260105.mbx

260105.mbx T R O U B L E D C O M P A N Y R E P O R T E R Monday, January 5, 2026, Vol. 30, No. 5 Headlines 20390 US 27: Claims to be Paid from Property Sale Proceeds 3910 ENTERPRISES: Plan Exclusivity Period Extended to Jan. 31, 2026 7 AT BLUE LAGOON: Claims Will be Paid from Property Sale/Refinance ALLIANCE HOME: Case Summary & 19 Unsecured Creditors ANTELOPE HOSPITALITY: Section 341(a) Meeting of Creditors on Feb. 3 ARIZONA HORSE: Section 341(a) Meeting of Creditors on January 22 ATLANTIC CITY, NJ: Moody's Upgrades Issuer Rating From Ba1 BEST OF TASTE: Claims to be Paid from Business Operations BEXIN REALTY: Court Extends Cash Collateral Access to Jan. 31 BLIZE HEALTHCARE: Final Cash Collateral Hearing Set for Jan. 7 BLUE STAR FOODS: Quick Capital Holds 9.99% Equity Stake BOAT ENERGY: Claims to be Paid From Available Cash and Income BOZETTIS GROUP: Stephen Darr of Huron Named Subchapter V Trustee C.D.S MOVING: Seeks Chapter 11 Bankruptcy in California C.R. OF WILDWOOD: No Decline in Resident Care, 1st PCO Report Says CBDMD INC: Crosnoe Entities Disclose 4.9% Equity Stake CBDMD INC: Posts $2.04MM Loss in FY25, Warns of Going Concern Doubt CENTRAL FLORIDA: Gets Extension to Access Cash Collateral CENTURY DESIGN: Unsecureds Will Get 5% of Claims over 60 Months CO.CO.COUNTY DRAIN: Seeks Chapter 7 Bankruptcy in California COLD SPRING: No Decline in Resident Care, 3rd PCO Report Says CONSTANT CARE: Seeks Cash Collateral Access COSAMIA LLC: L. Todd Budgen Named Subchapter V Trustee CPW CORP: Court Extends Cash Collateral Access to March 13 CRUISING KITCHENS: Case Summary & 20 Largest Unsecured Creditors CUSTOM HOME INVESTMENT: Seeks Chapter 11 Bankruptcy in California DFI 6628: Seeks Chapter 7 Bankruptcy in New York EASTERN COLORADO: Seeks Continued Cash Collateral Access EL SABOR: Court Extends Cash Collateral Access to Feb. 6 EMMAUS LIFE: Director Ian Zwicker Resigns EMPIRE DC: Seeks Chapter 7 Bankruptcy in District of Columbia EVERCRISP BIOSCIENCES: Case Summary & 20 Top Unsecured Creditors EVOKE PHARMA: Nantahala Capital Ceases Ownership of Shares FALLS EVENT: Court OKs Appointment of Philip Jones as Trustee FALLS MEDICAL: Case Summary & 20 Largest Unsecured Creditors FIREFLY NEUROSCIENCE: Issues New Warrants to Replace June Warrants FIRST BRANDS: Creditors Oppose Former Execs' D&O Coverage Bid FIRST BRANDS: Founder May Invoke 5th Amendment in Jefferies Inquiry FOOD52 INC: America's Test Kitchen to Buy Bankrupt Co. FOOD52 INC: Seeks Chapter 11 Bankruptcy After Sweeping Layoffs FOUR SEASONS: Matthew Grimshaw Named Subchapter V Trustee FREIGHT TECHNOLOGIES: Five Key Proposals Approved at Annual Meeting GEORGI & BRANDON: Neema Varghese Named Subchapter V Trustee GOOD WORKS: Creditor Seeks Appointment of Examiner GREEN TREE: Ira Bodenstein Named Subchapter V Trustee H5 TRANSPORT: Amends Plan to Include SBA Secured Claim Pay HEARDMONT HEALTH: No Decline in Resident Care, 1st PCO Report Says HORIZON FINANCIAL: Seeks Chapter 7 Bankruptcy in Indiana HUNTLEY AVENUE: Seeks Chapter 11 Bankruptcy in California INGLES PRODUCE: Tarek Kiem of Kiem Law Named Subchapter V Trustee INSPIREMD INC: Kathryn Arnold to Step Down from Board Dec. 31 ISLAND JAMS: Leon Jones Named Subchapter V Trustee J.R. BUTLER: Seeks to Extend Plan Exclusivity to April 28, 2026 JB GROUP: Committee Seeks Chapter 11 Trustee Appointment JEWELRY ARTISANS: Gets Interim OK to Use Cash Collateral JJ HEATING: Seeks Chapter 7 Bankruptcy in California JOBEE EXPRESS: Section 341(a) Meeting of Creditors on January 21 JTA1 REAL: Post-Petition Financing or Sale Proceeds to Fund Plan LANDS' END: 62-Year Old Retail Chain Closes Stores in U.S. LAVIE CARE: PCO Reports Resident Care Complaints LINEAR COMPANIES: Seeks Chapter 11 Bankruptcy in Arizona LISBON VISTA: Case Summary & Four Unsecured Creditors LLSSGG LLC: Claims to be Paid from Available Cash & Contribution LOOK CINEMAS: Court Extends Cash Collateral Access to Jan. 28 LTR HOLDINGS: Dwayne Murray Named Subchapter V Trustee LUMEN TECHNOLOGIES: Amends Tender Offers for Second Lien Notes LUMINAR TECHNOLOGIES: Common Stock to Trade on OTC Pink Market MARI ARI: Amends Unsecured Claims Pay Details MARQUIE GROUP: Changes Name to Transglobal Management Group Inc. MDA SPACE: DBRS Finalizes BB Credit Rating, Trend Stable MILLSIDE PLAZA: Claims to be Paid from Contribution & Rental Income MINDZERO INC: Closes South Carolina Health Studios After Chapter 11 MOUNTAIN REGIONAL: Seeks Cash Collateral Access MOUNTAIN VIEW: No Decline in Resident Care, 1st PCO Report Says MY SIZE: Approves Restricted Stock Grants to Executives NATHAN'S FAMOUS: Arthur's Treacher Closes More Than 800 Locations NEW FORTRESS: Secures Lender Forbearance on Debt Defaults NEW INSPIRATIONAL: Cash Collateral Hearing Set for Jan. 13 NICKLAUS COMPANIES: Jack Nicklaus Wants Chapter 11 Case Dismissed NINE SQUARE: Case Summary & 20 Largest Unsecured Creditors NOAH NAOL: Seeks Chapter 7 Bankruptcy in District of Columbia NORTH COUNTRY HEALTHCARE: March 13 Claims Bar Date OLD WORLD: Seeks Chapter 7 Bankruptcy in Indiana OMNI HEALTH: Gets Extension to Access Cash Collateral ORANGE COURIER: Gets Extension to Access Cash Collateral OROVILLE HOSPITAL: Affiliates Say Bankruptcy Loan Inadequate PEEK LLC: Secured Creditor Files Competing Plan PHL VARIABLE: Liquidation Looms as Reorganization Prospects Fade PINNACLE GROUP: NYC Opposes Landlord's Ch. 11 Proposal, Asset Sale PLATE RESTAURANT: Amends Secured Claims Pay Details PORTLAND DUCK: Unsecureds to Get Share of Income for 3 Years POSEIDON ADVENTURES: Seeks Chapter 7 Bankruptcy in California PRAESUM HEALTHCARE: InstafundingUT Challenges DIP Financing Orders PRISTINE JANITORIAL: Seeks Chapter 7 Bankruptcy in New Jersey PROEMA AUTOMOTIVA: Chapter 15 Case Summary PROFRAC HOLDING: $40M New Notes Issued to Wilks Brothers, Beal Bank PROFRAC HOLDING: Amends Alpine Term Loan; Amortization Cut to $7.5M PURELIGHT POWER: Shuts Down Operations, Prepares for Ch. 7 Filing R&R TRANSPORT: Has Deal on Cash Collateral Access RANCHO COLTON: Seeks Chapter 11 Bankruptcy in California RAZAGHI DEVELOPMENT: Section 341(a) Meeting of Creditors on Jan. 27 REDEFYNE MOVING: Gets Final OK to Use Cash Collateral RENT-A-CHRISTMAS: Court Extends Cash Collateral Access to March 31 RICHFIELD NURSING: No Resident Complaints, 3rd PCO Report Says ROCKY MOUNTAIN: Raises $2.7 Million in Private Placement ROOF EZ: Ruediger Mueller of TCMI Named Subchapter V Trustee RUBICON MECHANICAL: Seeks Cash Collateral Access RUSS'S MULCH: Court OKs Deal to Use Cash Collateral RX UNIFORMS: Seeks Chapter 7 Bankruptcy in North Carolina SAFE & GREEN: Acquires Giant Group America for $3.5 Million SAKS GLOBAL: CEO Marc Metrick Resigns as Company Mulls Chap. 11 SANDY NGUYEN: Court Narrows Claims in Newtek et al. Adversary Case SCIENTIFIC ENERGY: Certifies Termination of SEC Registration SECURECOMM TECHNOLOGIES: Continued Operations to Fund Plan SEDONA 66: Seeks Chapter 7 Bankruptcy in Indiana SUNATION ENERGY: Two Proposals OK'd; 2022 Incentive Plan Rejected TEZCAT LLC: Gets Extension to Access Cash Collateral THREEPIECEUS LLC: Unsecureds to Split $20K via Quarterly Payments TIMBER PROS: Case Summary & 20 Largest Unsecured Creditors VEON LTD: Upgrades ADS Listing to Nasdaq Global Select Market VERASTEM INC: COO Matthew Ros Exits Amid Leadership Restructuring WC 707 CESAR: Gets Interim OK to Use Cash Collateral WEEDEN RANCH: Inks Deal With FFCU on Cash Collateral Use WORLDWIDE MACHINERY: Fine-Tunes Plan Documents XCEL BRANDS: Raises $2.05M in Private Placement of Stock, Warrants [] Forecasted Corporate Restructuring Trends in the U.S. in 2026 ********* 20390 US 27: Claims to be Paid from Property Sale Proceeds ---------------------------------------------------------- 20390 US 27 LLC filed with the U.S. Bankruptcy Court for the Eastern District of New York a Disclosure Statement describing Plan of Liquidation dated December 26, 2025. Formed in March 2022, the Debtor is a domestic limited liability company formed pursuant to the laws of the State of Florida with its principal place of business located at 5014 16th Ave, Ste 541, Brooklyn, NY 11204. The Debtor was formed to acquire title to the property located at 20390 US Highway 27, Clermont, FL 34715 (the "Property"). He Debtor acquired the Property on August 9, 2022, for the sum of $6,400,000. The acquisition was financed by securing a loan from SOF Clearmont LLC in the original principal amount of $7,200,000.00. The Debtor estimates the current value of the Property to be no less than $8,000,000 in its current condition. On December 31, 2024, the Lender filed a complaint against the Debtor and others in the Circuit Court of the Fifth Judicial Circuit in and for Lake County, Florida, seeking to foreclose on its interests in the Property. On August 15, 2025, the Lender was awarded a final judgment of foreclosure (the "JFS") in the amount of $9,776,112.12. The Debtor filed its Chapter 11 petition in order to stay the scheduled sale of the Property and to gain the necessary breathing room to restructure its debts in accordance with the provisions of the Bankruptcy Code. The Debtor's Plan is predicated on a sale of the Property pursuant to Section 363 of the Bankruptcy Code. The Sale of the Property shall be free and clear of all Liens, Claims, and/or Interests with all such Liens, Claims, and/or Interests to attach to the net cash proceeds of the Sale Transaction in the order of their priority, with the same validity, force, and effect which they now have as against the Property, subject to any claims and defenses, setoffs, or rights of recoupment the Debtor may possess with respect thereto. The Plan shall be funded solely from the proceeds from the sale of the Property and that such sale will occur with Bankruptcy Court approval by auction or private sale. Class 4 consists of General Unsecured Claims. The allowed unsecured claims total $600.00. In addition, to the extent necessary, any deficiency claim held by Class 3 Claimant as a result of the sale of the Property will be treated under Class 4. In full satisfaction, settlement, release, and discharge of such Claims, Class 4 Claimants shall receive a pro rata distribution from the Sale Proceeds over and above payment in full of Classes 1 through 3. This distribution will be funded from the Sale Proceeds of the Property. The Class 4 Claimants are impaired. The estimated recovery for General Unsecured Claims is "unknown", according to the Disclosure Statement. Class 5 Equity Interest Holders shall retain their existing Equity Interests only after all allowed claims are paid in full. No distributions will be made to Equity Interest Holders until all creditors receive payment in full, with interest. Class 5 Claimants are impaired, are entitled to vote on the Plan. The Plan shall be funded by a sale of the Property pursuant to Section 363 of the Bankruptcy Code. The Sale of the Property shall free and clear of all Liens, Claims, and/or Interests. The Debtors reserve the right to amend or supplement the Plan if the Sale proceeds are insufficient or to seek to restructure the loan with the Lender. The Debtor shall be authorized to make distributions under the Plan from the net cash proceeds of the Sale to all Liens, Claims and/or Interests in the order of their priority, with the same validity, force, and effect which they now have as against the Property, subject to any claims and defenses, setoffs, or rights of recoupment the Debtor may possess with respect thereto. A full-text copy of the Disclosure Statement dated December 26, 2025 is available at https://urlcurt.com/u?l=Kd2jX8 from PacerMonitor.com at no charge. Counsel to the Debtor: Avrum J. Rosen, Esq. Alex E. Tsionis, Esq. Daniel J. LeBrun, Esq. ROSEN, TSIONIS & PIZZO, PLLC 38 New Street Huntington, NY 11743 Telephone: (631) 423-8527 About 20390 US 27 LLC 20390 US 27 LLC, classified as a single-asset real estate debtor under 11 U.S.C. Section 101(51B), holds its principal assets at 20390 US-27, Clermont, Florida 34715. 20390 US 27 LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-44736) on September 29, 2025. In its petition, the Debtor reports total assets of $8,000,000 and total liabilities of $10,009,344. Judge Elizabeth S. Stong oversees the case. The Debtor is represented by Avrum J. Rosen, Esq. of ROSEN, TSIONIS & PIZZO, PLLC. 3910 ENTERPRISES: Plan Exclusivity Period Extended to Jan. 31, 2026 ------------------------------------------------------------------- Judge Alfredo R. Perez of the U.S. Bankruptcy Court for the Southern District of Texas extended 3910 Enterprises, Inc.'s exclusive periods to file a plan of reorganization and obtain acceptance thereof to January 31, 2026 and February 28, 2026, respectively. In a court filing, the Debtor explains that cause exist to extend its Exclusive Periods, evident by the listed factors. First, this is the Debtor's first request for an extension, and not a lot of time has elapsed in this chapter 11 case, less than four months since the Petition Date. Second, the Debtor's chapter 11 case was filed to stop a foreclosure in order to allow the Debtor's to sell various of their real property. The Debtor has listed the real property for sale and has already received indications of interest. The Debtor intends to sell the majority of its real property through its chapter 11 plan. The Debtor requests an extension to get past the December 29, 2025 Bar Date in order to understand all claims against the Debtor and propose a chapter 11 plan that complies with the Bankruptcy Code. Finally, the Debtor is not seeking an extension to pressure creditors. The Debtor request a short extension of the Exclusive Periods not to pressure creditors, but to ensure the Debtor has time to analyze claims against the estate and propose a plan that provides payment to creditors in compliance with the Bankruptcy Code. That could mean a lump sum payment from the sale of the real property or it could mean payments over time, the Debtor will not know for sure until the Debtor sees what claims are filed against the estate. 3910 Enterprises, Inc. is represented by: Genevieve M. Graham GENEVIEVE GRAHAM LAW, PLLC dba GRAHAM PLLC Houston, Texas Telephone: (832) 367-5705 E-mail: ggraham@graham-pllc.com About 3910 Enterprises Inc. 3910 Enterprises, Inc., manages real estate on behalf of clients and provides property appraisal services. 3910 Enterprises Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-80362) on August 5, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Alfredo R. Perez handles the case. The Debtor is represented by Genevieve M. Graham, Esq., at Genevieve Graham Law, PLLC doing business as Graham, PLLC. 7 AT BLUE LAGOON: Claims Will be Paid from Property Sale/Refinance ------------------------------------------------------------------ 7 at Blue Lagoon (1), LLC and 7 at Blue Lagoon (2), LLC filed with the U.S. Bankruptcy Court for the Southern District of Florida a Disclosure Statement describing Chapter 11 Plan dated December 26, 2025. The Debtor owns development land at 4865 NW 7th Street, Miami, FL 33126 appraised September 10, 2025 at $111,000,000. Land is 6.9 acres abutting Blue Lagoon Lake near airport. Zoned T6-12-L Urban Core Limited, which permits single family, multifamily residences, hotels, bed & breakfasts, inns, and office space permitted in a limited capacity. As per owner, the subject is planned for development of 884 apartments and two hotel pads developable as follows: 247 units and 186 units totaling 1317 units within the project's entirety. The development will include a mix of affordable and market rate units. The Debtor is working to refinance property, but lender was forcing foreclosure sale September 29, 2025 disrupting that process. This Plan provides for 2 classes of secured claims, 1 class of unsecured claims to be paid 100%, and 1 class of equity security holders. Unsecured creditors holding allowed claims will receive distributions, which the proponent of this Plan has valued at 100 cents on the dollar. This Plan also provides for the payment of administrative and priority claims by payment in full. Class 6 consists of General Unsecured Creditors. This Class includes the claim of Dervishi in the amount of $185,516. Payment of allowed claim by sale or refinancing. This Class is impaired. Equity Holders will keep memberships for surplus and new value paid in this case. The plan will be implemented as required under Section 1123(a)(5) of the Code: by sale or refinancing of the Property at 4865 NW 7TH Street, Miami, FL 33126. The Sale or refinancing of the Property constitutes a transfer under the Chapter 11 Plan confirmed under section 1129 of the Bankruptcy Code. As such, the Sale or refinancing shall not be subject to tax under any law imposing stamp tax or similar tax, in accordance with section 1146(a) of the Bankruptcy Code. This Sale or refinancing Order shall direct and be deemed to direct the appropriate state or local governmental officials or agents to forgo the collection of any such tax or governmental assessment and to accept for filing and recordation instruments or other documents pursuant to such transfers of property without the payment of any such tax or governmental assessment. Payments and distributions under the Plan will be funded by the debtor by the sale or refinancing of the property. A full-text copy of the Disclosure Statement dated December 26, 2025 is available at https://urlcurt.com/u?l=5nRAzY from PacerMonitor.com at no charge. Counsel to the Debtor: Joel M. Aresty, Esq. Joel M. Aresty, P.A. 309 1st Ave S. Tierra Verde FL 33715 Telephone: (305) 904-1903 Facsimile: (305) 899-1870 E-mail: Aresty@Mac.com About 7 at Blue Lagoon (1), LLC 7 at Blue Lagoon (1) LLC is a limited liability company. 7 at Blue Lagoon (1) LLC and affiliate sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-21286) on September 26, 2025. In its petition, the Debtor reports estimated estimated assets between $50 million and $100 million and estimated liabilities between $10 million and $50 million. The Debtors are represented by Joel M. Aresty, Esq. of Joel M. Aresty, P.A. ALLIANCE HOME: Case Summary & 19 Unsecured Creditors ---------------------------------------------------- Debtor: Alliance Home Health & Hospice, LLC 6427 16th St. Rio Linda, CA 95673 Business Description: Alliance Home Health & Hospice LLC provides home health and hospice care services, including skilled nursing, wound and diabetic care, therapy services, medical social work, and home health aide support for patients receiving care in their homes. The Company is based in Daly City, California, and serves San Francisco and surrounding areas. It develops and delivers individualized home health care services in coordination with patients and healthcare providers. Chapter 11 Petition Date: January 1, 2026 Court: United States Bankruptcy Court Eastern District of California Case No.: 26-20001 Judge: Hon. Christopher D Jaime Debtor's Counsel: Arasto Farsad, Esq. FARSAD LAW OFFICE, P.C. 1625 The Alameda, Suite 525 San Jose, CA 95126 Tel: 408-641-9966 E-mail: Farsadlaw1@gmail.com Total Assets: $234,526 Total Liabilities: $1,822,524 The petition was signed by Christian Lozano as CEO. A full-text copy of the petition, which includes a list of the Debtor's 19 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/OPRNFLI/Alliance_Home_Health__Hospice__caebke-26-20001__0001.0.pdf?mcid=tGE4TAMA ANTELOPE HOSPITALITY: Section 341(a) Meeting of Creditors on Feb. 3 ------------------------------------------------------------------- On December 22, 2025, Antelope Hospitality LLC filed for Chapter 11 protection in the U.S. Bankruptcy Court for the District of Arizona. According to court filings, the Debtor reports between $10 million and $50 million in debt owed to 1–49 creditors. A meeting of creditors under Section 341(a) to be held on February 3, 2026 at 02:00 PM as a Chapter 11 Teleconference Call in number: 1-888-330-1716, Passcode: 4038524. About Antelope Hospitality LLC Antelope Hospitality LLC, doing business as Scenic View Inn, operates a full-service hotel in Page, Arizona, offering accommodations with contemporary decor, private balconies in select rooms, and amenities such as an outdoor pool, spa, fitness center, business center, and meeting facilities. The property provides guest rooms equipped with free Wi-Fi, 55-inch 4K TVs, modern bathrooms, refrigerators, microwaves, and essential amenities, alongside complimentary breakfast and laundry services. The hotel is positioned near major Northern Arizona attractions including Antelope Canyon, Horseshoe Bend, Glen Canyon National Recreation Area, Lake Powell, and local dining and shopping options, serving as a base for tourists, photographers, and adventurers. Antelope Hospitality LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-12347) on December 22, 2025. In its petition, the Debtor reports estimated assets of $1 million to $10 million and estimated liabilities of $10 million to $50 million. Honorable Bankruptcy Judge Paul Sala handles the case. The Debtor is represented by Andrew R. O’Keefe, Esq., of Engelman Berger PC. ARIZONA HORSE: Section 341(a) Meeting of Creditors on January 22 ---------------------------------------------------------------- Arizona Horse Rescue and Adoption commenced a voluntary Chapter 11 bankruptcy case on December 17, 2025, in the District of Arizona. Court records indicate the Debtor has liabilities ranging from $0 to $100,000 and 1 to 49 creditors. A meeting of creditors under Section 341(a) to be held on January 22, 2026 at 10:30 AM as a Chapter 11 Teleconference Call in number: 1-888-330-1716, Passcode: 4038524. About Arizona Horse Rescue and Adoption Arizona Horse Rescue and Adoption is an Arizona-based horse rescue organization that provides care, rehabilitation, and adoption services for at-risk horses. Arizona Horse Rescue and Adoption sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ariz. 25-12193) on December 17, 2025, with $100,001 to $500,000 in assets and $50,001 to $100,000 in liabilities. Judge Scott H. Gan represents the Debtor as legal counsel. ATLANTIC CITY, NJ: Moody's Upgrades Issuer Rating From Ba1 ---------------------------------------------------------- Moody's Ratings has upgraded the Atlantic City (City of) NJ 's issuer rating to Baa3 from Ba1, and removed the positive outlook. The city has about $230 million of debt outstanding. The upgrade to Baa3 recognizes the city's fiscal stability under the current casino taxation format, as well as a trend of rapid debt defeasance. RATINGS RATIONALE Atlantic City's Baa3 issuer rating captures a solid balance sheet with good reserves and modest leverage. A decade after its financial crisis, the city now has stable operations and has been defeasing debt rapidly. Importantly, the city has managed this substantial improvement under a casino tax revenue structure that will expire at the end of 2026 absent state legislative action. The rating therefore balances a currently sound credit profile against the uncertainties of how casinos might be taxed if this framework expires, and the volatility that could introduce to the city's revenues. Under legislation set to expire next year, about 40% of the city's revenue consists of casino payments in lieu of taxes or internet gaming tax revenues. Clearly, the city has proven its ability to maintain solid reserves in this structure. Its available fund balance is 34% of revenue and has been consistently stable since the state implemented this revenue structure. This mix of casino revenues is an obvious improvement over the prior system, under which the casinos paid property taxes. Regular challenges to casino property tax valuations forced the city to pay hundreds of millions of dollars in tax refunds, which is what triggered its financial crisis in the first place. An expiration of the current tax format would place the casinos back on the tax rolls, and therefore potentially reintroduce that fiscal instability, considering how volatile the casino industry can be. The state's action on this tax structure over the next year will therefore be vital to the city's rating. RATING OUTLOOK Moody's do not assign outlooks to local governments with this amount of debt outstanding. FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATING -- Permanent extension of current casino tax revenue structure -- Implementation of other revenue structure that would protect city from the volatility of the casino industry -- Redevelopment and diversification of local economy beyond gaming FACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATING -- Expiration of current casino tax framework that would place casinos back onto the property tax rolls -- Decline in available fund balance below 15% of revenue -- Significant decline in local gaming industry PROFILE The City of Atlantic City is located in Atlantic County, approximately 65 miles southeast of Philadelphia. METHODOLOGY The principal methodology used in this rating was US Cities and Counties published in December 2025. BEST OF TASTE: Claims to be Paid from Business Operations --------------------------------------------------------- The Best of Taste, Inc. filed with the U.S. Bankruptcy Court for the District of Arizona a Plan of Reorganization for Small Business dated December 24, 2025. The Debtor opened this restaurant in 2019. The restaurant was a big success in the community until covid hit in March of 2020. At that time, management was able to secure an almost $100,000.00 PPP loan, which was later forgiven, and eventually a $300,000.00 SBA loan, which also helped during this trying time. After making a small profit in 2023, things started to turn sour in 2024. Debtor started borrowing money to get through the down months of summer in Arizona. A large loan was taken out in the Spring of 2025. Debtor hoped that the funds would last for a number of months but only lasted a few months. Mr. and Mrs. French took out a second mortgage on their home to help finance the Debtor and those funds are spent as well. This Plan of Reorganization proposes to pay Debtor's creditors from the cash flow of Debtor's business operations. Non-priority unsecured creditors holding allowed claims will receive a cash payment from the cash flow of Debtor's business after payment of Administrative and Priority claims. This Plan also provides for the payment of administrative and priority claims in the same manner. All payments to Administrative, Priority and General Unsecured Creditors shall be paid in monthly payments, commencing upon the Effective Date of the Plan. The Plan shall last for a period of thirty-six months. Payment to the SBA on its secured claim shall commence upon the Court's approval of the Agreement between the parties. The unsecured portion of the SBA claim shall be treated as all other unsecured claims. Class 4 consists of Unsecured Non-Priority Claims. This class shall be paid a dividend net of payments on Administrative and Priority Debts. Debtor has no net equity in estate property due to the secured portion of the SBA claim. Debtor's plan will pay $1,000 per month (over and above payments to the SBA on its secured claim) upon the Effective Date of the Plan. The Debtor shall pay $1,000 per month during the months of October-May of each year of the Plan but shall not make payments during the months of June-September. Should the amount due ADOR be paid, in part or in full, through funds held by Debtor's payroll service, those funds will be available to pay under-secured and unsecured creditors. Class 4 Creditors are impaired. The Debtor will make plan payments of $1,000 per month for the months of October-May for the life of the Plan and shall not make payments during the months of June-September. If the plan is consensual, payments will be made directly by the Debtor to creditors. If the plan is non-consensual then payments will be made by the Subchapter V Trustee. A full-text copy of the Plan of Reorganization dated December 24, 2025 is available at https://urlcurt.com/u?l=hV63DD from PacerMonitor.com at no charge. Counsel to the Debtor: Lawrence D. Hirsch, Esq. Parker Schwartz, PLLC 7310 North 16th Street, Suite 330 Phoenix, AZ 85020 Tel: (602) 282-0476 Fax: (602) 282-0478 Email: lhirsch@psazlaw.com About The Best of Taste Inc. The Best of Taste, Inc., filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Ariz. Case No. 25-11278) on Nov. 21, 2025, with up to $50,000 in assets and between $500,001 and $1 million in liabilities. Lawrence D. Hirsch, Esq., at Parker Schwartz, PLLC, is the Debtor's legal counsel. BEXIN REALTY: Court Extends Cash Collateral Access to Jan. 31 ------------------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of New York issued its ninth interim order extending Bexin Realty Corporation's authority to use its lender's cash collateral. The ninth interim order authorized the Debtor to use the cash collateral of Cathay Bank through January 31 to pay the expenses set forth in its budget, with a 10% variance. Cathay Bank also holds a senior priority lien on substantially all of the Debtor's assets, including cash, rents, rents receivables and leases, which constitute cash collateral. The bank claims it was owed an amount not less than $17,395,111.73 as of the petition date. As protection, Cathay Bank will continue to receive a monthly payment of $20,000 and will be granted replacement security interests in and liens on all property of the Debtor to the extent and with the same priority as its pre-bankruptcy lien. To the extent of any diminution in value of its collateral, Cathay Bank will have a superpriority administrative expense claim Bexin's authority to use cash collateral will terminate if certain events occur, including a default under the order; a conversion of the Debtor's Chapter 11 case to one under Chapter 7; or the appointment of a Chapter 11 trustee. A final hearing is scheduled for January 28. About Bexin Realty Corporation Bexin Realty Corporation is a single asset real estate debtor (as defined in 11 U.S.C. Section 101(51B)). Bexin Realty filed Chapter 11 petition (Bankr. S.D.N.Y. Case No. 24-12080) on November 27, 2024, listing between $10 million and $50 million in both assets and liabilities. Bahram Benaresh, president of Bexin Realty, signed the petition. Judge Martin Glenn handles the case. The Debtor is represented by Jonathan S. Pasternak, Esq., at Davidoff Hutcher & Citron, LLP. Cathay Bank, as lender, is represented by: Conrad K. Chiu, Esq. Amanda Schaefer, Esq. Pryor Cashman LLP 7 Times Square New York, NY 10036-6569 Telephone: (212) 421-4100 Facsimile: (212) 326-0806 cchiu@pryorcashman.com aschaefer@pryorcashman.com BLIZE HEALTHCARE: Final Cash Collateral Hearing Set for Jan. 7 -------------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of California, Oakland Division, is set to hold a hearing on January 7 to consider final approval of Blize Healthcare California, Inc.'s bid to use cash collateral. The Debtor's authority to use cash collateral pursuant to the court's December 23 interim order expires on January 9. The interim order authorized the Debtor to use the cash collateral of the U.S. Small Business Administration and make a monthly payment of $10,000. In addition, the order granted the SBA interim rights set forth in the parties' stipulation, including priority claim protections, subject to further review. The stipulation is available at https://is.gd/UzKePW from PacerMonitor.com. The SBA is the sole secured creditor affected by the use of cash collateral, holding an estimated claim of $2,128,661 secured by a UCC filing from August 2, 2021. Although the U.S. Treasury had been intercepting receivables pre-petition, the Debtor assumes such interceptions will cease post-petition and estimates weekly receipts of approximately $203,768. Blize commenced its Chapter 11 case on December 18, 2025, and operates a healthcare business providing home health care, hospice services, and private-duty homecare to seniors and patients recovering from illness, surgery, or managing chronic conditions such as Parkinson's or Alzheimer's disease. It continues operating as a debtor in possession and no unsecured creditors' committee has been appointed. About Blize Healthcare California Inc. Blize Healthcare California Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Cal. Case No. 25-42377) on December 23, 2025, with $100,001 to $500,000 in assets and $1,000,001 to $10 million in liabilities. The petition was signed by Ukeje Elendu as chief executive officer. The Debtor is represented by: Michael Jay Berger, Esq. Law Offices Of Michael Jay Berger Email: michael.berger@bankruptcypower.com BLUE STAR FOODS: Quick Capital Holds 9.99% Equity Stake ------------------------------------------------------- Quick Capital, LLC disclosed in a Schedule 13G filed with the U.S. Securities and Exchange Commission that as of December 19, 2025, it beneficially owns up to 9.99% of the outstanding shares of common stock (subject to a contractual ownership blocker preventing beneficial ownership in excess of 9.99% at any time) of Blue Star Foods Corp.'s common stock. Quick Capital, LLC may be reached through: Eilon Natan, Managing Member 66 West Flagler Street Suite 900- #2292 Miami, FL 33130 Tel: 917-565-8996 A full-text copy of Quick Capital, LLC's SEC report is available at: https://tinyurl.com/4tu445a7 About Blue Star Foods Corp. Blue Star Foods Corp., headquartered in Miami, Florida, is an international seafood Company that imports, packages, and sells refrigerated pasteurized crab meat and other premium seafood products. The Company's current source of revenue is from importing blue and red swimming crab meat primarily from Indonesia, the Philippines, and China, and distributing it in the United States and Canada under several brand names such as Blue Star, Oceanica, Pacifika, Crab & Go, First Choice, Good Stuff, and Coastal Pride Fresh. The Company also distributes steelhead salmon and rainbow trout fingerlings produced under the brand name Little Cedar Farms for distribution in Canada. The Company sells primarily to food service distributors, wholesalers, retail establishments, and seafood distributors. As of September 30, 2025, the Company had $1.3 million in total assets, $3 million in total liabilities, and $1.7 million in total stockholders' deficit. Houston, Texas-based MaloneBailey, LLP, the Company's former auditor, issued a "going concern" qualification in its report dated June 20, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024, citing that the Company has suffered recurring losses from operations and has a net capital deficiency that raises substantial doubt about its ability to continue as a going concern. BOAT ENERGY: Claims to be Paid From Available Cash and Income ------------------------------------------------------------- Boat Energy LLC filed with the U.S. Bankruptcy Court for the Southern District of Florida a Plan of Reorganization dated December 23, 2025. The Debtor was incorporated for the purpose of selling generators and other parts associated with watercraft. The Debtor is owned and controlled entirely by Linda Ackerman, who owns 100% of the Debtor. The Debtor operates out of a rented space, and the rent was current both prior to the filing and post-petition. The Debtor expects that it will assume the lease for the space and continue with its contractual obligations. The Debtor generates income through its activities in the sale of its generators and other parts associated with the powering of watercraft. The Debtor's income varies depending on the amount of sales. It is traditional for the Debtor to average approximately $20,000.00 to $25,000.00 per month in gross income. The Debtor was served with a wrongful death action relating to a product allegedly sold by the Debtor to a consumer. While the Debtor disputes any liability in relation to the alleged wrongful death action, the cost of defense of the action along with the potential for an adverse ruling was such that the Debtor has filed the Chapter 11 case. This Plan under chapter 11 of the Code proposes to pay creditors of Debtor from Cash on hand and operating income. Non-priority unsecured creditors holding Allowed claims will receive pro rata distributions in annual payments. This Plan also provides for the payment of Administrative and Priority Claims. Class 1 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 $2,000,097.66. Among the Allowed General Unsecured Claims are the following claims: * Claim of Susan C. Steinmetz. This is a contingent and unliquidated general unsecured claim that has been filed in the amount of $2,000,000.00. While the Debtor disagrees with the valuation and liability associated with the claim, and in order to maximize recovery for the general unsecured claimants by not burdening the estate with the administrative expenses payable ahead of these claimants, the claim will be treated as an allowed general unsecured claim for purposes of distributions pursuant to the Plan. * Claim of Florida Power and Light. This is a contingent and unliquidated general unsecured claim that has been filed in the amount of $97.66. It will be treated as an allowed general unsecured claim for purposes of distributions under the Plan. As provided in additional detail in the Liquidation Analysis, the Debtor estimates that if this case were converted to a Chapter 7 case, the holders of Class 2 Claims would receive a zero percent distribution. If Debtor's Plan is confirmed, each holder of an Allowed general unsecured claim against Debtor is projected to receive no less than one percent of its Allowed Claim over the course of the twenty quarterly payments of $1,000.05 until the conclusion of the 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 impaired and may vote for the plan. 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 23, 2025 is available at https://urlcurt.com/u?l=hCQdQ8 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 Email: nrossoletti@bilulaw.com About Boat Energy LLC Boat Energy LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-21427) on Sept. 29, 2025, listing up to $50,000 in assets and $500,001 to $1 million in liabilities. Judge Scott M Grossman presides over the case. Nicholas G Rossoletti, Esq., of Bilu Law, P.A., is the Debtor's counsel. BOZETTIS GROUP: Stephen Darr of Huron Named Subchapter V Trustee ---------------------------------------------------------------- The U.S. Trustee for Region 1 appointed Stephen Darr of Huron Consulting Group as Subchapter V trustee for Bozettis Group, Inc. Mr. Darr will be paid an hourly fee of $850 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Darr declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Stephen Darr Huron Consulting Group 265 Franklin Street, Suite 402 Boston MA 02110 Phone: (617) 226-5593 Email: sdarr@hcg.com About Bozettis Group Inc. Bozettis Group Inc. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Mass. Case No. 25-12728) on December 17, 2025, with up to $50,000 in assets and $100,001 to $500,000 in liabilities. Barry R. Levine, Esq., represents the Debtor as legal counsel. C.D.S MOVING: Seeks Chapter 11 Bankruptcy in California ------------------------------------------------------- On December 29, 2025, C.D.S. Moving Equipment, Inc. filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Central District of California. According to court filings, the Debtor reports between $1MM and $10MM in debt owed to 200 to 999 creditors. About C.D.S. Moving Equipment, Inc. C.D.S. Moving Equipment, Inc. operates in the moving and storage supply sector, offering equipment and materials designed for professional relocation services. The company’s product lineup includes moving dollies, protective pads, tie-downs, and other tools used by movers and transportation companies. C.D.S. Moving Equipment primarily serves commercial customers in the logistics and relocation market. C.D.S. Moving Equipment, Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-21646) on December 29, 2025. In its petition, the Debtor reports estimated assets of $0 to $100,000 and estimated liabilities of $1 million to $10 million. Honorable Bankruptcy Judge Julia W. Brand handles the case. C.R. OF WILDWOOD: No Decline in Resident Care, 1st PCO Report Says ------------------------------------------------------------------ Melanie S. McNeil, Esq., the duly appointed patient care ombudsman, filed with the U.S. Bankruptcy Court for the Middle District of Georgia her first report regarding the quality of patient care provided by C.R. of Wildwood, LLC. During the December 4 visit, the resident census was 36. The ombudsman representative for the Office of the State Long-Term Care Ombudsman (OSLTCO) visited with 21 residents, two family members, the administrator, nurses, direct care staff, activities staff, housekeeping staff, social services staff, the business office manager, and dietary staff. The ombudsman representative observed a number of staff assisting residents and responding to call lights. The ombudsman representative noted that the staff seem stable and most are long time employees. Moreover, the facility is an older building, but was clean and clutter free. The facility seems to have adequate food and supplies. The ombudsman representative noted no decline in resident care. The patient care ombudsman is not aware of any significant change in facility conditions or decline in resident care for this nursing home since her appointment. A copy of the ombudsman report is available for free at https://urlcurt.com/u?l=OYhpf2 from PacerMonitor.com. The ombudsman may be reached at: Melanie S. McNeil, Esq. Patient Care Ombudsman in re: Regional Housing & Communities Services Corp., et al. Office of the State Long-Term Care Ombudsman 47 Trinity Avenue S.W., First Floor Atlanta, Georgia 30334 Telephone: 404-657-5327(O) 404-416-0211 (Cell) Facsimile: 404-463-8384 Email: Melanie.McNeil@osltco.ga.gov About C.R. of Wildwood LLC C.R. of Wildwood, LLC is a Georgia-based company that owns and operates businesses in the hospitality and dining sector. It specializes in offering restaurant and food service experiences to both local customers and out-of-town guests. C.R. of Wildwood LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Ga. Case No. 25-51719) on October 27, 2025. In its petition, the Debtor reports estimated estimated assets between $100,001 and $1 million and estimated liabilities between $1 million and $10 million. The Debtor is represented by Wesley J. Boyer, Esq. of Boyer Terry LLC. CBDMD INC: Crosnoe Entities Disclose 4.9% Equity Stake ------------------------------------------------------ CRC Investment Fund LP, NM 2018 Trust dated April 4, 2018, AMC Legacy Trust dated December 21, 2012, and Clark R. Crosnoe, disclosed in a Schedule 13G (Amendment No. 1) filed with the U.S. Securities and Exchange Commission that as of December 17, 2025, he beneficially owns 436,150 common shares (with shared voting and dispositive power; consisting of 361,400 shares directly beneficially owned by CRC Investment Fund LP, 56,875 shares directly beneficially owned by NM 2018 Trust, and 17,875 shares directly beneficially owned by AMC Legacy Trust; Mr. Crosnoe has investment authority over the entities and disclaims beneficial ownership except to the extent of his pecuniary interest) of cbdMD, INC.'s common shares, representing 4.9% of the 8,919,410 shares outstanding as disclosed in the Company's Form S-1 filed with the SEC on November 7, 2025. CRC Investment Fund LP may be reached through: Clark R. Crosnoe, Managing Member 4801 W. Lovers Lane Dallas, Texas 75209 A full-text copy of Clark R. Crosnoe's SEC report is available at: https://tinyurl.com/mwvza8p7 About cbdMD, Inc. Headquartered in Charlotte, N.C., cbdMD, Inc. -- http://www.cbdmd.com/-- owns and operates the nationally recognized CBD (cannabidiol) brands cbdMD, Paw CBD, and cbdMD Botanicals. Its mission is to enhance its customers' overall quality of life while bringing CBD education, awareness, and accessibility of high-quality and effective products to all. The Company sources cannabinoids, including CBD, which are extracted from non-GMO hemp grown on farms in the United States. Charlotte, North Carolina-based Cherry Bekaert LLP, the Company's auditor since 2016, issued a "going concern" qualification in its report dated December 19, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended September 30, 2025, citing that the Company has historically incurred losses, including a net loss of approximately $2 million in the current year, resulting in an accumulated deficit of approximately $179 million as of September 30, 2025. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of September 30, 2025, the Company had $10.4 million in total assets, $3.2 million in total liabilities, and $7.2 million in total cbdMD, Inc. shareholders' equity. CBDMD INC: Posts $2.04MM Loss in FY25, Warns of Going Concern Doubt ------------------------------------------------------------------- cbdMD, Inc. filed with the U.S. Securities and Exchange Commission its Annual Report on Form 10-K reporting net losses of $2.04 million and $3.7 million for the years ended September 30, 2025 and 2024, respectively. Gross profit for the year ended September 30, 2025 was $11.97 million, compared with a gross profit for the year ended September 30, 2024 of $11.99 million. Charlotte, North Carolina-based Cherry Bekaert LLP, the Company's auditor since 2016, issued a "going concern" qualification in its report dated December 19, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended September 30, 2025, citing that the Company has historically incurred losses, including a net loss of approximately $2 million in the current year, resulting in an accumulated deficit of approximately $179 million as of September 30, 2025. These conditions raise substantial doubt about the Company's ability to continue as a going concern. cbdMD said, "We had cash and cash equivalents on hand of $2.2 million and working capital of $3.1 million at September 30, 2025. On September 30, 2024 we had cash and cash equivalents on hand of $2.4 million and a working capital deficit of $1.1 million, which was reduced by approximately $0.7 million for accrued Series A Preferred dividend payments. Our current assets increased approximately 4% at September 30, 2025 from September 30, 2024. Our current liabilities decreased approximately 53% at September 30, 2025 from September 30, 2024. This decrease is primarily attributable to a $4.7 million decrease in dividend payable as well as an approximate $0.4 million reduction in accounts payable." "We entered into a securities Purchase Agreement dated September 30, 2025 with three accredited Investors whereby the Investors advanced the Company an aggregate of $1.5 million gross proceeds and the Company issued each Investor an 10% Series B Convertible Preferred Security Secured Original Issue 20% Discount Convertible Promissory Note, in the aggregate principal amount of $1.7 million. The Company has used the proceeds from the issuance of the Notes for working capital and general corporate purposes, including, but not limited to inventory investment to assist with orders and administrative and corporate governance costs. "During the fiscal year ended September 30, 2025 we used cash primarily to fund our operations. "We do not have any commitments for capital expenditures. We have a commitment for cumulative dividends at an annual rate of 10% payable quarterly in arrears for the prior quarter to our preferred shareholders. "While the Company is taking strong action and believes that it can execute its strategy and path to profitability within its balance sheet, and in its ability to raise additional funds, there can be no assurances to that effect. The Company's working capital position may not be sufficient to support the Company's daily operations for the twelve months subsequent to the issuance this report. "The Company's ability to continue as a going concern is dependent upon its ability to improve profitability and cash flow and the ability to acquire additional funding. These and other factors raise substantial doubt about the Company's ability to continue as a going concern within 12 months after the date that our annual financial statements are issued. "Our goal from a liquidity perspective is to use operating cash flows to fund day to day operations and we have not met this goal as cash flow from operations has been a net use of $0.3 million and a net generation of $0.2 million for the three months ended September 30, 2025 and 2024, respectively and a use of $1.5 million and $0.6 (net of $1.25 million of proceeds from the Notes) for the 12 months ended September 30, 2025 and 2024, respectively." A full-text copy of the Company's Form 10-K is available at: https://tinyurl.com/3wjw8yss About cbdMD, Inc. Headquartered in Charlotte, N.C., cbdMD, Inc. -- http://www.cbdmd.com/-- owns and operates the nationally recognized CBD (cannabidiol) brands cbdMD, Paw CBD, and cbdMD Botanicals. Its mission is to enhance its customers' overall quality of life while bringing CBD education, awareness, and accessibility of high-quality and effective products to all. The Company sources cannabinoids, including CBD, which are extracted from non-GMO hemp grown on farms in the United States. As of September 30, 2025, the Company had $10.4 million in total assets, $3.2 million in total liabilities, and $7.2 million in total cbdMD, Inc. shareholders' equity. CENTRAL FLORIDA: Gets Extension to Access Cash Collateral --------------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Florida, Orlando Division, issued a third preliminary order granting Central Florida Firearms, LLC authorization to use cash collateral through January 22. The Debtor's cash collateral consists of funds subject to liens by Cadence Bank (successor to First Chatham Bank and guaranteed by the U.S. Small Business Administration) and other secured creditors with subordinate interests. The third preliminary order authorized the Debtor to use funds for ordinary business expenses listed in its budget, with a 10% variance per line item, as well as U.S. Trustee fees. Expenditures outside the approved budget may be reviewed upon request, and payments to professionals still require separate court approval. To protect secured creditors, the court granted them a replacement lien on post-petition cash collateral, with the same validity, priority, and extent as their pre-bankruptcy liens. In addition, the Debtor was ordered to maintain proper insurance coverage in accordance with its loan and security agreements with secured creditors. A continued preliminary hearing on continued cash collateral use is scheduled for January 22. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/Q5AcN from PacerMonitor.com. About Central Florida Firearms LLC Central Florida Firearms, LLC, doing business as Live Free Armory, specializes in the production of slides, barrels, and other firearm parts, offering next-day shipping on available inventory for orders received before the daily cutoff. Central Florida Firearms LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case. No. 25-06150) on September 26, 2025. In its petition, the Debtor reported estimated assets of $5.2 million and estimated liabilities of $12.7 million. The Debtor is represented by Jeffrey S. Ainsworth, Esq. of BransonLaw, PLLC. CENTURY DESIGN: Unsecureds Will Get 5% of Claims over 60 Months --------------------------------------------------------------- Century Design LLC filed with the U.S. Bankruptcy Court for the Southern District of California a Plan of Reorganization for Small Business dated December 25, 2025. The Debtor is a California corporation known for its leading-edge composite machinery. It started with providing tooling for the aerospace industry in 1959, and since then has included the introduction of several breakthrough machinery solutions. The Debtor developed the first carbon prepreg machine in 1960 and invented graphite golf shafts and fishing rods in 1972. Its history of providing leading-edge composite machinery has resulted in over 2,500 machines being installed, globally, and over 200 new companies being launched. The Debtor's proposed 5-year projections itemize the Debtor's revenue source and the expenses for the next 5 years. The Debtor intends to fund the Plan from the continued operation of its business. Debtor's projections were prepared by carefully analyzing the historical income and expenses, the Debtor's performance during the present case, and the prospective income and expenses, with the recent changes made to its business operation. The final Plan payment is expected to be paid on April 2031 (estimated). Non-priority unsecured creditors holding allowed claims will receive distributions, which the proponent of this Plan has valued at approximately 5 cents on the dollar. This Plan also provides for the payment of administrative and priority claims. Class 3 includes the general unsecured claims with an estimated total of $1,130,869.93 (this amount is estimated because Romero's claim is disputed and Tachon's claim is filed with an unknown amount). Based on the liquidation analysis and the income valuation of the Debtor's assets, the holders of allowed general unsecured claims in Class 3 will receive a pro rata distribution from Debtor's pot plan. If the total amount of general unsecured claims remains at approximately $1,130,869, the creditors in Class 3 will receive an estimated 5% pro-rata distribution through the Plan. The distribution to allowed general unsecured claims in Class 3 will be made monthly, with the first payment due on the Effective Date, followed by 59 consecutive payments, to be paid pro-rata to each holder of allowed general unsecured claim. Class 4 consists of Equity security holders of the Debtor. The equity security holder is Keith McConnell. He will retain his interest unmodified in the reorganized debtor. The Debtor's proposed 5-year projections itemize the Debtor's revenue sources and the expenses for the next 5-years. The Debtor intends to fund its Plan from the continued operation on its business. Debtor's projections were prepared by carefully analyzing the historical income and expenses, the Debtor's performance during the present case, and the prospective income and expenses, with the recent changes made to its business operation. A full-text copy of the Plan of Reorganization dated December 25, 2025 is available at https://urlcurt.com/u?l=olfQiJ from PacerMonitor.com at no charge. Counsel to the Debtor: Michael Jay Berger, Esq. Law Offices of Michael Jay Berger 9454 Wilshire Blvd., 6th Floor Beverly Hills, CA 90212 Telephone: (310) 271-6223 Facsimile: (310) 271-9805 Email: Michael.berger@bankruptcypower.com About Century Design Century Design Inc. designs and manufactures composite processing machinery for industries including aerospace, defense, automotive, marine, medical, sports, energy, and industrial applications. The Company develops equipment for prepreg production, resin development, ducting, hoses, and tubular structures, serving customers engaged in research, manufacturing, and product development worldwide. Founded in 1959, it has supplied thousands of machines globally and contributed to advances in materials processing technologies. Century Design sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Cal. Case No. 25-03975) on September 26, 2025. In its petition, the Debtor reports total assets of $174,341 and total liabilities of $1,536,142. The Debtor is represented by Michael Jay Berger, Esq. at Law Offices of Michael Jay Berger. CO.CO.COUNTY DRAIN: Seeks Chapter 7 Bankruptcy in California ------------------------------------------------------------ On December 23, 2025, CO.CO.County Drain Cleaning & Plumbing, Inc. filed for Chapter 7 protection in the U.S. Bankruptcy Court for the Northern District of California. According to court filings, the debtor reports between $1 million and $10 million in debt owed to between 1 and 49 creditors. About CO.CO.County Drain Cleaning & Plumbing, Inc. CO.CO.COUNTY Drain Cleaning & Plumbing, Inc. operates in the plumbing and maintenance sector, providing comprehensive plumbing services including drain cleaning, repair, installation, and emergency plumbing solutions. CO.CO.County Drain Cleaning & Plumbing, Inc. sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. N.D. Cal. Case No. 25-42409) on December 23, 2025. In its petition, the debtor reports estimated assets in the range of $0 to $100,000 and estimated liabilities between $1 million and $10 million. The Honorable Charles Novack handles the case. The debtor is represented by David A. Arietta, Esq. of the Law Offices of David A. Arietta. COLD SPRING: No Decline in Resident Care, 3rd PCO Report Says ------------------------------------------------------------- David Crapo, the patient care ombudsman, filed with the U.S. Bankruptcy Court for the Southern District of New York his third report regarding the quality of patient care provided at Cold Spring Acquisition, LLC's skilled nursing and rehabilitation facility. During the third reporting period (June 21 to December 19), in the performance of his duties, the PCO: (i) finalized his second report; (ii) reviewed the correspondence of the court-appointed examiner, Leslie Berkoff to the Court; (iii) advised the Monitor and Andrea Schwartz, the United States Trustee Trial Assigned to this case of his medical challenges; (iv) reviewed a motion to allow a malpractice action to proceed; (v) reviewed the Debtor's initial disclosure statement and plan of liquidation and commented to the Debtor's counsel about it; (vi) drafted proposed revisions to the plan of liquidation; and (vi) reviewed the Debtor's latest interim financing order and monthly operating reports. During the third reporting period, the PCO spoke extensively with Lisa Wickens-Alteri ("Monitor") concerning conditions at the Facility. Census had not returned to its pre-bankruptcy peak, but had increased modestly. There Monitor made it clear that she was still very involved at the Facility. She advised the PCO that resident care at the Facility was still very good, and that none of the problems at the Facility are resident care issues. The PCO noted that he has not received any information indicating that quality of care provided to the Debtor's residents (including resident safety) is not acceptable and is currently declining or is otherwise being materially compromised, but reserves making an actual finding in that regard pending the receipt of: (i) additional information to be requested from the Debtor; and (ii) further interviews of residents and staff in the future. The PCO cited that the oversight and supervision provided by the senior staff at the Facility, the diligence and experience of the Monitor, the decline in resident census, the attentiveness and loyalty of the Debtor's clinical staff will likely uncover quality of care deficits if they arise. However, the PCO will continue monitor the situation at the Facility. The ombudsman may be reached at: David N. Crapo, Esq. Gibbons P.C. One Gateway Center Newark, NJ 07102 (973) 596-4500 Email: dcrapo@gibbonslaw.com About Cold Spring Acquisition Cold Spring Acquisition LLC operates a 588-bed skilled nursing and rehabilitation facility in Woodbury, N.Y. In particular, the senior care facility provides hospice, dementia care, medical needs, as well as short-term and long-term rehabilitation care. The senior care facility also runs a senior day program. Cold Spring Acquisition sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-22002) on January 2, 2025. In its petition, the Debtor reported between $1 million and $10 million in assets and between $50 million and $100 million in liabilities. Judge Sean H. Lane handles the case. Russell E. Potter, Esq., and Schuyler Carroll, Esq., at Manatt, Phelps & Phillips represent the Debtor as legal counsels. CONSTANT CARE: Seeks Cash Collateral Access ------------------------------------------- Constant Care of Colorado Springs, Inc. asks the U.S. Bankruptcy Court for the District of Colorado for authority to use cash collateral and provide adequate protection. The Debtor cites significant financial strain stemming from the COVID-19 pandemic, which reduced occupancy and revenue while sharply increasing operating costs due to infection-control measures, staffing pressures, and higher wages, ultimately leading to rent arrears and reliance on SBA Economic Injury Disaster Loans. Following entry of an interim cash collateral order on November 19, 2025, Constant Care now seeks a second order authorizing continued use of cash collateral through March 31 under a proposed operating budget to sustain operations through plan confirmation. Multiple creditors, including the SBA and several banks, assert pre-petition liens that may extend to certain post-petition proceeds. The Debtor argues that access to cash collateral is essential to fund payroll, food, utilities, rent, insurance, medical supplies, and other operating expenses, and that continued operations will maximize value for all creditors. Adequate protection is proposed through replacement liens, insurance maintenance, reporting requirements, budget controls, and payment of post-petition taxes, with the U.S. Small Business Administration continuing to receive contractual payments. A copy of the motion is available at https://urlcurt.com/u?l=aeEhHt from PacerMonitor.com. About Constant Care of Colorado Springs Inc. Constant Care of Colorado Springs Inc. operates in the health care industry. Constant Care of Colorado Springs sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Colo. Case 25-17336) on November 7, 2025, listing between $50,001 and $100,000 in assets and between $1 million and $10 million in liabilities. Jonathan Dickey serves as Subchapter V trustee. Honorable Bankruptcy Judge Thomas B. McNamara handles the case. The Debtor is represented by David J. Warner, Esq., at Wadsworth Garber Warner Conrardy, P.C. COSAMIA LLC: L. Todd Budgen Named Subchapter V Trustee ------------------------------------------------------ The Acting U.S. Trustee for Region 21 appointed L. Todd Budgen, Esq., a practicing attorney in Longwood, Fla., as Subchapter V trustee for Cosamia, LLC. Mr. Budgen will be paid an hourly fee of $400 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Budgen declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: L. Todd Budgen, Esq. P.O. Box 520546 Longwood, FL 32752 Tel: (407) 232-9118 Email: Todd@C11Trustee.com About Cosamia LLC Cosamia, LLC, a company in Ocoee, Fla., filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-08239) on December 18, 2025. At the time of the filing, the Debtor listed up to $50,000 in assets and between $1 million and $10 million in liabilities. Judge Lori V. Vaughan presides over the case. Daniel A. Velasquez, Esq., at Latham, Luna, Eden & Beaudine, LLP represents the Debtor as legal counsel. CPW CORP: Court Extends Cash Collateral Access to March 13 ---------------------------------------------------------- CPW Corp. received another extension from the U.S. Bankruptcy Court for the District of Connecticut, Hartford Division, to use cash collateral to fund operations. The court issued a third preliminary order authorizing the Debtor to use cash collateral through March 13 to pay operating expenses according to its budget. Several creditors including the Connecticut Department of Revenue Services and the U.S. Small Business Administration may hold secured claims against the Debtor's assets. As adequate protection, these creditors will be granted replacement liens on all real and personal property acquired or generated by the Debtor before and after its Chapter 11 filing, with the same validity, enforceability, priority and extent as their pre-bankruptcy liens. As additional protection, the Connecticut Department of Revenue Services will continue to receive a monthly payment of $3,500 during the interim period. A final hearing is scheduled for March 5, with objections due by March 2. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/ab73H from PacerMonitor.com. The Debtor filed for Chapter 11 relief to halt an ongoing eviction trial initiated by its landlord, George Dallas, Sr., who has allegedly attempted to take over the business. The landlord failed to complete required repairs per the lease and later attempted to claim a disputed $100,000 in back rent -- ignoring a prior accord that resolved mutual financial obligations. Subsequently, the landlord registered an LLC under the same name as the Debtor's long-standing brand and initiated eviction proceedings. The Debtor believes these actions constitute deceptive practices and seeks to assert defenses such as equitable nonforfeiture. About CPW Corp. CPW Corp. operates in the restaurants industry. CPW Corp. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Conn. Case No. 25-20930) on September 4, 2025. In its petition, the Debtor reported up to $100,000 in assets and between $100,001 and $1 million in liabilities. Judge James J. Tancredi oversees the case. The Debtor is represented by Jeffrey M. Sklarz, Esq., at Green & Sklarz, LLC. CRUISING KITCHENS: Case Summary & 20 Largest Unsecured Creditors ---------------------------------------------------------------- Debtor: Cruising Kitchens, LLC 9503 Middlex San Antonio, TX 78217 Business Description: Cruising Kitchens, LLC, based in San Antonio, Texas, designs and fabricates custom mobile kitchens, food trucks, trailers, and container kitchens for commercial clients, focusing on fully customized builds and end-to-end services. Chapter 11 Petition Date: January 2, 2026 Court: United States Bankruptcy Court Western District of Texas Case No.: 26-50001 Judge: Hon. Michael M Parker Debtor's Counsel: Ronald Smeberg, Esq. THE SMEBERG LAW FIRM 4 Imperial Oaks San Antonio TX 78248-1609 Tel: (210) 695-6684 Email: ron@smeberg.com Total Assets: $3,398,239 Total Liabilities: $18,183,983 The petition was signed by Cameron Davies as manager. A full-text copy of the petition, which includes a list of the Debtor's 20 largest unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/HK2OO3Q/Cruising_Kitchens_LLC__txwbke-26-50001__0001.0.pdf?mcid=tGE4TAMA CUSTOM HOME INVESTMENT: Seeks Chapter 11 Bankruptcy in California ----------------------------------------------------------------- On December 29, 2025, Custom Home Investment, Inc. filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Northern District of California. According to court filings, the Debtor reports between $1 million and $10 million in debt owed to an undisclosed number of creditors. About Custom Home Investment, Inc. Custom Home Investment, Inc. is a single asset real estate company. Custom Home Investment, Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-51979) on December 29, 2025. In its petition, the Debtor reports estimated assets ranging from $1 million to $10 million and estimated liabilities in the same range. The Honorable Hannah L. Blumenstiel handles the case. DFI 6628: Seeks Chapter 7 Bankruptcy in New York ------------------------------------------------ On December 18, 2025, DFI 6628 Elmwood Avenue Associates, LLC filed for Chapter 7 protection in the U.S. Bankruptcy Court for the Eastern District of New York. According to court filings, the debtor reports between $100,001 and $1,000,000 in debt owed to creditors. About DFI 6628 Elmwood Avenue Associates, LLC DFI 6628 Elmwood Avenue Associates, LLC operates in the real estate sector, focusing on property ownership and management activities. DFI 6628 Elmwood Avenue Associates, LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-46063) 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. The Honorable Jil Mazer-Marino handles the case. EASTERN COLORADO: Seeks Continued Cash Collateral Access -------------------------------------------------------- Eastern Colorado Seeds, LLC and affiliates ask the U.S. Bankruptcy Court for the District of Colorado for authority to use cash collateral and provide adequate protection. Eastern Colorado Seeds commenced its Chapter 11 case on January 15, 2025, followed shortly by its affiliates, and all cases are being jointly administered with the Debtors remaining in possession and no trustee or committee appointed. The Debtors operate an integrated seed production and distribution business serving agricultural producers across multiple southwestern states, with Eastern Colorado Seeds handling processing, inventory, and sales, Farms growing and harvesting crops delivered to Eastern Colorado Seeds, Pinnacol owning a grain facility in Texas used by Eastern Colorado Seeds, and the Smiths owning farmland used in operations. The Debtors' capital structure includes approximately $17 million in secured debt owed to American AgCredit entities arising from prepetition real estate loans and revolving credit facilities, as well as smaller SBA loans that Eastern Colorado Seeds contends are unsecured. Eastern Colorado Seeds previously negotiated and obtained court approval for the use of cash collateral through a series of agreed orders and supplemental budgets extending authorization through December 2025. Eastern Colorado Seeds seeks to further extend cash collateral use through June 2026 in order to fund ongoing operations and the reorganization process, consistent with a proposed budget that includes adequate protection payments to American AgCredit and to other secured equipment lenders. The budget also outlines projected cash flows and proposed secured creditor payments beginning in April, with later projections provided for informational purposes only. Eastern Colorado Seeds asserts that continued access to cash collateral is essential to maintaining business operations, preserving asset value, and successfully implementing the joint plan of reorganization, and therefore requests that the court approve the extension and related protections as being in the best interests of the estates and creditors. A copy of the motion is available at https://urlcurt.com/u?l=jvgfaC from PacerMonitor.com. About Eastern Colorado Seeds LLC Eastern Colorado Seeds, LLC is a full-service seed company offering a wide range of agricultural seeds, including grains, forages, reclamation seeds, and specialty products like pulses, millets, and sunflowers. With locations in Burlington, CO, Dumas, TX, and Clovis, NM, the company ensures efficient delivery and a consistent supply of high-quality products to its customers. The knowledgeable team at Eastern Colorado Seeds specializes in crop advisory, precision technology, and livestock nutrition. Eastern Colorado Seeds sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Col. Lead Case No. 25-10244) on January 15, 2025. In its petition, the Debtor reported between $10 million and $50 million in assets and liabilities. Honorable Bankruptcy Judge Joseph G Rosania, Jr. handles the case. The Debtor is represented by Andrew W. Johnson, Esq. at Onsager Fletcher Johnson, LLC. EL SABOR: Court Extends Cash Collateral Access to Feb. 6 -------------------------------------------------------- The U.S. Bankruptcy Court for the Eastern District of New York entered an interim order authorizing El Sabor Dominicano Corp. to use cash collateral through February 6. The Debtor may continue using the cash collateral of BizFund, LLC; Everest Business Funding; the Internal Revenue Service; and the New York State Department of Taxation & Finance to fund ongoing operations. All terms of the prior interim order remain in effect, except that adequate protection payments to NYS Department of Taxation & Finance have been increased from $500 to $1,000 per month, effective this month. A final hearing is scheduled for February 4. About El Sabor Dominicano Corp. El Sabor Dominicano Corp. filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-73680) on September 25, 2025, listing $100,001 to $500,000 in both assets and liabilities. Judge Alan S Trust presides over the case. The Debtor is represented by the Law Office of Raymond W. Verdi, Jr., Esq. EMMAUS LIFE: Director Ian Zwicker Resigns ----------------------------------------- Emmaus Life Sciences, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that Ian Zwicker resigned as a director, effective December 31, 2025. About Emmaus Life Sciences Emmaus Life Sciences, Inc. is a commercial-stage biopharmaceutical company engaged in the marketing and sales of the Company's lead product Endari (prescription grade L-glutamine oral powder), which is approved by the U.S. Food and Drug Administration, or FDA, to reduce the acute complications of sickle cell disease in adult and pediatric patients five years of age and older. Endari has received Orphan Drug designation from the FDA, which designation generally affords to market exclusivity for Endari in the U.S. for a seven-year period ending in July 2024. Costa Mesa, California-based Marcum LLP, the Company's auditor since 2024, issued a "going concern" qualification in its report dated April 14, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has a significant working capital deficiency, has incurred significant losses and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of September 30, 2025, the Company had $20.8 million in total assets, $80.2 million in total liabilities, and total stockholders' deficit of $59.5 million. EMPIRE DC: Seeks Chapter 7 Bankruptcy in District of Columbia ------------------------------------------------------------- On December 23, 2025, Empire DC LLC filed for Chapter 7 protection in the U.S. Bankruptcy Court for the District of Columbia. According to court filings, the Debtor reports between $1 million and $10 million in debt owed to between 1 and 49 creditors. About Empire DC LLC Empire DC LLC is a limited liability company. Empire DC LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 25-00603) on December 23, 2025. In its petition, the Debtor reports estimated assets of $0 to $100,000 and estimated liabilities in the range of $1 million to $10 million. Honorable Bankruptcy Judge Elizabeth L. Gunn handles the case. The Debtor is represented by Elizabeth L. Gunn, Esq. EVERCRISP BIOSCIENCES: Case Summary & 20 Top Unsecured Creditors ---------------------------------------------------------------- Debtor: Evercrisp Biosciences, Inc. 651 Gateway Blvd, Suite 1600 South San Francisco, CA 94080 Business Description: Evercrisp Biosciences develops machine learning-engineered miniproteins for receptor-mediated delivery of antisense oligonucleotides (ASOs) and small interfering RNAs (siRNAs) into specific cells. The platform is designed to reach tissues that have been historically difficult to target, such as the brain, kidney, and muscle, while avoiding immune risks associated with viral vectors, lipid nanoparticles, or ex vivo modified cells. Evercrisp Biosciences operates in the biotechnology sector, focusing on drug delivery solutions for genetic medicine applications. Chapter 11 Petition Date: January 1, 2026 Court: United States Bankruptcy Court District of Delaware Case No.: 26-10000 Judge: Hon. Laurie Selber Silverstein Debtor's General Bankruptcy Co-Counsel: L. Katherine Good, Esq. POTTER ANDERSON & CORROON LLP 1313 North Market Street 6th Floor Wilmington, DE 19801 Tel: 302-984-6000 Email: kgood@potteranderson.com AND QUINN EMANUEL URQUHART & SULLIVAN LLP AND MURPHY & KING, PROFESSIONAL CORPORATION Debtor's Restructuring Advisor: B. RILEY Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Meenu Chhabra Karson as CEO. A full-text copy of the petition, which includes a list of the Debtor's 20 largest unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/OWLRGUI/Evercrisp_Biosciences_Inc__debke-26-10000__0001.0.pdf?mcid=tGE4TAMA EVOKE PHARMA: Nantahala Capital Ceases Ownership of Shares ---------------------------------------------------------- Nantahala Capital Management, LLC, Wilmot B. Harkey, and Daniel Mack, disclosed in a Schedule 13D (Amendment No. 5) filed with the U.S. Securities and Exchange Commission that as of December 17, 2025, they beneficially own 0 shares of common stock (following the consummation of the merger on December 17, 2025, pursuant to which all shares of common stock beneficially owned by the Reporting Persons, along with certain warrants, were cancelled and converted into the right to receive cash consideration; as a result, the Reporting Persons ceased to be beneficial owners of more than five percent of the class) of Evoke Pharma Inc's common stock, par value $0.0001 per share. Nantahala Capital Management, LLC may be reached through: Taki Vasilakis, Chief Compliance Officer 130 Main St., 2nd Floor New Canaan, CT 06840 Tel: 203-308-4440 A full-text copy of Nantahala Capital Management, LLC's SEC report is available at: https://tinyurl.com/yc7chwfe About Evoke Pharma Headquartered in Solana Beach, California, Evoke Pharma Inc. -- www.EvokePharma.com -- is a specialty pharmaceutical company focused primarily on the development of drugs to treat GI disorders and diseases. The Company developed, commercialized and markets GIMOTI, a nasal spray formulation of metoclopramide, for the relief of symptoms associated with acute and recurrent diabetic gastroparesis in adults. Diabetic gastroparesis is a GI disorder affecting millions of patients worldwide, in which the stomach takes too long to empty its contents resulting in serious GI symptoms as well as other systemic complications. The gastric delay caused by gastroparesis can compromise absorption of orally administered medications. Prior to FDA approval to commercially market GIMOTI, metoclopramide was only available in oral and injectable formulations and remains the only drug currently approved in the United States to treat gastroparesis. San Diego, California-based BDO USA, P.C., the Company's auditor since 2014, issued a "going concern" qualification in its report dated March 13, 2025. The report cited that the Company has experienced continuous losses and negative operating cash flows since its inception, anticipates ongoing losses in the foreseeable future, and Eversana Life Science Services, LLC holds the authority to end the commercial services agreement for the marketing of Gimoti. These factors raise substantial doubt about the Company's ability to continue as a going concern. As of September 30, 2025, the Company had $15.6 million in total assets, $12.3 million in total liabilities, and $3.4 million in total stockholders' equity. FALLS EVENT: Court OKs Appointment of Philip Jones as Trustee ------------------------------------------------------------- Judge Cathleen Parker of the U.S. Bankruptcy Court for the District of Utah approved the appointment of Philip Jones as Chapter 11 trustee for The Falls Event Center, LLC. The appointment follows the resignation of Michael Thomson, the initial Chapter 11 trustee, on October 30. A copy of the appointment order is available for free at https://urlcurt.com/u?l=28Co7J from PacerMonitor.com. About The Falls Event Center The Falls Event Center, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Utah Case No. 18-25116) on July 11, 2018. At the time of the filing, the Debtor was estimated to have assets of $50 million to $100 million and liabilities of $100 million to $500 million. Judge R. Kimball Mosier oversees the case. Ray Quinney & Nebeker P.C. is the Debtor's legal counsel. The Debtor tapped Gil Miller and his firm Rocky Mountain Advisory, LLC, as restructuring advisors. On July 27, 2018, the U.S. Trustee appointed an official committee of unsecured creditors in the case. In November 2018, Judge R. Kimball Mosier entered an order appointing Michael F. Thomson as Chapter 11 trustee. Dorsey & Whitney, LLP is the trustee's counsel. FALLS MEDICAL: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------------ Debtor: Falls Medical Aesthetics, PLLC d/b/a Idaho Skin Care 3760 Washington Parkway Idaho Falls, ID 83404 Business Description: Falls Medical Aesthetics, PLLC, doing business as Idaho Skin Care, is a medical dermatology and aesthetic services provider based in Idaho Falls, Idaho. The practice offers a range of clinical and cosmetic dermatology treatments -- including skin cancer care, acne management, surgical dermatology, injectables, laser procedures, and other skin health services -- under the leadership of board-certified providers. Chapter 11 Petition Date: January 2, 2026 Court: United States Bankruptcy Court District of Idaho Case No.: 26-40001 Judge: Hon. Brent R Wilson Debtor's Counsel: Steven Taggart, Esq. OLSEN TAGGART, PLLC P.O. Box 3005 Idaho Falls, ID 83403 Tel: (208) 552-6442 Email: admin@olsentaggart.com Total Assets: $245,402 Total Liabilities: $1,471,662 The petition was signed by Kierstin Nebeker as managing member. A copy of the Debtor's list of 20 largest unsecured creditors is avialable for free on PacerMonitor at: https://www.pacermonitor.com/view/DOTUIVY/Falls_Medical_Aesthetics_PLLC__idbke-26-40001__0002.0.pdf?mcid=tGE4TAMA A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/DBKK57I/Falls_Medical_Aesthetics_PLLC__idbke-26-40001__0001.0.pdf?mcid=tGE4TAMA FIREFLY NEUROSCIENCE: Issues New Warrants to Replace June Warrants ------------------------------------------------------------------ Firefly Neuroscience, Inc. entered into a Warrants Cancellation and Exchange Agreement, dated as of December 16, 2025, between the Company and each of certain investors. The Warrant Exchange Agreement provides for: (i) the surrender and cancellation of certain outstanding warrants previously issued to the Warrant Investors on June 16, 2025 pursuant to the Securities Purchase Agreement dated June 16, 2025, by and between the Company and the Warrant Investors, and (ii) the exchange of the June 2025 Warrants for the new warrants to purchase the Company's common stock, par value $0.0001 per share, pursuant to Section 3(a)(9) under the Securities Act of 1933, as amended. The June 2025 Warrants that were surrendered and exchanged under the Warrant Exchange Agreement consisted of warrants to purchase an aggregate of 400,000 shares of Common Stock at an exercise price of $3.50 per share and warrants to purchase an aggregate of 400,000 shares of Common Stock at an exercise price of $4.00 per share. In exchange for the June 2025 Warrants, the Company agreed to issue to the Warrant Investors the New 2025 Warrants to purchase 800,000 Common Stock at an exercise price of $0.50 per share. Each of the New 2025 Warrants is exercisable for the same number of Common Stock as the respective June 2025 Warrants. The Warrant Holders agreed to exercise, within 10 business days after the Exercise Date (as defined in the New 2025 Warrants), such number of New 2025 Warrants to the maximum extent then permitted by the Beneficial Ownership Limitation (as defined in the New 2025 Warrants) set forth in Section 2(e) of the New 2025 Warrants, and to exercise any remaining New 2025 Warrants from time to time thereafter as and when permitted by the Beneficial Ownership Limitation (as such limitation may be increased or decreased in accordance with the terms of the New 2025 Warrants), until the New 2025 Warrants have been exercised in full. If all the New 2025 Warrants were exercised, the Company would receive aggregate gross proceeds of approximately $400,000. The Company intends to use such proceeds, if and when received, for working capital and general corporate purposes. Prior to the entry into the Warrant Exchange Agreement and the June 2025 Securities Purchase Agreement, there were no material relationships between the Company or any of the Company's affiliates, including any director or officer of the Company, or any associate of any director or officer of the Company, and the Warrant Investors. Full text copies of Warrant Exchange Agreement are available at https://tinyurl.com/h8sjzy3p and https://tinyurl.com/3ctr838x. About Firefly Firefly Neuroscience, Inc. (NASDAQ: AIFF) (formerly WaveDancer, Inc.) is an Artificial Intelligence company developing innovative solutions that improve rain health outcomes for patients with neurological and mental disorders. The FDA-510(k)-cleared Brain Network Analytics (BNA) software platform is designed to advance diagnostic and treatment approaches for individuals with mental illnesses and cognitive disorders, such as depression, dementia, anxiety, concussions, and attention-deficit/hyperactivity disorder (ADHD). Toronto, Ontario, Canada-based Marcum Canada LLP, the Company's auditor since 2012, issued a "going concern" qualification in its report dated April 2, 2025, attached on the Company's Annual Report on Form 10-K for the year ended Dec. 30, 2024, citing that the Company has a significant working capital deficiency, has incurred significant losses and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of September 30, 2025, the Company had $12.4 million in total assets, $2.8 million in total liabilities, and $9.7 million in total stockholders' equity. FIRST BRANDS: Creditors Oppose Former Execs' D&O Coverage Bid ------------------------------------------------------------- Rick Archer of Law360 Bankruptcy Authority reports that the creditors of auto parts maker First Brands Group have asked a Texas bankruptcy judge to prevent the company's former CEO and other executives from using corporate insurance policies as a shield against personal liability. The creditors argued that the executives were attempting to retreat into a "fortress" of directors and officers (D&O) coverage, leaving the estate and unsecured creditors exposed. In court filings, the creditors said allowing the executives to rely on D&O insurance would undermine accountability and reduce potential recoveries for the estate. They urged the judge to block the ex-executives' effort to access the policies, claiming the insurance is intended to protect the company, not insulate former officers from the consequences of alleged mismanagement. About First Brands Group, LLC Rochester Hills, Mich.