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260107.mbx T R O U B L E D C O M P A N Y R E P O R T E R Wednesday, January 7, 2026, Vol. 30, No. 7 Headlines 137 FALMOUTH: Hires Jon Sobel as Real Estate Broker 210 AT FAIRFIELD: Brian Walding Named Subchapter V Trustee 23-74 29TH STREET: Voluntary Chapter 11 Case Summary 420 74TH STREET: Voluntary Chapter 11 Case Summary 5752 NW 1 ST: Seeks Chapter 7 Bankruptcy in Florida 84 ENERGY: Kollaer, et al. Win Bid for Injunctive Relief A.G. NEW YORK: Gets Interim OK to Use Cash Collateral ACADEMY AT PENGUIN: Bid Rules for Multispecialty Clinic Sale OK'd AIX VENTURES: Seeks Chapter 11 Bankruptcy in Florida ALLITCON INC: Mark Sharf Named Subchapter V Trustee ALPINE CORPORATION: Case Summary & 20 Largest Unsecured Creditors ALVIN'S COURIER: Gets Final OK to Use Cash Collateral ANTELOPE HOSPITALITY: Seeks to Tap Engelman Berger as Legal Counsel ARK HOME: Employs Nguyen Law PLLC as Bankruptcy Counsel AVIATION MAINTENANCE: Seeks Chapter 7 Bankruptcy in Florida AZURE BUILDERS: Court OKs Interim Use of Cash Collateral BATTLE BORN: Jeanette McPherson Named Subchapter V Trustee BEST CHEER: March 1 Silica Claims Bar Date Set BROADBAND TELECOM: Seeks to Hire Khaitan & Co. as Special Counsel BULMAKS INC: Case Summary & 20 Largest Unsecured Creditors CAMPBELL REALTY: Gets Interim OK to Use Cash Collateral COMFORT ALL-STARS: Seeks to Tap Ford & Semach as Bankruptcy Counsel COMPOSECURE HOLDINGS: S&P Rates Proposed First-Lien Term Loan 'B+' COMPOSECURE INC: Fitch Affirms 'BB-' IDR, Outlook Stable CRS SERVICES: Gets Final OK to Use Cash Collateral CYCLE SPORTS: L. Todd Budgen Named Subchapter V Trustee DELORI-NUTIFOODS: Seeks Chapter 7 Bankruptcy in California DEWITT WEARY: FCB Banks Loses Bid for Automatic Stay Relief E&M BINDERY: Remaining Equipment Sale to Bind-Rite Service OK'd EL BORREGO: Seeks Chapter 7 Bankruptcy in California FLEXSHOPPER INC: Seeks to Hire Epiq as Claims and Noticing Agent FLIPCAUSE INC: Calif. AG Asks Court to Appoint Chapter 11 Trustee FORMATION CREATIVE: Seeks Chapter 7 Bankruptcy in California FOUR SEASONS: Seeks to Hire Foley Freeman as Bankruptcy Counsel FOURTH STREET BARBECUE: Pennsylvania Food Corp. to Acquire Assets FULLER'S SERVICE: Gets Extension to Access Cash Collateral GARDA WORLD: Fitch Revises Outlook on 'B+' LongTerm IDR to Neg. GRADY'S HARDWARE: Gets OK to Use Cash Collateral HEALTHPALS INC: Seeks Chapter 7 Bankruptcy in California HERITAGE HOUSE: Seeks Chapter 7 Bankruptcy in Massachusetts HOMES BY TOMA: Seeks Chapter 7 Bankruptcy in California HORIZON WEST: Gets Interim OK to Use Cash Collateral Until Jan. 27 HUDSON 1701/1706: U.S. Trustee Alleges DLA Piper Conflict in Ch. 11 HUXHOLD BODYWORKS: Andrew Kight Named Subchapter V Trustee INFINITY REGENERATIVE: Seeks Chapter 7 Bankruptcy in Massachusetts INGLES PRODUCE: Seeks to Hire Wernick Law as Bankruptcy Counsel INTERNATIONAL CHIROPRACTIC: Seeks Chapter 7 Bankruptcy in Florida IROBOT CORP: Hires Alvarez & Marsal as Investment Banker IROBOT CORP: Hires Young Conaway Stargatt as Co-Counsel IROBOT CORP: Seeks to Tap Goodwin Procter as Special Counsel IROBOT CORP: Seeks to Tap Paul Weiss as Co-Counsel IROBOT CORP: Seeks to Tap Stretto as Administrative Advisor IRONMEN REALTY: Seeks to Hire Politan Law as Bankruptcy Counsel J & C CONSTRUCTION: Seeks Chapter 7 Bankruptcy in Maryland J3 EQUITIES: L. Todd Budgen Named Subchapter V Trustee JAMES E. LANDY III: Grimes' Debt Nondischargeable, Court Rules JEAN ANN: Case Summary & Two Unsecured Creditors JOHNSON PARKER: Seeks Chapter 7 Bankruptcy in California JR REAL: Seeks Chapter 7 Bankruptcy in Florida KBI 2015 TX: Seeks to Tap Chris Barker Consulting as Consultant KENNEDY CONSTRUCTION: Gets Extension to Access Cash Collateral KINGSBOROUGH ATLAS: Janina Hoskins Named Chapter 11 Trustee KOKINOS MANAGEMENT: Retains O'Connor Davies as Accountant LAUNDROMAT OF NEVADA: Nathan Smith Named Subchapter V Trustee LEROYS MEAT: Seeks to Hire Tax Workout Group as Bankruptcy Counsel LEVEL 3 FINANCING: S&P Raises Senior Unsecured Note Rating to 'B-' LIGADO NETWORKS: Says Inmarsat Violated Chapter 11 Stay LM FINLEY: Seeks to Hire Morgan & Bley as Legal Counsel LP HOLDINGS: Kevin Neiman Named Subchapter V Trustee LTR HOLDINGS: Seeks to Tap Sternberg Naccari & White as Counsel LUCKY STAR LOGISTICS: Seeks Chapter 7 Bankruptcy in California LUDAN HOLDINGS: March 16 Claims Bar Date LUGANO DIAMONDS: Court OKs Jewelry Business Sale at Auction LUMEN TECHNOLOGIES: Moody's 'B3' CFR Remains on Review for Upgrade LUMINAR TECHNOLOGIES: Former CEO Won't Cooperate in Chap. 11 Probe M&M CUSTARD: Seeks to Hire Blue Owl Valuation as Financial Advisor MAPLE RIDGE: Seeks Approval to Tap K&L Gates as Bankruptcy Counsel MAPLE RIDGE: Seeks to Hire Grier Wright Martinez as Co-Counsel MARTINES PALMEIRO: Creditors Lose Bid for Chapter 7 Conversion MARTINEZ & SONS: Seeks to Hire Robberson Schroedter as Counsel MAY JACKSON: Hires Broege Nuemann Fischer & Shaver as Counsel MIRACLE MOO: Seeks Chapter 7 Bankruptcy in Delaware MISSY LANE'S: Seeks Chapter 7 Bankruptcy in North Carolina MOFUS DOMUS: Court Dismisses Chapter 11 Bankruptcy Case MOHNARK PHARMACEUTICALS: Carol Fox Named Subchapter V Trustee MONTANA HOLDING: Seeks to Hire Politan Law as Bankruptcy Counsel NAZCO INC: Seeks Chapter 7 Bankruptcy in California NEO ZONE: Janice Seyedin Named Subchapter V Trustee NEW SHILOH: Gets Interim OK to Use Cash Collateral NICKLAUS COMPANIES: Jack Nicklaus Fights Ch.11 Financing, Sale Plan OEESHI SUSHI: Seeks Chapter 7 Bankruptcy in California ONLY HOPE: Seeks Chapter 7 Bankruptcy in North Carolina ONYX PORTFOLIO: Case Summary & One Unsecured Creditor PACIFIC RELIANCE: Seeks Chapter 7 Bankruptcy in California PATELBUI6 LLC: Seeks Chapter 7 Bankruptcy in Arizona PG&E CORP: Reaches $100MM Deal to End Investors' Wildfire Lawsuit PHILLIPS ACRES: Court Extends Cash Collateral Access to Jan. 31 PINE GATE: Secures Court OK on $285MM Asset Sale to Nofar PONTUAL TRADING: L. Todd Budgen Named Subchapter V Trustee POSH QUARTERS: Seeks to Tap Jason Mitchell Real Estate as Realtor PREMIER PEDIATRICS: Gets Final OK to Use Cash Collateral PRIMALEND CAPITAL: Gets Court OK for Bid Process, Ch. 11 Plan Vote PSCD TRINITY: Seeks to Tap Verdolino & Lowey as Financial Advisor QSR STEEL: Seeks Approval to Hire Jeffrey Hellman as Legal Counsel RAXAR TECHNOLOGY: Seeks Chapter 7 Bankruptcy in Florida RAZAGHI DEVELOPMENT: Seeks to Tap Mark J. Giunta as Legal Counsel RIVERSIDE EXPRESS: Court OKs Interim Use of Cash Collateral SADDI LLC: Case Summary & Two Unsecured Creditors SANCHO LOCO: Caroline Djang Named Subchapter V Trustee SANTA ANA EXPRESS: Gets Extension to Access Cash Collateral SEBASTIAN HABIB: Case Summary & 18 Unsecured Creditors SECUREALL CORP: Seeks Chapter 7 Bankruptcy in California SIERRA DELTA: Seeks Chapter 7 Bankruptcy in Colorado SK MOHAWK: Fitch Hikes LongTerm IDR to 'B-' Outlook Stable SLEEP QUARTERS: Seeks to Hire Joyce W. Lindauer as Legal Counsel SOUTHERN TIRE: Jerrett McConnell Named Subchapter V Trustee SPOKE-N-SPORT INC: Section 341(a) Meeting of Creditors on Jan. 28 TAMPA BRASS: Gets Extension to Access Cash Collateral TAYAB REAL: Bassir Bayat Seeks Appointment of Receiver TEGRA118 WEALTH: Moody's Assigns B2 to Proposed Credit Facilities TOG HOTELS: Court OKs Continued Access to Cash Collateral TRI HARBOR: Claims Objection Deadline Extended to December 31 TRIAD AERO: Gets Final OK to Use Cash Collateral TRICOLOR AUTO: Former CEO Fights Creditor Meeting Bid TRUE MADE: Seeks to Hire Rivermark Solutions as Financial Officer UNITED SITE: Akin Gump, Pashman Stein Represent Apollo, Clearlake US MAGNESIUM: Creditors Seek Standing to Challenge Loans VETSTRATEGY CANADA: Fitch Affirms B Rating on USD Term Loan B VILLAGE ROADSHOW: Warner Bros. Loses Bid to Stay Sale Order VYVVE LLC: Liquidating Trustee Taps Mazer Law as Litigation Counsel WEABER INC: Gets Extension to Access Cash Collateral WEEDEN RANCH: Seeks to Tap High Country Realty Montana as Broker WELTY SERVICES: Gets Final OK to Use Cash Collateral WINDHAVEN SENIOR: To Sell Frisco Property for $10.5MM WK BROWN: Gets Interim OK to Use Cash Collateral ZEPHYR HOSPITALITY: Gina Klump Named Subchapter V Trustee ZOMANO CAFES: Seeks Chapter 11 Bankruptcy in Florida ********* 137 FALMOUTH: Hires Jon Sobel as Real Estate Broker --------------------------------------------------- 137 Falmouth Street LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to hire Jon Sobel, a professional handling real estate transactions, to serve as real estate broker. Mr. Sobel will provide these services: (a) market the Debtor's real property commonly known as and located at 137 Falmouth Street, Brooklyn, New York; (b) procure a purchaser for the sale of the Property; (c) assist with negotiations relating to the sale of the Property; and (d) coordinate the transaction through contract and closing. Mr. Sobel will receive a fixed commission in the amount of $30,000, representing approximately 1.875% of the contemplated purchase price, payable only if and when the contemplated sale closes, except in the event of the Debtor's willful default. Jon Sobel is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The professional can be reached at: Jon Sobel Licensed Real Estate Broker 169 West End Avenue Brooklyn, NY 1123 About 137 Falmouth Street LLC 137 Falmouth Street LLC is a real estate lessor that owns a single-family residence at 137 Falmouth Street in Brooklyn, New York, listed as Block 8749 Lot 311. The property is currently valued at $1.3 million. 137 Falmouth Street LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-43810) on August 6, 2025. In its petition, the Debtor reports total assets of $1,300,016 and total liabilities of $1,281,790. Honorable Bankruptcy Judge Nancy Hershey Lord handles the case. The Debtor is represented by Charles Wertman, Esq. at LAW OFFICES OF CHARLES WERTMAN P.C. 210 AT FAIRFIELD: Brian Walding Named Subchapter V Trustee ---------------------------------------------------------- The U.S. Bankruptcy Administrator for the Northern District of Alabama appointed Brian Walding of Walding, LLC as Subchapter V Trustee for 210 At Fairfield, LLC. The Subchapter V trustee can be reached at: Brian R. Walding Walding, LLC 2227 1st Avenue South, Suite 100 Birmingham, Alabama 35233 Phone: 205-307-5050 Email: bwalding@waldinglaw.com About 210 At Fairfield LLC 210 At Fairfield, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Ala. Case No. 25-03921) on December 23, 2025, with $1 million to $10 million in assets and liabilities. Anthony D. Owens, managing member, signed the petition. Judge D Sims Crawford presides over the case. Robert C. Keller, Esq., at Russo, White & Keller, P.C. represents the Debtor as legal counsel. 23-74 29TH STREET: Voluntary Chapter 11 Case Summary ---------------------------------------------------- Debtor: 23-74 29th Street LLC 23-02 21st Avenue Astoria, NY 11105 Business Description: 23-74 29th Street LLC is a single-asset real estate company that owns and manages a residential property in Astoria, New York. Chapter 11 Petition Date: January 5, 2026 Court: United States Bankruptcy Court Eastern District of New York Case No.: 26-40033 Judge: Hon. Jil Mazer-Marino Debtor's Counsel: Dawn Kirby, Esq. KIRBY AISNER & CURLEY LLP 700 Post Road Suite 237 Scarsdale, NY 10583 Tel: (914) 401-9500 Email: dkirby@kacllp.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Maria Alexandrakos as managing member. A list of the Debtor's 20 largest unsecured creditors was not provided alongside the petition. A full-text copy of the petition is available for free onPacerMonitor at: https://www.pacermonitor.com/view/ZY3R3WI/23-74_29th_Street_LLC__nyebke-26-40033__0001.0.pdf?mcid=tGE4TAMA 420 74TH STREET: Voluntary Chapter 11 Case Summary -------------------------------------------------- Debtor: 420 74th Street LLC 420 74th Street Brooklyn NY 11209 Business Description: 420 74th Street LLC is a single-asset real estate company that owns and operates a mixed-use property with residential and commercial space in Brooklyn, New York. Chapter 11 Petition Date: January 5, 2026 Court: United States Bankruptcy Court Eastern District of New York Case No.: 26-40029 Judge: Hon. Jil Mazer-Marino Debtor's Counsel: Elio Forcina, Esq. ELIO FORCINA 6685 73rd Place Middle Village NY 11379 Tel: 347-528-7099 E-mail: forcinalaw@gmail.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Salvatore Gaudino as sole member. The petition was filed without the Debtor's list of its 20 largest unsecured creditors. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/ZH2RTXY/420_74TH_STREET_LLC__nyebke-26-40029__0001.0.pdf?mcid=tGE4TAMA 5752 NW 1 ST: Seeks Chapter 7 Bankruptcy in Florida --------------------------------------------------- On January 5, 2026, 5752 NW 1 St Avenue LLC filed for Chapter 7 protection in the U.S. Bankruptcy Court for the Southern District of Florida. According to court filings, the Debtor reports between $100,001 and $1,000,000 in debt owed to between 50 and 99 creditors. About 5752 NW 1 St Avenue LLC 5752 NW 1 St Avenue LLC is a limited liability company. 5752 NW 1 St Avenue LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 26-10026) on January 5, 2026. In its petition, the Debtor reports estimated assets between $100,001 and $1,000,000 and estimated liabilities in the same range. Honorable Bankruptcy Judge Corali Lopez-Castro handles the case. 84 ENERGY: Kollaer, et al. Win Bid for Injunctive Relief -------------------------------------------------------- The United States Bankruptcy Court for the Southern District of Texas granted Plaintiffs Andrew Kollaer, MPC 84 I, LLC, and Kolcap, LLC's first amended petition for declaratory relief and verified application for injunctive relief in the adversary proceeding captioned as ANDREW KOLLAER, MPC 84 I, LLC, AND KOLCAP, LLC, Plaintiffs, v. 84 ENERGY, LLC, 84 ENERGY HOLDINGS, LLC, AND AARON SHIMEK, Defendants, Adv. No. 25-03836 (Bankr. S.D. Tex.). Temporary injunction is granted and issued. Under 11 U.S.C. Sec. 105 and applicable federal law, a temporary injunction should issue when the applicant shows: (1) there is a likelihood the moving party will succeed on the merits; (2) the party is likely to suffer irreparable harm (harm for which there is no adequate remedy at law); (3) the threatened injury to the movant outweighs the harm that the injunction may cause to the non-movant; and (4) the public interest would not be adversely affected by the injunction. No later than October 20, 2025, Andrew Kollaer removed Debtor as operator of the RH wells via a written letter dated October 20, 2025. This letter was approved by and transmitted with the consent of all of RH's members other than those affiliated with Debtor. Kollaer acted as the sole disinterested individual manager of RH (by way of his role as manager of the entity that manages RH, 84 Resources Management, LLC). Kollaer has no control or equity interest in the Debtor. Upon removal of Debtor as operator, the remaining manager -- MPC Conventional Management, LLC -- has the ability and authority to engage a new contract operator. And the remaining manager selected HD Operating Co., LLC ("HD") as the replacement operator. The evidence shows HD is ready, willing, and able to assume the operatorship of the ER and RH assets in accordance with Railroad Commission rules and regulations. The Court finds Plaintiffs have demonstrated a substantial likelihood of success on the merits of their claim for declaratory relief that Debtor 84 Energy, LLC was removed as operator of all oil and gas wells owned by 84 Resources Holdings, LLC ("RH") and 84 Energy Resources I, LLC ("ER"). Plaintiffs are members and managers of RH and ER. The Court further finds Plaintiffs will suffer irreparable harm, for which there is no adequate remedy at law because Debtor refuses to relinquish the operatorship despite having likely been removed as operator. Debtor is also insolvent so a money judgment against it will likely be worthless. Plaintiffs are further likely to suffer irreparable harm because Debtor lacks adequate funds to actually operate ER and RH's wells, let alone in a manner that complies with Texas law. As a result, Debtor will likely shut in wells again if an injunction is not issued, which could prevent ER and RH from utilizing up to $25 million in oil-and-gas assets and could result in the loss of leases pursuant to cessation of production clauses. Termination of leases would permanently extinguish ER and RH's operating rights and cannot be remedied by monetary damages, especially given Debtor's insolvency. Thus, the Court finds that Plaintiffs are likely to suffer irreparable harm if an injunction is not granted. The Court further finds that injunctive relief is required to preserve the status quo of Plaintiffs having the right to remove Debtor as operator of oil and gas leases and wells owned by RH and ER. A copy of the Court's Order dated December 22, 2025, is available at https://urlcurt.com/u?l=VpW4Dv from PacerMonitor.com. About 84 Energy LLC 84 Energy LLC is an independent oil and gas exploration and production company based in Richmond, Texas, operating across multiple counties in the state. The Company manages mineral and lease interests, and it produces crude oil, natural gas, and related hydrocarbons from its wells. Its operations include managing active production sites and associated assets within the Texas energy sector. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-37093) on November 25, 2025. In the petition signed by Aaron Shimek, president, the Debtor $0 in total assets against $7,945,975 in total liabilities as of Dec. 31, 2024. The Debtor tapped Richard L Fuqua, II, Esq., at Fuqua & Associates, P.C. as bankruptcy counsel. A.G. NEW YORK: Gets Interim OK to Use Cash Collateral ----------------------------------------------------- A.G. New York Transportation Inc. and Luxury Transportation Group Incorporated received interim approval from the U.S. Bankruptcy Court for the Middle District of Florida, Orlando Division, to use cash collateral. The court issued an interim order authorizing the Debtors to use cash collateral to fund operations. Permitted uses include court-approved payments, ordinary operating expenses under the Debtor's budget (with a 10% variance per line item), and additional expenditures, subject to approval by the U.S. Small Business Administration. As adequate protection, the SBA will be granted a perfected post-petition replacement lien on the cash collateral, with the same validity and priority as its pre-bankruptcy lien. In addition, the Debtors must maintain required insurance coverage. The order is without prejudice to future requests for modified adequate protection or other creditor remedies. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/zzs2h from PacerMonitor.com. Prior to the petition date, the Debtors obtained financing from the SBA which, based on records maintained with the State of Florida, is purportedly secured by liens on their cash and cash equivalents. The SBA may assert a first priority security interest in the Debtors' cash and cash equivalents by virtue of the UCC-1 financing statements filed with the State of Florida in 2020. The outstanding balance owed to the SBA is approximately $2,000,012. In addition, there may be other creditors that assert their interest in the Debtors' cash equivalents, including creditors whose interests are inferior to those of the SBA. About A.G. New York Transportation Inc. A.G. New York Transportation, Inc. offers luxury transportation services in Orlando, Florida, including airport transfers, wedding and corporate travel, and group charters. It holds authorization for both intrastate and interstate passenger transport. A.G. New York Transportation sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-06549) on October 13, 2025, listing up to $50,000 in assets and between $1 million to $10 million in liabilities. Aleksey Golovnitskiy, president of A.G. New York Transportation, signed the petition. Judge Tiffany P. Geyer presides over the case. Daniel A. Velasquez, Esq., at Latham Luna Eden & Beaudine, LLP represents the Debtor as legal counsel. ACADEMY AT PENGUIN: Bid Rules for Multispecialty Clinic Sale OK'd ----------------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Florida, Tallahassee Division has permitted White Wilson Medical Center, PA, to sell multispecialty clinic at auction, free and clear of liens, claims, interests, and encumbrances. The Debtor is a multi-specialty medical practice and clinic that was formed in 1952 by Dr. Henry C. White and Dr. Joseph C. Wilson. Today, the Debtor offers more than 20 specialties of medicine. The Debtor is the largest private physician group providing primary care and outpatient services on the Emerald Coast of Florida. The Debtor consists of approximately 58 medical providers and 232 staff members as part of its medical practice. The Court has authorized the Debtor to sell the Property at auction. The Court held that the Bidding Procedures are fair, reasonable, and appropriate under the circumstances, and are designed to maximize the value to be achieved from the Sale, as determined by the Debtor’s sound business judgment. The Bidding Procedures are reasonably designed to promote a competitive and robust bidding process to generate the greatest level of interest in the Debtor's business resulting in the highest or otherwise best offer. In the Motion and at the Hearing on the Motion as it pertains to the Bidding and Auction Process, the Debtor demonstrated that good and sufficient notice of the relief granted by the Order has been given and no further notice is required. The Notice of Auction and Sale Hearing is appropriate and reasonably calculated to provide all interested parties with timely and proper notice of the Auction, the Sale, the Bidding Procedures, and the Assignment Procedures. he Notice of Assumption and Assignment is appropriate and reasonably calculated to provide each Non-Debtor Counterparty to any Assigned Contracts with proper notice of the Assignment Procedures. The Bidding Procedures are incorporated herein and approved and shall apply with respect to the Sale Process. The Debtor and its advisors are authorized to conduct the Sale Process and solicit bids for all manner of transactions that the Debtor, after consultation with the Consultation Parties, believes will maximize value in this case, including, without limitation, one or more transactions for the sale of substantially all of the Debtor's assets or any portion. The deadline to designate one or more Stalking Horse Bidders is January 277, 2026. The deadline for submitting bids shall be February 3, 2026 at 5:00 p.m. (prevailing Eastern Time). If more than one Qualified Bid is timely received, the Debtor will conduct an Auction in accordance with the Bidding Procedures, which shall take place on February 5, 2026 at 10:00 a.m. (prevailing Eastern Time). The Auction will be held in person at Raymond James' offices located 880 Carillon Parkway, Saint Petersburg, Florida 33716. Each Qualified Bidder participating in the Auction will be required to confirm, in writing or on the record at the Auction. The Bid submitted by any Back-Up Bidder shall be deemed a Qualified Bid and shall remain binding and irrevocable until the earlier of (a) the closing of the Sale with the Successful Bidder, (b) the closing of the Sale with the Back-Up Bidder, or (c) April 15, 2026, which date is forty-five (45) days after the March 1, 2026 outside closing date applicable to the Successful Bidder. In the event that the Successful Bidder fails to consummate the Sale, the Debtor is authorized, without the need for a further auction or further order of the Court, to consummate the Sale with the Back-Up Bidder on the terms of the Back-Up Bid, subject to approval of such Sale at the Sale Hearing. If any Successful Bid is a Sale Bid, a hearing to consider the approval of the Sale or Sales of the Purchased Assets shall be held before this Court on February 11, 2026 at 1:30 p.m. (prevailing Eastern Time), before the Honorable Karen K. Specie, at the U.S. Bankruptcy Courthouse, 110 East Park Avenue, Second Floor Courtroom, Tallahassee, Florida 32301. The deadline to object to the relief requested in the Motion is January 30, 2026 at 5:00 p.m. (prevailing Eastern Time). About White Wilson Medical Center White Wilson Medical Center PA is a multi-specialty medical practice headquartered in Fort Walton Beach, Florida. Founded in 1952 by Dr. Henry C. White and Dr. Joseph C. Wilson, the group provides primary care and outpatient services through more than 20 medical specialties, including cardiology, gastroenterology, neurology, pediatrics, radiology, and surgery, as well as operating an ambulatory surgery center. It is the largest private physician group on Florida's Emerald Coast, employing about 58 medical providers and over 230 staff across 12 leased clinic locations in Fort Walton Beach, Crestview, DeFuniak Springs, Destin, Navarre, and Niceville. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Fla. Case No. 25-40486) on October 3, 2025. In the petition signed by Kenneth Persaud, chief executive officer, the Debtor disclosed up to $10 million in assets and up to $50 million in liabilities. Judge Karen K. Specie oversees the case. Alberto F. Gomez, Jr., Esq., at Johnson, Pope, Bokor, Ruppel & Burns, LLP represents the Debtor as counsel. AIX VENTURES: Seeks Chapter 11 Bankruptcy in Florida ---------------------------------------------------- On January 1, 2026, AIX Ventures LLC filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of Florida. According to court filings, the Debtor reports between $1 million and $10 million in debt owed to between 1 and 49 creditors. About AIX Ventures LLC AIX Ventures LLC operates as an investment-focused company involved in venture development and portfolio management. AIX Ventures LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-10001) on January 1, 2026. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities in the same range. Honorable Bankruptcy Judge Robert A. Mark handles the case. The Debtor is represented by Joel M. Aresty, Esq. of Joel M. Aresty, P.A. ALLITCON INC: Mark Sharf Named Subchapter V Trustee --------------------------------------------------- The U.S. Trustee for Region 17 appointed Mark Sharf, Esq., a practicing attorney in Los Angeles, as Subchapter V trustee for Allitcon, Inc. Mr. Sharf will charge $660 per hour for his services as Subchapter V trustee and will seek reimbursement for work-related expenses incurred. Mr. Sharf declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Mark Sharf, Esq. 6080 Center Drive, 6th Floor Los Angeles, CA 90045 Telephone: (323) 612-0202 Email: mark@sharflaw.com About Allitcon Inc. Allitcon, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Calif. Case No. 25-51967) on December 22, 2025, with $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Judge Hannah L. Blumenstiel presides over the case. Lars T. Fuller, Esq., at The Fuller Law Firm represents the Debtor as bankruptcy counsel. ALPINE CORPORATION: Case Summary & 20 Largest Unsecured Creditors ----------------------------------------------------------------- Debtor: Alpine Corporation 13001 Temple Avenue City of Industry CA 91746 Business Description: Alpine Corporation, founded in 1999 and based in California, designs, imports, and distributes home, garden, and holiday products, offering a range that includes outdoor lighting, fountains, planters, garden decor, seasonal items, and innovative new products such as Bluetooth speakers. The Company operates an in-house design team known for producing decorative and functional pieces, and maintains a global sourcing operation to ensure quality, competitive pricing, and timely delivery. Alpine serves both retail stores and online customers through its platform, positioning itself in the home and garden products industry. Chapter 11 Petition Date: January 5, 2026 Court: United States Bankruptcy Court Central District of California Case No.: 26-10067 Judge: Hon. Neil W. Bason Debtor's Counsel: Michael S. Kogan, Esq. KOGAN LAW FIRM, APC 11500 W. Olympic Blvd., Suite 400 Los Angeles, CA 90064 Tel: 310-954-1690 Email: mkogan@koganlawfirm.com Total Assets: $18,816,855 Total Liabilities: $25,958,701 The petition was signed by Robby Soofer as president. