desert Willow Road 1300 Desert Willow Road, LLC owns a property at 1300 Desert Willow Road in Los Lunas, New Mexico, valued at $40 million. 1300 Desert Willow Road sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-11375) on June 22, 2025. In its petition, the Debtor reported between $10 million and $50 million in assets and liabilities. Judge Philip Bentley oversees the case. The Debtor is represented by H. Bruce Bronson, Esq., at Bronson Law Offices, PC. Romspen Investment LP, as lender, is represented by: Brigid K. Ndege, Esq. Bryan Cave Leighton Paisner, LLP 161 North Clark Street, Suite 4300 Chicago, Illinois 60601 Telephone: (312) 602-5000 Facsimile: (312) 602-5050 brigid.ndege@bclplaw.com 1300 DESERT: Romspen Files Liquidating Plan ------------------------------------------- Secured creditor Romspen Investment LP, agent and servicer for TIG Romspen US Master Mortgage L.P. and Fund Investment 149, LLC, submitted a Disclosure Statement describing Plan of Liquidation for 1300 Desert Willow Road, LLC dated December 19, 2025. The Debtor is a single asset real estate company and special purpose entity (respectively, a "SARE" or an "SPE") that owns the real property and improvements located at 1300 Desert Willow Road, Los Lunas, New Mexico 87031 (generally, the "Property"). The Property is located in the 500-acre Los Morros Business Park2 and is a good quality concrete tilt-up industrial manufacturing property totaling 360,902 SF of NRA located on a 49.99-acre site. As of the Petition Date, the Property had one tenant; however, during the course the Debtor's chapter 11 case, the Debtor leased the Property's vacant unit to a second tenant. Romspen has proposed this Plan as an alternative to certain proposals and plans offered by the Debtor which the Debtor has not meaningfully pursued, are wholly speculative, are not acceptable to Romspen, or fail to maximize the value of the Debtor's estate. Instead, this Plan provides for the sale of the Property in order to realize the value of the Debtor's principal assets for the benefit of all creditors and successfully conclude the Debtor's chapter 11 case. Class 3 consists of all unsecured creditors holding bona fide Allowed Claims against the Debtor and its estate, including any Deficiency Claim. Class 3 does not include any claims scheduled in favor of, or asserted by, Equity Funding, as such claims are not obligations of the Debtor or its estate and shall be disallowed on that basis. The Allowed Class 3 Claims shall be paid in full on the Effective Date from (i) the Allocated Cash Reserve or (ii) Excess Sale Proceeds. Class 3 is not Impaired under the Plan. Class 4 consists of the Equity Interest of the Debtor. Equity Interests in the Debtor shall be unaffected and, upon the Effective Date, shall be maintained by the holder of such Equity Interest. Class 4 is not Impaired under the Plan. Specifically, the Plan provides for the sale of the Property upon Confirmation. The Plan contemplates that Romspen will be permitted to bid up to the total amount of its Allowed Secured Claim on a credit basis in connection with the sale of the Property (generally, the "Credit Bid"). For the avoidance of doubt, any Credit Bid may be a portion or up to the total amount of the bidder's Allowed Secured Claim. Additional details concerning the marketing and sale process, including related deadlines, are set forth in the Plan Supplement. Any Cash proceeds derived from the sale, including Excess Sale Proceeds, and Allocated Cash Reserve will be distributed pursuant to the terms of the Plan. The Plan provides for the sale of the Property following Confirmation and as a pre-condition to its Effective Date. The sale will be directed by Plan Administrator in consultation with the Plan Proponent, and shall occur in accordance with the marketing and sale process set forth in the Plan Supplement. (generally, the "Sale Process"). The Debtor shall fund distributions under the Plan with (i) the Allocated Cash Reserve and (ii) any Excess Sale Proceeds. Cash payments to be made pursuant to the Plan will be made by the Plan Administrator. A full-text copy of the Disclosure Statement dated December 19, 2025 is available at https://urlcurt.com/u?l=nUw008 from PacerMonitor.com at no charge. Counsel to Romspen Investment LP, as Agent and Servicer for Lenders TIG Romspen US Master Mortgage LP and Fund Investment 149, LLC: Thomas J. Schell, Esq. BRYAN CAVE LEIGHTON PAISNER LLP 1290 Avenue of the Americas New York, NY 10104 Telephone: (212) 541-2000 Facsimile: (212) 541-4630 Email: thomas.schell@bclplaw.com Kyle S. Hirsch (Admitted Pro Hac Vice) BRYAN CAVE LEIGHTON PAISNER LLP Two North Central Avenue, Suite 2100 Phoenix, AZ 85004 Telephone: (602) 364-7000 Facsimile: (602) 364-7070 Email: kyle.hirsch@bclplaw.com Jarret P. Hitchings (Admitted Pro Hac Vice) BRYAN CAVE LEIGHTON PAISNER LLP 301 S. College Street, Suite 2150 Charlotte, NC 28202 Telephone: (704) 749-8965 Facsimile: (704) 749-8990 E-mail: jarret.hitchings@bclplaw.com About 1300 Desert Willow Road 1300 Desert Willow Road, LLC, owns a property at 1300 Desert Willow Road in Los Lunas, New Mexico, valued at $40 million. 1300 Desert Willow Road sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-11375) on June 22, 2025. In its petition, the Debtor reported between $10 million and $50 million in assets and liabilities. Judge Philip Bentley oversees the case. The Debtor is represented by H. Bruce Bronson, at Bronson Law Offices, PC. Romspen Investment LP, as lender, is represented by: Brigid K. Ndege, Esq. Bryan Cave Leighton Paisner, LLP 161 North Clark Street, Suite 4300 Chicago, Illinois 60601 Telephone: (312) 602-5000 Facsimile: (312) 602-5050 E-mail: brigid.ndege@bclplaw.com 30 EAST 40TH: Hires Olshan Frome Wolosky LLP as Special Counsel --------------------------------------------------------------- 30 East 40th, L.L.C. seeks approval from the U.S. Bankruptcy Court for the Southern District of New York to hire Olshan Frome Wolosky LLP to serve as special real estate counsel. The firm will provide these services: (a) negotiation and consummation of that certain Surrender, Rejection, and Settlement Agreement dated December 8, 2025, of that certain ground lease dated August 6, 2015, by and among the Debtor as landlord and 30 E 40th Street JV LLC as tenant; (b) negotiation and consummation of the sale of the commercial office building located at 30 East 40th Street, New York, New York (Block 869, Lot 49), of which the Debtor is the fee owner; and (c) provision of such other work as reasonably requested by the Debtor that does not duplicate efforts performed by the Debtor's general bankruptcy counsel. Olshan had been rendering legal services to the Debtor on an hourly basis prior to the Petition Date. Since the Petition Date, Olshan continues rendering services on an hourly basis pursuant to the Engagement Letter dated December 17, 2025. As of the Petition Date, the Debtor is indebted to Olshan in the amount of $63,497.00 for legal services performed in connection with certain real estate matters. In the 90 days prior to the Petition Date, Olshan received $88,723.89 for legal services performed in connection with certain real estate matters. Olshan Frome Wolosky LLP is not required to be a "disinterested person" under Section 101(14) of the Bankruptcy Code, but to the best of the Debtor's knowledge, Olshan does not hold or represent an interest adverse to the Debtor's estate with respect to the Real Estate Matters. The firm can be reached at: Olshan Frome Wolosky LLP 1325 Avenue of the Americas New York, NY 10019 Phone: (212) 451-2300 Email: info@olshanlaw.com About 30 East 40th, L.L.C. 30 East 40th L.L.C. is a single asset real estate company. 30 East 40th L.L.C. filed for relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-12696) on Dec. 2, 2025. In its petition, the Debtor listed assets between $10 million and $50 million and liabilities in the same range. Bankruptcy Judge Michael E. Wiles handles the case. The Debtor is represented by Mark A. Frankel, Esq. of Backenroth Frankel & Krinsky, LLP. 30 EAST 4TH: Seeks to Retain Northgate Real Estate as Broker ------------------------------------------------------------ 30 East 40th, L.L.C. seeks approval from the U.S. Bankruptcy Court for the Southern District of New York to employ and retain Northgate Real Estate Group as its real estate broker. The firm will provide these services: (a) sell the Debtor's commercial office building located at 30 East 40th Street, New York, New York; and (b) help the Debtor conduct a robust and substantial marketing process. Northgate Real Estate Group will be paid a commission equal to 1.75% of the gross purchase price. Northgate is the "disinterested person" within the meaning of section 101(14) of the Bankruptcy Code. The firm can be reached at: Northgate Real Estate Group Greg Corbin, president 1633 Broadway, 46th Floor New York, NY 10019 Telephone: (212) 396-4000 About 30 East 40th, L.L.C. 30 East 40th L.L.C. is a single asset real estate company. 30 East 40th L.L.C. filed for relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-12696) on Dec. 2, 2025. In its petition, the Debtor listed assets between $10 million and $50 million and liabilities in the same range. Bankruptcy Judge Michael E. Wiles handles the case. The Debtor is represented by Mark A. Frankel, Esq. of Backenroth Frankel & Krinsky, LLP. 5 TUNN HAVRE: Hires Andrew Burger as Legal Counsel -------------------------------------------------- 5 Tunn Havre LLC seeks approval from the U.S. Bankruptcy Court for the District of Massachusetts to hire Andrew Burger Esq. of the Law Office of Andrew R. Burger LLC to serve as legal counsel. Mr. Burger will provide these services: (a) represent the LLC debtor-in-possession in its Chapter 11 bankruptcy case; (b) provide legal representation necessary for the proper administration of the bankruptcy estate; and (c) address the complex legal and financial matters involved in the Chapter 11 proceedings. Mr. Burger shall receive compensation at an hourly rate of $300. He has not received a retainer; if the application to employ is approved, he will request a retainer of $9,000. Andrew Burger Esq. is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings, and neither he nor any member of his firm holds or represents any interest adverse to the estate. The firm can be reached at: Andrew R. Burger, Esq. Law Office of Andrew R. Burger LLC 48 Elm St #1 Andover, MA 01810 Telephone: (978) 773-0503 E-mail: Andrew@Aburgerlaw.com About 5 Tunn Havre LLC 5 Tunn Havre LLC is a single-asset real estate company under 11 U.S.C. Section 101(51B), holding ownership of the property at 196 Havre Street, East Boston, Massachusetts 02128. 5 Tunn Havre LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Mass. Case No. 25-12627) on December 4, 2025. At the time of the filing, the Debtor had estimated assets of between $1,000,001 and $10 million and liabilities of between $1,000,001 and $10 million. Honorable Judge Christopher J. Panos. Law Office of Andrew R. Burger LLC serves as the Debtor’s proposed legal counsel. 520 E LLC: Hires Michael L. Previto as Legal Counsel ---------------------------------------------------- 520 E LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of New York to hire Michael L. Previto, a professional that practices law, to serve as attorney for the Debtor. Mr. Previto will provide these services: (a) advise the Debtor with respect to his power and duties as a Debtor in Possession in the operation and management of the financial reorganization of the estate; (b) attend meetings and negotiate with creditors and their representatives, the Trustee and others; (c) take all actions to protect the Debtor's estate, including litigating on the Debtor's behalf and negotiating where applicable; (d) prepare all motions, applications, answers, orders, reports, and papers necessary for the administration of the estate; (e) assist and represent the Debtor in obtaining Debtor's financing, if applicable; (f) prepare a Chapter 11 plan or plans and disclosure statement and take any action to obtain confirmation of that plan; (g) represent the Debtor’s interest in any sale of property or assets; and (h) appear in Court to protect the Debtor’s interests and perform all other legal services and provide such advice as is necessary to assist the Debtor in this endeavor. Mr. Previto will receive an hourly rate of $250, which will not be increased in this proceeding. David DeRosa, Manager of the Debtor, personally advanced the sum of $5,000 against costs and hourly billings. Any additional fees will be subject to court approval. Mr. Previto is a disinterested person within the meaning of Section 101(14) of the Bankruptcy Code, as modified by Section 1107(b), according to court filings. The professional can be reached at: Michael L. Previto, Esq. 150 Motor Parkway, Suite 401 Hauppauge, NY 11788 Telephone: (631) 379-0837 About 520 E LLC 520 E LLC is a real estate holding and management company that specializes in operating a designated property within its portfolio. 520 E LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-12693) on December 2, 2025. In its petition, the Debtor reports estimated assets between $100,001 and $1,000,000 and estimated liabilities in the same range. The case is assigned to Honorable Bankruptcy Judge Martin Glenn. The Debtor is represented by Michael L. Previto, Esq. 74 OXFORD STREET: Retains Tamposi Law Group as Bankruptcy Counsel ----------------------------------------------------------------- 74 Oxford Street LLC seeks approval from the U.S. Bankruptcy Court for the District of Massachusetts (Eastern Division) to retain Tamposi Law Group PC as counsel. Tamposi Law Group PC will provide these services: (a) drafting the Debtor's petition and related schedules; (b) representing the Debtor at all hearings and matters pertaining to its affairs as a debtor and debtor-in-possession; (c) attending meetings and negotiating with representatives of the Debtor's creditors and other parties-in-interest, as well as responding to creditor inquiries; (d) taking all necessary action to protect and preserve the Debtor's estate; (e) preparing on behalf of the Debtor all necessary and appropriate motions, applications, answers, orders, reports and papers necessary to the administration of the Debtor's estate; (f) reviewing applications and motions filed in connection with the Debtor's bankruptcy case; (g) negotiating and preparing on the Debtor's behalf any plan of reorganization, disclosure statement, and all related agreements and/or documents, and taking any necessary action on behalf of the Debtor to obtain confirmation of such plan; (h) advising the Debtor in connection with any potential sale or sales of assets or refinancing the Debtor's indebtedness; (i) reviewing and evaluating the Debtor's executory contracts and unexpired leases, and representing the Debtor in connection with the rejection, assumption or assignment of such leases and contracts; and (j) performing all other necessary legal services and providing all other necessary legal advice to the Debtor in connection with its bankruptcy case. Attorney Peter N. Tamposi will charge an hourly rate of $695. The firm received a $12,500 retainer prior to the Petition Date, was paid a fixed fee of $5,000 to prepare the petition and schedules, and the Debtor has agreed to pay an additional post-petition fee deposit of $25,000. According to court filings, Tamposi Law Group PC is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code and does not hold or represent any interest adverse to the Debtor. The firm can be reached at: Peter N. Tamposi, Esq. TAMPOSI LAW GROUP PC 159 Main Street Nashua, NH 03060 Telephone: (603) 204-5513 Facsimile: (603) 204-5515 E-mail: peter@thetamposilawgroup.com About 74 Oxford Street LLC 74 Oxford Street LLC owns a multi-family residential building at 72-74 Oxford Street, Cambridge, MA, valued at $7.75 million. 74 Oxford Street LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 25-12442) on November 12, 2025. In its petition, the Debtor reports total assets of $7,750,000 and total liabilities of $6,464,475. Honorable Judge Christopher J. Panos oversees the case. The Debtor is represented by Peter N. Tamposi, Esq. of THE TAMPOSI LAW GROUP, P.A. ACE OF SPADE: Seeks Chapter 7 Bankruptcy in California ------------------------------------------------------ On December 19, 2025, Ace of Spade Trust filed for Chapter 7 protection in the Eastern District of California. According to court filings, the Debtor reports between $0 and $100,000 in debt owed to 1-49 creditors. About Ace of Spade Trust Ace of Spade Trust is a fiduciary organization established to manage and administer assets for designated beneficiaries. The trust focuses on investment management, estate planning, and financial stewardship. Ace of Spade Trust sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 25-14206) on December 19, 2025. In its petition, the Debtor reports estimated assets of $0-$100,000 and estimated liabilities of $0-$100,000. Honorable Bankruptcy Judge Jennifer E. Niemann handles the case. AI AQUA: Moody's Affirms 'B3' CFR & Alters Outlook to Positive -------------------------------------------------------------- Moody's Ratings affirmed the ratings of AI Aqua Merger Sub, Inc. ("Culligan" or "the company") including the company's B3 Corporate Family Rating, B3-PD Probability of Default Rating, and the B3 rating on the company's senior secured first lien credit facilities. The credit facilities consist of a revolving credit facility and term loan. At the same time, Moody's changed the rating outlook to positive from stable. The outlook change to positive reflects improvements in the company's financial profile and business performance. Culligan has demonstrated sustained organic revenue growth of approximately 3% year-to-date contributing to EBITDA growth. A narrowing gap between reported US GAAP and management-adjusted results in the recent quarters also signals improved earnings quality. Moody's expects the company to generate consistently positive free cash flow over the next 12-18 months, reaching approximately $50-$75 million in 2026, marking a significant turnaround from prior periods of cash flow deficits. Moody's forecasts debt to EBITDA will decline to around 6.0x by the end of 2026 absent acquisitions, supported by prudent financial strategies and an increased focus on debt repayment. Liquidity remains good with an available cash balance of $107 million and revolver availability of $287 million as of the end of September 2025. These improvements are complemented by Culligan's robust market position, good segment and geographic diversification, and high level of recurring revenue, which collectively mitigate volatility and support long-term growth. The positive outlook reflects Moody's expectations that Culligan will continue to execute its strategy prudently, maintain good liquidity, and deliver on its commitment to strengthen credit metrics and improve free cash flow. Moody's affirmed the ratings because leverage remains high and Culligan's transition to sustained and comfortably positive free cash flow is hindered by restructuring and acquisition integration costs, high capital spending and a heavy interest burden as of the last twelve months ending September 2025. Deleveraging progress has been slow with 7.5x debt-to-EBITDA leverage (incorporating Moody's adjustments) as of September 2025 unchanged from September 2024. Net debt-to-pro forma adjusted EBITDA (based on the company's calculation) of 6.1x as of September 2025 was up from 5.7x as of September 2024. RATINGS RATIONALE Culligan's B3 CFR broadly reflects financial risks associated with high financial leverage and an aggressive growth strategy. Integration costs from large acquisitions including Waterlogic Group Holdings Limited in October 2022 and Primo Europe in December 2023 have kept financial leverage elevated, pressured Culligan's ability to generate positive free cash flow, and resulted in weak earnings quality. As the company grows in scale, a reduction in future acquisition and integration related costs relative to the earnings base should support the company consistently generating positive free cash flow. Moody's expects continued improvement in revenue and EBITDA and improved earnings quality will lead to modestly positive free cash flow by the end of 2025 with a further increase in 2026. Culligan's credit profile benefits from the company's large and growing scale, strong market position, good segment diversification, and high level of recurring revenue. The company's good geographic and product diversification helps to mitigate revenue and earnings volatility. Culligan also benefits from strong market positions in the residential and commercial drinking water markets with favorable long-term consumer demand trends driven by increased consumer focus on health and safety through clean water, the aging municipal water infrastructure, and consumer focus on sustainability including reducing plastic waste. The company also occasionally receives support from its financial sponsor through meaningful equity funding of acquisitions. Culligan's good liquidity is supported by $287 million of availability on the $580 million revolver as well as available cash of $107 million as of September 2025. Free cash flow was negative $75 million for the 12 months ended September 2025 but Moody's anticipates will be positive in the fourth quarter and roughly $50-$75 million in 2026. As of September 2025, Culligan had $290 million drawn under its revolver and $2.7 milion allocated for letters of credit. The revolver expires in June 2029 with a springing maturity in April 2028 if more than $912 million of the term loan remains outstanding at that time. The cash sources provide good coverage of the approximate $48 million of required annual term loan amortization. Liquidity will weaken if the company's acquisition activity continues and is funded with cash or the revolver. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS A rating downgrade could occur if the company's operating earnings weaken due to factors such as declining installations, pricing pressure or cost increase. Weak or negative free cash flow, EBITDA less capital spending-to-interest of less than 1.0x, a deterioration in liquidity or more aggressive financial policies could also lead to a downgrade. A rating upgrade could occur if the company sustainably achieves organic revenue and EBITDA growth with a narrowing gap between reported US GAAP and management-adjusted results (particularly EBITDA). A ratings upgrade will also require consistent and comfortably positive free cash flow generation, maintenance of good liquidity, debt to EBITDA sustained below 6.5x on a Moody's adjusted basis, and financial strategies that support credit metrics at those levels. PRINCIPAL METHODOLOGY The principal methodology used in these ratings was Business and Consumer Services published in November 2021. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. COMPANY PROFILE Headquartered in Rosemont, Illinois, AI Aqua Merger Sub, Inc. (dba Culligan) through its subsidiaries operates as a global producer and distributor of consumer water products and services to household, commercial drinking water, and commercial solutions end-markets. Since 2021, the company is majority owned by BDT & MSD Partners, and it does not publicly disclose its financial information. Culligan's revenue for the 12 months ended September 2025 was $3.3 billion. ALLITCON INC: Seeks Chapter 11 Bankruptcy in California ------------------------------------------------------- On December 22, 2025, Allitcon, Inc. filed for Chapter 11 protection in the Northern District of California Bankruptcy Court. Court records show the Debtor has liabilities ranging from $100,001 to $1,000,000 and 1-49 creditors. About Allitcon, Inc. Allitcon, Inc. is a construction and contracting company engaged in providing construction management and related services. The company focuses on delivering building, renovation, and infrastructure projects across its operating markets. Allitcon, Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-51967) 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 Hannah L. Blumenstiel presides over the case. The Debtor is represented by Lars T. Fuller, Esq. of The Fuller Law Firm. ASOCIACION HOSPITAL: Cash Collateral Access Extended Until Jan. 30 ------------------------------------------------------------------ The U.S. Bankruptcy Court for the District of Puerto Rico entered an order granting the joint motion for a fourth extension of the stipulation between Asociacion Hospital Del Maestro, Inc. and its secured creditor, Banco Popular de Puerto Rico, related to the use of cash collateral. The Court concluded that extending the cash collateral stipulation is in the best interests of the Debtor, its estate, and creditors. The extension was found necessary to preserve the Debtor's going concern value and to prevent immediate and irreparable harm, and that good and sufficient cause existed for approval. The order extended the stipulation through January 30, subject to its existing terms and conditions. The "adequate protection" provisions contained in the stipulation remain in full force and effect. About Asociacion Hospital Del Maestro Inc. Asociacion Hospital Del Maestro Inc., also known as Hospital El Maestro, is a nonprofit general medical and surgical hospital located in San Juan, Puerto Rico, that was founded in 1955 to serve the teaching community and has since expanded to provide services to the broader population. The hospital operates about 126 staffed beds and offers emergency care, intensive care, radiology, surgery, hemodialysis, and a range of medical specialties for children and adults. It is accredited by the Joint Commission and functions as a 501(c)(3) organization with a focus on healthcare, education, and community service. Asociacion Hospital Del Maestro Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.P.R. Case No. 25-03780) on August 25, 2025. In its petition, the Debtor reports total assets of $13,396,955 and total liabilities of $39,669,466. Honorable Bankruptcy Judge Enrique S. Lamoutte Inclan handles the case. The Debtor tapped Wigberto Lugo Mender, Esq., at Lugo Mender Group, LLC as legal counsel; CPA Luis R. Carrasquillo & Co., P.S.C. as financial consultant; and IEC Consulting, LLC as investment consultant. Banco Popular de Puerto Rico, as secured creditor, is represented by Luis C. Marini-Biaggi, Esq. and Carolina Velaz-Rivero, Esq. at Marini Pietrantoni Muniz, LLC. BACCI CAFE: Case Summary & 20 Largest Unsecured Creditors --------------------------------------------------------- Debtor: Bacci Cafe & Pizzeria on Milwaukee Ave, Inc. 4367 N Milwaukee Ave Chicago, IL 60641 Business Description: Bacci Cafe & Pizzeria on Milwaukee Ave, Inc., based in Chicago, Illinois, operates as a restaurant specializing in pizza, Italian-American cuisine, and related food services. The Company provides dine-in, takeout, and delivery options to local customers and is part of the Bacci Pizzeria chain in the Chicago area. Chapter 11 Petition Date: December 30, 2025 Court: United States Bankruptcy Court Northern District of Illinois Case No.: 25-19761 Judge: Hon. Michael B Slade Debtor's Counsel: Richard G Larsen, Esq. SPRINGERLARSEN, LLC 300 S. County Farm Road Suite G Wheaton, IL 60187 Tel: 630-510-0000 Fax: 630-510-0004 E-mail: rlarsen@springerbrown.com Total Assets: $72,940 Total Liabilities: $1,240,244 The petition was signed by Pasquale DiDiana as president. A full-text copy of the petition, which includes a list of the Debtor's 20 largest unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/ZNKXGKI/Bacci_Cafe__Pizzeria_on_Milwaukee__ilnbke-25-19761__0001.0.pdf?mcid=tGE4TAMA BAXSTO LLC: Unsecured Creditors to Split $2.1M in Plan ------------------------------------------------------ Baxsto LLC filed with the U.S. Bankruptcy Court for the Western District of Texas a Disclosure Statement describing Plan of Reorganization dated December 19, 2025. The Debtor, a Texas limited liability company formed in May 2013, owns mineral interests in Texas and other states. Its member is Ashley Baxter Stout. Pegaso Energy Services, LLC filed Chapter 11 in Case No. 24-42429 in the United States Bankruptcy Court for the Northern District of Texas. The case was filed on July 15, 2024 was was converted to a case under Chapter 7 on October 17, 2024. Because Pegaso had filed bankruptcy, numerous parties sued Baxsto, LLC. These included Lea State Bank, which obtained a judgment on December 19, 2024. Lea County State Bank obtained an order appointing Stanley Wright as receiver on February 6, 2025. Mr. Wright began seizing accounts belonging to Baxsto and directed oil and gas companies to send revenue checks to him. The Plan relies on a combination of operating the Debtor's oil and gas properties and pursuing litigation to generate proceeds for payment of creditors. Class 6 shall consist of the holders of Allowed General Unsecured Claims. There are twenty unsecured creditors holding claims in the amount of $30,511,416. The Debtor disputes nearly all of the claims and will be filing objections to claims. The amount that Debtor does not dispute is approximately $1,574,321. The Class 6 creditors shall receive a payment on Dec. 15 of each year beginning Dec. 15, 2026 of Debtor's net cash less a reasonable reserve for payment of expenses going forward. The Debtor shall provide unsecured creditors with a statement of the projected distribution by November 1 of each year. If any unsecured creditor disagrees with the proposed distribution, it may seek a determination from the court. In addition to the regular distributions from operating income, any recoveries from litigation shall be paid to the unsecured creditors within 30 days after receipt by the Debtor less payment of attorneys' fees and costs. The Debtor's projections indicate that $2,100,000 will be available to distribute to unsecured creditors. However, this number does not include recoveries from litigation. Class 6 is impaired. Class 7 shall consist of the Equity Interest of the Debtor. The Class 7 Equity Interest shall be retained and preserved. Class 7 is not impaired. Feasibility of the Plan and Risk to Creditors measures the likelihood that creditors will receive the payments promised to them. The feasibility of the Plan depends on the Debtor's ability to execute its plan. The Debtor's plan is based upon maximizing its oil and gas revenues after the interference of the Receiver. The amount to be earned by the Debtor is dependent upon the ability of wells to produce, new wells drilled by oil and gas producers and the price of oil. As a result, the income to be received by the Debtor could fluctuate from the projections. Recoveries from litigation will depend upon the claims asserted by the Debtor, evidence produced in discovery and rulings made by courts on legal issues. As a result, recoveries from litigation cannot be predicted with any specificity. A full-text copy of the Disclosure Statement dated December 19, 2025 is available at https://urlcurt.com/u?l=JhCnnX from PacerMonitor.com at no charge. Counsel to the Debtor: Stephen W. Sather, Esq. David N. Stern, Esq. BARRON & NEWBURGER, P.C. 7320 N. Mopac Expwy, Suite 400 Austin, Texas 78701 (512) 476-9103 About Baxsto LLC Baxsto LLC, based in Austin, Texas, manages and owns undivided mineral interests in Howard and Borden Counties. Formed in 2014, the Company leases these mineral rights to oil and gas operators for the extraction of oil, gas, limestone, gravel, coal, sulfur, and other minerals. Baxsto LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tex. Case No. 25-11291) on August 21, 2025. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million each. Bankruptcy Judge Shad Robinson handles the case. The Debtor is represented by Stephen W. Sather, Esq. at BARRON & NEWBURGER, P.C. BLUM HOLDINGS: Closes Acquisition of High-Volume Cannabis Retailer ------------------------------------------------------------------ Blum Holdings, Inc. successfully closed its acquisition of a high-volume Bay Area cannabis retail dispensary through the purchase of all outstanding equity of the operating entity. The acquired dispensary is a well-established, fully licensed retail operator located in a major Northern California market and has generated approximately $12 million in annual revenue with a long operating history and strong local customer base. The transaction further expands Blum's Northern California footprint. "This acquisition reflects our continued focus on disciplined, opportunistic growth," said Sabas Carrillo, Chief Executive Officer of Blum Holdings. "We are acquiring durable retail assets with real revenue, real customers, and meaningful operating history, positioning the Company to benefit from both improved execution at the asset level and broader structural tailwinds impacting the U.S. cannabis industry." The transaction was completed pursuant to a stock purchase agreement and included a combination of cash and equity consideration. The Company noted that all required closing conditions have been satisfied. Carrillo added, "As the regulatory backdrop continues to evolve at the federal level, including ongoing discussions about potential reclassification of cannabis under the Controlled Substances Act, we believe scaled, compliant retail operators are well positioned to benefit from broader market development." About Blum Holdings Headquartered in Downey, California, Blum Holdings, Inc. -- www.blumholdings.com -- is a publicly listed parent company with operations across California, dedicated to delivering top-tier medical and recreational cannabis products and associated services. The Company is home to Korova, a brand of high potency products across multiple product categories, currently available in California. The Company formerly operated Blum Santa Ana, a premier cannabis dispensary in Orange County, California, which was sold in June 2024. The Company previously owned dispensaries in California which operated as Blum in Oakland and Blum in San Leandro, which were sold in November 2024. In May 2024, the Company began operating the retail store, Cookies Sacramento, and providing consulting services for two additional dispensaries located in Northern California. The Company is organized into two reportable segments: (i) Cannabis Retail -- Includes cannabis-focused retail, both physical stores and non-store front delivery; and (ii) Cannabis Distribution -- Includes cannabis distribution operations. As of September 30, 2025, the Company had $45.1 million in total assets, $52.3 million in total liabilities, and $7.3 million in total mezzanine equity and stockholders' deficit. Costa Mesa, California-based GuzmanGray, the Company's auditor since 2024, issued a "going concern" qualification in its report dated March 13, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has a significant working capital deficiency and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. BOKQUA LLC: Retains Atlas Real Estate as Property Management Co. ---------------------------------------------------------------- BOKQUA, LLC seeks approval from the U.S. Bankruptcy Court for the District of Colorado to retain Atlas Real Estate as its property management company. Atlas Real Estate will provide these services: (a) ensure the timely collection of rents; (b) manage tenant concerns and repairs; (c) evaluate and timely progress any necessary evictions; (d) evaluate the properties for necessary maintenance; (e) manage leasing or sale prospects; (f) oversee maintenance and manage tenants; (g) provide property inspection services; and (h) act as agent in connection with property sales, if applicable. For its services, Atlas Real Estate will receive a management fee of 7% of the gross rents collected per month, a new lease fee of 40% of one month's rent, and a renewal fee of 20% of one month's rent. Atlas will also provide property inspection services at a cost of $400 per property and will receive a commission of 2.25% for any sales for which it acts as an agent. Atlas Real Estate is a disinterested person within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. Atlas previously provided a consultation to Boris Klein and consulted with Genesis Capital, LLC on generalities prior to the Debtor's bankruptcy filing, but did not obtain any confidential information and has no prior connection with the Debtor, its creditors, its insiders, or any other party in interest. The firm can be reached at: Atlas Real Estate Group, LLC Yuma Street Denver, CO 80204 Telephone: (303) 242-8980 About Bokqua LLC Bokqua LLC is a real estate investment company that owns and manages residential properties in the Denver metropolitan area. The Company operates in association with BVRE, a property management firm based in Denver, Colorado. Bokqua LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Col. Case No. 25-14846) on July 31, 2025. In its petition, the Debtor reports estimated assets between $10 million and $50 million and estimated liabilities between $50 million and $100 million. Honorable Bankruptcy Judge Michael E. Romero handles the case. The Debtor is represented by Jeffrey S. Brinen, Esq. at KUTNER BRINEN DICKEY RILEY. BUCKINGHAM SENIOR: Committee Retains Greenberg Traurig as Counsel ----------------------------------------------------------------- The Official Committee of Unsecured Creditors of Buckingham Senior Living Community, Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas to retain Greenberg Traurig, LLP to serve as legal counsel, effective as of December 5, 2025. Greenberg Traurig will provide these services: (a) advise the Committee with respect to its rights, duties, and powers in this Case; (b) assist and advise the Committee in its consultations with the Debtor in connection with the administration of this Case; (c) assist the Committee in its investigation of the acts, conduct, assets, liabilities, and financial condition of the Debtor, operation of the Debtor's business and the desirability of continuing or selling such businesses and/or assets under Bankruptcy Code section 363, the formulation of a chapter 11 plan, and other matters relevant to this Case; (d) assist the Committee in analyzing the claims of the Debtor's creditors and the Debtor’s capital structure and in negotiating with holders of claims and equity interests, including analysis of possible objections to the nature, extent, validity, priority, amount, subordination, or avoidance of claims and/or transfers of property in consideration of such claims; (e) advise and represent the Committee in connection with matters generally arising in this Case, including the obtaining of credit, the sale of assets, and the rejection or assumption of executory contracts and unexpired leases; (f) appear before this Court, and any other federal, state, or appellate court; (g) prepare, on behalf of the Committee, any pleadings, including without limitation, motions, memoranda, complaints, objections, and responses to any of the foregoing; and (h) perform such other legal services as may be required or are otherwise deemed to be in the interests of the Committee in accordance with the Committee's powers and duties as set forth in the Bankruptcy Code, Bankruptcy Rules, or other applicable law. Greenberg Traurig intends to apply for compensation for professional services rendered in connection with this Case on an hourly basis, plus reimbursement of actual, necessary expenses, subject to Court approval. The current hourly rates for professionals expected to render services are: shareholders at $650 to $1,890, associates at $425 to $1,000, and paralegals at $300 to $560. According to court filings, Greenberg Traurig does not hold or represent any interest adverse to the Debtor or the chapter 11 estate, the creditors, or any other party-in-interest and is a "disinterested person" as that term is defined in section 101(14) of the Bankruptcy Code. Pursuant to Part D1 of the Revised U.S. Trustee Guidelines, Greenberg Traurig responded as follows: Question: Did you agree to any variations from, or alternatives to, your standard or customary billing arrangements for this engagement? Answer: No. Question: Do any of the professionals included in this engagement vary their rate based on the geographic location of the bankruptcy case? Answer: No. Question: If you represented the client in the 12 months prepetition, disclose your billing rates and material financial terms for the prepetition engagement, including any adjustments during the 12 months prepetition. If your billing rates and material financial terms have changed postpetition, explain the difference and the reasons for the difference. Answer: No. Question: Has your client approved your prospective budget and staffing plan, and, if so, for what budget period? Answer: The Committee and Greenberg Traurig expect to develop a prospective budget and staffing plan, recognizing that in the course of this Case, there may be unforeseeable fees and expenses that will need to be addressed by the Committee and Greenberg Traurig. The firm can be reached at: Shari L. Heyen, Esq. Aimee M. Housinger, Esq. Emily D. Nasir, Esq. GREENBERG TRAURIG, LLP 1000 Louisiana St., Suite 6700 Houston, TX 77002 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: Committee Taps Kane Russell as Co-Counsel ------------------------------------------------------------ The Official Committee of Unsecured Creditors of Buckingham Senior Living Community, Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas, Dallas Division to hire Kane Russell Coleman Logan PC to serve as bankruptcy co-counsel. The firm will provide these services: (a) providing the Committee with legal advice concerning its duties, powers and rights in relation to the Debtor and the administration of the Debtor's bankruptcy case; (b) assisting the Committee in the investigation of the acts, conduct, assets, and liabilities of the Debtor and any other matters relevant to the case or to the formulation of a plan of reorganization or liquidation; (c) assisting the Committee and Debtor in the formulation of a chapter 11 plan, or if appropriate, to formulate the Committee's own plan of reorganization or liquidation; (d) taking such action necessary to preserve and protect the rights of all of the Debtor's unsecured creditors; (e) investigating potential causes of action against third parties for the benefit of the Debtor's bankruptcy estate; (f) preparing on behalf of the Committee all necessary applications, pleadings, adversary proceedings, answers, reports, orders, responses, and other legal documents; (g) investigating and analyzing liens, security interests and similar actions applicable to purported secured creditors; (h) participate in bidding procedures, sale hearings, any proposed auction, and related activities; (i) conducting appropriate discovery and investigations into the Debtor's operations, valuation of assets, lending relationships, management, Debtor's affiliates, and causes of action; and (j) performing all other legal services which may be necessary and in the best interests of the unsecured creditors of the Debtor's estate. Kane Russell Coleman Logan PC will seek compensation for its legal services based on its standard hourly rates then in effect, plus reimbursement of actual, necessary expenses. The firm's 2025 standard hourly rates are $900 for Mark Taylor, $650 for Casey Roy, and $300 for paraprofessionals. According to court filings, Kane Russell Coleman Logan PC is a "disinterested person" within the meaning of section 101(14) of the Bankruptcy Code, and neither the firm nor any director or associate thereof holds or represents any other entity having an adverse interest in connection with the Chapter 11 case. Pursuant to paragraph D, section 1 of the U.S. Trustee Guidelines, Kane Russell Coleman Logan PC responds to the questions set forth therein as follows: Question: Did you agree to any variations from, or alternatives to, your standard or customary billing arrangements for this engagement? Answer: No. Question: Do any of the professionals included in this engagement vary their rate based on the geographic location of the bankruptcy case? Answer: No. Question: If you represented the client in the 12 months prepetition, disclose your billing rates and material financial terms for the prepetition engagement, including any adjustments during the 12 months prepetition. If your billing rates and material financial terms have changed postpetition, explain the difference and the reasons for the difference. Answer: Not applicable, save and except effective with the beginning of this engagement, on or about December 12, 2025, Kane Russell Coleman Logan PC charged its standard 2025 rates. Question: Has your client approved your prospective budget and staffing plan, and, if so, for what budget period? Answer: The Committee and Kane Russell Coleman Logan PC expect to work together to develop a budget and staffing plan for the Chapter 11 Case. The firm can be reached at: Casey Roy, Esq. Mark Taylor, Esq. KANE RUSSELL COLEMAN LOGAN PC 401 Congress Avenue, Suite 2100 Austin, TX 78701 Telephone: (512) 487-6572 Email: croy@krcl.com mtaylor@krcl.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. BWY TRANSPORT: Seeks to Extend Plan Exclusivity to July 5, 2026 --------------------------------------------------------------- BWY Transport, Inc., asked the U.S. Bankruptcy Court for the Eastern District of Tennessee to extend its exclusivity periods to file a plan of reorganization and obtain acceptance thereof to July 5, 2026. The Debtor explains that it has not yet filed a Chapter 11 Plan and disclosure statement, as they have made the decision to surrender their fleet to Daimler and have pivoted to an "asset-light" model that focuses on brokered freight rather than first party transport. Therefore, they are seeking an extension of the exclusivity period in order to allow additional time for monthly operating reports to be filed with the new business model and assess feasibility. Additionally, the Debtor needs to know the deficiency claim amount of Daimler Truck Financial Services USA, LLC in order to assess feasibility. The Debtor also wishes to preserve the exclusivity period in the event that further amendments and/or hearings are necessary. For additional cause, the Debtor avers that they have in good faith complied with all Chapter 11 requirements to do date, and they're not behind on any quarterly fees to the U.S. Trustee as of the date of this Motion. The Debtor further asserts that they have demonstrated reasonable prospects for presenting a viable plan. BWY Transport, Inc., is represented by: W. Thomas Bible, Jr., Esq. Tom Bible Law 6918 Shallowford Road, Suite 100 Chattanooga, TN 37421 Telephone: (423) 424-3116 Facsimile: (423) 553-0639 Email: tom@tombiblelaw.com About BWY Transport BWY Transport sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Tenn. Case No. 25-11697) on June 30, 2025, listing up to $50,000 in assets and up to $10 million in liabilities. Judge Nicholas W. Whittenburg handles the case. W. Thomas Bible, Jr., Esq., at Tom Bible Law, serves as the Debtor's counsel. CAPE FEAR: Unsecured Creditors to Split $67,500 over 5 Years ------------------------------------------------------------ Cape Fear Discount Drug LLC filed with the U.S. Bankruptcy Court for the Eastern District of North Carolina a Disclosure Statement describing Plan of Reorganization dated December 19, 2025. The Debtor is a North Carolina limited liability company, with its principal place of business located in Fayetteville, North Carolina. The Debtor operates an independent retail pharmacy on Raeford Road, in Fayetteville. On or about June 1, 2020, the Debtor, along with several related entities, Cape Fear Drug Company, Inc., Cape Fear Discount Drug Hope Mills, LLC, Cape Fear Discount Drug – Ramsey, LLC, Dustin Cody Gay and Tracy Herring Gay (collectively the "Related Entities") entered into a purchase agreement with Carolina Family Pharmacy, Inc., Calhoun Family Pharmacy, Inc. and C & J Investments of NC, Inc., to purchase the assets of their three existing pharmacies. The Debtor's financial difficulties have been caused by overall changes in the pharmacy industry as well as actions taken by one of its former primary wholesalers, Cardinal Health 110, LLC. All of the Debtor's assets are encumbered by a first priority lien in favor of First Financial Bank. The Debtor does not believe any equity exists to secure the junior claims of creditors. The Debtors remaining creditors fall primarily into two groups of creditors, wholesalers from whom the Debtor purchased prescription drugs or other pharmacy trade vendors, and Merchant Capital Advance ("MCA") lenders. The Debtor was able to make a change in its wholesaler pre petition. The Debtor began using Amerisource as its primary wholesaler instead of Cardinal Health when Cardinal Health began reducing its access to inventory. The Debtor intends to continue using Amerisource as its primary wholesale post confirmation. Class 8 consists of General Unsecured Claims. The total Unsecured Claims in this Class, as of the date of filing this Plan, is estimated to be $4,619,700.75, based on claims filed to date or scheduled by the Debtor and known deficiency claims. The deadline for nongovernmental creditors to file claims is January 23, 2026. The Debtor proposes to pay Allowed claims in this Class the total sum of $67,500.00, in monthly payments over five years. Monthly payments shall commence on the date that is six months after the Effective Date and continue on that same day monthly thereafter. All payments to creditors within this class shall be distributed pro rata. In addition to the total payment of $67,500.00 to this Class, the Debtor intends to investigate and pursue Bankruptcy Causes of Action, including against various MCA lenders. Any proceeds actually recovered shall be distributed first to pay all costs incurred in pursuit of the Bankruptcy Causes of Action, including attorney's fees, next to pay any outstanding administrative or priority claims, and finally, the remaining proceeds shall be distributed pro rata to members of Class 6 holding Allowed Claims. This Class shall be impaired. The Debtor has shown its Plan payments based upon what it is proposing for each class of creditors in its Plan. The Debtor is projecting that it will commence Plan payments in February 2026 to First Financial, with unsecured creditor payments to begin after the deadline for filing all deficiency claims, claims, objections, and proofs of claims. The actual date when payments to creditors will begin will be determined by the entry of the Order Confirming Plan. In addition, the Debtor needs to maintain sufficient cash on hand in order to fund inventory purchases and maintain inventory levels in order to generate additional revenue. Distributions under the Plan shall be made on the Distribution Date; provided however, that Court approved professionals may be paid as such fees and expenses are approved by the Court. Any distribution required to be made hereunder on a day other than a business day shall be made on the next succeeding business day. A full-text copy of the Disclosure Statement dated December 19, 2025 is available at https://urlcurt.com/u?l=xoB0zd from PacerMonitor.com at no charge. Counsel to the Debtor: Laurie B. Biggs, Esq. Joseph A. Bledsoe, III, Esq. Biggs Law Firm, PLLC 9208 Falls of Neuse Road, Ste. 120 Raleigh, NC 27615 Tel: (919) 375- 8040 About Cape Fear Discount Drug LLC Cape Fear Discount Drug, LLC, operates a community-focused pharmacy providing prescription dispensing, immunizations, medication therapy management, and over-the-counter products. The pharmacy is part of the Good Neighbor Pharmacy network and serves local residents with programs including family vitamins and child safety initiatives. Cape Fear Discount Drug sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. N.C. 25-03693) on Sept. 23, 2025, listing up to $500,000 in assets and up to $10 million in liabilities. Dustin Cody Gay, president of Cape Fear Discount Drug, signed the petition. Judge David M. Warren oversees the case. Laurie B. Biggs, at Biggs Law Firm, PLLC, is the Debtor's bankruptcy counsel. CDR TRANS: Court OKs Deal With SBA ---------------------------------- The U.S. Bankruptcy Court for the Northern District of California, San Francisco Division approved a stipulation between CDR Trans, LLC and the U.S. Small Business Administration. The stipulation resolves issues regarding the valuation of SBA's secured claim and the Debtor's use of cash collateral. Key terms include: 1. SBA's secured claim is fixed and allowed at $221,277.17 with the balance of its claim deemed unsecured for Subchapter V plan purposes. 2. The SBA's allowed secured claim shall accrue interest at 6.00% per annum. 3. The Debtor shall pay the allowed secured claim in equal monthly installments over 72 months, commencing December 2025, in the approximate amount of $3,667.20 per month, or as finalized in the plan's amortization schedule. 4. SBA consents to Debtor's continued use of cash collateral derived from operations for payroll, fuel, insurance, equipment maintenance, and other ordinary business expenses. Commencing immediately upon execution, the Debtor shall make monthly adequate protection payments of $3,667.20 to the SBA, applied toward the secured portion of the claim. SBA further consents to the Debtor's use of cash collateral effective as of the petition date, October 30, 2025, and agrees that all post-petition expenditures made in the ordinary course of business from that date forward are authorized and deemed approved under the stipulation. 5. As adequate protection, retroactive to the petition date, SBA shall receive a replacement lien on all post-petition revenues of the Debtor to the same extent, priority and validity that its lien attached to the cash collateral. The replacement lien is valid, perfected and enforceable and shall not be subject to dispute, avoidance, or subordination, and this replacement lien need not be subject to additional recording. The SBA is authorized to file a certified copy of the cash collateral order and any other necessary and related documents to further perfect its lien. The agreed valuation and repayment structure will be incorporated into the Debtor's Subchapter V plan. About CDR Trans LLC CDR Trans, LLC offers freight transportation services in the U.S., operating trucks to move general goods, with its headquarters in South San Francisco, California. CDR Trans sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Calif. Case No. 25-30895) on October 30, 2025, with $100,000 to $500,000 in assets and $1 million to $10 million in liabilities. Christopher H. Dela Rosa, chief executive officer of CDR Trans, signed the petition. Judge Dennis Montali oversees the case. Arasto Farsad, Esq., at Farsad Law Office, P.C. represents the Debtor as bankruptcy counsel. CITRUS360 LLC: Updates David & Thelma Esau's Secured Claims ----------------------------------------------------------- Citrus360, LLC submitted a Second Amended Disclosure Statement describing Amended Plan dated December 19, 2025. The Debtor defaulted pre-petition on the lienholder's (Esau) two notes and was facing a March 4, 2025 foreclosure. In an effort to save the Debtor's primary real estate assets the Debtor filed this Chapter 11 bankruptcy case on March 3, 2025. The Debtor has also reached a settlement agreement with Rajini Malisetti in which she will receive equity in by adding value to pay Esaus their 2024 and 2025 note installments on the 112 acres. The Debtor has preserved its pre-bankruptcy agreements with two different parties restructuring the debts with the Esaus and continue to pay them. This Second Amended Plan of Reorganization proposes to pay creditors of the Debtor from transfer of assets, settling claims and adding new value. Class 2 consists of the Secured claim of David & Thelma Esau-126.26 ac POC#5 for $715,073.32. 126.26 Acres Transfer and Assignment of Related Note: * This treatment is subject to the Esau's consent to the proposed Plan. The method for Esau's to withhold consent it by a ballot rejecting the plan, and to consent to the plan is by ballot accepting the plan. * Closing on a transfer of the 126.26-acre tract to Best Citrus shall occur on the Effective Date of the Plan. * At closing, Citrus360 will pay the Esaus $60,000.00 to be applied to the 2024 installment on the Esau note at the non default rate of interest. * At closing, Citrus360 will pay all property taxes due on the 126.26-acre tract through the date of closing (approximately $7,600.00). * At closing Best Citrus will pay the Esaus all unpaid 2025 installments due on the Esau note at the non default rate of interest and bring the obligation current as of the Effective Date. * At closing Debtor will assign the Esau Note on the 126.26 Acres to Best Citrus, and the Esau's will consent to deacceleration and resumption of the note as if there had never been a default; Best Citrus will assume all other obligations under that note. * Best Citrus Investments, LLC has provided financial information on the ability of Best Citrus Investments, LLC to perform under the plan. Class 3 consists of the Secured claim of David & Thelma Esau-112 ac POC#4 for $625,604.23. 112 Acres Transfer and Assignment of Related Note: * This treatment is subject to the Esau's consent to the proposed Plan. The method for Esau’s to withhold consent it by a ballot rejecting the plan, and to consent to the plan is by a ballot accepting the plan. * Closing on a transfer of the 112-acre tract to NewCo, now formed as 112 Cirrus, LLC shall occur on the Effective Date of the Plan. * 112 Cirrus, LLC will provide financial information on the ability of 112 Cirrus, LLC to perform under the plan upon request by Esaus to 112 Cirrus, LLC. * At closing, 112 Cirrus, LLC will pay the Esaus $50,000.00 for 2024 note payment and another $50,000.00 for 2025 note payment to be applied toward installments due on the Esau note at the non default rate of interest and the obligation will be deemed current as of the Effective Date. * The transfer is subject to the property taxes and taxes will be paid at closing of sale by 112 Cirrus, LLC to a third party or (if not sold to a third party) amortized over 5 years at 12% interest and paid in annual installments with the first payment due on the first anniversary of the Effective Date. * At closing Debtor will assign the Esau Note on the 112 Acres to 112 Cirrus, LLC and the Esaus will consent to deacceleration and resumption of the note as if there had never been a default; 112 Cirrus, LLC will assume all other obligations under that note. The Debtor will sell its real property assets to pay its creditors. The members of the Debtor will remain as Surya K. Vidiyala 60%-member interest and Narsi Reddy Ponagandla 40%-member interest. Debtor received $158,161.93 check dated August 11, 2025 which Debtor deposited on August 20, 2025 from a water treaty grant. These funds are used to implement the Plan. A full-text copy of the Second Amended Disclosure Statement dated December 19, 2025 is available at https://urlcurt.com/u?l=pNFluj from PacerMonitor.com at no charge. Counsel to the Debtor: Kurt Stephen, Esq. Law Office of Kurt Stephen, PLLC 100 S. Bicentennial Blvd. McAllen, TX 78501-7050 Tel: (956) 631-3381 Fax: (956) 687-5542 Email: kurtstep@swbell.net About Citrus360 LLC Citrus360 LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-70056) on March 3, 2025. In its petition, the Debtor listed assets and liabilities between $1 million and $10 million each. Bankruptcy Judge Eduardo V. Rodriguez handles the case. The Debtor is represented by Kurt Stephen, Esq. at LAW OFFICES OF KURT STEPHEN, PLLC. COSMOS HEALTH: Fails to Meet Minimum Bid Price Requirement ---------------------------------------------------------- Cosmos Health Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that it received a non-compliance letter from Nasdaq for its failure to maintain a minimum bid price of $1.00 per share for 30 consecutive business days in accordance with Nasdaq Listing Rule 5550(a)(2). The Company has 180 calendar days from December 11, 2025, to regain compliance by maintaining the closing bid price of the Company's common stock of at least $1.00 per share for a minimum of 10 consecutive business days. In the event the Company cannot otherwise regain compliance with the Listing Rule, it intends to effect a reverse stock split to regain compliance with said Listing Rule. An indicator will be displayed with quotation information related to the Company's securities. About Cosmos Health Cosmos Health Inc. (Nasdaq: COSM), incorporated in 2009 in Nevada, is a diversified, vertically integrated global healthcare group. The Company owns a portfolio of proprietary pharmaceutical and nutraceutical brands, including Sky Premium Life, Mediterranation, bio-bebe, and C-Sept. Through its subsidiary, Cana Laboratories S.A., which is licensed under European Good Manufacturing Practices (GMP) and certified by the European Medicines Agency, it manufactures pharmaceuticals, food supplements, cosmetics, biocides, and medical devices within the European Union. As of September 30, 2025, Cosmos Health had $69,492,758 in total assets, $46,357,874 in total liabilities, and a total stockholders' equity of $23,134,884. New York, N.Y.-based RBSM LLP, the Company's auditor since 2024, issued a "going concern" qualification in its report dated April 15, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has incurred substantial operating losses and will require additional capital to continue as a going concern. This raises substantial doubt about the Company's ability to continue as a going concern. CRUZ TEC: Unsecureds Will Get 0.15% of Claims over 5 Years ---------------------------------------------------------- Cruz Tec, Inc. filed with the U.S. Bankruptcy Court for the Southern District of Texas a Plan of Reorganization dated December 19, 2025. The Debtor started operations in 2001. Debtor operates an underground utility construction business specializing in sanitary sewer rehabilitation work. The Debtor's ownership structure is as follows; Andres Cruz owns 100%. Ownership interests will remain unchanged following confirmation. The Debtor operates an underground utility construction business specializing in sanitary sewer rehabilitation work. Debtor's assets include its cash on hand, accounts receivable, and vehicles/machinery. There are fully secured and partially secured creditors based on the liquidation analysis and UCC filings. Any secured creditor not treated in this Plan as fully secured are therefore under secured. The Debtor filed this case on September 19, 2025. Debtor proposes to pay allowed unsecured based on the liquidation analysis and cash available. Debtor anticipates having enough business and cash available to fund the plan and pay the creditors pursuant to the proposed plan. It is anticipated that after confirmation, the Debtor will continue in business. Based upon the projections, the Debtor believes it can service the debt to the creditors. The Debtor will continue operating its business. The Debtor's Plan will break the existing claims into six classes of Claimants. These claimants will receive cash repayments over a period of time beginning on or after the Effective Date. Class 5 consists of Allowed Unsecured Claims. All allowed unsecured creditors shall receive a pro rata distribution at zero percent per annum over the next five years. Creditors shall receive monthly disbursements based on the projection distributions of each 12-month period with the first monthly payment due 60 days after the Effective Date. Debtor will distribute $47,300.00 to the general allowed unsecured creditor pool over the five-year term of the plan, including the under-secured claim portions. The Debtor's General Allowed Unsecured Claimants will receive 0.15% of their allowed claims under this plan. Any potential rejection damage claims from executory contracts that are rejected in this Plan will be added to the Class 5 unsecured creditor pool and will be paid on a pro-rata basis. The allowed unsecured claims total $30,203,408.86. Class 6 consists of Equity Interest Holders (Current Owners). The current owners will receive no payments under the Plan; however, they will be allowed to retain ownership in the Debtor. The Debtor anticipates the continued operations of the business to fund the Plan. A full-text copy of the Plan of Reorganization dated December 19, 2025 is available at https://urlcurt.com/u?l=td0Oy8 from PacerMonitor.com at no charge. Counsel to the Debtor: 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 Cruz Tec Inc. Cruz Tec Inc., founded in 2001 and headquartered in Houston, Texas, is a trenchless utility contractor that provides engineering solutions including cured-in-place pipe (CIPP), pipe bursting, manhole rehabilitation, and protective coatings. The Company operates as a self-performing turnkey firm serving municipalities and utilities across Texas and the United States, with projects ranging in scale from small contracts to multi-million-dollar upgrades. Its work includes compliance-driven infrastructure rehabilitation, such as projects for the San Antonio Water System under a federal consent decree to repair and modernize sewer systems. Cruz Tec sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-35537) on Sept. 19, 2025. In its petition, the Debtor reports total assets of $2,392,423 and total debts of $3,174,040. Bankruptcy Judge Jeffrey P. Norman handles the case. The Debtor is represented by Robert C Lane, Esq., at The Lane Law Firm. D WOOD HOTEL: Taps Quilling Selander Lownds as General Counsel -------------------------------------------------------------- D Wood Hotel, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Texas to hire Quilling, Selander, Lownds, Winslett & Moser, P.C. to serve as general counsel. The firm will provide these services: (a) furnish legal advice to the Debtor with regard to its powers, duties and responsibilities as a debtor-in-possession and the continued management of its affairs and assets under chapter 11; (b) prepare, for and on behalf of the Debtor, all necessary applications, motions, answers, orders, reports and other legal papers; (c) prepare a plan of reorganization and disclosures and other services incident thereto; (d) investigate and prosecute preference and fraudulent transfers actions arising under the avoidance powers of the Bankruptcy Code; and (e) perform all other legal services for the Debtor which may be necessary herein. The Debtor has been informed that the normal hourly billing rates of Quilling, Selander, Lownds, Winslett & Moser, P.C. range from $325 to $550 per hour for shareholders and $225 to $325 per hour for associates. The rates for paralegals range from $75 to $150 per hour. According to court filings, neither Quilling, Selander, Lownds, Winslett & Moser, P.C., nor