-based First Brands Group, LLC is a global supplier of aftermarket automotive parts. On September 24, 2025, the Company's non-operational special purpose entities, Global Assets LLC, Global Lease Assets Holdings, LLC, Carnaby Capital Holdings, LLC, Broad Street Financial Holdings, LLC, Broad Street Financial, LLC, Carnaby Inventory II, LLC, Carnaby Inventory Holdings II, LLC, Carnaby Inventory III, LLC, Carnaby Inventory Holdings III, LLC, Patterson Inventory, LLC, Patterson Inventory Holdings, LLC, Starlight Inventory I, LLC and Starlight Inventory Holdings I, LLC each filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of Texas. Commencing on September 28, 2025, First Brands Group, LLC and 98 affiliated debtors each filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of Texas. In its petition, First Brands Group listed $1 billion to $10 billion in estimated assets and $10 billion to $50 billion in estimated liabilities. The cases are pending before the Hon. Christopher M. Lopez, and are jointly administered under Case No. 25-90399, and consolidated for procedural purposes only. The Debtors tapped Weil, Gotshal and Manges, LLP as legal counsel; Lazard Freres & Co. as investment banker; Alvarez & Marsal North America, LLC as financial advisor; and C Street Advisory Group as strategic communications advisor. Kroll Restructuring Administration, LLC is the Debtors' claims, noticing and solicitation agent. Gibson, Dunn & Crutcher, LLP and Evercore serve as the Ad Hoc Group of Lenders' legal counsel and investment banker, respectively. The U.S. Trustee for Region 7 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. FIRST BRANDS: Founder May Invoke 5th Amendment in Jefferies Inquiry ------------------------------------------------------------------- Jonathan Randles of Bloomberg Law reports that Patrick James, the founder of bankrupt auto parts maker First Brands Group, has indicated he would likely plead the Fifth if compelled to testify in a deposition sought by Jefferies Financial Group, pointing to an active federal criminal probe. According to a filing submitted December 31, 2025 in Ohio federal court, James' counsel moved to block subpoenas served by Leucadia Asset Management, which is affiliated with Jefferies and holds a significant creditor position through Point Bonita Capital. Jefferies is seeking sworn testimony from James at a January 9 deposition in Cleveland, according to the court filings, as it pursues information related to the company's pre-bankruptcy conduct. About First Brands Group, LLC Rochester Hills, Mich.-based First Brands Group, LLC is a global supplier of aftermarket automotive parts. On September 24, 2025, the Company's non-operational special purpose entities, Global Assets LLC, Global Lease Assets Holdings, LLC, Carnaby Capital Holdings, LLC, Broad Street Financial Holdings, LLC, Broad Street Financial, LLC, Carnaby Inventory II, LLC, Carnaby Inventory Holdings II, LLC, Carnaby Inventory III, LLC, Carnaby Inventory Holdings III, LLC, Patterson Inventory, LLC, Patterson Inventory Holdings, LLC, Starlight Inventory I, LLC and Starlight Inventory Holdings I, LLC each filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of Texas. Commencing on September 28, 2025, First Brands Group, LLC and 98 affiliated debtors each filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of Texas. In its petition, First Brands Group listed $1 billion to $10 billion in estimated assets and $10 billion to $50 billion in estimated liabilities. The cases are pending before the Hon. Christopher M. Lopez, and are jointly administered under Case No. 25-90399, and consolidated for procedural purposes only. The Debtors tapped Weil, Gotshal and Manges, LLP as legal counsel; Lazard Freres & Co. as investment banker; Alvarez & Marsal North America, LLC as financial advisor; and C Street Advisory Group as strategic communications advisor. Kroll Restructuring Administration, LLC is the Debtors' claims, noticing and solicitation agent. Gibson, Dunn & Crutcher, LLP and Evercore serve as the Ad Hoc Group of Lenders' legal counsel and investment banker, respectively. The U.S. Trustee for Region 7 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. FOOD52 INC: America's Test Kitchen to Buy Bankrupt Co. ------------------------------------------------------ Jonathan Randles of Bloomberg Law reports that America's Test Kitchen, the cooking television brand, has reached an agreement to purchase Food52, the online recipe site that sought Chapter 11 protection after its lender abruptly seized funds from its accounts. The $6.5 million stalking horse bid would pave the way for Food52's reorganization and potential exit from bankruptcy, pending any competing offers. Court records indicate the transaction includes interim financing that will supply Food52 with near-term cash as it works to finalize the sale, the report states. About Food52 Inc. Food52 Inc. is a Brooklyn-based cooking and home decor company Food52 Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-12277) on December 29, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $10 million and $50 million. Honorable Bankruptcy Judge Laurie Selber Silverstein handles the case. The Debtor is represented by Michael R. Nestor, Esq., Brynna Gaffney, Esq., Andrew M. Lee, Esq., S. Alexander Faris, Esq., and Elizabeth Soper Justison, Esq. of Young Conaway Stargatt & Taylor. FOOD52 INC: Seeks Chapter 11 Bankruptcy After Sweeping Layoffs -------------------------------------------------------------- Lisa Fickenscher of the New York Post reports that Food52 Inc., a Brooklyn-based cooking and home decor company, filed for bankruptcy protection this week after executing sweeping layoffs earlier this December 2025 and losing access to its primary source of funding. Court filings show the company's lender pulled its financing on December 15, 2025, leaving Food52 -- which also owns the Dansk tableware brand and home décor retailer Schoolhouse -- without cash on hand. The filing says the company was suddenly forced into a fight for survival. Food52 had already been seeking a buyer when lender Avidbank withdrew support. Boston-based America's Test Kitchen emerged as the stalking-horse bidder, agreeing to acquire the business for $6.5 million, a sharp decline from Food52's reported $100 million valuation in 2019, the report states. Founded by New York Times food journalists Amanda Hesser and Merrill Stubbs, Food52 cited integration challenges following its acquisitions and frequent leadership and strategy changes. The company, now led by former Barstool Sports CEO Erika Badan, reported more than $17 million in debt and said an auction of its assets is scheduled for February 2026, according to New York Post. About Food52 Inc. Food52 Inc. is a Brooklyn-based cooking and home decor company Food52 Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-12277) on December 29, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $10 million and $50 million. Honorable Bankruptcy Judge Laurie Selber Silverstein handles the case. The Debtor is represented by Michael R. Nestor, Esq., Brynna Gaffney, Esq., Andrew M. Lee, Esq., S. Alexander Faris, Esq., and Elizabeth Soper Justison, Esq. of Young Conaway Stargatt & Taylor. FOUR SEASONS: Matthew Grimshaw Named Subchapter V Trustee --------------------------------------------------------- The Acting U.S. Trustee for Region 18 appointed Matthew Grimshaw as Subchapter V trustee for Four Seasons Roofing, Inc. Mr. Grimshaw will be paid an hourly fee of $375 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Grimshaw declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Matthew W. Grimshaw 800 W. Main Street, Ste 1460 Boise, ID 83702 O. (208) 391-7860 Email: matt@grimshawlawgroup.com About Four Seasons Roofing Inc. Four Seasons Roofing, Inc. is a roofing and construction services company providing residential and commercial roofing solutions, maintenance, and repair services. Four Seasons Roofing sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Idaho Case No. 25-01065) 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 Brent R. Wilson handles the case. The Debtor is represented by Jared Smith, Esq., at Foley Freeman, PLLC. FREIGHT TECHNOLOGIES: Five Key Proposals Approved at Annual Meeting ------------------------------------------------------------------- Freight Technologies, Inc. held its Annual Meeting of Shareholders. A total of 2,030,295 ordinary shares, which have not been adjusted to give effect to the one-for-five reverse split on December 15, 2025, representing 34.42% of the issued and outstanding ordinary shares of record at the close of business on November 4, 2025 and constituting a quorum, were represented in person or by valid proxies at the Annual Meeting. The final results for each of the matters submitted to a vote of shareholders at the Annual Meeting, as set forth in the Proxy Statement, filed with the Securities and Exchange Commission on November 12, 2025, are as follows: Proposal 1: The Company's shareholders elected each of the following five nominees as directors, to serve until the next Annual Meeting of Shareholders and until his/her respective successor is elected and duly qualified, by the following vote: 1. Javier Selgas * For: 587,627 * Against: 79,180 * Withheld: 26,938 * Broker Non-Votes: 1,336,550 2. Nicholas H. Adler * For: 589,864 * Against: 77,056 * Withheld: 26,825 * Broker Non-Votes: 1,336,550 3. Leilei Nie * For: 587,654 * Against: 74,285 * Withheld: 31,806 * Broker Non-Votes: 1,336,550 4. Andres Gonzalez * For: 593,018 * Against: 73,802 * Withheld: 26,925 * Broker Non-Votes: 1,336,550 5. Marc Urbach * For: 595,793 * Against: 71,127 * Withheld: 26,825 * Broker Non-Votes: 1,336,550 Proposal 2: The Company's shareholders voted to ratify the appointment of TAAD LLP as the Company's independent registered public accounting firm for the fiscal year ending December 31, 2024 and December 31, 2025 by the following vote: * For: 1,867,265 * Against: 69,495 * Abstain: 93,535 Proposal 3: The Company's shareholders voted to approve, for purposes of complying with Nasdaq Listing Rule 5635(d), the issuance of 20% or more of the issued and outstanding securities of the Company in connection with the private placements as set forth in the Proxy Statement: * For: 579,671 * Against: 106,614 * Abstain: 7,460 * Broker Non-Votes: 1,336,550 Proposal 4: The Company's shareholders voted to ratify the proposed amendment to the amended and restated memorandum and articles of association of the Company regarding mandatory conversions of preferred shares: * For: 577,263 * Against: 97,073 * Abstain: 19,409 * Broker Non-Votes: 1,336,550 Proposal 5: The Company's shareholders conducted an advisory vote on the Company's named executive officers: * For: 601,671 * Against: 85,714 * Abstain: 6,360 * Broker Non-Votes: 1,336,550 About Freight Technologies, Inc. Freight Technologies (Nasdaq: FRGT) is a logistics management innovation company, offering a diverse portfolio of technology-driven solutions that address distinct challenges within the supply chain ecosystem. Diamond Bar, California-based TAAD, LLP, the Company's auditor since 2025, issued a "going concern" qualification in its report dated April 11, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has suffered recurring losses from operations that raises substantial doubt about its ability to continue as a going concern. As of September 30, 2025, the Company had $12,201,412 million in total assets, $5,917,313 in total liabilities, and $6,284,099 in total stockholders' equity. GEORGI & BRANDON: Neema Varghese Named Subchapter V Trustee ----------------------------------------------------------- The U.S. Trustee for Region 11 appointed Neema Varghese of NV Consulting Services as Subchapter V trustee for Georgi & Brandon Co. Inc. Ms. Varghese will be paid an hourly fee of $400 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Varghese declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Neema T. Varghese NV Consulting Services 701 Potomac, Ste. 100 Naperville, IL 60565 Tel: (630) 697-4402 Email: nvarghese@nvconsultingservices.com About Georgi & Brandon Co. Inc. Georgi & Brandon Co. Inc. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-19474) on December 21, 2025, with up to $50,000 in assets and $100,001 to $500,000 in liabilities. Judge David D. Cleary presides over the case. Paul M. Bach, Esq., at Bach Law Offices represents the Debtor as bankruptcy counsel. GOOD WORKS: Creditor Seeks Appointment of Examiner -------------------------------------------------- Aleksander Allen, creditor, sought the appointment of an examiner in the Chapter 11 case of Good Works Housing, LLC. The creditor asserts a claim arising from funds advanced in the amount of $71,000 relating to the Property. He filed Proof of Claim No. 14 on November 24, and the Debtor objected. The creditor contends that the record includes inconsistencies regarding his status (creditor vs. investor/partner) and errors in documents relating to him, and that an independent investigation would assist the Court and parties. The creditor requests a limited, cost-controlled examination directed to notice compliance and the specific issues surrounding the asserted claim and related documentation. An examiner's report would promote fairness and efficient resolution of disputes without turning the proceeding into piecemeal discovery battles. Mr. Allen requests that the U.S. Trustee be directed to select and appoint an examiner, subject to Court approval, and that the examiner be authorized to request information from the Debtor and parties in interest as necessary for the limited investigation. About Good Works Housing Good Works Housing LLC filed its voluntary Chapter 11 petition (Bankr. E.D. Pa. Case No. 25-12224) on June 2, 2025, listing up to $1 million in both assets and liabilities. Judge Derek J. Baker oversees the case. Roger V. Ashodian, Esq., at Regional Bankruptcy Center of Southeastern PA, PC, serves as the Debtor's counsel. GREEN TREE: Ira Bodenstein Named Subchapter V Trustee ----------------------------------------------------- The U.S. Trustee for Region 11 appointed Ira Bodenstein as Subchapter V trustee for Green Tree, LLC. Mr. Bodenstein will be paid an hourly fee of $500 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Bodenstein declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. About Green Tree LLC Green Tree, LLC, doing business as X-Golf Glenview and X-Golf South Loop, operates indoor golf entertainment venues offering simulator-based golf play, instruction, leagues, and private events, serving customers in Glenview, Illinois, and Chicago, Illinois, and operates within the amusement and recreation services industry. Green Tree filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-19313) on December 17, 2025, with $1 million to $10 million in assets and liabilities. James Joeng, member, signed the petition. Judge Michael B. Slade presides over the case. Gregory K. Stern, Esq., at Gregory K. Stern, P.C. represents the Debtor as legal counsel. H5 TRANSPORT: Amends Plan to Include SBA Secured Claim Pay ---------------------------------------------------------- H5 Transport, LLC submitted a First Amended Subchapter V Plan of Reorganization dated December 23, 2025. To confirm the Plan, the Court must find that all creditors and equity interest holders who do not accept the Plan will receive at least as much under the Plan as such parties would receive in a hypothetical Chapter 7 liquidation. The Debtor entered bankruptcy with $315,951.00 in assets, all of which serve as collateral securing the claims of three secured creditors. Consequently, any Chapter 7 liquidation proceeds would be applied first to administrative expenses and then to the secured creditors' claims, leaving no meaningful value available for distribution to other creditors. Absent a carve-out agreement, it is not clear that a trustee would even endeavor to liquidate assets solely for the benefit of secured parties. The Debtor scheduled $175,451.00 in cash and cash equivalents, consisting of $1,450.00 in accounts receivable and $163,001.00 in funds held in trust for the benefit of the estate. Following the Petition Date, these trust funds were transferred into a savings account. Subsequently, due to the loss of factoring early in the case, approximately $27,001.00 was drawn, resulting in a savings account balance of $136,000.00. Accordingly, the Debtor's total cash and cash equivalents equal $148,450.00. In a Chapter 7 liquidation scenario, cash and cash equivalents are, by their nature, immediately available for distribution and, consistent with prevailing bankruptcy practice, are valued at par. The Debtor's scheduled non-cash assets included $500.00 in office furniture and equipment and $140,000.00 in vehicles and trailers. The Debtor has also scheduled litigation rights against Wallwork Truck Center, Inc., et al., Case No. 3:24-CV-00045-ARS, pending in the United States District Court for the District of North Dakota (the "Wallwork Litigation"), as an asset of unliquidated value. Although the Wallwork Litigation seeks damages of approximately $95,000.00, the Debtor has assigned no value to this claim for purposes of the liquidation analysis. Collectively, these figures place the liquidation value of the Debtor's estate at $239,525.00. In the event of a Chapter 7 liquidation, if a trustee were permitted to sell all of these assets, the trustee would be entitled to a commission of $15,226.25. It is reasonably surmised a trustee would also incur at least $15,000.00 in legal fees and related professional expenses as part of an effort to liquidate the estate. This would result in a net proceeds available for distribution of $209,298.75. Because the allowed secured claims against the estate exceed this amount, no funds would be available for distribution to general unsecured creditors in Chapter 7 liquidation. By contrast, under this Plan, holders of allowed general unsecured claims will receive distributions totaling approximately $33,329.67, thereby satisfying the best-interests-of-creditors requirement. This Plan under chapter 11 of Title 11 of the United States Code proposes to pay creditors of the Debtor from the general cash flow of the Debtor. Class 3 consists of the secured portion of the claim of the U.S. Small Business Administration ("SBA"). As of the Petition Date, SBA asserted a secured claim in the amount of $164,950.00. This Class is impaired, inasmuch as the Plan bifurcates SBA's claim pursuant to Section 506 of the Bankruptcy Code, based on the value of the Debtor's assets and the extent to which such assets are encumbered by senior secured claims. After accounting for all prior liens, the Debtor asserts that only $1,347.33 in value remains available to secure SBA's claim. Accordingly, that amount constitutes the allowed secured portion of SBA's claim for purposes of this Plan. Any portion of SBA's claim not secured by the value of the Debtor's assets shall be treated as a general unsecured claim in Class 5. The allowed secured portion of SBA's claim shall be paid in equal monthly installments over the sixty-month term of the Plan, commencing on the Effective Date, with interest accruing on the unpaid balance at the rate of eight percent per annum, amortized over the Plan term. SBA shall retain its lien on the collateral securing its claim to the extent necessary to secure payment of the allowed secured amount, until such amount is paid in full in cash. Class 5 consists of all allowed general unsecured claims not otherwise classified under this Plan, including the unsecured portions of the claims of Starion and the U.S. SBA, as well as any other timely filed and allowed general unsecured claims. This Class is impaired, inasmuch as the Plan provides for less than full payment of such claims. Beginning in the first month following the Effective Date, the Debtor shall allocate to Class 5 any remaining available funds for that month, after satisfaction of all required payments to senior Classes under the Plan. Such funds shall be held in reserve and distributed annually, with the initial distribution to occur no later than the end of the twelfth month following the Effective Date, and each subsequent distribution to occur annually thereafter. All distributions to Class 5 shall be made on a pro rata basis among holders of allowed Class 5 claims. To the extent the Debtor recovers net proceeds from the Wallwork Litigation that are not subject to a valid, perfected lien in favor of Starion, or that remain after Starion's allowed secured claim has been paid in full, such proceeds shall be allocated to the Class 5 distribution pool and distributed pro rata among holders of allowed general unsecured claims. The Debtor shall maintain and operate its commercial freight transportation business to generate the revenue required to implement this Plan. Since the Petition Date, the Debtor has reduced overhead, optimized its fleet, and focused on routes and contracts that offer stable and predictable income. While industry conditions remain competitive, H5 Transport believes that its ongoing operations will provide adequate cash flow to fulfill its obligations under the Plan and achieve the fresh start intended by the bankruptcy process. To supplement operating cash flow, the Debtor intends to sell two trailers that are no longer necessary for its optimized fleet: (i) a 2014 Great Dane trailer with a vehicle identification number ending in 6345, and (ii) a 2014 Utility trailer with a vehicle identification number ending in 7312. Both trailers are subject to prepetition perfected liens held by Starion Bank, and their sale is governed by a Forbearance Agreement dated January 1, 2025. All net proceeds from these sales shall be remitted to Starion Bank and applied strictly in accordance with Article 4 of this Plan, including reduction of Starion Bank's allowed secured claim. A full-text copy of the First Amended Plan dated December 23, 2025 is available at https://urlcurt.com/u?l=CT7U8M from PacerMonitor.com at no charge. Counsel for the Debtor: Christianna A. Cathcart, Esq. THE DAKOTA BANKRUPTCY FIRM 1630 1st Avenue N., Suite B PMB 24 Fargo, North Dakota 58102-4246 E-mail: christianna@dakotabankruptcy.com About H5 Transport LLC H5 Transport LLC, founded in 2018 and based in Oakes, North Dakota with a satellite office in Bradenton, Florida, provides transportation and logistics services specializing in dry van and refrigerated freight. The veteran-led Company offers full truckload and less-than-truckload shipping, regional and long-haul coverage, and custom logistics support including dispatch, driver management, and billing solutions. H5 Transport serves shippers, small fleets, and independent owner-operators across the United States, with core lanes in the Midwest and expanding routes nationwide. H5 Transport filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D.N.D. Case No. 25-30409) on September 15, 2025. In its petition, the Debtor reported total assets of $270,951 and total liabilities of $2,029,269. Honorable Bankruptcy Judge Shon Hastings handles the case. The Debtor tapped Christianna A. Cathcart, Esq., at The Dakota Bankruptcy Firm as counsel and Ptacek Financial Services, PC as accountant. HEARDMONT HEALTH: No Decline in Resident Care, 1st PCO Report Says ------------------------------------------------------------------ Melanie S. McNeil, Esq., the duly appointed patient care ombudsman, filed with the U.S. Bankruptcy Court for the Middle District of Georgia her first report regarding the quality of patient care provided by Heardmont Health Properties, LLC. During the December 10 visit, the resident census was 47. The ombudsman representative for the Office of the State Long-Term Care Ombudsman (OSLTCO) visited with twelve residents, the administrator, activities staff, and dietary staff. The ombudsman representative received no complaints. The administrator conducts monthly meetings with residents to address concerns. Staff seems to be stable. The facility is old, but has a new roof. The ombudsman representative facility seems to have adequate food and supplies. The OR noted no decline in resident care since the last visit. The patient care ombudsman is not aware of any significant change in facility conditions or decline in resident care for this nursing home since her appointment. A copy of the ombudsman report is available for free at https://urlcurt.com/u?l=Zs2Teb from PacerMonitor.com. The ombudsman may be reached at: Melanie S. McNeil, Esq. Patient Care Ombudsman in re: Regional Housing & Communities Services Corp., et al. Office of the State Long-Term Care Ombudsman 47 Trinity Avenue S.W., First Floor Atlanta, Georgia 30334 Telephone: 404-657-5327(O) 404-416-0211 (Cell) Facsimile: 404-463-8384 Email: Melanie.McNeil@osltco.ga.gov About Heardmont Health Properties Heardmont Health Properties LLC manages Heardmont Health and Rehabilitation, a nursing facility in Elberton, Georgia, offering long-term care, rehabilitation, and assisted living services. Heardmont Health Properties LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Ga. Case No. 25-51641) on October 15, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $1 million and $10 million. The Debtor is represented by Wesley J. Boyer, Esq., at Boyer Terry LLC. HORIZON FINANCIAL: Seeks Chapter 7 Bankruptcy in Indiana -------------------------------------------------------- On December 30, 2025, Horizon Financial Management, LLC filed for Chapter 7 protection in the U.S. Bankruptcy Court for the Northern District of Indiana. According to court filings, the Debtor reports between $1 million and $10 million in debt owed to between 1,000 and 5,000 creditors. About Horizon Financial Management, LLC Horizon Financial Management, LLC is a privately owned company engaged in financial management services. The business delivers advisory and financial support services designed to meet client-specific needs. Horizon Financial Management, LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 25-22659) on December 30, 2025. In its petition, the Debtor reports estimated assets of $100,001 to $1 million and estimated liabilities of $1 million to $10 million. HUNTLEY AVENUE: Seeks Chapter 11 Bankruptcy in California --------------------------------------------------------- On December 29, 2025, Huntley Avenue, LLC filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Central District of California. According to court filings, the Debtor reports between $1 million and $10 million in debt owed to between 1 and 49 creditors. About Huntley Avenue, LLC Huntley Avenue, LLC is a privately held limited liability company primarily engaged in real estate ownership or investment activities. Huntley Avenue, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-21645) on December 29, 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 assigned to Honorable Bankruptcy Judge Barry Russell. The Debtor is represented by Matthew D. Resnik, Esq., of RHM Law LLP. INGLES PRODUCE: Tarek Kiem of Kiem Law Named Subchapter V Trustee ----------------------------------------------------------------- The Acting U.S. Trustee for Region 21 appointed Tarek Kiem, Esq., at Kiem Law, PLLC as Subchapter V trustee for Ingles Produce, Inc. Mr. Kiem will be paid an hourly fee of $350 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Kiem declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Tarek Kiem, Esq. Kiem Law, PLLC 8461 Lake Worth Road, Suite 114 Lake Worth, FL 33467 Tel: (561) 600-0406 tarek@kiemlaw.com About Ingles Produce Inc. Ingles Produce, Inc. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-25031) on December 19, 2025, listing between $500,001 and $1 million in assets and between $1 million and $10 million in liabilities. Aaron A. Wernick, Esq., represents the Debtor as legal counsel. INSPIREMD INC: Kathryn Arnold to Step Down from Board Dec. 31 ------------------------------------------------------------- InspireMD, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that Kathryn Arnold, a Class III director of the Company, and a member of the compensation, nominating and corporate governance committee, and the research and development committee, tendered her resignation from the Board, effective December 31, 2025. In connection with Ms. Arnold's resignation from the Board, in recognition of the dedicated service of Ms. Arnold to the Company, and notwithstanding the termination of Ms. Arnold's service, the Compensation Committee approved the acceleration of unvested equity awards held by Ms. Arnold, the extension of the expiration dates of stock option awards held by Ms. Arnold for a period of two years from the effective date of Ms. Arnold's resignation from the Board, the payment of three additional quarters of Board and Compensation Committee, Nominating Committee and R&D Committee member fees, and the grant of shares of the Company's common stock and Options, at an exercise price for the Options equal to the closing fair market value of the Company's common stock on December 30, 2025, in an aggregate amount of approximately $140,000 allocated 75% in common stock and 25% in Options. Ms. Arnold's resignation from the Board was not due to any disagreement with the Company, the Board or the management of the Company on any matter relating to the Company's operations, policies, practices or otherwise. About InspireMD Headquartered in Tel Aviv, Israel, InspireMD, Inc. -- http://www.inspiremd.com/-- is a medical device company focusing on the development and commercialization of its proprietary MicroNet stent platform technology for the treatment of complex vascular and coronary disease. A stent is an expandable "scaffold-like" device, usually constructed of a metallic material, that is inserted into an artery to expand the inside passage and improve blood flow. Its MicroNet, a micron mesh sleeve, is wrapped over a stent to provide embolic protection in stenting procedures. Tel-Aviv, Israel-based Kesselman & Kesselman, the Company's auditor since 2010, issued a "going concern" qualification in its report dated March 12, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has suffered recurring losses from operations and cash outflows from operating activities that raise substantial doubt about its ability to continue as a going concern. As of September 30, 2025, the Company had $78.5 million in total assets, $14.4 million in total liabilities, and $64.1 million in total equity. ISLAND JAMS: Leon Jones Named Subchapter V Trustee -------------------------------------------------- The Acting U.S. Trustee for Region 21 appointed Leon Jones, Esq., at Jones & Walden, LLC, as Subchapter V trustee for Island Jams, Inc. Mr. Jones will be paid an hourly fee of $500 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Jones declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Leon S. Jones, Esq. Jones & Walden, LLC 699 Piedmont Ave. NE Atlanta, GA 30308 Phone: (404) 564-9300 ljones@joneswalden.com About Island Jams Inc. Island Jams Inc. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-64816) on December 19, 2025, with $100,001 to $500,000 in assets and liabilities. J.R. BUTLER: Seeks to Extend Plan Exclusivity to April 28, 2026 --------------------------------------------------------------- J.R. Butler, Inc., asked the U.S. Bankruptcy Court for the District of Colorado to extend its exclusivity periods to file a plan of reorganization to April 28, 2026. The Debtor is in the process of collecting on its accounts receivable, it has filed one adversary proceeding against one general contractor, JE Dunn, to do so, and continues to informally negotiate with other general and subcontractors to obtain outstanding amounts on other projects. However, as noted during the October 8, 2025 Status Conference in this matter, this is not a process that will occur overnight indeed, Debtor, at the Status Conference, represented that this process would take at least six months. The Debtor explains that considering the collection process is still underway, it is not practical to file a Plan of Reorganization until the Debtor resolves at least some of its accounts receivable collections, including the JE Dunn adversary proceeding. Therefore, the Debtor requests an extension of the exclusive period for an additional 120 days from the date of the Debtor's current exclusive period, through and including April 28, 2026, as well as an extension of the 180-day period to solicit acceptances of their initial Plans of Reorganization for an additional 180 days. J.R. Butler Inc. is represented by: Jeffrey A. Weinman, Esq. Jeremy T. Jonsen, Esq. Bailey C. Pompea, Esq. MICHAEL BEST & FRIEDRICH LLP 675 15th Street, Suite 2000 Denver, CO 80202 Telephone: (720) 240-9515 E-mail: jeffrey.weinman@michaelbest.com jeremy.jonsen@michaelbest.com bailey.pompea@michaelbest.com About J.R. Butler Inc. J.R. Butler Inc. is an Englewood, Colorado-based specializing in unitized glazing systems. The company designs, engineers, and manufactures glazing systems for commercial construction projects. J.R. Butler Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-15598) on August 29, 2025. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million each. Judge Thomas B. McNamara oversees the case. The Debtor is represented by Jeffrey Weinman, Esq. at Allen Vellone Wolf Helfrich & Factor P.C. JB GROUP: Committee Seeks Chapter 11 Trustee Appointment -------------------------------------------------------- The official committee of unsecured creditors asked the U.S. Bankruptcy Court for the Middle District of Louisiana to appoint a trustee to take over the Chapter 11 case of JB Group of LA, LLC. In 2022, MMR Constructors, Inc., one of the committee members, filed suit against the company and David Heroman in the U.S. District Court for the Middle District of Louisiana, through which it asserted violations under the Defend Trade Secrets Act, the Louisiana Uniform Trade Secrets Act, the Louisiana Unfair Trade Practice Act, and various business tort claims under Louisiana law. Judge Brian Jackson entered an order in the MMR litigation in 2024. This order describes the history of the suit, the orders previously entered in the case, and JB's wanton disregard of the existing orders and protocol. JB has not completed the remediation work required and, thus, the special master has not been able to confirm its compliance with the district court's orders. In a court filing, the committee raised the need to appoint an independent trustee to manage the case, saying JB's failure to comply or even attempt to comply with the district court orders is sufficient cause to appoint a Chapter 11 trustee. JB has not complied with the district court order, and further, its cash collateral budget and the DIP budget do not provide any funds necessary for the special master. The committee cited that the continuing loss to the estate is evident. JB has admitted that it is administratively insolvent, that it cannot confect a sale, and has refused to take actions on behalf of the estate, including the pursuit of potential claims against insiders such as the DIP lender and holder of equity interests in the company. Each of these alone is sufficient cause to appoint a trustee but taken together more than support that a trustee is in the best interest of the creditors of the estate. Furthermore, JB has lost additional funds from its insider DIP lender and has failed to institute any sort of action against the lender to recover the funds. The company is hopelessly conflicted, according to the committee. The committee noted that the conduct of this supposed sale is also concerning. JB has not included the committee as a consultation party, has not marketed the assets for sale, and appears ready to sell the assets (some or all of them) to a different insider. Insider transactions are subject to "heavy scrutiny," according to the committee. Counsel to the Official Committee of Unsecured Creditors: Mark A. Mintz, Esq. Catherine E. Lasky, Esq. Erin N. Alpandinar, Esq. Jones Walker LLP 201 St. Charles Avenue, Suite 5100 New Orleans, LA 70170-5100 Telephone: (504) 582-8368 Facsimile: (504) 589-8368 Email: mmintz@joneswalker.com klasky@joneswalker.com About JB Group of LA LLC JB Group of LA LLC, doing business as ISG Infrastructure Group, provides electrical, instrumentation, communications, and renewable energy solutions to public and private sector clients, including the U.S. Army Corps of Engineers, military installations, state departments of transportation, and industrial customers in data, energy, and manufacturing sectors. JB Group of LA LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. La. Case No. 25-10807) on September 12, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $10 million and $50 million. Judge Michael A. Crawford oversees the case. The Debtor is represented by Paul Douglas Stewart, Jr., Esq., at Stewart Robbins Brown & Altazan, LLC. David Asbach, Acting U.S. Trustee for Region 5, appointed an official committee to represent unsecured creditors in the Debtor's Chapter 11 case. The committee is represented by Jones Walker, LLP. ISG Capital Group, LLC, as DIP lender, is represented by: David S. Rubin, Esq. Butler Snow LLP 445 N. Blvd. Suite 300 Baton Rouge, LA 70802 Telephone: (225) 325-8700 Fax: 225-325-8800 david.rubin@butlersnow.com b1Bank, as secured creditor, is represented by: Sharon Starkey Whitlow, Esq. Stephen M. Whitlow, Esq. Haley N. Baker, Esq. Whitlow Law Firm, LLC 700 Main Street, Suite 301 Baton Rouge, LA 70802 Telephone (225) 217-0060 Facsimile (225) 217-0061 sharon@whitlowfirm.com steve@whitlowfirm.com haley@whitlowfirm.com JEWELRY ARTISANS: Gets Interim OK to Use Cash Collateral -------------------------------------------------------- Jewelry Artisans of Orlando, Inc. got the green light from the U.S. Bankruptcy Court for the Middle District of Florida, Orlando Division, to use cash collateral. At the recent hearing, the court authorized the Debtor's interim use of cash collateral until January 15. The Debtor's cash collateral is potentially subject to liens held by the U.S. Small Business Administration and GM Gold & Diamonds, LP. The SBA holds a lien on all of the Debtor's assets, securing a claim of $182,135, leaving approximately $234,085 in unencumbered assets. GM holds a second-priority lien securing a claim of $251,401, of which roughly $17,316 would be treated as unsecured after the SBA's priority. The Debtor intends to use cash collateral to pay ongoing operating and administrative expenses. It offers to grant replacement liens to the SBA and GM in the same scope as their pre-petition liens as adequate protection. About Jewelry Artisans of Orlando Inc Jewelry Artisans of Orlando, Inc sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla Case No. 25-07766) on November 28, 2025, listing up to $1 million in both assets and liabilities. Victor Lopez, vice-president of Jewelry Artisans of Orlando, signed the petition. Judge Grace E. Robson oversees the case. Chad Van Horn, Esq., at Van Horn Law Group, P.A., represents the Debtor as legal counsel. JJ HEATING: Seeks Chapter 7 Bankruptcy in California ---------------------------------------------------- On December 24, 2025, JJ Heating & Air Conditioning Co. filed for Chapter 7 protection in the Northern District of California. According to court filings, the Debtor reports between $100,001 and $1,000,000 in debt owed to between 1 and 49 creditors. About JJ Heating & Air Conditioning Co. JJ Heating & Air Conditioning Co. is an HVAC services company providing heating and cooling system installation, maintenance, and repair services. The company serves residential and commercial customers. JJ Heating & Air Conditioning Co. sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 25-42419) on December 24, 2025. In its petition, the Debtor reports estimated assets between $0 and $100,000 and estimated liabilities between $100,001 and $1,000,000. Honorable Bankruptcy Judge William J. Lafferty handles the case. The Debtor is represented by Jake Cline, Esq. of Cline Law Group. JOBEE EXPRESS: Section 341(a) Meeting of Creditors on January 21 ---------------------------------------------------------------- On December 17, 2025, Jobee Express LLC filed for Chapter 11 protection in the Western District of North Carolina Bankruptcy Court. According to court filing, the Debtor reports between $1,000,000 and $10,000,000 in debt owed to 1–49 creditors. A Meeting of Creditors under Section 341(a) to be held on January 21, 2026 at 01:00 PM at Zoom 341 Meeting. About Jobee Express LLC Jobee Express LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-31361) on December 17, 2025. In its petition, the Debtor reports estimated assets of $0–$100,000 and estimated liabilities of $1,000,000–$10,000,000. Honorable Laura T. Beyer handles the case. The Debtor is represented by Rashad Blossom, Esq., of Blossom Law, PLLC. JTA1 REAL: Post-Petition Financing or Sale Proceeds to Fund Plan ---------------------------------------------------------------- JTA1 Real Properties LLC filed with the U.S. Bankruptcy Court for the Middle District of Florida a Disclosure Statement describing Plan of Reorganization dated December 29, 2025. The Debtor is a Delaware limited liability company. Debtor's Articles of Organization were originally executed and filed with the Secretary of State of Colorado on or about April 30, 2009. The Debtor's main asset is the real property located at 1065 S. Quivas Street, Denver, Colorado 80219 (the "Property"), sometimes referred to as "Park Athmar Apartments." The Debtor's principal place of business is located at 2501 Jammes Rd. Jacksonville, Florida, 32210, which is owned by an affiliate of the Debtor. The Debtor is part of a group of affiliate companies based in Jacksonville, Florida, that own large apartment complex projects in Florida and Colorado. The Debtor's Property is managed by Peoples Choice Apartments LLC ("Manager"), a Florida limited liability company, which also manages other properties owned by other affiliate companies in the same portfolio of common ownership as the Debtor. The Denver-area properties have experienced significantly elevated vacancy rates during the current year. These vacancies appear correlated with heightened immigration enforcement activities by U.S. Immigration and Customs Enforcement ("ICE") in the Denver metropolitan area. Although occupancy at the Property has recently begun to stabilize, the sudden and substantial increase in vacancies created immediate cash flow constraints that contributed to the Debtor's need for chapter 11 relief. In summary, the Debtor's proposed Plan contemplates the emergence of a Reorganized Debtor through the continued operation of the business. All Claims against the Reorganized Debtor are classified and treated pursuant to the terms of the Plan, or as otherwise stated in the Confirmation Order. The Plan designates four Classes of secured claims (Classes 1 through 4); one Class of unsecured claims (Class 5); and one Class of equity security (i.e., membership interest) holders (Class 6). Classes 1 through 6 are Impaired and are therefore entitled to vote on the Plan. Class 5 consists of the Allowed Unsecured Claims against the Debtor. This Class is Impaired. In full satisfaction of the Allowed Class 2 Claims, holders of such Allowed Class 5 Claims shall receive a pro rata distribution of the net proceeds (if any) from a sale or other disposition of the Property, after Class 1 through are paid in full and satisfied. If the Property is sold for less than the amount of the Allowed Stormfield Secured Claim or is sold at foreclosure, then there will be no proceeds, and the Class 5 Allowed General Unsecured Claims shall receive $0.00. The Class 5 Allowed General Unsecured Claims shall receive their pro rata distribution (if any) on the first business day after the date that is sixty days after the Effective Date. Class 6 consists of any and all equity interests and warrants currently issued or authorized in the Debtor. This Class is Impaired. Class 6 shall receive the excess proceeds (if any) from a sale or other disposition of the Property, after payment in full of Classes 1 through 5. On the Effective Date, all currently issued and outstanding membership interests in the Debtor shall be extinguished, and new membership interests shall be issued to the same persons and in the same percentages that were Holders of membership interests on the Petition Date; or, if the Property is sold or surrendered, the Debtor or Reorganized Debtor may be dissolved in accordance with state law. The Debtor is seeking post-petition financing as a means of implementing the Plan. In the event Debtor is able to obtain and the Court approves post-petition financing, the proceeds from said financing will fund this Plan. If Debtor is unable to obtain post-petition financing, the Plan contemplates the sale of substantially all of the Debtor's assets, consisting primarily of the Property, by private sale. The Debtor believes the proceeds from the sale of the Property will be sufficient to fund the Plan. Except as explicitly set forth in this Plan, all cash in excess of operating expenses generated from operation until the Effective Date will be used for Plan Payments or Plan implementation; however, subject to the projections attached to the Disclosure Statement, cash on hand as of Confirmation will be available for Administrative Expenses. The Plan provides a flexible mechanism to resolve all Claims and Interests and proposes that the Debtor will obtain post-petition financing to refinance and pay the Class 1 Claim secured by the Property; or, alternatively, a potential sale of the Property, with the net proceeds used to pay the Class 1 Claim, and any additional net proceeds to be used to pay Class 2 general unsecured claims; or, alternatively, the Debtor will abandon the Property to the secured creditor. A full-text copy of the Disclosure Statement dated December 29, 2025 is available at https://urlcurt.com/u?l=ROViEw from PacerMonitor.com at no charge. Counsel to the Debtor: Jeffrey S. Ainsworth, Esq. BransonLaw, PLLC 1501 East Concord Street Orlando, Florida 32803 Telephone: (407) 894-6834 Facsimile: (407) 894-8559 About JTA1 Real Properties LLC JTA1 Real Properties, LLC is part of a group of affiliate companies based in Jacksonville, Florida, that own large apartment complex projects in Florida and Colorado. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-03531) on September 30, 2025, listing up to $50,000 in assets and liabilities. Judge Jason A. Burgess oversees the case. Jeffrey Ainsworth, Esq., at Bransonlaw PLLC serves as the Debtor's counsel. LANDS' END: 62-Year Old Retail Chain Closes Stores in U.S. ---------------------------------------------------------- Fernanda Tronco of The Street reports that Lands' End (LE) is set to shutter its Christiana Fashion Center store in Newark, Delaware, at 3168 Fashion Center Blvd. on January 24, 2026. This move will eliminate the retailer's last physical location in Delaware, leaving the closest store over an hour away in Pennsylvania. The rise of online shopping has fundamentally altered consumer expectations. Shoppers increasingly favor digital channels for their convenience, leaving brick-and-mortar locations to compete in a rapidly changing retail landscape. Ongoing economic uncertainty has compounded the challenge for physical stores. Many retailers, including long-established chains, are facing declining foot traffic and softer sales, forcing them to reevaluate operations and close underperforming locations, the report states. To clear out remaining merchandise, Lands' End will launch a liquidation sale with 50% off all items and an extra 60% off outerwear, according to Delaware Online. The Christiana store is one of several the company has closed in 2025, with additional closures planned in 2026. Lands' End recent store closures include: * Frisco, Texas – The Center at Preston Ridge: Closed in October 2025 due to underperformance. * Rockville, Maryland – Congressional Plaza: Will close in January 2026 after lease renewal efforts fell through. * Newark, Delaware – Christiana Fashion Center: Set to close in January 2026; no explanation has been provided. About Lands' End Lands’ End was established in 1963 in Chicago as a mail-order watch supply business and, by 1978, had grown into a retailer of clothing, swimwear, outerwear, accessories, footwear, home products, and uniforms. LAVIE CARE: PCO Reports Resident Care Complaints ------------------------------------------------ Margaret Barajas, the patient care ombudsman, filed her ninth report regarding the quality of patient care provided at the Pennsylvania nursing facilities operated by LaVie Care Centers, LLC's affiliates. The PCO reported that the sale of five skilled nursing facilities and one assisted living facility to Avardis Health was completed on June 1. These facilities are Pennknoll Village, Locust Grove Retirement Village, The Manor at St. Luke Village, The Pavilion at St. Luke Village, Luther Ridge at Seiders Hill, and The Manor at Penn Village. General Concerns As of a December 11 facility visit, there was no active disease at Luther Ridge at Seiders Hill. However, the local ombudsman reports that the census continues to decrease as families are taking residents to other facilities or other levels of care. Residents remain unable to use the water in their rooms for showers, drinking, or brushing teeth. At the time of a December 4 facility visit, The Pavilion at St. Luke Village was experiencing a COVID outbreak. Staff was required to wear masks. Activities were canceled. The local ombudsman will continue to monitor the situation. Regulatory Concerns The PCO noted that based on surveys completed on November 12 at Pennknoll Village identified no deficient practice under the requirements of 42 CFR Part 483, Subpart B Requirements for Long Term Care Facilities as it relates to the Health portion of the survey process. However, deficient practice was identified under 28 PA Code, Commonwealth of Pennsylvania Long Term Care Licensure Regulations. The facility failed: * To ensure a minimum of one nurse aide per 10 residents on the day shift for two of 21 days; one nurse aide per 11 residents on the evening shift for one day; and, one nurse aide per 15 residents on the overnight shift for one day. * To ensure a minimum of one licensed practical nurse per 25 residents during the day shift for two of 21 days; and, one licensed practice nurse per 30 residents during the evening shift for one day. * To provide 3.20 hours of direct resident care for each resident for five of 21 days reviewed. A copy of the ombudsman report is available for free at https://urlcurt.com/u?l=YjzHEJ from Kurtzman Carson Consultants, LLC, claims agent. About Lavie Care Centers LaVie Care Centers, LLC, is the parent company of skilled nursing facility operators and providers, with facilities primarily located in Mississippi, North Carolina, Pennsylvania and Virginia. The company operates 43 licensed facilities, with 4,300 beds, providing short-term rehabilitation, comprehensive post-acute care, and long-term care to its residents. On June 2 and 3, 2024, LaVie Care Centers and 281 affiliates filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ga. Lead Case No. 24-55507), before Judge Paul Baisier in Atlanta. The Debtors tapped McDermott Will & Emery, LLP as legal counsel; Stout Capital, LLC as investment banker; and Ankura Consulting as financial advisor. M. Benjamin Jones, senior managing director at Ankura, serves as the Debtors' chief restructuring officer. Kurtzman Carson Consultants, LLC is the claims agent, and maintains the page http://www.kccllc.com/LaVie The U.S. Trustee for Region 21 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. Troutman, Pepper Locke, LLP and FTI Consulting, Inc. serve as the committee's legal counsel and financial advisor, respectively. The U.S. Trustee also appointed Joani Latimer as patient care ombudsman for patients at the Debtors' Virginia facilities; Victor Orija for North Carolina facilities; Lisa Smith for the Mississippi facilities; Margaret Barajas for the Pennsylvania facilities; and Terri Cantrell for the Florida facility. LINEAR COMPANIES: Seeks Chapter 11 Bankruptcy in Arizona -------------------------------------------------------- On December 11, 2025, Linear Companies, LLC filed for Chapter 11 protection in the U.S. Bankruptcy Court for the District of Arizona. According to court filings, the Debtor reports between $1 million and $10 million in debt owed to 1 to 49 creditors. About Linear Companies, LLC Linear Companies, LLC is a limited liability company. Linear Companies, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-11955) on December 11, 2025. In its petition, the Debtor reports estimated assets of $1 million to $10 million and estimated liabilities of $1 million to $10 million. Honorable Bankruptcy Judge Brenda Moody Whinery handles the case. The Debtor is represented by Philip R. Rudd, Esq. of Sacks Tierney P.A. LISBON VISTA: Case Summary & Four Unsecured Creditors ----------------------------------------------------- Debtor: Lisbon Vista Heights, LLC 140 N Escondido Blvd Escondido CA 92025 Business Description: Lisbon Vista Heights, LLC is a California- based limited liability company that owns and manages an affordable housing residential community in the San Diego area. The Company holds the Lisbon Vista Heights property in Escondido, California, and is affiliated with Bay Vista, a nonprofit organization engaged in affordable housing development and operations. Chapter 11 Petition Date: January 2, 2026 Court: United States Bankruptcy Court Southern District of California Case No.: 26-00001 Judge: Hon. Christopher B Latham Debtor's Counsel: K. Todd Curry, Esq. CURRY ADVISORS, A PROFESSIONAL LAW CORPORATION 185 West F Street, Ste. 100 San Diego, CA 92101 Tel: (619) 238-0004 Total Assets: $7,000,252 Total Liabilities: $13,100,000 The petition was signed by Cheryl R. Lee as CEO. A full-text copy of the petition, which includes a list of the Debtor's four unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/QAWQ3TY/Lisbon_Vista_Heights_LLC__casbke-26-00001__0001.0.pdf?mcid=tGE4TAMA LLSSGG LLC: Claims to be Paid from Available Cash & Contribution ---------------------------------------------------------------- LLSSGG LLC filed with the U.S. Bankruptcy Court for the Eastern District of New York a Disclosure Statement describing Plan of Reorganization dated December 29, 2025. The Debtor owns seven residential homes for leasing in the Stamford and Milford, CT (the "Properties"). The Properties are subject to a spreader mortgage held by HarborOne Bank (the "Lender") in the principal sum of $12 million. Prior to bankruptcy, the Debtor executed a certain Reinstatement Agreement with the Lender to cure various unpaid real estate taxes and reimbursed the Lender in the sum of $137,403.78 on April 2, 2025. Moreover, the Debtor was prepared to pay the sum of $20,000 on account of agreed attorneys' fees when the Lender reneged and refused to sign the Reinstatement Agreement despite the Debtor's substantial performance thereunder. In the face of continued foreclosure litigation, the Debtor was compelled to seek Chapter 11 relief with the stated goal of utilizing the cure and reinstatement provisions of the Bankruptcy Code to restabilize the Mortgage debt. The cornerstone of the Plan is a cure and reinstatement of the Mortgage debt held by the Lender. The Debtor's primary goal in seeking Chapter 11 relief is to effectuate a cure and reinstatement of the Mortgage debt pursuant to Section 1124 of the Bankruptcy Code. The Lender is the sole creditor in this Chapter 11 case and, thus, the Plan is designed to return the parties to the status quo ante as permitted by the Bankruptcy Code. The underlying Mortgage carries a principal balance of $12,000,000 and otherwise matures on November 3, 2032. The Debtor has computed the monies needed to effect a Cure totaling approximately $320,000, excluding: (i) the sum of $253,000 currently being held in reserve by the Lender (the "Reserve") and (ii) adequate protection payments made to the Lender in the total sum of $150,000 ($75,000 each for November and December 2025) and to continue thereafter pending confirmation of the Plan. The Equity Interests, held by Uanderson Benedetti, shall continue unchanged and unabated in the Reorganized Debtor following the Effective Date of the Plan. The Plan shall be funded through the Debtor's available cash on deposit in its DIP account, disposition of the existing Reserve depending on whether the Lender consents to the cure and reinstatement, and the New Value Contribution, all of which shall be used to fund the itemized payments. On the Effective Date, the Properties and any other assets of the Debtor shall revest in the Reorganized Debtor subject only to the Mortgage held by the Lender as cured and reinstated. A full-text copy of the Disclosure Statement dated December 29, 2025 is available at https://urlcurt.com/u?l=wGdtaZ from PacerMonitor.com at no charge. The Debtor's Counsel: Kevin Nash, Esq. GOLDBERG WEPRIN FINKEL GOLDSTEIN LLP 125 Park Ave New York, NY 10017-5690 Email: knash@gwfglaw.com About LLSSGG LLC LLSSGG LLC owns seven single- and multi-family residential properties located in Stamford and Milford, Connecticut. The portfolio includes properties at 12 and 14 Blackall Road in Milford, as well as 308 and 312 Greenwich Avenue, 114 Ludlow Street, 142-162 Ludlow Street, and 151-153 Spruce Street in Stamford. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-73860) on October 6, 2025, with $10 million to $50 million in assets and liabilities. Michael Frattaroli, property manager, signed the petition. Judge Alan S. Trust presides over the case. Kevin Nash, Esq. at GOLDBERG WEPRIN FINKEL GOLDSTEIN LLP represents the Debtor as legal counsel. LOOK CINEMAS: Court Extends Cash Collateral Access to Jan. 28 ------------------------------------------------------------- Look Cinemas II, LLC received another extension from the U.S. Bankruptcy Court for the Northern District of Texas, Dallas Division, to use cash collateral to fund operations. The court issued its 11th interim order authorizing the Debtor to use cash collateral from December 18, 2025 through January 28, solely for ordinary course operations and case administration. Use of funds must strictly comply with the approved budget, subject to a 10% variance per line item and 10% overall. The order provides specific protections for creditors and the landlord. The Debtor must pay the landlord at least $194,098.10 for the January rent. Failure to timely pay rent allows the landlord to seek immediate relief, including payment enforcement or lease rejection. Secured lenders will be granted replacement liens on all post-petition assets, automatically perfected, to protect against any diminution in collateral value. Events of default under the order include budget breaches, case conversion, appointment of a trustee, asset sales, or stay relief in favor of other parties, which may result in termination of cash collateral use after notice and cure periods. A final hearing on continued use of cash collateral is scheduled for January 20. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/5SRXk from PacerMonitor.com. About LOOK Cinemas II LOOK Cinemas II, LLC operates in the motion picture and video industries. LOOK Cinemas II sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Texas Case No. 24-33696) on November 14, 2024, with $1 million to $10 million in both assets and liabilities. Brian E. Schultz, chief executive officer of LOOK Cinemas II, signed the petition. Judge Michelle V. Larson handles the case. The Debtor is represented by: Frank Wright, Esq. Law Offices of Frank J. Wright, PLLC 1800 Valley View Lane 250 Farmers Branch TX 75234 Tel: 214-238-4153 Email: frank@fjwright.law LTR HOLDINGS: Dwayne Murray Named Subchapter V Trustee ------------------------------------------------------ The Acting U.S. Trustee for Region 5 appointed Dwayne Murray, Esq., at Murray & Murray, LLC, as Subchapter V trustee for LTR Holdings, LLC. Mr. Murray will be paid an hourly fee of $500 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Murray declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Dwayne Murray, Esq. Murray & Murray, LLC 4970 Bluebonnet Blvd., Suite B Baton Rouge, LA 70809 Tel: (225) 925-1110 Fax: (225) 925-1116 Email: dmm@murraylaw.net About LTR Holdings LLC LTR Holdings, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. La. Case No. 25-11171) on December 22, 2025, listing between $100,001 and $500,000 in assets and between $1 million and $10 million in liabilities. Ryan James Richmond, Esq., at Sternberg, Naccari & White, LLC represents the Debtor as legal counsel. LUMEN TECHNOLOGIES: Amends Tender Offers for Second Lien Notes -------------------------------------------------------------- Lumen Technologies, Inc. announced the early results of the previously announced cash tender offers by its wholly-owned subsidiary, Level 3 Financing, Inc. to purchase the outstanding notes, in each case subject to certain terms and conditions set forth in the Offers to Purchase and Solicitations of Consents dated December 8, 2025, as amended and supplemented prior to the date hereof. Lumen also announced that Level 3 Financing is amending the Tender Offers to, among other things, remove the Former Aggregate Maximum Tender Cap and provide that all Existing Second Lien Notes that are validly tendered after the Early Tender Deadline but prior to the Expiration Date will be eligible to receive the Total Consideration. The notes offered to be purchased in the Tender Offers are any and all of Level 3 Financing's: (1) 4.000% Second Lien Notes due 2031, (2) 3.875% Second Lien Notes due 2030, (3) 4.500% Second Lien Notes due 2030, and (4) 4.875% Second Lien Notes due 2029. The offer to purchase any and all of the Existing Second Lien Notes represents an increase in size from the previously announced aggregate purchase price, excluding accrued and unpaid interest, of $1.5 billion. Amendments to the Tender Offers related to Level 3 Financing's 4.000% Second Lien Notes due 2031, 3.875% Second Lien Notes due 2030 and 4.500% Second Lien Notes due 2030 Solely with respect to the 2031 Notes, 3.875% 2030 Notes and 4.500% 2030 Notes, each such Tender Offer has been amended to: (i) eliminate the Former Aggregate Maximum Tender Cap such that, upon the terms and subject to the conditions set forth in the Original Statement, as amended, modified or supplemented on or after the date hereof, any and all 2031 Notes, 3.875% 2030 Notes or 4.500% 2030 Notes that have been validly tendered after 5:00 p.m. EST, on December 19, 2025, and at or prior to the Expiration Date will be accepted for payment and (ii) provide that the 2031 Notes, 3.875% 2030 Notes or 4.500% 2030 Notes, as applicable, that have been validly tendered after the Early Tender Deadline and at or prior to the Expiration Date will be eligible to receive consideration, per $1,000 principal amount, equal to the applicable Total Consideration. The Withdrawal Deadline (which was at or prior to 5:00 p.m. EST, on December 19, 2025) with respect to the 2031 Notes, the 3.875% 2030 Notes and the 4.500% 2030 Notes is not extended or amended. Amendments to the Tender Offer related to Level 3 Financing's 4.875% Second Lien Notes due 2029: Solely with respect to the 2029 Notes, the Tender Offer has been amended to: (i) eliminate the Former Aggregate Maximum Tender Cap such that, upon the terms and subject to the conditions set forth in the Statement, any and all 2029 Notes that have been validly tendered at or prior to the Expiration Date will be accepted for payment, (ii) extend the Withdrawal Deadline solely with respect to the 2029 Notes, to at or prior to 5:00 p.m. EST time, on January 7, 2026, unless further extended by us in our sole discretion, (iii) provide that the 2029 Notes that have been validly tendered at or prior to the Expiration Date will be eligible to receive consideration, per $1,000 principal amount, equal to the applicable Total Consideration and (iv) solely with respect to the 2029 Notes, other than the pro rata portion of the 2029 Notes that were validly tendered at or prior to the Early Tender Deadline and that Level 3 Financing would have accepted for purchase in accordance with the previously announced Acceptance Priority Levels and Former Aggregate Maximum Tender Cap provided in the Original Statement (which will only include 2029 Notes that remain validly tendered at the Expiration Date), Level 3 Financing's obligation to accept for purchase, and to pay for, such 2029 Notes that are validly tendered pursuant to the Tender Offer is conditioned on the satisfaction or waiver by Level 3 Financing of the receipt by Level 3 Financing at or prior to the Expiration Date, on terms satisfactory to it in its sole discretion, of a minimum of $1.75 billion in gross proceeds from the previously announced Debt Financing or one or more other debt financings. There will not be an early settlement date for the 2029 Notes. The Pro Rated Early 2029 Notes will not be subject to the 2029 Notes Financing Condition and, subject to the other terms and conditions set forth in the Original Statement, Level 3 Financing will purchase the Pro Rated Early 2029 Notes on the Final Settlement Date even if the 2029 Notes Financing Condition has not been satisfied or waived by Level 3 Financing, upon the terms and subject to the conditions set forth in the Original Statement. Early Tender Deadline: The Withdrawal Deadline has passed for the 2031 Notes, 3.875% 2030 Notes and 4.500% 2030 Notes and the 2031 Notes, 3.875% 2030 Notes and 4.500% 2030 Notes tendered pursuant to the Tender Offers may no longer be withdrawn, except in the limited circumstances described in the Statement. As of 5:00 p.m. EST, on December 19, 2025, approximately $2.124 billion aggregate principal amount of Existing Second Lien Notes were validly tendered and not validly withdrawn, and approximately $1.5 billion have been accepted for purchase. 1. 4.000% Second Lien Notes due 2031 CUSIP: 527298CH4 (144A); U52783BH6 (Reg S); 527298CJ0 (IAI) Aggregate principal outstanding prior to tender offers: $452,500,000 Acceptance priority level: 1 Principal amount tendered at early tender deadline: $432,115,000 Percentage participated at early tender deadline: 95.50% Principal amount accepted for purchase at early settlement date: $432,115,000 Total consideration: $915.00 2. 3.875% Second Lien Notes due 2030 CUSIP: 527298CF8 (144A); U52783BG8 (Reg S); 527298CG6 (IAI) Aggregate principal outstanding prior to tender offers: $458,214,000 Acceptance priority level: 2 Principal amount tendered at early tender deadline: $433,855,600 Percentage participated at early tender deadline: 94.68% Principal amount accepted for purchase at early settlement date: $433,855,600 Total consideration: $922.50 3. 4.500% Second Lien Notes due 2030 CUSIP: 527298CD3 (144A); U52783BF0 (Reg S); 527298CE1 (IAI) Aggregate principal outstanding prior to tender offers: $711,902,000 Acceptance priority level: 3 Principal amount tendered at early tender deadline: $702,834,200 Percentage participated at early tender deadline: 98.73% Principal amount accepted for purchase at early settlement date: $702,834,200 Total consideration: $952.50 4. 4.875% Second Lien Notes due 2029 CUSIP: 527298CB7 (144A); U52783BE3 (Reg S); 527298CC5 (IAI) Aggregate principal outstanding prior to tender offers: $606,230,000 Acceptance priority level: 4 Principal amount tendered at early tender deadline: $555,596,000 Percentage participated at early tender deadline: 91.65% Principal amount accepted for purchase at early settlement date: $0 Total consideration: $985.00 In addition to the applicable Total Consideration, accrued and unpaid interest from the last interest payment date up to, but not including, the early settlement date, will be paid by Level 3 Financing in same day funds on the Early Settlement Date or Final Settlement Date, as applicable, on all validly tendered Existing Second Lien Notes accepted for purchase in the Tender Offers. The Tender Offers will expire at 5:00 p.m. EST, on January 7, 2026 unless extended, earlier expired or terminated. The purchase price plus accrued interest for the Pro Rated Early 2029 Notes and any other Existing Second Lien Notes that are validly tendered on or before the Expiration Date and accepted for purchase will be paid by Level 3 Financing in same-day funds promptly following the Expiration Date on the final settlement date, which is currently expected to occur on January 9, 2026 (other than the 2031 Notes, 3.875% 2030 Notes and 4.500% 2030 Notes that were validly tendered at the Early Tender Deadline, which will settle on the Early Settlement Date). No tenders will be valid if submitted after the Expiration Date. As set forth in the Statement, Level 3 Financing solicited consents to: (a) proposed amendments to the applicable indenture governing each series of the Existing Second Lien Notes that, among other things, eliminate substantially all of the restrictive covenants and eliminate certain events of default, and (b) to release all collateral securing the obligations of Level 3 Financing and the guarantors under such Any and All Indentures, and certain other amendments applicable to the Any and All Indentures to, among other things, eliminate certain additional restrictive covenants and events of default. The Proposed Majority Amendments require the consent of holders of a majority of the aggregate principal amount outstanding of the applicable series of the Existing Second Lien Notes, and the Collateral Release and 2/3 Amendment require the consent of holders of at least 66-2/3% in aggregate principal amount of the applicable series of Existing Second Lien Notes. As of the Early Tender Deadline, Level 3 Financing has received the Majority Requisite Consents and the Collateral Release and 2/3 Requisite Consents with respect to the 2031 Notes, 3.875% 2030 Notes and 4.500% 2030 Notes, each of which series constitutes a series of Any and All Notes. Accordingly, Level 3 Financing and the guarantors of such series of the Existing Second Lien Notes will enter into supplemental indentures with the trustees and collateral agents for such series of the Existing Second Lien Notes to effect the Proposed Majority Amendments and the Collateral Release and 2/3 Amendment with respect to such series of the Existing Second Lien Notes promptly after the Early Tender Deadline. The Majority Proposed Amendments and the Collateral Release and 2/3 Amendment will not become operative until the Final Settlement Date for such series of Notes. As of the Early Tender Deadline, Level 3 Financing has received the Majority Requisite Consents and the Collateral Release and 2/3 Requisite Consents with respect to the 2029 Notes, subject to revocation of consents with respect to any 2029 Notes validly withdrawn prior to the Withdrawl Deadline for the 2029 Notes. Accordingly, we expect that if the 2029 Notes Financing Condition and the other conditions to the Offer are satisfied (or waived in our sole discretion) on or prior to the Final Settlement Date and all 2029 Notes validly tendered and not validly withdrawn prior to the Expiration Date are accepted for payment on the Final Settlement Date, then Level 3 Financing and the guarantors of such series of the Existing Second Lien Notes will enter into a supplemental indenture with the trustee and collateral agent for the 2029 Notes to effect the Proposed Majority Amendments and the Collateral Release and 2/3 Amendment with respect to the 2029 Notes promptly after the Expiration Date. General: In connection with the Tender Offers and Consent Solicitations, Level 3 Financing has retained Citigroup Global Markets Inc. and Morgan Stanley & Co. LLC, among others, to act as Dealer Managers and Global Bondholder Services Corporation to act as the information agent and the tender agent in connection with the Tender Offers and Consent Solicitations. Requests for assistance or copies of the Statement or any other documents related to the Tender Offers and Consent Solicitations may be directed to the Tender and Information Agent at the contact details set forth below. Questions in relation to the Tender Offers and Solicitations may be directed to the Dealer Managers and Tender and Information Agent at the addresses and telephone numbers set forth below. None of Level 3 Financing, the Tender and Information Agent, the Dealer Managers, or the trustee makes any recommendation as to whether Holders should tender their notes pursuant to the applicable offer, and no one has been authorized by any of them to make such a recommendation. Holders must make their own decisions as to whether to tender their notes, and, if so, the principal amount of the notes to tender. The Tender Offers and the Consent Solicitations are not being made to Holders in any jurisdiction in which the making or acceptance thereof would not be in compliance with the securities, blue sky or other laws of such jurisdiction. In any jurisdiction in which the Tender Offers and the Consent Solicitations are required to be made by a licensed broker or dealer, the Tender Offers and the Consent Solicitations will be deemed to be made on behalf of Level 3 Financing by the Dealer Managers, or one or more registered brokers or dealers that are licensed under the laws of such jurisdiction. The Dealer Managers: Citigroup Global Markets Inc. Liability Management Group 388 Greenwich Street, 7th Floor New York, NY 10013 Collect: (212) 723-6106 Toll-Free: (800) 558-3745 Morgan Stanley & Co. LLC Liability Management Group 1585 Broadway, 6th Floor New York, NY 10036 Collect: (212) 761-1057 Toll-Free: (800) 624-1808 The Tender and Information Agent: Global Bondholder Services Corporation 65 Broadway, Suite 404 New York, New York 10006 Banks and Brokers Call Collect: (212)-430-3774 All Others Call Toll Free: (855) 654-2014 About Lumen Technologies Headquartered in Monroe, Louisiana, Lumen Technologies, Inc. -- https://lumen.com/ -- is a facilities-based technology and communications company that provides a broad array of integrated products and services to its domestic and global business customers and its domestic mass markets customers. The Company's platform empowers its customers to swiftly adjust digital programs to meet immediate demands, create efficiencies, accelerate market access, and reduce costs, which allows its customers to rapidly evolve their IT programs to address dynamic changes. As of September 30, 2025, the Company had $34.29 billion in total assets, $35.46 billion in total liabilities, and $1.17 billion in total stockholders' deficit. * * * In July 2025, Fitch Ratings has placed the Long-Term Issuer Default Ratings (IDRs) of Lumen Technologies Inc., Level 3 Parent LLC, Level 3 Financing Inc., Qwest Corporation and related subsidiaries on Rating Watch Positive (RWP). The current Long-Term IDR for each rated entity is 'CCC+'. LUMINAR TECHNOLOGIES: Common Stock to Trade on OTC Pink Market -------------------------------------------------------------- Luminar Technologies, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Company was notified by the Listing Qualifications Department of The Nasdaq Stock Market LLC that Nasdaq had determined to delist the Company's Class A common stock, par value $0.0001 per share in accordance with Nasdaq Listing Rules 5101, 5110(b), and IM‑5101-1 as a result of the Company's commencement of voluntary proceedings under Chapter 11 of the United States Bankruptcy Code on December 15, 2025. Nasdaq further indicated that trading of the Common Stock would be suspended at the opening of business on December 24, 2025, and a Form 25-NSE would be filed by Nasdaq with the Securities and Exchange Commission to remove the Common Stock from listing and registration on Nasdaq. The Company does not intend to appeal Nasdaq's determination. After delisting from Nasdaq, the Common Stock is expected to commence trading on the Pink Limited Market operated by the OTC Markets Group, Inc. The Pink Limited Market is a significantly more limited market than Nasdaq and will likely result in a less liquid market for existing and potential holders of the Common Stock to trade the Common Stock and could further depress the trading price of the Common Stock. The Company can provide no assurance that the Common Stock will continue to trade on this market or whether broker-dealers will continue to provide public quotes of the Common Stock on this market. About Luminar Technologies Inc. Luminar Technologies Inc. is an automotive lidar manufacturer. Luminar Technologies Inc. and affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 25-90808) on December 15, 2025. In its petition, Luminar reported estimated assets between $100 million and $500 million and estimated liabilities between $500 million and $1 billion. Luminar is represented by Ronit J. Berkovich, Esq., and Stephanie Nicole Morrison, Esq., at Weil, Gotshal & Manges LLP. The Company engaged Jefferies LLC, as investment banking advisers, and Portage Point Partners, LLC's Triple P TRS, LLC as restructuring advisor and to provide interim management services for the Company. Omni Agent Solutions, Inc. serves as the claims and noticing agent. Quantum Computing Inc., the proposed buyer for the Debtors' assets, is represented by Marty Korman, Esq., and Mark Holloway, Esq., and Catherine Riley Tzipori, Esq., at Wilson Sonsini Goodrich & Rosati Professional Corporation, in Palo Alto, California. Ropes & Gray, LLP, serves as legal advisors and Ducera Partners LLC, acts as investment banker for the holders of Floating Rate Senior Secured Notes due 2028; 9.0% Convertible Second Lien Senior Secured Notes due 2030 -- Series 1 Notes -- and 11.5% Convertible Second Lien Senior Secured Notes due 2030 -- Series 2 Notes. GLAS Trust Company LLC, serves as Trustee and Collateral Agent for both the 1L and 2L Notes. MARI ARI: Amends Unsecured Claims Pay Details --------------------------------------------- Mari Ari International, Inc., submitted a First Amended Plan of Reorganization dated December 23, 2025. The Debtor filed this case to reorganize and continue with its operations. To contribute with its reorganization efforts, Mari Ari has increased the salon services that it provides to clients. Mari Ari also began in 2025 to offer hair extension classes and services and custom making of hair pieces. Mari Ari will cut hair pieces, fit hair pieces, re-size hair pieces and provide other services for hair pieces and wigs. The services provided by Mari Ari for hair pieces and wigs are increasing and the Debtor projects that service income will increase in the future. Mari Ari values its assets at approximately $78,100110,774, in the aggregate, which includes $70,000 in inventory. and amounts due to the Debtor by its shareholder. Debtor's inventory and other personal property including its loans due from its shareholder are subject to liens of Newtek Bank, National Association, Mink Hair Ltd; U.S. Small Business Administration (SBA); WebBank (CHTD); Legend Advance Funding, and other lenders. The SBA loan is in the amount of approximately $141,856 and the Newtek loan is in the amount of approximately $461,357. The SBA subordinated its lien to Newtek. As a result, Newtek has a secured lien in the amount of $110,774. The remainder of the Newtek lien and all other liens with UCC-1 financing statements are treated as unsecured claims. Mari Ari has debts of approximately $1,047,000. This Plan of Reorganization proposes to pay Debtor's creditors from the cash flow generated in the ordinary course of the Debtor's business after confirmation. Class 12 consists of all other non-priority unsecured claims allowed under Section 502 of the Code. The aggregate amount of Class 12 claims is approximately $935,429.09. The Debtor will pay the projected disposable income in the amounts as set forth on the projections for a period of sixty months following the Effective Date to creditors in this class with allowed claims in the amounts set forth on the projections with this plan. Debtor may pay these amounts in quarterly distributions. In the case of claims for which pro rata distributions are less than $25, the Debtor or the Subchapter V Trustee may hold the payment amounts and send one payment at the end of the plan term. The claim amounts paid under this Plan for ad valorem taxes are for 2025 estimated taxes. The Debtor shall pay the 2025 ad valorem taxes as final billed under the Texas Tax Code and such Taxing Authorities are not capped by the amounts set forth in this Plan. Further, the Taxing Authorities reserve the right to amend their claims to reflect such final tax amounts for the 2025 tax year. Any prepetition and postpetition tax liens securing ad valorem taxes shall be retained until such taxes are paid in full. The Debtor will retain the property of the bankruptcy estate. The Debtor will make the payments as set forth in the Projections to either the creditors or to the Subchapter V Trustee. The officers and directors of the Debtor are anticipated to remain the same after the Effective Date. Mi Young Lee will continue as the Sole Owner and President. Sean Lee will continue to operate and manage the Debtor under the direction of Mi Young Lee. A full-text copy of the First Amended Plan dated December 23, 2025 is available at https://urlcurt.com/u?l=rfbY4a from PacerMonitor.com at no charge. Counsel to the Debtor: Reese W. Baker, Esq. Baker & Associates 950 Echo Lane Ste. 300 Houston, TX 77024 Telephone: (713) 869-9200 Facsimile: (713) 869-9100 Email: courtdocs@bakerassociates.net About Mari Ari International Inc. Mari Ari International, Inc. doing business as Mari Ari Hair, sells human hair extensions, wigs, and related accessories. The Company operates a retail boutique in Houston, Texas, offering products and styling services to individual and professional clients. Its product line features both synthetic and human hair options with various styles, colors, and types. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-34029) on July 16, 2025. In the petition signed by Sean Lee, authorized representative of the Debtor, the Debtor disclosed up to $1 million in assets and up to $10 million in liabilities. Judge Eduardo V. Rodriguez oversees the case. Reese Baker, Esq., at Baker & Associates, represents the Debtor as legal counsel. MARQUIE GROUP: Changes Name to Transglobal Management Group Inc. ---------------------------------------------------------------- The Marquie Group, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Company amended and restated its Articles of Incorporation providing for a change in the Company's name from "The Marquie Group, Inc." to "Transglobal Management Group, Inc.". The Company also amended and restated its Bylaws, providing for a change in the Company's name from "The Marquie Group, Inc." to "Transglobal Management Group, Inc." Holders of a majority of the voting rights of the Company's capital stock approved the amendment and restatement of the Company's Articles of Incorporation and the amendment and restatement of the Company's Bylaws. Full-text copies of the Amended and Restated Articles of Incorporation and the Amended and Restated Bylaws are available at https://tinyurl.com/5n6rmytt and https://tinyurl.com/mrw7fm6d, respectively. About Marquie Group Inc. The Marquie Group, Inc. -- www.themarquiegroup.com -- is a publicly traded company engaged in media, wellness, and consumer lifestyle products, recently entering into the golf and hospitality industry through the acquisition of GETGOLF and its wholly owned subsidiaries, Mountain Brook Golf Club, Apache Creek, and Stand-by-Golf. Lagos, Nigeria-based Olayinka Oyebola & Co., the Company's auditor since 2022, issued a "going concern" qualification in its report dated Aug. 29, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended May 31, 2025, citing that the Company suffered an accumulated deficit of $(14,863,486), net loss of $(165,456). These matters raise substantial doubt about the Company's ability to continue as a going concern. As of August 31, 2025, the Company had total assets of $2,610,783, $4,250,428 in total liabilities, and $1,639,645 in total shareholders' equity. MDA SPACE: DBRS Finalizes BB Credit Rating, Trend Stable -------------------------------------------------------- DBRS Limited finalized its provisional credit rating of BB with a Stable trend on MDA Space Ltd.'s (the Company) $250 million Senior Unsecured Notes (the Notes) due December 23, 2030. The Notes have a Recovery Rating of RR5. The Notes will be a senior unsecured obligation of the Company and will rank pari-passu with all of its existing and future senior unsecured indebtedness. The Company intends to use the net proceeds from the Offering to refinance existing Indebtedness under the Syndicated Credit Facility. Notes: All figures are in Canadian dollars unless otherwise noted. MILLSIDE PLAZA: Claims to be Paid from Contribution & Rental Income ------------------------------------------------------------------- Millside Plaza LLC filed with the U.S. Bankruptcy Court for the Eastern District of New York a Disclosure Statement for Plan of Reorganization dated December 24, 2025. The Debtor is the owner of the real property known as and located at 4004 Route 130, Delran, New Jersey 08075 (the "Property") where it operates a shopping center known as Millside Plaza. Wells Fargo alleges that the Debtor executed a Promissory Note, dated May 15, 2015, in favor of BSPCC Lender L.L.C., its successors and/or assigns ("BSPCC"), in the original principal amount of $11,100,000.00 (the "Note"). The maturity date of the Note was June 6, 2025 (the "Maturity Date"). Wells Fargo alleges that to secure repayment on the Note and the debt under the Loan Agreement, the Debtor executed a Mortgage, Assignment of Leases and Rents and Security Agreement, dated May 15, 2015, in favor of BSPCC (the "Mortgage"), with respect to the Property. The Debtor continues to operate its business and manage its properties as a debtor-in-possession pursuant to sections 1107(a) and 1108 of the Bankruptcy Code. The Debtor commencement of its Chapter 11 case stayed the Foreclosure Action. Class 3 consists of General Unsecured Claims. On the Effective Date in full and complete satisfaction and discharge of such Claims, all holders of Allowed Class 3 Unsecured Claims (including Wells Fargo's Deficiency Claim) shall be paid their Pro Rata share of a fixed cash pool to be set forth in the Plan Supplement. Class 3 Claimholders are impaired as that term is defined under section 1124 of the Bankruptcy Code and entitled to vote for or against the Plan. This Class is impaired. The allowed unsecured claims total $6,686,322.47. Class 4 consists of the Solar Unsecured Claim as a result of the Debtor's rejection of the Building Solar Lease. Class 4 is impaired. Subject to the provisions of Article 7 of the Plan with respect to Disputed Claims, in full satisfaction, release and discharge of the Class 4 Solar Unsecured Claim, the holder of such Claim shall receive the following treatment: notwithstanding the provisions contained in the Solar Lease which states Solar is the owner of all solar equipment installed on the roof at the Property, on the Effective Date, Solar and the Reorganized Debtor shall enter into a joint venture agreement, to be filed in the Plan Supplement, (the "Solar Joint Venture"), under which Solar shall contribute all right, title, and interest in the solar energy equipment to a newly formed limited liability company under which Solar shall contribute all right, title, and interest in the solar energy equipment to a newly formed limited liability company. The Reorganized Debtor shall contribute roof access rights and operational support necessary for the continued operation of the solar equipment. The Solar Joint Venture shall assume responsibility for the operation and maintenance of the solar facility and all agreements for the sale of electricity generated by the equipment. The Solar Joint Venture shall distribute fifty percent of net revenues from the sale of electricity and associated incentives (including any state or federal renewable energy credits) to Solar and fifty percent to the Reorganized Debtor. Building Solar shall retain management and operational control over the solar equipment and its revenue collection, ensuring continued investment in the solar energy system. Class 5 consists of Equity Interests. Each Equity Interest Holder shall retain its membership interest in the Reorganized Debtor in the same percentage set forth in the Amended Operating Agreement on condition that each Equity Interest Holder makes a payment of their Pro Rata share of the Plan Contribution. In the event an Equity Interest Holder declines or is unable to make their Pro Rata Share of the Plan Contribution, such Equity Interest Holders' membership interest shall be cancelled and terminated on the Effective Date and allocated among the Equity Interest Holders which made the Plan Contribution. The Debtor anticipates funding the Plan from the Plan Contribution as well as any cash the Debtor has on hand from rents generated from the Property. A full-text copy of the Disclosure Statement dated December 24, 2025 is available at https://urlcurt.com/u?l=VSLXqS from PacerMonitor.com at no charge. Counsel to the Debtor: Joel M. Shafferman, Esq. Shafferman & Feldman LLP 137 Fifth Avenue, 9th Floor New York, NY 10010 Telephone: (212) 509-1802 Email: shaffermanjoel@gmail.com About Millside Plaza LLC Millside Plaza LLC leases commercial real estate, with its main property located at 4004 Route 130 in Delran, New Jersey. Millside Plaza LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-44642) on September 25, 2025. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million each. Honorable Bankruptcy Judge Elizabeth S. Stong handles the case. The Debtor is represented by Joel M. Shafferman, Esq. of SHAFFERMAN & FELDMAN LLP. MINDZERO INC: Closes South Carolina Health Studios After Chapter 11 ------------------------------------------------------------------- Health studios in South Carolina that specialized in combining hot and cold therapeutic treatments have shut down after their operator, Mindzero Inc., filed for bankruptcy, The Post and Courier reported. The closures affected locations in Mount Pleasant and Myrtle Beach, leaving a gap in the local wellness market for services like saunas and cold plunges that had been marketed for recovery and relaxation. The decision to close followed financial struggles for the company, which had invested in specialized facilities designed to capitalize on growing interest in holistic and contrast therapies. Despite nationwide enthusiasm for wellness experiences that blend heat and cold for circulation and recovery benefits, the studio operator was unable to sustain its business amid competitive pressures and broader economic shifts, the report states Former patrons and industry observers noted that the closures reflect the challenges facing boutique wellness brands, especially those reliant on in-person visits and higher service costs. As similar concepts continue to open in other markets, the South Carolina shutdown underscores the uneven viability of experiential health studios in smaller or competitive regions. About Mindzero Inc. Mindzero Inc. is a wellness and lifestyle company founded in 2021 that offers guided contrast therapy sessions incorporating saunas, cold plunges, breathwork, and mindfulness techniques. Mindzero Inc. sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. D. S.C. Case No. 25-04948) on December 16, 2025. Honorable Bankruptcy Judge Elisabetta Gm Gasparini oversees the case. The Debtor is represented by Christine E. Brimm, Esq. of Barton Brimm, PA. MOUNTAIN REGIONAL: Seeks Cash Collateral Access ----------------------------------------------- Mountain Regional Equipment Solutions LLC asks the U.S. Bankruptcy Court for the District of Utah, Central Division, for authority to use cash collateral and provide adequate protection. Founded in 2004, the Debtor operates a specialized business supplying automated lubrication systems, safety systems, and maintenance products for heavy industrial equipment used in construction, mining, oil and gas, agriculture, and transportation industries, primarily serving customers in Utah and Arizona from its West Valley City, Utah headquarters. The Debtor asserts that continued access to cash is essential to fund ordinary-course operating expenses such as payroll, insurance, taxes, utilities, vehicle expenses, and payments to critical vendors, and that without authority to use cash collateral, the business's going-concern value would be materially impaired to the detriment of the estate and creditors. As of the petition date, the Debtor reports approximately $208,638 in cash on hand and roughly $1.556 million in accounts receivable, both of which constitute cash collateral under the Bankruptcy Code. The Debtor identifies Convergent Capital Partners IV, L.P. as holding a secured claim of approximately $9.16 million, Hillcrest Bank as holding a secured claim of approximately $2.382 million, and notes that Rand Capital Corporation may assert an additional secured claim of approximately $3.435 million, though no corresponding UCC filing has been located. The Debtor also discloses the existence of other equipment-related lienholders but states that those liens do not extend to cash collateral. The Debtor requests authorization to use cash collateral in accordance with a detailed operating budget, subject to limited flexibility, including the ability to increase total expenditures by up to ten percent and carry over unused amounts. The Debtor seeks expedited interim approval of this relief, with a request for an emergency hearing before December 24, 2025, citing the immediate need to continue operations and avoid irreparable harm. A copy of the motion is available at https://urlcurt.com/u?l=EIC00r from PacerMonitor.com. About Mountain Regional Equipment Solutions LLC Mountain Regional Equipment Solutions LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Utah Case No. 25-27678) on December 19, 2025. In the petition signed by Todd Miceli, manager, the Debtor disclosed up to $10 million in both assets and liabilities. Jeffrey L. Trousdale, Esq., at Cohne Kinghorn, P.C., represents the Debtor as legal counsel. MOUNTAIN VIEW: No Decline in Resident Care, 1st PCO Report Says --------------------------------------------------------------- Melanie S. McNeil, Esq., the duly appointed patient care ombudsman, filed with the U.S. Bankruptcy Court for the Middle District of Georgia her first report regarding the quality of patient care provided by Mountain View Health & Rehab, LLC. During the December 15 visit, the resident census was 76. The ombudsman representative for the Office of the State Long-Term Care Ombudsman (OSLTCO) visited with 37 residents, one family member, nurses, direct care staff, activities staff, housekeeping staff, social services staff, the Business Office Manager, and dietary staff. The ombudsman representative noted that residents mentioned that staff are often slow to respond to call lights, call lights don't always work, and residents are not getting showers as often as they would like. The Social Worker noted that the number of grievances has gone up. Moreover, residents also voiced concerns about the food – quality, temperature, taste, variety, and preferences. None of the residents wanted to make a complaint. Residents said that the new dietary manager is trying to turn things around. The ombudsman representative cited of being made aware that the facility has low nursing staff, but the kitchen appears to be fully staffed. The facility was clean. The facility seems to have adequate food and supplies. The OR noted no decline in resident care. The patient care ombudsman is not aware of any significant change in facility conditions or decline in resident care for this nursing home since her appointment. A copy of the ombudsman report is available for free at https://urlcurt.com/u?l=9DccYv from PacerMonitor.com. The ombudsman may be reached at: Melanie S. McNeil, Esq. Patient Care Ombudsman in re: Regional Housing & Communities Services Corp., et al. Office of the State Long-Term Care Ombudsman 47 Trinity Avenue S.W., First Floor Atlanta, Georgia 30334 Telephone: 404-657-5327(O) 404-416-0211 (Cell) Facsimile: 404-463-8384 Email: Melanie.McNeil@osltco.ga.gov About Mountain View Health & Rehab Mountain View Health & Rehab LLC operates a health and rehabilitation facility in Bolingbroke, Georgia, offering services that include long-term care, therapy, and patient rehabilitation. Mountain View Health & Rehab LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Ga. Case No. 25-51642) on October 15, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $1 million and $10 million. The Debtor is represented by Wesley J. Boyer, Esq. of Boyer Terry LLC. MY SIZE: Approves Restricted Stock Grants to Executives ------------------------------------------------------- My Size, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Compensation Committee approved grants of restricted stock awards to the Company's executive officers under the Company's 2017 Equity Incentive Plan. The RS Awards are comprised of performance-based restricted stock that will vest subject to achievement of certain profit and business targets, or time-based restricted stock that vest in three equal annual installments on January 1, 2026, January 1, 2027, and January 1, 2028, in each case subject to the executive officer's continued service through the applicable vesting date. RS Awards awarded to the Company's executive officers: 1. Ronen Luzon * Position: Chief Executive Officer * Performance-Based Awards: 125,000 * Time-Based Awards: 75,000 2. Cembrero Saralegui Borja * Position: Chief Growth Officer * Performance-Based Awards: 60,000 * Time-Based Awards: 50,000* * 10,000 of Mr. Cembrero's Time-Based Awards are fully vested upon grant. 3. Billy Pardo * Position: Chief Product Officer and Chief Operating Officer * Performance-Based Awards: 20,000 * Time-Based Awards: 40,000 4. Oren Elmaliah * Position: Chief Financial Officer * Performance-Based Awards: - * Time-Based Awards: 30,000 The RS Awards were granted pursuant to the Company's Form of Section 102 Capital Gain Restricted Stock Award Agreement, which was previously filed as Exhibit 10.14 to the Company's Annual Report on Form 10-K for the year ended 2024, filed with the Securities and Exchange Commission on March 27, 2025, available at https://tinyurl.com/3sr8nzap About MySize, Inc. Airport City, Israel-based My Size, Inc. (NASDAQ: MYSZ) -- http://www.mysizeid.com/-- is an omnichannel e-commerce platform and provider of AI-driven measurement solutions that drive revenue growth and reduce costs for online retailers while generating big ata and machine learning analytics. Tel Aviv, Israel-based Somekh Chaikin, the Company's auditor since 2017, issued a "going concern" qualification in its report dated March 27, 2025, citing that the Company has incurred significant losses and negative cash flows from operations and has a accumulated deficit that raise substantial doubt about its ability to continue as a going concern. As of September 30, 2025, the Company had $11.7 million in total assets, $4.4 million in total liabilities, and a total stockholders' equity of $7.3 million. NATHAN'S FAMOUS: Arthur's Treacher Closes More Than 800 Locations ----------------------------------------------------------------- Daniel Kline of The Street reports that Arthur Treacher's Fish & Chips, once a household name in American fast food, has seen its footprint shrink from more than 800 locations to just three standalone restaurants. The chain was founded in Columbus, Ohio, in 1969 and rose rapidly in popularity during the 1970s, serving British-style fish, chicken, and fries. At its peak in 1979, the brand operated hundreds of restaurants nationwide, according to report The company struggled to adapt as consumer tastes shifted and costs increased, leading to decades of closures and restructuring. Changing ownership and supply issues further strained the business, the report states. In recent years, Nathan's Famous, which acquired the brand in 2006, has pursued a revival through delivery-focused ghost kitchens. While the physical footprint remains limited, the Arthur Treacher's brand continues to appear on delivery apps and at the remaining franchised Ohio locations operated by Pat Franchise Systems, the report relays. About Nathan's Famous Nathan's Famous, Inc. is a publicly traded U.S. restaurant and branded food company best known for its hot dogs. Founded in 1916 on Coney Island, the company expanded through licensing and acquisitions, including Arthur Treacher’s Fish & Chips. NEW FORTRESS: Secures Lender Forbearance on Debt Defaults --------------------------------------------------------- New Fortress Energy Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Company, as borrower, did not make the interest payment of approximately $30,644,000 due under that certain Credit Agreement, dated as of October 30, 2023, by and among the Company, as the borrower, the guarantors from time to time party thereto, Morgan Stanley Senior Funding, Inc., as administrative agent and collateral agent, and each of the other financial institutions from time to time party thereto as lenders, on December 10, 2025, and has informed the lenders that it does not plan to make certain principal payments due on December 31, 2025. An event of default under the TLB Credit Agreement arose on December 17, 2025, when the contractual grace period for interest payments on the loans expired, and an event of default under the TLB Credit Agreement would arise on December 31, 2025 when the Company fails to make the principal payments then due. In response, on December 17, 2025, the Company and certain of its subsidiaries entered into a forbearance agreement with certain lenders to the TLB Credit Agreement constituting the "Required Lenders" thereunder, pursuant to which such lenders agreed to forbear from accelerating or exercising remedies in respect of such events of default. Unless earlier terminated, the Term Loan B Forbearance Agreement will terminate on January 9, 2026. Upon the termination of the Term Loan B Forbearance Agreement, if a further forbearance or debt restructuring is not agreed to, the lenders could accelerate the outstanding principal balance of the loans and all other amounts owing under the TLB Credit Agreement and other loan documents, in which case substantially all of the Company's other outstanding debt would become payable on demand. The Term Loan B Forbearance Agreement contains conditions, covenants, termination rights and other provisions customary for forbearance agreements of that type. Term Loan A Forbearance Agreement: Additionally, the Company did not make the interest payment of approximately $1,600,000 due under the TLA Credit Agreement on December 10, 2025. An event of default under the TLA Credit Agreement arose on December 17, 2025, when the contractual grace period for interest payments on the loans expired. On December 17, 2025, the Company and certain of its subsidiaries entered into a forbearance agreement, with certain lenders to the TLA Credit Agreement, pursuant to which such lenders agreed to forbear from accelerating or exercising remedies in respect of such event of default. Unless earlier terminated, the Term Loan A Forbearance Agreement will terminate on January 9, 2026. Upon the termination of the Term Loan A Forbearance Agreement, if a further forbearance or debt restructuring is not agreed to, the lenders could accelerate the outstanding principal balance of the loans and all other amounts owing under the TLA Credit Agreement and other loan documents. The Term Loan A Forbearance Agreement contains conditions, covenants, termination rights and other provisions customary for forbearance agreements of that type. Concurrently, the Company executed amendments to its Letter of Credit Facility, Revolving Credit Facility, and Term Loan A Credit Facility. Amendment of Letter of Credit Facility: As of December 17, 2025, the Company entered into the Thirteenth Amendment Agreement, by and among the Company, as the borrower, the guarantors party thereto, Natixis, New York Branch, as administrative agent, and each of the other financial institutions party thereto, as lenders and issuing banks, which amends that certain Letter of Credit and Reimbursement Agreement, dated as of July 16, 2021, by and among the Company, as the borrower, the guarantors from time to time party thereto, Natixis, New York Branch, as administrative agent and collateral agent, and each of the other financial institutions from time to time party thereto, as lenders and issuing banks, to provide that if, among other things, the Company fails to maintain the Term Loan A Forbearance Agreement and the Term Loan B Forbearance Agreement in full force and effect or materially violates its terms, an event of default would occur under the Letter of Credit Agreement. If such events of default occur, the lenders and issuing banks would have the right to require cash collateralization of all outstanding letters of credit issued pursuant to the Letter of Credit Agreement. If the lenders and issuing banks choose to exercise such rights under those facilities, substantially all of the Company's outstanding indebtedness could be accelerated, and the Company may be required or compelled to pursue additional restructuring initiatives to preserve value and optionality, including possible out of court restructurings, or in-court relief, which could have a material and adverse impact on stockholders. The Thirteenth Amendment also, among other things and subject to certain exceptions described therein, removes certain flexibility the Company had to pay dividends and other distributions, incur indebtedness for borrowed money, consummate asset sales, make intercompany transfer of assets and make investments. Amendment of Revolving Credit Facility: As of December 17, 2025, the Company entered into the Fourteenth Amendment Agreement, by and among the Company, as the borrower, the guarantors party thereto, MUFG Bank, Ltd., as administrative agent, and each of the other financial institutions party thereto, as lenders and issuing banks, which amends that certain Credit Agreement, dated as of April 15, 2021, by and among the Company, as the borrower, the guarantors from time to time party thereto, MUFG Bank, Ltd., as administrative agent and collateral agent, and each of the other financial institutions from time to time party thereto as lenders, to provide that if, among other things, the Company fails to maintain the Term Loan A Forbearance Agreement and the Term Loan B Forbearance Agreement in full force and effect or materially violates its terms, an event of default would occur under the RCF Credit Agreement. If such events of default occur, the lenders would have the right to accelerate the repayment of the outstanding principal under the RCF Credit Agreement. If the lenders and issuing banks choose to exercise such rights under those facilities, substantially all of the Company's outstanding indebtedness could be accelerated, and the Company may be required or compelled to pursue additional restructuring initiatives to preserve value and optionality, including possible out of court restructurings, or in-court relief, which could have a material and adverse impact on stockholders. The Fourteenth Amendment also, among other things and subject to certain exceptions described therein, removes certain flexibility the Company had to pay dividends and other distributions, incur indebtedness for borrowed money, consummate asset sales, make intercompany transfer of assets and make investments. Amendment of Term Loan A Credit Facility: As of December 17, 2025, the Company entered into the Seventh Amendment Agreement, by and among the Company, as the borrower, the guarantors party thereto, Morgan Stanley Senior Funding, Inc., as administrative agent, and each of the other financial institutions party thereto as lenders, which amends that certain Credit Agreement, dated as of July 19, 2024, by and among the Company, as the borrower, the guarantors from time to time party thereto, Morgan Stanley Senior Funding, Inc., as administrative agent and collateral agent, and each of the other financial institutions from time to time party thereto as lenders, to provide that if, among other things, the Company fails to maintain the Term Loan B Forbearance Agreement in full force and effect or materially violates its terms, an event of default would occur under the TLA Credit Agreement. If such events of default occur, the lenders would have the right to accelerate the repayment of the outstanding principal under the TLA Credit Agreement. If the lenders choose to exercise such rights under those facilities, substantially all of the Company's outstanding indebtedness could be accelerated, and the Company may be required or compelled to pursue additional restructuring initiatives to preserve value and optionality, including possible out of court restructurings, or in-court relief, which could have a material and adverse impact on stockholders. The Seventh Amendment also, among other things and subject to certain exceptions described therein, removes certain flexibility the Company had to pay dividends and other distributions, incur indebtedness for borrowed money, consummate asset sales, make intercompany transfer of assets and make investments. About New Fortress Energy Inc. New Fortress Energy Inc., a Delaware corporation, is a global energy infrastructure company founded to help address energy poverty and accelerate the world's transition to reliable, affordable and clean energy. The Company owns and operates natural gas and liquefied natural gas infrastructure, ships and logistics assets to rapidly deliver turnkey energy solutions to global markets. The Company has liquefaction, regasification and power generation operations in the United States, Jamaica, Brazil and Mexico. The Company has marine operations with vessels operating under time charters and in the spot market globally. As of September 30, 2025, the Company had $11.9 billion in total assets, $10.8 billion in total liabilities, and a total stockholders' equity of $1.1 billion. * * * In November 2025, S&P Global Ratings lowered its issuer credit rating on New Fortress Energy Inc. (NFE) to 'SD' (selective default) from 'CCC'. At the same time, S&P lowered its issue level rating on NFE's 12% senior secured notes due 2029 to 'D' from 'CCC-'. The downgrade reflects NFE's decision to enter into a forbearance agreement. S&P will reevaluate its ratings on NFE before the end of November as more information becomes available. The Company has initiated a process to evaluate its strategic alternatives to improve its capital structure. It has retained Houlihan Lokey Capital, Inc. as financial advisor and Skadden, Arps, Slate, Meagher & Flom LLP as legal advisor to assist it in this evaluation. The Company, along with its advisors, is considering all options available, including asset sales, capital raising, debt amendments and refinancing transactions, and other strategic transactions that seek to provide additional liquidity and relief from acceleration under its debt agreements. As part of this process, the Company is engaging in discussions with various existing stakeholders and potential investors. There are inherent uncertainties as the outcome of these negotiations and potential transactions are outside management's control, and therefore there are no assurances that management will be successful in these negotiations and that any of these potential transactions will occur. In addition, there can be no assurances that these transactions will sufficiently improve the Company's liquidity or that the Company will otherwise realize the anticipated benefits. Moreover, if the Company fails to obtain amendments and forbearance, the Company may be required or compelled to pursue additional restructuring initiatives to preserve value and optionality, including possible out-of-court restructurings, or in-court relief, which could have a material and adverse impact on the Company's stockholders. NEW INSPIRATIONAL: Cash Collateral Hearing Set for Jan. 13 ---------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Illinois, Eastern Division, is set to hold a hearing on January 13 to consider extending New Inspirational M.B. Church, NFP's authority to use cash collateral. The Debtor was initially authorized to use cash collateral under the court's December 23 interim order solely to pay specified, time-sensitive expenses from the debtor-in-possession account. The interim order approved payments including $8,723.80 for hazard insurance premiums, $2,400 for water service, $900 for monthly maintenance, and a $5,000 payment to Old Second National Bank as adequate protection. About New Inspirational M.B. Church, NFP New Inspirational M.B. Church, NFP is a nonprofit religious organization based in Chicago, Illinois. The church conducts worship services and community outreach programs including food assistance, senior support, and local relief efforts. New Inspirational M.B. Church, NFP sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-17418) on November 11, 2025. In its petition, the Debtor reported between $1 million and $10 million in assets and liabilities. Honorable Bankruptcy Judge Timothy A. Barnes handles the case. The Debtor is represented by Laxmi P. Sarathy, Esq., at Whitestone, P.C. NICKLAUS COMPANIES: Jack Nicklaus Wants Chapter 11 Case Dismissed ----------------------------------------------------------------- Randi Love of Bloomberg Law reports that Golf legend Jack Nicklaus has urged a bankruptcy court to dismiss the Chapter 11 case of his former golf services business, now owned by banker and entrepreneur Howard Milstein, arguing that the filing was designed to strip him of contractual and legal rights to the detriment of the company. In a December 31, 2025 motion filed in the U.S. Bankruptcy Court for the District of Delaware, Nicklaus said Nicklaus Cos. is using Chapter 11 to shed a $50 million defamation judgment, eliminate his approval rights over the transfer of intellectual property, and push through a rushed sale. He contends the case was filed to gain an unfair litigation advantage and to block his ability to protect his interests. About Nicklaus Companies LLC Nicklaus Companies LLC, also known as Golden Bear Financial Services, is a worldwide golf enterprise established to uphold and expand the legacy of golf icon Jack Nicklaus. It operates across several areas of the industry, including golf course design, branded products, licensing, and overall brand management. Its goal is to provide high-quality golf experiences and products that reflect the Nicklaus name's global reputation for excellence, innovation, and integrity. Nicklaus Companies LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-12088) on November 21, 2025. In its petition, the Debtor reports estimated assets between $10 million and $50 million and estimated liabilities between $500 million and $1 billion. Honorable Bankruptcy Judge Craig T. Goldblatt handles the case. The Debtor is represented by Zachary I. Shapiro, Esq. of Richards, Layton & Finger, P.A. NINE SQUARE: Case Summary & 20 Largest Unsecured Creditors ---------------------------------------------------------- Debtor: Nine Square Therapeutics, Inc. f/k/a Waltz Therapeutics, Inc. 651 Gateway Blvd, Suite 1600 South San Francisco, CA 94080 Business Description: Nine Square Therapeutics is a biotechnology company that integrates phenotypic cell profiling, chemistry, and computational sciences to develop drug candidates targeting autophagy and lysosomal pathways associated with neurodegenerative and lysosomal storage diseases. The Company is advancing multiple preclinical programs, including efforts focused on Parkinson's disease and amyotrophic lateral sclerosis, with lead optimization underway toward IND- enabling studies. Nine Square was founded by life sciences venture capital firm Apple Tree Partners (ATP) and renowned scientists at the University of California San Francisco. Chapter 11 Petition Date: January 1, 2026 Court: United States Bankruptcy Court District of Delaware Case No.: 26-10001 Judge: Hon. Laurie Selber Silverstein Debtor's Counsel: L. Katherine Good, Esq. POTTER ANDERSON & CORROON LLP 1313 North Market Street 6th Floor Wilmington, DE 19801 Tel: 302-984-6000 Email: kgood@potteranderson.com AND QUINN EMANUEL URQUHART & SULLIVAN LLP AND MURPHY & KING, PROFESSIONAL CORPORATION Debtor's Restructuring Advisor: B. RILEY Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Spiros Liras as interim CEO. A full-text copy of the petition, which