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/5B5VYSY/Alpine_Corporation__cacbke-26-10067__0001.0.pdf?mcid=tGE4TAMA List of Debtor's 20 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount 1. American Express Platinum Credit $568,403 PO Box 96001 Los Angeles, CA 90096 2. Reef America Reit II Corp. Landlord $348,481 MMMM3 California 535 Anton Blvd., Suite 200 Costa Mesa, CA 92626 3. AmericasMart Real Estate, LLC Landlord $283,478 240 Peachtree Street NW Suite 2200 Atlanta, GA 30303 Attn: Legal Department 4. Worldwide Express Trade $85,595 PO Box 101903 Pasadena, CA 91189 5. Available Trucking Trade $72,200 P.O. Box 382 Maywood, CA, 90270 6. American Express Bonvoy Credit $74,006 PO Box 96001 Los Angeles, CA 90096 7. American Express Black Credit $61,381 PO Box 96001 Los Angeles, CA 90096 8. Global Tranz Enterprises Trade $42,090 P.O. Box 736808 Dallas, TX 75373-6808 9. American Express Gold Credit $37,428 PO Box 96001 Los Angeles, CA 90096 10. McCarthy Distribution Ltd. Trade $35,437 Elm Point 2 Abby Road, Wrexham Industrial Estate Wrexham, UK LL 13 9UE, UK 11. Corporate Pallet Services Inc. Trade $29,882 1255 E 9th Street Pomona, CA 91766 12. Resource MFG Trade $26,123 PO Box 512007 Los Angeles, CA 90051 13. PJG Financial Services Inc. Trade $22,660 3404 Park Hill Dr. Greensboro, NC 27410 14. Law Distribution Ltd. Trade $21,137 Unit A, Haydock Cross Kilbuck Lane, Haydock, St. Helens, WA 11 9UX, W 15. Small Business Admin. COVID Loan $494,574 Office of General Counsel 312 N. Spring Street, 5th Fl Los Angeles, CA 90012 16. Baker Tilly, LLP Trade $28,019 PO Box 511563 Los Angeles, CA 90051 17. Home Depot Advertising Trade $85,000 PO Box 7247 Philadelphia, PA 19170 18. Federal Express Trade $45,101 PO Box 7221 Pasadena, CA 91109 19. Marshall & Associates Trade $165,000 1131 W. Blackhawk, 2nd FL Chicago, IL 60642 20. The Network Pro LLC Trade $283,478 P.O. Box 780701 Philadelphia, PA 19178-0701 ALVIN'S COURIER: Gets Final OK to Use Cash Collateral ----------------------------------------------------- Alvin's Courier Service, Inc. received final approval from the U.S. Bankruptcy Court for the Middle District of Alabama to use cash collateral. The final order authorized the Debtor to use cash collateral, which consists of cash, deposits, receivables, and the proceeds thereof, to pay operating expenses. As adequate protection, secured creditors will be granted replacement liens, with the same validity and priority as their pre-bankruptcy liens, but only to the extent that the use of cash collateral results in any diminution in collateral value. The order also authorized the Debtor's banks to continue honoring transactions and operating under existing cash management agreements, permits ordinary-course modifications to cash management systems, and preserves all parties' rights. The order does not determine the validity, amount, or priority of any lien or claim and remains effective unless modified or vacated by a future court order. The final order is available at https://is.gd/drlQ6x from PacerMonitor.com. Alvin's Courier Service is involved in the delivery of freight, including packages and letters, for FedEx and has an ongoing annual contract with FedEx. As of the petition date, the Debtor had three accounts with PNC Bank that were at or near zero or negative balances. Its accounts receivables were approximately $31,000 from its FedEx contract. The Debtor identifies several parties with UCC-1 financing statements on file with the Alabama Secretary of State that may assert interests in its cash collateral, including the Internal Revenue Service, the State of Alabama, and CT Corporation, as a representative. About Alvin's Courier Service Inc. Alvin's Courier Service Inc. is a transportation company providing courier and delivery services in the Montgomery, Alabama area. Alvin's Courier Service Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Ala. Case No. 25-31975) on August 21, 2025. In its petition, the Debtor reports estimated assets between $100,000 and $500,000 and estimated liabilities between $500,000 and $1 million. Judge Christopher L. Hawkins oversees the case. Anthony B. Bush, Esq., at the Bush Law Firm, LLC, represents the Debtor as bankruptcy counsel. ANTELOPE HOSPITALITY: Seeks to Tap Engelman Berger as Legal Counsel ------------------------------------------------------------------- Antelope Hospitality LLC seeks approval from the U.S. Bankruptcy Court for the District of Arizona to employ Engelman Berger, PC as counsel. The firm will render these services: (a) advise the Debtor with respect to its powers and duties in the continued management and operation of its business and property; (b) represent Debtor at the initial meeting of creditors under 11 U.S.C. section 341, the initial debtor interview, and all Court hearings, adversary proceedings or contested matters that have been or may be filed herein; (c) attend meetings and negotiate with representatives of creditors and other parties-in-interest and advise and consult on the conduct of this bankruptcy case; (d) assist the Debtor with the preparation of its Schedules of Assets and Liabilities and Statement of Financial Affairs; (e) advise the Debtor with respect to any contemplated sales of assets and/or business combinations, formulate and implement appropriate closing procedures for such transactions, and prepare and prosecute all motions and/or pleadings necessary to obtain the Court's authorization for such transactions; (f) advise the Debtor with respect to any post-petition financing and cash collateral arrangements; negotiate, draft and prosecute all documents, motions and pleadings relating thereto; (g) advise the Debtor on all matters relating to the assumption, rejection or assignment of unexpired leases and executory contracts; (h) advise theissues arising in or relating to the Debtor's ordinary course of business; (i) take all necessary action to protect and preserve the Debtor's estate; (j) prepare, negotiate and take all actions necessary to obtain confirmation of a plan of reorganization and related agreements and documents; and (k) perform all other legal services relating to the administration and conduct of the Debtor's estate in its efforts to reorganize. The firm will be paid at these hourly rates: Bradley Pack, Attorney $605 Shareholders $475 - $840 Associates $325 - $375 Paralegals $280 In addition, the firm will seek reimbursement for expenses incurred. The firm received a total retainer of $50,000 from the Debtor. Mr. Pack disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Bradley D. Pack, Esq. Engelman Berger, PC 2800 North Central Avenue Suite 1200 Phoenix, AZ 85004 Telephone: 9602) 271-9090 Facsimile: (602) 222-4999 Email: bdp@eblawyers.com About Antelope Hospitality 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 filed for relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ariz. Case No. 25-12347) on December 22, 2025, listing up to $10 million in estimated assets and up to $50 million in estimated liabilities. Honorable Bankruptcy Judge Paul Sala handles the case. The Debtor is represented by Bradley D. Pack, Esq., at Engelman Berger PC. ARK HOME: Employs Nguyen Law PLLC as Bankruptcy Counsel ------------------------------------------------------- Ark Home 1 LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the Western District of Texas to employ Nguyen Law, PLLC as bankruptcy counsel. Nguyen Law, PLLC will provide these services: (a) assisting the Debtors in carrying out their duties under the Bankruptcy Code; (b) preparing and filing schedules, statements of financial affairs, and plans; (c) consulting with the United States Trustee, creditors, and other parties-in-interest regarding administration of the bankruptcy case; (d) representing the Debtors at United States Trustee interviews, meetings of creditors, confirmation hearings, and other contested bankruptcy matters; (e) assisting the Debtors in analyzing and appropriately treating any creditors’ claims; and (f) performing other legal services and providing other legal advice to the Debtors as may be necessary. Nguyen Law, PLLC will perform legal services at its customary hourly rates. The hourly rate for An Nguyen is $400 per hour. The Debtors deposited a $30,000 retainer prior to the Petition Date. As of the Petition Date, $9,456 remained in the retainer account, and the Debtors owed $0 for prepetition legal services. Nguyen Law, PLLC is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: An Nguyen, Esq. NGUYEN LAW, PLLC P.O. Box 150146 Austin, TX 78715-0146 Telephone: (512) 712-3484 E-mail: bankruptcy@anwinlaw.com About Ark Home 1 LLC Ark Home 1 LLC, Ark Home 3 LLC, Ark Home 4 LLC, Ark Home 5 LLC, Ark Home 6 LLC, Ark Home 7 LLC, Ark Home 10 LLC, and Ark Home 13 LLC each own a single-family residential property in various locations in Austin, Texas, and provide property management and related support services. Ark Home 1 and affiliates sought protection under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Tex. Case Nos. 25-11900) on December 2, 2025. At the time of the filing, the Debtors reported estimated assets of between $1,000,001 and $10 million and estimated liabilities of between $1,000,001 and $10 million. Honorable Judge Shad Robinson oversees the case. Nguyen Law, PLLC serves as the Debtors' legal counsel. AVIATION MAINTENANCE: Seeks Chapter 7 Bankruptcy in Florida ----------------------------------------------------------- On December 31, 2025, Aviation Maintenance Technologies Inc. filed for Chapter 7 protection in the U.S. Bankruptcy Court for the Southern District of Florida. According to court filings, the Debtor reports between $100,001 and $1,000,000 in debt owed to between 1 and 49 creditors. About Aviation Maintenance Technologies Inc. Aviation Maintenance Technologies Inc. is an aviation services company providing maintenance, repair, and technical support solutions for aircraft. Aviation Maintenance Technologies Inc. sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 25-25479) on December 31, 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 Scott M. Grossman handles the case. The Debtor is represented by Wesley E. Terry, Esq. AZURE BUILDERS: Court OKs Interim Use of Cash Collateral -------------------------------------------------------- Azure Builders Inc. received interim approval from the U.S. Bankruptcy Court for the Middle District of Florida, Fort Myers Division, to use cash collateral until Jan. 14. The interim order signed by Judge Luis E. Rivera II authorized the Debtor to use cash collateral to pay the amounts expressly authorized by the court, including subchapter V trustee interim compensation; the expenses set forth in the budget, plus an amount not to exceed 10% for each line item; and additional amounts subject to approval by secured creditors. As adequate protection for the Debtor's use of its cash collateral, secured creditors will be granted a perfected post-petition lien on their pre-bankruptcy collateral, with the same validity, priority and extent as their pre-bankruptcy liens. The Debtor must maintain required insurance, provide reasonable access to records and premises, and comply with all debtor-in-possession obligations. The next hearing is scheduled for Jan. 14. A copy of the court's order and the Debtor's budget is available at https://urlcurt.com/u?l=73tfq7 from PacerMonitor.com. Azure Builders scheduled three creditors which may have pre-bankruptcy secured claims against cash collateral: (i) Always.bank, a Division of 22nd State Banking Company); (ii) BCA Capital Partners, LLC; and (iii) Forward Financing, LLC. The Debtor believes these creditors would assert their scheduled secured claims were based upon agreements, so that their claims would constitute security interests. Always and BCA filed UCC-1 financing statements, using the Debtor's former name, S & E Renovations, Inc., in the Florida Secured Transaction Registry. In November 2025, Always filed a subsequent UCC-1 financing statement using the Debtor's current name. Forward did not perfect its secured claim against the cash collateral. About Azure Builders Inc. Azure Builders, Inc. provides residential and commercial construction services in Sarasota County, Florida, offering custom home building, commercial construction and renovation, project management, design-and-build solutions, property development, and renovation services. Founded in 2000, the Company has expanded from a small team into a full-service construction firm serving homeowners, businesses, and developers in the region. Azure Builders sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-02434) on December 6, 2025, with $125,697 in assets and $1,388,549 in liabilities. David Nicolosi, president of Azure Builders, signed the petition. Michael Dal Lago, Esq., at Dal Lago Law represents the Debtor as bankruptcy counsel. BATTLE BORN: Jeanette McPherson Named Subchapter V Trustee ---------------------------------------------------------- The U.S. Trustee for Region 17 appointed Jeanette McPherson, Esq., at Fox Rothschild, LLP, as Subchapter V trustee for Battle Born Pool & Spa, LLC. Ms. McPherson will be paid an hourly fee of $625 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. McPherson declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Jeanette McPherson, Esq. Fox Rothschild, LLP 1980 Festival Plaza Drive, Suite 700 Las Vegas, NV 89135 Phone: (702) 699-5923 Email: TrusteeJMcPherson@FoxRothschild.com About Battle Born Pool & Spa LLC Battle Born Pool & Spa, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Nev. Case No. 25-51219) on December 23, 2025, with $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Judge Hilary L. Barnes presides over the case. Kevin A. Darby, Esq. at Darby Law Practice, Ltd. represents the Debtor as legal counsel. BEST CHEER: March 1 Silica Claims Bar Date Set ---------------------------------------------- UNITED STATES BANKRUPTCY COURT CENTRAL DISTRICT OF CALIFORNIA SANTA ANA DIVISION In re: BEST CHEER STONE, INC, Debtor and Debtor-in-Possession. NOTICE OF SILICA CLAIMS BAR DATE Case No.: 8:25-bk-11344-SC Chapter 11 Judge Scott C. Clarkson YOU ARE RECEIVING THIS NOTICE BECAUSE YOU MAY HAVE A CLAIM AGAINST THE DEBTOR IN THE ABOVE-CAPTIONED CASE. YOU SHOULD READ THIS NOTICE CAREFULLY AND DISCUSS IT WITH YOUR ATTORNEY. IF YOU DO NOT HAVE AN ATTORNEY, YOU MAY WISH TO CONSULT ONE. ATTENTION: TO THE DEALERS, FORMER AND CURRENT EMPLOYEES, PLAINTIFFS, OTHER PARTIES IN INTEREST WITH REAL OR POTENTIAL EXPOSURE TO PRODUCTS OF BEST CHEER STONE, INC.: Best Cheer Stone, Inc. (the "Company") commenced a case under Subchapter V of chapter 11 of the Bankruptcy Code (the "Chapter 11 Case") in the United States Bankruptcy Court for the Central District of California (the "Bankruptcy Court") and intends to reorganize through a chapter 11 plan and use its projected disposable income to pay claimants. If you have a "claim" within the meaning of 11 U.S.C. Sec. 101(5) (a "Claim") against the Company, in order to keep your right to compensation if you have silicosis related illness, or any related injury, or a Claim for defense or indemnification, for yourself or a family member or loved one, or any other right to payment from the Company arising from any action or product sold by the Company prior to May 19, 2025 (the "Petition Date"), you must submit a proof of Claim by March 1, 2026, 5:00 p.m. Prevailing Pacific Time. As used in this Notice, the term Claim has the meaning given to it in section 101(5) of the Bankruptcy Code, and includes as to or against the Debtor: (a) any right to payment, whether or not such right is reduced to judgment, liquidated unliquidated, fixed, contingent matured, unmatured, disputed, undisputed, legal, equitable, secured or unsecured; or (b) any right to an equitable remedy for breach of performance if such breach gives rise to a right to payment, whether or not such right to an equitable remedy is reduced to judgment, fixed, contingent, mature, unmatured, disputed, undisputed, secured or unsecured. The Bar Date Order and the procedures set forth therein and herein for the filing of Proofs of Claim apply to all Claims (the holder of any such Claim, is a "Claimant") that arose, or are deemed to have arisen, prior to the Petition Date, regardless of their character or nature, whether secured or unsecured, priority or non-priority, liquidated or unliquidated, or fixed or contingent, including, without limitation, Claims entitled to administrative priority status under section 503(b)(9) of the Bankruptcy Code, no matter how-remote or contingent. Prior to the Petition Date, the Company sold, and distributed construction materials consisting of both natural and artificial stone, including quartz and quartzite for use in both residential and commercial buildings. The Company has been sued by parties that allegedly were exposed to silicosis allegedly found in the Company's products (the "Lawsuits"). The Company is one of numerous unrelated defendants named in the Lawsuits. The Company denies that it ever took any actions or sold any products that caused any person injuries or exposure or that it has any Indemnification liability related thereto for silicosis injuries. To date, no plaintiff has obtained a judgment against the Company. The Company has filed its Chapter 11 Case to obtain a "clean start" by restructuring its debts and distributing its -- projected disposable income fairly and equitably to claimants through a chapter 11 plan which will be paid overtime under the plan and will be paid to holders of allowed Claims against the Company. Given the allegations in the Lawsuits (which the Company denies) that people have been exposed to silicosis from the Company's products, the Bankruptcy Court has decided that in order to keep your right to compensation if you have a Claim as of the Petition Date, you must submit a proof of Claim by March 1, 2026, 5:00 p.m. Prevailing Pacific Time (the "Claims Bar Date"). What Is Silicosis? Silicosis is a type of pulmonary fibrosis, a lung disease caused by breathing in tiny bits of silica, a common mineral found in sand, quartz, and many other types of rock. Silicosis mainly affects workers exposed to silica dust In jobs such as construction and mining. Over time, exposure to silica particles causes scarring in the lungs, which can harm your ability to breathe. How Could This Affect Me? Given the Lawsuits and even though the Company denies that it ever sold any product that resulted in silica exposure that caused any person to contract silicosis, you may believe that you may have been exposed to silica from the distribution, use, or manufacture of the Company's products including quartz, quartzite, and other natural or man-made stone construction products. Silica exposure is also possible from coming into contact with another person who was exposed to the silica (for example, if the product was brought home on a family member's clothing). You may also file a proof of Claim on behalf of a deceased family member. What Do I Do Now? If you have a Claim, in order to keep any right to compensation, you must submit a Proof of Claim (or a family member may file a Claim), including any Claim due to being exposed to silica from the manufacture or use of the Company's products, you must submit a proof of Claim by the Silica Claims Bar Date, March 1, 2026, 5:00 p.m. Prevailing Pacific Time, Go to https//www.cacb.uscourts.gov/epoc-electronic-proof-claim, Case No. 8:25-bk-11344, to submit your proof of Claim online. You can submit a proof of Claim yourself or you can ask a lawyer to help you. Completing a proof of Claim form takes about five minutes. Will I Get Money If I Submit a Proof of Claim? Receiving or reading this notice does not mean that you have a Claim, were exposed to silica, will develop silicosis, or that you are eligible to receive money now or in the future. Further, there is no guaranty that the Company's Chapter 11 Case will result in recoveries for holders of Claims or that there will be sufficient funds reserved for such claimants if and when such Claims become allowed Claims. Further, since the Company filed the Chapter 11 Case and, depending on the Company's post-bankruptcy financial projections, it is possible that creditors, including creditors holding asserted silicosis or silica-related Claims, will receive little if any recovery from the Company. What If I Do Nothing? If you have a Claim and do not submit a proof of Claim by the Claims Bar Date, and the chapter 11 plan as proposed is approved, you will not be able to vote on any chapter 11 plan proposed by the Company, and you may not be eligible for Compensation from the Company even if you later assert that you have a Claim against the Company. How Do I Get More Information? If you would like copies of the Company's Schedules of Assets and Liabilities (the "Schedules"), the Bankruptcy Court order setting the Claims Bar Date, or other information, please contact rgoe@goeforlaw.com. If you have questions, call the Company's attorney, Robert P. Goe, Esq., or email rgoe@goeforlaw.com (Company's counsel cannot give legal advice). Reservation of the Company's Rights Nothing contained in this Notice is intended or should be taken as the Company giving up rights to (a) defend against any Claim, filed proof of Claim, or any Claim listed or reflected in the Schedules related to the nature, amount, liability or classification thereof; (b) subsequently designate any scheduled Claim as disputed, contingent, or unliquidated; and (c) otherwise amend or supplement the schedules. Attorney for Debtor: Robert Goe, Goe Forsythe & Hodges LLP; 17701 Cowan, Suite 210, Lobby D, Irvine, CA 92614. About Best Cheer Stone Inc. Best Cheer Stone Inc. supplies natural and engineered stone products, including granite, marble, and quartzite, for residential and commercial use. Headquartered in Anaheim, California, the Company operates a vertically integrated business with global quarries and manufacturing facilities. Established in 1994, it also offers prefabricated countertops, cabinets, and related home improvement materials. Best Cheer Stone Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-11344) on May 19, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Bankruptcy Judge Scott C. Clarkson handles the case. The Debtors are represented by Robert P. Goe, Esq. at GOE FORSYTHE & HODGES LLP. BROADBAND TELECOM: Seeks to Hire Khaitan & Co. as Special Counsel ----------------------------------------------------------------- Broadband Telecom, Inc. and its affiliates seek approval from the U.S. Bankruptcy Court for the Eastern District of New York to employ Khaitan & Co., LLP as special Indian counsel. The firm's services include: (a) act as counsel to the Debtors in India and other foreign jurisdictions as applicable; (b) attend meetings, negotiate with representatives of creditors and other parties in interest, advise and consult on the conduct of the cases; (c) take all necessary action to protect and preserve the assets of the Debtors' estates; (d) prepare on behalf of the Debtors such legal papers necessary to the administration of their estates; (e) assist the Debtors in their analysis and negotiations with any third-party concerning matters related to the realization by creditors of a recovery on claims and other means of realizing value; (f) represent the Debtors at hearings and other proceedings as necessary; (g) assist the Debtors in their analysis of matters relating to their legal rights and obligations with respect to various agreements and applicable Indian or other applicable foreign laws; (h) assist the Debtors in preparing pleadings and applications as may be necessary in furtherance of their interests and objectives; and (i) perform such other legal services as may be required and/or deemed to be in the interests of the Debtors in accordance with their powers and duties as set forth in the Bankruptcy Code. The firm's professionals will be paid at these hourly rates: Senior Partners $850 Partners $750 Counsel $550 Associates $250 - $450 Prateek Kumar, Esq., a partner at Khaitan & Co., LLP, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Prateek Kumar, Esq. Khaitan & Co., LLP One World Centre, 13th Floor, Tower 1 841 Senapati Bapat Marg Mumbai 400 013, IN About Broadband Telecom Inc. Broadband Telecom Inc., part of the Bankai Group, provides international wholesale telecommunications services including voice over internet protocol and messaging solutions to telecom operators, carriers, communication service providers, enterprises, and retailers. The Company operates from its headquarters in Garden City, New York, and serves clients globally with scalable communications infrastructure. Broadband Telecom Inc. and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-73095) on August 12, 2025. The case is jointly administered in Case No. 25-73095. In its petition, Broadband Telecom disclosed estimated assets between $10 million and $50 million and estimated liabilities between $50 million and $100 million. Honorable Bankruptcy Judge Alan S. Trust handles the case. The Debtors are represented by Tracy L. Klestadt, Esq., at Klestadt Winters Jureller Southard & Stevens, LLP. BULMAKS INC: Case Summary & 20 Largest Unsecured Creditors ---------------------------------------------------------- Debtor: Bulmaks, Inc. 445 Victor Lane Lake Zurich, IL 60047 Business Description: Bulmaks, Inc., established in 2012, is an independent, family-owned logistics and freight trucking company based in Huntley, Illinois, providing truckload and less-than- truckload general freight transportation services across the contiguous United States. The Company operates a fleet of dry van trailers and works with both company drivers and owner-operators, offering long- haul and short-haul routes using solo and team drivers, with a strong presence in the eastern United States. Bulmaks also employs technology-enabled logistics systems to support nationwide freight movements and around-the-clock operations. Chapter 11 Petition Date: January 5, 2026 Court: United States Bankruptcy Court Northern District of Illinois Case No.: 26-00067 Judge: Hon. Deborah L. Thorne Debtor's Counsel: David Freydin, Esq. LAW OFFICES OF DAVID FREYDIN 8707 Skokie Blvd Suite 305 Skokie, IL 60077 Tel: 888-536-6607 Fax: 866-575-3765 Email: david.freydin@freydinlaw.com Total Assets: $2,012,747 Total Liabilities: $6,706,091 The petition was signed by Yosif Lukov as president. A full-text copy of the petition, which includes a list of the Debtor's 20 largest unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/BBEAK4Q/Bulmaks_Inc__ilnbke-26-00067__0001.0.pdf?mcid=tGE4TAMA CAMPBELL REALTY: Gets Interim OK to Use Cash Collateral ------------------------------------------------------- Campbell Realty Investment Group, LLC got the green light from the U.S. Bankruptcy Court for the Eastern District of Louisiana to use cash collateral. The court issued an interim order authorizing the Debtor to use cash collateral generated from its bank accounts and operations solely in accordance with the approved budget, subject to a 10% variance per line item. Any budget changes require court approval or secured creditor consent. As adequate protection, secured creditors including First Guaranty Bank, Regions Bank, BARH Dunmore, LLC, and Englade Investments, LLC will receive replacement liens on post-petition assets and proceeds, excluding avoidance actions. The court found the creditors protected by equity cushions and approved monthly adequate protection payments of $9,000 to First Guaranty Bank and $3,500 to Englade Investments, LLC. The next hearing is scheduled for January 14, with objections due by January 9. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/i3QXw from PacerMonitor.com. Campbell has four secured creditors: (i) First Guaranty Bank, holding first mortgages on the Deluxe Lake, Heatherwood, and Lakeview apartment complexes; (ii) Regions Bank, holding a first mortgage on the Ochosi Oaks apartment complex; (iii) BARH Dunmore, LLC, holding first mortgages on the Barry Court apartment complex and the Debtor's nine single-family homes; and (iv) Englade Investments, LLC, holding second mortgages on the Deluxe Lake and Lakeview apartment complexes. First Guaranty Bank, as secured creditor, is represented by: Richard A. Rozanski, Esq. Richard A. Rozanski, APLC P.O. Box 13199 Alexandria, LA 71315-3199 318-445-5600 Englade Investments, as secured creditor, is represented by: Fernand L. Laudumiey, IV, Esq. Chaffe McCall, LLP 2300 Energy Centre, 1100 Poydras Street New Orleans, LA 70163-2300 Telephone: (504) 585-7000 Fax: (504) 585-7075 laudumiey@chaffe.com About Campbell Realty Investment Group Campbell Realty Investment Group, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. E.D. La. Case No. 25-12356) on Oct. 20, 2025, listing up to $10 million in both assets and liabilities. Judge Meredith S. Grabill presides over the case. Ryan J. Richard, Esq., at Sternberg, Naccari & White, LLC serves the Debtor as counsel. COMFORT ALL-STARS: Seeks to Tap Ford & Semach as Bankruptcy Counsel ------------------------------------------------------------------- Comfort All-Stars, Inc. seeks approval from the U.S. Bankruptcy Court for the Middle District of Florida to employ Ford & Semach, PA as counsel. The firm will render these services: (a) analyze the financial situation, and render advice and assistance to the Debtor in determining whether to file a petition under Title 11, United States Code; (b) advise the Debtor with regard to the powers and duties in the continued operation of the business and management of the property of the estate; (c) prepare and file of the petition, schedules of assets and liabilities, statement of affairs, and other documents required by the Court; (d) represent the Debtor at the Section 341 meeting of creditors; (e) provide legal advice to the Debtor with respect to its powers and duties in the continued operation of its business and management of its property; if appropriate; (f) advise the Debtor with respect to its responsibilities in complying with the United States Trustee's Operating Guidelines and Reporting Requirements and with the rules of the court; (g) prepare necessary legal papers and appear at hearings thereon; (h) protect the interest of the Debtor in all matters pending before the court; (i) represent interest of the Debtor in all matters pending before the court; (j) perform all other legal services for Debtor which may be necessary herein. The firm will be paid at these hourly rates: Buddy Ford, Attorney $550 Jonathan Semach, Attorney $500 Heather Reel, Attorney $450 Paralegal $150 In addition, the firm will seek reimbursement for expenses incurred. Prior to the commencement of this case, the Debtor paid the firm $23,000 as retainer. Mr. Ford disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Buddy D. Ford, Esq. Ford & Semach, PA 9301 West Hillsborough Avenue Tampa, FL 33615-3008 Telephone: (813) 877-4669 Email: Buddy@tampaesq.com About Comfort All-Stars Inc. Comfort All-Stars, Inc. is a services company operating in the home and building comfort sector. The company provides heating, ventilation, and air conditioning (HVAC) installation, repair, and maintenance services for residential and light commercial customers. Its offerings typically include system replacements, diagnostics, preventative maintenance, and related mechanical services. Comfort All-Stars, Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-09642) on December 22, 2025. In its petition, the Debtor reports estimated assets of $100,001 to $1 million and estimated liabilities in the same range. The case is assigned to Honorable Bankruptcy Judge Caryl E. Delano. The Debtor is represented by Buddy D. Ford, Esq., of Ford & Semach, PA. COMPOSECURE HOLDINGS: S&P Rates Proposed First-Lien Term Loan 'B+' ------------------------------------------------------------------ S&P Global Ratings assigned its 'B+' issue-level rating and '3' recovery rating to CompoSecure Holdings LLC's (Holdings) first-lien term loan and senior secured notes. The '3' recovery rating indicates S&P's expectation for meaningful (50%-70%; rounded estimate: 65%) recovery in the event of a default. The proposed facilities will refinance Husky Injection Molding Systems Ltd.'s term loans in conjunction with Holdings' acquisition of parent Husky Technologies Ltd. ISSUE RATINGS--RECOVERY ANALYSIS Key analytical factors -- Holdings' proposed pro forma capital structure comprises a $400 million revolving credit facility (unrated), $1.05 billion first-lien term loan, and $1.05 billion senior secured notes, all of which rank pari passu. Material, wholly owned subsidiaries domiciled in the U.S., Canada, Singapore, and Luxembourg provide guarantees to the bank facilities and notes. -- S&P's simulated default scenario considers a default in 2030 because of a prolonged economic recession and weakness in the company's industrial and consumer end markets, reducing demand for its products and services. -- S&P said, "We believe lenders will aim to maximize its value and pursue reorganization rather than liquidation in a default scenario. Therefore, we value Holdings on a going-concern basis and apply a 5.5x multiple to our projected emergence EBITDA, which reflects its leading share and good brand recognition in its niche manufacturing applications." -- All debt amounts include six months of prepetition accrued interest. Simulated default assumptions -- Year of default: 2030 -- EBITDA at emergence: $312 million -- Valuation EBITDA multiple: 5.5x -- Jurisdiction: U.S. Simplified waterfall -- Net enterprise value (after 5% administrative costs): $1.6 billion -- Valuation split (obligors/nonobligors): 90%/10% -- Collateral value available for secured debt claims: $1.6 billion -- Estimated senior secured debt claims: $2.5 billion --Recovery expectations: 50%-70% (rounded estimate: 65%) COMPOSECURE INC: Fitch Affirms 'BB-' IDR, Outlook Stable -------------------------------------------------------- Fitch Ratings has affirmed CompoSecure Inc.'s Issuer Default Rating (IDR) at 'BB-' and assigned a 'BB-' IDR to CompoSecure Holdings, L.L.C. Fitch also assigned a 'BB+' rating with a 'RR1' Recovery Rating to CompoSecure Holdings, L.L.C.'s proposed senior secured revolver, term loan B, and note. The Rating Outlook is Stable. Proceeds will be used to repay term loans at CompoSecure, L.L.C and Husky Holdings LLC. CompoSecure's 'BB-' IDR reflects the company's pro forma niche market leadership, predictable demand, with about 67% aftermarket/recurring revenue exposure, and cost-advantaged, IP-backed solutions that elevate customer switching costs. Fitch forecasts $200 million pro forma FCF in 2026 and upside for incremental improvement from implementation of Resolute Operating System (ROS) strategies. These strengths are balanced by limited product and end-market diversification. Fitch forecasts EBITDA leverage around 3.5x. Successful operational execution that de-risks implementation of strategic objectives and enhances diversification through M&A could support positive rating momentum. Key Rating Drivers New Senior Secured Debt Rated 'BB+'/'RR1': CompoSecure Holdings, L.L.C. plans to issue a new senior secured term loan and secured note of $2.1 billion to repay all existing term loans jointly issued by CompoSecure, L.L.C. and Husky Holdings LLC. The company will also replace its super-priority revolver with a new $400 million senior secured revolver that will rank pari passu with the new term loan and note, supporting stronger recovery prospects under the refinanced capital structure. Fitch plans to withdraw ratings on CompoSecure, L.L.C. and Husky Holdings LLC upon repayment of existing debt. Management Value, Decentralized Operating Model: The combination of CompoSecure and Husky brings together two pure-play businesses under a decentralized model. This preserves distinct operations and management teams while leveraging ROS disciplines and leadership to drive value. The pro forma platform will broaden the product portfolio, aligning with a strategy of targeted M&A that enhances industrial capabilities and opportunities across adjacencies. Fitch believes integration execution risks associated with M&A are mitigated by management's track record and decentralized approach. The ROS governance and management fee structure also introduces incremental execution risk in the long-term value realized under the company's diversified industrial conglomerate strategy. Limited Diversification: The company's business profile will continue to exhibit limited diversification in select product categories and end markets. Although the transaction enhances scale and introduces exposure to new end markets, Fitch projects Husky will contribute around 70% of consolidated EBITDA. As a result, cash flow will remain closely tied to polyethylene terephthalate (PET)-based product demand within the food, beverage, and healthcare markets. Legacy CompoSecure's top two customers account for over 60% of revenues, heightening customer concentration. This will improve to 15% under the pro forma group structure. M&A Mitigates Concentration Risk: Concentration is mitigated by long-standing customer relationships, resilient end markets supporting through-the-cycle performance, and cash generating capabilities of the combined entity. Continued M&A that broadens industrial capabilities across noncyclical sectors and enhances cash generation could support positive rating momentum. Leader in Niche Markets: CompoSecure and Husky have strong footholds in the niche segments in which they operate, anchored by manufacturing depth, engineering capabilities, and focus on core product portfolios. Both platforms deliver benefits for customers that enhance its defensibility and create customer switching costs, evidenced by Husky's 40% share in PET systems and CompoSecure's 75% share in metal payment cards. Mid-3x Leverage: Fitch forecasts pro forma gross EBITDA leverage, net of the 10% management fee, in the mid-3x range following the Husky acquisition and refinancing transaction, consistent with the company's sub-3.5x financial policy. M&A could lift EBITDA leverage to 3.5x-4x. The evolution of the leverage profile is dependent on the size, pace, and funding mix of future M&A. However, the company's positive FCF profile supports deleveraging capacity. Aftermarket, Recurring Revenue Provides Stability: The business benefits from recurring and aftermarket-weighted cash flow streams. Husky's 13,500-system installed base, 25-year equipment lifecycles, and $680 million backlog supports utilization-linked maintenance revenue. Serving high-volume PET applications, Husky secures first-call parts/service by leveraging its growing remote monitoring application to ensure customers reduce downtime risk. CompoSecure generates around 75% of revenue from recurring card reissuance/expiration and fraud-related replacements. These offerings strengthen the operating profile and provide stable, long-term revenue visibility. High-20% EBITDA, 10% FCF Margins: Fitch expects the combined CompoSecure group to operate with EBITDA margins in the high-20% range and FCF margins of around 10%, which are strong for the 'BB' category. Further margin expansion will be driven by commercialization of existing products and services in targeted growth areas, operational streamlining, and opportunistic M&A. Bespoke Engineering Advantage: Both businesses exhibit technology leadership in its markets underpinned by IP, engineering, and customization that support customer stickiness. Husky's hot runner expertise and spec-to-SKU molds, designed exclusively for Husky equipment, enable equipment adaptations without system replacement. Ongoing R&D investment sustains product innovation on an 18-24-month cycle. CompoSecure's proprietary production assets and embedded security features enable quick design and differentiated products. These capabilities create a competitive moat, supporting premium pricing and stable margins. Peer Analysis Fitch compares CompoSecure to other diversified manufacturing peers, including JBT Marel, Matthews International Corporation (BB-/Stable), Hillman Solutions Corp. (BB/Stable), and Park-Ohio Holdings Corp. (B+/Stable). CompoSecure's resilient end markets and predominant aftermarket exposure reduces cyclical risk and is comparable to JBT and Matthews. In contrast, Hillman and Park-Ohio face greater exposure to consumer retail demand trends that lead to cyclicality in their cash flow profiles. While Hillman and Park-Ohio have broader end-market and product application diversification, CompoSecure's cash flow stability is comparatively stronger. CompoSecure is forecast to operate with leverage around 3.5x throughout the forecast, similar to Matthews but weaker than both JBT (2.5x-3x) and Hillman (2.5x-3x). Park-Ohio's leverage profile is weaker than the peer group average at the 3.5x-4x range. Park-Ohio's smaller scale, weaker cash flow generation, and greater cyclicality relative to CompoSecure is offset at its leverage and rating level. Fitch's Key Rating-Case Assumptions -- Mid-single-digit organic revenue growth through the forecast, driven mainly by expansion into growth markets; -- EBITDA margin expansion into the high-20% range from operational efficiency gains, inclusive of 10% management fee to Resolute Holdings Management; -- Capex remains in the 3% to 3.5% range throughout the forecast; -- Capital allocation assumed to be opportunistic, prioritizing inorganic growth over debt repayments or shareholder returns; -- Bolt-on acquisitions completed annually beginning at the start of 2027 at low-double-digit multiples; -- SOFR assumed at 3.75% in 2026, stabilizing at 3.5% thereafter. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade -- Sustained EBITDA leverage above 4.0x and EBITDA interest coverage below 3.0x; -- A deviation in M&A strategy or operational missteps that heightens execution and cash flow risk; -- Erosion of competitive advantages that weaken market position. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade -- Continued execution and maturation of the business and cash flow risk profiles; -- Demonstrated execution of an M&A strategy that enhances diversification; -- Disciplined financial and capital allocation policy that supports EBITDA leverage sustained below 3.5x; -- Maintenance of (CFO-Capex)/Debt at or above 7.5%. Liquidity and Debt Structure Fitch expects CompoSecures' liquidity to be sufficient over the rating horizon. Liquidity and financial flexibility are bolstered by the company's FCF generation and availability under the proposed $400 million revolver. Following the transaction close, the company's proposed capital structure will be comprised of a senior secured RCF, term loan, and note. Issuer Profile CompoSecure is a leading manufacturer of premium metal payment cards. It will acquire Husky Technologies, a provider of engineered tooling, injection molding systems, hot runners, and services for plastic packaging across food and beverage and other end markets. RATINGS ACTION Rating ------ CompoSecure Holdings, L.L.C LT IDR BB- New Rating senior secured LT BB+ New Rating RR1 USD 400 mln revolving credit facility LT BB+ New Rating RR1 USD term loan LT BB+ New Rating RR1 USD bond/note LT BB+ New Rating RR1 CompoSecure, Inc. LT IDR BB- Affirmed BB- CRS SERVICES: Gets Final OK to Use Cash Collateral -------------------------------------------------- CRS Services Limited received final approval from the U.S. Bankruptcy Court for the District of Nevada to use cash collateral. The Debtor may use cash collateral in the ordinary course of business and strictly in accordance with a court-approved budget, subject to a maximum 10% aggregate variance. Any use of cash outside the budget or ordinary course is prohibited, and the Debtor may not grant liens or security interests senior or equal to existing pre-bankruptcy liens. To protect the U.S. Small Business Administration, the court granted the agency multiple forms of adequate protection. These include a Section 507(b) superpriority administrative expense claim; monthly payments of $2,516; and replacement liens under Section 361(2) on the Debtor's post-petition property and proceeds, but only to the extent of any diminution in value of the SBA's collateral. This protection does not constitute any determination of the validity or priority of the SBA's pre-petition liens. The order expressly does not determine the validity, priority, or enforceability of any pre-bankruptcy liens or claims, preserving the Debtor's right to challenge them. The final order is available at https://is.gd/heuIoW from PacerMonitor.com. About CRS Services Limited CRS Services, Limited provides home security systems, alarm systems, UL-listed monitoring, and video surveillance services for residential and commercial clients across Nevada through its CRS Home Services division, and it also offers smart home automation systems that integrate with Brinks Home Security monitoring. It additionally provides solar panel and battery backup solutions along with water filtration systems and operates from Henderson, Nevada. CRS Services filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Nevada Case No. 25-16917) on November 17, 2025, with $100,000 to $500,000 in assets and $1 million to $10 million in liabilities. Steven D. Boyer, managing member, signed the petition. Judge August B. Landis presides over the case. Matthew C. Zirzow, Esq., at Larson & Zirzow, LLC represents the Debtor as legal counsel. CYCLE SPORTS: 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 Cycle Sport Center, Inc. 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 Cycle Sport Center Inc. Cycle Sport Center, Inc., based in Orlando, Florida, operates as a recreational vehicle and powersports dealership, offering new and pre-owned motorcycles, ATVs, personal watercraft, utility vehicles and related equipment, alongside financing, parts, and service support. The Company serves recreational and travel enthusiasts in its region through on-site product demonstrations, maintenance services, and promotional offerings. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-08415) on December 29, 2025, with $1 million to $10 million in assets and liabilities. Thomas W. Wagner, president, signed the petition. Judge Tiffany P. Geyer presides over the case. Justin M. Luna, Esq. at LATHAM LUNA EDEN & BEAUDINE LLP represents the Debtor as legal counsel. DELORI-NUTIFOODS: Seeks Chapter 7 Bankruptcy in California ---------------------------------------------------------- On December 30, 2025, Delori-Nutifoods Products, Inc. filed for Chapter 7 protection in the Central District of California Bankruptcy Court. According to court filing, the Debtor reports between $100,001 and $1,000,000 in debt owed to 1–49 creditors. About Delori-Nutifoods Products, Inc. Delori-Nutifoods Products, Inc. is a privately held food manufacturing company that produces and distributes specialty food products. The company supports its operations through food processing, packaging, and distribution activities. Its products are marketed to commercial and retail customers. Delori-Nutifoods Products, Inc. sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 25-21730) on December 30, 2025. In its petition, the Debtor reports estimated assets of $1,000,000–$10,000,000 and estimated liabilities of $100,001–$1,000,000. Honorable Bankruptcy Judge Neil W. Bason handles the case. The Debtor is represented by Michael D. Luppi, Esq., of the Law Offices of Michael D. Luppi. DEWITT WEARY: FCB Banks Loses Bid for Automatic Stay Relief ----------------------------------------------------------- Judge Mary P. Gorman of the United States Bankruptcy Court for the Southern District of Illinois will deny FCB Banks' Motion for Relief from Automatic Stay and for Abandonment of Property from the Estate in the bankruptcy case of DeWitt L. Weary, III and Tamarra T. Weary as moot. On their petition and schedules, the Debtors identified FCB as a creditor with claims in excess of $1 million secured by mortgages on their home located at 8 Country Lane in Columbia, Illinois, and a portfolio of rental income properties in Madison and St. Clair Counties in Illinois. Specifically, on their Schedule D: Creditors Who Have Claims Secured by Property filed April 17, 2017, the Debtors identified the properties securing FCB's claims with the following values: (i) 1424 1st Avenue - $15,000; (ii) 1205 North 89th Street - $15,000; (iii) 103-105 Sumner - $100,000; (iv) 107-109 Sumner - $100,000; (v) 3602 Falling Springs Road - $45,000; and (vi) 8 Country Lane - $350,000. FCB filed several proofs of claim asserting claims secured by the properties. The Debtor's first amended plan of reorganization was filed January 19, 2018. The plan proposed the following treatment for FCB's secured claim class: FCB's liens would continue unimpaired, the Debtors would continue making monthly adequate protection payments per an order entered earlier in the case, FCB would receive a pro rata share of quarterly plan distributions from a creditor fund, FCB would receive its share of proceeds of its collateral, and any collateral not sold by the final distribution date would be surrendered back to FCB. Any deficiency at the time of surrender would be treated as a general unsecured claim. On May 22, 2025, FCB filed its Motion for Relief from Automatic Stay and for Abandonment of Property from the Estate now before the Court. The Motion seeks relief from stay to pursue foreclosure of mortgaged properties, an order requiring the Debtors to endorse and deliver to FCB all insurance checks for application against outstanding debts, and abandonment of the property and proceeds. FCB contends in the Motion that the Debtors failed to comply with all terms during the initial 6-year term of the loan contemplated by the order confirming plan and that FCB was therefore not required to extend the note after the initial maturity date of January 1, 2025. FCB says that the Debtors are in default and that it is not adequately protected, that there is a lack of equity in the property for the benefit of the estate, and that the property is not necessary for an effective reorganization. Thereafter, the Debtors filed a motion and then an amended motion to modify their confirmed plan, proposing, among other things, to force FCB to extend the note for an additional term. Notwithstanding their prior assertions in moving to close their case, the Debtors in their motion to modify contended that their plan has not been substantially consummated. As part of its argument, FCB again contended that the automatic stay is no longer in effect based on the confirmed plan. The Debtors, in turn, argued that, although post-confirmation, there is still a stay in effect because the confirmed plan included a plan injunction requiring FCB to establish its entitlement to relief in this Court. Judge Gorman concludes, "The Debtors' Chapter 11 plan, as confirmed, contemplated post confirmation execution of a new note and mortgages in favor of FCB and required complete compliance with the terms of such note as a condition precedent to FCB extending the note for a second term. The Debtors unquestionably failed to timely make payments under the original note term and were in default when the note matured on January 1, 2025, thus triggering a balloon payment due for the outstanding balance on the loan. Nearly a year later, the loan balance remains outstanding. Because the automatic stay is no longer in effect and this Court does not have exclusive jurisdiction over issues of default on the Debtors' confirmed plan, FCB is free to pursue its remedies for default in any court of competent jurisdiction without first obtaining relief from this Court. FCB's Motion for Relief from Automatic Stay was not necessary and will therefore be denied as moot." A copy of the Court's Opinion dated December 18, 2025, is available at https://urlcurt.com/u?l=5pxhtK from PacerMonitor.com. DeWitt L. Weary, III and Tamarra T. Weary, filed for Chapter 11 bankruptcy protection (Bankr. S.D. Ill. Case No. 17-30503) on April 3, 2017, listing under $1 million in both assets and liabilities. The Debtor is represented by Steven T. Stanton, Esq. E&M BINDERY: Remaining Equipment Sale to Bind-Rite Service OK'd --------------------------------------------------------------- The U.S. Bankruptcy Court for the District of New Jersey has permitted E & M Bindery Inc. to sell machinery and equipment, free and clear of liens, claims, interests, and encumbrances. The Debtor's sole shareholder is Gary Markovits, who manages the Debtor's daily operations. The Debtor employs approximately 70 full time salaried employees and five hourly employees. The Remaining Equipment is consists of numerous pieces of equipment set fort in the three page list as Exhibit A. https://urlcurt.com/u?l=iimJNq The Court has authorized the Debtor to proceed with the sale of the Remaining Equipment to Bind-Rite Services Inc. The purchaser is not an "insider" of the Debtor. The Debtor provides at least three business days advance written notice of each of the proposed Sales to the Notice Parties. The Debtor is authorized to convey all of the Debtor's right, title, and interest in and to, and possession of, the Remaining Equipment to non-insider purchasers free and clear of any and all liens, claims, encumbrances, and other interests. To the extent any party asserts a competing Interest in the Remaining Equipment, the amount of the payoff balance due to any such party shall be held in escrow by Debtor in a segregated account, and the claims of any and all parties asserting priority over the liens and claims of Milberg shall be subject to the scheduling of a further hearing at which time any party asserting priority shall provide evidence satisfactory to the Court. Subject to funding the Reserve, if applicable, concurrently with the closing of any Sale or as soon thereafter as is possible, the Debtor is authorized and directed to pay, from the proceeds of the Sales. The Debtor is authorized and directed to execute such necessary and appropriate documents to effectuate the Sales. About E&M Bindery Inc. E&M Bindery & Finishing, Inc. provide mechanical binding, perfect binding, die cutting, embossing, folding, mailing, collating, tabbing and other post-press services from its headquarters in Clifton, New Jersey. The Company serves individuals, businesses, brokers and institutions with trade binding, finishing and related production work. Founded in 1962, it operates as one of the larger binderies on the U.S. East Coast. E&M Bindery sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. N.J. Case No.: 25-22444). In the petition signed by Gary Markovits as president, the Debtor disclosed total assets of $2,744,279 and total liabilities of $2,623,698. Judge Stacey L. Meisel presides over the case. David Edelberg at Scarinci & Hollenbeck LLC represents the Debtor as legal counsel. Scott S. Rever, Esq. has been appointed Subchapter V Trustee. EL BORREGO: Seeks Chapter 7 Bankruptcy in California ---------------------------------------------------- On December 31, 2025, El Borrego, Inc. filed for Chapter 7 protection in the U.S. Bankruptcy Court for the Southern 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 El Borrego, Inc. El Borrego, Inc. is a privately held company organized as a corporation in the United States. El Borrego, Inc. sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 25-05451) on December 31, 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. Honorable Christopher B. Latham, Chief Bankruptcy Judge, handles the case. The debtor is represented by Jason E. Turner, Esq. of J. Turner Law Group, APC. FLEXSHOPPER INC: Seeks to Hire Epiq as Claims and Noticing Agent ---------------------------------------------------------------- FlexShopper, Inc. and its affiliates seek approval from the U.S. Bankruptcy Court for the District of Delaware to employ Epiq Corporate Restructuring, LLC as claims and noticing agent. Epiq will oversee the distribution of notices and will assist in the maintenance, processing, and docketing of proofs of claim filed in the Chapter 11 cases of the Debtors. The firm received an advanced retainer of $25,000 from the Debtors. Sophie Frodsham, a director at Epiq, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Sophie Frodsham Epiq Corporate Restructuring, LLC 777 Third Avenue, 12th Floor New York, NY 10017 Telephone: (646) 282-2500 About Flexshopper Inc. FlexShopper, Inc. provides consumer financing services focused on lease-to-own and lending products, enabling consumers to obtain durable goods such as electronics and home furnishings through its e-commerce marketplace. The Company operates as an intermediary by approving consumers through a proprietary underwriting model, purchasing goods from merchant and other supply partners, and leasing them to end users, while also offering consumer loan products through affiliated platforms and third-party arrangements. FlexShopper Inc and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bank. D. Del., Lead Case No. 25-12254) on December 22, 2025. The Debtors reported $50 million to $100 million in estimated assets and $100 million to $500 million in estimated liabilities. The petitions were signed by Matthew Doheny as chief restructuring officer. The Honorable Bankruptcy Judge Laurie Selber Silverstein handles the cases. The Debtors tapped Morris, Nichols, Arsht & Tunnell LLP as counsel; Glassratner Advisory & Capital Group, LLC as financial advisor; Two Roads Advisors LLC as investment banker; and Epiq Corporate Restructuring LLC as claims and noticing agent. FLIPCAUSE INC: Calif. AG Asks Court to Appoint Chapter 11 Trustee ----------------------------------------------------------------- Emlyn Cameron of Law360 reports that the California Attorney General's Office urged a Delaware bankruptcy judge to appoint a Chapter 11 trustee in the bankruptcy case of fundraising technology company FlipCause, arguing that the proceedings reveal deep and persistent mismanagement by current leadership. State officials said the debtor's conduct has undermined confidence in its ability to operate transparently while under court protection. According to the attorney general, a trustee is necessary to safeguard creditor and customer interests and to ensure the estate is administered independently. The filing contends that FlipCause's management failures threaten the integrity of the Chapter 11 process and that continued debtor control would pose an unacceptable risk as the case moves forward. About Flipcause Inc. Flipcause Inc. is a technology company that provides a nonprofit fundraising platform and payment-processing services. The company’s software enables small and medium-sized nonprofit organizations to manage online donations, donor engagement, and fundraising campaigns. Flipcause Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-12246) on December 19, 2025. In its petition, the Debtor reports estimated assets and liabilities of at least $10 million each. Honorable Bankruptcy Judge Thomas M. Horan handles the case. The Debtor is represented by Ronald S. Gellert, Esq. of Gellert Seitz Busenkell & Brown, LLC. FORMATION CREATIVE: Seeks Chapter 7 Bankruptcy in California ------------------------------------------------------------ On December 31, 2025, Formation Creative Group LLC filed a voluntary Chapter 7 petition in the U.S. Bankruptcy Court for the Northern District of California. According to court filings, the debtor owes between $1 million and $10 million to 50 to 99 creditors. About Formation Creative Group LLC Formation Creative Group LLC is a limited liability company. Formation Creative Group LLC filed for relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 25-31068) on December 31, 2025. In its filing, the company disclosed estimated assets of $1 million to $10 million and estimated liabilities of $1 million to $10 million. The matter is before Honorable Hannah L. Blumenstiel. Formation Creative Group LLC is represented by Robert G. Harris, Esq. of Binder Malter Harris & Rome-Banks LLP. FOUR SEASONS: Seeks to Hire Foley Freeman as Bankruptcy Counsel --------------------------------------------------------------- Four Seasons Roofing, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Idaho to employ Foley Freeman, PLLC as counsel. The firm will render these services: (a) advise the Debtor with respect to its powers and duties in the affairs of the business and management; and (b) file a Plan and other documents or help in the preparation of the same and negotiate and secure approval of Chapter 11 Plan and file such other motions, attended hearings relating to the Chapter 11 proceedings. The firm's professionals will be paid at these hourly rates: Partner $440 Associate $300 Legal Assistant $100 The firm received a retainer of $20,000 from the Debtor. Patrick Giele, Esq. and Jared Smith, Esq., attorneys at Foley Freeman, disclosed in court filings that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Patrick J. Geile, Esq. Jared D. Smith, Esq. Foley Freeman, PLLC 953 S. Industry Way Meridian, ID 83642 Telephone: (208) 888-9111 Facsimile: (208) 888-5130 Email: pgeile@foleyfreeman.com Email: jsmith@foleyman.