any member, counsel, or associate thereof represent any interest adverse to the Debtor or its estate with respect to the matters on which the firm is to be employed. Quilling, Selander, Lownds, Winslett & Moser, P.C. and each of its employees are disinterested persons, as defined by 11 U.S.C. Sec. 101(14). The firm can be reached at: John Paul Stanford, Esq. Rian F. Nealon, Esq. QUILLING, SELANDER, LOWNDS, WINSLETT & MOSER, P.C. 2200 Ross Avenue, Suite 2400 Dallas, TX 75201 Telephone: (214) 880-1851 Telephone: (214) 880-1893 Facsimile: (214) 871-2111 E-mail: jstanford@qslwm.com rnealon@qslwm.com About D Wood Hotel, LLC D Wood Hotel LLC, based in Texas, owns and operates the Super 8 by Wyndham Woods Cross/Salt Lake City North at 2433 South 800 West, Woods Cross, Utah, providing economy-style lodging services in the hospitality industry. The property functions as a motel offering accommodations, basic amenities, and guest services to travelers in the Salt Lake City metropolitan area. D Wood Hotel, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Tex. Case No. 25-43559) on November 24, 2025. At the time of the filing, the Debtor had estimated assets of between $1,000,001 and $10 million and liabilities of between $100,000,001 and $500 million. Judge Brenda T. Rhoades oversees the case. Quilling, Selander, Lownds, Winslett & Moser, P.C. is the Debtor’s legal counsel. DARTMOUTH STREET: Hires Ehrhard & Associates as Legal Counsel ------------------------------------------------------------- The Official Committee of Unsecured Creditors of Dartmouth Street REI, LLC seeks approval from the U.S. Bankruptcy Court for the District of Massachusetts to hire Ehrhard & Associates, P.C. to serve as legal counsel. The firm will provide these services: (a) give the Debtor legal advice with respect to its powers and duties as a Debtor in this Chapter 11 proceeding; (b) perform on behalf of the Debtor necessary applications, answers, orders, reports and other legal papers required for these proceedings; (c) perform all other legal services for the Debtor which may be necessary herein; and (d) represent the Debtor with the sale, refinance or restructuring of the property of the Debtor. Ehrhard & Associates, P.C. received a retainer of $11,738, of which $10,000 is held in escrow for legal fees and $1,738 is for the filing fee, pending future fee applications with the Court. Additional fees will be billed at $325 per hour for senior attorneys and $175 per hour for paralegals or as the Court may deem just. Ehrhard & Associates, P.C. is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: James P. Ehrhard, Esq. Ehrhard & Associates, P.C. 27 Mechanic Street, Suite 101 Worcester, MA 01608 Telephone: (508) 791-8411 E-mail: ehrhard@ehrhardlaw.com About Dartmouth Street REI, LLC Dartmouth Street REI, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Mass. Case No. 25-41225) on November 14, 2025. At the time of the filing, Debtor had estimated assets of between $500,001 and $1 million and liabilities of between $500,001 and $1 million. Judge Elizabeth D. Katz oversees the case. Ehrhard & Associates, P.C. is Debtor's legal counsel. DEEJAYZOO LLC: Unsecureds Will Get 2.5% of Claims over 60 Months ---------------------------------------------------------------- Deejayzoo LLC d/b/a Shhhowercap filed with the U.S. Bankruptcy Court for the Eastern District of New York a Disclosure Statement describing Plan of Reorganization dated December 22, 2025. The Debtor is a corporation located at 425 Greenpoint Avenue, Brooklyn, NY 11222. Ongoing monetary losses and reduced business income resulted in the accumulation of substantial business debts and liabilities, which the Debtor seeks to address and reorganized through this Chapter 11 bankruptcy filing. Class 6 consists of General Unsecured Claims. This Class is impaired. * New York State Department of Labor with the claim amount of $12,165.97. The creditor shall receive 2.5% ($304.14) dividend to be paid in 60 monthly installment payments in the amount of $5.06, commencing on the effective date of the plan. * New York State Department of Taxation & Finance with a claim amount of $4,078.17. The creditor shall receive 2.5% ($101.95) dividend to be paid in 60 monthly installment payments in the amount of $1.7, commencing on the effective date of the plan. * Mimi Apparel Inc. with a claim amount of $13,080.00. The creditor shall receive 2.5% (4327.00) dividend to be paid in 60 monthly installment payments in the amount of $5.45, commencing on the effective date of the plan. * Kitsch LLC with a claim amount of $15,910.00. The creditor shall receive 2.5% (397.75) dividend to be paid in 60 monthly installment payments in the amount of $6.63, commencing on the effective date of the plan. * Uline with a claim amount of $1,035.83. The creditor shall receive 2.5% (25.89) dividend to be paid in 60 monthly installment payments in the amount of $0.43, commencing on the effective date of the plan. * Google LLC with a claim amount of $50,060.76. The creditor shall receive 2.5% (1,251.51) dividend to be paid in 60 monthly installment payments in the amount of $8.34, commencing on the effective date of the plan. * Jayaram PLLC with a claim amount of $640,209.15. The creditor shall receive 2.5% ($16,005.22) dividend to be paid in 60 monthly installment payments in the amount of $266.75, commencing on the effective date of the plan. * Capacity LLC with a claim amount of $43,761.77. The creditor shall receive 2.5% ($1,094.04) dividend to be paid in 60 monthly installment payments in the amount of $18.23, commencing on the effective date of the plan. * Methods & Metrics with a claim amount of $218,109.68. The creditor shall receive 2.5% ($5,452.74) dividend to be paid in 60 monthly installment payments in the amount of $136.31, commencing on the effective date of the plan. * Kaz Konsulting LLC with a claim amount of $143,058.16. The creditor shall receive 2.5% ($3,576.45) dividend to be paid in 60 monthly installment payments in the amount of $59.61, commencing on the effective date of the plan. * Internal Revenue Service with a claim amount of $87,021.74. The creditor shall receive 2.5% ($2,175.54) dividend to be paid in 60 monthly installment payments in the amount of $36.25, commencing on the effective date of the plan. * NYS Workers' Compensation Board with a claim amount of $44,227.00. The creditor shall receive 2.5% ($1,105.67) dividend to be paid in 60 monthly installment payments in the amount of $18.42, commencing on the effective date of the plan. * Lane Barrocas with a claim amount of $32,016.16. The creditor shall receive 2.5% ($800.40) dividend to be paid in 60 monthly installment payments in the amount of $13.34, commencing on the effective date of the plan. * Norris McLaughlin, P.A. with a claim amount of $29,088.50. The creditor shall receive 2.5% (747.21) dividend to be paid in 60 monthly installment payments in the amount of $12.12, commencing on the effective date of the plan. * Cable Building Owners LLC with a claim amount of $549,038.16. The creditor shall receive 2.5% ($13,725.95) dividend to be paid in 60 monthly installment payments in the amount of $228.76, commencing on the effective date of the plan. * Karish & Bjorgum, PC with a claim amount of $42,834.47. The creditor shall receive 2.5% ($1,070.86) dividend to be paid in 60 monthly installment payments in the amount of $17.84, commencing on the effective date of the plan. * DSV Air & Sea with a claim amount of $21,797.88. The creditor shall receive 2.5% ($544.94) dividend to be paid in 60 monthly installment payments in the amount of $9.08, commencing on the effective date of the plan. * Michael Page International, Inc. with a claim amount of $12,375.00. The creditor shall receive 2.5% ($309.37) dividend to be paid in 60 monthly installment payments in the amount of $5.15, commencing on the effective date of the plan. * Theresa Rocovich with a claim amount of $49,000.00. The creditor shall receive 2.5% ($1,225.00) dividend to be paid in 60 monthly installment payments in the amount of $20.41, commencing on the effective date of the plan. * DHL Express with a claim amount of $3,221.79. The creditor shall receive 2.5% ($80.54) dividend to be paid in 60 monthly installment payments in the amount of $1.34, commencing on the effective date of the plan. * FedEx with a claim amount of $41,084.26. The creditor shall receive 2.5% ($1,027.10) dividend to be paid in 60 monthly installment payments in the amount of $17.11, commencing on the effective date of the plan. * UPS with a claim amount of $60,523.03. The creditor shall receive 2.5% ($1,513.07) dividend to be paid in 60 monthly installment payments in the amount of $25.21, commencing on the effective date of the plan. The Plan will be funded from the funds accumulated on the Debtor's DIP account, from the date of the petition, as well as from continuing operating income and reorganized business operations of the Debtor. A full-text copy of the Disclosure Statement dated December 22, 2025 is available at https://urlcurt.com/u?l=8Pkkk9 from PacerMonitor.com at no charge. Deejayzoo LLC is represented by: Alla Kachan, Esq. Law Offices of Alla Kachan, P.C. 2799 Coney Island Avenue, Suite 202 Brooklyn, NY 11235 Telephone: (718) 513-3145 About Deejayzoo LLC Deejayzoo LLC develops and markets SHHHOWERCAP, a reusable and innovative shower cap designed to replace disposable alternatives. The product is waterproof, humidity-defying, antibacterial, fits all hair types, and machine washable. The Company operates from its headquarters in Brooklyn, New York, and is led by founder Jacquelyn De Jesu. Deejayzoo LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-42617) on May 28, 2025. In its petition signed by Jacquelyn De Jesu, president, the Debtor disclosed total assets of $12,166 and total liabilities of $2,846,653. Honorable Bankruptcy Judge Nancy Hershey Lord handles the case. The Debtor is represented by Alla Kachan, Esq., at the Law Offices of Alla Kachan, P.C. DOCUMENT PUBLISHING: Voluntary Chapter 11 Case Summary ------------------------------------------------------ Debtor: Document Publishing LLC 1 Underhill Road Catskill, NY 11223 Business Description: Document Publishing LLC is a New York–based publishing company. Chapter 11 Petition Date: December 30, 2025 Court: United States Bankruptcy Court Eastern District of New York Case No.: 25-46195 Judge: Hon. Jil Mazer-Marino Debtor's Counsel: Lawrence Morrison, Esq. MORRISON TENENBAUM PLLC 87 Walker Street, Second Floor New York, NY 10013 E-mail: lmorrison@m-t-law.com Estimated Assets: $0 to $50,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Nicholas Vogelson as president. The petition was filed without the Debtor's list of its 20 largest unsecured creditors. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/P3GSTZQ/Document_Publishing_LLC__nyebke-25-46195__0001.0.pdf?mcid=tGE4TAMA DOLORES TERRAVISTA: Seeks Chapter 7 Bankruptcy in Texas ------------------------------------------------------- On December 17, 2025, Dolores Terravista Housing, LLC filed for Chapter 7 protection in the Western District of Texas. According to court filing, the Debtor reports between $0-$100,000 in assets and $1 million-$10 million in debt owed to 100-199 creditors. About Dolores Terravista Housing, LLC Dolores Terravista Housing, LLC is a residential real estate development and property management company focused on multi-family housing communities. Dolores Terravista Housing, LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 25-53022) on December 17, 2025. In its petition, the Debtor reports estimated assets of $0-$100,000 and estimated liabilities of $1 million-$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. DP LOUISIANA: Court Extends Cash Collateral Access to Jan. 28 ------------------------------------------------------------- DP Louisiana, LLC received sixth interim approval from the U.S. Bankruptcy Court for the Eastern District of Louisiana to use cash collateral to fund its operations. The sixth interim order authorized the Debtor to use cash collateral through January 28. The Debtor intends to use cash received from the sale of hydrocarbons in which a secured creditor may assert security interests pursuant to the Louisiana Oilwell Lien Act (LOWLA). It has identified 26 creditors, which may possess lien rights against the oil and gas leases and equipment it owns. As adequate protection, the LOWLA lienholders will be granted perfected replacement liens on collateral as to which they had a first priority lien as of the petition date, subject to the carveout for certain fees; and junior perfected liens on the collateral that is subject to a validly perfected lien with priority over the LOWLA lienholders' liens as of the petition date. In case the replacement liens prove to be inadequate to protect the LOWLA lienholders, an allowed superpriority administrative expense claim will be granted to such lienholders, subject to the carveout. The next hearing is scheduled for January 28. A copy of the fourth interim order and the Debtor's budget is available at https://shorturl.at/Wu5c3 from PacerMonitor.com. About DP Louisiana LLC DP Louisiana LLC is engaged in oil and gas extraction operations. It is based in Louisiana and uses EAG Services in Houston, Texas, for administrative support. DP Louisiana sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. La. Case No. 25-11366) on June 30, 2025. In its petition, the Debtor reported between $1 million and $10 million in assets and liabilities. Judge Meredith S. Grabill handles the case. The Debtor is represented by Douglas S. Draper, Esq., at Heller, Draper & Horn, L.L.C. E GLUCK: Gets Interim OK for DIP Financing From Israel Discount --------------------------------------------------------------- E. Gluck Corporation received second interim approval from the U.S. Bankruptcy Court for the Southern District of New York to obtain post-petition financing to get through bankruptcy. The financing is a $29 million senior secured, superpriority, priming debtor-in-possession revolving credit facility from Israel Discount Bank of New York. It authorizes up to $3.3 million on an interim basis and up to $29 million after final court approval, with interest at prime plus 0.25% or the federal funds rate plus 3.12%, depending on the loan. The Debtor said the financing from Israel provides short-term liquidity pending a court-approved asset sale, for which it already has a stalking-horse agreement. The DIP facility is designed to roll pre-bankruptcy debt into DIP obligations and requires that the pre-bankruptcy debt must be paid first from asset-sale proceeds before DIP borrowings. Israel is the Debtor's long-time pre-bankruptcy lender and is owed about $27 million under a pre-bankruptcy credit agreement. As security for the DIP obligations, Israel will be granted first-priority post-petition security interests and liens on all of the Debtor's property. Moreover, the DIP obligations constitute an allowed superpriority administrative expense claim. Use of Cash Collateral The court's second interim order also authorized the Debtor to use the lender's cash collateral until an event of default occurs. Israel will be provided with adequate protection in the form of cash payments; superpriority administrative expense claims under section 507(b) of the Bankruptcy Code. and replacement and additional post-petition security interests in and liens on the collateral. The interim order is available at https://is.gd/1AbgCK from PacerMonitor.com. The final hearing is scheduled for January 7, 2026. E. Gluck is a six-decade-old watch designer, importer, and distributor anchored by brands such as Armitron, Anne Klein, and Nine West. Despite long-standing retail relationships and historically strong revenue, the company's performance deteriorated due to shifts in consumer behavior, competition from smart devices, pandemic-era supply chain disruptions, increased tariffs and freight costs, and reduced retailer ordering. A major contributor to the Debtor's financial distress was its acquisition of WITHit, intended to diversify the company into wearable-tech accessories. Instead, the new line proved more competitive and less scalable than anticipated; integration issues, higher costs, and missed growth projections worsened the company's financial position. As a result, E. Gluck entered Chapter 11 to shed unproductive contracts, restructure operations, reduce overhead, streamline international and domestic operations, and preserve its core brand portfolio. About E. Gluck Corporation E. Gluck Corporation -- https://egluck.com/ -- is an American watch manufacturer headquartered in Little Neck, New York. E. Gluck sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. N.Y. Case No. 25-12683) on December 1, 2025, listing between $10 million and $50 million in assets and liabilities. Judge Martin Glenn presides over the case. Alan D. Halperin at Halperin Battaglia Benzija, LLP, represents the Debtor as legal counsel. Israel Discount Bank of New York, as DIP lender, is represented by: Jonathan N. Helfat, Esq. Matthew Breen, Esq. OTTERBOURG P.C. 230 Park Avenue New York, NY 10169 Tel: (212) 661-9100 jhelfat@otterbourg.com mbreen@otterbourg.com EKB INVESTMENTS: Taps Heugly & Bludworth as Legal Counsel --------------------------------------------------------- EKB Investments, LLC seeks approval from the United States Bankruptcy Court for the District of Utah, Central Division, to employ Dusten L. Heugly of Heugly & Bludworth, PLLC to serve as legal counsel. Mr. Heugly will provide these services: (a) all bankruptcy-related filings; (b) interviews; (c) hearings; (d) communications with the Debtor; (e) communications with creditors; (f) communications with the Trustee; and (g) communications with the Court. Under the proposed compensation arrangement, Mr. Heugly and Heugly & Bludworth, PLLC will be paid at a rate of $525 per hour for attorney services and $200 per hour for clerk or paralegal work. Dusten L. Heugly and Heugly & Bludworth, PLLC state that they are disinterested persons within the meaning of the Bankruptcy Code, subject to the connections disclosed in the application. The firm can be reached at: Dusten L. Heugly, Esq. HEUGLY & BLUDWORTH, PLLC 1576 S. State St., #202 Draper, UT 84020 Telephone: (801) 316-0245 E-mail: dh@utahslawyers.com About EKB Investments, LLC EKB Investments, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Utah, Central Division, Case No. 25-27199) on December 18, 2025. At the time of filing, the Debtor had estimated assets of $10,000,001 to $50 million and estimated liabilities of $1,000,001 to $10 million. Judge Peggy Hunt oversees the case. Heugly & Bludworth, PLLC serves as the Debtor’s legal counsel. ENGINEERS OF TOMORROW: Hires Herrin Law as Bankruptcy Counsel ------------------------------------------------------------- Engineers Of Tomorrow LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas, Dallas Division to employ and retain Herrin Law, PLLC as counsel. Herrin Law, PLLC will provide these services: (a) providing legal advice with respect to his powers and duties as debtor-in-possession; (b) preparing and pursuing confirmation of a plan and approval of a disclosure statement; (c) preparing on behalf of the Debtors necessary applications, motions, answers, orders, reports and other legal papers; (d) appearing in Court and protecting the interests of the Debtor before the Court; and (e) performing all other legal services for the Debtor which may be necessary and proper in these proceedings. The firm's hourly rates are: $400 per hour for Manolo Santiago; $500 per hour for C. Daniel Herrin; $300 per hour for all other attorneys of the Firm; and $125 to $175 per hour for paralegals. Prior to the filing of the case, the Debtor tendered $15,000 to the Firm as a retainer, inclusive of filing fees. As of the application date, the Firm holds $13,262 as a retainer to secure payment of post-petition fees and expenses. According to court filings, Herrin Law, PLLC is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code and does not hold or represent any interest adverse to the Debtor or its estate. The firm can be reached at: Manolo Santiago, Esq. HERRIN LAW, PLLC 12001 N. Central Expy, Suite 920 Dallas, TX 75243 Telephone: (469) 607-8551 Facsimile: (214) 722-0271 About Engineers of Tomorrow LLC Engineers of Tomorrow, LLC operates early childhood education centers in Desoto, Texas, offering programs for children aged two months to five years, including EOT STEM Academy, Engineers of Tomorrow STEM PreSchool, and EOT Infant University. It emphasizes STEM-enriched learning, problem-based approaches, and low child-to-teacher ratios to foster creativity, self-expression, and early development. Its programs are led by a Texas-certified EC-12 administrator and focus on preparing children for kindergarten while addressing achievement gaps through rigorous early education. Engineers of Tomorrow sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Texas Case No. 25-34741) on December 1, 2025. In its petition, the Debtor reported total assets of $28,402 and total liabilities of $1,080,502. Honorable Bankruptcy Judge Stacey G. Jernigan handles the case. The Debtor is represented by C. Daniel Herrin, Esq., at Herrin Law, PLLC. FOOD52 INC: Case Summary & 20 Largest Unsecured Creditors --------------------------------------------------------- Debtor: Food52, Inc. Food52 Schoolhouse Dansk 1 Dock 72 Way, 13th Floor, Brooklyn, New York 11205 Business Description: Food52, Inc., headquartered in Brooklyn, New York, operates a digital culinary and home lifestyle platform combining editorial content, community engagement, and e- commerce, offering recipes, cooking advice, and a curated selection of kitchenware and home goods. The Company manages a Test Kitchen, develops private-label products, and has acquired home goods brands including Schoolhouse and Dansk Designs, serving a global audience of home cooks. Founded in 2009 by Amanda Hesser and Merrill Stubbs, Food52 reaches approximately 37 million consumers monthly. Chapter 11 Petition Date: December 29, 2025 Court: United States Bankruptcy Court District of Delaware Case No.: 25-12277 Judge: Hon. Laurie Selber Silverstein Debtor's Counsel: Michael R. Nestor, Esq. YOUNG CONAWAY STARGATT & TAYLOR, LLP 1000 N. King Street Wilmington, DE 19801 Tel: 302-571-6600 Email: mnestor@ycst.com Debtor's Investment Banker: CORE ADVISORS LLC Debtor's Financial Advisor: MERU, LLC Debtor's Notice, Claims, Solicitation & Balloting Agent and Administrative Advisor: KURTZMAN CARSON CONSULTANTS, LLC d/b/a VERITA GLOBAL Estimated Assets: $1 million to $10 million Estimated Liabilities: $10 million to $50 million The petition was signed by Erika Badan as chief executive officer. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/W7PEGCY/Food52_Inc__debke-25-12277__0001.0.pdf?mcid=tGE4TAMA List of Debtor's 20 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Thrive Value (HK) Limited Trade Debt $670,447 Attn: Director Or Officer Units 4301A & 4301B, 43/F, Metroplaza Tower II 223 Hing Fong Road Kwai Chung, N.T. Hong Kong Email: yuki@targetlighting.com 2. Radial, Inc. Trade Debt $636,869 Attn: Director Or Officer 935 First Avenue King Of Prussia, PA 19406 Phone: 877-255-2857 Email: billing@radial.com 3. Janel Group Trade Debt $522,878 Attn: Director Or Officer 233 Seventh St, Suite 100 Garden City, NY 11530 Attn: Director Or Officer Phone: 516-593-1390 Email: blallyjr@janelgroup.com 4. Texteis D. A. - Domingos Trade Debt $493,568 Almeida, S. A. Attn: Director Or Officer Zona Industrial De Mide 4815-169 Lordelo Guimaraes, Portugal Attn: Director Or Officer Phone: (+351) 252 840 190 Email: info@texteis-da.pt 5. Google Ads Trade Debt $447,638 Attn: Director Or Officer 1600 Amphitheatre Pkwy Mountain View, CA 94043 Attn: Director Or Officer Email: collections-us@google.com 6. Bradshaw International Holdings Trade Debt $372,326 Laurens Kreuning 9-23 Shell Street Units A-C, 25th Floor, Seabright Plaza Hong Kong, Hong Kong Email: laurens.kreuning@bradshaw-group.com 7. Pendleton Woolen Mills Trade Debt $322,776 Chris Callahan 220 NW Broadway PO Box 3030 Portland, OR 97208 Phone: 503-535-5479 Email: chris.callahan@penwool.com 8. RAJ Overseas Trade Debt $284,657 Prashant Ranolia Plot No 8, Sector-25, Part 1 Huda Industrial Estate Panipat, Haryana 132103 India Phone: (+91) 180 4010110 Email: prashant@rajgroup.in; shelleygoldberg@rajgroup.in 9. Troutman Pepper Locke LLP Trade Debt $218,056 Attn: Director Or Officer 600 Peachtree Street Northeast Suite 300 Atlanta, GA 30308 Phone: 214-740-8233 Email: katy.spillers@troutman.com 10. Obeetee Inc. Trade Debt $213,849 Chloe Kuruvill 137 West 25th Street 12th Floor New York, NY 10001 Phone: 212-633-9744 Email: chloe.kuruvilla@obeetee.com 11. Mavisten Edition LLC Trade Debt $212,579 Attn: Director Or Officer 200 Green Street, Ste 200 San Francisco, CA 94111 Phone: 415-699-1752 Email: design@mavistenedition.com 12. Scientific Research Company Trade Debt $202,733 Attn: Director Or Officer 9209 North Vancouver Avenue Unit A Portland, OR 97217 Phone: 503-281-7048 Email: barth@srcfab.com 13. Partnerize Trade Debt $195,719 Attn: Director Or Officer Performance Horizon Inc. dba Brandverity 900 Rutter Avenue Forty Fort, PA 18704 Phone: 888-500-3485 Email: finance.operations@partnerize.com 14. BNY Tower Holdings LLC Trade Debt $187,119 Attn: Director Or Officer 800 Boylston Street Suite 1900 Boston, MA 02199 Email: efredette@bxp.com 15. Willkie Farr & Gallagher LLP Trade Debt $166,823 Attn: Director Or Officer 787 Seventh Avenue, New York, NY 10019-6099 Phone: 212-728-3626 Email: fsmarra@willkie.com 16. Pricewaterhousecoopers LLP Trade Debt $151,250 Attn: Director Or Officer 4040 W Boy Scout Boulevard Tampa, FL 33607 Phone: 813-638-2180 Email: erica.lennox@pwc.com 17. Taskus Holdings Inc Trade Debt $129,738 Attn: Director Or Officer Taskus Inc. 1650 Independence Dr Ste 100 New Braunfels, TX 78132 Phone: 639-628-5178 Email: accountsreceivable@taskus.com 18. Pinterest Trade Debt $110,341 Attn: Director Or Officer 651 Brannan Street San Francisco, CA 94103 Phone: 949-300-3013 Email: ar@pinterest.com 19. Jiangmen Cangshan Lighting Trade Debt $96,979 Attn: Director Or Officer No.10, Xinzhou Meigu, Zhangcun, Daze Town Xinhui District Jiangmen, Guangdong 529100 China Phone: 0510-85177777 Email: tinahe@cangshanlighting.com 20. Vistavu Solutions Ltd Trade Debt $78,729 Attn: Director Or Officer 325 Marcus Blvd., Unit 2 Hauppauge, NY 11788 Email: admin@vistavusolutions.com GENESIS GLOBAL: Claim Objection Deadline Extended to January 21 --------------------------------------------------------------- Judge Sean H. Lane of the United States Bankruptcy Court for the Southern District of New York granted Genesis Global Holdco, LLC's request to extend the deadline to file an objection to certain administrative expense claims from December 22, 2025 to January 21, 2026 amid ongoing negotiations. On September 1, 2024, Genesis Global Trading, Inc. filed three administrative expense claims, claim number 1675, claim number 1678 and claim number 1680. A copy of the Court's Order dated December 23, 2025, is available at https://urlcurt.com/u?l=UNxT92 from PacerMonitor.com. Counsel to the Wind-Down Debtors: Jane VanLare, Esq. CLEARY GOTTLIEB STEEN & HAMILTON LLP One Liberty Plaza New York, NY 10006 E-mail: jvanlare@cgsh.com Counsel to GGT: Jeffrey D. Saferstein, Esq. WEIL, GOTSHAL & MANGES LLP 767 Fifth Avenue E-mail: Jeffrey.Saferstein@weil.com About Genesis Global Genesis Global Holdco, LLC, through its subsidiaries, and Global Trading, Inc., provide lending and borrowing, spot trading, derivatives and custody services for digital assets and fiat currency. Genesis Global Capital, LLC (GGC) and Genesis Asia Pacific PTE. LTD. (GAP) provide lending and borrowing, spot trading, derivatives and custody services for digital assets and fiat currency. Genesis Global Holdco, LLC owns 100% of GGC and GAP. Genesis Global Holdco, LLC, GGC and GAP each filed a voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 23-10063) on Jan. 19, 2023. The cases are pending before the Honorable Sean H. Lane. At the time of the filing, Genesis Holdco reported $100 million to $500 million in both assets and liabilities. Genesis Holdco is a sister company of Genesis Global Trading, Inc. ("GGT") and 100% owned by Digital Currency Group, Inc. ("DCG"). GGT, DCG and certain of the Holdco subsidiaries are not included in the Chapter 11 filings. The non-debtor subsidiaries include Genesis UK Holdco Limited, Genesis Global Assets, LLC, Genesis Asia (Hong Kong) Limited, Genesis Bermuda Holdco Limited, Genesis Custody Limited ("GCL"), GGC International Limited ("GGCI"), GGA International Limited, Genesis Global markets Limited, GSB 2022 II LLC, GSB 2022 III LLC and GSB 2022 I LLC. The Debtors tapped Cleary Gottlieb Steen & Hamilton, LLP as bankruptcy counsel; Morrison Cohen, LLP as special counsel; Alvarez & Marsal Holdings, LLC as financial advisor; and Moelis & Company, LLC as investment banker. Kroll Restructuring Administration, LLC, is the Debtors' claims and noticing agent and administrative advisor. The ad hoc group of creditors is represented by Kirkland & Ellis, LLP and Kirkland & Ellis International, LLP. The ad hoc group of Genesis lenders is represented by Proskauer Rose, LLP. The U.S. Trustee for Region 2 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. The committee tapped White & Case, LLP as bankruptcy counsel; Houlihan Lokey Capital, Inc., as investment banker; Berkeley Research Group, LLC as financial advisor; and Kroll as information agent. GROUP STONE: Gets Interim OK to Use Cash Collateral --------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Florida granted Group Stone Investment, Inc. interim approval to use cash collateral to fund operations. The court authorized the Debtor to use cash collateral through January 21 in accordance with its budget. Spending is limited to the amounts set forth in the budget, with a permitted variance of up to 10% per expense line item per month, and an overall monthly variance capped at 10%, unless additional amounts are expressly approved by the secured creditor. Thor Capital Group, LLC, the secured creditor, is found to be adequately protected by an equity cushion in the Debtor's inventory pending confirmation of a Chapter 11 plan. Based on this protection, the court approved the interim use of cash collateral without requiring additional replacement liens or payments at this stage of the case. The order requires Group Stone Investment to comply with all duties of a debtor-in-possession and remains effective until the court enters a further order scheduling and addressing a final hearing. The Debtor must file and serve a proposed budget at least three business days before the final hearing. The assets of the Debtor are encumbered by a UCC-1 lien held by Thor Capital Group. The secured creditor holds a lien on all of the Debtor's assets, which amount to $56,940 and a personal guarantee from the Debtor's principals, Cesidio Tata and Giulio Tata. Currently, the Debtor has been operating with the inventory at hand and continues to serve the local contractors and sellers of construction materials. Its inventory at the time of bankruptcy filing was valued at $579,894. About Group Stone Investment Inc. Group Stone Investment Inc., a company based in Ormond Beach, Florida, distributes natural and engineered stone products, including marble, granite, quartz, and quartzite. It imports stone slabs internationally and supplies materials for construction and renovation projects through regional warehouse and distribution operations. Group Stone Investment filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-06982) on October 29, 2025, listing between $500,001 and $1 million in assets and between $1 million and $10 million in liabilities. Judge Tiffany P. Geyer oversees the case. The Debtor tapped Jesus Santiago, Esq., at Dasa Law as bankruptcy counsel and The Genesis Firm, LLC as accountant. HIGHLANDS AT STONEGATE: Hires Winzenburg Leff Purvis as Counsel --------------------------------------------------------------- The Highlands at Stonegate North Condominium Association seeks approval from the U.S. Bankruptcy Court for the District of Colorado to employ Travis B. Keenan, Esq. of Winzenburg, Leff, Purvis & Payne, LLP to serve as homeowner association counsel. Mr. Keenan will provide these services: (a) provide ongoing legal services with respect to the Debtor's operations; (b) assist the Debtor with homeowners' association laws, including interpretation of Colorado statutes and the Debtor's governing documents; (c) ensure compliance with Colorado statutes and the Debtor's governing documents; and (d) assist with general homeowner association legal issues and matters relating to governance of the Debtor's community. Under the Retainer Agreement, the firm provides unlimited phone calls not related to an opened file, attendance at one two-hour board meeting, two hours of contract review, and other services for an annual retainer fee of $2,200, payable in full or in monthly installments of $200. Any additional services not included in the Retainer Agreement will be billed on an hourly basis. Mr. Keenan's hourly rate is $350 and will increase to $370 effective January 1, 2026. Other attorneys bill at hourly rates of approximately $225 to $385, and paralegals bill at $115 per hour. The firm will seek compensation and reimbursement of fees and costs by application to the Bankruptcy Court after notice and an opportunity for hearing. According to court filings, Winzenburg, Leff, Purvis & Payne, LLP is a disinterested person within the meaning of Section 101(14) of the Bankruptcy Code and does not hold or represent any interest adverse to the Debtor or its estate. The firm can be reached at: Travis B. Keenan, Esq. WINZENBURG, LEFF, PURVIS & PAYNE, LLP 350 Indiana Street, Suite 450 Golden, CO 80401 About The Highlands at Stonegate North Condominium Association The 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 filed voluntary Chapter 11 petition (Bankr. D. Colo. Case No. 25-17804) on November 26, 2025, listing between $1 million and $10 million in both assets and liabilities. Sherri Rosselot, president of the Board of Directors, signed the petition. Judge Thomas B McNamara oversees the case. Kutner Brinen Dickey Riley, P.C. serves as the Debtor's legal counsel. HORSEY DENISON: Court Extends Cash Collateral Access to March 28 ---------------------------------------------------------------- The U.S. Bankruptcy Court for the District of Maryland, Greenbelt Division entered a consent order granting Horsey Denison Landscaping, LLC and affiliates another extension to use cash collateral. The court extended the Debtors' authority to use the cash collateral of lenders through March 28 to fund operations in accordance with their budget. Lenders including First National Bank of Pennsylvania, Donna Dennison and sureties such as Great Midwest Insurance Company and Lexington National Insurance Corporation will be provided with adequate protection in the form of replacement liens on assets and proceeds from bonded contracts. Events of default occur if the Debtors misuse cash collateral, cease business operations, fail to make adequate protection payments, convert their cases to Chapter 7, appoint a trustee, or violate any order provision. Failure to cure certain defaults within 10 days after written notice terminates authorization to use cash collateral. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/uGX04 from PacerMonitor.com. First National Bank is the senior secured lender and is owed over $10.8 million in aggregate under a line of credit, a term loan, and two mortgage loans. It also holds judgments by confession against the Debtors and maintains liens through various security agreements and UCC filings. Meanwhile, Ms. Denison is a second-priority secured creditor under a $6 million seller-financed loan used in the 2021 acquisition of the Denison entities by the Debtor. Horsey Denison Landscaping and Denison Landscaping entered into various agreements with the sureties to provide them with bonds required for them to perform certain of their business contracts. The Debtors' financial troubles stem from litigation with Ms. Denison and significant pre-bankruptcy debt, including loans from First National Bank. About Horsey Denison Landscaping LLC Horsey Denison Landscaping LLC is a landscaping company based in Fort Washington, Maryland. It provides design and build services such as landscape installation, hardscaping, low-voltage lighting, and irrigation. Horsey Denison fully owns Denison Farms LLC, also formed in 2021, and Denison Landscaping Inc., a corporation established in 1990. The Company is affiliated with Horsey Denison Properties LLC, a Delaware-based entity co-owned equally by Robert E. Horsey and David W. Horsey. Horsey Denison Landscaping LLC and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Md. Case No.25-14103) on May 6, 2025. In its petition, Horsey Denison Landscaping reports estimated assets and liabilities between $1 million and $10 million each. Judge Lori S. Simpson oversees the case. The Debtors are represented by Paul Sweeney, Esq., at YVS Law, LLC. First National Bank, as lender, is represented by: David V. Fontana, Esq. Gebhardt & Smith LLP One South Street, Suite 2200 Baltimore, Maryland 21202 Tel: 410-385-5053 Fax: 443-957-1832 dfont@gebsmith.com HOWARD'S APPLIANCES: Court OKs Deal to Use Cash Collateral ---------------------------------------------------------- The U.S. Bankruptcy Court for the Central District of California, Los Angeles Division entered an order approving a stipulation governing the use of cash collateral in the Chapter 11 case of Howard's Appliances, Inc. The approved stipulation authorizes Howard's Appliances, as debtor-in-possession, to use cash collateral pursuant to 11 U.S.C. section 363(c). The agreement was entered into by the Debtor, Whirlpool Corporation, and Northpoint Commercial Finance, LLC, and was approved by the court for good cause shown. On an interim basis, the Debtor is permitted to use cash collateral specifically to pay moving costs, in an amount not to exceed $50,000. This limited authorization is intended to facilitate necessary operational transitions during the Chapter 11 case. As adequate protection, secured creditors holding valid and perfected pre-petition liens are granted replacement liens on the Debtor's post-petition assets that are not otherwise encumbered, excluding avoidance actions and their proceeds. These replacement liens maintain the same validity and priority as the secured creditors' pre-petition liens. Whirlpool and Northpoint assert liens on all of the Debtor's pre-petition assets and are believed by the Debtor to be its two largest secured creditors, although the stipulation expressly preserves all parties' rights regarding lien priority and does not constitute an admission on that issue. 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. HUNTLEY AVENUE: Voluntary Chapter 11 Case Summary ------------------------------------------------- Debtor: Huntley Avenue, LLC 2029 Century Park East Suite 400 Los Angeles, CA 90067 Business Description: Huntley Avenue, LLC's principal assets are located at 4338 Huntley Avenue, Culver City, CA 90230. Chapter 11 Petition Date: December 29, 2025 Court: United States Bankruptcy Court Central District of California Case No.: 25-21645 Judge: Hon. Barry Russell Debtor's Counsel: Matthew D. Resnik, Esq. RHM LAW LLP 17609 Ventura Blvd., Suite 314 Encino, CA 91316 Tel: (818) 285-0100 Fax: (818) 855-7013 E-mail: matt@rhmfirm.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Avraham Farzan as managing member. The Debtor's petition indicates there are no unsecured creditors. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/ODWTYAQ/Huntley_Avenue_LLC__cacbke-25-21645__0001.0.pdf?mcid=tGE4TAMA IDA DEVELOPMENT: Seeks Chapter 7 Bankruptcy in California --------------------------------------------------------- On December 19, 2025, IDA Development Inc. filed for Chapter 7 protection in the Central District of California. According to court filings, the Debtor reports between $1 million and $10 million in debt owed to 1-49 creditors. About IDA Development Inc. IDA Development Inc. is a real estate development company that specializes in residential and commercial property projects. Its operations include project design, construction oversight, financial management, and regulatory compliance. IDA Development Inc. sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 25-21413) on December 19, 2025. In its petition, the Debtor reports estimated assets of $0-$100,000 and estimated liabilities of $1 million-$10 million. Honorable Bankruptcy Judge Barry Russell handles the case. The Debtor is represented by Anita Khachikyan, Esq. of Khach Law Group, PC. IMAGE LOCATIONS: Hires Hahn Fife & Company as Accountants --------------------------------------------------------- Image Locations, Inc. seeks approval from the U.S. Bankruptcy Court for the Central District of California to employ Donald T. Fife of Hahn Fife & Company, LLP to serve as financial advisor and accountant. Mr. Fife will provide these services: (a) assistance with the preparation of Monthly Operating Reports; (b) valuation of the Debtor's business; (c) review of financial documents; (d) preparation of estate tax returns; (e) assistance with tax-related issues; and (f) any other reasonable duties necessary or appropriate. Hahn Fife & Company, LLP will be compensated at hourly rates ranging from $80 to $530, depending on the experience and expertise of the accountant or staff performing the work. Hahn Fife & Company, LLP is a "disinterested person" within the meaning of Sections 101(14) and 2014-1(a) of the Bankruptcy Code, according to court filings. The firm can be reached at: Donald T. Fife HAHN FIFE & COMPANY, LLP 1055 E. Colorado Blvd., 5th Floor Pasadena, CA 91106 Telephone: (626) 792-0855 Facsimile: (626) 270-5701 E-mail: dfife@hahnfife.com About Image Locations Inc. Image Locations Inc. is a business that specializes in offering rental spaces and locations for film and television production. Image Locations Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-18780) on October 2, 2025. In its petition, the Debtor reports estimated assets up to $500,000 and estimated liabilities up to $10 million. Honorable Bankruptcy Judge Vincent P. Zurzolo handles the case. The Debtor is represented by Jeffrey S. Shinbrot, Esq., at The Shinbrot Firm. J.E. DALEY TRANSPORTATION: Seeks Chapter 7 Bankruptcy in Maryland ----------------------------------------------------------------- On December 18, 2025, J.E. Daley Transportation LLC filed for Chapter 7 protection in the U.S. Bankruptcy Court for the District of Maryland. According to court filings, the Debtor reports between $100,001 and $1,000,000 in debt owed to between 1 and 49 creditors. About J.E. Daley Transportation LLC J.E. Daley Transportation LLC is a transportation services company that provides freight hauling and logistics support to commercial customers. The company operates as a motor carrier, offering trucking services focused on regional and local delivery. Its operations rely on maintaining equipment efficiency and managing transportation-related costs. J.E. Daley Transportation LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 25-21846) on December 18, 2025. In its petition, the Debtor reports estimated assets in the range of $0 to $100,000 and estimated liabilities between $100,001 and $1,000,000. Honorable Bankruptcy Judge Lori S. Simpson handles the case. The Debtor is represented by Richard L. Gilman, Esq., of Gilman & Edwards, LLC. MARCEL CONTRABAND: Updates Unsecured Claims Pay Details ------------------------------------------------------- Marcel Contraband Pointe, LLC, submitted a Second Disclosure Statement describing Plan of Liquidation dated December 19, 2025. The Plan provides for a court-supervised liquidation of substantially all of the Debtor's assets through a competitive auction process, with First Federal Bank of Louisiana ("First Federal") serving as stalking horse bidder. The Debtor will sell substantially all of its assets, consisting primarily of real property located in Calcasieu Parish, Louisiana (the "Property"), through a competitive bidding process supervised by the Court. First Federal has agreed to serve as the stalking horse bidder with an initial bid of $15,000,000.00, subject to higher and better qualified bids. Current equity holders will contribute funds equal to 10% of the total Allowed Class 3 claims held by Opt-In Creditors who elect to participate in the Settlement Fund. The Settlement Fund will be available for distribution to Class 3 creditors who affirmatively elect to participate by signing releases of claims against guarantors, equity holders, and affiliates of the Debtor (collectively, the "Released Parties"). The Settlement Fund is subject to a Minimum Participation Threshold requiring that Opt-In Creditors holding at least seventy percent of the total dollar amount of Allowed Class 3 supplier and subcontractor claims affirmatively elect to participate. If this threshold is not met, the Settlement Fund provisions become null and void, no Settlement Fund Contribution will be made, and the Plan proceeds to confirmation under cramdown provisions of Section 1129(b) of the Bankruptcy Code without the Settlement Fund structure. Class 3 consists of all General Unsecured Claims. Based on a review of recorded liens, filed proofs of claim, and the Debtor's schedules, the Debtor estimates that total Allowed Class 3 General Unsecured Claims will be approximately $2,952,000.00. A substantial portion of Class 3 Claims consist of Supplier/Subcontractor Claims related to the development and construction of improvements on the Property. Holders of Allowed Class 3 General Unsecured Claims shall have the option to receive distributions through one of two mutually exclusive alternatives: * Option A: Settlement Fund Distributions with Third-Party Releases (Opt-In Creditors). Class 3 creditors who affirmatively elect to become Opt-In Creditors by executing and timely returning the Opt-In Election Form and Release shall receive their Pro Rata share of distributions from the Settlement Fund as provided in the Plan and shall grant the Third-Party Releases. Distributions from the Settlement Fund are conditioned upon Opt-In Creditors holding at least seventy percent of the total dollar amount of Allowed Class 3 supplier and subcontractor claims affirmatively electing to participate. If this threshold is not met, no Settlement Fund distributions will be made to any creditors, and the Plan will proceed to confirmation under cramdown provisions without the Settlement Fund structure. * Option B: Non-Settlement Fund Distributions (Non-Opt-In Creditors). Class 3 creditors who do not elect to become Opt-In Creditors (either by affirmatively declining or by failing to timely return the Opt-In Election Form and Release) shall receive their Pro Rata share of any funds remaining available for distribution to Class 3 General Unsecured Claims after: -- payment in full of all Allowed Administrative Claims, Priority Tax Claims, and Priority Claims; -- satisfaction of Allowed Class 1 Secured Claims from the net proceeds of the Plan Sale (subject to the Administrative Expense Carve-Out); -- satisfaction of any Allowed Class 2 Secured Claims; and -- funding of the Settlement Fund for distribution to Opt-In Creditors. The Plan incorporates a Settlement Fund structure designed to facilitate consensual resolution of Supplier/Subcontractor Claims through negotiated settlements funded by contributions from current equity holders and potentially other affiliates. A full-text copy of the Second Disclosure Statement dated December 19, 2025 is available at https://urlcurt.com/u?l=kd6td0 from PacerMonitor.com at no charge. The Debtor's Counsel: Bradley L. Drell, Esq. GOLD, WEEMS, BRUSER, SUES & RUNDELL, A PLC Post Office Box 6118 Alexandria LA 71307-6118 E-mail: bdrell@goldweems.com About Marcel Contraband Pointe Marcel Contraband Pointe, LLC, owns a single property of land in Contraband Pointe, Calcasieu Parish, Louisiana, valued at $17.88 million. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. La. Case No. 25-20568) on November 7, 2025, with $17,880,860 in assets and $21,618,253 in liabilities. Vernon M. Veldekens, president, signed the petition. Judge John W. Kolwe presides over the case. Bradley L. Drell, at GOLD, WEEMS, BRUSER, SUES & RUNDELL, A PLC, is the Debtor's legal counsel. MEZMEREYES PLLC: Gets Interim OK to Use Cash Collateral ------------------------------------------------------- The U.S. Bankruptcy Court for the Eastern District of Texas is set to hold a hearing on January 5 to consider final approval of Mezmereyes, PLLC's bid to use cash collateral. The Debtor was previously authorized to use the cash collateral of its secured lenders, Bank of America, N.A. and the U.S. Small Business Administration, under the court's December 22 interim order. The interim order allowed the Debtor to pay post-petition expenses identified in its approved budget for the period from December 16 to 31, 2025. It also authorized limited use of cash collateral from January 1 to 6, provided such expenditures do not reduce the Debtor's cash balance below $50,000. Bank of America asserts a first-priority lien securing approximately $420,374 under a 2013 loan and UCC filing while the SBA holds a second-priority lien securing approximately $49,865 under an EIDL loan and 2020 UCC filing. Both lenders claim liens on all business assets, including cash, making the Debtor's operational revenue cash collateral under the Bankruptcy Code. Mezmereyes filed for Subchapter V Chapter 11 relief on December 5 after opening a second clinic -- the Frisco East location -- whose rent obligations of $8,500 per month have consistently exceeded revenue, prompting the need for reorganization and lease rejection. About Mezmereyes PLLC Mezmereyes, PLLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Tex. Case No. 25-43708) on December 5, 2025. In the petition signed by Kirtesh Patel, member, the Debtor disclosed up to $100,000 in assets and up to $1 million in liabilities. Judge Brenda T. Rhoades oversees the case. Brandon Tittle, Esq., at Tittle Law Firm, PLLC, represents the Debtor as legal counsel. MID-COLORADO INVESTMENT: Hires MacDougall & Woldridge as Counsel ---------------------------------------------------------------- Mid-Colorado Investment Company, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Colorado to employ MacDougall & Woldridge, P.C. as special counsel for the Chapter 11 Trustee pursuant to 11 U.S.C. § 327(e). MacDougall & Woldridge, P.C. will provide these services: (a) serve as special water law counsel to assist with Debtor’s water-related assets, obligations, and agreements; (b) advise the Chapter 11 Trustee and the estate with respect to water-related matters affecting the bankruptcy estate; and (c) perform such other services related to water law matters as may be necessary and in the best interests of the estate. Julianne Woldridge, Esq. is the attorney who will primarily work on this matter. Ms. Woldridge's hourly rate is $405 for 2025 and $420 for 2026. Other attorneys, paralegals, and personnel who may assist on this matter bill at hourly rates ranging from $100 to $115. MacDougall & Woldridge, P.C. does not require a retainer, and all compensation is subject to court approval. According to court filings, except as disclosed, neither MacDougall & Woldridge, P.C. nor any of its attorneys, employees, or owners holds or represents any interest adverse to the Trustee, the Debtor, or the bankruptcy estate, and the firm is disinterested within the meaning of the Bankruptcy Code with respect to the matters for which it is being employed. The firm can be reached at: MacDougall & Woldridge, P.C. 18401 Highway 24, Suite 211 Woodland Park, CO 80863 About Mid-Colorado Investment Company Mid-Colorado Investment Company provides bulk water services to a community in El Paso County and operates a small cattle ranch. Mid-Colorado Investment Company filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Colo. Case No. 25-11742) on March 31, 2025, listing up to $10 million in assets and up to $50,000 in liabilities. Charles A. Hagedorn, president and treasurer, signed the petition. Judge Joseph G. Rosania, Jr. oversees the case. The Debtor tapped Daniel J. Garfield, Esq., at Fairfield and Woods, PC as bankruptcy counsel and Hackstaff Snow Atkinson & Griess, LLC as special counsel. On Apr. 2, 2025, Joli Lofstedt was appointed as Chapter 11 trustee in this Chapter 11 case. The trustee tapped Onsager Fletcher Johnson Palmer LLC as counsel. MIDWEST SKIING: Employs Michael Matezevich as Accountant -------------------------------------------------------- Midwest Skiing Company, LLC seeks approval from the United States Bankruptcy Court for the Western District of Wisconsin to employ tax professional Michael Matezevich as its accountant. Mr. Matezevich will provide these services: (a) assist with preparing monthly profit and loss statements; (b) prepare federal and state tax returns; (c) prepare the annual report for the Wisconsin Department of Financial Institutions; and (d) prepare IRS Employment Tax Forms 940 and 941. Mr. Matezevich will charge flat fees for these services: $1,075 to prepare the Debtor's federal and state tax returns; $50 to prepare the annual report for the Wisconsin Department of Financial Institutions; $95 per Form 941 reporting period without Form 941 Schedule B and $75 per Form 941 reporting period with Form 941 Schedule B; $35 for Form 940; and $80 per month to prepare monthly profit and loss statements. As a condition of employment, Mr. Matezevich has agreed to waive his $51 pre-petition claim against the Debtor. Mr. Matezevich is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code and does not hold or represent an interest adverse to the Debtor's estate, according to court filings. The professional can be reached at: Michael Matezevich HQ Location: 925 Echo Dr Burlington, WI 53105 Telephone: (262) 763-6615 About Midwest Skiing Company LLC Midwest Skiing Company, LLC operates the Whitecap Mountains Resort in Upson, Wisconsin, where it manages downhill skiing, snowboarding, lodging, and year-round recreational activities. The Company oversees on-site facilities including food and beverage services, guest accommodations, and outdoor amenities across the resort property. Midwest Skiing sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Wis. Case No. 25-12543) on November 19, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Judge Catherine J. Furay oversees the case. The Debtor is represented by Evan P. Schmit, Esq. of KERK & DUNN. NBA AUTOMOTIVE: Seeks to Extend Plan Exclusivity to April 26, 2026 ------------------------------------------------------------------ NBA Automotive Inc. and affiliates asked the U.S. Bankruptcy Court for the District of Delaware to extend their exclusivity periods to file a plan of reorganization and obtain acceptance thereof to April 26, 2026 and June 25, 2026, respectively. The Debtors explain that applying the standards shows that there is ample cause for extending exclusivity: * The necessity of additional time to conduct negotiations and to prepare adequate information. There are pending negotiations concerning leasing multiple properties in Nevada and Arizona and Debtors need to complete such negotiations. In addition, while the Debtors have secured a $500,000 commitment for exit financing, they will require inventory financing and are actively pursuing same. * Good faith progress toward a reorganization. There has been substantial progress with ongoing negotiations regarding leasing, new business locations and lines of credit. One lease has been negotiated with letters of intent for two additional locations. However, Debtors are negotiating lease terms and, moreover, need time to secure inventory financing. * Payment of bills. The Debtors have been paying post petition obligations as they come due. * Reasonable prospects for a viable plan. Due to the fact that Debtors are in negotiations regarding leasing new business locations, the approved lines of credit and the negotiations concerning inventory financing, Debtors believe that there are excellent prospects for a viable plan. * Progress in negotiations. Debtors have made substantial, material progress in that they have negotiated one lease, negotiated two letters of intent, have obtained a $500,000 exit commitment, and have made progress with respect to inventory financing. * Use of exclusivity to pressure creditors. Debtors are surely not using this request to extend exclusivity as a means to pressure creditors. Debtors are requesting this extension to formulate, file and solicit acceptance of a plan. * Unresolved contingencies. There are unresolved contingencies concerning final leases, the particular terms of exit financing, inventory financing as well as claims allowance. Debtors are working across the board to address these contingencies. The Debtor's Counsel: Christopher Loizides, Esq. LOIZIDES, P.A. 1225 King Street Wilmington DE 19801 Tel: (302) 654-0248 E-mail: loizides@loizides.com About NBA Automotive Inc. NBA Automotive Inc., doing business as Nissani Automotive, provides vehicle rental and leasing services in Dover, Delaware, focusing on passenger cars, trucks, and utility trailers without drivers, operating within the automotive equipment rental and leasing industry. NBA Automotive Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-11582) on Aug. 27, 2025. In its petition, the Debtor estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Laurie Selber Silverstein handles the case. The Debtor is represented by Christopher Loizides, Esq. at LOIZIDES, P.A. NYC OF PIERMONT: Taps Robert S. Lewis PC as Legal Counsel --------------------------------------------------------- NYC OF Piermont, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of New York to hire Robert S. Lewis, Esq. of Robert S. Lewis, PC to serve as its counsel. Mr. Lewis will provide these services: (a) advising the Debtor with respect to its rights, powers, and obligations as a debtor and debtor-in-possession in the continued management of its assets and affairs; (b) advising and consulting the Debtor on the conduct of the Chapter 11 Case, including all legal and administrative requirements of being in Chapter 11; (c) taking all necessary actions to protect and preserve the Debtor's estate, including prosecution and defense of actions and negotiations concerning litigation, including objections to claims filed against the estate; (d) preparing on the Debtor's behalf any necessary motions, applications, answers, orders, reports, and other papers necessary to the administration of the Chapter 11 Case; (e) negotiating and preparing plan(s) of reorganization, disclosure statement(s), and related documents, and taking necessary actions to obtain confirmation of such plan(s); (f) advising the Debtor in connection with the sale of any assets; (g) attending meetings and negotiating with representatives of creditors and other parties in interest; (h) appearing before the Court, any appellate courts, and the U.S. Trustee, and protecting the interests of the Debtor's estate before such courts and the U.S. Trustee; and (i) performing all other necessary legal services and providing appropriate legal advice to the Debtor in connection with the Chapter 11 Case. Mr. Lewis will receive an hourly rate of $450, and an hourly rate of $150 is for paralegal services. Compensation is subject to court approval pursuant to 11 U.S.C. Sec. 330. The firm will apply the retainer to post-petition fees and expenses as approved by the Court. Robert S. Lewis, PC is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Robert S. Lewis, Esq. ROBERT S. LEWIS, PC 29 Main Street Nyack, NY 10960 Telephone: (845) 358-7100 Facsimile: (845) 262-6849 E-mail: robert.lewlaw1@gmail.com About NYC of Piermont LLC NYC of Piermont, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-23158) on December 1, 2025, listing between $50,001 and $100,000 in assets and between $1 million and $10 million in liabilities. Robert S. Lewis, Esq. represents the Debtor as legal counsel. OCUGEN INC: Awards CEO 9.37 Million Performance RSUs ---------------------------------------------------- Ocugen, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that in the fourth quarter of 2025, the Compensation Committee of the Board of Directors conducted a review, with its compensation consultant, of total equity ownership of the Company's Chief Executive Officer, Dr. Shankar Musunuri, as compared to founder chief executive officers in the Company's peer group. On December 12, 2025, upon recommendation of the Compensation Committee, the Board approved an additional award of 9,369,604 Performance Restricted Stock Units to Dr. Musunuri, in addition to Dr. Musunuri's regular annual equity award, to be granted on January 2, 2026. The PSUs are subject to a three-year performance period ending December 31, 2028 and will vest upon the Compensation Committee's determination of the Company's achievement of certain performance milestones as follows: (i) two-thirds of the PSUs will vest upon certain regulatory milestones and (ii) one-third of the PSUs will vest upon the achievement of a stock performance related milestone, in each case during the Performance Period. The performance milestones may be achieved (and the PSUs earned) at any time during the Performance Period, and the PSUs will vest and be settled in shares of the Company's Common Stock at such time as the Compensation Committee certifies that an applicable performance milestone has been achieved, subject to Dr. Musunuri's continued service with the Company through the applicable achievement date. Any PSUs for which a performance milestone has not been achieved by the end of the Performance Period will be cancelled and forfeited. Upon any termination of service, any portion of the PSUs that is unvested and unearned as of the termination date will be forfeited. About Ocugen Inc. Malvern, Pa.