includes a list of the Debtor's 20 largest unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/O4S6FDI/Nine_Square_Therapeutics_Inc__debke-26-10001__0001.0.pdf?mcid=tGE4TAMA NOAH NAOL: Seeks Chapter 7 Bankruptcy in District of Columbia ------------------------------------------------------------- On December 23, 2025, Noah Naol DC LLC filed for Chapter 7 protection in the U.S. Bankruptcy Court for the District of Columbia. According to court filings, the Debtor reports between $100,001 and $1,000,000 in debt owed to between 1 and 49 creditors. About Noah Naol DC LLC Noah Naol DC LLC is a limited liability company. Noah Naol DC LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 25-00604) on December 23, 2025. In its petition, the Debtor reports estimated assets of $100,001 to $1,000,000 and estimated liabilities in the same range. The case is handled by Honorable Bankruptcy Judge Elizabeth L. Gunn. The Debtor is represented by Richard G. Hall, Esq. NORTH COUNTRY HEALTHCARE: March 13 Claims Bar Date -------------------------------------------------- On December 19, 2025, North Country Healthcare, Inc. filed for Chapter 11 protection in the U.S. Bankruptcy Court for the District of Arizona. According to court filings, the Debtor reports $19,223,852 in debt owed to 1,000–5,000 creditors. The deadline to submit Proofs of Claim is on March 13, 2026. About North Country Healthcare, Inc. North Country HealthCare is a federally qualified community health center that provides comprehensive primary and preventive healthcare services, including medical, dental, behavioral health, and specialty care, to patients across Northern Arizona. The organization operates clinics in 11 communities along the I-40 corridor and surrounding rural and underserved areas, offering services such as family medicine, pediatrics, obstetrics and gynecology, telemedicine, and health screenings. Founded in 1991 as the Flagstaff Community Free Clinic, it has since expanded into the region's primary community health center and also supports education and clinical training for healthcare students. North Country Healthcare, Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-12293) on December 19, 2025. In its petition, the Debtor reports total assets of $49,125,570 and total liabilities of $19,223,852. Honorable Bankruptcy Judge Daniel P. Collins handles the case. The Debtor is represented by Philip J. Giles, Esq., of Allen, Jones & Giles, PLC. OLD WORLD: Seeks Chapter 7 Bankruptcy in Indiana ------------------------------------------------ On December 30, 2025, Old World Fudge & Cd's Dogs LLC filed for Chapter 7 protection in the U.S. Bankruptcy Court for the Northern District of Indiana. According to court filings, the Debtor reports between $100,001 and $1,000,000 in debt owed to between 1 and 49 creditors. About Old World Fudge & Cd's Dogs LLC Old World Fudge & Cd's Dogs LLC operates in the specialty food sector, offering confectionery items and prepared hot dog products. Old World Fudge & Cd's Dogs LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 25-11859) on December 30, 2025. In its petition, the Debtor reports estimated assets of $0 to $100,000 and estimated liabilities in the range of $100,001 to $1,000,000. Honorable Bankruptcy Judge Robert E. Grant handles the case. The Debtor is represented by Dennis G. Golden, Esq., of Golden Law. OMNI HEALTH: Gets Extension to Access Cash Collateral ----------------------------------------------------- Omni Health Services, Inc. received second interim approval from the U.S. Bankruptcy Court for the Eastern District of Pennsylvania to use cash collateral. The court authorized the Debtor to use cash collateral in accordance with its budget until the next hearing scheduled for January 28. The Debtor said it needs to use the cash collateral of secured creditors to fund operations, payroll, and other expenses. As adequate protection, Berkshire Bank and other secured creditors that may have interest in the cash collateral will be granted replacement liens on the Debtor's post-petition property, with the same validity, priority and extent as their pre-bankruptcy liens. In addition, the Debtor was directed to continue its regular debt service payments to Berkshire Bank on account of its loans. A copy of the court's order and the Debtor's budget is available at https://tinyurl.com/r3k8snwe from PacerMonitor.com. Omni Health Services holds cash and certain accounts receivable constituting cash collateral, which is subject to claims from several pre-bankruptcy secured creditors, including Berkshire Bank, the U.S. Small Business Administration, Graybar Financial Services, IOU Central, Inc., Global Merchant Cash, Inc., and Likety Capital, LLC. The Debtor, a provider of clinic-based outpatient mental health services for children and adults, has faced financial difficulties due to declining in-person patient visits, staffing shortages, and increased competition from telehealth services, prompting it to close 10 unprofitable locations and consolidate operations in an effort to reorganize successfully. About Omni Health Services Inc. Omni Health Services, Inc. is a community-based mental health services provider operating 12 locations across Pennsylvania and New Jersey. Omni Health Services sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Pa. Case No. 25-14727) on November 20, 2025, listing between $1 million and $10 million in assets and liabilities. Michael Thevar, president of Omni Health Services, signed the petition. Judge Ashely M. Chan oversees the case. David B. Smith, Esq., at Smith Kane Holman, LLC, represents the Debtor as legal counsel. ORANGE COURIER: Gets Extension to Access Cash Collateral -------------------------------------------------------- Orange Courier, Inc. received another extension from the U.S. Bankruptcy Court for the Central District of California to use cash collateral. The court approved the Debtor's interim use of cash collateral through January 9 in accordance with its budget. The Debtor is prohibited from using any cash collateral to pay or reimburse its counsel or insiders unless the court separately approves such payments. This restriction ensures that cash collateral is used only for necessary operating expenses during the interim period. The next hearing is scheduled for January 8. A copy of the court's order and the Debtor's budget is available at https://tinyurl.com/3ym899bd from PacerMonitor.com. Orange Courier's most significant assets are its accounts receivable, valued at more than $6 million, along with approximately $150,000 to $230,000 in cash on hand. These receivables, however, are encumbered by numerous UCC-1 financing statements filed by lenders, including those arising from predatory merchant cash advance agreements. Because these secured claims constitute cash collateral under the Bankruptcy Code, the Debtor may not use these funds without lienholder consent or court authorization. About Orange Courier Inc. Orange Courier, Inc. provides same-day delivery, trucking, warehousing, and logistics services from its base in La Mirada, California. It operates as a for-hire interstate motor carrier handling property freight under federal transportation authority. It serves commercial customers across Southern California and surrounding regions through courier, distribution, and freight transport operations. Orange Courier sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-20443) on November 21, 2025, listing up to $10 million in both assets and liabilities. Evell Tara Stanley, president of Orange Courier, signed the petition. Judge Deborah J. Saltzman oversees the case. Eric Bensamochan, Esq., at The Bensamochan Law Firm, Inc., represents the Debtor as bankruptcy counsel. OROVILLE HOSPITAL: Affiliates Say Bankruptcy Loan Inadequate ------------------------------------------------------------ Alex Wolf of Bloomberg Law reports that Oroville Hospital's affiliates have challenged the adequacy of the hospital's proposed $40 million bankruptcy loan, arguing it fails to account for lease obligations and contractual payments owed to non-bankrupt partners. The affiliates said the gaps in the budget undermine the viability of the financing plan. The objections, filed in the U.S. Bankruptcy Court for the Eastern District of California, came from owners of a skilled nursing facility, a multi-story medical complex, and other properties integral to the hospital's operations. The affiliates urged the court to block full access to the Chapter 11 financing from UMB Bank NA unless the loan terms are substantially amended to cover required administrative expenses, the report states. About Oroville Hospital Oroville Hospital is a full-service community healthcare provider located in Oroville, California. The hospital offers a broad range of medical services, including emergency care, inpatient and outpatient treatment, surgical procedures, diagnostic imaging, and specialty care programs. Committed to patient-centered care, Oroville Hospital focuses on quality outcomes, compassionate service, and maintaining strong community health partnerships. Oroville Hospital sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Cal. Case No. 25-26876) on December 8, 2025. In its petition, the Debtor reports estimated assets between $500 million and $1 billion and estimated liabilities between $100 million and $500 million. Honorable Bankruptcy Judge Christopher M. Klein oversees the case. The Debtor is represented by Nicholas A. Koffroth, Esq. PEEK LLC: Secured Creditor Files Competing Plan ----------------------------------------------- Clear Sky Financial, LLC ("CSF"), a secured creditor, filed with the U.S. Bankruptcy Court for the District of Columbia a Combined Plan of Reorganization and Disclosure Statement for Peek, LLC dated December 28, 2025. The Debtor is Delaware company formed in 2017 that provides accounting services through its 100% owner Christopher Earl Peek. The Debtor reported a substantial drop off in income in 2025 due to President Trump's antiDEA executive orders after taking office in January 2025, which resulted in cancelled contracts and other negative impacts for Debtor through the present. The Debtor has had no income since December 2024, such as from performing accounting or other services. The Debtor had stated anticipated income of $25,000 in 2025, but actual income has been zero to date. The Debtor has stated anticipated income of $50,000 in 2026 with greater income anticipated each year thereafter. At the end of the evidentiary hearing the Court orally instructed Debtor to submit a proposed Plan to refinance the Property or failing refinance to market and sell the Property to pay Proponent's unimpaired oversecured loan and suggested showing good faith by paying the $2,500 in default interest due monthly. The Court issued a written Order on December 4, 2025, which also denied the request to convert to Chapter 7 and for discovery sanctions. On December 18, 2025, Debtor filed a proposed Second Amended Plan that would substantially impair Clear Sky's claim, without any agreement from Clear Sky to do so, did not include a marketing and sale term in the event refinance fails, and included other objectionable terms. The instant proposed Plan does not impair Clear Sky, includes the refinance option directed by the Court, includes the default auction term directed by the Court, and includes other terms to attempt to give the Debtor every opportunity to refinance or to sell the Property to recover maximum sums for the Debtor above the payment of all claims and to fully protect and not impair secured creditors in the Property. Class 3 consists of General Unsecured Claims. This Class is unimpaired. The IRS General Unsecured Claim in the amount of $5,212.42 to be paid over 60 months, plus interest charged by the IRS. All other general unsecured claims shall be paid in full unless disallowed by the Court. Class 4 consists of Equity Interests. Christopher Peek's equity interest in Peek, LLC, shall remain vested. Mr. Peek shall continue to manage the reorganized Debtor. The Debtor will timely fund or cause to be funded the Plan through sale, refinancing, or borrowing against the Property in the name of Christopher Earl Peek, Peek LLC, or any other entity that allows Peek LLC to satisfy the Allowed Secured Claim of CSF. The Plan also may be funded timely in whole or part through the usual and ordinary business operations of Peek, LLC. Peek, LLC, shall continue to operate and generate revenue from accounting and financial services, but is allowed to fund and support the repayment by or through any other person or entity. A full-text copy of the Combined Plan and Disclosure Statement dated December 28, 2025 is available at https://urlcurt.com/u?l=AdOGvd from PacerMonitor.com at no charge. Counsel to Clear Sky Financial, LLC: Edward J. Grass, Esq. The Grass Law Firm, LLC 9501 Burke Road #10784 Burke, VA 22015 (202) 256-2471 Email: egrass@me.com About Peek, LLC Peek, LLC is an accounting and financial services firm wholly owned and managed by Christopher Peek, CPA. The Debtor sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. D.D.C. Case No. 24-00415) on Dec. 4, 2024, listing $500,001 to $1 million in both assets and liabilities. Judge Elizabeth L Gunn presides over the case. Charles Earl Walton, Esq. at Law Office Of Charles E. Walton represents the Debtor as counsel. PHL VARIABLE: Liquidation Looms as Reorganization Prospects Fade ---------------------------------------------------------------- Alexandre Rajbhandari of Bloomberg Law reports that state insurance regulators are abandoning plans to rehabilitate PHL Variable Insurance Co. and are now considering liquidation, after determining the troubled life insurer is in worse financial condition than previously believed. The company was acquired by private equity firm Golden Gate Capital about a decade ago. Regulators said they may also pursue litigation against Golden Gate and its insurance affiliate, Nassau Financial Group, including potential breach of fiduciary duty claims, if the firms do not reach an acceptable settlement. Nassau said in a statement that the allegations are "without merit," as officials concluded that rehabilitation no longer appears viable, according to Connecticut Insurance Department interim head Joshua Hershman. About PHL Variable Insurance Co. PHL Variable Insurance Company provides life insurance and annuity products to affluent and middle market consumers in the United States. It offers universal life, variable universal life, and other life insurance products; and deferred, fixed, and variable annuities with various death benefit and guaranteed living benefit options. PINNACLE GROUP: NYC Opposes Landlord's Ch. 11 Proposal, Asset Sale ------------------------------------------------------------------ Emily Lever of Law360 reports that New York City has intervened in the bankruptcy proceedings of Pinnacle Group's affiliated debtors, seeking to delay the sale and Chapter 11 reorganization of their properties. The city maintains that the landlord cannot sell the buildings while numerous code violations remain unaddressed, citing concerns over tenant safety in what officials called some of the "most neglected buildings" in the city. According to filings, city attorneys asked the bankruptcy court to require Pinnacle Group to correct the violations before any transfer of ownership. They warned that proceeding with the sale without remediation would leave tenants exposed and shift legal and financial responsibilities to prospective buyers. About Pinnacle Group Based in Sunrise, Fla., Pinnacle Group and its subsidiaries are wholesalers of motor vehicle parts and accessories. Pinnacle Group and its subsidiaries sought Chapter 11 protection (Bankr. S.D. Fla. Lead Case No. 19-13519) on March 19, 2019. In its petition, Pinnacle Group estimated assets of $500,000 to $1 million and liabilities of $1 million to $10 million. Judge John K. Olson oversees the case. Jordan L. Rappaport, Esq., at Rappaport Osborne & Rappaport, PLLC, is the Debtor's bankruptcy counsel. PLATE RESTAURANT: Amends Secured Claims Pay Details --------------------------------------------------- Plate Restaurant Group LLC submitted an Amended Plan of Reorganization for Small Business dated December 23, 2025. The Debtor is making significant business changes to reduce overhead. Salaried staff at the two restaurants is being significantly reduced in 2026. The final Plan payment is expected to be paid 28 months after Plan confirmation. This Plan of Reorganization proposes to pay creditors of the Debtor from future business earnings of the Debtor. Non-priority unsecured creditors holding allowed claims will receive distributions, which the proponent of this Plan has valued at approximately 0 cents on the dollar. This Plan also provides for the payment of administrative and priority claims. Class 1 consists of the Secured claim of Community America Credit Union (CACU). CACU) has two secured loans, which this Plan will combine into one secured loan under the following terms. Per the UCC filings, CACU has perfected security interests on the collateral at the locations of the 3 affiliated entities Plate Restaurant Group LLC, Plate Restaurant Leawood LLC, and Plate Restaurant LLC. CACU is also undersecured. The value of the collateral at the 3 entities is less than the total balance of the loans (which is currently estimated at $144,000). The collateral values of the 3 entities are as follows: $12,500 (Plate Restaurant Group LLC) $18,250 (Plate Restaurant Leawood LLC) $45,256 (Plate Restaurant LLC) The total collateral value is the sum of these three numbers, or $76,006. The Plan will treat this amount as the secured amount, and any remaining amount as general unsecured. Debtor will pay CACU a total of $76,006 at the contract rate of interest (10.5%) for 57 months, or $1700 per month. The remaining balance of the loan over $76,006 will be treated as general unsecured debt. Class 2 consists of Priority tax claims. There are two tax claims: the City of Kansas City MO, and the Internal Revenue Service. The City of Kansas City MO's debt, estimated at $910, will be paid according to Stipulation and Agreed Order entered between the parties and filed with the Court on November 20, 2025. This document is incorporated into the Plan by reference. The IRS's proof claim lists an alleged debt of $4,735. If this amount is owed, it will be paid at the statutory rate of interest at the rate of $300 per month until paid in full. Like in the prior iteration of the plan, general unsecured creditors will receive 0%. The plan will be funded by the earnings of the subsidiary entities, Plate Restaurant LLC and Plate Restaurant Leawood LLC. A full-text copy of the Amended Plan dated December 23, 2025 is available at https://urlcurt.com/u?l=AcRD7K from PacerMonitor.com at no charge. About Plate Restaurant Group LLC Plate Restaurant Group LLC is a Kansas City-based restaurant business. Plate Restaurant Group LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Kan. Case No. 25-20996) on July 18, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $500,000 and $1 million. Bankruptcy Judge Dale L. Somers handles the case. The Debtor is represented by: George J. Thomas Phillips & Thomas, LLC Tel: 913-385-9900 Email: geojthomas@gmail.com PORTLAND DUCK: Unsecureds to Get Share of Income for 3 Years ------------------------------------------------------------ Portland Duck, LLC filed with the U.S. Bankruptcy Court for the District of Maine a Plan of Reorganization and Disclosures dated December 23, 2025. The Debtor is a business corporation formed under the laws of the State of Maine. Founded in 2024, the Debtor provides urban sightseeing tours using amphibious vessels that operate both on land and in water (i.e., "Duck Boats"). As of the Petition Date, the Debtor owned one Duck Boat, the Bufflehead, and "leased" two other Duck Boats, the Aina Kai and Duck Dynasty, pursuant to the Charter Agreement. Due to numerous defects in the Aina Kai and Duck Dynasty and other alleged breaches of the Charter Agreement, the Debtor spent significant sums of money to repair, store, and improve the Aina Kai and Duck Dynasty, as well as incurring costs in an attempt to obtain necessary permits and licensing. As a result of these issues, the Debtor was unable to operate in New Orleans in 2025, resulting in additional lost revenue. Ultimately, the costs of repairs and certification delays, ongoing defects with the Aina Kai and Duck Dynasty, and the lost 2025 season, led to the Debtor filing this Chapter 11 Case to restructure its liabilities and prepare for a successful operating season in 2026 and beyond. Class Three consists of Allowed General Unsecured Claims, including, without limitation, all Claims arising from rejection of any lease or executory contract, all Claims held by the U.S. Small Business Administration, and all deficiency Allowed Unsecured Claims of Holders of Allowed Secured Claims. The Class Three Claims are impaired. In full and final satisfaction of all Allowed General Unsecured Claims in Class Three, and regardless of whether Class Three votes to accept or reject the Plan, the Debtor shall make three Pro Rata payments of projected net disposable income to Holders of Allowed Class Three Claims, with one payment made on each of within thirty days of the first anniversary of the Effective Date, the second anniversary of the Effective Date, and the third anniversary of the Effective Date (collectively, the "PDI Payments"). The PDI Payments shall be in the amount of the projected net disposable income (for the applicable year). In addition to the foregoing, any net proceeds recovered by the Debtor from Causes of Action that are not otherwise subject to a Lien of NSB shall be applied by the Debtor, Pro Rata, toward Allowed Class Three Claims. The Holders of the Claims in Class Three are entitled to vote on the Plan. The Class Four Interests are unimpaired. The Holders of Interests in Class Four shall retain their Interests in the Debtor under this Plan. The Holders of Interests in Class Four are not entitled to vote on the Plan and are deemed to accept the Plan pursuant to Section 1126(f) of the Bankruptcy Code. Except as otherwise provided in the Plan, or in any contract, instrument, release, or agreement entered into in connection with the Plan, in accordance with Section 1123(b) of the Bankruptcy Code, the Debtor and/or its Estate shall retain and preserve and shall be vested with, retain, and may enforce and prosecute any claims or Causes of Action that the Debtor and/or its Estate may have against any person or entity that constitute a Cause of Action. The Debtor shall have exclusive standing for the purposes of investigating, pursuing, prosecuting, settling, collecting, liquidating, and/or recovering any assets, claims or causes of action that constitute Causes of Action. The payments under the Plan shall be made primarily from the following sources: (a) cash on hand; (b) the proceeds generated from the ongoing operation of the Debtor's business; (c) the proceeds of any Causes of Action and Claims which the Debtor and/or its Estate has brought and/or may elect to bring; (d) refinancing some or all of the Allowed Claims under the Plan; (e) a post-confirmation unsecured loan from Heidi MacVittie up to $25,000, which shall be repaid in accordance with the Exhibit 2; and (f) to the extent the foregoing are insufficient, equity contributions from the Holders of Interests in the Debtor. A full-text copy of the Plan of Reorganization dated December 23, 2025 is available at https://urlcurt.com/u?l=58cxHy from PacerMonitor.com at no charge. Counsel to the Debtor: Adam R. Prescott, Esq. Bernstein, Shur, Sawyer & Nelson, P.A. 100 Middle Street PO Box 9729 Portland, ME 04104 Telephone: (207) 774-1200 Facsimile: (207) 774-1127 E-mail: aprescott@bernsteinshur.com About Portland Duck, LLC Portland Duck, LLC, provides urban sightseeing tours using amphibious vessels that operate both on land and in water. The Debtor filed a Chapter 11 bankruptcy petition (Bankr. D. Me Case No. 25-10205) on Oct. 24, 2025. The Debtor hires Bernstein, Shur, Sawyer & Nelson, P.A. as general bankruptcy counsel. POSEIDON ADVENTURES: Seeks Chapter 7 Bankruptcy in California ------------------------------------------------------------- On December 26, 2025, Poseidon Adventures, Inc. filed for Chapter 7 protection in the U.S. Bankruptcy Court for the Northern District of California. According to court filings, the Debtor reports between $100,001 and $1,000,000 in debt owed to between 50 and 99 creditors. About Poseidon Adventures, Inc. Poseidon Adventures, Inc. is a California-based sporting goods retailer operating as a corporation in San Francisco, California. Poseidon Adventures, Inc. sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 25-31046) on December 26, 2025. In its petition, the Debtor reports estimated assets of $0 to $100,000 and estimated liabilities ranging from $100,001 to $1,000,000. The case is handled by Honorable Bankruptcy Judge Dennis Montali. The Debtor is represented by David A. Arietta, Esq., of the Law Offices of David A. Arietta. PRAESUM HEALTHCARE: InstafundingUT Challenges DIP Financing Orders ------------------------------------------------------------------ InstafundingUT, LLC asks the U.S. Bankruptcy Court for the Southern District of Florida, West Palm Beach Division, for relief from the debtor-in-possession financing orders for Praesum Healthcare Services, LLC and its affiliates on the grounds that they violated due process and were based on false and misleading facts. InstafundingUT loaned the Debtors $7.1 million hours before the Chapter 11 filing based on representations that no bankruptcy was planned and that the Debtors were solvent, securing and perfecting its interest. The Debtors filed for bankruptcy the next day without disclosing the loan, excluded InstafundingUT from creditor lists, and allowed City National Bank of Florida to take over $5.1 million of the loan proceeds post-petition. InstafundingUT argues that the bank misrepresented this transfer as a pre-petition setoff, when bank records show it was an impermissible post-petition transfer in violation of the automatic stay and, therefore, void. InstafundingUT alleges that the Debtors then secured court approval for CNB's post-petition financing using the seized funds and granted the bank liens that primed InstafundingUT's prior perfected security interest. It contends it received no notice of the DIP motion, hearings, or orders, denying any chance to object or seek adequate protection. InstafundingUT further asserts that newly discovered CNB transaction reports disprove any valid pre-petition setoff and show the DIP financing was based on an unlawful post-petition transfer. InstafundingUT argues that the DIP orders should be vacated under Rule 60(b)(2) based on newly discovered evidence, Rule 60(b)(3) for fraud and misconduct, and Rule 60(b)(4) because the orders are void for lack of notice and due process violations. Alternatively, it seeks a ruling that the DIP orders cannot prime InstafundingUT's liens. A court hearing is scheduled for January 15. About Praesum Healthcare Services Praesum Healthcare Services, LLC operates a network of behavioral health and addiction treatment facilities across the United States, offering a full continuum of care that includes medical detoxification, residential rehabilitation, and outpatient counseling. Its brands include Sunrise Detox, which provides medically supervised detox services, Evolve Recovery Center, which delivers residential treatment programs, and The Counseling Center, which offers outpatient and intensive outpatient therapy, with locations in multiple states including New Jersey, New York, Massachusetts, Georgia, and Florida. Founded in 2004, Praesum Healthcare manages more than two dozen centers under these brands, serving individuals with substance use disorders and co-occurring mental health conditions. Praesum and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Lead Case No. 25-19335) on August 13, 2025. In its petition, Praesum reports estimated assets between $50 million and $100 million and estimated liabilities between $10 million and $50 million. Honorable Bankruptcy Judge Erik P. Kimball handles the cases. The Debtors are represented by Bradley S. Shraiberg, Esq., at Shraiberg Page, PA. City National Bank of Florida, as lender, is represented by Alexandra D. Blye, Esq., at Carlton Fields, P.A., in West Palm Beach, Florida. PRISTINE JANITORIAL: Seeks Chapter 7 Bankruptcy in New Jersey ------------------------------------------------------------- On December 23, 2025, Pristine Janitorial LLC filed for Chapter 7 protection in the U.S. Bankruptcy Court for the District of New Jersey. According to court filings, the debtor reports between $100,001 and $1,000,000 in debt owed to between 1 and 49 creditors. About Pristine Janitorial LLC Pristine Janitorial LLC is a professional cleaning services company that provides commercial and residential janitorial solutions. The company offers routine cleaning, floor maintenance, window cleaning, and sanitation services to offices, facilities, and other client properties. Pristine Janitorial LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 25-23542) on December 23, 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. The Honorable Bankruptcy Judge handles the case. The debtor is represented by Anthony Landolfi, Esq. of Law Office of Anthony Landolfi, Esq., PC. PROEMA AUTOMOTIVA: Chapter 15 Case Summary ------------------------------------------ Chapter 15 Debtor: Proema Automotiva S.A. 515 Estela, Block E, Suite 81 Sao Paulo, SP 04 01100 Brazil Business Description: Proema Automotiva S.A. is a Brazilian automotive components manufacturer based in Sao Bernardo do Campo, Sao Paulo, producing systems such as steering columns, gearshift mechanisms, pedal assemblies, and machined parts for engines and suspensions. Chapter 15 Petition Date: December 31, 2025 Court: United States Bankruptcy Court Southern District of New York Case No.: 25-12957 Foreign Representative: Fernando Celso De Aquino Chad 515 Estela, Block E, Suite 81 Sao Paulo, SP 04 01100 Brazil Foreign Proceeding: 9th Civil Court of Sao Bernardo do Campo, Case 1027309-48.2014.8.26.0564 Foreign Representative's Counsel: Merielen Dal Ri Ziviani, Esq. KELLNER HERLIHY GETTY & FRIEDMAN, LLP 470 Park Avenue South, 7th Floor New York NY 10016 Tel: (212) 889-2821 Email: m.dalriziviani@khgflaw.com Estimated Assets: Unknown Estimated Debt: Unknown A full-text copy of the Chapter 15 petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/LCJNJIQ/Proema_Automotiva_SA_and_Fernando__nysbke-25-12957__0001.0.pdf?mcid=tGE4TAMA PROFRAC HOLDING: $40M New Notes Issued to Wilks Brothers, Beal Bank ------------------------------------------------------------------- ProFrac Holding Corp. previously reported on June 30, 2025, that ProFrac Holdings II, LLC, a Texas limited liability company and an indirect wholly-owned subsidiary of the Company, and the guarantors party thereto entered into a Purchase Agreement with Beal Bank USA and Wilks Brothers, LLC pursuant to which ProFrac Holdings II agreed to issue and sell $60.0 million aggregate principal amount of its Senior Secured Floating Rate Notes due 2029 in a private placement. An aggregate of $10.0 million and $30.0 million of New Notes was purchased by Wilks Brothers, LLC and Beal Bank USA, respectively, on December 15, 2025. Wilks Brothers, LLC is an affiliate of Messrs. Dan Wilks and Farris Wilks. Messrs. Dan Wilks and Farris Wilks are brothers and are the founders and principal stockholders of the Company. Their sons, Mr. Matthew D. Wilks and Mr. Johnathan Ladd Wilks, are the Company's Executive Chairman and Chief Executive Officer, respectively. The net proceeds from the issuance of the New Notes will be used to fund capital expenditures, with any remaining proceeds used for general corporate purposes. The New Notes were offered and sold by ProFrac Holdings II in a private placement transaction in reliance on exemptions from the registration requirements of the Securities Act of 1933, as amended, pursuant to Section 4(a)(2) of the Securities Act. The New Notes were issued as additional notes pursuant to the indenture, dated as of December 27, 2023 (as supplemented prior to the date hereof), by and among ProFrac Holdings II, the guarantors party thereto and U.S. Bank Trust Company, National Association, as trustee, calculation agent and collateral agent, as supplemented by the fifth supplemental indenture, dated as of June 30, 2025. The New Notes and the notes previously issued under the Indenture will be treated as a single series of securities under the Indenture and the New Notes have substantially identical terms, other than the issue date, issue price and first payment date, as the Existing Notes and be secured by a security interest in the same collateral. Full text copies of the Existing Indenture and the Fifth Supplemental Indenture are available at https://tinyurl.com/2raxe5tt and https://tinyurl.com/bdhcbsy6. About ProFrac Holding ProFrac Holding Corp. is a technology-focused, vertically integrated, innovation-driven energy services holding company providing hydraulic fracturing, proppant production, other completion services and other complementary products and services including distributed power generation to leading upstream oil and natural gas companies engaged in the exploration and production of North American unconventional oil and natural gas resources throughout the United States. Founded in 2016, ProFrac was built to be the go-to service provider for E&P companies' most demanding hydraulic fracturing needs. ProFrac Corp. operates in three business segments: Stimulation Services, Proppant Production and Manufacturing. As of September 30, 2025, the Company had $2.7 billion in total assets, $1.7 billion in total liabilities, $91.9 million in noncontrolling interests. and $953.9 million in total stockholders' equity. * * * In December 2025, S&P Global Ratings lowered its issuer credit rating on hydraulic fracturing equipment and services provider ProFrac Holding Corp. to 'CCC' from 'CCC+'. S&P also lowered its issue-level rating on the company's senior secured notes to 'B-' from 'B', reflecting the lower issuer credit rating. The '1' recovery rating (rounded estimate: 95%) was unchanged." S&P subsequently withdrew these ratings. At the time of the withdrawal, the outlook was negative. PROFRAC HOLDING: Amends Alpine Term Loan; Amortization Cut to $7.5M ------------------------------------------------------------------- ProFrac Holding Corp. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the parties to the Alpine Term Loan Credit Agreement entered into Amendment No. 4 to the Credit Agreement. The Alpine Term Loan Credit Agreement, dated December 27, 2023, is by and among Alpine Holding II, LLC, PF Proppant Holding, LLC, the subsidiary guarantor parties thereto, the several lenders thereto, and CLMG Corp. as agent and collateral agent (as amended, restated, supplemented, or otherwise modified from time to time, the "Alpine Term Loan Credit Agreement") Under the terms of the Fourth Amendment, among other things: (i) the amortization payment required to be made by PFP Holding with respect to each of the calendar quarters ending March 31, 2026 and June 30, 2026 was reduced from $15,000,000 to $7,500,000 (as such amount may be further reduced in accordance with the terms of the Amended Alpine Term Loan Credit Agreement); and (ii) testing of the Total Net Leverage Ratio was deferred by one year to March 31, 2028. A full text copy of the Fourth Amendment is available at https://tinyurl.com/48vcp844 About ProFrac Holding ProFrac Holding Corp. is a technology-focused, vertically integrated, innovation-driven energy services holding company providing hydraulic fracturing, proppant production, other completion services and other complementary products and services including distributed power generation to leading upstream oil and natural gas companies engaged in the exploration and production of North American unconventional oil and natural gas resources throughout the United States. Founded in 2016, ProFrac was built to be the go-to service provider for E&P companies' most demanding hydraulic fracturing needs. ProFrac Corp. operates in three business segments: Stimulation Services, Proppant Production and Manufacturing. As of September 30, 2025, the Company had $2.7 billion in total assets, $1.7 billion in total liabilities, $91.9 million in noncontrolling interests. and $953.9 million in total stockholders' equity. * * * In December 2025, S&P Global Ratings lowered its issuer credit rating on hydraulic fracturing equipment and services provider ProFrac Holding Corp. to 'CCC' from 'CCC+'. S&P also lowered its issue-level rating on the company's senior secured notes to 'B-' from 'B', reflecting the lower issuer credit rating. The '1' recovery rating (rounded estimate: 95%) was unchanged." S&P subsequently withdrew these ratings. At the time of the withdrawal, the outlook was negative. PURELIGHT POWER: Shuts Down Operations, Prepares for Ch. 7 Filing ----------------------------------------------------------------- Andy Giegerich of Portland Business Journal reports that Purelight Power, a solar installation company headquartered in Medford, Oregon, has ceased operations and laid off 109 employees amid mounting financial woes tied to weakened federal support for clean energy. Once employing roughly 400 workers, the company said the Republican‑backed One Big Beautiful Bill Act eliminated anticipated tax credits and severely undercut its ability to sell and finance residential solar installations. Of the total workforce affected, about 84 were based at the Medford office, with the remainder working remotely across other states. In a notice to the Oregon Dislocated Worker Unit, CEO J.D. Beck attributed the collapse in part to the abrupt loss of incentives that had been expected to remain in place under the 2022 Inflation Reduction Act, according to report. The closure highlights the vulnerability of regional solar firms to federal policy shifts, especially as larger industry incentives phase out and consumer demand softens. Experts say the loss of jobs and local economic impacts in southern Oregon underscore the ripple effects when renewable energy companies struggle to adapt to changing regulatory landscapes, the report relays. About Purelight Power Purelight Power is a solar installation company headquartered in Medford, Oregon. R&R TRANSPORT: Has Deal on Cash Collateral Access ------------------------------------------------- R&R Transport & Logistics, LLP and R&R Transport, Inc. ask the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division, for authority to use cash collateral and provide adequate protection. The Debtors explain that Simmons, their primary pre-petition secured lender, has consented to the post-petition use of its cash collateral, which is essential to maintaining the Debtors' trucking and delivery operations. As of the petition date, the Debtors owed Simmons no less than $1,158,544 in secured debt, and they historically relied on Simmons's cash collateral to fund ordinary business expenses. The parties have negotiated and attached a proposed Cash Collateral Order governing the terms of use, which allows the Debtors to operate while they work toward a reorganization plan that must be filed within 90 days of the petition date. The Debtors request authorization to use cash collateral immediately in the ordinary course of business pursuant to a defined operating budget, to continue Simmons's existing pre-petition liens, and to grant Simmons post-petition replacement liens of equal priority and validity. As additional adequate protection, the Debtors propose to make monthly payments to Simmons in accordance with the existing loan documents. The Debtors also seek a limited modification of the automatic stay solely to implement and enforce the agreed cash collateral arrangement. The cash collateral will be used to cover routine operating expenses such as payroll, maintenance, utilities, and other costs necessary to keep the business running, strictly in accordance with the approved budget. A hearing on the matter is set for January 21, at 11 a.m. A copy of the motion is available at https://urlcurt.com/u?l=9Dxay0 from PacerMonitor.com. About R&R Transport & Logistics, LLP R&R Transport & Logistics, LLP provides courier, delivery, and logistics services specializing in the transportation of parcels and freight. It operates from Houston, Texas, serving clients across regional and interstate routes through its fleet of trucks and delivery vehicles. R&R Transport & Logistics sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Case No. 25-36034) on October 9, 2025. In its petition, the Debtor reported total assets of $1,124,622 and total debts of $1,489,420. Judge Jeffrey P. Norman oversees the case. The Debtor is represented by Richard L. Fuqua, II, Esq., at Fuqua & Associates, P.C. RANCHO COLTON: Seeks Chapter 11 Bankruptcy in California -------------------------------------------------------- On December 29, 2025, Rancho Colton, LLC filed for Chapter 11 protection in the U.S. Bankruptcy Court for 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 Rancho Colton, LLC Rancho Colton, LLC is a single asset real estate company. Rancho Colton, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-13633) on December 29, 2025. In its petition, the Debtor reports estimated assets of $10 million to $50 million and estimated liabilities of $1 million to $10 million. Honorable Bankruptcy Judge Mark D. Houle handles the case. The Debtor is represented by William J. Wall, Esq., of Wall Law Office. RAZAGHI DEVELOPMENT: Section 341(a) Meeting of Creditors on Jan. 27 ------------------------------------------------------------------- Razaghi Development Company, LLC, commenced a voluntary Chapter 11 bankruptcy case on December 19, 2025, in the District of Arizona. Court records indicate the Debtor reports $94,060,479 in liabilities and has 1 to 49 creditors. A meting of creditors under Section 341(a) to be held on January 27, 2026 at 09:45 AM via Chapter 11 Teleconference Call in number: 1-888-330-1716, Passcode: 4038524 (FXG). About Razaghi Development Company, LLC Razaghi Development Company, LLC, doing business as Razaghi Healthcare, provides consulting, development, and operational services to Native Nations, specializing in the creation and management of healthcare systems. The Company offers expertise in P.L. 93-638 Indian Self-Determination contracting, healthcare facility planning, design and construction management, medical equipment procurement, licensing, accreditation preparation, and capital financing. The company filed for protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-12300) on December 19, 2025. The petition lists total assets of $26,749,853 and total liabilities of $94,060,479. Razaghi Development Company, LLC is represented by Mark J. Giunta, Esq., Law Office of Mark J. Giunta. REDEFYNE MOVING: Gets Final OK to Use Cash Collateral ----------------------------------------------------- The U.S. Bankruptcy Court for the District of Oregon entered a stipulated final order authorizing Redefyne Moving, LLC to use cash collateral in its Chapter 11 case. The order authorized the Debtor to use cash collateral -- primarily subject to the lien of the U.S. Small Business Administration -- in accordance with its approved operating budget. As adequate protection, the Debtor must maintain property and liability insurance; make monthly payments to the SBA beginning at $2,500 in January and increasing to $5,000 by March and thereafter; and grant the SBA a replacement lien on post-petition collateral. The replacement lien will have the same priority and extent as SBA's pre-bankruptcy lien. The order also authorized limited emergency use of up to $5,000 in excess of the budget without prior SBA consent and a process for seeking approval for larger emergency expenditures. The Debtor's authority to use cash collateral terminates upon default, conversion or dismissal of its Chapter 11 case, or the appointment of a trustee. About Redefyne Moving LLC Redefyne Moving, LLC, based in Clackamas, Oregon, provides residential and commercial moving services, including local and long-distance relocations, packing, and storage solutions, operating within the transportation and logistics sector. The Company maintains a fleet of box trucks and vans to support relocations, serving the greater Portland metropolitan area and surrounding regions. Redefyne Moving, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-34096) on December 9, 2025. In its petition, the Debtor reports estimated assets between $100,001 and $1 million and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Teresa H. Pearson handles the case. The Debtor is represented by Theodore J. Piteo, Esq., of Michael D. O'Brien & Associates, P.C. RENT-A-CHRISTMAS: Court Extends Cash Collateral Access to March 31 ------------------------------------------------------------------ Rent-A-Christmas, LLC received third interim approval from the U.S. Bankruptcy Court for the Southern District of New York to use cash collateral to fund operations. The third interim order authorized the Debtor to use cash collateral through March 31 in accordance with its budget, subject to a 10% variance. As adequate protection for any diminution in the value of its collateral, NYBDC Local Development Corporation, a secured creditor, will be granted replacement liens on the cash collateral, subject and subordinate only to the fee carveout. In addition, NYBDC will receive $2,487.43 per month as payment for two separate loans it provided to the Debtor. The Debtor has two active loans with NYBDC: a 2021 loan with about $26,267 remaining and a modified 2022 loan (formerly a line of credit) with about $29,483 owed. The Debtor's authority to use cash collateral terminates without further order on the earliest of April 1; entry of an order lifting the automatic stay; case dismissal or conversion to Chapter 7; plan confirmation; or modification or revocation of the second interim order without NYBDC's consent. A final hearing is scheduled for March 19. Objections are due by March 12. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/tEwtI from PacerMonitor.com. About Rent-A-Christmas LLC Rent-A-Christmas LLC is a seasonal decoration rental company specializing in Christmas trees, lights, and holiday displays for commercial and residential customers. Rent-A-Christmas sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-22707) on July 29, 2025. In its petition, the Debtor reports estimated assets between $100,000 and $500,000 and estimated liabilities $1 million and $10 million. Judge Sean H. Lane oversees the case. The Debtor is represented by Julie Cvek Curley, Esq., at Kirby Aisner & Curley, LLP. RICHFIELD NURSING: No Resident Complaints, 3rd PCO Report Says -------------------------------------------------------------- Margaret Barajas, the patient care ombudsman, filed with the U.S. Bankruptcy Court for the Middle District of Pennsylvania her third report regarding the quality of patient care provided by Richfield Nursing and Rehabilitation, LLC and affiliates. During a visit on December 9 to the Milford Healthcare and Rehabilitation Center, the local ombudsman noted an ongoing water problem with chlorine levels. The facility was using bottled water and awaited the result of water testing. Administrator Hedy Swales reported the chlorine line was frozen. As of December 22, the boiled-water advisory remains in place. The local ombudsman cited a flu outbreak at the facility. The local ombudsman will continue to monitor both situations. The Pennsylvania Department of Health reported no deficiencies in these facilities during the current 60-day period. The PCO will continue to have the local ombudsmen conduct site visits with the facilities which have not yet been sold and meet with residents to ensure their quality of care and life continue to be positive. A copy of the ombudsman report is available for free at https://urlcurt.com/u?l=fN2lyj from PacerMonitor.com. About Richfield Nursing and Rehabilitation Richfield Nursing and Rehabilitation, LLC and affiliates are operators of skilled nursing and rehabilitation centers across Pennsylvania. Each location provides a range of services, including short-term rehabilitation, long-term care, and therapy. Richfield Nursing and Rehabilitation sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Pa. Lead Case No. 25-01599) on June 4, 2025. In its petition, Richfield Nursing and Rehabilitation reported between $1 million and $10 million in assets and liabilities. Judge Henry W. Van Eck handles the case. The Debtor is represented by Robert E. Chernicoff, Esq., at Cunningham, Chernicoff & Warshawsky, P.C. ROCKY MOUNTAIN: Raises $2.7 Million in Private Placement -------------------------------------------------------- Rocky Mountain Chocolate Factory, Inc. completed the private placement of an aggregate of 1,500,000 of shares of the Company's common stock at a price per share equal to $1.80 to ARM-D Rocky Mountain Chocolate Holdings LLC pursuant to a securities purchase agreement. Total proceeds received by the Company were $2.7 million. The proceeds will be used for general working capital purposes. The Purchase Agreement contains customary representations and warranties of the Company, on the one hand, and the Purchaser, on the other hand. In connection with the Purchase Agreement, the Company entered into an investor rights agreement with the Purchaser, dated December 18, 2025, pursuant to which the Purchaser is, among other things, entitled to certain resale registration rights with respect to shares of the Company's common stock issued to the Purchaser. Pursuant to the Investor Rights Agreement, the Company will be required to prepare and file a resale registration statement with the Securities and Exchange Commission within 30 days following the closing of the Transaction. The Company is obligated to use its commercially reasonable efforts to cause this registration statement to be declared effective by the SEC within 90 days following the closing of the Transaction (or within 120 days following the closing of the Transaction if the SEC reviews the registration statement). The Purchaser is also entitled to customary preemptive rights on certain securities issuances by the Company for so long as it meets the Minimum Ownership Threshold (as defined in the Investor Rights Agreement). The Investor Rights Agreement permits the Purchaser to designate an individual for membership on the Company's board of directors, and that individual will initially be Alberto Perez-Jacome Friscione. In addition, the Investor Rights Agreement provides that the Purchaser, so long as it meets the Minimum Ownership Threshold, is subject to customary "standstill" provisions. The standstill provisions provide, among other things, that the Purchaser cannot, subject to certain exceptions: * initiate, propose, or otherwise solicit the Company's stockholders for the approval of any stockholder proposals, or cause or encourage the initiation or submissions of any such stockholder proposal; * seek, alone or in concert with others, representation on the Board, encourage others to nominate or propose members to the Board, or seek, alone or in concert with others, the removal of any member of the Board; * make any offer or proposal with respect to any tender offer, merger, liquidation, dissolution or similar extraordinary transaction involving the Company, any of its subsidiaries or any of their respective securities or assets; or * increase its ownership of the Company's securities to an amount that would result in the Purchaser or the other Restricted Persons (as defined in the Investor Rights Agreement) owning, controlling or otherwise having any beneficial or other ownership interest of more than 25.0% of the then-outstanding Voting Securities (as defined in the Investor Rights Agreement). Full text copies of the Purchase Agreement and the Investor Rights Agreement are available at https://tinyurl.com/4ne9dbv8 and https://tinyurl.com/2s6f3ed5. Amendment to Letter Agreement In connection with the Transaction, the Company and the other parties thereto entered into an amendment to the letter agreement, dated November 26, 2024, between the Company, Global Value Investment Corporation and certain of its affiliates and certain other parties. As a result of the Amendment, GVIC is not permitted to increase its ownership of the Company's securities to an amount that would result in GVIC owning, controlling or otherwise having any beneficial or other ownership interest of more than 25.0% of the then-outstanding Voting Securities (as defined in the Letter Agreement). A full text copy of the Amendment is available at https://tinyurl.com/492fhc55 Appointment of Certain Officers: Effective upon the closing of the Transaction, Mr. Perez-Jacome was appointed to the Board to serve until the Company's next annual meeting of stockholders or until his earlier death, resignation or removal. In connection with his appointment, Mr. Perez-Jacome was also appointed as a member of the Nominating and Corporate Governance Committee, Audit Committee and Compensation Committee of the Board. It is expected that Mr. Perez-Jacome will serve as the chair of the Nominating and Corporate Governance Committee. Mr. Perez-Jacome is an experienced executive, entrepreneur, and director with over 20 years of leadership in infrastructure, real estate, energy, consumer goods, and financial services. Most recently, he has served as CEO of Hermes Infraestructura (2012-2024), co-founder of Encore Inc. (2004 – Present), and as a board member of Banorte Bank (2020-2024) and RedHawk Rebar LLC (2025 – Present). Mr. Perez-Jacome holds an MBA from the MIT Sloan School of Management, a Master's degree in Public Administration from Harvard University, and a Bachelor's degree in Industrial Engineering from the Universidad Iberoamericana, Mexico City. Other than the Investor Rights Agreement, there is no arrangement or understanding between Mr. Perez-Jacome and any other persons pursuant to which Mr. Perez-Jacome was elected as a director. The Board has determined that Mr. Perez-Jacome is "independent" under applicable Nasdaq listing rules. There are no related party transactions between the Company and Mr. Perez-Jacome (or any of his immediate family members) requiring disclosure under Item 404(a) of Regulation S-K. Mr. Perez-Jacome does not have any family relationships with any of the Company's directors or executive officers. The Company believes that Mr. Perez-Jacome's appointment resolves any potential non-compliance with Nasdaq Listing Rule 5605. In accordance with the Company's current Non-Employee Director Compensation Policy, the Company will pay Mr. Perez-Jacome: (i) an annual cash retainer of $32,000 (in addition to any amounts that Mr. Perez-Jacome is entitled to in connection with his service as a chair of one or more of the Board's standing committees) and (ii) an annual equity award of $40,000 of restricted stock units (based on the 10-day volume-weighted average price of the Company's common stock as reported on the Nasdaq Capital Market as of and including the last business day prior to the grant date) for his service on the Board, both of which will be pro-rated for his first year of service. The equity award vested 25% on the grant date of December 18, 2025, with the remainder vesting in one or more equal installments thereafter (as reflected in the grant documentation), subject to continued service on the Board. The grant will be fully vested as of the Company's first annual meeting following the grant date. Mr. Perez-Jacome will also enter into the Company's standard form of director indemnification agreement with the Company pursuant to which the Company agrees to indemnify its directors to the fullest extent permitted by applicable law and, subject to certain conditions, to advance expenses in connection with proceedings as described in such indemnification agreement. About Rocky Mountain Chocolate Factory Durango, Colo.-based Rocky Mountain Chocolate Factory, Inc. is an international franchisor, confectionery producer, and retail operator. Founded in 1981, the Company produces an extensive line of premium chocolate candies and other confectionery products. New York, N.Y.-based CohnReznick LLP, the Company's auditor since 2023, issued a "going concern" qualification in its report dated June 20, 2025, attached to the Company's Annual Report on Form 10-K for the year ended February 29, 2025, citing that the Company has incurred recurring losses and negative cash flows from operations in recent years and is dependent on debt financing to fund its operations, all of which raise substantial doubt about the Company's ability to continue as a going concern. As of August 31, 2025, the Company had $22.25 million in total assets, $16.13 million in total liabilities, and a total stockholders' equity of $6.13 million. ROOF EZ: Ruediger Mueller of TCMI Named Subchapter V Trustee ------------------------------------------------------------ The Acting U.S. Trustee for Region 21 appointed Ruediger Mueller of TCMI, Inc. as Subchapter V trustee for Roof EZ, Inc. Mr. Mueller will be paid an hourly fee of $350 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Mueller declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Ruediger Mueller TCMI, Inc. 1112 Watson Court Reunion, FL 34747 Telephone: (678) 863-0473 Facsimile: (407) 540-9306 Email: truste@tcmius.com About Roof EZ Inc. Roof EZ Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-02539) on December 19, 2025, listing between $100,001 and $500,000 in assets and between $1 million and $10 million in liabilities. Judge Luis Ernesto Rivera II presides over the case. Michael R. Dal Lago, Esq., represents the Debtor as legal counsel. RUBICON MECHANICAL: Seeks Cash Collateral Access ------------------------------------------------ Rubicon Mechanical LLC asks the U.S. Bankruptcy Court for the District of Nevada for authority to use cash collateral and provide adequate protection. Specifically, the Debtor seeks court authorization to use alleged cash collateral of Fundbox and Itria Ventures, LLC, arising from pre-petition merchant cash advance financing that may be secured by the Debtor's cash and deposit accounts. It intends to use cash collateral pursuant to an 18-week rolling cash flow budget designed to fund ordinary and necessary operating expenses essential to maintaining the business as a going concern. The Debtor reserves all rights to dispute the validity, extent, and perfection of Fundbox's and Itria's purported security interests but asserts that their interests are adequately protected because the collateral value is not diminishing, the cash will be reinvested in operating and preserving the business, and replacement liens will be granted on post-petition cash receipts. Rubicon argues that without access to cash collateral it would be unable to meet payroll and operating costs, jeopardizing its operations and restructuring prospects, and that allowing such use is consistent with 11 U.S.C. sections 361 and 363 and well-established case law balancing rehabilitation with secured creditor protections. A copy of the motion is available at https://urlcurt.com/u?l=2sN4Uv from PacerMonitor.com. About Rubicon Mechanical LLC Rubicon Mechanical, LLC operates a diesel mechanic business in Winnemucca focused on servicing mining vehicles and equipment. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Nev. Case No. 25-51188-hlb) on December 16, 2025. In the petition signed by Brownen Anderson, manager, the Debtor disclosed up to $500,000 in assets and up to $1 million in liabilities. Judge Hilary L. Barnes oversees the case. Kevin A. Darby, Esq., at Darby Law Practice Ltd, represents the Debtor as legal counsel. RUSS'S MULCH: Court OKs Deal to Use Cash Collateral --------------------------------------------------- The U.S. Bankruptcy Court for the Eastern District of Wisconsin approved a stipulation authorizing Russ's Mulch & Trucking, LLC to use cash collateral. The court authorized the Debtor's use of Commercial Credit Group Inc.'s cash collateral, which consists of accounts, accounts receivable, deposit accounts, and proceeds conditioned on the provision of adequate protection. As adequate protection, CCG will be granted post-petition replacement liens, effective as of the petition date, with the same validity, priority, and extent as its pre-petition liens under the security agreement. These liens are deemed perfected without further action, subject to Bankruptcy Code limitations. The order required the Debtor to make monthly adequate protection payments of $5,100, with an initial $10,200 payment covering November and December 2025. If the Debtor defaults and fails to cure within specified notice periods, CCG may seek expedited relief, including termination of cash collateral use and relief from the automatic stay, subject to notice and a hearing. The payment obligation terminates upon plan confirmation, dismissal or conversion, payment in full, or further court-approved agreement, and the court retains jurisdiction over disputes arising under the order. The order is available at https://is.gd/5TQvPG from PacerMonitor.com. About Russ's Mulch & Trucking LLC Russ's Mulch & Trucking, LLC provides general freight trucking services in Wisconsin, focusing on the intrastate transport of bulk and general freight materials. Russ's Mulch & Trucking sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Wis. Case No. 25-25134) on September 12, 2025. In its petition, the Debtor reported between $1 million and $10 million in assets and liabilities. Honorable Bankruptcy Judge Rachel M. Blise handles the case. The Debtor is represented by Kevin Benjamin, Esq., at Benjamin Legal Services, PLC. RX UNIFORMS: Seeks Chapter 7 Bankruptcy in North Carolina --------------------------------------------------------- On December 26, 2025, Rx Uniforms, LLC filed for Chapter 7 protection in the Eastern District of North Carolina. According to court filings, the Debtor reports between $100,001 and $1,000,000 in debt owed to 1-49 creditors. About Rx Uniforms, LLC Rx Uniforms, LLC is a provider of medical uniforms and professional healthcare apparel. The company offers scrubs and related garments tailored to the needs of healthcare professionals. Rx Uniforms, LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 25-05107) on December 26, 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 Pamela W. McAfee handles the case. The Debtor is represented by Ciara L. Rogers, Esq. of Waldrep Wall Babcock & Bailey PLLC. SAFE & GREEN: Acquires Giant Group America for $3.5 Million ----------------------------------------------------------- Safe & Green Holdings Corp. entered into a stock purchase agreement with Daniel Kroft to acquire 100% of the issued and outstanding securities of Giant Group America Inc., which operates, through its wholly-owned subsidiary, Giant Containers Inc., as a designer and seller of innovative modular shipping container buildings. The purchase price for the acquisition of Giant is $3,500,000. The transaction includes the acquisition of Giant's existing customers and business pipeline, with $5,000,000 of contracts currently under contract and approximately $22,500,000 in projects under contract review, awaiting approval, or in the proposal phase. Pursuant to the Stock Purchase Agreement, the Company will pay the Purchase Price to the Seller as follows: $1,000,000 paid to the Seller in cash at closing; $750,000 paid to the Seller via the issuance of shares of common stock of the Company, par value $0.01, in an agreed share price such that the Seller shall be issued 215,000 shares of Company common stock; and $1,750,000 paid to the Seller via the issuance of a promissory note in favor of Seller paid via quarterly installment payments over twenty-four months commencing on April 15, 2026 and ending April 15, 2028. Pursuant to the Stock Purchase Agreement, the Company will hire Daniel Kroft as its VP of Business Development starting January 1, 2026, at a base salary of $250,000 per year and a potential bonus based on the performance of the Company's modular construction projects business unit post-closing. The Stock Purchase Agreement contains customary representations and warranties for this type of transaction. The Seller has agreed to customary restrictive covenants including non-competition, non-circumvention, and non-solicitation for a period of two years. Pursuant to the Promissory Note, interest shall commence accrual on April 15, 2026, at a rate of five percent per annum. The principal balance of the Promissory Note shall be $1,750,000. The Company shall make quarterly installment payments of principal and interest commencing on April 15, 2026, and shall continue quarterly thereafter until April 15, 2028, when the entire unpaid balance of principal and interest shall be due and payable in full. The Company may prepay all or any portion of the principal amount of the Promissory Note without penalty. Full text copies of the Stock Purchase Agreement and Promissory Note are available at https://tinyurl.com/32a5kf72 and https://tinyurl.com/yvbjpn78 About Safe & Green Safe & Green Holdings Corp. is a modular solutions company headquartered in Miami, Florida. The company specializes in the development, design, and fabrication of modular structures, focusing on safe and green solutions across various industries. The Woodlands, Texas-based M&K CPAS, PLLC, the Company's auditor since 2024, issued a "going concern" qualification in its report dated March 31, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has incurred net losses since its inception, negative working capital, and negative cash flows from operations, which raises substantial doubt about its ability to continue as a going concern. As of September 30, 2025, the Company had $54,105,678 in total assets, $29,170,121 in total liabilities, and a total stockholders' equity of $24,935,557. SAKS GLOBAL: CEO Marc Metrick Resigns as Company Mulls Chap. 11 --------------------------------------------------------------- Redd Brown andEliza Ronalds-Hannon of Bloomberg News report that Marc Metrick will step down as chief executive officer of Saks Global Enterprises as the high-end retailer considers restructuring measures that could include a Chapter 11 bankruptcy filing. The company has faced mounting financial strain over the past year. Saks announced Friday, January 2, 2025, that Executive Chairman Richard Baker will take over as CEO while retaining his role as chairman of the department-store chain. The leadership consolidation comes as the company reassesses its strategic direction. Metrick is leaving the company to pursue other opportunities, according to the statement. The executive shake-up follows ongoing struggles at Saks, even after the retailer secured billions of dollars in investor funding to support a turnaround effort, the report states. About Saks Global Saks Global owns and operates world-class luxury retailers, including Neiman Marcus, Bergdorf Goodman, Saks Fifth Avenue and Saks OFF 5TH, and a portfolio of prime U.S. real estate holdings and investments. SANDY NGUYEN: Court Narrows Claims in Newtek et al. Adversary Case ------------------------------------------------------------------ Judge Alfredo R. Perez of the United States Bankruptcy Court for the Southern District of Texas granted in part and denied in part Sandy Nguyen's motion for partial summary judgment in the adversary proceeding captioned as NEWTEK SMALL BUSINESS FINANCE LLC, Plaintiff, VS. SANDY NGUYEN, Defendant, ADVERSARY NO. 24-3226 (Bankr. S.D. Tex.). This matter comes before the Court on the motion of debtor Sandy Nguyen to grant summary judgment relief denying an objection to discharge by Plaintiffs Newtek Small Business Finance LLC and CCC Real Estate Holding Co. LLC. Ms. Nguyen additionally requests the Court to grant declaratory relief in her favor finding that she and Kim Howard Corporation are entitled to a release of the UCC liens filed by Newtek. In this case, Newtek alleges that Ms. Nguyen's actions fall under the Sec. 523(a)(6) exception because she converted the personal business property Newtek foreclosed on and sold to CCC. Ms. Nguyen moves for summary judgment alleging there is no genuine issue of material fact as to whether her actions were willful and malicious. Her argument focuses on her belief that the personal business property was not foreclosed on and sold to CCC. The Court finds because Plaintiffs have failed to demonstrate there is any evidence Ms. Nguyen willfully and maliciously converted the property -- an essential element under Sec. 523(a)(6) -- there is no genuine issue of material fact. Therefore, Defendant's motion for partial summary judgment is granted as to Plaintiffs' non-dischargeability claim under Sec. 523(a)(6). Ms. Nguyen seeks a declaratory judgment finding that she and KHC are entitled to releases of the UCC liens following the foreclosure sale. KHC, however, is not a party to this adversary proceeding and the Court lacks jurisdiction to grant a nonparty declaratory relief. Therefore, the Court cannot grant Ms. Nguyen's request for a declaratory judgment The Court grants Ms. Nguyen's partial motion for summary Judgment as to Plaintiffs' claims under 11 U.S.C. Sec. 523(a)(2)(A) and Sec. 523(a)(6) and denies, without prejudice, Defendant's request for declaratory judgment. A copy of the Court's Memorandum Opinion dated December 22, 2025, is available at https://urlcurt.com/u?l=7LzpnC from PacerMonitor.com. On August 15, 2024, Sandy Nguyen filed a voluntary petition under Chapter 13 of the Bankruptcy Code. On November 4, 2024, the Court granted Ms. Nguyen's motion to convert her Case to a Chapter 11 bankruptcy. SCIENTIFIC ENERGY: Certifies Termination of SEC Registration ------------------------------------------------------------ Scientific Energy, Inc. filed a Form 15 (Certification and Notice of Termination of Registration) with the Securities and Exchange Commission pursuant to Rule 12g-4(a)(1) under the Securities Exchange Act of 1934, as amended, to terminate the registration of its class of common stock under Section 12(g) of the Exchange Act. The Company is eligible to terminate its registration under Section 12(g) because it has fewer than 300 holders of record of its common stock. As a result of the filing of the Form 15, the Company's obligation to file reports with the SEC under Sections 13(a) and 15(d) of the Exchange Act was immediately suspended, and the registration of the Company's common stock under Section 12(g) will be terminated 90 days after the filing date (December 22, 2025), unless the SEC objects. The Company has not filed a registration statement under the Securities Act of 1933, as amended, and therefore does not have any reporting obligations under Section 15(d) of the Exchange Act. About Scientific Energy Scientific Energy, Inc. is a mobile platform of ordering and delivery services for restaurants or other merchants in Macau. The Company's businesses are built on its platform, Aomi App. The Platform connects restaurants/merchants with consumers and Delivery riders. The Platform is created to serve the needs of these three key areas and to become more intelligent and efficient with every customer order. Hong Kong-based Centurion AOGB CPA Limited, the Company's auditor since 2025, issued a "going concern" qualification in its report dated May 23, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024, citing that the Company has suffered recurring losses from operations and had a working capital deficit that raise substantial doubt about its ability to continue as a going concern. As of September 30, 2025, the Company had $60,556,473 in total assets, $28,814,400 in total liabilities, and $34,448,409 million in total stockholders' equity. As of September 30, 2025, the Company had cash and cash equivalents of $5,795,661 and a working capital deficit of $6,815,843. SECURECOMM TECHNOLOGIES: Continued Operations to Fund Plan ---------------------------------------------------------- Securecomm Technologies, Inc. filed with the U.S. Bankruptcy Court for the Southern District of Texas a Plan of Reorganization dated December 23, 2025. The Debtor is a Texas corporation operating in the State of Texas. The 100% owner and sole managing member of the Debtor is Nicholas Ewing. The Debtor continues to operate its commercial security system, access control, and fire/safety alarm system services business. The Debtor installs and services its product offerings primarily for various school districts throughout the Houston metropolitan area; this would include all security, access control, and safety/fire alarm monitoring on school campuses, administrative buildings, and certain district sports complexes, as well. An uncharacteristically slow business year in 2024, which was exacerbated by an ownership dispute and divorce between the Debtor's principals that was not resolved until mid-2025, led to the Debtor falling behind in servicing its trade debt obligations with various vendors. Resulting litigation and collection efforts from vendors to which Debtor had defaulted had temporarily stifled Debtor's ability to complete pending projects, or successfully bid on new projects. Class 4 consists of General Unsecured Creditors. Allowed Claims not secured by a lien, security interest, encumbrance or right of set-off, as the same are allowed, approved and ordered paid by the Bankruptcy Court. Each creditor holding a Class 4 Claim shall be paid a pro rata share of its Allowed Claim from Debtor's monthly disposable income, paid out in equal monthly installments over 60 months, commencing on the 20th day of the first month after the Effective Date or when such claim is allowed or ordered paid by Final Order of the Court, whichever date is later. There are eight known creditors in this class. Class 4 claims are impaired. Class 5 consists of Allowed Unsecured Claims of $1,000.00 or less. Allowed, Unsecured Claims of $1,000.00 or less, as the same are allowed, approved and ordered paid by the Bankruptcy Court. There is one known creditors in this class. Each creditor holding an Allowed Class 5 Claim shall receive 100% of the amount of its claim, in cash and in full, thirty days after the Effective Date. Class 5 claims are not impaired. The Debtor, or Reorganized Debtor, if applicable, shall fund its Plan of Reorganization out of projected monthly income earned by the Reorganized Debtor from operations of its commercial security system, access control, and fire/safety alarm system services business after the Effective Date. A full-text copy of the Plan of Reorganization dated December 23, 2025 is available at https://urlcurt.com/u?l=Xcle3K from PacerMonitor.com at no charge. Counsel to the Debtor: Matthew Hoffman, Esq. Alan Brian Saweris, Esq. David M. Smith, Esq. HOFFMAN & SAWERIS, P.C. Riviana Building 2777 Allen Parkway, Suite 1000 Houston, TX 77019 Telephone: (713) 654-9990 Facsimile: (713) 654-0038 E-mail: Matthew@mhsawlaw.com Alan@mhsawlaw.com About Securecomm Technologies Securecomm Technologies, Inc., sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-35638) on September 25, 2025. At the time of the filing, the Debtor had estimated assets of between $100,001 and $500,000 and liabilities of between $100,001 and $500,000. Judge Jeffrey P. Norman oversees the case. Hoffman & Saweris, P.C., is the Debtor's legal counsel. SEDONA 66: Seeks Chapter 7 Bankruptcy in Indiana ------------------------------------------------ On December 23, 2025, Sedona 66, Inc. filed for Chapter 7 protection in the U.S. Bankruptcy Court for the Northern District of Indiana. According to court filings, the Debtor reports between $100,001 and $1,000,000 in debt owed to between 1 and 49 creditors. About Sedona 66, Inc. Sedona 66, Inc. is a privately held corporation operating as an independent business entity in the United States. Sedona 66, Inc. sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 25-40414) on December 23, 2025. In its petition, the Debtor reports estimated assets of $0 to $100,000 and estimated liabilities in the range of $100,001 to $1,000,000. The Debtor is represented by Heather Faith Welch, Esq., of HallerColvin, P.C. SUNATION ENERGY: Two Proposals OK'd; 2022 Incentive Plan Rejected ----------------------------------------------------------------- SUNation Energy, Inc. held an Annual Meeting of Stockholders. At the Annual Meeting, the Company's stockholders voted on the four proposals. The proposals presented at the Annual Meeting are described in detail in the Definitive Proxy Statement filed with the Securities and Exchange Commission on November 24, 2025. Of the 3,406,614 shares of Common Stock outstanding and entitled to vote at the Annual Meeting, 1,423,520, or 41.78%, of the outstanding and eligible shares, were present either in person or by proxy and entitled to vote on all proposals. Holders of Common Stock voted one vote per share on all matters properly brought before the Annual Meeting. The results for each of the proposals submitted to a vote of stockholders at the Annual Meeting are as follows: Proposal No. 1 – To vote for the election of Roger H.D. Lacey (the "Nominee") to serve as the Class I director on the board of directors of the Company for a period of three years from the date of such election; the voting with respect to Proposal 1 was as follows: * For: 410,823 * Withheld: 2,826 Proposal No. 2 – To ratify the appointment of CBIZ CPAs P.C. as the Company's independent registered public accounting firm for the year ending December 31, 2025; the voting with respect to Proposal 2 was as follows: * For: 1,360,190 * Against: 51,444 * Abstain/Withheld: 11,886 Proposal No. 3 – To approve amendments to the Company's 2022 Equity Incentive Plan to increase the number of shares of common stock reserved for issuance, the number of shares that can be issued as incentive stock options and to implement an evergreen provision for the purpose of setting the number of shares of common stock reserved for issuance thereunder to equal up to 5.0% of the total number of shares of common stock outstanding on December 31 of the immediately preceding calendar year; the voting with respect to Proposal 3 was as follows: * For: 83,998 * Against: 355,522 * Abstain/Withheld: 6,518 Proposal No. 4 – Proposal No. 4 – Approval to Adjourn the Meeting The Company's stockholders approved one or more adjournments of the Annual Meeting to a later date or dates to solicit additional proxies if there are insufficient votes to approve any of the proposals at the time of the Annual Meeting; however, since a quorum was present for the transaction of business and there were sufficient shares voted to approve Proposals 1 and 2, and despite not having sufficient votes to approve Proposal 3, no adjournment vote was sought and Proposal 4 was not moved forward: * For: 1,005,394 * Against: 405,257 * Abstain/Withheld: 12,869 About SUNation Energy SUNation Energy Inc., formerly known as Pineapple Energy Inc., is focused on growing leading local and regional solar, storage, and energy services companies nationwide. Melville, N.Y.