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., and Patrick J. Geile, Esq., at Foley Freeman PLLC. FOURTH STREET BARBECUE: Pennsylvania Food Corp. to Acquire Assets ----------------------------------------------------------------- JS Held, LLC d/b/a MorrisAnderson & Associates, Ltd. and Mark Welch, as the court-appointed receiver for Fourth Street Barbecue Inc., filed its Motion for an Order to (I) Scheduling an Expedited Hearing on Going Concern Sale of Company Assets; (II) Approving Form of Sale Notice and (III) Approving Going Concern Sale of Company Assets at the Expedited Sale Hearing with the Court seeking, among other things, entry of the Sale Order: (i) scheduling a hearing on an expedited basis to consider the going concern sale of the Purchased Assets, as defined in the Asset Purchase Agreement, to Pennsylvania Food Corporation free and clear of liens, claims, and encumbrances. The receiver is selling the assets for $3 million. A hearing to consider approval of the APA and Proposed Sale is scheduled for January 9, 2026 at 1:30 p.m. (Prevailing Eastern Time) in Courtroom 9A, 9th Floor, Joseph F. Weis Jr., U.S. Courthouse, 700 Grant Street, Pittsburgh, PA 15219. Objections to the Proposed Sale, if any, must be filed with the Court on or before January 7, 2026 at 5:00 p.m. (Prevailing Eastern Time). While the Receiver believes the Proposed Sale to Pennsylvania Food best serves the interests of creditors and other stakeholders, in an abundance of caution and in the event that the Proposed Sale is unable to close, the Receiver previously sought the authority, but not direction, to employ an auctioneer and liquidate the Receivership Estate. A hearing to consider the Auction Motion was held on December 19, 2025, and an order granting the Auction Motion was entered by the Court on December 23, 2025. The receiver tapped Hyperams, LLC as auctioneer. On October 3, 2025, Plaintiff Huntington National Bank, as Administrative Agent, Collateral Agent, Lender and Issuer, in its capacity as Administrative Agent and as a Lender, filed its Complaint for Breach of Credit Agreement in the District Court for the Western District of Pennsylvania against Fourth Street Barbecue Inc., commencing the related cases. On October 8, 2025, the bank filed its Consent Motion for appointment of receiver for the corporate entity and the Company's assets. On October 20, 2025, the Court entered the Order appointing the Receiver for the Company's corporate entity and for the Collateral for the purpose of managing, protecting, preserving, operating (if necessary), and selling the Company's business or some or all of the Company Assets. On November 3, 2025, the Original Receivership Order was modified to provide additional protections to the Receivership Estate and clarification of the Receiver's duties and obligations. On November 14, 2025, the Receiver filed a Motion for an Order: (i) Establishing Exclusive Procedures for the Assertion, Resolution and Satisfaction of Pre-Receivership Claims Arising under the Perishable Agricultural Commodities Act, the Packers and Stockyards Act of 1921 and State Law Equivalents, and (ii) Approving the Manner of Notice Thereof (the "PACA/PASA Motion") seeking a bar date of January 2, 2026, for claimants asserting PACA/PASA Claims and procedures for resolving and satisfying asserted claims. The PACA/PASA Motion, PACA/PASA Claims are generally entitled to prompt payment from the PACA/PASA Trust Assets, as applicable, and ahead of secured, priority, and unsecured creditors. The PACA/PASA Claims may be entitled to payment from Company Assets contemplated to be sold pursuant to the Proposed Sale of Company Assets. Prior to the commencement of this action and appointment of the Receiver, the Defendant was under the direction of a Chief Restructuring Officer and Investment Banker -- both installed with the consent and approval of the Plaintiff and Lenders -- the Company Assets were aggressively marketed for sale, but no sale transaction materialized or closed. Specifically, the Company engaged SC&H Capital, an investment Bank, in January 2025 to conduct a marketing and sale process. SC&H and the Company prepared a teaser memorandum, confidential information memorandum, and non-disclosure agreement, and distributed the teaser memorandum to over two hundred (200) potential buyers. The Company also created a virtual data room for potential buyers to perform due diligence in the event that such interested parties executed a non-disclosure agreement and wished to evaluate the potential deal further. Of the potential buyers who received the teaser memorandum, 94 executed non-disclosure agreements and conducted due diligence. From this subset of potential buyers, 13 provided Indications of Interest and one (1) provided a letter of intent. Despite the robust process and initially strong interest, an agreement never developed, and no sale of any Company Assets occurred. While a potential purchaser contacted the Receiver in October 2025 about a potential going-concern sale of the Company Assets, an agreement could not be reached on the terms of such potential sale with the Plaintiff and the Lenders. The Receiver has been operating the Company and has inventoried the personal property of the Company. The premises contain the Company Assets, which include substantial inventory, equipment, various furniture and fixtures. The Auctioneer is an experienced appraiser and licensed, insured and bonded auctioneer with over 40 years' experience, and is regularly retained to conduct auction sales by receivers, trustees, financial institutions and other fiduciaries. The Auctioneer proposes to be engaged to conduct the liquidation of inventory and auction of non-inventory Company Assets through an item-by-item auction or in groups, as best suited for auction, as determined by Auctioneer. Upon approval of the employment of the Auctioneer, the Liquidation will commence and continue on a rolling basis until completed and the Auction will be conducted with live online bidding with a dedicated website auctioneer anticipated to be conducted on February 2026. Hyperams, LLC as auctioneer will be compensated with: (i) a 5% seller's commission of the Liquidation portion of the Proposed Sale; (ii) reasonable expenses actually incurred and documented in preparing for, conducting, and concluding the Auction in the amount of: (a) $100,000 for the Auction, (b) $3,750 per week for an inventory manager utilized during the Liquidation, (c) marketing costs for the Liquidation not to exceed $40,000, and (d) any out-of-pocket travel costs incurred during the Liquidation; and (iii) an 18% buyer’s premium to be charged and collected from each successful bidder, not the Receiver or from the sale proceeds. The Receiver agrees to pay Auctioneer an advance of $50,000 upon execution of the Auction Agreement, which advance shall be applied to Auctioneer's last invoices. It is further requested that the Auctioneer be compensated without the requirement of filing any fee applications. The Receiver submits that the Receivership Order contemplates and authorizes obtaining approval of the Proposed Sale on an expedited basis, among other things and subject to the rights and interests and for the benefit of Plaintiff and the Lenders, to sell all or any portion of the Company Assets and to do all acts and things necessary. The Receivership Order further authorizes the Receiver to employ such a professional as necessary to liquidate the Company Assets. While a private sale of real estate must adhere to the specific requirements as to the number of bids and a court hearing to confirm the sale, subjecting the sale of certain items of personal property to the same stringent requirements may be oppressive and inefficient for a receivership. About Fourth Street Barbecue Inc. Fourth Street Barbecue Inc. (also Fourth Street Foods) was a frozen food manufacturer in the Charleroi, Pennsylvania area, known for private label BBQ products, that faced imminent closure in late 2025 due to significant financial issues, including default on large loans, leading to layoffs of over 250 workers and receivership proceedings to find a buyer or wind down operations. Fourth Street is facing a receivership case captioned as The Huntington National Bank v. Fourth Street Barbecue Inc., Case No. 2:25-cv-01537 (W.D. PA), before the Hon. Patricia L. Dodge. The case was filed on Oct. 3, 2025. Counsel for the Receiver: Alexis A. Leventhal, Esq. Paul J. Cordaro, Esq. CAMPBELL & LEVINE, LLC 310 Grant St., Suite 1700 Pittsburgh, PA 15219 Tel: (412) 261-0310 Fax: (412) 261-5066 E-mail: aleventhal@camlev.com pcordaro@camlev.com FULLER'S SERVICE: Gets Extension to Access Cash Collateral ---------------------------------------------------------- Fuller's Service Center, Inc. received another extension from the U.S. Bankruptcy Court for the Northern District of Illinois to use cash collateral to fund operations. The court issued a sixth interim order authorizing the Debtor to use its secured creditors' cash collateral from January 1 to 17 to pay the expenses set forth in its budget, subject to a 10% variance. It also authorized the Debtor to obtain limited secured financing from Heartland Bank & Trust Company. The court previously granted the Debtor a two-month extension (November 1 to December 31, 2025) to use cash collateral under its fifth interim order. The secured creditors that assert an interest in the cash collateral are Heartland Bank & Trust Company, the U.S. Small Business Administration and Heartland and Carroll's, LLC, doing business as National Tire Wholesale. As protection, the secured creditors will be granted security interests in the Debtor's post-petition assets and the proceeds thereof, with the same priority and extent as their pre-bankruptcy liens. In addition, Heartland Bank & Trust Company will be granted a "super-priority" claim over all other liens and claims for unpaid post-petition funds advanced. It will receive repayment first before other creditors, including administrative claimants. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/tyLb4 from PacerMonitor.com. About Fuller's Service Center Inc. Fuller's Service Center, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-01345) on January 29, 2025, listing up to $1 million in assets and up to $10 million in liabilities. Douglas A. Fuller Jr., president of Fuller's Service Center, signed the petition. Judge Deborah L. Thorne oversees the case. David K. Welch, Esq., at Burke, Warren, MacKay & Serritella, P.C., is the Debtor's legal counsel. Heartland Bank & Trust Company, as secured creditor, is represented by: Michael A. O'Brien, Esq. O'Brien Law Offices, P.C. 124A S. County Farm Rd. Wheaton, IL 60187 Phone: 630-871-9400 mobrien@obrienlawoffices.com service@obrienlawoffices.com GARDA WORLD: Fitch Revises Outlook on 'B+' LongTerm IDR to Neg. --------------------------------------------------------------- Fitch Ratings has affirmed Garda World Security Corporations' (GW) Issuer Default Rating (IDR) at 'B+', senior secured facilities and bonds at 'BB' with a Recovery Rating of 'RR2', and senior unsecured bonds at 'B-'/'RR6'. The Outlook has been revised to Negative from Stable. The Negative Outlook reflects elevated commercial execution risk in balancing growth investment and realizing incremental cash flows. Negative FCF has increased debt financing needs and will delay credit metrics consistent with the 'B+' rating. Fitch projects EBITDA interest coverage in the mid to high 1.0x and EBITDA leverage in the mid-7.0x or above through fiscals 2026-2027. Fitch forecasts negative FCF in fiscal 2026 and near breakeven in fiscal 2027, and revolver utilization of about 50% at FYE 2026. The ratings also reflect Garda's recurring revenue model, flexible cost structure and large market position. Fitch balances Garda's solid growth profile against the investment predictability and financial flexibility. KEY RATING DRIVERS Execution Delays FCF Improvement: Cash costs for growth investment and delays in realizing new, large contracts are weakening cash flow, particularly in fiscal 2026-2027. A continuation of Garda's elevated investment would pressure financial flexibility. Garda's growth investment has involved high working-capital needs and extraordinary costs, and easing has been slower than expected. Operating execution on new contracts and product sales has reduced EBITDA forecasts. Fitch expects a significant working-capital unwind in fiscal 4Q26 and stronger EBITDA in fiscal 2027; however, ongoing execution remains a focus. Softer FCF, Financial Flexibility: Fitch revised fiscal 2026 FCF to nearly negative CAD100 million, down from about CAD40 million, due to weaker-than-expected fiscal 3Q performance, despite a significant step-up in fiscal 4Q EBITDA and a working-capital benefit supporting nearly $225 million in FCF in fiscal 4Q. Fitch expects near breakeven FCF in fiscal 2027 before turning durably positive, with a more normalized pace of growth investments and extraordinary items supporting CFO-capex/debt ratio in the low single digits. Fitch projects revolver utilization of about 50% at FYE 2026 Delayed Coverage, Leverage Improvement: Fitch forecasts EBITDA interest coverage near 2.0x in fiscals 2027-2028, above sub-2.0x levels in fiscals 2024-2026 as solid growth and lower growth investment reduce funding needs. EBITDA leverage is likely to remain somewhat elevated, reaching the mid to high 6.0x over fiscals 2028-2029. Fitch's forecast revisions have extended the timeline to credit metrics consistent with the 'B+' rating. Fitch believes Garda's financial policies will remain consistent, prioritizing 2.0x interest coverage (company calculated basis). EBITDA Growth Continues: Fitch expects Garda's growth profile to remain positive, though the near-term forecast is mildly weaker than prior expectations. Fitch forecasts EBITDA of about CAD935 million in fiscal 2026, up from CAD840 million in fiscal 2025, and approaching CAD 1.1 billion in fiscal 2027. Several large service contracts begin in fiscal 2026 and product deliveries are expected to ramp up. Contracts and orders in place provide visibility to rising earnings, but the materialized delays and greater than expected growth investment increase execution risks. Recurring Revenue Services: Garda's ratings benefit from the stable, recurring nature of its security and cash management services. As with peers with similar ratings and stable cash flows, this offsets credit metrics that are weaker than typical 'B+' levels. Security services, which make up the largest proportion of revenue, are fairly insulated from fluctuating customer activity and depend more on how many locations remain open. Contract lengths with customers vary but are typically multiyear for government and infrastructure-related customers. Stable Cash Management Revenue: The cash-management segment benefits from multiyear contracts, with revenue tied to the number of services stops and monthly fees instead of the monetary value of cash-in-transit. Despite proliferating non-cash payment methods, the balance of cash in circulation globally continues to rise; in periods of economic weakness, cash balances tend to grow more quickly. Favorable Competitive and Market Position: GW's reported customer retention rates, in the mid-90% range or higher, indicate market strength. GW typically holds a top-three position in its geographic markets, with strength in Canada. Although the fragmented security services market presents low barriers to entry, GW's management of a large workforce able to service large, multilocation customers has supported its market position. PEER ANALYSIS Fitch compares Garda with cash-management peer The Brink's Company (BCO; BB+/Stable) and other personnel-heavy transportation companies like First Student BidCo, Inc. (BB-/Stable) and Waste Pro USA Inc. (WP; B+/Stable). Fitch expects Garda and these three peers to benefit from fundamentally steady demand and earnings profiles due to the highly recurring and contracted nature of their respective business models. This group of companies also has a good degree of cost structure flexibility due to their labor-oriented business models. Comparatively, WP has a significantly more concentrated service region, focused on the southeastern U.S. and a relatively smaller market share within its industry. BCO's rating reflects its stable and consistently positive FCF and expectation that leverage declines to the mid-to-high 3.0x range in the medium term. Garda's EBITDA leverage is higher than First Student's EBITDA leverage projected to be in the mid to high 4.0x range, and WP's EBITDA leverage is expected to be 4.5x-5.0x over the long term. WP's growth investments weigh on its FCF generation; however, this concern is mitigated by the visibility of its revenue and cost structures. FITCH'S KEY RATING-CASE ASSUMPTIONS -- Organic growth in the mid-single digits driven by new contract wins in security services, delivery of security products and executive protection, supplemented by completed M&A activity in fiscal 2026; -- Organic growth is modestly higher in fiscal 2027 from rollover impact of new contract wins, before moderating to the mid-single digits. -- EBITDA around CAD0.9 billion to CAD1.1 billion in fiscals 2026-2027; -- Extraordinary costs persist but are largely linked to growth investment, leading to total other operating cash costs of about CAD135 million in fiscal 2026, before declining to USD100 million in fiscal 2027 -- Garda realizes pent-up working capital benefits in 2H26, adding around CAD 90 million to cash flow in fiscal 2026, before sustaining a moderate level of growth investment; -- Capital allocation favors M&A and growth investment, and no meaningful debt repayment is assumed beyond fiscal 2026; -- SOFR rates remain around 4% through the forecast period. RECOVERY ANALYSIS The recovery analysis assumes Garda would be reorganized as a going concern (GC) in bankruptcy rather than liquidated. Fitch has assumed a 10% administrative claim. Fitch estimates a GC EBITDA of CAD800 million, reflecting pro forma adjustments for acquisitions. The GC EBITDA estimate reflects Fitch's view of a sustainable, post-reorganization EBITDA level, upon which Fitch bases the enterprise valuation. This estimate reflects a potential weakening in the cash services market and increased competitiveness in the security services market. It also reflects the corrective measures taken in reorganization to offset the adverse conditions that triggered default, such as cost-cutting, contract repricing and industry recovery. Fitch assumes a GC recovery multiple of 6.0x. The multiple reflects Garda's valuation when BC Partners invested in fiscal 2020 at about 10x EBITDA, publicly traded peers around 10x, and acquisition multiples ranging from under 5.0x to about 10x across the security services and cash management sectors. The recovery analysis assumes that secured credit facilities are senior in the recovery waterfall to the unsecured notes. This results in a 'BB' rating and a Recovery Rating of 'RR2' for the senior secured credit facilities and 'B-' rating and a Recovery Rating of 'RR6' on the senior unsecured notes. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade -- Fitch-calculated EBITDA interest coverage sustained below 2.0x; -- An inability to generate FCF and significant revolver utilization that heightens liquidity and refinancing risk; -- Fitch-calculated EBITDA leverage sustained above the mid-6.0x range. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade -- A change in financial and capital allocation policy that supports EBITDA leverage sustained below 5.5x; -- Improved cash flow generation supports FCF margins sustained above the low-single digits. Factors that Could, Individually or Collectively, Lead to a Revision of the Rating Outlook to Stabe: -- A sustainable improvement in operating performance that supports positive FCF generation and strong progress on achieving EBITDA interest coverage above 2.0x and EBITDA leverage below the mid-6.0x LIQUIDITY AND DEBT STRUCTURE Garda's liquidity as of Oct. 31, 2025, consisted of CA168 million of cash and CAD110 million of availability under its USD530 million revolving credit facilities. Garda's near-term maturities are limited. The term loan amortizes at 1% per year, and the next scheduled maturity is the USD570 million senior secured notes due 2028; however, the revolvers have a springing maturity provision to 91 days prior. Subsequent to fiscal 3Q, Garda issued USD650 million with proceeds used to repay the USD570 million and expected to term out a portion of revolver borrowings. Fitch has assigned 0% equity credit to Garda's CAD300 million of preferred stock. Fitch views the preferred stock as a hybrid instrument, as it is issued within the rated entity by Garda, subordinated to senior debt, and has a cash-pay cumulative dividend. There are no default or cross-default provisions linking the preferred stock and Garda's debt. The preferred shares are subject to a meaningful step up in the dividend rate in October 2030, negating equity credit. ISSUER PROFILE Garda World Security Corporation is a privately held Canadian cash logistics and security firm with over 120,000 employees worldwide. It is majority employee-owned, with a significant minority stake held by private equity firm BC Partners. RATING ACTIONS Rating Prior ------ ----- Garda World Security Corporation LT IDR B+ Affirmed B+ senior unsecured LT B- Affirmed RR6 B- senior secured LT BB Affirmed RR2 BB GRADY'S HARDWARE: Gets OK to Use Cash Collateral ------------------------------------------------ The U.S. Bankruptcy Court for the District of Minnesota issued an order authorizing Grady's Hardware Inc. to use cash collateral to fund operations. Under the court order, the Debtor is authorized to use cash collateral through February 28, strictly in accordance with its budget. This approval allows the Debtor to fund ongoing operating expenses while its Chapter 11 case proceeds. To protect secured creditors, the court granted them adequate protection in the form of replacement liens on post-petition assets of the same type, priority, and dignity as the creditors' pre-bankruptcy liens. These liens apply only to the extent of any diminution in collateral value caused by the Debtor's use or disposition of assets and exclude Chapter 5 avoidance actions. The order also requires the Debtor to maintain insurance on its assets and authorizes specific adequate protection payments to Red Iron Acceptance. When a listed Toro-branded unit is sold, the Debtor must remit the purchase cost of that unit to Red Iron, ensuring targeted protection for that secured creditor. The order is available at https://is.gd/oUeWLn from PacerMonitor.com. About Grady's Hardware Inc. Grady's Hardware, Inc. sought protection under U.S. Bankruptcy Code (Bankr. D. Minn. Case No. 25-43090) on September 22, 2025, listing up to $500,000 in assets and up to $1 million in liabilities. Shawn Grady, president and owner of About Grady's Hardware, signed the petition. Judge Mychal A. Bruggeman oversees the case. Mary Sieling, Esq., at Sieling Law, PLLC, represents the Debtor as bankruptcy counsel. HEALTHPALS INC: Seeks Chapter 7 Bankruptcy in California -------------------------------------------------------- On December 30, 2025, Healthpals, 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 Healthpals, Inc. Healthpals, Inc. is a privately owned healthcare company in the United States offering services, solutions, and products in the healthcare sector. Healthpals, Inc. sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 25-31059) on December 30, 2025. In its petition, the Debtor reports estimated assets ranging from $0 to $100,000 and estimated liabilities between $1 million and $10 million. The Honorable Dennis Montali handles the case. The Debtor is represented by Bennett G. Young, Esq., of Jeffer Mangels Butler & Mitchell LLP. HERITAGE HOUSE: Seeks Chapter 7 Bankruptcy in Massachusetts ----------------------------------------------------------- On December 28, 2025, Heritage House LLC filed for Chapter 7 protection in the U.S. Bankruptcy Court for the District of Massachusetts. According to court filings, the Debtor reports between $100,001 and $1,000,000 in liabilities owed to 1–49 creditors. About Heritage House LLC Heritage House LLC is a limited liability company. Heritage House LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 25-12813) on December 28, 2025. In its petition, the Debtor reports estimated assets between $0 and $100,000 and estimated liabilities ranging from $100,001 to $1,000,000. Honorable Bankruptcy Judge Christopher J. Panos handles the case. The Debtor is represented by Patrick L. Mead, Esq., of the Law Offices of Patrick L. Mead. HOMES BY TOMA: Seeks Chapter 7 Bankruptcy in California ------------------------------------------------------- On December 31, 2025, Homes by Toma, Inc. filed for Chapter 7 protection in the Central District of California Bankruptcy Court. According to court filing, the Debtor reports between $100,001 and $1,000,000 in debt owed to 1–49 creditors. About Homes by Toma, Inc. Homes by Toma, Inc. is a U.S.