-based Ocugen, Inc. is a biotechnology company focused on discovering, developing, and commercializing novel gene and cell therapies, biologics, and vaccines that improve health and offer hope for patients across the globe. The Company's technology pipeline includes: Modifier Gene Therapy Platform, Novel Biologic Therapy for Retinal Diseases, Regenerative Medicine Cell Therapy Platform, and Inhaled Mucosal Vaccine Platform. Philadelphia, Pennsylvania-based PricewaterhouseCoopers LLP, the Company's auditor since 2024, issued a "going concern" qualification in its report dated March 5, 2025. The report highlighted that the Company has incurred recurring net losses since inception that raise substantial doubt about its ability to continue as a going concern. As of September 30, 2025, the Company had $57.6 million in total assets, $54.1 million in total liabilities, and $3.5 million in total stockholders' equity. OFFICE PROPERTIES: Files Chapter 11 Schedules, Continues Operations ------------------------------------------------------------------- Office Properties Income (OPI) Trust and certain of its subsidiaries filed their Schedules of Assets and Liabilities and Statements of Financial Affairs with the U.S. Bankruptcy Court for the Southern District of Texas. The Schedules and Statements provide detailed information regarding the Company's assets, liabilities, and financial affairs as of the Petition Date, the previous month-end close on September 30, 2025, or as otherwise specified in the Schedules and Statements. The Debtors continue to operate their businesses and manage their properties as debtors-in-possession under the jurisdiction of the Bankruptcy Court and in accordance with the applicable provisions of the Bankruptcy Code and orders of the Bankruptcy Court. Copies of the Schedules and Statements are available for review and download, free of charge, on the website of the Debtors' claims, noticing, and solicitation agent at https://restructuring.ra.kroll.com/OPI or through the Bankruptcy Court's website, for a fee, at https://ecf.txsb.uscourts.gov. About Office Properties Income (OPI) Trust Office Properties Income (OPI) Trust is a national REIT focused on owning and leasing office properties to high-credit-quality tenants in markets throughout the United States. OPI's property portfolio consists of 124 wholly owned properties located in 29 states and the District of Columbia, containing approximately 17.2 million rentable square feet. As of June 30, 2025, approximately 59% of OPI's revenues were from investment-grade-rated tenants. In 2024, OPI was named an Energy Star(R) Partner of the Year for the seventh consecutive year. OPI is managed by The RMR Group (Nasdaq: RMR), a leading U.S. alternative asset management company with approximately $39 billion in assets under management as of September 30, 2025, and more than 35 years of institutional experience in buying, selling, financing, and operating commercial real estate. OPI is headquartered in Newton, Massachusetts. Office Properties Income Trust and 72 affiliates filed separate petitions for Chapter 11 bankruptcy protection (Bankr. S.D. Texas Lead Case No. 25-90530) on October 30, 2025, before the Hon. Christopher M Lopez. As of Sept. 30, 2025, Office Properties Income Trust has 3,501,385,950 in total assets and$2,501,583,119 in total liabilities. The petitions were signed by John R. Castellano, their chief restructuring officer. Lawyers at Latham & Watkins LLP and Hunton Andrews Kurth LLP serve as the Debtors' counsel. Moelis & Company serves as the Debtors' investment banker and AlixPartners LLP as their restructuring advisors. Kroll Restructuring Administration LLC serves as the Debtors' claims, noticing & solicitation agent. White & Case LLP represents an ad hoc group of noteholders holding 90% senior secured notes due in September 2029 with an aggregate outstanding principal amount of $567,429,000. Milbank LLP and Porter Hedges LLP represent an ad hoc group of secured noteholders holding 3.25% senior secured notes due in 2027. Paul, Weiss, Rifkind, Wharton & Garrison LLP and Munsch Hardt Kopf & Harr, P.C. represent an ad hoc group of secured noteholders holding (a) 90% senior secured notes due in March 2029; (b) 90% senior secured notes due 2029; (c) 3.25% senior secured notes due 2027 and (d) a short position in OPI's common equity interests. Acquiom Agency Services, LLC, is the DIP agent and is represented by White & Case LLP. PIPELINE CONSTRUCTION: Unsecureds' Recovery "Unknown" in Plan ------------------------------------------------------------- Pipeline Construction & Maintenance, Inc., and affiliates filed with the U.S. Bankruptcy Court for the Western District of Louisiana a Disclosure Statement describing Plan of Reorganization dated December 19, 2025. The Debtors are part of an operation that primarily does business under PCM or Gulf and provide construction services and maintenance services for pipeline and facility infrastructure to support production and/or transportation of oil and gas across the United States (the "Projects"). The Plan was filed contemporaneous with this Disclosure Statement, following negotiations among the Debtors, the DIP Lender, and the Prepetition Lenders. A key element of the Plan is the contribution of the outstanding Solomon Secured Claims for the New Equity Interests in the Reorganized Debtors. As a component of the Restructuring Transactions, NEWCO Holdings will be established as a new entity. The Holders of Equity Interests in C&M shall transfer such Equity Interests to PCM. Solomon, as the Holder of the Solomon Secured Claims against the Debtors, shall contribute the Solomon Secured Claims to NEWCO Holdings and receive 100% of the equity in NEWCO Holdings. NEWCO Holdings shall contribute the Solomon Secured Claims to the Reorganized Debtors in consideration of the issuance of New Equity Interests in the Reorganized Debtors. As of and on the Effective Date and after the completion of the Restructuring Transactions, NEWCO Holdings shall own 100% of PCM and Gulf, and PCM shall own 100% of C&M, and the Solomon Secured Claims will be deemed extinguished. The Plan includes treatment of the Class 1 Solomon Equipment Secured Claim, Class 2 UCB Secured Claim, Class 3 Sandton Secured Claim and Class 4 Solomon Consolidated Note Secured Claim, arising from the prepetition loans made by the Prepetition Lenders. Solomon, as Holder of the Solomon Secured Claims, shall contribute such claims to NEWCO Holdings, who shall receive 100% of the New Equity Interests (subject only to dilution by the Management Incentive Plan). The Holder of the Class 2 UCB Secured Claim receive the UCB Plan Note in the amount of $6,600,000, and the UCB Plan Note Security Agreement, maintaining and granting continuing Liens on the UCB Plan Note Collateral. Additionally, the Abandoned UCB Collateral that is pledged as collateral for the UCB Secured Claim shall be abandoned pursuant to Section 554 of the Bankruptcy Code, with UCB retaining all rights under applicable law to enforce its liens against the Abandoned UCB Collateral and other collateral pledged by nondebtor third parties. The Holder of the Sandton Secured Claim shall receive the Sandton Plan Note in the total amount of the Allowed Sandton Secured Claim, and the Sandton Plan Note Security Agreements, maintaining and granting the Sandton Liens on the Sandton Collateral. The Holders of the Class 5 Ally PMSI Claims, Class 6 Crescent PMSI Claim, Class 7 GM Financial PMSI Claims and Class 8 Stellantis PMSI Claims shall each receive the value of their claims through the Debtors' reaffirmation and reinstatement of the applicable PMSI loan documents and retention of the PMSI collateral. Each Holder of an Allowed Class 9 General Unsecured Claim shall receive Cash in an amount equal to the lesser of (a) the Allowed amount of its General Unsecured Claim and (b) its Pro Rata share of the Unsecured Claims Cash Distribution, which distribution of Cash shall be made in accordance with Article III of the Plan. For the purposes of the Plan only, all Allowed Unsecured Claims shall be treated as and shall vote as a single Class, with all distributions thereon to be Pro Rata regardless of which Debtor is obligated on such Claim. The Debtors estimate that the current total amount of Class 9 General Unsecured Claims to be approximately $11.8 million (without consideration for any deficiency claim amount that could be asserted by a Secured Creditor). Following entry of the Interim DIP Order, the Debtors, DIP Lender and Sandton discussed the relative priority of their security interests in certain PCM collateral, namely the accounts receivable. As a result of these discussions, the parties entered into the Sandton Restructuring Support Agreement on September 11, 2025. A copy of the Sandton Restructuring Support Agreement Term Sheet (the "Sandton RSA") is attached as Exhibit C. Pursuant to the Sandton RSA, the DIP Lender agreed (i) not to purchase the notes and security interests held by UCB and (ii) to make adequate protection payments to Sandton in the amount of $50,000 per month commencing on October 1, 2025. As of the filing of this Disclosure Statement, the Sandton RSA Properties have been listed in the aggregate amount of $6,690,000. The Monticello, MS property sold in November 2025 for a sale price of $350,000 and the net proceeds from the sale have been remitted to Sandton. Additionally, the Debtors have made three adequate protection payments to Sandton totaling $150,000. The Debtors are forecast to make at least three more adequate protection payments to Sandton prior to the Effective Date. As such, the Debtors anticipate that the Sandton claim for purposes of Plan treatment will be reduced to approximately $1,700,000 as of the Effective Date, which is subject to change if additional Sandton RSA Properties are sold prior to the Effective Date. Class 9 consists of all Allowed Unsecured Claims against each Debtor. Except to the extent that a Holder of an Allowed Class 9 Claim agrees to a less favorable treatment, in full and final satisfaction, compromise, settlement, release, and discharge of and in exchange for each such Class 9 Claim, each such Holder shall receive Cash in an amount equal to the lesser of (a) the Allowed amount of its General Unsecured Claim and (b) its Pro Rata share of the Unsecured Claims Cash Distributions made in accordance with Article 5.2 of this Plan. Class 9 is Impaired by the Plan. The estimated recovery for General Unsecured Claims is "unknown", according to the Disclosure Statement. On the Effective Date, the Reorganized Debtors shall fund the Unsecured Claims Cash Distribution Account with Cash on hand, including Cash from operations and borrowing under the DIP Credit Agreement, and, as necessary under the Exit Facility. After the completion of all Distributions to the Holders of Allowed Unsecured Claims, remaining funds in the Unsecured Claims Cash Distribution Account, if any, shall promptly be returned to the Reorganized Debtors and shall not be distributed to Holders of Claims or Equity Interests under this Plan. After the entry of a final, non-appealable order in the GIS Litigation, the Reorganized Debtors shall fund and pay the GIS Litigation Distribution. After completion of the GIS Litigation Distribution, the Reorganized Debtors shall retain the remainder of any recovery upon the GIS Litigation. A full-text copy of the Disclosure Statement dated December 19, 2025 is available at https://urlcurt.com/u?l=IZ7Gpm from PacerMonitor.com at no charge. Counsel for the Debtors: KELLY HART PITRE Louis M. Phillips, Esq. One American Place 301 Main Street, Suite 1600 Baton Rouge, LA 70801-1916 Telephone: (225) 381-9643 Email: louis.phillips@kellyhart.com Rick M. Shelby, Esq. Amelia L. Hurt, Esq. 400 Poydras Street, Suite 1812 New Orleans, LA 70130 Telephone: (504) 522-1812 Email: rick.shelby@kellyhart.com amelia.hurt@kellyhart.com About Pipeline Construction & Maintenance Pipeline Construction & Maintenance provides pipeline construction, maintenance and integrity, marine, fabrication, civil, and logistics services primarily for the oil and gas industry, operating across multiple locations in Louisiana, Texas, Mississippi, and Alabama. Headquartered in Houma, Louisiana, the Company has been delivering turn-key solutions to industry partners since 1996. Its operations involve providing services aimed at supporting production processes efficiently and managing costs. Pipeline Construction & Maintenance sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. La. Case No. 25-50760) on Aug. 27, 2025. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million each. Honorable Judge John W. Kolwe oversees the case. The Debtor is represented by Louis M. Phillips, Esq. at KELLY HART & PITRE. PONTUAL TRADING: Hires Bleakley Bavol Denman & Grace as Counsel --------------------------------------------------------------- Pontual Trading, LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of Florida to hire Bleakley Bavol Denman & Grace to serve as bankruptcy counsel. Bleakley Bavol Denman & Grace will provide these services: (a) analyzing the financial situation, and rendering advice and assistance to the Debtor in determining legal options under Title 11, United States Code; (b) advising the Debtor with regard to the powers and duties of the Debtor and as Debtor-in-Possession in the continued operation of the business and management of the property of the estate; (c) preparing and filing of the petition, schedules of assets and liabilities, statement of affairs, and other documents as required by the Court; (d) representing the Debtor at the Section 341 Meeting of Creditors; (e) giving the Debtor legal advice with respect to its powers and duties as Debtor and as Debtor-in-Possession in the continued operation of its business and management of its property, if appropriate; (f) advising the Debtor with respect to its responsibilities in complying with the United States Trustee's Operating Guidelines and Reporting Requirements and with the rules of the Court; (g) preparing necessary motions, pleadings, applications, answers, orders, complaints, and other legal papers and appearing at hearings thereon; (h) protecting the interests of the Debtor in all matters pending before the Court; (i) representing the Debtor in negotiations with its creditors in the preparation of the Chapter 11 Plan; and (j) performing all other legal services for the Debtor as Debtor-in-Possession which may be necessary herein. Samantha L. Dammer will be compensated at an hourly rate of $425, subject to periodic adjustment. The Debtor has also agreed to reimburse Bleakley Bavol Denman & Grace for actual and necessary expenses incurred in connection with the representation. Prior to the commencement of the case, the Debtor paid an advance fee of $16,738, consisting of a $15,000 pre-filing payment and a $1,738 advancement of the filing fee. Bleakley Bavol Denman & Grace represents that it holds no interest adverse to the Debtor or the estate and is a disinterested person within the meaning of the Bankruptcy Code, according to court filings. The firm can be reached at: Samantha L. Dammer, Esq. BLEAKLEY BAVOL DENMAN & GRACE 15316 N. Florida Avenue Tampa, FL 33613 Telephone: (813) 221-3759 Facsimile: (813) 221-3198 E-mail: sdammer@bbdglaw.com About Pontual Trading, LLC Pontual Trading, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 6:25-bk-08229) on December 18, 2025. At the time of filing, the Debtor had estimated assets of between $1,000,001 and $10 million and liabilities of between $1,000,001 and $10 million. Bleakley Bavol Denman & Grace serves as the Debtor's legal counsel. PROFESSIONAL DIVERSITY: Acquires 25.9MM DTT Tokens for $2.6 Million ------------------------------------------------------------------- Professional Diversity Network, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that it entered into a purchase agreement with DeeptradeX.ai, an Australian-based digital asset trading platform, pursuant to which the Company agreed to acquire an aggregate of 25,937,800 native utility digital tokens issued by the Seller. The DTT Tokens are intended to function as a medium of exchange for services on the Seller's Web3.0 digital asset platform and do not represent equity, debt, dividends, governance rights or profit-sharing interests. The total consideration for the DTT Tokens is $2,593,780, payable, at the Company's election, in cash, shares of the Company's common stock, par value $0.01 per share, or a combination thereof. The Board of Directors approved payment of the consideration through the issuance of 1,358,000 shares of Common Stock, subject to the limitations of Listing Rule 5635 of The Nasdaq Stock Market LLC. The Consideration Shares will be issued in reliance on the exemptions from registration provided by Section 4(a)(2) under the Securities Act of 1933, as amended, and/or Regulation D promulgated thereunder. The DTT Tokens will be delivered to a wallet address designated by the Company and will be subject to a 12-month lock-up period followed by a 24-month linear vesting period, with releases occurring automatically pursuant to an immutable smart contract. The Purchase Agreement contains customary representations, warranties and covenants, including representations regarding regulatory compliance, token functionality and indemnification for certain regulatory matters. A full text copy of the Purchase Agreement is available at https://tinyurl.com/3bdpecn2 About Professional Diversity Professional Diversity Network, Inc., headquartered in Chicago, Illinois, operates online and in-person professional networks with a focus on diversity, employment, and career development. The Company serves women, ethnic minorities, military professionals, persons with disabilities, LGBTQ+ individuals, and students transitioning into the workforce through its technology platform. It runs three business segments: TalentAlly Network, which provides job-seeking communities and career resources for diverse groups and employers; NAPW Network, a women-only professional networking organization; and RemoteMore, a service connecting global companies with software developers. In its audit report dated March 31, 2025, Sassetti LLC issued a "going concern" qualification citing that the Company has incurred recurring operating losses, has a significant accumulated deficit, and will need to raise additional funds to meet its obligations and the costs of its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. The Company had an accumulated deficit of $103,612,710 at June 30, 2025. During the six months ended June 30, 2025, the Company generated a loss from continuing operations, net of tax, of $1,233,147. During the six months ended June 30, 2025, the Company used cash in continuing operations of 779,651. At June 30, 2025, the Company had a cash balance of $125,081. Total revenues were $3,146,076 and $3,417,302 for the six months ended June 30, 2025 and 2024, respectively. The Company had a working capital deficit from continuing operations of $1,919,261 at June 30, 2025 and a working capital from continuing operations of $270,695 at Dec. 31, 2024. The Company stated it is keeping a close watch on operating expenses and capital needs, noting that management is working to cut costs through staff reductions, renegotiating with certain vendors, and using technology to lessen manual work in routine tasks. It cautioned that if these efforts are not enough, it may have to sell other assets or shut down certain business lines. As of June 30, 2025, the Company reported $7.33 million in total assets, $3.49 million in total liabilities, and $3.84 million in total stockholders' equity. QUANTUM CORP: Completes $54.7MM Debt Exchange With Dialectic ------------------------------------------------------------ Quantum Corporation, on September 23, 2025, previously entered into a Transaction Agreement with Dialectic Technology SPV LLC, OC III LVS XXXIII LP, and OC III LVS XL LP. On December 18, 2025, the Company closed the transactions contemplated by the Transaction Agreement, including its issuance to Dialectic, on a dollar-for-dollar basis, senior secured convertible notes in an aggregate principal amount of $54,718,114 in exchange for the amounts then outstanding and owing by the Company to Dialectic under certain term loans held by Dialectic (including principal, any prepayment penalties and exit fees, but excluding any accrued and unpaid interest thereon, the "Term Loans"). The Closing was conditioned upon, among other things, approval of the Debt Exchange by the Company's shareholders, which approval was obtained on December 16, 2025. Convertible Notes and Indenture: The Convertible Notes were issued to Dialectic pursuant to that certain indenture, dated December 18, 2025, among the Company, the guarantors party thereto and U.S. Bank Trust Company, National Association, as trustee and collateral agent. The Convertible Notes mature December 18, 2028 and have an interest rate of 10.00% per annum, payable in kind, compounded annually. The initial conversion price of the Convertible Notes equals $10.00 per share of the Company's common stock, $0.01 par value per share, subject to adjustment for stock splits and similar events, and includes antidilution protections in favor of Dialectic as described in the Indenture. The Conversion Price is subject to adjustment on the last day of the three calendar quarters immediately following the Closing to the greater of: (a) $4.00 per share and (b) the lesser of: (i) the then Conversion Price and (ii) the 30-day Daily VWAP (as defined in the Indenture) of the Common Stock immediately preceding the Reset Price Date. Immediately after the Closing, the shares issuable to Dialectic upon: (i) the full conversion of the Convertible Notes outstanding at the time of the Closing at a Conversion Price of $10.00 (without taking into account any interest payable on the Convertible Notes following the Closing) and (ii) the full, cash exercise of Dialectic's forbearance warrant dated September 23, 2025, with no adjustment to the exercise price, would represent approximately 36.9% of the Company's issued and outstanding Common Stock immediately after giving effect to such conversion and exercise. At the Company's option, all outstanding principal amount, accrued and unpaid interest and premium, if any, of any Convertible Notes outstanding on the Maturity Date shall be exchanged into shares of Common Stock at an exchange price equal to 80% of the Market Price, defined as the average of the Daily VWAP for each of the five lowest consecutive trading days during the 20 consecutive trading days ending on (and including) the trading day immediately prior to the Maturity Date. Following the six-month anniversary of Closing, if certain conditions are met, the Company may elect to require the exchange of a portion of the total outstanding amount of any Convertible Notes into shares of Common Stock at the then outstanding Conversion Price. The Indenture contains certain affirmative and negative covenants substantially consistent with the Fifteenth Amendment to Term Loan Credit and Security Agreement, dated September 30, 2025, by and among the Company, Quantum LTO Holdings, LLC, the borrowers and guarantors party thereto, the lenders party thereto, and Alter Domus (US) LLC, as disbursing agent and collateral agent, as well as a covenant requiring the Company to maintain minimum liquidity of $3.75 million as of the last day of the first quarter of 2026, $5.0 million as of the last day of the second quarter of 2026, $6.25 million as of the last day of the third quarter of 2026 and $7.5 million as of the last day of the fourth quarter of 2026 and each quarter thereafter. The Convertible Notes are secured by all of the Company's assets which secure the Term Loans. In addition, at the Closing, the Company and Dialectic entered into a registration rights agreement pursuant to which, among other things, the Company will provide Dialectic (or any assignee of the Convertible Notes) with certain demand and piggyback registration rights with respect to the shares of Common Stock issuable upon any conversion of the Convertible Notes. Full text copies of the Indenture (including the form of Convertible Notes contained therein) and the Registration Rights Agreement, are available at https://tinyurl.com/5yb86s5v and https://tinyurl.com/5frbcsed, respectively. About Quantum Corporation Quantum Corporation, together with its consolidated subsidiaries, stores and manages digital video and other forms of unstructured data, providing streaming performance for video and rich media applications, along with low-cost, long-term storage systems for data protection and archiving. The Company helps customers around the world capture, create and share digital data and preserve and protect it for decades. As of March 31, 2025, the Company had $155.40 million in total assets, $319.77 million in total liabilities, and total deficit of $164.37 million. Bellevue, Wash.-based Grant Thornton LLP, the Company's auditor since 2013, issued a "going concern" qualification in its report dated August 26, 2025, attached to the Company's Annual Report on Form 10-K for the year ended March 31, 2025, citing that the Company believes it will be in violation of the net leverage coverage covenant for the quarter ended September 30, 2025. The Company's plan contemplates the Company negotiating waivers to these covenants and is evaluating strategies to restructure or refinance the existing term debt. If the Company is unable to obtain additional waivers, the term debt will become immediately due, and additional liquidity will be required to satisfy the obligations. The Company's ability to achieve the foregoing elements of its business, which may be necessary to permit the realization of assets and satisfaction of liabilities in the ordinary course of business, is uncertain and raises substantial doubt about its ability to continue as a going concern. QUANTUM CORP: Eight Key Proposals Approved at Annual Meeting ------------------------------------------------------------ Quantum Corporation convened its 2025 Annual Meeting of Shareholders, during which: Proposal 1. The following directors were elected to serve until the 2026 annual meeting of shareholders or until their successors are duly qualified and elected: 1. Hugues Meyrath * For: 970,512 * Against: 62,137 * Abstain: 13,349 * Broker Non-Votes: 3,845,900 2. Tony J. Blevins * For: 970,482 * Against: 62,206 * Abstain: 13,310 * Broker Non-Votes: 3,845,900 3. James C. Clancy * For: 973,365 * Against: 59,167 * Abstain: 13,466 * Broker Non-Votes: 3,845,900 4. John A. Fichthorn * For: 969,577 * Against: 58,904 * Abstain: 17,516 * Broker Non-Votes: 3,845,901 5. Donald J. Jaworski * For: 968,697 * Against: 63,623 * Abstain: 13,677 * Broker Non-Votes: 3,845,901 6. John R. Tracy * For: 973,077 * Against: 64,382 * Abstain: 8,539 * Broker Non-Votes: 3,845,900 7. Yue Zhou (Emily) White * For: 905,679 * Against: 124,671 * Abstain: 15,648 * Broker Non-Votes: 3,845,900 Proposal 2. For purposes of complying with Nasdaq listing rule 5635, the issuance of senior secured convertible notes, convertible into shares of Common Stock, in exchange for all outstanding term loans owed to Dialectic has been approved. * For: 956,537 * Against: 79,889 * Abstain: 9,570 * Broker Non-Votes: 3,845,902 Proposal 3. For purposes of complying with Nasdaq listing rule 5635, the issuance of senior secured convertible notes, convertible into shares of Common Stock, in exchange for any additional funds raised by Dialectic at the Company's request has been approved. * For: 953,471 * Against: 81,482 * Abstain: 11,043 * Broker Non-Votes: 3,845,902 Proposal 4. For purposes of complying with Nasdaq listing rule 5635, the issuance of any shares of Common Stock to Dialectic that may become issuable under its forbearance warrant as a result of certain anti-dilution adjustments thereunder has been approved. * For: 952,461 * Against: 78,162 * Abstain: 15,374 * Broker Non-Votes: 3,845,901 Proposal 5. The amendment and restatement of the Quantum Corporation 2023 Long-Term Incentive Plan to increase the number of shares of Common Stock reserved for issuance thereunder by 1,400,000 shares and remove the individual annual award limits for employees or consultants has been approved. * For: 909,497 * Against: 123,235 * Abstain: 13,266 * Broker Non-Votes: 3,845,900 Proposal 6. The compensation of the Company's named executive officers has been approved, on a non-binding advisory basis. * For: 923,221 * Against: 90,829 * Abstain: 31,948 * Broker Non-Votes: 3,845,900 Proposal 7. The appointment of CohnReznick LLP as the Company's independent registered public accounting firm for the fiscal year ending March 31, 2026 has been ratified. * For: 4,541,082 * Against: 260,799 * Abstain: 90,017 Proposal 8. The adjournment of the Annual Meeting to a later date, if necessary or appropriate, has been approved. As there were sufficient votes to approve the proposals presented at the Annual Meeting, adjournment of the Annual Meeting was not necessary. * For: 4,224,177 * Against: 556,668 * Abstain: 111,050 About Quantum Corporation Quantum Corporation, together with its consolidated subsidiaries, stores and manages digital video and other forms of unstructured data, providing streaming performance for video and rich media applications, along with low-cost, long-term storage systems for data protection and archiving. The Company helps customers around the world capture, create and share digital data and preserve and protect it for decades. As of March 31, 2025, the Company had $155.40 million in total assets, $319.77 million in total liabilities, and total deficit of $164.37 million. Bellevue, Wash.-based Grant Thornton LLP, the Company's auditor since 2013, issued a "going concern" qualification in its report dated August 26, 2025, attached to the Company's Annual Report on Form 10-K for the year ended March 31, 2025, citing that the Company believes it will be in violation of the net leverage coverage covenant for the quarter ended September 30, 2025. The Company's plan contemplates the Company negotiating waivers to these covenants and is evaluating strategies to restructure or refinance the existing term debt. If the Company is unable to obtain additional waivers, the term debt will become immediately due, and additional liquidity will be required to satisfy the obligations. The Company's ability to achieve the foregoing elements of its business, which may be necessary to permit the realization of assets and satisfaction of liabilities in the ordinary course of business, is uncertain and raises substantial doubt about its ability to continue as a going concern. QUORE GEM: Unsecureds Will Get 100% of Claims over 60 Months ------------------------------------------------------------ Quore GEM Miracle LLC filed with the U.S. Bankruptcy Court for the Southern District of Florida a Plan of Reorganization dated December 19, 2025. The Debtor was incorporated for the purposes of operating a retail gelato/pastry/coffee shop in Coral Gables, Florida. The Debtor's principal owns a gelato wholesaler as well as several other gelato retailers throughout Miami-Dade County and Broward County. The retail space is rented by the Debtor from Gables Miracle Mile, LLC, and the Debtor utilizes the space to operate a gelato/pastry/coffee shop. The Debtor owes pre-petition rent, which will be treated in this Chapter 11 Plan. The Debtor is current on post-petition rent. Due to a cash flow issue, the Debtor did not pay the rent relating to the real property located at 210 Miracle Mile, Coral Gables, Florida 33134. The landlord-initiated eviction proceedings against the Debtor. If successful, the eviction proceeding would have terminated the Debtor's ongoing business. The Debtor attempted to bring the rent current, but the landlord rejected the rental payment. As such, the Debtor filed the bankruptcy to ensure the business' continued operations. This Plan under chapter 11 of the Code proposes to pay creditors of Debtor from Cash on hand and operating income, unless otherwise stated. Class 1 consists of all the Allowed Unsecured Claim of Gables Miracle Mile, LLC. The Debtor has separated this class from the other unsecured claims as Gables Miracle Mile, LLC is the landlord owning the real property at Coral Gables, Florida 33134. As such, the Debtor's treatment of this claim is different from other unsecured prepetition claims based on the Debtor's decision to assume the lease agreement. Debtor estimates the amount of the Allowed Class 2 Claim is $55,872.61. The Debtor proposes to pay the claim of Gables Miracle Mile, LLC as follows: Upon the Effective Date of the Plan, the Debtor agrees to remit an additional security deposit to Gables Miracle Mile, LLC in the amount of $20,114.70. Additionally, the Debtor shall make six equal monthly payments of $9,312.10 with the first payment due to be on the Effective Date of the Plan. As such, the members of this class are impaired, and these payments shall be in full satisfaction, settlement, release, and extinguishment of their respective Allowed Claims. Class 2 consists of all the Allowed General Unsecured Claims of Debtor. As reflected in the list of general unsecured creditors, Debtor estimates the aggregate amount of Allowed Class 1 Claims totals not more than $177,941.48. Among the Allowed General Unsecured Claims are the following claims: * Claim of Kwon Jin Lee- Mr. Lee is the principal and owner of the Debtor. He is owed $61,490.42 in shareholder loans paid to the Debtor. Mr. Lee shall receive one hundred percent of his claim in equal monthly installments of $1,024.84 over the course of the sixty-month plan period. The Debtor shall retain the right to pre-pay these amounts at any time prior to the conclusion of the plan term. * Claim of Quore Gelato LLC. Quore Gelato LLC is another limited liability company owned by Kwon Jin Lee, and it is the primary supplier to the Debtor of gelato products. Quore Gelato LLC is owed $116,451.06 by the Debtor in relation in products provided to the Debtor. Quore Gelato LLC shall receive one hundred percent of its claim in equal monthly installments of $1,940.85 over the course of the sixty monthly plan period. The Debtor shall retain the right to pre-pay these amounts at any time prior to the conclusion of the plan term. The Debtor estimates that if this case were converted to a Chapter 7 case, the holders of Class 2 Claims would receive a twenty-two percent distribution. If Debtor's Plan is confirmed, each holder of an Allowed general unsecured claim against Debtor receive one hundred percent of its Allowed Claim upon the confirmation of the Chapter 11 Plan. As such, the members of this class are unimpaired, and these payments shall be in full satisfaction, settlement, release, and extinguishment of their respective Allowed Claims. This Class is unimpaired. Class 3 consists of the Equity Interests in the Debtor and in the assets of the estate. The Allowed Equity Interests in the Debtor are retained under the Plan. All equity holders of the Debtor which existed as of the Petition Date will continue to retain their same percentage ownership interests in the Reorganized Debtor. All payments under the Chapter 11 Plan shall be paid through the Debtor's disposable income as well as contributions from the Debtor's principals, if necessary. A full-text copy of the Plan of Reorganization dated December 19, 2025 is available at https://urlcurt.com/u?l=llNi9n from PacerMonitor.com at no charge. Counsel to the Debtor: Nicholas G. Rossoletti, Esq. Bilu Law, PA 2760 W. Atlantic Blvd. Pompano Beach, FL 33069 Telephone: (954) 596-0669 Facsimile: (954) 427-1518 E-mail: nrossoletti@bilulaw.com About Quore Gem Miracle LLC Quore Gem Miracle, LLC, operates a retail restaurant space at 210 Miracle Mile, Coral Gables, Florida 33134. The Debtor filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-21237) on Sept. 25, 2025, listing up to $50,000 in assets and between $50,001 and $100,000 in liabilities. Nicholas G. Rossoletti is the Debtor's legal counsel. RELLIS CAMPUS: Committee Hires Shannon Lee Beatty as Counsel ------------------------------------------------------------ The Official Committee of Unsecured Creditors of RELLIS Campus Data and Research Center, LLC, et al. seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ Shannon Lee Beatty LLP as bankruptcy counsel, effective December 6, 2025. The firm will provide, among other things, these services: (a) advise the Committee with respect to its rights, powers, and duties in these Chapter 11 Cases; (b) participate in in-person and/or telephonic meetings of the Committee and any subcommittees; (c) assist and advise the Committee in meetings and negotiations with the Debtors and other parties in interest; (d) assist the Committee in analyzing claims asserted against, and interests in, the Debtors; (e) assist the Committee in analyzing the Debtors’ assets and liabilities, including review of schedules, statements, financing arrangements, and asset dispositions; (f) assist the Committee in investigating the acts, conduct, assets, liabilities, management, and financial condition of the Debtors; (g) assist the Committee in analyzing and negotiating financing, asset disposition transactions, and compromises; (h) assist the Committee in the formulation, confirmation, and implementation of a chapter 11 plan, including the disclosure statement; (i) assist, advise, and represent the Committee in understanding its powers and duties under the Bankruptcy Code; (j) assist and advise the Committee with respect to communications with the general creditor body; (k) respond to inquiries from individual creditors regarding the Chapter 11 Cases; (l) represent the Committee at hearings and other proceedings before the Court; (m) review and analyze pleadings filed with the Court and advise the Committee with respect thereto; (n) assist the Committee in reviewing and analyzing intercompany claims and transactions; (o) review and analyze third-party analyses and reports regarding potential claims and causes of action; (p) advise the Committee with respect to applicable federal and state regulatory issues; (q) assist the Committee in preparing pleadings and applications and pursuing or participating in adversary proceedings and contested matters; (r) take all necessary or