-based UHY LLP, the Company's former auditor, issued a "going concern" qualification in its report dated April 15, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company's current financial position and forecasted future cash flows for 12 months beyond the date of issuance of the financial statements indicate substantial doubt around the Company's ability to continue as a going concern. As of September 30, 2025, the Company had $49.6 million in total assets, $27.9 million in total liabilities, and $21.7 million in total stockholders' equity. TEZCAT LLC: Gets Extension to Access Cash Collateral ---------------------------------------------------- Tezcat, LLC received interim approval from the U.S. Bankruptcy Court for the Middle District of Florida, Jacksonville Division, to use the cash collateral of its secured creditors. The interim order signed by Judge Jason Burgess authorized the Debtor to use cash collateral to pay the amounts expressly authorized by the court; the expenses set forth in its budget, plus an amount not to exceed 10% for each line item; and additional amounts subject to approval by IncredibleBank. As adequate protection, each secured creditor holding an interest in cash collateral is granted a perfected post-petition replacement lien with the same validity and priority as its prepetition lien, without the need for further filings. The Debtor must maintain required insurance, provide reasonable access to records and premises, and comply with all debtor-in-possession obligations. The Debtor must also make a monthly payment of $1,868.25 to the secured lender. A continued hearing on the Debtor’s motion is scheduled for January 22. A copy of the court's order and the Debtor's budget is available at https://tinyurl.com/bdsaef8k from PacerMonitor.com. About Tezcat LLC Tezcat LLC, operating as Tepeyolot Cervecerias, is a family-owned brewery and restaurant in Jacksonville, Fla., offering fresh Mexican cuisine paired with craft lagers brewed on-site. In addition to its dine-in and takeout options, the business provides catering services for events like birthdays, weddings, and corporate functions. It also offers online ordering and party booking services. Tezcat filed Chapter 11 petition (Bankr. M.D. Fla. Case No. 25-00803) on March 17, 2025, listing total assets of $22,708 and total liabilities of $1,001,540. Judge Jason A. Burgess handles the case. Buddy D. Ford, Esq., at Buddy D. Ford, P.A. is the Debtor's legal counsel. IncredibleBank, as secured creditor, is represented by: Daniel A. Miller, Esq. Daniel A. Miller, P.A. 11987 Southern Blvd., No. 1 Royal Palm Beach, FL 33411 Telephone: (561) 463-5929 daniel@damillerlaw.com service@damillerlaw.com THREEPIECEUS LLC: Unsecureds to Split $20K via Quarterly Payments ----------------------------------------------------------------- Threepieceus, LLC filed with the U.S. Bankruptcy Court for the Middle District of Florida a Plan of Reorganization dated December 24, 2025. The Debtor organized as a California LLC on December 30, 2015. Shortly thereafter, the Debtor began importing heritage Japanese wheels and selling them online to automotive enthusiasts. During the COVID pandemic, the Debtor experienced a massive increase in sales as consumers found themselves with excess cash flow due to no longer engaging in activities that involved coming into contact with large groups of people. In order to meet demand, the Debtor established its own machine shop to produce wheels in house, lowering costs and decreasing the Debtor's reliance on foreign products. However, after the pandemic subsided, the Debtor saw its income begin to decrease. This decline, combined with a less than favorable labor market in California, caused the Debtor to close and sell its machine shop, layoff nearly all of its employees, and relocate to Florida. On October 2, 2024, the Debtor converted from a California LLC to a Florida LLC. The Plan under Chapter 11 of the Bankruptcy Code proposes to pay creditors of the Debtor from current and future earnings. This Plan provides for four classes of secured claims; one class of general unsecured claims; and one class of equity security holders. Unsecured creditors holding allowed claims will receive a pro rata distribution on their allowed claim over five years. This Plan also provides for the payment of administrative and priority claims under the terms to the extent permitted by the Code or by agreement between the Debtor and the claimant. Class 5 consists of General Unsecured Claims. Claimants will be paid their pro rata share of $20,000 in eight equal quarterly payments of $2,500 without interest, with payments commencing on the start of the calendar quarter immediately following the three-year anniversary of the Effective Date of the Plan. Promissory notes will be issued to each creditor in this class with allowed claims to evidence payments, which promissory notes shall be enforceable in any Court of Competent Jurisdiction. The amount of the pro rata distribution will be considered final and binding thirty days after the latter of the deadline to object to claims or a final and unappealable order has been entered on all objections to claim. Class 6 consists of Equity Security Holders of the Debtor. Equity will retain ownership in the Debtor post-confirmation. No distributions will be made to equity until such time as all payments in Class 5 have been made. Jake Owens will continue to manage the Debtor post-confirmation. The Plan will be funded by the continued operations of the Debtor. A full-text copy of the Plan of Reorganization dated December 24, 2025 is available at https://urlcurt.com/u?l=GSk84B from PacerMonitor.com at no charge. Counsel to the Debtor: Buddy D. Ford, Esq. Jonathan A. Semach, Esq. Heather M. Reel, Esq. FORD & SEMACH, P.A. 9301 West Hillsborough Avenue Tampa, FL 33615-3008 Telephone: (813) 877-4669 E-mail: Buddy@tampaesq.com Jonathan@tampaesq.com Heather@tampaesq.com About Threepieceus, LLC Threepieceus, LLC is a Florida-based company that designs and sells custom wheels and automotive accessories, operating an online store at its Largo headquarters. The Company offers a range of products including rims, wheel and tire packages, and accessories from brands such as Work, CCW, SSR, and Fuel Forged. Threepieceus, LLC in Largo, FL, sought relief under Chapter 11 of the Bankruptcy Code filed its voluntary petition for Chapter 11 protection (Bankr. M.D. Fla. Case No. 25-07261) on Oct. 1, 2025, listing $270,753 in assets and $1,395,402 in liabilities. Jake Owens as manager, signed the petition. FORD & SEMACH, P.A. serve as the Debtor's legal counsel. TIMBER PROS: Case Summary & 20 Largest Unsecured Creditors ---------------------------------------------------------- Debtor: Timber Pros Logging, LLC TPL Trucking 755 CR 982 Iuka, MS 38852 Business Description: Timber Pros Logging, LLC, also known as TPL Trucking, is based in Iuka, Mississippi, and transports logs, lumber, and related forest products, managing their delivery within the forest products supply chain. Chapter 11 Petition Date: January 2, 2025 Court: United States Bankruptcy Court District of Mississippi Case No.: 26-10008 Debtor's Counsel: Craig M. Geno, Esq. LAW OFFICES OF GENO AND STEISKAL, PLLC 601 Renaissance Way Suite A Ridgeland, MS 39157 Tel: 61-427-0048 Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Jason Roberts as member. A copy of the Debtor's list of 20 largest unsecured creditors is available for free on PacerMonitor at: https://www.pacermonitor.com/view/RAGMAPI/Timber_Pros_Logging_LLC__msnbke-26-10008__0006.0.pdf?mcid=tGE4TAMA A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/QUVAM3Q/Timber_Pros_Logging_LLC__msnbke-26-10008__0001.0.pdf?mcid=tGE4TAMA VEON LTD: Upgrades ADS Listing to Nasdaq Global Select Market ------------------------------------------------------------- VEON Ltd. announced the transfer of its American Depositary Shares (ADSs) listing to the Nasdaq Global Select Market of the Nasdaq Stock Market. The Nasdaq Global Select Market represents Nasdaq's highest listing tier and is reserved for companies that meet more stringent financial and liquidity standards. This transfer reflects VEON's continued progress in strengthening its financial profile and capital markets presence. VEON also recently announced its inclusion in the S&P Global Broad Market Index (BMI) and the MSCI Ukraine Index, which forms part of MSCI's global equity index framework. Together with the Nasdaq Global Select Market transfer, these milestones contribute to improved visibility and accessibility for VEON shares and support broader engagement with global institutional investors. "Listing on Nasdaq Global Select Market, Nasdaq's highest market tier, demonstrates VEON's growing scale and financial discipline. Combined with our recent inclusion in the S&P Global BMI and the MSCI Ukraine Index, this strengthens VEON's presence in global benchmark frameworks, supporting our Company's visibility with institutional investors, including with those who allocate capital through benchmarked and index-aware strategies," said Kaan Terzioglu, VEON Group CEO. "We will continue to deepen investor understanding of our digital operator model, enabling an efficient, well-informed market for VEON securities." VEON'S ADSS will maintain the same ticker symbol, CUSIP, ISIN, and shareholder rights following the transfer of its listing from the Nasdaq Capital Market to the Nasdaq Global Select Market. About Veon Ltd. Headquartered in Dubai, VEON -- https://www.veon.com -- is a digital operator that provides converged connectivity and digital services to nearly 150 million connectivity and 120 million digital users. Operating across five countries that are home to more than 6% of the world's population, VEON is transforming lives through technology-driven services that empower individuals and drive economic growth. VEON is listed on NASDAQ. As of June 30, 2025, the Company had $8.5 billion in total assets, $7 billion in total liabilities, a total equity of $1.5 billion. Melville, New York-based UHY LLP, the Company's auditor since 2024, issued a "going concern" qualification in its report dated April 25, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has been negatively impacted and will continue to be negatively impacted by the consequences of the war in Ukraine, and has stated that these events or conditions indicate that a material uncertainty exists that may cast significant doubt (or raise substantial doubt as contemplated by PCAOB standards) on the Company's ability to continue as a going concern. VERASTEM INC: COO Matthew Ros Exits Amid Leadership Restructuring ----------------------------------------------------------------- Verastem Oncology announced strategic leadership changes to accelerate its next phase of growth. Michael Kauffman, M.D., Ph.D., currently lead director of the Board, has been appointed as the president of development and will join the Company's executive leadership team, while John Johnson, a board member since 2020, has been appointed as chairman of the board of directors succeeding Dr. Kauffman. Dr. Kauffman will remain on the Board but will no longer serve as lead director, or on the audit committee, or compensation committee of the Board upon transition to his new role. As part of these changes, Matthew Ros, chief operating officer, will be departing from the organization as the Company streamlines its operational structure and transitions his responsibilities across the executive team. In connection with his separation, on December 19, 2025, the Company entered into a Separation Agreement with Mr. Ros. Under the Separation Agreement, Mr. Ros will receive severance benefits consistent with his employment agreement with the Company, dated January 14, 2025. These benefits include: (i) nine months of base salary continuation, (ii) if Mr. Ros exercises his right to continue participation in the Company's health and dental plans under the federal law known as COBRA, a monthly cash amount equal to the full premium cost of that participation for nine months (or, if earlier, until the time when Mr. Ros becomes eligible to enroll in the health or dental plan of a new employer) and (iii) a pro-rated bonus payment for the portion of the year during which Mr. Ros was employed by the Company prior to the separation, with the actual amount of any bonus determined by actual performance of the Company. "2025 has been a year of significant accomplishments where we advanced key clinical trials and launched an important new treatment for people living with a specific type of LGSOC, a rare ovarian cancer that is persistent and highly recurrent. We expect to enter 2026 from a position of strength and in that regard, I'm pleased to announce that John will assume the position of Chairman of the Board and bring his decades of corporate strategy and oncology commercialization to the role," said Dan Paterson, president and chief executive officer of Verastem Oncology. "The appointment of Michael as President of Development not only brings in a depth of experience in advancing novel agents from early development all the way through successful commercial launch, but also underscores our commitment to our R&D program and specifically the importance of VS-7375, and the anticipated positive impact we believe this potential best-in-class treatment may have on patients around the world." Mr. Paterson added, "We thank Matt for his contributions to the initial success of the commercial launch of AVMAPKI FAKZYNJA CO-PACK and establishing a strong organizational foundation this year." "I am honored to continue the leadership Michael has established over the past decade as Lead Director. Verastem is at a pivotal moment with the initial successful launch of AVMAPKI FAKZYNJA CO-PACK, which has provided a benefit to women where previously there were no FDA-approved treatments specifically for their disease. I look forward to working closely with Dan, Michael, and the rest of the Board to support the Company's commercial and clinical development plans," said John Johnson, chairman of the board. "After more than a decade on the Board, I am thrilled to join the executive team and dedicate myself full time to what I believe is a once-in-a-lifetime opportunity with VS-7375," said Michael Kauffman, M.D., Ph.D. "This potential best-in-class KRAS G12D dual ON/OFF inhibitor could transform outcomes for patients with currently limited options, and I am excited to bring my scientific expertise and proven track record of successful drug development and commercialization to the organization at this critical time." RAMP 301: The Company also announced that it has completed the additional patient enrollment for RAMP 301, its international Phase 3 confirmatory trial in recurrent LGSOC. Following a pre-planned interim analysis (IA), the Independent Data Monitoring Committee recommended a modest one-time increase of 29 patients across KRAS mutation status, based on the total enrollment achieved in October. The Company remains blinded to the IA results. RAMP 301 is evaluating the combination of avutometinib plus defactinib versus standard chemotherapy for patients with recurrent LGSOC with and without a KRAS mutation. The trial will serve as a confirmatory study for the initial indication and has the potential to expand the indication regardless of KRAS mutation status. The Company expects to report a topline read-out of the primary endpoint in mid-2027. Biographies for John Johnson and Michael Kauffman, M.D., Ph.D.: John Johnson: John Johnson is a recognized biopharma executive leader in the industry with more than three decades of experience across corporate strategy, operations, investing, clinical development, and oncology drug commercialization. He most recently served as Executive Chairman at Applied Therapeutics, a company focused on developing transformative treatments for rare disease. Mr. Johnson also previously was the Chief Executive Officer of Reaction Biology, a global Contract Research Organization. Prior to that, he was the Chief Executive Officer of Stonebridge Biopharma prior to its merger with Xeris Biopharma. Mr. Johnson has held executive management roles at leading global corporations, including Johnson & Johnson, where he spent the majority of his career and served as the Company Group Chairman of Biopharmaceuticals within Johnson & Johnson. He was responsible for Johnson & Johnson Biotechnology, Immunology, and Oncology commercial businesses. Mr. Johnson also served as President of Eli Lilly & Company's Worldwide Oncology unit, following the company's 2008 acquisition of Imclone Systems, Inc., where he served as Chief Executive Officer and a member of Imclone's Board of Directors. Mr. Johnson has served on 19 boards and presently serves on the boards of Reaction Biology, Axogen (AXGN), Xeris Pharmaceuticals (XERS), and Verastem Oncology (VSTM). He served on two private equity backed company boards through successful exits. He has also served as a member of the board of directors of Pharmaceutical Research and Manufacturers of America (PhRMA) and as a member of the Health Section Governing Board of Biotechnology Industry Organization (BIO). Michael Kauffman, M.D., Ph.D.: As a Lead Director of Verastem's Board of Directors since June 2016, Dr. Kauffman has a deep understanding of the Company's strategy, clinical development plans, and operations. Previously, Dr. Kauffman served as the Chief Executive Officer of Nereid Therapeutics. He was co-founder and Chief Executive Officer of Karyopharm, where he guided that company's transition from a discovery stage biotechnology company to a commercial stage organization and the global approvals of XPOVIO(R). Prior to joining Karyopharm, Dr. Kauffman was Chief Medical Officer of Onyx Pharma, where he led the development of Kyprolis(R) following the Onyx acquisition of Proteolix , where he served as board member and then Chief Medical Officer. Previously, Dr. Kauffman was President and Chief Executive Officer of EPIX Pharmaceuticals (previously Predix Pharmaceuticals.). Before that, he was the leader of the Velcade(R) development program at Millennium Pharmaceuticals. He also held a number of senior positions at Millennium Predictive Medicine and Biogen. Dr. Kauffman received his M.D. and Ph.D. from Johns Hopkins Medical School, trained in Internal Medicine at Beth Israel (Deaconess) Medical Center and in Rheumatology at Massachusetts General Hospital, and is board certified in Internal Medicine. About Verastem, Inc. Verastem, Inc. is a biopharmaceutical company committed to the development and commercialization of new medicines to improve the lives of patients diagnosed with ras sarcoma / mitogen activated pathway kinase pathway-driven cancers. The Company's pipeline is focused on novel small molecule drugs that inhibit critical signaling pathways in cancer that promote cancer cell survival and tumor growth, including RAF/MEK inhibition, FAK inhibition and KRAS G12D inhibition. As of September 30, 2025, the Company had $176.85 million in total assets, $192.38 million in total liabilities, and $15.53 million in total stockholders' equity. Boston, Mass.-based Ernst & Young LLP, the Company's auditor since 2011, issued a 'going concern' qualification in its report dated March 20, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024, citing that the Company has suffered recurring losses from operations, has a working capital deficiency, and has stated that substantial doubt exists about the Company's ability to continue as a going concern. WC 707 CESAR: Gets Interim OK to Use Cash Collateral ---------------------------------------------------- WC 707 Cesar Chavez, LLC received interim approval from the U.S. Bankruptcy Court for the Western District of Texas, Austin Division, to use cash collateral based on its agreement with lender, Cesar Rainey Street, LLC. The lender asserts a secured claim against the Debtor's property and an interest in the rents generated from it, which may constitute cash collateral under the Bankruptcy Code. Although the lender has been collecting rents since 2021 pursuant to an assignment of rents, the Debtor maintains that the rents remain property of the estate and qualify as cash collateral. The terms of the court-approved agreement are as follows: (i) Beginning with the January 1 payment, the tenant may continue paying all rents directly to Cesar Rainey during the 30-day interim period unless the interim order expires or is terminated. (ii) Cesar Rainey must file its proof of claim by January 16. (iii) Cesar Rainey is adequately protected on an interim basis by the tenant's preservation of the property, payment of insurance, property taxes and maintenance; and continued turnover of rents. The interim order will remain in effect until the earliest of (i) the conclusion of the final hearing; (ii) expiration of the 30-day interim period; or (iii) January 31, unless extended by agreement or further order of the court. The order is available at https://is.gd/3h4YGh from PacerMonitor.com. The agreement does not constitute any admission regarding the validity or priority of the lender's liens, all of which are expressly reserved pending the final hearing. The final hearing is set for January 22. Cesar Rainey, as lender, is represented by: Jason G. Cohen, Esq. Bracewell LLP 711 Louisiana Street, Ste 2300 Houston, TX 77002 Telephone: (713) 223-2300 Facsimile: (800) 404-3970 jason.cohen@bracewell.com About WC 707 Cesar Chavez LLC WC 707 Cesar Chavez, LLC operates as a single-asset real estate entity, leasing the property located at 707 E Cesar Chavez Street in Austin, Texas. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tex. Case No. 25-11915) on December 2, 2025. In the petition signed by Natin Paul, president of World Class Holdings III, LLC, the manager of the Debtor, the Debtor disclosed up to $50 million in assets and up to $10 million in liabilities. Ron Satija, Esq., at Hayward PLLC, represents the Debtor as legal counsel. WEEDEN RANCH: Inks Deal With FFCU on Cash Collateral Use -------------------------------------------------------- Weeden Ranch, LLC entered into a stipulation with its creditor, Fergus Federal Credit Union, to resolve issues related to the use of cash collateral. The Debtor previously filed a motion seeking court confirmation that it has no creditors with security interests in its cash or future income and, therefore, is not subject to the restrictions of section 363(c)(2) of the Bankruptcy Code; and that it may spend its cash as it deems necessary. FFCU, however, asserts a lien on the cattle that are in the Debtor's possession and the proceeds thereof. Under the stipulation, the Debtor and FFCU agree that the extent and validity of the creditor's lien on the cattle will not be determined in connection with the motion. Both also agree that the loan from FFCU is currently not in default and that the next payment due on the loan will be on December 15. FFCU agrees not to oppose the Debtor's requested use of cash on hand as of the petition date, provided that any order entered preserves the creditor's right to assert its lien on the cattle. It also agrees not to oppose the use of cash constituting its cash collateral so long as the obligations it asserts are secured by the cattle are not in default. The stipulation is subject to approval by the U.S. Bankruptcy Court for the District of Montana. The stipulation is available at https://is.gd/bGIQF9 from PacerMonitor.com. Weeden Ranch leases cattle from Monte and Julie Weeden and operates as a lessee in the ordinary course of business. Although FFCU holds a security interest in the cattle, that lien attaches only to the Weedens' ownership interest and proceeds payable to them, not to Weeden Ranch's leasehold interest or its share of cattle sale proceeds. Similarly, the Debtor anticipates future income from timber harvesting on the Judith Ranch property but contends that none of the mortgages encumbering that property include the timber as collateral, as required under Montana's UCC provisions, rendering future timber income free and clear of any secured claims. About Weeden Ranch LLC Weeden Ranch LLC is a Montana-based ranching company operating from Lewistown, engaged in cattle raising and land management in Fergus County. Weeden Ranch sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mont. Case No. 25-40104) on December 15, 2025. In its petition, the Debtor disclosed up to $10 million in both assets and liabilities. The petition was signed by Monte Weeden, manager. Honorable Bankruptcy Judge Benjamin P. Hursh handles the case. The Debtor is represented by DBS Law and Christian, Samson, Baskett, Phelan & Bell, PLLC. WORLDWIDE MACHINERY: Fine-Tunes Plan Documents ---------------------------------------------- Worldwide Machinery Group, Inc. and its affiliated debtors submitted a Second Amended Combined Disclosure Statement and Joint Chapter 11 Plan dated December 24, 2025. The Plan is a liquidation plan. Under the Plan, the ABL Administrative Agent and the ABL Lenders will retain the $54 million from the closing of the Going-Concern Transaction that they have already received in full satisfaction of their claims against the Debtors and shall receive a release from the Debtors. The remaining Cash from the Going-Concern Sale and from the Debtors' operations prior to the Going-Concern Sale shall be used to pay priority claims, Administrative Claims (including Professional Fees) and to fund the activities of the Plan Administrator. The Plan Administrator shall pursue various Retained Estate Claims and Causes of Action, including a Claim against Gordon Brothers for violating a non-disclosure agreement and certain avoidance actions. The proceeds from the Causes of Action (net of costs) will be available to pay certain Administrative Claims for Professional Fees and to make distributions to unsecured creditors, including General Unsecured Creditors and the deficiency claims of the Caspian Lenders. Like in the prior iteration of the Plan, each Holder of an Allowed General Unsecured Claim shall receive its Pro Rata share of Distributable Cash and Wind-Down Debtor Assets net of Wind-Down Debtor Expenses (which shall be distributed to all Holders of Allowed Class 3 and Class 4 Claims on a Pro Rata basis); provided that any distributions on account of the Wind-Down Debtor Assets shall only be made following payment in full of, or reserve for, Allowed Administrative Claims, Allowed Priority Tax Claims, Allowed Priority Non-Tax Claims, and Allowed Professional Fee Deficiency Claims. As of the Effective Date, each Claim against the Debtors shall be deemed satisfied, settled, and released as to the Debtors as provided with respect to each such Claim under this and, except as otherwise set forth in this Plan or other Final Orders of the Bankruptcy Court, any Holder of an Allowed or Disputed Claim against the Debtors will have recourse solely to the Wind-Down Debtor Assets net of Wind-Down Debtor Expenses, as applicable, for the payment of any such Claim that is Allowed or becomes Allowed in accordance with the Plan and the Plan Administrator Agreement; provided, however, the recovery provided to any Holder of a Claim that is Allowed or becomes Allowed shall be limited to and consistent with the terms of the Plan. Distributions under the Plan shall be funded by (i) the proceeds of the Going-Concern Transaction, and (ii) the Wind-Down Debtors from the Wind-Down Debtor Assets; provided, however, that Allowed Professional Fee Claims (other than Allowed Professional Fee Deficiency Claims) shall be paid from the Professional Fee Escrow Account or Distributable Cash, as applicable. The Wind-Down Debtor Assets shall be used to pay the Wind-Down Debtor Expenses (including the compensation of the Plan Administrator and any professionals retained by the Wind-Down Debtors), the Allowed Professional Fee Deficiency Clams, and to satisfy payment of Allowed Claims and Interests as set forth in the Plan. Releases by the Releasing Parties Except as otherwise specifically provided in the Plan, as of the Effective Date, for good and valuable consideration, the adequacy of which is hereby confirmed, each Released Party is, and is deemed to be, hereby conclusively, absolutely, unconditionally, irrevocably, and forever released and discharged by the Releasing Parties, and any and all other Entities who may purport to assert any Claims or Causes of Action, directly or derivatively, by, through, for, or because of the Releasing Parties, from any and all Claims, Interests, obligations, rights, suits, damages, Causes of Action, remedies, and liabilities whatsoever, whether known or unknown, foreseen or unforeseen, matured or unmatured, existing or hereafter arising, contingent or noncontingent, in law, equity, contract, tort or otherwise, including any derivative claims, asserted or assertable on behalf of the Debtors or their Estates, as applicable, that such Entity would have been legally entitled to assert, based on or relating to, or in any manner arising from, in whole or in part, the Debtors (including management, ownership, or operation thereof), the Debtors' in- or out-of-court restructuring efforts, intercompany transactions, the Chapter 11 Cases, the formulation, preparation, dissemination, negotiation, filing, pursuit, performance, or consummation of the Chapter 11 Cases, the Plan and Disclosure Statement, the Going-Concern Transaction, the Sale Documents, or any contract, instrument, release, or other Plan Document, the Plan and Disclosure Statement, the Chapter 11 Cases, Confirmation, or Consummation, the administration and implementation of the Plan, including the distribution of property under the Plan or any other related agreement, any payments, distributions or transfers made by the Debtors during the Chapter 11 Cases, any settlement or agreement in the Chapter 11 Cases or upon the negotiations regarding or concerning any of the foregoing or any other act or omission, transaction, agreement, event, or other occurrence relating to the foregoing taking place on or before the Effective Date; provided, that, with respect to Claims against the Debtors, this section shall only apply to Claims arising from any act or omission, transaction, agreement, event, or other occurrence taking place from and including the Petition Date through the Effective Date. A full-text copy of the Second Revised Amended Combined Disclosure Statement and Plan dated December 24, 2025 is available at https://urlcurt.com/u?l=vmTXn7 from PacerMonitor.com at no charge. The Debtors' Counsel: Charles R. Koster, Esq. WHITE & CASE LLP 609 Main Street, Suite 2900 Houston Texas 77002-4403 Tel: (713) 496-9700 Email: charles.koster@whitecase.com - and - Roberto Kampfner, Esq. Patrick Wu, Esq. WHITE & CASE LLP 555 South Flower Street, Suite 2700 Los Angeles, California 90071 Tel: (213) 620-7700 Email: rkampfner@whitecase.com patrick.wu@whitecase.com - and - David M. Turetsky, Esq. Samuel P. Hershey, Esq. WHITE & CASE LLP 1221 Avenue of the Americas New York, New York 10020 Tel: (212) 819-8200 Email: david.turetsky@whitecase.com sam.hershey@whitecase.com - and - Fan B. He, Esq. Kristin Schultz, Esq. WHITE & CASE LLP 200 South Biscayne Boulevard, Suite 4900 Miami, Florida 33131 Tel: (305) 371-2700 Email: fhe@whitecase.com kristin.schultz@whitecase.com About Worldwide Machinery Group Inc. Worldwide Machinery Group Inc. is a construction equipment sales and rental company. Worldwide Machinery and affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-90379) on Sept. 11, 2025. In its petition, the Debtor reports estimated assets and liabilities between $100 million and $500 million each. Bankruptcy Judge Christopher M. Lopez handles the case. The Debtors are represented by Fan B. He, Esq., Samuel P. Hershey, Esq., Roberto J. Kampfner, Esq., David Michel Turetsky, Esq., Kristin Elyse Schultz, Esq., and Charles R. Koster, Esq. at White Case LLP. XCEL BRANDS: Raises $2.05M in Private Placement of Stock, Warrants ------------------------------------------------------------------ Xcel Brands, Inc. entered into a Securities Purchase Agreement with several institutional and accredited investors for the issuance and sale in a private placement of securities for gross proceeds at the Closing Date of $2.05 million. The Purchase Agreement provides for the issuance and sale of: (i) 977,592 shares of the Company's common stock, par value of $0.001 per share (the "Common Stock"), (ii) pre-funded warrants to purchase from the Company a total of 692,463 shares of Common Stock, at an exercise price per share equal to $0.001, and (iii) warrants to purchase from the Company a total of 835,023 shares of Common Stock, at an exercise price per share equal to $3.00. The closing of the Private Placement occurred on December 18, 2025. Robert W. D'Loren, Chairman and Chief Executive Officer of the Company, agreed to purchase 81,466 Shares and 40,733 Warrants for a total purchase price of $100,000. The aggregate net proceeds to the Company from the sale of the Shares and Pre-Funded Warrants, after deducting the placement agent fees and other estimated offering expenses payable by the Company, are estimated to be approximately $1.75 million. The Company intends to use the net proceeds from the Private Placement for working capital and general corporate purposes. Pursuant to the Placement Agency Agreement, dated December 17, 2025, by and between the Company and Wellington Shields & Co. LLC, the Placement Agent served as the exclusive placement agent in connection with the Private Placement and received: (i) a fee equal to up to 8% of the gross proceeds from the Shares and Pre-Funded Warrants sold in the Private Placement, (ii) placement agent warrants to purchase 4% of the aggregate number of Shares and Pre-Funded Warrants sold in the Private Placement, for an aggregate of up to 66,802 shares of Common Stock, at an exercise price per share equal to $1.165 per share, and (iii) $50,000 for expenses occurred in the Private Placement. The Placement Agency Agreement contains customary representations, warranties and covenants made by the Company. It also provides for customary indemnification by each of the Company and the Placement Agent, severally and not jointly, for losses or damages arising out of or in connection with the Private Placement, including for liabilities under the Securities Act of 1933, as amended, other obligations of the parties and termination provisions. A full text copy of the Placement Agency Agreement is available at https://tinyurl.com/4jx2frjs The representations, warranties and covenants contained in the Placement Agency Agreement were made only for purposes of such agreement and as of specific dates, were solely for the benefit of the parties to the Placement Agency Agreement and may be subject to limitations agreed upon by the contracting parties. Accordingly, the Placement Agency Agreement is incorporated herein by reference only to provide investors with information regarding the terms of the Placement Agency Agreement, and not to provide investors with any other factual information regarding the Company or its business, and should be read in conjunction with the disclosures in the Company's periodic reports and other filings with the SEC. Pursuant to the Purchase Agreement, the Company agreed to prepare and file a resale registration statement with the United States Securities and Exchange Commission registering for resale the Shares, Pre-Funded Warrant Shares, and Warrant Shares, no later than 30 calendar days after the Closing Date, to use its commercially reasonable efforts to have the Resale Registration Statement declared effective as promptly as possible thereafter, and in any event not more than 60 days following the Closing Date (or, in the event of a review by the Commission, the later of: (i) 90 days following the Closing Date and (ii) 20 days following the date on which the Company files its Annual Report on Form 10-K for the year ending December 31, 2025). The Company will use its commercially reasonable efforts to keep the Resale Registration Statement effective at all times until the earlier of: (i) such time as no Purchaser owns any Shares, Pre-Funded Warrant Shares, or Warrant Shares issuable upon exercise thereof and (ii) such time as all Purchasers are eligible to resell all Shares, Pre-Funded Warrant Shares, and Warrant Shares pursuant to Rule 144 without compliance by the Company with the current public information requirement of Rule 144. The Purchase Agreement contains customary representations, warranties and covenants made by the Company. It also provides for customary indemnification by the Company to each of the Purchasers, severally and not jointly, for losses or damages arising out of or in connection with the Private Placement, including for liabilities under the Securities Act of 1933, as amended, other obligations of the parties and termination provisions. Further, pursuant to the terms of the Purchase Agreement, the Company has agreed for a period of 60 days from the Closing Date, subject to certain exceptions, not to sell any shares of its Common Stock, or any securities convertible into or exercisable or exchangeable into shares of its Common Stock. A full text copy of the Purchase Agreement is available at https://tinyurl.com/2waw8prn The representations, warranties and covenants contained in the Purchase Agreement were made only for purposes of such agreement and as of specific dates, were solely for the benefit of the parties to the Purchase Agreement and may be subject to limitations agreed upon by the contracting parties. Accordingly, the Purchase Agreement is incorporated herein by reference only to provide investors with information regarding the terms of the Purchase Agreement, and not to provide investors with any other factual information regarding the Company or its business, and should be read in conjunction with the disclosures in the Company's periodic reports and other filings with the SEC. About Xcel Brands New York, N.Y.-based Xcel Brands, Inc. is a media and consumer products company engaged in the design, licensing, marketing, live streaming, and social commerce sales of branded apparel, footwear, accessories, fine jewelry, home goods and other consumer products, and the acquisition of dynamic consumer lifestyle brands. Xcel was founded in 2011 with a vision to reimagine shopping, entertainment, and social media as social commerce. New York, N.Y.-based Marcum LLP, the Company's auditor since 2021, issued a "going concern" qualification in its report dated May 27, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024, citing that the Company has a significant working capital deficiency, has incurred significant losses and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of September 30, 2025, the Company had $40.5 million in total assets, $23.9 million in total liabilities, and $16.6 million in total stockholders' equity. [] Forecasted Corporate Restructuring Trends in the U.S. in 2026 ---------------------------------------------------------------- The corporate restructuring landscape in 2026 is expected to see varied trends, particularly in sectors influenced by political shifts such as renewable energy and cannabis. Experts anticipate increased activity as companies navigate evolving regulations and market uncertainties. Pre-bankruptcy fraud is also likely to attract heightened scrutiny from both regulators and creditors. Economic factors like inflation, delayed tariffs, and fluctuating interest rates are expected to contribute to a rise in bankruptcy filings next year. Despite the challenges, liability management exercises remain popular, especially as the cost of Chapter 11 restructurings continues to climb, making strategic financial maneuvers a common practice, according to report. Creditors are preparing to safeguard themselves against potential fraudulent activity, a response to several high-profile corporate collapses in 2025. These cases, marked by allegations of misconduct, have prompted lenders and investors to adopt stricter due diligence, earlier scrutiny of transactions, and proactive measures to protect their interests in insolvency proceedings, the report states. ********* Monday's edition of the TCR delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR editor holds some position in the issuers public debt and equity securities about which we report. Each Tuesday edition of the TCR contains a list of companies with insolvent balance sheets whose shares trade higher than $3 per share in public markets. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. On Thursdays, the TCR delivers a list of recently filed Chapter 11 cases involving less than $1,000,000 in assets and liabilities delivered to nation's bankruptcy courts. The list includes links to freely downloadable images of these small-dollar petitions in Acrobat PDF format. Each Friday's edition of the TCR includes a review about a book of interest to troubled company professionals. All titles are available at your local bookstore or through Amazon.com. Go to http://www.bankrupt.com/books/to order any title today. Monthly Operating Reports are summarized in every Saturday edition of the TCR. The Sunday TCR delivers securitization rating news from the week then-ending. TCR subscribers have free access to our on-line news archive. Point your Web browser to http://TCRresources.bankrupt.com/and use the e-mail address to which your TCR is delivered to login. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter is a daily newsletter co-published by Bankruptcy Creditors Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Philadelphia, Pa., USA. Randy Antoni, Jhonas Dampog, Marites Claro, Joy Agravante, Rousel Elaine Tumanda, Joel Anthony G. Lopez, Psyche A. Castillon, Ivy B. Magdadaro, Carlo Fernandez, Christopher G. Patalinghug, and Peter A. Chapman, Editors. Copyright 2026. All rights reserved. ISSN: 1520-9474. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The single-user TCR subscription rate is $1,400 for six months or $2,350 for twelve months, delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are $25 each per half-year or $50 annually. For subscription information, contact Peter A. Chapman at 215-945-7000. *** End of Transmission ***