-based corporation involved in residential real estate development and construction. The company builds and sells homes while overseeing project management, construction activities, and market engagement. Homes by Toma, Inc. sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 25-19402) on December 31, 2025. In its petition, the Debtor reports estimated assets of $0–$100,000 and estimated liabilities of $100,001–$1,000,000. Honorable Bankruptcy Judge Scott H. Yun handles the case. The Debtor is represented by Paul Y. Lee, Esq., of the Law Offices of Paul Y. Lee. HORIZON WEST: Gets Interim OK to Use Cash Collateral Until Jan. 27 ------------------------------------------------------------------ Horizon West Medical Group, PLLC received interim approval from the U.S. Bankruptcy Court for the Middle District of Florida, Orlando Division, to use cash collateral to fund operations. The court issued a preliminary order authorizing the Debtor to use cash collateral through January 27 to pay operating expenses, including U.S. Trustee quarterly fees, the expenses set forth in the approved budget (with up to a 10% variance per line item), and additional expenses subject to approval by McKesson Corporation, the senior creditor. The Debtor is entitled to prompt court hearings on any disputed expenditures. The Debtor projects total operating expenses of $127,964 for the period from December 2005 to March 2026. As adequate protection, secured creditors including McKesson Corporation will receive replacement liens, with the same validity and priority as their pre-bankruptcy liens. The Debtor must also maintain required insurance and comply with all debtor-in-possession obligations. The order is without prejudice to future requests to modify adequate protection or restrict cash collateral use. The next hearing is scheduled for January 27. The preliminary order is available at https://is.gd/qStHLe from PacerMonitor.com. Horizon West Medical Group asserts that essentially all cash on hand and future accounts receivable -- approximately $32,561 as of the petition date -- may constitute cash collateral subject to liens held primarily by McKesson Corporation, owed about $62,000, with junior liens asserted by DLP Funding, LLC (approximately $15,000) and Acme Corp. About Horizon West Medical Group PLLC Horizon West Medical Group, PLLC is a Florida-based healthcare provider specializing in outpatient medical services. The company offers primary care, diagnostic services, and patient management programs to support the health and wellness of its local community. Horizon West Medical Group sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-08105) on December 14, 2025. In its petition, the Debtor reports estimated assets and estimated liabilities each in the range of $100,001 to $1 million. The case is assigned to Honorable Lori V. Vaughan. The Debtor is represented by Jeffrey Ainsworth, Esq., of BransonLaw PLLC. HUDSON 1701/1706: U.S. Trustee Alleges DLA Piper Conflict in Ch. 11 ------------------------------------------------------------------- Emily Lever of Law360 Bankruptcy Authority reports that the two bankrupt entities affiliated with the former Hudson Hotel should be barred from retaining DLA Piper LLP as special counsel in their Chapter 11 case, the U.S. trustee argued Monday, January 5, 2026, contending the firm faces disqualifying conflicts of interest. The trustee said DLA Piper's prior work for the debtors’ equity owner and proposed debtor-in-possession lender undermines its ability to provide independent advice in the bankruptcy. According to the filing, the U.S. trustee asserted that DLA Piper’s connections to key insiders create divided loyalties at a time when the firm would be expected to scrutinize transactions involving those same parties. The trustee urged the court to deny the retention request, warning that allowing conflicted counsel would compromise the integrity of the reorganization process. About HUDSON 1701/1706 LLC Hudson 1701/1706, LLC and Hudson 1702, LLC are Delaware limited liability companies engaged in activities related to real estate under NAICS code 5313. The entities manage and administer real property interests at 353 West 58th Street in New York City, with Hudson 1701/1706 associated with the tenth floor and Hudson 1702 with Unit 2 of the same building. The Debtors filed Chapter 11 petitions (Bankr. D. Del. Lead Case No. 25-11853) on October 22, 2025. At the time of the filing, the Debtors listed between $100 million and $500 million in assets and liabilities. Hudson 1701/1706 is a corporation with Tax ID 88-1290281 and listed between 1 and 49 creditors in its petition. Honorable Judge Karen B. Owens oversees the cases. The Debtor tapped Chipman Brown Cicero & Cole, LLP as bankruptcy counsel; DLA Piper LLP (US) as special corporate and litigation counsel; FTI Consulting, Inc. as restructuring advisor; and Verita Global, LLC as claims and noticing agent. HUXHOLD BODYWORKS: Andrew Kight Named Subchapter V Trustee ---------------------------------------------------------- The Acting U.S. Trustee for Region 10 appointed Andrew Kight as Subchapter V trustee for Huxhold Bodyworks, LLC. The Subchapter V trustee can be reached at: Andrew T. Kight 108 E. 9th Street Indianapolis, IN 46202 317-608-1130 trusteekight@jhklegal.com About Huxhold Bodyworks LLC Huxhold Bodyworks, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ind. Case No. 25-07786) on December 29, 2025, with $50,001 to $100,000 in assets and $100,001 to $500,000 in liabilities. Judge James M. Carr presides over the case. Eric C. Welch, Esq. at Welch, Gregg & Company, Llc represents the Debtor as legal counsel. INFINITY REGENERATIVE: Seeks Chapter 7 Bankruptcy in Massachusetts ------------------------------------------------------------------ On December 18, 2025, Infinity Regenerative Health, LLC filed for Chapter 7 protection in the U.S. Bankruptcy Court for the District of Massachusetts. According to court filings, the Debtor reports between $100,001 and $1 million in debt owed to 1 to 49 creditors. About Infinity Regenerative Health, LLC Infinity Regenerative Health, LLC is a healthcare services provider focused on regenerative and integrative medical treatments. Infinity Regenerative Health, LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 25-12739) on December 18, 2025. In its petition, the Debtor reports estimated assets of $100,001 to $1 million and estimated liabilities of $100,001 to $1 million. Honorable Bankruptcy Judge Christopher J. Panos handles the case. The Debtor is represented by Troy D. Morrison, Esq. of the Law Office of Troy D. Morrison. INGLES PRODUCE: Seeks to Hire Wernick Law as Bankruptcy Counsel --------------------------------------------------------------- Ingles Produce, Inc. seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to employ Wernick Law, PLLC as counsel. The firm will render these services: (a) advise the Debtor with respect to its powers and duties; (b) advise the Debtor with respect to its responsibilities in complying with the U.S. Trustee's Operating Guidelines and Reporting Requirements and with the rules of the Court; (c) prepare legal documents necessary in the administration of the case; (d) protect the interest of the Debtor in all matters pending before the Court; and (e) represent the Debtor in negotiations with creditors in the preparation of a plan. The firm will be paid at these hourly rates: Aaron Wernick, Attorney $825 Hayley Harrison, Attorney $695 Corrine Aftimos, Attorney $695 Courtney Milam, Attorney $595 Paralegals $425 Prior to the filing of this case, the firm was paid by the Debtor a fee deposit in the amount of $50,000 including an advance of the costs of the filing fees of $1,738 for the case. Mr. Wernick disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Aaron A. Wernick, Esq. Wernick Law, PLLC 2255 Glades Road, Suite 324A Boca Raton, FL 33431 Telephone: (561) 961-0922 Email: awernick@wernicklaw.com About Ingles Produce Ingles Produce Inc. is a global distributor of fresh fruits and vegetables, supplying retail, catering, and food service clients across the United States, with multiple farm locations from Georgia to New Jersey. The Company operates a nationwide network to manage production, handling, and delivery of produce in compliance with federal food safety regulations. Its product range includes a variety of Eastern vegetables and fruits such as collard greens, tomatoes, ginger, mangoes, and berries. Ingles Produce sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Flor. Case No. 25-25031) on December 19, 2025. In its petition, the Debtor reports total assets of $99,087 and total liabilities of $2,632,068. The Debtor tapped Kevin W. Coleman, Esq., at Nuti Hart LLP as counsel and Donlin, Recano & Company, LLC as claims and noticing agent. INTERNATIONAL CHIROPRACTIC: Seeks Chapter 7 Bankruptcy in Florida ----------------------------------------------------------------- On December 31, 2025, International Chiropractic Center, LLC filed for Chapter 7 protection in the U.S. Bankruptcy Court for the Middle District of Florida. According to court filings, the Debtor reports between $100,001 and $1,000,000 in debt owed to between 1 and 49 creditors. About International Chiropractic Center, LLC International Chiropractic Center, LLC is a chiropractic services company focused on diagnosing and treating conditions affecting the spine and musculoskeletal system. International Chiropractic Center, LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 25-08476) on December 31, 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 Grace E. Robson handles the case. The Debtor is represented by Michael A. Paasch, Esq. of Dinsmore & Shohl LLP. IROBOT CORP: Hires Alvarez & Marsal as Investment Banker -------------------------------------------------------- iRobot Corporation and its affiliates seek approval from the U.S. Bankruptcy Court for the District of Delaware to employ Alvarez & Marsal Securities, LLC as investment banker and financial advisor. The firm will render the following services as investment banker: (a) if necessary, provide valuation analyses, as appropriate; (b) assist with the formulation, valuation, implementation of various options for a restructuring, financing, reorganization, merger, or sale of the Debtors, or their assets or businesses; (c) assist in updating, as appropriate, information memorandum(s) for distribution and presentation to prospective transaction counterparties; (d) assist in identifying and contacting prospective counterparties as well as in soliciting indications of interest in a transaction; (e) assist in evaluating indications of interest and proposals received from prospective interest parties in a potential transaction; (f) assist in negotiating the financial terms and structure of any applicable transaction; and (g) provide other investment banking services that are reasonably necessary to accomplish the foregoing and consummate one or more transactions. The firm will render the following services as financial advisor: (a) assist in evaluation of the Debtors' current business plan and in preparation of a revised operating plan and cash flow forecast and presentation of such plan and forecast their board of directors and its creditors, as applicable; (b) assist in the development and management of a 13-week cash flow forecast; (c) assist with respect to financing issues; (d) assist the Debtors and their advisors in preparation of materials to facilitate any mergers and acquisitions related activities; (e) assist and advise to the Debtors and their other advisors with design, benchmarking and preparation of compensation, retention and incentive plans for executive management and key employees; (f) assist the Debtors and their other advisors in preparing contingency plans; (g) assist the Debtors and their other advisors with the administration of these Chapter 11 cases; (h) if necessary, participate in hearings before the Court with respect to matters upon which the firm has provided advice; (i) assist the Debtors' advisors in advising the Board on matters related to these Chapter 11 cases; (j) report to the Board as desired or directed by the Debtors and their other advisors; and (k) other activities as are approved by the Debtors and their other advisors and agreed to by the firm. The firm's professionals will be paid at these hourly rates: Managing Directors $1,200 - $1,600 Directors $900 - $1,175 Associates $650 - $875 Analysts $450 - $625 In addition, the firm will seek reimbursement for expenses incurred. In the 90 days prior to the petition date, the firm received retainers and payments totaling $2,846,000 in the aggregate for services performed for the Debtors. George Varughese, a managing director at Alvarez & Marsal, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: George Varughese Alvarez & Marsal Securities, LLC 600 Madison Avenue, 8th Floor New York, NY 10022 Telephone: (212) 759-4433 About iRobot Corp. iRobot Corp. is the manufacturer of Roomba robot vacuums. iRobot Corp. and two affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-12197) on December 14, 2025. In its petition, the Debtor reports estimated assets and liabilities between $100 million and $500 million each. The cases are overseen by the Honorable Judge Brendan Linehan Shannon. The Debtors are represented by Paul M. Basta, Esq. of Paul, Weiss, Rifkind, Wharton & Garrison. Young Conaway Stargatt & Taylor, LLP serves as their co-counsel. Goodwin Procter LLP serves as special litigation and corporate counsel to the Debtors. Alvarez & Marsal Securities, LLC serves as investment banker and financial advisor to the Debtors. Stretto, Inc. serves as claims and noticing agent and as administrative advisor to the Debtors. Picea is represented by White & Case LLP and Richards, Layton & Finger PA. The Debtors filed a Joint Prepackaged Chapter 11 Plan of Reorganization together with their bankruptcy petitions. A combined hearing to consider confirmation of the Prepackaged Plan; conditionally approve the Disclosure Statement, and approve solicitation-related procedures is scheduled for Jan. 22, 2026 at 10:00 a.m. IROBOT CORP: Hires Young Conaway Stargatt as Co-Counsel ------------------------------------------------------- iRobot Corporation and its affiliates seek approval from the U.S. Bankruptcy Court for the District of Delaware to employ Young Conaway Stargatt & Taylor, LLP as co-counsel. The firm will render these services: (a) provide legal advice and services with the Local Rules and local practices and procedures and provide substantive and strategic advice on how to accomplish the Debtors' goals in connection with the prosecution of these Chapter 11 cases, bearing in mind that the Court relies on co-counsel such as Young Conaway to be involved in all aspects of each bankruptcy proceeding; (b) review, commentate, and/or prepare drafts of documents to be filed with the Court as co-counsel to the Debtors; (c) appear in Court, at any meeting with the U.S. Trustee, and, if applicable, any meeting of creditors at any given time on behalf of the Debtors as their co-counsel; (d) perform various services in connection with the administration of these Chapter 11 cases; (e) perform all other legal services for the Debtors that may be necessary and proper in these Chapter 11 cases in consultation with Paul, Weiss, as their co-counsel. The firm will be paid at these hourly rates: Andrew Magaziner, Attorney $1,060 Shella Borovinskaya, Attorney $615 Kristin Cardoza, Attorney $580 Andrew Lee, Attorney $545 James Diver, Attorney $485 Troy Bollman, Paralegal $385 In addition, the firm will seek reimbursement for expenses incurred. The firm received a retainer of $200,000 on November 3, 2025, in connection with the planning and preparation of initial documents and its proposed post-petition representation of the Debtors. The initial retainer was supplemented on November 12, 2025, in the amount of $300,000, and on December 1, 2025, in the amount of $200,000. Andrew Magaziner, Esq., a partner at Young Conaway Stargatt & Taylor, LLP, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Andrew Magaziner, Esq. Young Conaway Stargatt & Taylor, LLP Rodney Square, 1000 North King Street Wilmington, DE 19801 Telephone: (302) 298-0370 About iRobot Corp. iRobot Corp. is the manufacturer of Roomba robot vacuums. iRobot Corp. and two affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-12197) on December 14, 2025. In its petition, the Debtor reports estimated assets and liabilities between $100 million and $500 million each. The cases are overseen by the Honorable Judge Brendan Linehan Shannon. The Debtors are represented by Paul M. Basta, Esq. of Paul, Weiss, Rifkind, Wharton & Garrison. Young Conaway Stargatt & Taylor, LLP serves as their co-counsel. Goodwin Procter LLP serves as special litigation and corporate counsel to the Debtors. Alvarez & Marsal Securities, LLC serves as investment banker and financial advisor to the Debtors. Stretto, Inc. serves as claims and noticing agent and as administrative advisor to the Debtors. Picea is represented by White & Case LLP and Richards, Layton & Finger PA. The Debtors filed a Joint Prepackaged Chapter 11 Plan of Reorganization together with their bankruptcy petitions. A combined hearing to consider confirmation of the Prepackaged Plan; conditionally approve the Disclosure Statement, and approve solicitation-related procedures is scheduled for Jan. 22, 2026 at 10:00 a.m. IROBOT CORP: Seeks to Tap Goodwin Procter as Special Counsel ------------------------------------------------------------ iRobot Corporation and its affiliates seek approval from the U.S. Bankruptcy Court for the District of Delaware to employ Goodwin Procter LLP as special counsel. The firm's services include: (a) represent the Debtors and their former and current directors and officers in connection with litigation matters; (b) assist the Debtors with their Securities and Exchange Commission (SEC) reporting and regulatory requirements; (c) assist with corporate governance matters; (d) provide counsel with respect to global trade issues; and (e) perform all other necessary legal services in connection with the foregoing or otherwise consistent with Goodwin Procter's historical past practice. (f) assist the Debtors with activities relating to their bankruptcy. As of January 1, 2025, Goodwin Procter's standard hourly rate ranges are: Partners $1,400 - $2,450 Counsel $1,300 - $2,280 Associates $870 - $1,370 Paralegals $380 - $740 As of January 1, 2025, Goodwin Procter's standard hourly rate ranges will be: Partners $1,475 - $2,626 Counsel $1,275 - $2,475 Associates $995 - $1,495 Paralegals $375 - $815 In addition, the firm will seek reimbursement for expenses incurred. The firm received advance payment retainers totaling $1,050,000 from the Debtors. Kizzy Jarashow, Esq., a partner at Goodwin Procter, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Kizzy Jarashow, Esq. Goodwin Procter LLP The New York Times Bldg., 620 Eighth Ave. New York, NY 10018 Telephone: (212) 813-8800 About iRobot Corp. iRobot Corp. is the manufacturer of Roomba robot vacuums. iRobot Corp. and two affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-12197) on December 14, 2025. In its petition, the Debtor reports estimated assets and liabilities between $100 million and $500 million each. The cases are overseen by the Honorable Judge Brendan Linehan Shannon. The Debtors are represented by Paul M. Basta, Esq. of Paul, Weiss, Rifkind, Wharton & Garrison. Young Conaway Stargatt & Taylor, LLP serves as their co-counsel. Goodwin Procter LLP serves as special litigation and corporate counsel to the Debtors. Alvarez & Marsal Securities, LLC serves as investment banker and financial advisor to the Debtors. Stretto, Inc. serves as claims and noticing agent and as administrative advisor to the Debtors. Picea is represented by White & Case LLP and Richards, Layton & Finger PA. The Debtors filed a Joint Prepackaged Chapter 11 Plan of Reorganization together with their bankruptcy petitions. A combined hearing to consider confirmation of the Prepackaged Plan; conditionally approve the Disclosure Statement, and approve solicitation-related procedures is scheduled for Jan. 22, 2026 at 10:00 a.m. IROBOT CORP: Seeks to Tap Paul Weiss as Co-Counsel -------------------------------------------------- iRobot Corporation and its affiliates seek approval from the U.S. Bankruptcy Court for the District of Delaware to employ Paul, Weiss, Rifkind, Wharton & Garrison LLP as co-counsel. The firm's services include: (a) advise with respect to the Debtors' powers and duties in the continued operation of their business; (b) attend meetings and negotiate with representatives of creditors and other parties-in-interest and advise and consult on the conduct of these Chapter 11 cases; (c) take action necessary to protect and preserve the Debtors' estates; (d) prepare and prosecute on behalf of the Debtors all legal papers necessary to the administration of the estates; (e) represent the Debtors connection with obtaining authority to use cash collateral; (f) advise and assist the Debtors with financing and transactional matters that may arise during these Chapter 11 cases; (g) take any necessary action on behalf of the Debtors to negotiate, prepare, and obtain approval of a disclosure statement and confirmation of a Chapter 11 plan and all documentation related thereto; (h) appear in Court and protect the interests of the Debtors before the Court; (i) advise the Debtors regarding tax matters; and (j) perform all other legal services for the Debtors that may be necessary and proper in these Chapter 11 cases. The firm will be paid at these hourly rates: Partners $2,245 - $2,595 Counsel $975 - $1,695 Associates $175 - $560 In addition, the firm will seek reimbursement for expenses incurred. The firm received an aggregate amount of $6,585,529.93 as retainer. Alice Belisle Eaton, a partner at Paul, Weiss, Rifkind, Wharton & Garrison, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Alice Belisle Eaton, Esq. Paul, Weiss, Rifkind, Wharton & Garrison 1285 Avanue of Americas New York, Ny 10019 Telephone: (212) 373-3000 About iRobot Corp. iRobot Corp. is the manufacturer of Roomba robot vacuums. iRobot Corp. and two affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-12197) on December 14, 2025. In its petition, the Debtor reports estimated assets and liabilities between $100 million and $500 million each. The cases are overseen by the Honorable Judge Brendan Linehan Shannon. The Debtors are represented by Paul M. Basta, Esq. of Paul, Weiss, Rifkind, Wharton & Garrison. Young Conaway Stargatt & Taylor, LLP serves as their co-counsel. Goodwin Procter LLP serves as special litigation and corporate counsel to the Debtors. Alvarez & Marsal Securities, LLC serves as investment banker and financial advisor to the Debtors. Stretto, Inc. serves as claims and noticing agent and as administrative advisor to the Debtors. Picea is represented by White & Case LLP and Richards, Layton & Finger PA. The Debtors filed a Joint Prepackaged Chapter 11 Plan of Reorganization together with their bankruptcy petitions. A combined hearing to consider confirmation of the Prepackaged Plan; conditionally approve the Disclosure Statement, and approve solicitation-related procedures is scheduled for Jan. 22, 2026 at 10:00 a.m. IROBOT CORP: Seeks to Tap Stretto as Administrative Advisor ----------------------------------------------------------- iRobot Corporation and its affiliates seek approval from the U.S. Bankruptcy Court for the District of Delaware to employ Stretto, Inc. as administrative advisor. The firm's services include: (a) assist with, among other things, solicitation, balloting, and the tabulation of votes; prepare any related reports, as required in support of confirmation of a Chapter 11 plan; (b) prepare an official ballot certification and, if necessary, testify in support of the ballot tabulation results; (c) assist with the preparation of the Debtors' schedules of assets and liabilities and statements of financial affairs and gather data in conjunction therewith; (d) manage and coordinate any distributions pursuant to a Chapter 11 plan if designated as distribution agent under such plan; and (e) provide such other solicitation, balloting, and other administrative services as may be requested from time to time by the Debtors, the Court, or the Office of the Clerk of the Bankruptcy Court. The firm received an advance payment of $25,000 from the Debtors. Sheryl Betance, a senior managing director at Stretto, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Sheryl Betance Stretto, Inc. 410 Exchange, Suite 100 Irvine, CA 92602 Telephone: (800) 634-7734 About iRobot Corp. iRobot Corp. is the manufacturer of Roomba robot vacuums. iRobot Corp. and two affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-12197) on December 14, 2025. In its petition, the Debtor reports estimated assets and liabilities between $100 million and $500 million each. The cases are overseen by the Honorable Judge Brendan Linehan Shannon. The Debtors are represented by Paul M. Basta, Esq. of Paul, Weiss, Rifkind, Wharton & Garrison. Young Conaway Stargatt & Taylor, LLP serves as their co-counsel. Goodwin Procter LLP serves as special litigation and corporate counsel to the Debtors. Alvarez & Marsal Securities, LLC serves as investment banker and financial advisor to the Debtors. Stretto, Inc. serves as claims and noticing agent and as administrative advisor to the Debtors. Picea is represented by White & Case LLP and Richards, Layton & Finger PA. The Debtors filed a Joint Prepackaged Chapter 11 Plan of Reorganization together with their bankruptcy petitions. A combined hearing to consider confirmation of the Prepackaged Plan; conditionally approve the Disclosure Statement, and approve solicitation-related procedures is scheduled for Jan. 22, 2026 at 10:00 a.m. IRONMEN REALTY: Seeks to Hire Politan Law as Bankruptcy Counsel --------------------------------------------------------------- Ironmen Realty Company, LLC seeks approval from the U.S. Bankruptcy Court for the District of New Jersey to employ Politan Law, LLC as counsel. The firm will render these services: (a) advise the Debtor regarding its powers and duties; (b) represent the Debtor in bankruptcy matters and adversary proceedings; and (c) perform all legal services for the Debtor which may be necessary to confirm a plan. Mark Politan, Esq., the primary attorney in this representation, will be billed at his hourly rate of $550 plus reimbursement for expenses incurred. The firm received a total retainer of $17,500 from the Debtor. Mr. Politan disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Mark J. Politan, Esq. Politan Law, LLC 88 East Main Street, #502 Mendham, NJ 07945 Telephone: (973) 768-6072 Email: mpolitan@politanlaw.com About Ironmen Realty Company LLC Ironmen Realty Company, LLC is a single-asset real estate company that owns one income-producing property. Ironmen Realty filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D.N.J. Case No. 25-23344) on December 18, 2025, listing estimated assets of up to $10 million and estimated liabilities of up to $10 million. The Debtor tapped Mark J. Politan, Esq., at Politan Law, LLC as counsel. J & C CONSTRUCTION: Seeks Chapter 7 Bankruptcy in Maryland ---------------------------------------------------------- On December 31, 2025, J & C Construction & Design LLC filed for Chapter 7 protection in the U.S. Bankruptcy Court for the District of Maryland. According to court filings, the Debtor reports between $1 million and $10 million in debt owed to between 1 and 49 creditors. About J & C Construction & Design LLC J & C Construction & Design LLC is a U.S.