appropriate actions in connection with the administration of the Debtors' estates; and (s) perform such other legal services as may be necessary or as may be requested by the Committee. The proposed hourly rates are: Kyung S. Lee at $900; J. Maxwell Beatty at $1,000; R. J. Shannon at $775; Ella Cornwall at $750; other associates at $300 to $600; and non-lawyer professionals at $50 to $125. According to court filings, the Committee believes that Shannon Lee Beatty LLP does not represent any interest adverse to the Committee, its constituents, or the bankruptcy estates. The firm can be reached at: J. Maxwell Beatty, Esq. R. J. Shannon, Esq. Ella A. Cornwall, Esq. SHANNON LEE BEATTY LLP 2100 Travis Street, STE 1525 Houston, TX 77002 Telephone: (713) 714-5770 E-mail: mbeatty@shannonleellp.com rshannon@shannonleellp.com ecornwall@shannonleellp.com About RELLIS Campus Data and Research Center, LLC RELLIS Campus Data and Research Center, LLC and Optimus DataCenters, LLC are two non-operator entities owned by TenTech-3 Holdings, LLC, formed to develop and manage a data center on Texas A&M University's RELLIS Campus in Bryan, Texas. The RELLIS Campus, designed to foster innovation and technology for public and private sector applications, provides the setting for the planned facility along State Highway 21 on its northern side. The Debtors filed Chapter 11 petitions (Bankr. S.D. Texas Lead Case No. 25-90666) on November 5, 2025. At the time of the filing, RELLIS listed between $10 million and $50 million in assets and liabilities while Optimus DataCenters listed between $10 million and $50 million in assets and up to $50,000 in liabilities. Judge Alfredo R Perez oversees the cases. The Debtors tapped Christopher Adams, Esq., at Okin Adams Bartlett Curry, LLP as legal counsel and Veritas Restructuring Group as restructuring and financial advisor. REMEMBER ME: Employs Johnson Hickey & Murchison as Accountant ------------------------------------------------------------- Remember Me Senior Care, LLC and Lighthouse, LLC seek approval from the United States Bankruptcy Court for the Eastern District of Tennessee at Chattanooga to retroactively employ Johnson, Hickey & Murchison, P.C. to serve as accounting firm. The firm will provide these services: (a) prepare and file the Debtors' 2024 tax returns; and (b) prepare and file the Debtors' Form 1065 Partnership federal and state tax returns. The Debtors seek allowance so they may compensate the firm in the amount of $10,375.00 for services rendered from August 1, 2025, through October 31, 2025. No allowance or payment, other than as set forth in the application, has been made to the firm for services or expenses rendered or incurred in this case. Johnson, Hickey & Murchison, P.C. represents no other entity in connection with this case and does not hold or represent an interest adverse to the Debtors or the estate within the meaning of Section 327(a) of the Bankruptcy Code, according to court filings. The firm can be reached at: Johnson, Hickey & Murchison, P.C. 2215 Olan Mills Drive Chattanooga, TN 37421 Telephone: (423) 756-0052 Facsimile: (423) 267-5945 About Remember Me Senior Care LLC Remember Me Senior Care, LLC, a company in Cleveland, Tenn., offers personalized assisted living and memory care services in a homelike environment. The facility provides a range of services, including help with daily activities, medication management, and specialized care for those with Alzheimer's or other dementias. Remember Me Senior Care sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Tenn. Case No. 25-10451) on February 24, 2025. In its petition, the Debtor reported up to $50,000 in assets and between $10 million and $50 million in liabilities. Judge Nicholas W. Whittenburg oversees the case. The Debtor tapped Jeffrey W. Maddux, Esq., at Chambliss, Bahner & Stophel PC as counsel and Johnson, Hickey & Murchison, PC as accountant. Stacy Lynn Archer is the patient care ombudsman appointed in the Debtor's case. RIVERSIDE LAND: Case Summary & Three Unsecured Creditors -------------------------------------------------------- Debtor: Riverside Land Investments, LLC 2501 North Riverside Dr. Buffalo Grove IL 60051 Business Description: Riverside Land Investments LLC is a single- asset real estate company based in Buffalo Grove, Illinois, that owns and operates a residential rental property alongside a horse boarding and training facility. Chapter 11 Petition Date: December 30, 2025 Court: United States Bankruptcy Court Northern District of Illinois Case No.: 25-81721 Judge: Hon. Thomas M Lynch Debtor's Counsel: Marshal P. Morris, Esq. MARSHAL P. MORRIS, LLC 2519 Live Oak Ln. Buffalo Grove IL 60089 Tel: 847-634-2211 E-mail: mpm727@aol.com Total Assets as of December 22, 2025: $1,150,000 Total Debts as of December 22, 2025: $905,000 The petition was signed by Susan Morris as authorized representative of the Debtor. A full-text copy of the petition, which includes a list of the Debtor's three unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/43VCK4A/Riverside_Land_Investments_LLC__ilnbke-25-81721__0001.0.pdf?mcid=tGE4TAMA SECOND STREET: Hires Desai Law Firm as Legal Counsel ---------------------------------------------------- Second Street Sandwiches, Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern District of Missouri to hire The Desai Law Firm, LLC to serve as legal counsel in its Chapter 11 case. The Desai Law Firm, LLC will provide these services: (a) advising the Debtor with respect to its rights, power and duties in this Chapter 11 case; (b) assisting and advising the Debtor in its consultations with any committee appointed in this case; (c) assisting the Debtor in analyzing the claims of creditors and negotiating with such creditors; (d) assisting the Debtor with investigation of the assets, liabilities and financial condition of the Debtor and reorganizing the Debtor's business in order to maximize the value of the Debtor's assets for the benefit of all creditors; (e) advising the Debtor in connection with the sale of assets or business; (f) assisting the Debtor in its analysis of and negotiation with any third party concerning matters related to, among other things, the terms of a plan of reorganization; (g) assisting and advising the Debtor with respect to any communications with the general creditor body regarding significant matters in this case; (h) commencing and prosecuting necessary and appropriate actions and/or proceedings on behalf of the Debtor; (i) reviewing, analyzing or preparing, on behalf of the Debtor, all necessary applications, motions, answers, orders, reports, schedules, pleadings and other documents; (j) representing the Debtor at all hearings and other proceedings; (k) conferring with other professional advisors retained by the Debtor in providing advice to the Debtor; (l) performing all other necessary legal services in this case as may be requested by the Debtor in this Chapter 11 case; and (m) assisting and advising the Debtor regarding pending litigation matters in which the Debtor may be involved, including continued prosecution or defense of actions and/or negotiations on the Debtor's behalf. The Desai Law Firm, LLC intends to seek compensation on an hourly basis, with hourly rates of $400 for partners, $250 for associates, and $125 for paralegals and law clerks, plus reimbursement of actual and necessary expenses, subject to court approval. According to court filings, The Desai Law Firm, LLC is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. The firm can be reached at: Spencer P. Desai, Esq. THE DESAI LAW FIRM, LLC 13321 North Outer Forty Road, Suite 300 St. Louis, MO 63017 Telephone: (314) 666-9781 Facsimile: (314) 448-4320 E-mail: spd@desailawfirmllc.com About Second Street Sandwiches Inc. Second Street Sandwiches, Inc. doing business as Rooster, operates a food service establishment at 3150 S. Grand Blvd. Saint Louis, Missouri, serving sandwiches, brunch, local coffee, craft beer, and cocktails. Second Street Sandwiches sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Mo. Case No. 25-44600) on November 25, 2025, listing up to $10 million in assets and liabilities. David Bailey, president of Second Street Sandwiches, signed the petition. Judge Kathy A. Surratt-States oversees the case. Spencer Desai, Esq., at The Desai Law Firm, represents the Debtor as bankruptcy counsel. SLOAN VENTURES: Hires Joyce W. Lindauer Attorney as Counsel ----------------------------------------------------------- Sloan Ventures, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas, Dallas Division to hire Joyce W. Lindauer Attorney, PLLC to serve as legal counsel. The firm will provide these services: (a) give the Debtor legal counsel in connection with its Chapter 11 case; (b) assist the Debtor in proposing a Plan of Reorganization; (c) defend the Debtor in various matters arising in this case; and (d) file requests for allowance of payment of fees and expenses incurred during the pendency of this bankruptcy matter. The primary attorneys and paralegal and their hourly rates are: Joyce W. Lindauer $625 Paul B. Geilich, Of Counsel $595 Dian Gwinnup, Paralegal $250 Joyce W. Lindauer Attorney, PLLC is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Joyce W. Lindauer, Esq. Joyce W. Lindauer Attorney, PLLC 117 S. Dallas St. Ennis, TX 75119 Telephone: (972) 503-4033 Facsimile: (972) 503-4034 About Sloan Ventures LLC Sloan Ventures LLC is classified as a single-asset real estate debtor under U.S. bankruptcy law, specifically defined in 11 U.S.C. Section 101(51B). Sloan Ventures LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex., Case No. 25-34622) on November 20, 2025. In its petition, the Debtor reports estimated assets and liabilities of $1 million-$10 million and estimated liabilities of $1 million-$10 million. Judge Michelle V. Larson oversees the case. Joyce W. Lindauer Attorney, PLLC is Debtor's legal counsel. SONIM TECHNOLOGIES: Issues $1.2MM Convertible Note to DNA Holdings ------------------------------------------------------------------ Sonim Technologies, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Company entered into a Securities Purchase Agreement with DNA Holdings Venture, Inc. and issued a convertible promissory note in the original principal amount of $1,200,000, in a private placement. The Company paid no placement agent fees in connection with the Offering. The cash proceeds disbursed to the Company from the issuance of the DNA Note were $1,200,000. In connection with the Offering and with the closing of the sale of the DNA Note, the Company also entered into a membership interest purchase agreement with DNA Holdings, pursuant to which the Company purchased 100% of the membership interests in DNA X LLC, a Delaware limited liability company, for an aggregate purchase price of 223,201 shares of the Company's common stock, representing 19.99% of the outstanding shares of the Company's common stock as of the date of issuance. DNA X is engaged in the business of DNAX DeFi, an advanced on-chain trading protocol that lets users automate their decentralized exchange trading -- things like limit orders, grid / range orders, and recurring trades. Membership Interest Purchase Agreement: The closing of the transactions contemplated by the Membership Interest Purchase Agreement occurred on December 15, 2025, contemporaneously with the consummation of the Offering. Under the Membership Interest Purchase Agreement, DNA Holdings also agreed to vote all shares of the Company's common stock beneficially owned by DNA Holdings in favor of the asset purchase agreement, dated July 17, 2025, as subsequently amended and as amended from time to time, by and among the Company, Pace Car Acquisition LLC, the seller representative named in the asset purchase agreement, and Social Mobile Technology Holdings LLC and granted the officers and directors of the Company irrevocable proxy to vote for the adoption of the Asset Purchase Agreement and against any proposal made in opposition to, or in competition with, the consummation of the Asset Purchase Agreement until the earlier of January 15, 2026 and the termination of the Asset Purchase Agreement. Pursuant to the Membership Interest Purchase Agreement, so long as DNA Holdings, directly or indirectly, beneficially owns at least 5% of the Company's outstanding common stock, DNA Holdings will have the right under the Membership Interest Purchase Agreement to designate one officer and one nominee for election to the Company's board of directors, and the Company will be required to take reasonably necessary corporate action to appoint such designees, subject to the oversight of the Company's nominating and governance committee. The Membership Interest Purchase Agreement contains representations and warranties of each of DNA Holdings and the Company that are customary for transactions of this type, including with respect to due authorization, ownership of the membership interests in DNA X being sold, title to the assets of DNA X, and the financial condition and investment intent of the parties. DNA X is an express third-party beneficiary of the Membership Interest Purchase Agreement and is entitled to enforce its terms. The Membership Interest Purchase Agreement also contains covenants and other provisions that are customary for transactions of this nature, including mutual non-disparagement obligations, confidentiality obligations, certain consent rights relating to anticipated uses of proceeds from the Asset Purchase Agreement, and an agreement to resolve disputes by binding arbitration (subject to limited exceptions for injunctive or other equitable relief). The Membership Interest Purchase Agreement also grants DNA Holdings a put option. If at any time prior to June 30, 2026 (the "Put Period") the DNA X does not realize either: (i) aggregate trading volume of at least $600,000,000 or (ii) aggregate revenues of at least $1,000,000 per day, DNA Holdings will have the right, during the Put Period, to exchange all or any portion of the shares of common stock issued to DNA Holdings under the Membership Interest Purchase Agreement for the Purchased Interests then held by the Company. To the extent not exercised during the Put Period, the Put Option will terminate upon the expiration of the Put Period. Securities Purchase Agreement: The Purchase Agreement contains customary representations and warranties of the Company and DNA Holdings. Additionally, pursuant to the Purchase Agreement, the Company made certain covenants including, but not limited to: (i) timely filing of its reports with the Securities and Exchange Commission under the Securities Exchange Act of 1934, as amended, (ii) restrictions on the adoption of stockholder rights plans, poison pills, or similar anti-takeover measures, (iii) limitations on the use of proceeds from the Offering to the ordinary course of business of the Company, and (vi) for so long as the DNA Note remains outstanding, a covenant not to effect or enter into any variable rate transaction (as defined in the Purchase Agreement). Additionally, under the Purchase Agreement, DNA Holdings has agreed to a Voting Arrangement that is substantially identical to the Voting Arrangement under "Membership Interest Purchase Agreement." Convertible Promissory Note: -- Repayment Date; Interest The DNA Note is an unsecured obligation of the Company and matures on December 15, 2026. The DNA Note bears interest at a rate of 10% per annum, payable in cash on the earlier of: (i) the Maturity Date and (ii) the date of any mandatory redemption of the DNA Note. Upon the occurrence and during the continuance of an event of default under the DNA Note, the interest rate increases to 20% per annum. -- Conversion Beginning on the six-month anniversary of the original issue date of the DNA Note, the outstanding principal amount of, and accrued but unpaid interest on, the DNA Note will be convertible, in whole or in part, at the option of the holder, into shares of the Company's common stock, at an initial conversion price of $5.50 per share (the "Minimum Price" as defined in Nasdaq Listing Rule 5635(d)), subject to adjustment. The DNA Note provides for customary anti-dilution and other adjustments to the conversion price, including in connection with stock dividends, stock splits, reverse stock splits, reclassifications and similar transactions, as well as a "full ratchet" price-protection adjustment in the event that the Company issues or is deemed to issue common stock or common stock equivalents at an effective price per share lower than the then-current conversion price (subject to customary exceptions for "Exempt Issuances" such as equity incentive awards and the exercise or conversion of outstanding securities). In such a case, the conversion price will be reduced to the lower price. The DNA Note also entitles the holder to participate, on a pro rata "as converted" basis, in certain rights offerings and distributions to holders of common stock. However, the conversion price cannot be reduced below $1.10, and no adjustment to the conversion price may be made under the "full-ratchet" adjustment or the anti-dilution adjustment, unless and until the Company has received approval from the Company's stockholders in accordance with the Nasdaq Listing Rules. At any time after: (i) the termination of the Asset Purchase Agreement or (ii) during the continuance of any event of default under the DNA Note, the conversion price will equal the "Alternate Conversion Price," which is defined as 80% of the closing price of the Company's common stock on the Company's principal trading market on the date of conversion (subject to the same adjustment provisions). In addition, if at any time the Depository Trust Company imposes a "chill" on the Company's shares, the holder may convert the DNA Note at the Alternate Conversion Price while such "chill" is in effect. -- Redemption Upon the occurrence of a "Change of Control Transaction" (as defined in the DNA Note), the Company is required to redeem the outstanding principal amount of the DNA Note for cash at a price equal to 110% of the then outstanding principal amount, plus accrued but unpaid interest and any other amounts then due under the DNA Note, at the closing of such transaction. Notwithstanding the foregoing, the transactions contemplated by the Asset Purchase Agreement do not constitute a Change of Control Transaction under the DNA Note. In lieu of receiving the Redemption Amount, and subject to any required stockholder approval under the rules of the Company's principal trading market, the holder may elect to convert the DNA Note, in whole or in part, upon a Change of Control Transaction at a price per share equal to the lower of: (i) the closing price of common stock on the original issue date of the DNA Note and (ii) the closing price of common stock on the date of consummation of such Change of Control Transaction. -- Events of Default The DNA Note contains customary events of default, including, among others: (i) failure to pay principal, interest or other amounts when due; (ii) breaches of covenants or other agreements in the DNA Note or other transaction documents; (iii) certain cross-defaults to other material indebtedness; (iv) certain bankruptcy or insolvency events; (v) certain judgments in excess of specified thresholds; and (vi) certain Change of Control Transactions or dispositions of substantially all of the Company's assets (other than the transactions contemplated by the Asset Purchase Agreement). Upon an event of default, the holder may declare all outstanding obligations under the DNA Note immediately due and payable, in which case the Company is required to pay a "Mandatory Default Amount" equal to 100% of the then outstanding principal amount of the DNA Note plus accrued and unpaid interest and all other amounts due under the DNA Note, and interest accrues at the default rate. -- Covenants The DNA Note also includes negative covenants that, for so long as any portion of the DNA Note remains outstanding (unless waived by the holder), restrict the Company and its subsidiaries from, among other things: (i) incurring additional indebtedness, other than "Permitted Indebtedness" as defined in the DNA Note and the Purchase Agreement; (ii) granting liens, other than "Permitted Liens"; (iii) amending the Company's organizational documents in a manner that adversely affects the rights of the holder; (iv) repaying, repurchasing or otherwise acquiring shares of its Common Stock or Common Stock equivalents (other than in limited circumstances); (v) repaying other indebtedness, subject to limited exceptions; and (vi) paying cash dividends or distributions on the Company's equity securities. Full text copies of the DNA Note, the Purchase Agreement, and the Membership Interest Purchase Agreement, are available at Exhibits https://tinyurl.com/yc67fya7, https://tinyurl.com/476rdpbu, and https://tinyurl.com/y99s44pe, respectively. The foregoing descriptions of the Transaction Documents have been included to provide investors with information regarding the terms of the Transaction Documents. They are not intended to provide any other factual information about the Company, DNA Holdings, or their respective affiliates. The representations, warranties, and covenants contained in the Transaction Documents were made only as of specified dates for the purposes of the Transaction Documents, were solely for the benefit of the parties to the applicable Transaction Documents and may be subject to qualifications and limitations agreed upon by the parties. In particular, in reviewing the representations, warranties, and covenants contained in the Transaction Documents and discussed in the foregoing description, it is important to bear in mind that such representations, warranties, and covenants were negotiated with the principal purpose of allocating risk between the parties, rather than establishing matters as facts, and may have been qualified by confidential disclosures. Such representations, warranties, and covenants may also be subject to a contractual standard of materiality different from those generally applicable to stockholders and reports and documents filed with the SEC. Accordingly, investors should not rely on such representations, warranties, and covenants as characterizations of the actual state of facts or circumstances described therein. Information concerning the subject matter of such representations, warranties, and covenants may change after the date of the Transaction Documents, which subsequent information may or may not be fully reflected in the parties' public disclosures. About Sonim Technologies Sonim Technologies, Inc. was incorporated in the state of Delaware on August 5, 1999, and is headquartered in San Diego, California. The Company offers a robust portfolio that includes rugged handsets, smartphones, wireless internet devices, software, services, and accessories. These products are engineered to deliver reliable communication in challenging and unpredictable environments, serving sectors such as critical communications, first responders, government, industrial, construction, hospitality, and logistics. The Company distributes its products primarily through major wireless carriers. As of September 30, 2025, the Company had $40.2 million in total assets, $40.9 million in total liabilities, and $701,000 in total stockholders' deficit. According to the Company's Report on Form 10-Q for the quarterly period ended September 30, 2025, the uncertainty regarding the Asset Purchase Agreement and the ability of the Company to implement strategic alternatives after the closing of the Asset Purchase Agreement creates uncertainty regarding the Company's ability to forecast beyond the asset sale date. Accordingly, there is substantial doubt about the Company's ability to continue as a going concern within the next 12 months. SONIM TECHNOLOGIES: Note-to-Stock Exchange Reduces Debt to $2.3MM ----------------------------------------------------------------- Sonim Technologies, Inc. previously entered into a note purchase agreement with Streeterville Capital, LLC on February 21, 2025, pursuant to which the Company issued and sold to the Lender a promissory note in the original principal amount of $3,300,000. On December 16, 2025, the Company and the Lender entered into an exchange agreement, pursuant to which the Company and the Lender agreed to: (i) partition a new secured promissory note in the form of the Original Note in the original principal amount of $629,640 and then cause the outstanding balance of the Original Note to be reduced by the Exchange Amount; and (ii) exchange the Partitioned Note for the delivery of 148,500 shares of common stock , at an effective price per Exchange Share equal to $4.24, which is below the "Minimum Price" as defined in Nasdaq Listing Rule 5635(d). The number of Exchange Shares being issued in connection with the Exchange is less than 20% of the Company's voting power outstanding prior to the Exchange. Immediately following the Exchange, the remaining Outstanding Balance (as defined in the Original Note) was reduced to approximately $2.3 million. The Exchange Agreement contains representations, warranties, and covenants that are customary for this type of transaction. A full text copy of the Exchange Agreement is available at https://tinyurl.com/26jwdbc4 About Sonim Technologies Sonim Technologies, Inc. was incorporated in the state of Delaware on August 5, 1999, and is headquartered in San Diego, California. The Company offers a robust portfolio that includes rugged handsets, smartphones, wireless internet devices, software, services, and accessories. These products are engineered to deliver reliable communication in challenging and unpredictable environments, serving sectors such as critical communications, first responders, government, industrial, construction, hospitality, and logistics. The Company distributes its products primarily through major wireless carriers. As of September 30, 2025, the Company had $40.2 million in total assets, $40.9 million in total liabilities, and $701,000 in total stockholders' deficit. According to the Company's Report on Form 10-Q for the quarterly period ended September 30, 2025, the uncertainty regarding the Asset Purchase Agreement and the ability of the Company to implement strategic alternatives after the closing of the Asset Purchase Agreement creates uncertainty regarding the Company's ability to forecast beyond the asset sale date. Accordingly, there is substantial doubt about the Company's ability to continue as a going concern within the next 12 months. SONIM TECHNOLOGIES: Streeterville Entities Hold 9.98% Stake ----------------------------------------------------------- Streeterville Capital LLC, Streeterville Management LLC, and John M. Fife, disclosed in a Schedule 13G filed with the U.S. Securities and Exchange Commission that as of December 18, 2025, they beneficially own 148,500 shares of common stock (directly owned by Streeterville Capital LLC and indirectly by the other reporting persons) of Sonim Technologies, Inc.'s common stock, par value $0.001 per share, representing 9.98% of the 1,488,465 shares outstanding (as reported in the Company's Form 8-K filed on December 18, 2025). Streeterville Capital LLC may be reached through: John M. Fife, President Streeterville Management, LLC 300 East Randolph Street, Suite 40.150 Chicago, IL 60601 Tel: 312-297-7000 A full-text copy of Streeterville Capital LLC's SEC report is available at: https://tinyurl.com/2mu3mns7 About Sonim Technologies Sonim Technologies, Inc. was incorporated in the state of Delaware on August 5, 1999, and is headquartered in San Diego, California. The Company offers a robust portfolio that includes rugged handsets, smartphones, wireless internet devices, software, services, and accessories. These products are engineered to deliver reliable communication in challenging and unpredictable environments, serving sectors such as critical communications, first responders, government, industrial, construction, hospitality, and logistics. The Company distributes its products primarily through major wireless carriers. As of September 30, 2025, the Company had $40.2 million in total assets, $40.9 million in total liabilities, and $701,000 in total stockholders' deficit. According to the Company's Report on Form 10-Q for the quarterly period ended September 30, 2025, the uncertainty regarding the Asset Purchase Agreement and the ability of the Company to implement strategic alternatives after the closing of the Asset Purchase Agreement creates uncertainty regarding the Company's ability to forecast beyond the asset sale date. Accordingly, there is substantial doubt about the Company's ability to continue as a going concern within the next 12 months. SOUND VISION: Gets Interim OK to Use Cash Collateral ---------------------------------------------------- Sound Vision Care, Inc. and its affiliates received fifth interim approval from the U.S. Bankruptcy Court for the Eastern District of New York to use cash collateral through January 9, 2026. The fifth interim order authorized the Debtors to use cash collateral to pay the expenses set forth in the approved budget, subject to a 10% variance. As adequate protection, the Debtors must make monthly payments of $45,457.76 to U.S. Eagle Federal Credit Union, $1,822 to Bank of America, N.A., and $4,331.40 to Flushing National Bank. In addition, the secured creditors will be granted automatically perfected replacement liens on all assets of the Debtors, with the same validity, priority and order as their pre-bankruptcy liens. The replacement liens do not apply to any Chapter 5 avoidance actions and the proceeds thereof. In case the replacement liens prove inadequate, the secured creditors will receive superpriority administrative expense claims., according to the second interim order. The order also provides for a carveout for U.S. trustee fees and hypothetical Chapter 7 trustee fees (capped at $10,000). The Debtors' right to use cash collateral terminates upon occurrence of certain events such as case dismissal or conversion, plan confirmation, uncured defaults, unauthorized modifications to the order, or cessation of business operations. A final hearing is scheduled for January 8, 2026. A copy of the Debtor's budget is available at https://shorturl.at/GwQq7 from PacerMonitor.com. About Sound Vision Care Inc. Sound Vision Care, Inc. provides comprehensive eye care services, including eye exams, treatment for various eye conditions, and personalized fittings for eyeglasses and contact lenses. Operating in Riverhead, Southold, and Southampton, New York, the practice serves patients of all ages and needs. The clinic is staffed by trained professionals and led by Dr. Jeffrey Williams, who offers referrals to ophthalmologists for surgical care. Sound Vision Care and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Lead Case No. 25-72421) on June 23, 2025. In its petition, Sound Vision Care reported estimated assets between $50,000 and $100,000 and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Louis A. Scarcella handles the case. The Debtors are represented by Robert L. Rattet, Esq., at Davidoff Hutcher & Citron, LLP. STROMA MEDICAL: Claims to be Paid from Available Cash ----------------------------------------------------- Stroma Medical Corporation filed with the U.S. Bankruptcy Court for the District of Delaware a First Amended Subchapter V Plan of Reorganization dated December 19, 2025. The Debtor was incorporated in Delaware on April 9, 2009. Stroma is a clinical stage medical device company that has developed the Stroma Laser System ("SLS"), a patented laser technology to permanently change eye color from brown to blue or green (or from dark brown to light brown). The Debtor filed the Case to address the financial uncertainty arising from a disputed, contingent, and unliquidated litigation judgment currently on petition for certiorari before the United States Supreme Court and the denial of indemnity coverage under the Debtor's Directors' and Officers' liability policy. Preservation of operating capital is critical for achieving key technical milestones of the Debtor, including device verification, regulatory submissions, and preparation for a pivotal clinical study anticipated to commence in Germany in 2026. If not addressed through this restructuring, the disputed judgment could materially shorten the Debtor's operating runway and impede its ability to complete required regulatory steps and secure additional funding needed to release its product commercially. Class 2(a) consists of General Unsecured Claims. Payment of seventy-five percent in Cash on the Effective Date, unless to the extent that a Holder of a General Unsecured Claim agrees to different treatment. This Class is impaired. Total amount of Claims shall be $1,036,007.40. Class 2(b) consists of Unsecured Litigation Claim. The Unsecured Litigation Claim arises Blumberg Litigation and the judgment entered in connection therewith, which is currently on appeal. Unless the Holder of such Unsecured Litigation Claim, once Allowed, agrees otherwise, it must receive the present value of such Claim, in regular installments paid over a period not exceeding three years from the date of the order for relief. Payment of the undisputed, liquidated Allowed claim in full in Cash on the Effective Date, unless the Holder of the Unsecured Litigation Claim agrees to different treatment. Total amount of Claim shall be $447,481.00. Holders of Equity Interests in the Debtor will retain their ownership interests in the Reorganized Debtor. If the Plan is confirmed under Bankruptcy Code section 1191(a) or (b), payments to Creditors provided for in the Plan will be made by the Debtor through Cash on hand. The Debtor holds sufficient cash to satisfy the Administrative Claims, Priority Tax Claims, if any, the Class 1 Claims, (if any); the Class 2(a) Claims, and the Class 2(b) undisputed portion of the Unsecured Litigation Claim and anticipates recovery under the D&O Policy and/or Series C financing to ensure longer-term feasibility. A full-text copy of the First Amended Plan dated December 19, 2025 is available at https://urlcurt.com/u?l=tIbLD8 from PacerMonitor.com at no charge. Proposed Counsel to the Debtor: Jamie L. Edmonson, Esq. ROBINSON & COLE LLP 1201 N. Market Street Suite 1406 Wilmington, DE 19801 Tel: 302-516-1700 E-mail: jedmonson@rc.com About Stroma Medical Corporation Stroma Medical Corporation, based in Irvine, California, is a clinical-stage medical device company that has developed the Stroma Laser System, a patented, non-invasive laser technology designed to change eye color from brown, hazel, or black to amber, hazel, grey/blue, blue, or green. The procedure is performed in a doctor's office using only a topical anesthetic, requires minimal recovery time, and takes less than a minute per eye. Stroma markets its system for lease to refractive surgeons worldwide and targets the unmet global demand for permanent eye-color change among consumers seeking a safe and natural-looking result. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-12169) on Dec. 8, 2025, with $1 million to $10 million in assets and liabilities. Gregg Homer, executive chairman, signed the petition. Judge J Kate Stickles presides over the case. Jamie Lynne Edmonson, at Robinson & Cole LLP, is the Debtor's counsel. STYX LOGISTICS: Gets Final OK to Use Cash Collateral ---------------------------------------------------- The U.S. Bankruptcy Court for the District of Nevada granted Styx Logistics, LLC final approval to use cash collateral to fund operations. The Debtor's use of cash collateral is subject to specific limitations tied to the court-approved budget. Expenditures must not exceed 125% of each individual line item in the budget, providing flexibility while still protecting secured creditors from uncontrolled spending. The Debtor reserves all rights and claims with respect to any issues relating to whether any party holds a valid interest in cash collateral. Amerifi Capital and BCA Capital may have a perfected security interest in the Debtor's cash, including deposit accounts. The Debtor reserves all rights to object to the claims of both creditors, including the validity of any purported security interest in assets of the bankruptcy estate. The Debtor believes that Amerifi and BCA are adequately protected by virtue of the following: (1) the cash collateral will be used to maintain and operate the Debtor's business; (2) the value of the collateral is not decreasing; and (3) Amerifi and BCA will have a replacement lien on any post-petition cash received by Debtor. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/VD6mY from PacerMonitor.com. About STYX Logistics LLC STYX Logistics, LLC provides delivery services as an independent Delivery Service Partner for Amazon, supporting the fulfillment of Amazon Prime deliveries. STYX Logistics LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Nev. Case No. 25-50941) on October 9, 2025, listing $50,000 to $100,000 in assets and $1 million to $10 million in liabilities. The petition was signed by Nikola Tersiev as manager. Judge Hilary L Barnes presides over the case. Kevin A. Darby, Esq. at DARBY LAW PRACTICE represents the Debtor as counsel. SVANGVITAYA LLC: Hires Law Offices of Michael Jay Berger as Counsel ------------------------------------------------------------------- Svangvitaya L.L.C. dba Sala Thai seeks approval from the U.S. Bankruptcy Court for the Southern District of California to hire the Law Offices of Michael Jay Berger to serve as bankruptcy counsel. The Law Offices of Michael Jay Berger will provide these services: (a) advise the Debtor regarding matters of bankruptcy law and concerning the requirements of the Bankruptcy Code, and Bankruptcy Rules relating to the administration of this case, and the operation of the Debtor's estate as a debtor in possession; (b) represent the Debtor in proceedings and hearings in the bankruptcy court; (c) assist in compliance with the requirements of the Office of the United States Trustee; (d) provide the Debtor legal advice and assistance with respect to the Debtor's powers and duties in the continued operation of the Debtor's business and management of property of the estate; (e) assist the Debtor in the administration of the estate's assets and liabilities; (f) prepare necessary applications, answers, motions, orders, reports, and/or other legal documents on behalf of the Debtor; (g) advise Debtor concerning the requirements of the bankruptcy code and the rules relating to the administration of this case and the Debtor's duties as a debtor-in-possession in a Chapter 11 case; and (h) assist Debtor in the preparation, negotiation, formulation, confirmation, prosecution, implementation and attain confirmation of a plan of reorganization. On November 14, 2025, Debtor retained Law Offices of Michael Jay Berger as its counsel and Debtor paid the Law Offices of Michael Jay Berger the retainer of $25,000 and the $1,738 Chapter 11 filing fee. The retainer was tendered for both pre- and post-petition services, with any amount remaining at the time of the petition to be credited toward payment of fees and costs in the Debtor's Chapter 11 case, subject to court approval. The Law Offices of Michael Jay Berger is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Michael Jay Berger, Esq. Sofya Davtyan, Esq. LAW OFFICES OF MICHAEL JAY BERGER 9454 Wilshire Blvd. 6th Floor Beverly Hills, CA 90212-2929 Telephone: (310) 271-6223 Facsimile: (310) 271-9805 E-mail: michael.berger@bankruptcypower.com sofya.davytan@bankruptcypower.com About Svangvitaya L.L.C. Svangvitaya L.L.C., dba Sala Thai, is a limited liability company. The company sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-05083) on December 3, 2025. The petition lists estimated assets of $0-$100,000 and estimated liabilities of $100,001-$1,000,000. The case is overseen by Honorable Bankruptcy Judge J. Barrett Marum. The Debtor is represented by Michael Jay Berger, Esq. of Law Offices of Michael Jay Berger. TGI FRIDAY'S: Seeks to Extend Plan Exclusivity to Feb. 25, 2026 --------------------------------------------------------------- TGI Friday's Inc. and affiliates asked the U.S. Bankruptcy Court for the Northern District of Texas to extend their exclusivity periods to file a plan of reorganization and obtain acceptance thereof to February 25, 2026, and April 26, 2026, respectively. The Debtors explain that ample cause exists to grant the relief requested by this Motion in these Chapter 11 Cases. The relevant factors strongly weigh in favor of an extension of the Exclusivity Periods include: * The Debtors' chapter 11 cases are large and complex. As reflected by the Court's Order Granting Chapter 11 Complex Case Treatment, the Debtors' significant number of creditors and assets make these cases large and complex. * The terms of a chapter 11 plan depended on the outcome of the sales process. The Debtors marketed, held an auction, and obtained Court approval for sales of their assets pursuant to the results of the auction. Sale Order. Thereafter, the Debtors continued to pursue asset sales, culminating in Court approval for the sales of certain assets to two additional parties. Yadav and Sugarloaf Sale Order. The sale process has also led to the sale of numerous liquor licenses, and the Debtors continue to market and pursue sales of the remaining liquor licenses. * Since the Petition Date, the Debtors have negotiated in good faith and worked collaboratively with their stakeholders. The Debtors' time and resources have been productively spent on (i) ensuring a smooth chapter 11 process with minimal disruption to the Debtors' operations, preserving the Debtors' assets to the benefit of all parties in interest; (ii) administering value maximining sales processes; (iii) engaging the various stakeholders to ensure the closing of the various asset sales; (iv) filing procedures for the sale of the Debtors' remaining liquor licenses; (v) transitioning the Debtors' operations to the new owners pursuant to the asset sales; and (vi) negotiating support with the Debtors' other constituents, including the Committee and contract counter parties. * The Debtors are not seeking to extend exclusivity to pressure creditors, and an extension of the exclusivity periods will not prejudice creditors. The Debtors have not sought an extension of exclusivity to pressure creditors or other parties in interest. On the contrary, all creditor constituencies are benefitted by providing the Debtors with sufficient time to continue to negotiate the terms of a chapter 11 plan and determine what transaction or combination of transactions will provide the greatest value to their estates and the greatest recovery to their creditors. * The Debtors are paying their bills as they come due. The Debtors have paid their undisputed postpetition debts in the ordinary course of business or as otherwise provided by Court order. Counsel to the Debtors: Chris L. Dickerson, Esq. Rahmon J. Brown, Esq. ROPES & GRAY LLP 191 North Wacker Drive, 32nd Floor Chicago, IL 60606 Tel: (312) 845-1200 Fax: (312) 845-5500 E-mail: chris.dickerson@ropesgray.com rahmon.brown@ropesgray.com Holland N. O'Neil, Esq. Mark C. Moore, Esq. Zachary C. Zahn, Esq. FOLEY & LARDNER LLP 2021 McKinney Avenue, Suite 1600 Dallas, TX 75201 Tel: (214) 999-3000 Fax: (214) 999-4667 E-mail: honeil@foley.com mmoore@foley.com zzahn@foley.com About TGI Friday's Inc. TGI Friday's Inc., doing business as Wow Bao, operates a chain of restaurants. The Company provides appetizers, sizzlings, seafood, salads, sandwiches, entrees, desserts, and non-alcoholic and alcoholic beverages. Wow Bao serves customers in the United States. TGI Friday's Inc. filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Tex. Case No. 24-80069) on Nov. 2, 2024, listing $100 million to $500 million in both assets and liabilities. Judge Stacey G Jernigan presides over the case. Holland N. O'Neil, Esq., at Foley & Lardner LLP, is the Debtor's counsel. UNIVERSAL DESIGN: Employs Blue Ocean Title as Closing Company ------------------------------------------------------------- Universal Design Solutions, LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of Florida, Jacksonville Division to employ Blue Ocean Title, LLC as closing agent in its Chapter 11 case. The firm will provide these services: (a) act as closing agent to consummate the sale of the Debtor's principal real estate located at 11555 Central Parkway #1002, Jacksonville, FL 32224; (b) facilitate the commercial closing of the Subject Property; (c) ensure that all legal, financial, and procedural steps are completed correctly for all parties involved; and (d) render professional services and standard fees for commercial closings as listed on the attached closing statement. Blue Ocean Title, LLC will file a final closing statement and apply for any additional compensation and reimbursement of costs pursuant to Sections 330 and 331 of the Bankruptcy Code, at its ordinary rates, as they may be adjusted from time to time, for services rendered and costs incurred on account of representing the Debtor in the sale of real property of the estate. According to court filings, to the best of the Debtor's knowledge, Blue Ocean Title, LLC has no interest adverse to the Debtor or the estate in any of the matters upon which it is to be engaged. The company can be reached at: Blue Ocean Title, LLC 403 Anastasia Boulevard St. Augustine, FL 32080 Telephone: (904) 239-3646 About Universal Design Solutions Universal Design Solutions, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-01970) with $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Judge Hon. Jason A Burgess oversees the case. Thomas C. Adam, Esq., at Adam Law Group, P.A. is the Debtor's bankruptcy counsel. TD Bank, N.A., as lender, is represented by Amanda Klopp, Esq., at Akerman LLP, in West Palm Beach, Florida. URBAN ONE: Davis Polk Advised Noteholders on Refinancing -------------------------------------------------------- Davis Polk advised an ad hoc group of noteholders in connection with Urban One, Inc.'s capital raise and refinancing. As a part of the transaction, Urban One (i) issued $60.6 million in aggregate principal amount of new 10.500% first-lien senior secured notes due 2030 pursuant to a subscription offer that was backstopped by the ad hoc group, (ii) consummated a tender offer pursuant to which Urban One purchased $185.0 million in aggregate principal amount of its existing senior secured notes due 2028 for $111.0 million in cash and (iii) consummated an exchange offer for its existing senior secured notes for new 7.625% second-lien senior secured notes due 2031 in an aggregate principal amount of $291.0 million. Over 97.5% of the existing senior secured notes participated in the tender and exchange offers. Urban One is an urban-oriented, multi-media company that primarily targets African-American and urban consumers. Its core business is its radio broadcasting franchise which is the largest radio broadcasting operation that primarily targets African-American and urban listeners. Urban One's core radio broadcasting franchise operates under the brand "Radio One," and the company also operates other brands, such as TV One, CLEO TV, Reach Media, iONE Digital and One Solution. The Davis Polk restructuring team included partner Damian S. Schaible, counsel Michael Pera and associate Trevor D. Jones. The capital markets team included partner Yasin Keshvargar, counsel Brian Hecht and associate Christopher Martin. The finance team included partner Christian Fischer and associates Joseph William Bretschneider and Benjamin J. Carlin. The tax team included partner Kara L. Mungovan, counsel Leslie J. Altus and associate David J. Beer. All members of the Davis Polk team are based in the New York office. Davis Polk refers to Davis Polk & Wardwell LLP, a New York limited liability partnership, and its associated entities. About Urban One Urban One, Inc., formerly known as Radio One, Inc., headquartered in Silver Spring, Md., is an urban-oriented multimedia company that operates or owns interests in radio broadcasting stations (32% of revenue as of LTM Q4 2022) generated by 66 stations in 13 markets, cable television networks (43% of revenue), an 80% ownership in Reach Media (9% of revenue), and ownership of Interactive One, its digital platform, as well as other internet-based properties (16% of revenue), largely targeting an African-American and urban audience. The Chairperson, Catherine L. Hughes, and President, Alfred C. Liggins III (Chairperson's son), maintain voting control and hold a significant ownership position. The Company reported consolidated revenue of $485 million as of LTM Q4 2022. As of September 30, 2025, the Company had $723.48 million in total assets, $642.06 million in total liabilities, and $78.83 million in total deficit. * * * In May 2025, S&P Global Ratings lowered its Company credit rating on Urban One Inc. to 'SD' (selective default) from 'CCC+'. S&P also lowered the issue-level rating on the company's senior secured notes to 'D'. URBAN ONE: Issues $352M in New Senior Secured Notes Due 2030-2031 ----------------------------------------------------------------- Urban One, Inc. issued $291.02 million aggregate principal amount of the Company's 7.625% Second Lien Senior Secured Notes due 2031. The 2L Exchange Notes were issued in connection with the previously announced exchange offer and consent solicitation of the Company's existing 7.375% Senior Secured Notes due 2028 for the 2L Exchange Notes and cash. The 2L Exchange Notes were issued pursuant to that certain Indenture, dated as of December 18, 2025, among the Company, the guarantors party thereto and Wilmington Trust, National Association, as trustee and collateral agent. The 2L Exchange Notes pay interest semiannually in arrears. The 2L Exchange Notes were offered in a private placement to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended, and to certain non-U.S. persons in transactions outside of the United States in reliance on Regulation S under the Securities Act. Optional Redemption Provisions and Change of Control Repurchase Right: At any time, the Company may redeem all or a part of the 2L Exchange Notes at a redemption price equal to 100.0% of the principal amount of the 2L Exchange Notes, plus accrued and unpaid interest, if any, to, but excluding, the applicable redemption date. Upon a Change of Control, the Company will be re required to make an offer to purchase all of the 2L Exchange Notes, at an offer price equal to 101% of the aggregate principal amount of 2L Exchange Notes plus accrued and unpaid interest, if any, to but excluding the date of repurchase. If not less than 90% in aggregate principal amount of the 2L Exchange Notes outstanding are purchased pursuant to a 2L Exchange Notes Change of Control Offer by the Company or a third party, the Company or such third party will have the right to redeem all 2L Exchange Notes that remain outstanding following such purchase at a price in cash equal to 101% of the principal amount thereof plus accrued and unpaid interest to but excluding the date of redemption. Ranking and Security: The 2L Exchange Notes and related guarantees are the Company's and the guarantors' respective senior secured obligations and are secured on a second-lien priority basis by the collateral (and on a third-lien basis by the ABL Priority Collateral (as defined in the New First Lien Notes Indenture)) owned by the Company and each guarantor, subject to certain exceptions, limitations, permitted liens and the intercreditor agreements (the "Intercreditor Agreements") providing for the relative priorities of the respective security interests in the assets securing the 2L Exchange Notes, the New First Lien Notes, obligations under the Amended and Restated ABL Credit Agreement and any future secured debt of the Company and guarantors, and certain other matters relating to the administration of security interests. The 2L Exchange Notes are guaranteed by the Company and each of the Company's material subsidiaries. Under the terms of the 2L Exchange Notes Indenture and subject to the Intercreditor Agreements, the 2L Exchange Notes and related guarantees rank pari passu in right of payment with all existing and future senior indebtedness of the Company and the guarantors, including the obligations of the Company and the guarantors under the New First Lien Notes and the Amended and Restated ABL Credit Agreement, and rank senior in right of payment to any future subordinated indebtedness of the Company and each guarantor. The 2L Exchange Notes and related guarantees are effectively senior to any unsecured indebtedness of the Company and each guarantor and, subject to the Intercreditor Agreements, to indebtedness of the Company and each guarantor secured by liens junior to the liens securing the 2L Exchange Notes. Restrictive Covenants: The 2L Exchange Notes Indenture contains covenants that limit the Company's (and its restricted subsidiaries') ability to, among other things: incur additional indebtedness, guarantee indebtedness or issue disqualified stock or, in the case of such subsidiaries, preferred stock; pay dividends on, repurchase or make distributions in respect of capital stock or make other restricted payments; make certain investments or acquisitions; sell, transfer or otherwise convey certain assets; create liens; enter into agreements restricting certain subsidiaries' ability to pay dividends or make other intercompany transfers; consolidate, merge, sell or otherwise dispose of all or substantially all of the Company's or its subsidiaries' assets; enter into transactions with affiliates; prepay certain kinds of indebtedness; issue or sell stock of such subsidiaries; and consummate certain liability management transactions. A full text copy of the 2L Exchange Notes Indenture, including the form of 2L Exchange Notes contained therein, is available at https://tinyurl.com/4u8jb79u New First Lien Notes Indenture: On December 18, 2025, the Company issued $60.6 million aggregate principal amount of 10.500% First Lien Senior Secured Notes due 2030. The New First Lien Notes were issued pursuant to that certain Indenture, dated as of December 18, 2025 among the Company, the guarantors party thereto and Wilmington Trust, National Association, as trustee and collateral agent. The New First Lien Notes pay interest semiannually in arrears. The New First Lien Notes were offered in a private placement to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act, and to certain non-U.S. persons in transactions outside of the United States in reliance on Regulation S under the Securities Act. Optional Redemption Provisions and Change of Control Repurchase Right: The New First Lien Notes may be redeemed by the Company in whole or in part, at any time on and after April 1, 2028 at the redemption prices set forth in the New First Lien Notes Indenture, plus accrued and unpaid interest, if any, to, but excluding, the applicable redemption date. Prior to April 1, 2028, the Company may redeem the New First Lien Notes in whole or in part, at its option, upon not less than 10 nor more than 60 days' prior notice at a redemption price equal to 100% of the principal amount of such New First Lien Notes, plus the relevant Applicable Premium (as defined in the New First Lien Notes Indenture), and accrued and unpaid interest, if any, to, but excluding, the redemption date; provided that at any time and from time to time prior to April 1, 2028, the Company may redeem up to 10% of the principal amount of the New First Lien Notes in whole or in part, at its option, upon not less than 10 days' nor more than sixty 60 days' prior notice at a redemption price equal to 105% of the principal amount of such New First Lien Notes, plus accrued and unpaid interest, if any, to, but excluding, the redemption date. In addition, at any time and from time to time prior to April 1, 2028, the Company may redeem the New First Lien Notes with the Net Cash Proceeds (as defined in the New First Lien Notes Indenture) received by the Company from any Equity Offering (as defined in the New First Lien Notes Indenture) at a redemption price equal to 107.375% plus accrued and unpaid interest to, but excluding, the redemption date, in an aggregate principal amount for all such redemptions not to exceed 40% of the original aggregate principal amount of the New First Lien Notes (including Additional First Lien Notes), subject to certain conditions. Further, the Company may redeem all, but not less than all, of the outstanding New First Lien Notes at a redemption price equal to 100.000% plus accrued and unpaid interest to, but excluding, the redemption date, if such redemption occurs in connection with, and subject to the consummation of, a Specified Acquisition Transaction (as defined in the New First Lien Notes Indenture). Upon a Change of Control (as defined in the New First Lien Notes Indenture), the Company will be re required to make an offer to purchase all of the New First Lien Notes, at an offer price equal to 101% of the aggregate principal amount of New First Lien Notes plus accrued and unpaid interest, if any, to but excluding the date of repurchase. If not less than 90% in aggregate principal amount of the New First Lien Notes outstanding are purchased pursuant to a New First Lien Notes Change of Control Offer by the Company or a third party, the Company or such third party will have the right, upon not less than 30 days' nor more than sixty (60) days' prior notice, given not more than 30 days following such purchase pursuant to the New First Lien Notes Change of Control Offer, to redeem all New First Lien Notes that remain outstanding following such purchase at a price in cash equal to 101% of the principal amount thereof plus accrued and unpaid interest to but excluding the date of redemption. Ranking and Security: The New First Lien Notes and related guarantees are the Company's and the guarantors' respective senior secured obligations and are secured on a first-lien priority basis by the collateral (and on a second-lien priority basis by the ABL Priority Collateral (as defined in the New First Lien Notes Indenture)), owned by the Company and each guarantor, subject to certain exceptions, limitations, permitted liens and the Intercreditor Agreements providing for the relative priorities of the respective security interests in the assets securing the New First Lien Notes, the 2L Exchange Notes, obligations under the Amended and Restated ABL Credit Agreement and any future junior lien debt of the Company and the guarantors, and certain other matters relating to the administration of security interests. The New First Lien Notes are guaranteed by the Company and each of the guarantors. Under the terms of the New First Lien Notes Indenture and subject to the Intercreditor Agreements, the New First Lien Notes and related guarantees rank pari passu in right of payment with all existing and future senior indebtedness (including the 2L Exchange Notes and obligations under the Amended and Restated ABL Credit Agreement, as applicable) of the Company and each guarantor and senior in right of payment to any future subordinated indebtedness of the Company and each guarantor, if any. The New First Lien Notes and the guarantees are effectively senior to any unsecured indebtedness of the Company and each guarantor and, subject to the Intercreditor Agreements, to indebtedness of the Company and each guarantor secured by liens junior to the liens securing the New First Lien Notes. Restrictive Covenants: The New First Lien Notes Indenture contains covenants that limit the Company's (and its restricted subsidiaries') ability to, among other things: incur additional indebtedness, guarantee indebtedness or issue disqualified stock or, in the case of such subsidiaries, preferred stock; pay dividends on, repurchase or make distributions in respect of capital stock or make other restricted payments; make certain investments or acquisitions; sell, transfer or otherwise convey certain assets; create liens; enter into agreements restricting certain subsidiaries' ability to pay dividends or make other intercompany transfers; consolidate, merge, sell or otherwise dispose of all or substantially all of the Company's or its subsidiaries' assets; enter into transactions with affiliates; prepay certain kinds of indebtedness; issue or sell stock of such subsidiaries; and consummate certain liability management transactions. Use of Proceeds: The net proceeds from the offering of the New First Lien Notes, along with cash on hand, were used to purchase $185.0 million of validly tendered Existing Notes at a purchase price of $111.0 million in cash, pay accrued and unpaid interest on the Existing Notes accepted for exchange or purchase, as applicable, and other various fees and expenses related to the offers and the remainder, if any, for general corporate purposes. A full text copy of the New First Lien Notes Indenture, including the form of New First Lien Notes contained therein is available at https://tinyurl.com/yvzn776j Amended and Restated ABL Credit Agreement: On December 18, 2025, the Company also entered into an Amended and Restated Credit Agreement, among the Company, as the administrative borrower, together with the other borrowers party thereto, the lenders party thereto and Bank of America, N.A., as administrative agent, which amends and restates its existing ABL Credit Agreement, dated as of February 19, 2021, among, among others, the Company and Bank of America, N.A., in order to facilitate the issuance of the Exchange Offer and Consent Solicitation. The Amended and Restated ABL Credit Agreement provides for, among other things, commitments in the aggregate principal amount of up to $75 million, with incremental capacity to incur an additional principal amount of up to $25 million thereunder, with the proceeds thereof to be used primarily for working capital and general corporate purposes, including capital expenditures, permitted acquisitions, permitted investments and permitted dividends, in each case, in accordance with the terms of the Amended and Restated ABL Credit Agreement. A full text copy of the Amended and Restated ABL Credit Agreement is available at https://tinyurl.com/mt4e3d75 Ranking and Security: The Amended and Restated ABL Credit Agreement and related guarantees are the Company's and the guarantors' respective senior secured obligations and are secured on a first lien priority basis by the ABL Priority Collateral and a junior lien priority basis by all other collateral, in each case, owned by the Company and each guarantor, subject to certain exceptions, limitations, permitted liens and the Intercreditor Agreements providing for the relative priorities of the respective security interests in the assets securing the ABL Priority Collateral, the New First Lien Notes, the 2L Exchange Notes and any future junior lien debt of the Company and the guarantors, and certain other matters relating to the administration of security interests. The obligations under the Amended and Restated ABL Credit Agreement are guaranteed by the Company and each of the guarantors. Under the terms of the Amended and Restated ABL Credit Agreement and subject to the Intercreditor Agreements, the obligations and related guarantees rank pari passu in right of payment with all existing and future senior indebtedness of the Company and the guarantors, including the obligations of the Company and the guarantors under the New First Lien Notes and the 2L Exchange Notes, and rank senior in right of payment to any future subordinated indebtedness of the Company and each guarantor. The obligations under the Amended and Restated ABL Credit Agreement are effectively senior to any unsecured indebtedness of the Company and each guarantor and, subject to the Intercreditor Agreements, indebtedness of the Company and each guarantor secured by liens junior to the liens securing the obligations under the Amended and Restated ABL Credit Agreement. Restrictive Covenants: The Amended and Restated ABL Credit Agreement contains covenants that limit the Company's (and its restricted subsidiaries') ability to, among other things: incur additional indebtedness, guarantee indebtedness or issue disqualified stock or, in the case of such subsidiaries, preferred stock; pay dividends on, repurchase or make distributions in respect of capital stock or make other restricted payments; make certain investments or acquisitions; sell, transfer or otherwise convey certain assets; create liens; enter into agreements restricting certain subsidiaries' ability to pay dividends or make other intercompany transfers; consolidate, merge, sell or otherwise dispose of all or substantially all of the Company's or its subsidiaries' assets; enter into transactions with affiliates; prepay certain kinds of indebtedness; issue or sell stock of such subsidiaries; and consummate certain liability management transactions. About Urban One Urban One, Inc., formerly known as Radio One, Inc., headquartered in Silver Spring, Md., is an urban-oriented multimedia company that operates or owns interests in radio broadcasting stations (32% of revenue as of LTM Q4 2022) generated by 66 stations in 13 markets, cable television networks (43% of revenue), an 80% ownership in Reach Media (9% of revenue), and ownership of Interactive One, its digital platform, as well as other internet-based properties (16% of revenue), largely targeting an African-American and urban audience. The Chairperson, Catherine L. Hughes, and President, Alfred C. Liggins III (Chairperson's son), maintain voting control and hold a significant ownership position. The Company reported consolidated revenue of $485 million as of LTM Q4 2022. As of September 30, 2025, the Company had $723.48 million in total assets, $642.06 million in total liabilities, and $78.83 million in total deficit. * * * In December 2025, S&P Global Ratings lowered its Company credit rating on Urban One Inc. to 'SD' (selective default) from 'CC' and its issue-level rating on its senior secured notes due 2028 to 'D' from 'CC'. S&P said, "We view the debt restructuring as distressed and tantamount to a default. In our view, the debt restructuring is distressed because Urban One's lenders received less than they were originally promised due to the maturity extension and the repayment of the debt at a material discount (60%) to par." The remaining 2028 senior secured noteholders ($11 million following the debt exchange) now rank lower in order of priority relative to the new super-priority senior secured notes due 2030 and the second-lien senior secured notes due 2031. . . The majority of the company's business comes from national advertising, which we expect will continue to underperform local advertising because brand advertising is more expendable than direct response advertising. The company's digital businesses have also been facing headwinds given client attrition, the renegotiation of certain contracts, and higher traffic acquisition costs. We believe it will become increasingly difficult for further debt repayment to fully offset EBITDA declines." Under its debt restructuring, the company: -- Purchased $185 million of its 7.375% senior notes due 2028 for $111 million in cash at 60% of par; -- Exchanged $291 million of its existing 7.375% senior notes for newly issued 7.625% senior notes due 2031 and $3.75 in cash per $1,000 in debt principal; and -- Issued new $60.6 million of 10.5% super-priority senior secured notes due 2030. URGENT CARE: Gets Interim OK to Use Cash Collateral --------------------------------------------------- Urgent Care Down East, Inc. got the green light from the U.S. Bankruptcy Court for the Eastern District of North Carolina, Greenville Division, to use cash collateral to fund operations. The court issued an interim order authorizing the Debtor to use cash collateral in accordance with its budget, subject to a 10% variance per line item. As adequate protection, valid and perfected pre-bankruptcy liens of secured creditors will be extended to post-petition assets. The Debtor reserves all rights to challenge the validity, priority, and extent of the secured creditors' pre-bankruptcy and post-petition liens. The order remains in effect until January 26, unless earlier terminated for cause or replaced by a subsequent cash collateral order. During this period, the Debtor must remain current on all post-petition tax obligations and must not dispose of assets outside the ordinary course of business without consent from secured creditors and, where required, court approval. The next hearing is scheduled for January 26, 2026. The Debtor's income is generated from ongoing business operations and uninterrupted access to cash is essential to cover ordinary course operating expenses such as payroll, employee benefits, insurance, utilities, and other necessary overhead. To demonstrate its needs, the Debtor submitted both a 15-day and a 30-day operating budget, reflecting anticipated receipts primarily from patient services and projected disbursements dominated by payroll and insurance costs, with a modest positive cash balance maintained. The Debtor acknowledges that certain creditors may have valid, perfected security interests in cash collateral, including funds on hand at the petition date and accounts receivable, specifically identifying First National Bank of Pennsylvania and the SBA based on filed UCC financing statements and continuations. About Urgent Care Down East Inc. Urgent Care Down East, Inc. operates a walk-in urgent care clinic in Washington, North Carolina, providing same-day medical treatment for acute illnesses, minor injuries, occupational health services, and routine physicals, serving patients in Eastern North Carolina. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. N.C. Case No. 25-05002) on December 16, 2025. In the petition signed by Rachel Gardner, president, the Debtor disclosed $476,437 in assets and $1,699,505 in total liabilities. Judge David M. Warren oversees the case. George Mason Oliver, Esq., at THE LAW OFFICES OF GEORGE OLIVER, PLLC, represents the Debtor as legal counsel. VYVVE LLC: Employs Agentis PLLC as Special Litigation Co-Counsel ---------------------------------------------------------------- VYVVE, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to employ Robert P. Charbonneau of Agentis PLLC as Special Litigation Counsel to the Liquidating Trustee. Mr. Charbonneau and Agentis PLLC will provide these services: (a) assist the Liquidating Trustee and the Trust’s other legal professionals in pursuing claims for breaches of fiduciary duties against former members of the Debtor's board of managers and related parties; (b) serve as litigation counsel to the Liquidating Trust in connection with the D&O Claims; (c) prosecute claims involving coverage issues related to the D&O Claims, with insurance coverage and bad faith matters to be addressed by Mazer Law P.A.; and (d) represent the Liquidating Trustee in connection with settlement, judgment, or other recovery related to the D&O Claims. Agentis PLLC and Mazer Law P.A. will be compensated on a contingency fee basis equal to 37.5% of all proceeds obtained under the D&O Claims. The contingency fee will be divided 65% to Agentis PLLC and 35% to Mazer Law P.A. The contingency fee is payable upon settlement or recovery of the D&O Claims and has been approved by the Court. According to court filings, neither Mr. Charbonneau nor Agentis PLLC holds or represents any interest adverse to the Debtor or the Liquidating Trust with respect to the matters on which they are retained. The Court found that Special Counsel is disinterested as defined in Section 101(14) of the Bankruptcy Code and as required by Section 327(e). The firm can be reached at: Robert P. Charbonneau, Esq. AGENTIS PLLC 45 Almeria Avenue Coral Gables, FL 33134 Telephone: (305) 722-2002 E-mail: rpc@agentislaw.com About Vyvve LLC Vyvve, LLC, filed a Chapter 11 petition (Bankr. S.D. Fla. Case No. 25-13760) on April 7, 2025, listing under $1 million in both assets and liabilities. Judge Erik P. Kimball oversees the case. Robert P. Charbonneau, Esq., at Agentis PLLC is the Debtor's legal counsel. WARREN'S READY-MIX: Gets Interim OK to Use Cash Collateral ---------------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of Texas, Houston Division entered an agreed interim order granting Warren's Ready-Mix, LLC approval to use cash collateral to fund operations. The court authorized the Debtor to use cash collateral strictly in accordance with a court-approved budget and for no other purpose without Mint National Bank's written consent. To protect Mint Bank against any diminution in the value of its collateral, the court granted multiple forms of adequate protection. These include replacement liens on post-petition assets and superpriority administrative expense claims, ensuring priority repayment if the Debtor's Chapter 11 case fails. Moreover, the use of cash collateral is strictly limited to expenditures authorized by a court-approved operating budget and the Debtor is required to continue making its regularly scheduled monthly loan payments to Mint Bank. The order also contains safeguards against insider payments. The Debtor is prohibited from using cash collateral to pay Carey Dean Warren, Bernice F. Warren, or any of their numerous named affiliated entities, including trucking and real estate affiliates. The order further clarified that Texas Tax Trust Funds are not property of the bankruptcy estate and must be segregated and remitted directly to the Texas Comptroller, consistent with state law. The Debtor's authority to use cash collateral is temporary and will terminate on January 6, unless extended by the Court or by agreement of the parties. Events of default such as budget violations and failure to provide required financial reporting, may result in termination of cash collateral usage following a five-day cure period. A final hearing is scheduled for January 5. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/7URiW from PacerMonitor.com. Mint is the Debtor's primary secured creditor. The Debtor agrees to outstanding obligations of approximately $3,393,987.57 across seven loan facilities, with total related indebtedness -- when affiliated entities are included -- approaching $5.96 million. Based on stipulated asset values exceeding $6.94 million, the court determined that Mint is oversecured, entitling it to post-petition interest and reasonable fees and costs in accordance with the loan documents and applicable law. Formed in 2021, Warren's supplies high-performance ready-mix concrete to residential and commercial construction projects using technology-driven ordering, batching, and truck-tracking systems. Rapid growth strained cash flow, prompting the hiring of an experienced CEO in 2023 and a turnaround-focused CFO in 2024 to restructure operations and avoid bankruptcy. Despite these efforts, litigation initiated in May 2025 by Heidelberg Materials seeking nearly $1 million in alleged unpaid debt, combined with looming summary judgment and trial deadlines, led the Debtor to conclude that Chapter 11 offered the most effective path to restructuring while staying the lawsuit for the benefit of all creditors. About Warren's Ready-Mix LLC Warren's Ready-Mix, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-37585) on December 18, 2025, with $10,000,001 to $50 million in both assets and laibilities. The petition was signed by Carey Dean Warren, Jr. as owner. Judge Hon. Jeffrey P Norman oversees the case. Julie M. Koenig, Esq., at Cooper & Scully, is the Debtor's legal counsel. Mint National Bank, as secured creditor, is represented by: Misty A. Segura, Esq. Spencer Fane, LLP 3040 Post Oak Blvd., Ste. 1400 Houston, TX 77056 Office: (713) 212-2643 msegura@spencerfane.com WILDEC LLC: Claims to be Paid from Property Sale Proceeds --------------------------------------------------------- Decker & Williams, LLC, a debtor affiliate of Wildec LLC, filed with the U.S. Bankruptcy Court for the Eastern District of Washington a Disclosure Statement describing Plan of Liquidation dated December 19, 2025. The Debtor is a Washington limited liability company, the sole member and manager of which is Jason P. Decker. The Debtor's primary asset is a 3,430 square foot commercial office building located at 202 Lincoln Avenue, Mukilteo, Washington 98275 (the "Lincoln Avenue Property") that it currently leases to Grady Excavating, Inc. The Lincoln Avenue Property is currently listed for sale with Lee & Associates Commercial Real Estate Services ("Lee & Associates" or the "Listing Agent"). The Debtor estimates the value of the Lincoln Avenue Property to be at least $1,600,000 and likely greater. The Bankruptcy Case arises from the Debtor's relationship with another Decker-owned company, Elcon Corporation. Elcon was a Washington-based electrical contractor and construction company co-owned by Decker. Elcon was involved in major public infrastructure projects, including those of the Port of Seattle and the Washington State Department of Transportation. In September 2023, the King County Superior Court for the State of Washington (the "State Court") appointed a receiver to wind down and liquidate Elcon's operations. On November 19, 2025, the Court entered the Order Authorizing the Assumption of Executory Contract and Approving Sale of Real Property Free and Clear of Liens (the "WILDEC Property Sale Order" approving the sale of WILDEC's real property located at 1720 75th St. SW, Everett, Washington (the "WILDEC Property"). The sale is expected to close on December, 31, 2025, the proceeds of which are expected to pay Markel, a second position lien holder of the WILDEC Property and an unsecured creditor of the Debtor, in full, thereby reducing Markel's unsecured claim against the Debtor's estate proportionately to the amount it is paid from the WILDEC Property sale proceeds. Class 1 consists of Allowed Unsecured Claims (each, a "Class 1 Claim"). Each Holder of a Class 1 Claim shall be paid its Pro Rata share of the Net Sale Proceeds and Net Estate Cash within 10 days of Closing. Class 2 consists of the Equity Interests. Each Holder of an Equity Interest shall retain such Interest following Confirmation but shall receive no distribution on account of such Interest unless and until Class 1 has been paid in full. To the extent the Net Sale Proceeds and Net Estate Cash are insufficient to pay Class 1 in full, the Equity Interests shall be extinguished. The Lincoln Avenue Property will continue to be marketed pursuant to the Listing Agreement. The Debtor shall close the sale of the Lincoln Avenue Property on or before the date that is one year from the Effective Date. Class 1 Claims will be paid from a combination of Net Estate Cash, if any, and the Net Sale Proceeds. Net Estate Cash and Net Sale Proceeds will be insufficient to pay Class 1 Claims in full. On the Effective Date, the Debtor shall continue to exist in accordance with the laws in the jurisdiction in which it is formed and pursuant to its Operating Agreement in effect prior to the Effective Date, except to the extent such Operating Agreement is amended under the Plan. Except as otherwise provided in the Plan, on and after the Effective Date, each item of property of the Debtor, including all claims, rights and causes of action and any property acquired by the Debtor shall vest in the Debtor free and clear of all Claims, liens, charges, other encumbrances and interests. A full-text copy of the Disclosure Statement dated December 19, 2025 is available at https://urlcurt.com/u?l=xKPlwQ from PacerMonitor.com at no charge. The Debtor's Counsel: Lesley D. Bohleber, Esq. BUSH KORNFELD LLP 601 Union St., Suite 5000 Seattle, WA 98101-2373 Tel: 206-292-2110 Fax: 206-292-2104 E-mail: lbohleber@bskd.com 1 About Wildec LLC Wildec, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Wash. Case No. 25-01749) on October 2, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $10 million and $50 million. Judge Frederick P. Corbit oversees the case. The Debtor is represented by Lesley D. Bohleber, Esq., at Bush Kornfeld, LLP. XWELL INC: Eight Key Proposals Approved at Annual Meeting --------------------------------------------------------- XWELL, Inc. held its 2025 Annual Meeting of Stockholder where stockholders voted on the eight proposals. As of November 6, 2025, the record date for the Annual Meeting, there: (i) were 5,766,703 shares of common stock, par value $0.01 per share and (ii) 4,000 shares of Series G Preferred Stock, outstanding and entitled to vote on each matter presented for vote at the Annual Meeting. At the Annual Meeting, 4,049,638 (66.89%) of the total outstanding shares of common stock were represented in person or by proxy. The final results for each of the matters submitted to a vote of stockholders at the Annual Meeting are as follows: Proposal 1: The following five nominees were reelected to serve on the Company's Board of Directors until the 2026 Annual Meeting of Stockholders or until his or her respective successors have been duly elected and qualified, or until his or her earlier resignation or removal, having received the following votes: 1. Ezra Ernst * For: 2,318,830 * Withheld: 211,636 * Broker Non-Votes: 1,806,432 2. Bruce Bernstein * For: 2,052,900 * Withheld: 477,565 * Broker Non-Votes: 1,806,432 3. Robert Weinstein * For: 1,943,374 * Withheld: 587,092 * Broker Non-Votes: 1,806,432 4. Gaëlle Wizenberg * For: 2,141,245 * Withheld: 389,221 * Broker Non-Votes: 1,806,432 5. Michael Lebowitz * For: 1,965,501 * Withheld: 564,965 * Broker Non-Votes: 1,806,432 Proposal 2: The appointment of CBIZ CPAs, P.C. as the Company's independent registered public accounting firm for the fiscal year ending December 31, 2025, was ratified, having received the following votes: * Votes For: 3,641,953 * Votes Against: 378,367 * Abstentions: 29,317 * Broker Non-Votes: -- Proposal 3: The compensation of the Company's named executive officers was approved, on a non-binding, advisory basis, having received the following votes: * Votes For: 1,984,789 * Votes Against: 540,408 * Abstentions: 5,269 * Broker Non-Votes: 1,806,432 Proposal 4: The frequency of the Company's future non-binding advisory votes of the stockholders' approval of the executive compensation of the Company, was approved on a non-binding, advisory basis, for every three years, having received the following votes: * Three Years: 1,470,510 * Two Years: 12,899 * One Year: 860,169 * Abstain: 186,888 * Broker Non-Votes: 1,806,432 Proposal 5: The amendment to the Company's Certificate of Incorporation to classify the Board into two classes, with the directors in each class to serve staggered two-year terms, was not approved, having received the following votes: * Votes For: 1,789,561 * Votes Against: 721,530 * Abstentions: 19,375 * Broker Non-Votes: 1,806,432 Proposal 6: The amendment to the Company's Certificate of Incorporation to effect, at the discretion of the Board but prior to the one-year anniversary of the reverse stock split is approved by the Company's stockholders at the Annual Meeting, at a ratio in the range of 1-for-2 to 1-for-20, with such ratio to be determined by the Board in its discretion and included in a public announcement, was approved, having received the following votes: * Votes For: 3,126,359 * Votes Against: 918,089 * Abstentions: 5,190 * Broker Non-Votes: 1,806,432 Proposal 7: The issuance of, for purposes of complying with Nasdaq Listing Rule 5635(d) (A) any additional shares of Common Stock underlying: (i) shares of Series G Convertible Preferred Stock, par value $0.01 per share (as adjusted by that certain Certificate of Amendment, dated November 4, 2025), (ii) the amended and restated series A warrants to purchase shares of Common Stock, (iii) the amended and restated series B warrants to purchase shares of Common Stock, and (B) shares of Common Stock underlying the Senior Secured Convertible Notes, in each case, issued by the Company pursuant to the terms of that certain Securities Exchange and Amendment Agreement, dated as of November 3, 2025, by and among the Company and the investors named therein, in an amount equal to or in excess of 19.99% of Common Stock outstanding immediately prior to the date of the Exchange Agreement (including any amortization and/or dividends made to the holders of the Series G Preferred Stock and the Notes, as the case may be, in the form of issuance of shares of Common Stock pursuant to certain provisions applicable to such Series G Preferred Stock, the Warrants and the Notes in accordance with their terms) and, in case of the Series G Preferred Stock and the Warrants, at a conversion or exercise price per share, as applicable, lower than such prices previously approved by stockholders, was approved, having received the following votes: * Votes For: 1,700,569 * Votes Against: 530,197 * Abstentions: 12,440 * Broker Non-Votes: 1,806,432 Proposal 8: The adjournment of the Annual Meeting to a later date or dates, if necessary or appropriate, to permit further solicitation and vote of proxies in the event that there are insufficient votes for, or otherwise in connection with, the approval of any one or more of the foregoing proposals, having received the following votes: * Votes For: 3,228,340 * Votes Against: 802,786 * Abstentions: 18,512 * Broker Non-Votes: -- For more information about the foregoing proposals, see the Company's definitive proxy statement for the Annual Meeting, filed with the Securities and Exchange Commission on November 17, 2025, the relevant portions of which are incorporated herein by reference. The results are final voting results. No other matters were considered or voted upon at the Annual Meeting. About XWELL New York, N.Y.-based XWELL, Inc. is a global wellness company operating multiple brands and focused on bringing restorative, regenerative and reinvigorating products and services to travelers. Morristown, N.J.-based Marcum LLP, the Company's former auditor, issued a "going concern" qualification in its report dated April 15, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has incurred significant losses and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of June 30, 2025, the Company had $22.4 million in total assets, $18.3 million in total liabilities, and a total equity of $3.7 million. ZYNEX INC: Secures $22.3 Million DIP Facility in Chapter 11 ----------------------------------------------------------- Zynex, Inc. and certain of its subsidiaries filed voluntary petitions under chapter 11 of title 11 of the United States Code in the United States Bankruptcy Court for the Southern District of Texas. On the Petition Date, prior to commencing the Chapter 11 Cases, the Company Parties entered into a restructuring support agreement (including (i) a term sheet annexed thereto setting forth the terms of the DIP Facility and (ii) a term sheet setting forth the key terms of the restructuring transactions and together with all annexes and exhibits thereto, the "RSA") with certain holders of, or investment advisors, sub-advisers or managers of discretionary accounts that hold, the Company's 5.00% Convertible Senior Notes due 2026 and certain lenders under the DIP Facility. The RSA DIP Lenders together with Steven Dyson, our chief executive officer (or an entity controlled by Mr. Dyson) agreed to provide a $22.3 million delayed draw senior secured debtor-in-possession term loan available in three draws of $10.15 million on initial draw, $5.0 million on the second draw, and $7.15 million on the third draw. In connection with the Chapter 11 Cases, the Company Parties filed a motion for approval of the DIP Facility [Docket No. 16]. On December 17, 2025, following receipt of interim approval from the Court, the Company entered into the DIP Facility in an aggregate principal amount of $22.3 million on the terms and conditions set forth in the DIP Facility credit agreement between the Company Parties, the DIP Lenders and Wilmington Savings Fund Society, FSB, as administrative agent and collateral agent. The proceeds of the DIP Facility will be used, among other things, to: (i) pay certain costs, fees and expenses related to the Chapter 11 Cases and (ii) fund working capital needs and expenditures of the Company Parties, in all cases subject to the terms of the DIP Credit Agreement and applicable orders of the Court. The DIP Facility provides three draws of $10.15 million on the initial draw, $5.0 million on the second draw, and $7.15 million on the third draw, with each draw subject to certain milestones, including those related to the Chapter 11 Cases being met. The Company received the initial draw on December 18, 2025, and as of such date $10.15 million aggregate principal amount was outstanding under the DIP Facility. The outstanding DIP Obligations (consisting of the principal amount, together, without limitation, all interest, fees, costs and expenses (including a DIP agent fee, an upfront fee, an exit fee, a back-stop fee and a minimum return on invested capital payment) under the DIP Facility) bear interest at a per annum rate equal to 10% per annum, which interest is paid-in kind and capitalized monthly. The DIP Facility includes an agent fee of $25,000, an upfront fee to the DIP Lenders of $669,000 payable in-kind at the first draw, an exit fee of $669,000 payable in-kind upon exit of the DIP Facility, a backstop fee of $5,000,000 payable in-kind to certain of the lenders who provide back-stop commitments and a minimum return on invested capital of 2.00x. The maturity date of the DIP Facility will be the earliest of: (a) 105 days after the Petition Date; (b) the date the DIP Obligations are accelerated pursuant to the terms of the DIP Facility based on the occurrence of an event of default and (c) consummation of a sale of all or substantially all of the assets and/or capital stock of the Company Parties pursuant to a plan of reorganization or Section 363 of the Bankruptcy Code. Under the DIP Facility, the DIP Lenders and the Collateral Agent subject to the terms of the DIP Order and, in each case, other than certain excluded assets and carve outs for retained estate professionals and exceptions for statutory avoidance actions, are at all times secured, by a first priority senior priming security interest in and lien upon all assets of the Company Parties, including without limitation all real and personal property of the Company Parties now owned or hereafter acquired and all other property of whatever kind and nature, including but not limited to, all pre-petition real and personal property of the Company Parties, all post-petition real and personal property of the Company Parties, and all proceeds of all of the foregoing. The DIP Credit Agreement also includes certain customary representations and warranties, affirmative covenants, negative covenants and events of default, including, but not limited to, payment defaults, material inaccuracy of representations and warranties, covenant defaults and consummation of certain Sales. Certain bankruptcy-related events are also events of default, including, but not limited to, the failure to meet the milestones in the Chapter 11 Cases, dismissal by the Court of any of the Chapter 11 Cases, the conversion of any of the Chapter 11 Cases to a case under Chapter 7 of the Bankruptcy Code and certain other events related to the impairment of the DIP Lenders' rights or liens granted under the DIP Credit Agreement. A full text copy of the DIP Credit Agreement is available at https://tinyurl.com/4deh3kte 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. ZYNEX INC: To Move to OTC Markets After Nasdaq Delisting -------------------------------------------------------- Zynex Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Company received a written notice from the Listing Qualifications Department of The Nasdaq Stock Market LLC notifying the Company that, pursuant to Nasdaq Listing Rules 5101, 5110(b) and IM-5101-1, Nasdaq had determined to delist the Company's common stock as a result of the Chapter 11 Cases. Pursuant to Nasdaq listing rules, the Company has the right to appeal Nasdaq's delisting determination. The Notice further advised that Nasdaq would suspend trading of the Company's common stock and that Nasdaq would file a Form 25-NSE with the Securities and Exchange Commission to effect the delisting of the Company's common stock unless the Company requests an appeal of this determination. The Company does not intend to appeal this determination. The Company anticipates that following suspension from trading, its common stock will commence trading on one of the markets operated by OTC Markets Group. The Company can provide no assurance that the common stock will commence or continue to trade on this market, whether broker-dealers will continue to provide public quotes of the common stock on this market, whether the trading volume of the common stock will be sufficient to provide for an efficient trading market or whether quotes for the common stock will continue on this market in the future. 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. [^] Recent Small-Dollar & Individual Chapter 11 Filings ------------------------------------------------------- In re StoneCrest Contractors Inc Bankr. N.D. Ga. Case No. 25-64767 Chapter 11 Petition filed December 18, 2025 Filed Pro Se In re Battle Born Pool & Spa LLC Bankr. D. Nev. Case No. 25-51219 Chapter 11 Petition filed December 21, 2025 See https://www.pacermonitor.com/view/I2XG5TQ/BATTLE_BORN_POOL__SPA_LLC__nvbke-25-51219__0001.0.pdf?mcid=tGE4TAMA represented by: Kevin A. Darby, Esq. DARBY LAW PRACTICE, LTD E-mail: kevin@darbylawpractice.com In re Get 20 Holdings LLC Bankr. S.D. Ala. Case No. 25-13542 Chapter 11 Petition filed December 22, 2025 See https://www.pacermonitor.com/view/33DVV3Q/Get_20_Holdings_LLC__alsbke-25-13542__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Samip Ashvin Patel and Huyen Minh Buyen Bankr. D. Ariz. Case No. 25-12342 Chapter 11 Petition filed December 22, 2025 represented by: Christopher Simpson, Esq. OSBORN MALEDON, P.A. Email: csimpson@omlaw.com In re Kids First Pediatric Therapy, Inc. Bankr. C.D. Cal. Case No. 25-21513 Chapter 11 Petition filed December 22, 2025 See https://www.pacermonitor.com/view/MDAK3PI/Kids_First_Pediatric_Therapy_Inc__cacbke-25-21513__0001.0.pdf?mcid=tGE4TAMA represented by: David A. Wood, Esq. MARSHACK HAYS WOOD LLP E-mail: dwood@marshackhays.com In re Sancho Loco Inc. Bankr. C.D. Cal. Case No. 25-11740 Chapter 11 Petition filed December 22, 2025 See https://www.pacermonitor.com/view/Y5TWX6A/Sancho_Loco_Inc__cacbke-25-11740__0001.0.pdf?mcid=tGE4TAMA represented by: Matthew D. Resnik, Esq. RHM LAW LLP E-mail: matt@rhmfirm.com In re Allitcon, Inc Bankr. N.D. Cal. Case No. 25-51967 Chapter 11 Petition filed December 22, 2025 See https://www.pacermonitor.com/view/4NY3T2I/Allitcon_Inc__canbke-25-51967__0001.0.pdf?mcid=tGE4TAMA represented by: Lars Fuller, Esq. THE FULLER LAW FIRM PC E-mail: admin@fullerlawfirm.net In re Comfort All-Stars, Inc. Bankr. M.D. Fla. Case No. 25-09642 Chapter 11 Petition filed December 22, 2025 See https://www.pacermonitor.com/view/QXKHYCA/Comfort_All-Stars_Inc__flmbke-25-09642__0001.0.pdf?mcid=tGE4TAMA represented by: Buddy D. Ford, Esq. FORD & SEMACH, P.A. E-mail: All@tampaesq.com In re Jason Ader Bankr. S.D. Fla. Case No. 25-25088 Chapter 11 Petition filed December 22, 2025 represented by: Alexandra Oriol-Bennett, Esq. In re Jennifer Dawn Makeeff Bankr. S.D. Fla. Case No. 25-25145 Chapter 11 Petition filed December 23, 2025 represented by: Lucie Fleurimond, Esq. In re Kevin D. Brake and Teresa L. Brake Bankr. S.D. Ga. Case No. 25-20449 Chapter 11 Petition filed December 23, 2025 represented by: Jon A. Levis, Esq. In re Brad Paul Schaeffer Bankr. M.D. La. Case No. 25-11174 Chapter 11 Petition filed December 22, 2025 represented by: Robin DE Leo, Esq. ROBIN R. DE LEO, LLC In re Jared Kenyanya Bankr. D. Minn. Case No. 25-44176 Chapter 11 Petition filed December 22, 2025 represented by: Joseph Dicker, Esq. In re VN Painting & Trimwork Corp Bankr. S.D.N.Y. Case No. 25-23233 Chapter 11 Petition filed December 22, 2025 See https://www.pacermonitor.com/view/S5LDF5A/VN_Painting__Trimwork_Corp__nysbke-25-23233__0001.0.pdf?mcid=tGE4TAMA represented by: Alla Kachan, Esq. LAW OFFICES OF ALLA KACHAN, P.C. E-mail: alla@kachanlaw.com In re Duoc T Nguyen and Thu Thuy T Lam Bankr. S.D. Tex. Case No. 25-37718 Chapter 11 Petition filed December 22, 2025 Filed Pro Se In re Zephyr Hospitality LLC Bankr. N.D. Cal. Case No. 25-10808 Chapter 11 Petition filed December 23, 2025 See https://www.pacermonitor.com/view/AVBZJLI/Zephyr_Hospitality_LLC__canbke-25-10808__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Richard Edward Hull, III and Carol Sue Bliese Bankr. D.D.C. Case No. 25-00600 Chapter 11 Petition filed December 23, 2025 represented by: Richard B. Rosenblatt, Esq. In re Absolute Truck Repair, LLC Bankr. M.D. Fla. Case No. 25-04758 Chapter 11 Petition filed December 23, 2025 See https://www.pacermonitor.com/view/JPGKF7Y/Absolute_Truck_Repair_LLC__flmbke-25-04758__0001.0.pdf?mcid=tGE4TAMA represented by: Bryan K. Mickler, Esq. LAW OFFICES OF MICKLER & MICKLER, LLP E-mail: bkmickler@planlaw.com In re Management MCOA LLC Bankr. S.D. Fla. Case No. 25-25184 Chapter 11 Petition filed December 23, 2025 See https://www.pacermonitor.com/view/MU2JLEI/Management_MCOA_LLC__flsbke-25-25184__0001.0.pdf?mcid=tGE4TAMA represented by: Jordi Guso, Esq. BERGER SINGERMAN LLP E-mail: jguso@bergersingerman.com In re Mohnark Pharmaceuticals, Inc. Bankr. S.D. Fla. Case No. 25-25193 Chapter 11 Petition filed December 23, 2025 See https://www.pacermonitor.com/view/MFRDTRA/Mohnark_Pharmaceuticals_Inc__flsbke-25-25193__0001.0.pdf?mcid=tGE4TAMA represented by: Daniel Gielchinksky, Esq. DGIM LAW PLLC E-mail: dan@dgimlaw.com In re Universal Missionary Baptist Church, Inc. Bankr. N.D. Ill. Case No. 25-19597 Chapter 11 Petition filed December 23, 2025 See https://www.pacermonitor.com/view/6T6L2AA/Universal_Missionary_Baptist_Church__ilnbke-25-19597__0001.0.pdf?mcid=tGE4TAMA represented by: Gregory K. Stern, Esq. GREGORY K. STERN, P.C. E-mail: greg@gregstern.com In re Jerry's Place Cleveland, LLC Bankr. N.D. Miss. Case No. 25-14357 Chapter 11 Petition filed December 23, 2025 See https://www.pacermonitor.com/view/KEQIGXI/Jerrys_Place_Cleveland_LLC__msnbke-25-14357__0001.0.pdf?mcid=tGE4TAMA represented by: Craig M. Geno, Esq. LAW OFFICES OF GENO AND STEISKAL, PLLC E-mail: cmgeno@cmgenolaw.com In re Electric Forklift Repairs Corp. Bankr. D.N.J. Case No. 25-23553 Chapter 11 Petition filed December 23, 2025 See https://www.pacermonitor.com/view/5HVC7MA/Electric_Forklift_Repairs_Corp__njbke-25-23553__0001.0.pdf?mcid=tGE4TAMA represented by: Ellen M. McDowell, Esq. MCDOWELL LAW, PC E-mail: emcdowell@mcdowelllegal.com In re Michael D. Cargill Bankr. W.D. Tex. Case No. 25-12030 Chapter 11 Petition filed December 23, 2025 represented by: Stephen Sather, Esq. In re John Lenox Berryman and Beth Ann Arrowood Bankr. S.D. Fla. Case No. 25-25235 Chapter 11 Petition filed December 24, 2025 represented by: Zach Shelomith, Esq. In re Saucon Trust Bankr. E.D. Pa. Case No. 25-15243 Chapter 11 Petition filed December 26, 2025 See https://www.pacermonitor.com/view/3K6PDZA/Saucon_Trust__paebke-25-15243__0001.0.pdf?mcid=tGE4TAMA represented by: Michelle Lee, Esq. DILWORTH PAXSON LLP E-mail: bky@dilworthlaw.com In re Whitehall Trust Bankr. E.D. Pa. Case No. 25-15241 Chapter 11 Petition filed December 26, 2025 See https://www.pacermonitor.com/view/WZKU5QI/Whitehall_Trust__paebke-25-15241__0001.0.pdf?mcid=tGE4TAMA represented by: Michelle Lee, Esq. DILWORTH PAXSON LLP E-mail: bky@dilworthlaw.com In re Whitehall Manor, Inc. Bankr. E.D. Pa. Case No. 25-15245 Chapter 11 Petition filed December 26, 2025 See https://www.pacermonitor.com/view/6XMSMGQ/Whitehall_Manor_Inc__paebke-25-15245__0001.0.pdf?mcid=tGE4TAMA represented by: Michelle Lee, Esq. DILWORTH PAXSON LLP E-mail: bky@dilworthlaw.com In re Saucon Valley Manor, Inc. Bankr. E.D. Pa. Case No. 25-15244 Chapter 11 Petition filed December 26, 2025 See https://www.pacermonitor.com/view/ZOPE2DQ/Saucon_Valley_Manor_Inc__paebke-25-15244__0001.0.pdf?mcid=tGE4TAMA represented by: Michelle Lee, Esq. DILWORTH PAXSON LLP Email: bky@dilworthlaw.com ********* Monday's edition of the TCR delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR constitutes an offer or solicitation to buy or sell any security of any kind. 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