-based limited liability company specializing in construction and design services under a private ownership structure. J & C Construction & Design LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 25-22164) on December 31, 2025. In its petition, the Debtor reports estimated assets ranging from $100,001 to $1 million and estimated liabilities between $1 million and $10 million. The Honorable Nancy V. Alquist handles the case. The Debtor is represented by Eric S. Steiner, Esq., of Steiner Law Group, LLC. J3 EQUITIES: 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 J3 Equities, 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 J3 Equities LLC J3 Equities, LLC is a Florida-based company specializing in real estate investments and equity management services. The company sought relief under Chapter 11 of the U.S. Bankruptcy Code ((Bankr. M.D. Fla. Case No. 25-08329) on December 23, 2025. In its petition, the Debtor reports estimated assets and estimated liabilities each ranging from $1 million to $10 million. The Debtor is represented by Justin M. Luna, Esq. of Latham, Luna, Eden & Beaudine, LLP. JAMES E. LANDY III: Grimes' Debt Nondischargeable, Court Rules -------------------------------------------------------------- The Honorable Mark E. Hall of the United States Bankruptcy Court for the District of New Jersey granted James Grimes, Jr.'s motion for summary judgment in the adversary proceeding captioned as JAMES GRIMES, JR., Plaintiff, v. JAMES E. LANDY III, Defendant, Adv. No. 24-01617-MEH (Bankr. D.N.J.). The parties' legal quarrels began on or about March 7, 2019, when Grimes commenced an action against Landy and Rossen Karadjov in the Superior Court of New Jersey, asserting claims arising from the business the three of them owned and operated together, known as AV Design Services, LLC. On March 18, 2019, Landy, Karadjov, and AVDS commenced an action in the District Court of New Jersey against James Durant, an AVDS employee. Karadjov, and AVDS later amended their complaint on August 3, 2021, to name Grimes and Grant Advanced Video Technology, LLC -- the company Grimes and Durant allegedly started after leaving AVDS -- as additional defendants. The amended complaint alleges twelve counts against Grimes, Durant, and Grant Advanced, including violations of the New Jersey Trade Secrets Act, common law misappropriation, conversion, unfair competition, and unjust enrichment. Pursuant to an arbitration clause in AVDS's governing documents, the case was referred to arbitration and heard by the Hon. Francis J. Orlando, J.S.C. (Ret.) on behalf of the American Arbitration Association. Presently before the Bankruptcy Court is a motion filed by plaintiff James Grimes, Jr. seeking summary judgment in his favor and a determination that the debt owed to him by his former business partner, defendant-debtor James E. Landy III, is nondischargeable. The debt arises from a final arbitration award rendered by the American Arbitration Association on April 28, 2023 in favor of Grimes and against Landy and other respondents in the amount of $1,179,615.52. Grimes asserts that the entirety of the debt is nondischargeable under Section 523(a)(6) of the Bankruptcy Code, as a debt arising from Landy's alleged willful and malicious conduct, as well as under Section 523(a)(4) of the Bankruptcy Code, as a debt arising from Landy's alleged larceny and embezzlement. Landy opposed the Motion. Grimes asserts that he is entitled to summary judgment because there is no genuine dispute as to a material fact that the Award arose as a consequence of Landy's willful and malicious injury to Grimes, or Landy's larceny and embezzlement. The Bankruptcy Court finds Landy's conduct giving rise to his liability under the Award was undoubtedly intended to harm Grimes. Judge Hall holds, "Grimes was one of the founding members of AVDS and made significant contributions to the company. By wrongfully terminating him and expelling him from AVDS, Landy stripped Grimes of his one-third ownership interest, preventing him from having any further say in the company or in Durant's membership status, and deprived him of the value of his interest. Lastly, Landy's actions were wrongful and without just cause or excuse. These findings lead the Court to conclude that Landy's actions were willful and malicious and intended to harm, or were substantially certain to harm, Grimes. Grimes has adequately established that the Award is nondischargeable under Section 523(a)(6) of the Bankruptcy Code, and that he is entitled to the entry of summary judgment in his favor." A copy of the Court's Memorandum Opinion is available at https://urlcurt.com/u?l=1aPBaS from PacerMonitor.com. James E. Landy, III filed for Chapter 11 bankruptcy protection (Bankr. D.N.J. Case No. 24-17724) on August 2, 2024, listing under $1 million in both assets and liabilities. The Debtor is represented by Douglas Tabachnik, Esq., at Law Offices of Douglas T. Tabachnik, P.C. JEAN ANN: Case Summary & Two Unsecured Creditors ------------------------------------------------ Debtor: Jean Ann Schwark MS, FNP-C, PLLC Serenity Women's Care 10615 N. Hayden Rd. #C-100 Scottsdale, AZ 85260 Business Description: Jean Ann Schwark MS, FNP-C, PLLC, doing business as Serenity Women's Care, is a Scottsdale, Arizona-based practice providing women's healthcare and medical aesthetic services. It offers gynecology care including well-woman exams and patient education, alongside aesthetic treatments such as body contouring, laser therapy, skin rejuvenation, dermal fillers, and Botox. The practice uses modern technology and continuing practitioner training to provide preventive, therapeutic, and aesthetic care. Chapter 11 Petition Date: January 5, 2026 Court: United States Bankruptcy Court District of Arizona Case No.: 26-00059 Debtor's Counsel: Grant L. Cartwright, Esq. MAY, POTENZA, BARAN & GILLESPIE, P.C. 1850 N. Central Avenue, Suite 1600 Phoenix, AZ 85004 Tel: 602-252-1900 E-mail: gcartwright@maypotenza.com Estimated Assets: $100,000 to $500,000 Estimated Liabilities: $1 million to $10 million The petition was signed by JeanAnn Schwark as medical director and manager. A copy of the Debtor's list of two unsecured creditors is available for free on PacerMonitor at: https://www.pacermonitor.com/view/TM2BTYY/Jean_Ann_Schwark_MS_FNP-C_PLLC__azbke-26-00059__0002.0.pdf?mcid=tGE4TAMA A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/DGKMHHQ/Jean_Ann_Schwark_MS_FNP-C_PLLC__azbke-26-00059__0001.0.pdf?mcid=tGE4TAMA JOHNSON PARKER: Seeks Chapter 7 Bankruptcy in California -------------------------------------------------------- On December 31, 2025, Johnson Parker Transportation, LLC filed for Chapter 7 protection in the Central District of California Bankruptcy Court. According to court filing, the Debtor reports between $100,001 and $1,000,000 in debt owed to 1–49 creditors. About Johnson Parker Transportation, LLC Johnson Parker Transportation, LLC is a U.S.-based limited liability company engaged in transportation and logistics services. The company provides freight and delivery solutions for business clients and manages its operations through fleet, driver, and customer service functions. Johnson Parker Transportation, LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 25-21833) on December 31, 2025. In its petition, the Debtor reports estimated assets of $0–$100,000 and estimated liabilities of $100,001–$1,000,000. Honorable Bankruptcy Judge Sheri Bluebond handles the case. The Debtor is represented by Michael R. Totaro, Esq., of Totaro & Shanahan, LLP. JR REAL: Seeks Chapter 7 Bankruptcy in Florida ---------------------------------------------- On December 31, 2025, JR Real Holdings LLC filed for Chapter 7 protection in the U.S. Bankruptcy Court for the Southern District of Florida. According to court filings, the Debtor reports between $100,001 and $1,000,000 in debt owed to between 50 and 99 creditors. About JR Real Holdings LLC JR Real Holdings LLC is a limited liability company. JR Real Holdings LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 25-25436) on December 31, 2025. In its petition, the Debtor reports estimated assets between $100,001 and $1,000,000 and estimated liabilities between $100,001 and $1,000,000. Honorable Bankruptcy Judge Robert A. Mark handles the case. KBI 2015 TX: Seeks to Tap Chris Barker Consulting as Consultant --------------------------------------------------------------- KBI 2015 TX LP seeks approval from the U.S. Bankruptcy Court for the Eastern District of Texas to employ the Chris Barker Consulting, LLC as consultant. The firm will perform business development and assist in a capital raise. The firm will be paid at a flat fee of $5,000 per month for an initial 3 month period, and a success fee equal to 4 percent of any capital raise closed. Christopher Barker, a manager at Chris Barker Consulting, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Christopher Barker 1420 Sanford Ave. SW Lakebay, WA 98349 About KBI 2015 TX LP KBI 2015 TX LP filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Tex. Case No. (25-42973) on October 3, 2025, listing up to $50,000 in assets and up to $10 million in liabilities. Howard Marc Spector, Esq., at Spector & Cox, PLLC represents the Debtor as counsel. KENNEDY CONSTRUCTION: Gets Extension to Access Cash Collateral -------------------------------------------------------------- Kennedy Construction Groups, LLC received another extension from the U.S. Bankruptcy Court for the Middle District of Florida, Tampa Division, to use cash collateral. The court issued a third interim order granting the Debtor approval to use funds in which Midwest Regional Bank and other secured creditors assert an interest and to use such funds for necessary expenses listed in its budget, subject to a 10% variance per line item. As adequate protection, secured creditors will be granted replacement liens, maintaining the same priority as their pre-bankruptcy liens. In addition, the order requires the Debtor to maintain insurance on its assets and preserves all parties' rights to later request modified protection or restrictions on cash use. It also keeps open the rights of a creditors' committee, should one be appointed, to challenge any liens. The next hearing is scheduled for February 5. The third interim order is available at https://is.gd/oX2dzt from PacerMonitor.com. Kennedy estimates that the collective claims of secured creditors are secured by $304,646.08 in assets consisting of $19,657.20 in cash and $284,988.88 in accounts receivables. Midwest asserts $1.19 million in secured claim. Midwest is represented by: Zina Gabsi, Esq. McGlinchey Stafford 201 East Kennedy Blvd. Suite 1200 Tampa, FL 33602 Phone: (656) 228-0300 Fax: (656) 206-3002 zgabsi@mcglinchey.com dbeauchamp@mcglinchey.com About Kennedy Construction Groups LLC Kennedy Construction Groups, LLC, operating as Kennedy Roofing, provides residential and commercial roofing, gutter, window, and carpentry services in Florida. Kennedy Construction Groups sought protection under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-07452) on October 9, 2025. At the time of the filing, the Debtor had estimated assets of between $500,001 and $1 million and liabilities of between $1 million and $10 million. Judge Roberta A. Colton oversees the case. Ford & Semach, P.A. serves as the Debtor's legal counsel. KINGSBOROUGH ATLAS: Janina Hoskins Named Chapter 11 Trustee ----------------------------------------------------------- Judge William Lafferty, III of the U.S. Bankruptcy Court for the Northern District of California approved the appointment of Janina Hoskins as Chapter 11 trustee for Kingsborough Atlas Tree Surgery, Inc. Ms. Hoskins was appointed last month by the U.S. Trustee for Region 17, the Justice Department's bankruptcy watchdog overseeing Kingsborough's Chapter 11 case. The appointment followed the court's order granting Kingsborough's motion to appoint a bankruptcy trustee to take over its Chapter 11 case. Anvil Builders Inc. supported the motion while Commercial Credit Group Inc. asked for the conversion of the case. Ms. Hoskins declared in a verified statement that she has no connection with Kingsborough, any of Kingsborough's creditors or any party with interest in the bankruptcy case. The Chapter 11 trustee also declared that she neither holds nor represents any interest adverse to Kingsborough. Ms. Hoskins has served as a Chapter 7 panel trustee for the Northern District of California since April 1, 2005, and as a Chapter 11 trustee for the past 17 years across a wide range of cases. About Kingsborough Atlas Tree Surgery Inc. Kingsborough Atlas Tree Surgery, Inc. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Calif. Case No. 25-10088) on February 20, 2025. At the time of the filing, the Debtor reported assets of between $1 million to $10 million and liabilities of between $10 million to $50 million. Judge William J. Lafferty oversees the case. Michael C. Fallon serves as the Debtor's legal counsel. KOKINOS MANAGEMENT: Retains O'Connor Davies as Accountant --------------------------------------------------------- Kokinos Management LLC seeks approval from the U.S. Bankruptcy Court for the District of New Jersey to retain John Apisa, C.P.A. of O'Connor Davies to serve as accountant for the Debtor. Mr. Apisa will provide these services: (a) prepare monthly operating reports for the Debtor; and (b) provide certain financial documentation of the Debtor’ principal. Mr. Apisa will receive monthly interim compensation billed at $250/hour. According to court filings, Mr. Apisa does not hold or represent an interest adverse to the estate and is a disinterested person within the meaning of Section 101(14) of the Bankruptcy Code. The professional can be reached at: John Apisa, C.P.A. O’CONNOR DAVIES 20 Commerce Drive, Suite 3901 Cranford, NJ 07016 About Kokinos Management LLC Kokinos Management LLC leases residential and commercial real estate. Kokinos Management LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 25-19562) on September 12, 2025. In its petition, the Debtor reports total assets of $1,202,000 and total liabilities of $352,712 Honorable Bankruptcy Judge Mark Edward Hall handles the case. The Debtor is represented by Geoffrey P. Neumann, Esq. and Timothy P. Neumann, Esq. at BROEGE, NEUMANN, FISCHER & SHAVER, LLC. LAUNDROMAT OF NEVADA: Nathan Smith Named Subchapter V Trustee ------------------------------------------------------------- The U.S. Trustee for Region 17 appointed Nathan Smith, Esq., as Subchapter V trustee for Laundromat of Nevada LLC. Mr. Smith, a partner at Malcolm & Cisneros, will be paid an hourly fee of $550 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Smith declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Nathan F. Smith, Esq. Malcolm & Cisneros 2112 Business Center Drive Irvine, CA 92612 Phone: (949) 252-9400 Email: nathan@mclaw.org About Laundromat of Nevada LLC Laundromat of Nevada LLC, doing business as 24 Hour Laundromat Lavanderia and Laundromat Lavanderia, operates a self-service retail laundromat providing washing and drying services. The Las Vegas, Nevada-based company serves local residential customers and operates in the drycleaning and laundry services industry. The Debtor filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Nev. Case No. 25-17794) on December 23, 2025, with $1 million to $10 million in assets and liabilities. Tim Madsen, managing member, signed the petition. Judge August B. Landis presides over the case. Brett A. Axelrod, Esq. at Fox Rothschild, LLP represents the Debtor as legal counsel. LEROYS MEAT: Seeks to Hire Tax Workout Group as Bankruptcy Counsel ------------------------------------------------------------------ Leroys Meat, LLC and Smoke Ring, LLC seek approval from the U.S. Bankruptcy Court for the Southern District of Ohio to employ Tax Workout Group, PA as counsel. The firm's services include: (a) advise the Debtors regarding their obligations; (b) prepare motions and schedules; (c) negotiate with creditors; (d) analyze liens and claims; (e) assist in the formulation and confirmation of a Subchapter V, Chapter 11 plan; and (f) perform other legal services as may be necessary in the administration of the business and the Chapter 11 cases. The firm will be paid at these hourly rates: Andrew Kamensky, Attorney $395 Sean Stone, Attorney $250 Other Attorneys and Paraprofessionals $200 In addition, the firm will seek reimbursement for expenses incurred. The firm received a prepetition retainer of $25,000 from the Debtor. Mr. Stone disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Sean A. Stone, Esq. 175 S. Third St., Suite 200 Colombus, OH 43215 Telephone: (888) 282-9333 Facsimile: (866) 511-2384 Email: sstone@twg.law About Leroys Meats Leroys Meats, LLC, doing business as Ray Ray's Hog Pit, operates a family of stationary barbecue food trucks, trailers, and drive-thru restaurants across four locations in central Ohio, including Columbus, Westerville, Granville, and Franklinton. Founded in 2009 by chef James Anderson, the Company specializes in hardwood-smoked barbecue, offering pork, beef, and chicken prepared using traditional low-and-slow methods, along with catering and bulk pre-order services for events and holidays. Leroys Meats filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Ohio Case No. (25-55609) on December 19, 2025, listing $428,029 in total assets and $1,175,612 in total liabilities. James Ray Anderson, owner, signed the petition. Judge Tiffany Strelow Cobb oversees the case. Sean Stone, Esq., at Tax Workout Group, PA represents the Debtor as counsel. LEVEL 3 FINANCING: S&P Raises Senior Unsecured Note Rating to 'B-' ------------------------------------------------------------------ S&P Global Ratings raised its issue-level rating on Level 3 Financing Inc.'s senior unsecured notes (inclusive of its add-on issuance of up to $606 million of senior secured notes due 2036) to 'B-' from 'CCC' and revised the recovery rating to '4' from '6' to reflect the company's cumulative repayment of about $2.1 billion of its outstanding second-lien debt. Level 3 is a wholly owned subsidiary of U.S.-based telecommunications service provider Lumen Technologies Inc. The '4' recovery rating indicates S&P's expectation for average (30%-50%; rounded estimate: 40%) recovery in the event of a payment default. Level 3 will use the proceeds from the add-on notes to redeem up to $606 million of its 4.875% second-lien secured notes due 2029 and any of the remaining ~$54 million of the 2030/31 notes that may be tendered during the final period of the cash tender at a tender price below par. Following the completion of this tender, the company will have a very small amount of second-lien notes remaining and they will no longer have a priority claim over its unsecured notes, which supports the revision of S&P's recovery rating on the unsecured notes. S&P said, "We view the transaction as credit positive for Lumen because it will push out its remaining second-lien debt maturities to 2036 from 2029. "Our 'B-' issuer credit rating on Lumen is unchanged, given its large amount of cash on hand to fund its hyperscaler projects. However, we also expect Lumen's leverage will increase over the near term due to declining revenue and one-time expenses, which we include in our calculation of its S&P Global Ratings-adjusted EBITDA, as it transitions its business to accommodate hyperscalers signing contracts to build out their fiber for data transport. Lumen's S&P Global Ratings-adjusted leverage was 5.9x as of the end of the third quarter of 2025 and we expect it will rise above 6.0x in 2025." Issue Ratings--Recovery Analysis Key analytical factors -- S&P rates Level 3's proposed $1,850 million senior unsecured notes due 2036 'B-' with a '4' recovery rating. This reflects its expectation for average (30%-50%; rounded estimate: 40%) recovery in the event of a payment default. -- Level 3 will use the proceeds from these notes to redeem portions of its various outstanding second-lien notes (totaling about $2.1 billion) at a tender price below par. -- The remaining $104 million of second-lien notes will become unsecured because-- given this level of participation--the noteholders are allowed to remove the restrictive covenants and collateral from any of the remaining notes. -- Level 3 Financing is a wholly owned subsidiary of U.S.-based telecommunications service provider Lumen Technologies Inc. -- Level 3 Financing, Inc. is the borrower/issuer, with Level 3 Parent LLC as parent guarantor, under the Level 3 first-lien debt. The first-lien debt has guarantees from all wholly owned domestic subsidiaries of Level 3 and are secured by a first-lien pari passu interest in substantially all assets of the borrower/issuer and guarantors, including certain subsidiary stock pledges, in addition to rights and claims to proceeds from the $1.2 billion Lumen intercompany loan that is owed to Level 3 and has a second-out super-priority security interest in Lumen. -- Level 3's unsecured debt is also issued by Level 3 Financing Inc., with Level 3 Parent LLC as parent guarantor and Level 3 Communications LLC as subsidiary guarantor. -- S&P's simulated default scenario contemplates a material decline in Lumen's revenue due to aggressive competition, higher churn, and price compression, exacerbated by prolonged economic weakness, while its enterprise customers shift to less expensive networking technologies. Simulated default assumptions -- Year of default: 2028 -- Lumen emergence EBITDA: $3,297.8 million -- EBITDA multiple: 5.0x -- Lumen gross recovery value: $16,489.2 million Simplified waterfall -- Net recovery value for waterfall after administrative expenses (5%): $15,664.7 million -- Net enterprise value (EV) at Level 3 Finance (46.1% of Lumen's EV): $7,224.6 million -- Total net EV at Level 3 Finance (inclusive of expected recovery through intercompany loan): $8,380.8 million -- Total value at Level 3 Finance available to secured claims: $8,380.8 million -- Secured first-lien debt claims: $7,076.6 million --Recovery expectations: 90%-100% (rounded estimate: 95%) -- Total value at Level 3 Finance available to unsecured claims: $1,304.2 million -- Unsecured debt claims: $2,946.0 million --Recovery expectations: 30%-50% (rounded estimate: 40%) Notes: S&P assumes the company draws 85% of its revolving credit facility at the time of default. LIGADO NETWORKS: Says Inmarsat Violated Chapter 11 Stay ------------------------------------------------------- Clara Geoghegan of Law360 Bankruptcy Authority reports that telecommunications group Ligado Networks has accused a maritime satellite communications company of violating the automatic stay in its Chapter 11 case, saying the group improperly filed a lawsuit challenging Ligado's efforts to secure government approval to license out spectrum rights. Ligado told the court the suit was brought despite an existing bankruptcy stay and a prior mediated agreement between the parties. According to Ligado, the litigation undermines protections afforded by the Bankruptcy Code and threatens to disrupt its restructuring process. The debtor asked the court to step in, arguing that the lawsuit should be halted and that the alleged stay violation warrants relief. About Ligado Networks Ligado Networks, formerly LightSquared, provides mobile satellite services. The Debtor's satellite and terrestrial solutions, combined with powerful, lower mid-band spectrum, serve to supplement and broaden mobile coverage across the United States and Canada. On the Web: http://www.ligado.com/ On January 5, 2025, Ligado Networks LLC and certain of its affiliates each filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code (Bankr. D. Del. Lead Case No. 25-10006). Perella Weinberg Partners LP is serving as investment banker to Ligado, FTI Consulting, Inc. is serving as financial advisor, Milbank LLP is serving as legal counsel, and Richards, Layton & Finger P.A. is serving as co-counsel. Omni Agent Solutions LLC is the claims agent. An ad hoc group of first lien creditors is being advised by Guggenheim Securities, LLC as financial advisor, and by Sidley Austin LLP as counsel. An ad hoc group of crossholding creditors is being advised by Kirkland & Ellis LLP. LM FINLEY: Seeks to Hire Morgan & Bley as Legal Counsel ------------------------------------------------------- LM Finley Investors, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Illinois, Eastern Division, to hire Keevan D. Morgan of Morgan & Bley, Ltd. to serve as legal counsel to the Chapter 11 estate. Mr. Morgan will provide these services: (a) advising the Debtor with respect to its powers and duties as debtor in possession in the continued management and operation of its business and properties; (b) attending meetings and negotiating with representatives of creditors and other parties in interest; (c) taking all necessary action to protect and preserve the Debtor's estate, including prosecuting actions on the Debtor's behalf and defending any action; (d) preparing all motions, applications, answers, orders, reports and papers necessary to administer the Debtor's estate; (e) taking any action necessary on behalf of the Debtor to obtain approval of a disclosure statement and the Debtor's plan of reorganization; (f) representing the Debtor in connection with obtaining post-petition financing, if required; (g) advising the Debtor in connection with any potential sale of assets; and (h) performing all other necessary legal services and providing all other necessary legal advice to the Debtor in connection with the Chapter 11 case. Mr. Morgan will be compensated on an hourly basis at a rate of $550 per hour, plus reimbursement of actual and necessary expenses, subject to Court approval. The Attorneys have received a pre-petition retainer of $25,000 and the case filing fee of $1,738, for a total of $26,738, paid by GAIN CRE LLC. Gain will have no claim in the case for reimbursement. According to court filings, the Attorneys do not hold or represent any interest adverse to the Debtor, the Chapter 11 estate, or any party in interest, and are disinterested persons within the meaning of Section 101(14) of the Bankruptcy Code. The firm can be reached at: Keevan D. Morgan, Esq. MORGAN & BLEY, LTD. 900 W. Jackson Blvd., Suite 4 East Chicago, IL 60607 Telephone: (312) 243-0006 E-mail: kmorgan@morganandbleylimited.com About LM Finley Investors LLC LM Finley Investors LLC is a single asset real estate company. LM Finley Investors LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-18581) on December 3, 2025. In its petition, the Debtor reports estimated assets of $1 millionâ€“$10 million and estimated liabilities of $1 millionâ€“$10 million. Honorable Bankruptcy Judge Michael B. Slade handles the case. The Debtor is represented by Keevan D. Morgan, Esq. of Morgan & Bley, Ltd. LP HOLDINGS: Kevin Neiman Named Subchapter V Trustee ---------------------------------------------------- The Acting U.S. Trustee for Region 19 appointed Kevin Neiman as Subchapter V trustee for LP Holdings, LLC. Mr. Neiman 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. Neiman declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Kevin S. Neiman PO Box 100455 Denver, CO 80250 Tel: (303) 996-8637 Fax: (877) 611-6839 Email: trustee@ksnpc.com About LP Holdings LLC LP Holdings, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Utah Case No. 25-27606) on December 17, 2025. At the time of the filing, the Debtor listed between $100,001 and $500,000 in assets and liabilities. LTR HOLDINGS: Seeks to Tap Sternberg Naccari & White as Counsel --------------------------------------------------------------- LTR Holdings, LLC, doing business as Wolf Disposals, seeks approval from the U.S. Bankruptcy Court for the Middle District of Louisiana to employ Sternberg, Naccari & White, LLC to handle its Chapter 11 case. Ryan Richmond, Esq., the primary attorney in this representation, will be paid at an hourly rate of $400 plus expenses. The firm received an initial retainer of $11,738 from the Debtor. Mr. Richmond disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Ryan J. Richmond, Esq. Sternberg, Naccari & White, LLC 450 Laurel Street, Suite 1450 Baton Rouge, LA 70801 Telephone: (225) 412-3667 Facsimile: (225) 286-3046 Email: ryan@snw.law About LTR Holdings LTR Holdings LLC, doing business as Wolf Disposals, provides solid waste management and debris hauling services across northeast Louisiana, parts of Mississippi, and areas along the Mississippi River. Its services include: residential garbage collection, bulky and yard waste pickup, and roll-off dumpsters; commercial and industrial waste containers, compactors, balers, and heavy equipment debris removal; and portable restroom services. LTR Holdings filed a Chapter 11 petition (Bankr. M.D. La. Case No. 25-11171) on December 22, 2025, listing estimated assets of up to $500,000 and estimated liabilities of up to $10 million. Lamont T. Roach, president, signed the petition. The Debtor tapped Ryan J. Richmond, Esq., at Stenberg, Naccari & White, LLC as counsel. LUCKY STAR LOGISTICS: Seeks Chapter 7 Bankruptcy in California -------------------------------------------------------------- On December 30, 2025, Lucky Star Logistics, Inc. filed for Chapter 7 protection in the Eastern District of California Bankruptcy Court. According to court filing, the Debtor reports between $1,000,000 and $10,000,000 in debt owed to 1–49 creditors. About Lucky Star Logistics, Inc. Lucky Star Logistics, Inc. sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 25-27329) on December 30, 2025. In its petition, the Debtor reports estimated assets of $100,001–$1,000,000 and estimated liabilities of $1,000,000–$10,000,000. Honorable Bankruptcy Judge Christopher M. Klein handles the case. The Debtor is represented by Le’Roy Roberson, Esq. LUDAN HOLDINGS: March 16 Claims Bar Date ---------------------------------------- On January 4, 2026, Ludan Holdings LLC filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of Florida. According to court filings, the Debtor reports $1,799,135 in debt owed to between 1 and 49 creditors. The deadline to file proofs of claim is on March 16, 2026. About Ludan Holdings LLC Ludan Holdings LLC is a real estate holding company that owns a single residential condominium unit at 253 NE 2nd Street, Miami, FL 33132. Ludan Holdings LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-10019) on January 4, 2026. In its petition, the Debtor reports total assets of $2,000,100 and total liabilities of $1,799,135. Honorable Bankruptcy Judge Corali Lopez-Castro handles the case. The Debtor is represented by Jesus Santiago, Esq. LUGANO DIAMONDS: Court OKs Jewelry Business Sale at Auction ----------------------------------------------------------- The U.S. Bankruptcy Court for the District of Delaware has approved Lugano Diamonds & Jewelry Inc. and its affiliates, to sell Property at action, free and clear of liens, claims, interests and encumbrances. The Debtors design, manufacture, and sell high-end jewelry through unique positioning and its business model. Until early spring 2025, the Debtors appeared to be a highly profitable and rapidly growing business. Unfortunately, the Debtors' performance appears to have been overstated. On May 7, 2025, the Debtors' majority owner filed a Form 8-K disclosing an investigation into the "financing, accounting, and inventory practices of" Lugano Holding, Inc. and the resignation of Mr. Mordechai Haim Ferder as the Chief Executive Officer of Lugano Holding and from his other offices and directorships with the Debtors. On June 24, 2025, Lugano Diamonds commenced an action against Mr. Ferder and a related trust for which he is a trustee. The complaint included claims for fraud, concealment, constructive fraud, and breach of fiduciary duty. The Court found that the notices provided all interested parties with timely and proper notice under the circumstances of the Motion, this Final Approval Order, the Sale, the Final Hearing, and the other relief granted herein and related to the transactions contemplated under the Agency Agreement. The disclosures the Debtors made in the Motion and related documents filed with this Court concerning the Agency Agreement, the Sale, and the Final Hearing were good, complete, and adequate. The Debtors' decision to enter into, perform under, make payments required by, and assume the Agency Agreement, is a reasonable exercise of the Debtors' sound business judgment, consistent with their fiduciary duties, and is in the best interests of the Debtors, their estates, their creditors, and all parties in interest. The Agency Agreement, and the consideration to be paid, was negotiated, proposed, and entered into by Agent and the Debtors without collusion, in good faith, and from arm's-length bargaining positions. The Sale contemplated in the Agency Agreement, when conducted in accordance with the Agency Agreement, the Sale Guidelines, and this Final Approval Order, and with the assistance of Agent, will provide an efficient means for the Debtors to sell and/or dispose of the Agency Assets as quickly and effectively as possible, and are in the best interest of the Debtors' estates. The Debtors and Agent may sell the Agency Assets and Additional Agent Goods free and clear of all liens, claims, encumbrances, and interests. The Dispute Resolution Procedures are fair and reasonable and comply with applicable law. The Debtors have demonstrated good, sufficient, and sound business purposes and justifications for the relief approved. Time is of the essence in effectuating the Agency Agreement and the Sale contemplated therein without interruption. The Sale under the Agency Agreement must be permitted to maximize the value that the Debtors and Agent may realize from the Sale and the value that the Debtors may realize from operating under the Agency Agreement. The Debtors and Agent are authorized and empowered to take any and all actions as may be reasonably necessary or appropriate to give effect to this Final Approval Order. The Debtors are authorized to assume the Agency Agreement pursuant to section 365 of the Bankruptcy Code on a final basis and are authorized to act and perform in accordance with the Agency Agreement pursuant to sections 363 and 365 of the Bankruptcy Code. About Lugano Diamonds & Jewelry Inc. Lugano Diamonds & Jewelry Inc., through its subsidiaries, designs, manufactures, and retails high-end jewelry, offering rings, necklaces, earrings, bracelets, and brooches produced through an in-house workshop and a network of specialized vendors. The Company operates boutiques in affluent and destination markets such as Newport Beach, Aspen, Houston, Palm Beach, Chicago, and Ocala, and also sells through equestrian events and pop-up showrooms. Lugano focuses on serving high-net-worth clients who favor exclusive pieces and a relationship-driven purchasing experience. Lugano Diamonds sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr.D.Del.) on November 16, 2025. In the petition signed by signed by J. Michael Issa as chief restructuring officer, the Debtor disclosed estimated assets of $100 million to $500 million and estimated liabilities of $500 million to $1 billion. Debtor Case No. ------ -------- Lugano Diamonds & Jewelry Inc. (Lead) 25-12055 Lugano Buyer, Inc. 25-12052 K.L.D. Jewelry, LLC 25-12053 Lugano Prive, LLC 25-12054 Lugano Holding, Inc. 25-12056 Judge Brendan Linehan Shannon presides over the case. The Debtors' Bankruptcy Counsel are Edmon L. Morton, Esq., Sean M. Beach, Esq., Timothy R. Powell, Esq., and Benjamin C. Carver, Esq., at YOUNG CONAWAWY STARGATT & TAYLOR, LLP, in Wilmington, Delaware. The Debtors' General Bankruptcy Counsel are Tobias S. Keller, Esq., Traci L. Shafroth, Esq., and Scott Friedman, Esq., at KELLER BENVENUTTI KIM LLP, in San Francisco, California. The Debtors' Restructuring Advisor is GLASSRATNER ADVISORY & CAPITAL GROUP, LLC. The Debtors' Investment Banker is ARMORY SECURITIES, LLC. The Debtors' Claims, Noticing & Administrative Agent is OMNI AGENT SOLUTIONS INC. LUMEN TECHNOLOGIES: Moody's 'B3' CFR Remains on Review for Upgrade ------------------------------------------------------------------ Moody's Ratings said that all credit ratings at Lumen Technologies, Inc. (Lumen), Level 3 Financing, Inc. and Qwest Corporation (Qwest) remain on review for upgrade, including Lumen's B3 corporate family rating and B3-PD probability of default rating, following the company's announcement that it plans to issue $600 million of senior unsecured notes. The proposed notes will be an add-on to the 8.5% $ 1,250 million senior unsecured notes due January 2036. Lumen's SGL-1 Speculative Grade Liquidity Rating (SGL) remains unchanged. The outlooks for Lumen, Level 3 and Qwest remain Ratings Under Review. Proceeds from the proposed offering along with cash from the balance sheet, will be used to fund the balance of the cash tender offer for Level 3's outstanding backed senior secured second lien notes with various maturities. The proposed backed senior unsecured notes contain no financial maintenance covenants. Pro forma for this refinancing, Moody's projects Lumen's total debt-to-EBITDA (inclusive of Moody's adjustments) will be around 5.4x at year-end 2025. The Caa1 rating on the senior unsecured notes is one notch below Lumen's CFR reflecting its structural subordination to Level 3's backed senior secured first lien notes rated B1 and backed senior secured second lien notes rated B3, and Lumen's super priority revolving credit facility rated B3 which receives a first lien senior secured guarantee from Level 3 on $150 million of the super priority facility. RATINGS RATIONALE Lumen's ratings remain on review for upgrade. The ratings on review for upgrade reflects (i) the announced sale of the company's Mass Market fiber-to-the-home (FTTH) business to AT&T Inc. (Baa2 stable) for a total of $5.75 billion in cash, and (ii) the company's stated objective of using all the net proceeds from the sale and some cash on hand to retire $4.8 billion worth of outstanding debt, reducing Lumen's (the parent) financial leverage (total debt-to-EBITDA) by more than 1.0x turn of EBITDA. The review for upgrade reflects Moody's expectations that Lumen's credit quality will materially improve upon closing of the sale transaction. Lumen's existing B3 CFR reflects the company's high leverage, sizable capex program and elevated execution risks associated with the company's on-going plans to modernize and expand its fiber rich network. In addition, Moody's rating considers the continued declining revenue and EBITDA trends mainly driven by the Mass Market division, and the remaining uncertainty around the pace of recovery in earnings. To offset these competitive challenges Lumen is aggressively reinvesting in its business division to (i) deliver compelling value add solutions such as network-as-a-service for its enterprise customers, and (ii) deploy additional fiber strands to meet growing demand from large corporations to secure future fiber capacity. As a result, in the short term, Moody's expects capex spending and operating expenses to remain elevated negatively impacting the company's credit profile until year end 2026. At the same time Moody's rating considers the company's very good liquidity and recent customer wins. As of September 30, 2025, Lumen had secured more than $9 billion in new orders to provide fiber capacity and network management to large customers (including AWS, Google, Meta and Microsoft). These twenty year contracts were structured with upfront cash payments between 2024 and 2027, materially strengthening the company's near term free cash flow and liquidity. The SGL-1 speculative grade liquidity rating reflects Moody's expectations that Lumen will have very good liquidity over the next 12 months, supported by (i) around $2.4 billion in cash as of September 30, 2025 (ii) about $723 million in availability (net of $232 million in letter of credits) under the company's approximately $954 million senior secured revolving credit facility expiring in June 2028, (iii) Moody's expectations of more than $1 billion in free cash flow in 2025, and (iv) a long dated debt maturity schedule with no significant maturities due prior to 2028. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Moody's reviews for upgrade will focus on the transaction concluding as planned and the expected post-transaction debt structure, liquidity and financial policies. Furthermore, the review will (i) consider execution risks associated with the company's capex program to expand its business segment infrastructure and (ii) evaluate the revenue contribution from hyperscalers and operating improvement as the company shifts its primary focus to the business segment. Headquartered in Monroe, Louisiana, Lumen Technologies, Inc., is an integrated communications company that provides an array of communications services to large enterprise, mid-market enterprise, government and wholesale customers in its larger Business segment. The company's smaller Mass Markets segment primarily provides broadband services to its residential and small business customer base. LUMINAR TECHNOLOGIES: Former CEO Won't Cooperate in Chap. 11 Probe ------------------------------------------------------------------ Yun Park of Law360 reports that autonomous vehicle lidar company Luminar Technologies has asked a Texas bankruptcy court to address what it described as its former CEO's refusal to cooperate with a subpoena issued in the Chapter 11 case. The debtor said it needs the information to assess whether the estate holds viable claims. According to Luminar, the former executive has declined to provide documents or testimony despite being properly served. The company said court enforcement is required to move its investigation forward. 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. M&M CUSTARD: Seeks to Hire Blue Owl Valuation as Financial Advisor ------------------------------------------------------------------ M&M Custard LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the District of Kansas to employ Blue Owl Valuation as financial advisor. Will Katz, a member at Blue Owl Valuation, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Will Katz, MBA, CVA Blue Owl Valuation 11000 King Street Overland Park, KS 66210 Telephone: (785) 550-0481 Email: willkatz@ku.edu About M&M Custard LLC M&M Custard LLC, doing business as Freddy's Frozen Custard & Steakburgers, operates 30+ franchise locations across six Midwestern and Southern U.S. states. Headquartered in Overland Park, Kansas, M&M Custard was founded in 2010, opened its first location in Jefferson City, Missouri in 2012, and has expanded into Missouri, Kansas, Illinois, southern Indiana, Kentucky, and Tennessee. The Debtor operates fast-casual restaurants specializing in steakburgers, hot dogs, and frozen custard, and manages its stores through individual subsidiary LLCs, collectively holding 41 store franchise license agreements with Freddy's. M&M Custard and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Kan. Lead Case No. 25-21650) on November 14, 2025. In its petition, M&M Custard reports estimated assets between $1 million and $10 million and estimated liabilities between $10 million and $50 million. The Debtors tapped Colin N. Gotham, Esq., at Evans & Mullinix, PA as counsel and Blue Owl Valuation as financial advisor. MAPLE RIDGE: Seeks Approval to Tap K&L Gates as Bankruptcy Counsel ------------------------------------------------------------------ Maple Ridge Property Owners Association, Inc. seeks approval from the U.S. Bankruptcy Court for the Western District of North Carolina to employ K&L Gates LLP as counsel. The firm will render these services: (a) advise the Debtor with respect to its rights, powers, and duties in the continued management and operation of its business and assets, as well as management of its property; (b) advise the Debtor with respect to the conduct of the Chapter 11 case; (c) take all necessary actions to protect and preserve the Debtor's estate; (d) prepare on behalf of Debtor all necessary legal papers in connection with the administration of its estate; (e) take all necessary actions in connection with any Chapter 11 plan and related disclosure statement and all related documents, and such further actions as may be required in connection with the administration of the Debtor's estate; (f) appear before the Court and any other courts to represent the interests of the Debtor's estate; (g) attend meetings and represent the Debtor in negotiations with representatives of creditors and other parties-in-interest; (h) negotiate and prepare documents and pleadings relating to the disposition of assets as requested by the Debtor; (i) advise the Debtor on transactions and matters relating to any sale of its assets; and (j) perform such other legal services for the Debtor as may be necessary and appropriate in the administration of this Chapter 11 case. The firm will be paid at these hourly rates: Margaret Westbrook, Partner $875 Daniel Eliades, Partner $765 William Waldman, Partner $760 Jennifer Mazawey, Partner $715 Emily Steele, Partner $760 Peter D'Auria, Counsel $760 Jonathan Edel, Associate $685 Carly Everhardt, Associate $635 Ryan DeSimone, Associate $485 Eileen Welsh, Paralegal $360 Joy VanDerWeert, Paralegal $360 Kyra Swinney-Darby, Paralegal $360 In addition, the firm will seek reimbursement for expenses incurred. As noted, on August 25, 2025 and November 20, 2025, K&L Gates received retainer payments totaling $80,000. Mr. Eliades disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Daniel M. Eliades, Esq. K&L Gates LLP One Newark Center, Tenth Floor Newark, NJ 07102 Telephone: (973) 848-4000 Email: daniel.eliades@klgates.com About Maple Ridge Property Owners Association Maple Ridge Property Owners Association, Inc. manages interval ownership interests for a resort community at 747 Buffalo Creek Road in Lake Lure, North Carolina, overseeing the rights and obligations of property owners within the development. Maple Ridge Property Owners Association filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. W.D.N.C. Case No. 25-40271) on November 25, 2025, listing $1 million to $10 million in assets and $500,000 to $1 million in liabilities. Michael Guelcher, president, signed the petition. Judge Ashley Austin Edwards presides over the case. K&L Gates LLP and Grier Wright Martinez, PA serve as the Debtor's counsel. MAPLE RIDGE: Seeks to Hire Grier Wright Martinez as Co-Counsel -------------------------------------------------------------- Maple Ridge Property Owners Association, Inc. seeks approval from the U.S. Bankruptcy Court for the Western District of North Carolina to employ Grier Wright Martinez, PA as co-counsel. The firm will render these services: (a) advise and consult with respect to the Debtor's powers and duties; (b) negotiate, prepare, and pursue confirmation of a Chapter 11, Subchapter V plan and all related agreements and/or documents; (c) take all necessary action to protect and preserve the Debtor's estate; (d) prepare on behalf of the Debtor all necessary legal papers; (e) perform any and all other legal services for the Debtor in connection with this Chapter 11 case; (f) advise and assist the Debtor regarding all aspects of the plan and confirmation process at the earliest possible date; (g) primarily assist the Debtor in connection with any contested matter, adversary proceeding, and/or other controversy in which the firm has any prior attorney-client relationship with an interested non-Debtor party; and (h) advise and perform legal services with respect to other issues relating to the foregoing. The firm will be paid at these hourly rates: Joseph Grier, III, Attorney $695 A. Cotton Wright, Attorney $450 Michael Martinez, Attorney $425 Anna Gorman, Attorney $410 Benjamin Rhodes, Attorney $275 Paraprofessionals $190 In addition, the firm will seek reimbursement for expenses incurred. The firm received a retainer in the amount of $15,000 from the Debtor. Mr. Martinez disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Michael L. Martinez, Esq. Grier Wright Martinez, PA 521 E. Morehead St., Ste. 440 Charlotte, NC 28202 Telephone: (704) 332-0209 Facsimile: (704) 332-0215 Email: mmartinez@grierlaw.com About Maple Ridge Property Owners Association Maple Ridge Property Owners Association, Inc. manages interval ownership interests for a resort community at 747 Buffalo Creek Road in Lake Lure, North Carolina, overseeing the rights and obligations of property owners within the development. Maple Ridge Property Owners Association filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. W.D.N.C. Case No. 25-40271) on November 25, 2025, listing $1 million to $10 million in assets and $500,000 to $1 million in liabilities. Michael Guelcher, president, signed the petition. Judge Ashley Austin Edwards presides over the case. K&L Gates LLP and Grier Wright Martinez, PA serve as the Debtor's counsel. MARTINES PALMEIRO: Creditors Lose Bid for Chapter 7 Conversion -------------------------------------------------------------- Judge Thomas B. McNamara of the United States Bankruptcy Court for the District of Colorado denied the motion of Plaza Fitzsimons Owner, LLC and Freund & Freund Plumbing and Heating, LLC to convert Martines Palmeiro Construction, LLC's bankruptcy case from Chapter 11 to Chapter 7 under Section 1112(b). Plaza Fitzsimons, one of the Debtor's general unsecured creditors, mainly contends that the Debtor filed for bankruptcy protection in bad faith. Freund & Freund is also a creditor. Based on the evidence, the Court finds that the Debtor filed for bankruptcy protection for a viable reorganization purpose and is engaged in legitimate wind-down operations which may support a Chapter 11 plan. As of the Petition Date, the Debtor was in the wind-down phase for its five main projects. And, it is undisputed that the Debtor filed for bankruptcy protection because it was insolvent. The Debtor was not receiving sufficient cash flow from owners of the projects to pay its subcontractors and mechanics liens on the Projects; and lawsuits began "mounting up." That is not a bad faith reason for turning to Bankruptcy Court. The Debtor established that its intention from the get-go was to use Chapter 11 as a forum for consolidating and settling disputes between and amongst the Debtor, the project owners, and subcontractors so that the Debtor's subcontractors (many of which had long-term relationships with the Debtor) would be paid in a fair and equitable fashion. The Debtor and the principals of MPC Holding rejected the Chapter 7 liquidation option because they assessed that a Chapter 11 process would be more favorable for all parties in interest than Chapter 7 liquidation because: (1) the Debtor had significant institutional knowledge concerning the projects; (2) the Debtor was intimately familiar with the complex contracts and subcontracts for the projects; (3) the Debtor had important long-term and positive relationships with its subcontractors and solid working relationships with most of the project owners relating to the projects; (4) the Debtor was very familiar with the work performed on the projects, including work done by subcontractors and work yet to be completed; (5) the Debtor was familiar with billings, accounting, and warranties related to the projects; (6) the Debtor had already been engaged in the wind-down process for a significant time; and (7) the Debtor was willing to try to negotiate fair and equitable settlements for no monetary consideration. The Court assesses, from both a subjective and objective basis, that the Chapter 11 process likely is the best way to maximize value for the project owners, subcontractors, and other parties in interest to achieve fair and equitable results. The Court determines that there is no cause for conversion under Section 1112(b). So, the Court denies the motion to convert. A copy of the Court's Order is available at https://urlcurt.com/u?l=qVW3H7 from PacerMonitor.com. About Martines Palmeiro Construction Martines Palmeiro Construction LLC is a Denver-based general contractor specializing in high-density residential, senior living, and retail commercial projects across Colorado and Texas. Founded in 2011, the firm offers services including general contracting, construction management, and design-build solutions. Martines Palmeiro Construction LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Colo. Case No. 25-12313) on April 21, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $10 million and $50 million. Judge Thomas B. McNamara oversees the case. The Debtor is represented by Jeffrey A. Weinman, Esq., at Allen Vellone Wolf Helfrich & Factor, PC. MARTINEZ & SONS: Seeks to Hire Robberson Schroedter as Counsel -------------------------------------------------------------- Martinez & Sons Produce, Inc. seeks approval from the U.S. Bankruptcy Court for the Southern District of California to employ Robberson Schroedter LLP as counsel. The firm's services include: (a) advise, consult with, and assist the Debtor regarding matters of bankruptcy law; (b) represent the Debtor in proceedings or hearings in the bankruptcy court involving matters of bankruptcy law; (c) represent Debtor in contested matters; (d) prepare and assist the Debtor in the preparation of reports, accounts, applications, and orders; (e) advise the Debtor concerning the requirements of the Bankruptcy Code and Rules relating to administration of this bankruptcy case; and (f) assist the Debtor in the negotiation, formulation, confirmation, and implementation of the plan of reorganization. The firm's counsel and staff will be paid at these hourly rates: Maggie Schroedter, Attorney $665 Lane Hilton, Attorney $495 Mary Robberson, Attorney $665 Paralegals $175 - $275 In addition, the firm will seek reimbursement for expenses incurred. Prior to the petition date, the Debtor paid the firm $56,800. Ms. Hilton disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Lane Hilton, Esq. Robberson Schroedter LLP 501 West Broadway, Suite 1260 San Diego, California 92101 Telephone: (619) 353-5691 Email: lane@theRSfirm.com About Martinez & Sons Produce Martinez & Sons Produce, Inc., founded in 1985 by the Martinez family in San Diego, California, cultivates and distributes gourmet vegetables including tomatoes, carrots, squash, cucumbers, onions, green beans, beets, and basil, and operates a vertically integrated system managing production from field to customer, supplying regional and national markets. Martinez & Sons Produce, Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-05253) on December 18, 2025. In its petition, the Debtor reports estimated assets of up to $1 million and estimated liabilities of up to $10 million. The Debtor is represented by Maggie Schroedter, Esq., at Robberson Schroedter LLP. MAY JACKSON: Hires Broege Nuemann Fischer & Shaver as Counsel ------------------------------------------------------------- May Jackson, LLC seeks approval from the U.S. Bankruptcy Court for the District of New Jersey to employ Broege, Neumann, Fischer & Shaver, LLC as counsel. The firm will render these services: (a) advise the Debtor as to its duties under the Bankruptcy Code; (b) represent the Debtor at the Section 341(a) hearing and at any meetings between it and creditors or creditors' committees; (c) assist the Debtor in obtaining the authorization of the Bankruptcy Court to retain such accountants, appraisers, or other professionals whose services it may require in connection with the operation of its business or the administration of the Chapter 11 proceedings; (d) defend any motions made by secured creditors to enable the Debtor to retain the use of assets needed for an effective reorganization; (e) negotiate with priority, secured and unsecured creditors to achieve a consensual resolution of their respective claims and the incorporation of such resolution into a plan of reorganization; (f) file and prosecute motions to expunge or reduce claims which the Debtor disputes; (g) represent the Debtor in the Bankruptcy Court at such hearings as may require its presence or participation to protect its interest and the bankruptcy estate; (h) formulate, negotiate, prepare and file a disclosure statement and plan of reorganization (or liquidation) which conform to the requirements of the Bankruptcy Code and applicable rules of procedure; (i) represent the Debtor at hearings on the approval of the disclosure statement and confirmation of a plan of reorganization and responding to any objections to same filed by creditors or other parties in interest; (j) assist the Debtor in discharging its obligations in consummating any plan of reorganization which is confirmed; (k) advise the Debtor whether and to what extent any of its assets constitute cash collateral under the Bankruptcy Code and prosecute applications for authorization to use any such assets; and (l) provide whether and to what extent any of its assets constitute cash collateral under the Bankruptcy Code and prosecute applications for authorization to use any such assets. The firm will be paid at these hourly rates: Timothy Neumann, Attorney $790 Peter Broege, Attorney $600 Associates $450 Paralegals $250 The firm received a retainer of $8,000 inclusive of filing fee. Mr. Neumann disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Timothy Neumann, Esq. Broege, Neumann, Fischer & Shaver, LLC 25 Abe Voorhees Drive Manasquan, NJ 08736 Telephone: (732) 223-8484 Email: timothy.neumann25@gmail.com About May Jackson May Jackson LLC is a single-asset real estate company that owns one income-producing property. May Jackson sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Lead Case No. 25-23369) on December 18, 2025. At the time of the filing, May Jackson listed between $10 million and $50 million in assets and between $10 million and $50 million in liabilities. Yaakov Klugman, managing member, signed the petition. Judge Michael B. Kaplan oversees the case. The Debtor tapped Geoffrey P. Neumann, Esq., at Broege Neumann Fischer & Shaver, LLC as bankruptcy counsel. MIRACLE MOO: Seeks Chapter 7 Bankruptcy in Delaware --------------------------------------------------- On December 31, 2025, Miracle Moo, Inc. filed for Chapter 7 protection in the U.S. Bankruptcy Court for the District of Delaware. According to court filings, the Debtor reports between $1 million and $10 million in debt owed to between 1 and 49 creditors. About Miracle Moo, Inc. Miracle Moo, Inc. is a consumer-focused company engaged in the production and sale of dairy-based food products. The company operates with an emphasis on product quality and brand development within the food and beverage sector. Miracle Moo, Inc. sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 25-12303) on December 31, 2025. In its petition, the Debtor reports estimated assets between $0 and $100,000 and estimated liabilities ranging from $1 million to $10 million. Honorable Bankruptcy Judge Karen B. Owens handles the case. The Debtor is represented by David M. Klauder, Esq. of Bielli & Klauder, LLC. MISSY LANE'S: Seeks Chapter 7 Bankruptcy in North Carolina ---------------------------------------------------------- On December 29, 2025, Missy Lane's Assembly Room LLC filed for Chapter 7 protection in the Middle 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. About Missy Lane's Assembly Room LLC Missy Lane's Assembly Room LLC is a live music venue based in Durham, North Carolina, specializing in jazz and live performance events. Missy Lane's Assembly Room LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 25-80318) on December 29, 2025. In its petition, the Debtor reports estimated assets of $100,001–$1,000,000 and estimated liabilities of $1,000,000–$10,000,000. Honorable Bankruptcy Judge Lena M. James handles the case. The Debtor is represented by Lydia C. Carpenter, Esq., of Hendren, Redwine & Malone, PLLC. MOFUS DOMUS: Court Dismisses Chapter 11 Bankruptcy Case ------------------------------------------------------- Judge David W. Hercher of the U.S Bankruptcy Court for the District of Oregon dismissed the Chapter 11 case of Mofus Domus, LLC. This case is closed for administrative purposes only. A copy of the Court's Order dated December 31, 2025, is available at https://urlcurt.com/u?l=JKRQHH from PacerMonitor.com. About Mofus Domus LLC Mofus Domus, LLC is a single-asset real estate debtor, as defined in 11 U.S.C. Section 101(51B). Mofus Domus sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Or. Case No. 25-32147) on June 2, 2025. In its petition, the Debtor reported estimated assets between $500,000 and $1 million and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Peter C. McKittrick handles the case. The Debtor is represented by Keith Y. Boyd, Esq., at Keith Y. Boyd, PC. MOHNARK PHARMACEUTICALS: Carol Fox Named Subchapter V Trustee ------------------------------------------------------------- The Acting U.S. Trustee for Region 21 appointed Carol Fox of GlassRatner as Subchapter V trustee for Mohnark Pharmaceuticals, Inc. Ms. Fox will be paid an hourly fee of $450 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Fox declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Carol Fox GlassRatner 200 East Broward Blvd., Suite 1010 Fort Lauderdale, FL 33301 Tel: 954.859.5075 Email: cfox@brileyfin.com About Mohnark Pharmaceuticals Inc. Mohnark Pharmaceuticals, Inc. is a pharmaceutical company engaged in the development and commercialization of drug products. It focuses on identifying, developing, and advancing therapeutic solutions intended to address unmet medical needs. Mohnark Pharmaceuticals filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. Case No. 25-25193) on December 23, 2025. In its petition, the Debtor listed assets of $50,001 to $100,000 and liabilities of $500,001 to $1 million. Honorable Bankruptcy Judge Laurie Selber Silverstein handles the case. The Debtor is represented by Daniel Gielchinsky, Esq. MONTANA HOLDING: Seeks to Hire Politan Law as Bankruptcy Counsel ---------------------------------------------------------------- Montana Holding Company, LLC seeks approval from the U.S. Bankruptcy Court for the District of New Jersey to employ Politan Law, LLC as counsel. The firm will render these services: (a) advise the Debtor regarding its powers and duties; (b) represent the Debtor in bankruptcy matters and adversary proceedings; and (c) perform all legal services for the Debtor which may be necessary to confirm a plan. Mark Politan, Esq., the primary attorney in this representation, will be billed at his hourly rate of $550 plus reimbursement for expenses incurred. The firm received a total retainer of $17,500, inclusive of filing fee, from the Debtor. Mr. Politan disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Mark J. Politan, Esq. Politan Law, LLC 88 East Main Street, #502 Mendham, NJ 07945 Telephone: (973) 768-6072 Email: mpolitan@politanlaw.com About Montana Holding Company Montana Holding Company, LLC is a single-asset real estate company that owns one commercial property in Lodi, New Jersey. Montana Holding Company sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 25-23343) on December 18, 2025. In the petition signed by Frank Muscara, managing member, the Debtor disclosed up to $10 million in both assets and liabilities. Honorable Bankruptcy Judge John K. Sherwood oversees the case. Mark J. Politan, Esq., at Politan Law, LLC serves as the Debtor's counsel. NAZCO INC: Seeks Chapter 7 Bankruptcy in California --------------------------------------------------- On December 31, 2025, Nazco Inc. filed for Chapter 7 protection in the U.S. Bankruptcy Court for the Central 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 Nazco Inc. Nazco Inc. is a privately held company operating in the United States. Nazco Inc. sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 25-12468) on December 31, 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. Honorable Victoria S. Kaufman handles the case. The debtor is represented by Matthew Abbasi, Esq. of Abbasi Law Corporation. NEO ZONE: Janice Seyedin Named Subchapter V Trustee --------------------------------------------------- The U.S. Trustee for Region 11 appointed Janice Seyedin as Subchapter V trustee for Neo Zone, Inc. Ms. Seyedin will be paid an hourly fee of $295 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Seyedin declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. About Neo Zone Inc. Neo Zone, Inc., a company based in Shorewood, Illinois, provides intermodal transportation and logistics services, including container drayage, yard operations, and related freight handling, serving customers in the United States. It operates a fleet of intermodal chassis, trailers, and material-handling equipment supporting port-and terminal-based cargo movements. Neo Zone filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-19703) on December 29, 2025, listing between $1 million and $10 million in assets and liabilities. Judge Deborah L. Thorne presides over the case. David Freydin, Esq., at the Law Offices of David Freydin Ltd. represents the Debtor as bankruptcy counsel. NEW SHILOH: Gets Interim OK to Use Cash Collateral -------------------------------------------------- New Shiloh Christian Center, Inc. received interim approval from the U.S. Bankruptcy Court for the Middle District of Florida, Orlando Division, to use cash collateral through January 27. The court issued a preliminary order authorizing the Debtor to use cash collateral for U.S. Trustee quarterly fees and other court-approved payments; the budgeted expenses, plus up to a 10% variance per line item; and additional amounts with approval from the U.S. Small Business Administration. The Debtor is entitled to prompt court hearings on any disputed expenditures. The Debtor projects total operational expenses of $288,431 for the period from December 2025 to March 2026. The SBA is the Debtor's senior secured creditor, with Piton Capital, LLC holding a potential inferior interest. As adequate protection, secured creditors will be granted replacement liens on post-petition cash collateral, maintaining the same validity and priority as their pre-bankruptcy liens. New Shiloh must also maintain required insurance coverage and comply with all statutory duties of a debtor-in-possession under the Bankruptcy Code and court orders. The order is without prejudice to future challenges regarding lien validity, priority, or the scope of cash collateral use, including rights of any creditors' committee that may be appointed. The next hearing is scheduled for January 27. The preliminary order is available at https://is.gd/DW7tlT from PacerMonitor.com. About New Shiloh Christian Center Inc. New Shiloh Christian Center, Inc., based in Melbourne, Florida, is a Christian church and private educational institution founded on January 5, 1997, by Bishop Jacquelyn D. Gordon and Deacon Haywood Gordon. The organization provides religious services, community programs, and operates Shiloh Christian Academy, a K-12 private Christian school, within its 125,000-square-foot facility on 17 acres that also includes a 3,000-seat sanctuary, chapel, office space, and youth division. New Shiloh Christian Center sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-08093) on December 12, 2025, with $8,619,548 in assets and $3,298,592 in liabilities. Lashaunda Gordon, chief financial officer, signed the petition. Judge Grace E. Robson presides over the case. Jeffrey S. Ainsworth, Esq., at Bransonlaw, PLLC represents the Debtor as bankruptcy counsel. NICKLAUS COMPANIES: Jack Nicklaus Fights Ch.11 Financing, Sale Plan ------------------------------------------------------------------- Vince Sullivan of Law360 reports that Jack Nicklaus, a retired professional golfer, is fighting proposed Chapter 11 financing and sale procedures in the bankruptcy case of GBI Services, asserting the company is trying to sell intellectual property that belongs to him. He said the debtor's proposal improperly treats his rights as estate assets. In his objection, Nicklaus argued that his name and related branding are not property of the debtor and cannot be included in any sale. He asked the court to reject the proposed procedures, saying they threaten his ownership 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. OEESHI SUSHI: Seeks Chapter 7 Bankruptcy in California ------------------------------------------------------ On December 31, 2025, Oeeshi Sushi, Inc. filed for Chapter 7 protection in the U.S. Bankruptcy Court for the Central 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 Oeeshi Sushi, Inc. Oeeshi Sushi, Inc. offers specialty Japanese cuisine which primary ingredients are fresh vegetables, fruits and seafoods. Oeeshi Sushi, Inc. sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 25-13672) on December 31, 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. Honorable Scott C. Clarkson handles the case. The debtor is represented by Young K. Chang, Esq. ONLY HOPE: Seeks Chapter 7 Bankruptcy in North Carolina ------------------------------------------------------- On December 17, 2025, Only Hope WNC, Inc. filed for Chapter 7 protection in the Western District of North Carolina Bankruptcy Court. According to court filing, the Debtor reports between $100,001 and $1,000,000 in debt owed to 1–49 creditors. About Only Hope WNC, Inc. Only Hope WNC, Inc. is a nonprofit community organization serving homeless and underserved youth in western North Carolina. Only Hope WNC, Inc. sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 25-10252) on December 17, 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 George R. Hodges handles the case. The Debtor is represented by Benson T. Pitts, Esq., of Pitts, Hay & Hugenschmidt, P.A. ONYX PORTFOLIO: Case Summary & One Unsecured Creditor ----------------------------------------------------- Debtor: Onyx Portfolio LLC 18062 FM 529 Cypress, TX 77433 Chapter 11 Petition Date: January 5, 2026 Court: United States Bankruptcy Court Southern District of Texas Case No.: 26-30080 Judge: Hon. Jeffrey P Norman Debtor's Counsel: Susan Tran Adams, Esq. TRAN SINGH, LLP 2502 La Branch St. Houston TX 77004 Email: stran@ts-llp.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million Lynnel Ramcharitar signed the petition as president. The Debtor listed the Montgomery County Tax Office in Conroe, Texas, as its sole unsecured creditor, reporting a claim of $6,156. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/7MQNNGQ/Onyx_Portfolio_LLC__txsbke-26-30080__0001.0.pdf?mcid=tGE4TAMA PACIFIC RELIANCE: Seeks Chapter 7 Bankruptcy in California ---------------------------------------------------------- On December 31, 2025, Pacific Reliance Properties LLC 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 1 and 49 creditors. About Pacific Reliance Properties LLC Pacific Reliance Properties LLC is a limited liability company. Pacific Reliance Properties LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 25-52003) on December 31, 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. Honorable Stephen L. Johnson handles the case. PATELBUI6 LLC: Seeks Chapter 7 Bankruptcy in Arizona ---------------------------------------------------- On December 31, 2025, Patelbui6 LLC filed for Chapter 7 protection in the U.S. Bankruptcy Court for the District of Arizona. According to court filings, the Debtor reports between $0 and $100,000 in debt owed to between 1 and 49 creditors. About Patelbui6 LLC Patelbui6 LLC is a limited liability company. Patelbui6 LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 25-12676) on December 31, 2025. In its petition, the Debtor reports estimated assets ranging from $0 to $100,000 and estimated liabilities in the same range. The Honorable Brenda Moody Whinery handles the case. The Debtor is represented by William E. Markov, Esq., of Hartley Markov Law. PG&E CORP: Reaches $100MM Deal to End Investors' Wildfire Lawsuit ----------------------------------------------------------------- Emilie Ruscoe of Bloomberg Law reports that Pacific Gas & Electric Co. and associated defendants have agreed to a $100 million payout to settle shareholder claims accusing the utility of misleading investors about its safety practices before a string of deadly wildfires. The deal brings to a close litigation alleging that PG&E's public statements understated the dangers posed by aging infrastructure and wildfire exposure. Investors argued the alleged omissions and misstatements caused financial losses once the fires occurred and the company's risks became clear. PG&E and the other defendants denied liability, saying the settlement represents a pragmatic resolution to complex securities claims without admitting wrongdoing. About PG&E Corporation PG&E Corporation (NYSE: PCG) -- http://www.pgecorp.com/-- is a Fortune 200 energy-based holding company, headquartered in San Francisco. It is the parent company of Pacific Gas and Electric Company, an energy company that serves 16 million Californians across a 70,000-square-mile service area in Northern and Central California. PG&E Corporation and its regulated utility subsidiary, Pacific Gas and Electric Company, faced extraordinary challenges relating to a series of catastrophic wildfires that occurred in Northern California in 2017 and 2018. The utility faced an estimated $30 billion in potential liability damages from California's deadliest wildfires of 2017 and 2018. On Jan. 29, 2019, PG&E Corp. and its primary operating subsidiary, Pacific Gas and Electric Company, filed voluntary Chapter 11petitions (Bankr. N.D. Cal. Lead Case No. 19-30088). As of Sept. 30, 2018, the Debtors, on a consolidated basis, had reported $71.4 billion in assets on a book value basis and $51.7 billion in liabilities on a book value basis. Weil, Gotshal & Manges LLP and Cravath, Swaine & Moore LLP served as PG&E's legal counsel, Lazard as its investment banker and AlixPartners, LLP as the restructuring advisor to PG&E. Prime Clerk LLC is the claims and noticing agent. PG&E has appointed James A. Mesterharm, a managing director at AlixPartners, LLP, and an authorized representative of AP Services, LLC, to serve as Chief Restructuring Officer. In addition, PG&E appointed John Boken also a Managing Director at AlixPartners and an authorized representative of APS, to serve as Deputy Chief Restructuring Officer. Morrison & Foerster LLP served as the Debtors' special regulatory counsel. Munger Tolles & Olson LLP also served as special counsel. The Office of the U.S. Trustee appointed an official committee of creditors on Feb. 12, 2019. The Committee retained Milbank LLP as counsel; FTI Consulting, Inc., as financial advisor; Centerview Partners LLC as investment banker; and Epiq Corporate Restructuring, LLC as claims and noticing agent. On Feb. 15, 2019, the U.S. trustee appointed an official committee of tort claimants. The tort claimants' committee is represented by Baker & Hostetler LLP. * * * PG&E Corporation and Pacific Gas and Electric Co. announced July 1, 2020, that PG&E has emerged from Chapter 11, successfully completing its restructuring process and implementing PG&E's Plan of Reorganization that was confirmed by the United States Bankruptcy Court on June 20, 2020. For the benefit of fire victims, the Plan provided for a Fire Victim Trust, which was funded with an oft-stated value of $13.5 billion, to be half in cash and half in new company PG&E common stock. The $6.75 billion in cash was paid. With respect to the stock consideration, 478 million shares of PG&E stock were delivered to the Fire Victim Trust in accordance with an agreed-to formula under the Plan. PHILLIPS ACRES: Court Extends Cash Collateral Access to Jan. 31 --------------------------------------------------------------- Phillips Acres, Inc. received another extension from the U.S. Bankruptcy Court for the Eastern District of North Carolina, Greenville Division, to use cash collateral to fund operations. The court issued an interim order authorizing the Debtor to use cash collateral in accordance with its budget until the earlier of (i) January 31; (ii) the Debtor ceases operations; (iii) the Debtor expends any funds or monies for any purpose or amount other than what is set forth in the budget, (iv) any material or intentional misrepresentation by the Debtor in the reporting to the court; (v) non-compliance or default of the Debtor with any terms and provisions of the interim order; or (vi) another order concerning cash collateral is entered. Secured creditors include the U.S. Small Business Administration, First Bank and Trust Company, and Southern States Cooperative, Incorporated each holding perfected liens on the Debtor's assets. As adequate protection for any post-petition diminution in value of their interests in their collateral, creditors will be granted post-petition continuing replacement liens on the collateral. These replacement liens will have the same validity, priority and extent as the secured creditors' pre-bankruptcy liens. As additional protection, First Bank retains $40,555.71 from Butterball, LLC's payment under an assignment agreement, subject to later review, and $8,058.00 in Treasury payments as adequate protection. The next hearing is scheduled for January 28. A copy of the Debtor's budget is available at https://shorturl.at/kN5YG from PacerMonitor.com. First Bank and Trust Company, as secured creditor, is represented by: Jameson A. E. Doub, Esq. Ward and Smith, P.A. P.O. Box 8088 Greenville, NC 27835-8088 Telephone: 252.215.4000 Facsimile: 252.215.4077 jadoub@wardandsmith.com Southern States Cooperative, as secured creditor, is represented by: Joseph Z. Frost, Esq. Yorlibeth Martinez, Esq. Buckmiller & Frost, PLLC 4700 Six Forks Road, Suite 150 Raleigh, NC 27609 Tel: 919-296-5040 Fax: 919-977-7101 jfrost@bbflawfirm.com ymartinez@bbflawfirm.co About Phillips Acres Inc. Phillips Acres, Inc operates a flock production facility for turkeys located on a 108.1-acre property in Greene County, North Carolina. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. N.C. Case No. 25-03601-5-PWM) on September 16,2025. In the petition signed by David N. Phillips, president, the Debtor disclosed up to $1million in assets and up to $10 million in liabilities. Judge Pamela W. McAfee oversees the case. C. Scott Kirk, Esq. represents the Debtor as legal counsel. PINE GATE: Secures Court OK on $285MM Asset Sale to Nofar --------------------------------------------------------- Alex Wittenberg of Law360 Bankruptcy Authority reports that Pine Gate Renewables won court approval Monday, January 5, 2025, to sell certain assets for $285 million to Nofar USA Energy Investments and Management, following a negotiated deal with secured lender Carlyle Group Inc. The approval came in the company's Chapter 11 case pending before a Texas bankruptcy court. The debtor told the court that resolving disputes with Carlyle was key to closing the transaction and maintaining momentum in the restructuring. Pine Gate has said the sale will provide significant liquidity while preserving value for stakeholders. About Pine Gate Renewables, LLC Pine Gate Renewables, LLC develops, finances, constructs, and operates renewable energy projects across the United States. Founded in 2016, the Company manages an operational portfolio of more than two gigawatts of solar and storage assets and maintains a development pipeline exceeding 30 gigawatts. It has arranged and secured roughly $10 billion in project financing and capital investment and, through its wholly owned subsidiary ACT Power Services, provides operations and maintenance support for over seven gigawatts of third-party solar and storage facilities. Pine Gate Renewables sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-90669) on November 6, 2025. In the petition signed by Ray Shem as president and chief financial officer, the Debtor disclosed estimated assets on a consolidated basis of $1 billion to $10 billion and estimated liabilities on a consolidated basis of $1 billion to $10 billion. One hundred nineteen affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- Pine Gate Renewables, LLC (Lead Case) 25-90669 BF Dev Holdco Pledgor, LLC 25-90691 BF Dev Holdco, LLC 25-90694 Blue Northern Power, LLC 25-90697 Blue Ridge Power Holding Company, LLC 25-90703 Blue Ridge Power, LLC 25-90707 Blue Ridge Solar, LLC 25-90713 BRP Construction, Inc. 25-00008 BRP HBC Guarantor, LLC 25-00009 BRP HBC Holdco, LLC 25-00010 Cascade Dev Holdco, LLC 25-00011 Cascade NTP Holdco, LLC 25-00012 Cascade Pledgor, LLC 25-00013 Catalina Solar Borrower, LLC 25-00014 Catalina Solar Holdings, LLC 25-00015 FP 2021 Dev Holdco, LLC 25-00016 GA Solar 5, LLC 25-00017 GH Pledge Borrower, LLC 25-00018 Grande Holdco Borrower II, LLC 25-00019 Grande Holdco Borrower, LLC 25-00020 Grande Holdco, LLC 25-00021 Limewood Bell Renewables LLC 25-00022 Lotus Solar, LLC 25-00023 Magnolia Solar Development LLC 25-00024 NPA 2023 Holdco, LLC 25-90671 NPA PGR Blocker Holdco, LLC 25-90673 NPA Polaris DevCo Holdco, LLC 25-90675 NPA Polaris DevCo Pledgor, LLC 25-90678 NPA Polaris OpCo Holdco, LLC 25-90682 Old Hayneville Solar, LLC 25-00030 PG Dev Carver Holdco, LLC 25-90686 PGC Solar Holdings Holdco I, LLC 25-90698 PGC Solar Holdings Holdco II, LLC 25-90702 PGC Solar Holdings I Managing Member, LLC 25-90705 PGC Solar Holdings I, LLC 25-90708 PGR 2020 Lessor 7, LLC 25-90711 PGR 2021 Fund 13, LLC 25-00037 PGR 2021 Fund 17, LLC 25-00038 PGR 2021 Fund 18, LLC 25-00039 PGR 2021 Fund 4, LLC 25-00040 PGR 2021 Fund 9, LLC 25-00041 PGR 2021 Holdco 11, LLC 25-00042 PGR 2021 Holdco 12, LLC 25-00043 PGR 2021 Holdco 13, LLC 25-00044 PGR 2021 Holdco 15, LLC 25-00045 PGR 2021 Holdco 17, LLC 25-90670 PGR 2021 Holdco 18, LLC 25-90674 PGR 2021 Holdco 19, LLC 25-90676 PGR 2021 Holdco 4, LLC 25-00049 PGR 2021 Holdco 9, LLC 25-00050 PGR 2021 Manager 13, LLC 25-00051 PGR 2021 Manager 17, LLC 25-90685 PGR 2021 Manager 18, LLC 25-90687 PGR 2021 Manager 4, LLC 25-90679 PGR 2021 Manager 9, LLC 25-90680 PGR 2022 Fund 1, LLC 25-90689 PGR 2022 Fund 2, LLC 25-90690 PGR 2022 Fund 4, LLC 25-90693 PGR 2022 Fund 5, LLC 25-90695 PGR 2022 Fund 8, LLC 25-90696 PGR 2022 Fund 9, LLC 25-90699 PGR 2022 Holdco 1, LLC 25-90700 PGR 2022 Holdco 2, LLC 25-90704 PGR 2022 Holdco 8, LLC 25-90706 PGR 2022 Holdco 9, LLC 25-90709 PGR 2022 Manager 1, LLC 25-90712 PGR 2022 Manager 2, LLC 25-00067 PGR 2022 Manager 4, LLC 25-00068 PGR 2022 Manager 5, LLC 25-00069 PGR 2022 Manager 8, LLC 25-00070 PGR 2022 Manager 9, LLC 25-90672 PGR 2022 Sponsor Holdco, LLC 25-90677 PGR 2023 Fund 1, LLC 25-90681 PGR 2023 Fund 6, LLC 25-90688 PGR 2023 Holdco 1, LLC 25-90692 PGR 2023 Lessee 6, LLC 25-90701 PGR 2023 Manager 1, LLC 25-90710 PGR 2023 Manager 6, LLC 25-00078 PGR 2024 Sponsor Holdco, LLC 25-00079 PGR Blocker Holdco, LLC 25-00080 PGR Blue Ridge Power Holdings, LLC 25-00081 PGR Carver Holdco, LLC 25-00082 PGR CC Affiliate Purchaser LLC 25-00083 PGR Guarantor, LLC 25-00084 PGR Holdco GP, LLC 25-00085 PGR Holdco, LP 25-00086 PGR MS Affiliate Purchaser LLC 25-00087 PGR Procurement, LLC 25-00088 PGR Signature Fund 1 Manager, LLC 25-00089 Pine Gate Asset Management, LLC 25-00090 Pine Gate Assets, LLC 25-00091 Pine Gate Carver Holdings, LLC 25-00092 Pine Gate Dev Holdco, LLC 25-00093 Pine Gate Development, LLC 25-00094 Pine Gate Energy Capital, LLC 25-00095 Pine Gate EPC, LLC 25-00096 Pine Gate Fund Management, LLC 25-00097 Pine Gate O&M, LLC 25-00098 Polaris DevCo Borrower A, LLC 25-00099 Polaris DevCo Borrower B, LLC 25-00100 Polaris DevCo Pledgor A, LLC 25-00101 Polaris DevCo Pledgor B, LLC 25-00102 Polaris OpCo Borrower B, LLC 25-00103 Polaris OpCo Pledgor A, LLC 25-00104 Polaris OpCo Pledgor B, LLC 25-00105 PW Blocker Holdco, LLC 25-00106 PW Revolver Borrower, LLC 25-00107 Rio Lago Solar, LLC 25-90668 Solar Carver 1, LLC 25-00109 Solar Carver 3, LLC 25-00110 Stowe Solar, LLC 25-00111 Sunstone Solar 1, LLC 25-00112 Sunstone Solar 2, LLC 25-00113 Sunstone Solar 3, LLC 25-00114 Sunstone Solar 4, LLC 25-00115 Sunstone Solar 5, LLC 25-00116 Sunstone Solar 6, LLC 25-00117 Sunstone Solar, LLC 25-00118 West River Solar, LLC 25-00119 The Judge is Hon. Christopher M. Lopez. The Debtors' Bankruptcy Co-Counsel is Timothy A. Davidson II, Esq., at Hunton Andrews Kurth LLP, in Houston, Texas, and LATHAM & WATKINS LLP. The Debtors' Financial Advisor is ALVAREZ & MARSAL NORTH AMERICA, LLC. The Debtors' Investment Banker is LAZARD FRERES & CO. LLC. The Debtors' Claims, Noticing & Solicitation Agent is OMNI AGENT SOLUTIONS, INC. PONTUAL TRADING: 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 Pontual Trading, 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 Pontual Trading LLC Pontual Trading, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-08229) on December 18, 2025, listing between $1 million and $10 million in assets and liabilities. Samantha L. Dammer, Esq., at Bleakley Bavol Denman & Grace represents the Debtor as legal counsel. POSH QUARTERS: Seeks to Tap Jason Mitchell Real Estate as Realtor ----------------------------------------------------------------- Posh Quarters, LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of Florida to employ Jason Mitchell Real Estate Florida as realtor. The Debtor needs a realtor to sell its property located at 624 N. 6th Ave. Jacksonville Beach, Florida. Pamela Davis, a real estate agent at Jason Mitchell Real Estate Florida, will receive a commission of 5 percent of the sale of the property. Ms. Davis disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Pamela R. Davis Jason Mitchell Real Estate Florida 1509 Windward Lane Neptune Beach, FL 32266 Telephone: (754) 307-0607 About Posh Quarters Posh Quarters, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-02748) on August 8, 2025, with $1,178,812 in assets and $1,639,809 in liabilities. Lisa Adams, manager, signed the petition. Judge Jason A. Burgess presides over the case. Bryan K. Mickler, Esq., at the Law Offices of Mickler & Mickler, LLP represents the Debtor as counsel. PREMIER PEDIATRICS: Gets Final OK to Use Cash Collateral -------------------------------------------------------- Premier Pediatrics, LC received final approval from the U.S. Bankruptcy Court for the District of Utah to use cash collateral to fund operations. The court granted the Debtor's motion on a final basis, effective from the bench as of the July 10, 2025 hearing date. The court authorized the Debtor to take all actions necessary to implement the relief granted, including the use of cash collateral to support ongoing operations. The order is effective immediately upon entry, notwithstanding certain Bankruptcy Rules, and the court retains jurisdiction over all matters arising from or related to its implementation. The final order is available at https://is.gd/wdeIip from PacerMonitor.com. Premier Pediatrics has identified three creditors with a potential interest in its personal property. The potential secured creditors are Bankers Healthcare Group, Inc., Preferred Bank, and Overton Funding, LLC. Based on the filing dates, Bankers Healthcare Group, Inc., appears to be the senior creditor. About Premier Pediatrics LC Premier Pediatrics, LC operates a pediatric medical office in Southern Utah. Premier Pediatrics filed Chapter 11 petition (Bankr. D. Utah Case No. 25-21548) on March 26, 2025, listing up to $50,000 in assets and up to $500,000 in liabilities. Robert K. Dowse, managing member of Premier Pediatrics, signed the petition. Judge William T. Thurman oversees the case. Geoffrey L. Chesnut, Esq., at Red Rock Legal Services, PLLC, represents the Debtor as bankruptcy counsel. PRIMALEND CAPITAL: Gets Court OK for Bid Process, Ch. 11 Plan Vote ------------------------------------------------------------------ Alex Wittenberg of Law360 Bankruptcy Authority reports that PrimaLend Capital Partners LP received court approval Tuesday, January 6, 2026, to solicit acceptances for its Chapter 11 plan and implement bidding procedures for the sale of certain assets, following a ruling by a Texas bankruptcy judge. The approval allows the debtor to move ahead with creditor outreach while marketing assets for sale. In its request, PrimaLend argued that the proposed bidding framework would encourage competitive offers and reduce delays in the case. The judge agreed, finding the procedures appropriate to advance the restructuring and protect creditor interests. About Primalend Capital Partners, LP PrimaLend Capital Partners LP provides financing and consulting services to independent automobile dealerships across the U.S., particularly those operating under the Buy-Here-Pay-Here (BHPH) model. The Company offers receivables financing, inventory floor-plan loans, and real-estate lending solutions to support dealership growth and portfolio expansion. Founded in 2007 and based in Plano, Texas, PrimaLend operates as a nondepository credit intermediation firm serving the automotive finance sector. PrimaLend Capital Partners, LP in Plano, TX, sought relief under Chapter 11 of the Bankruptcy Code filed its voluntary petition for Chapter 11 protection (Bankr. N.D. Tex. Lead Case No. 25-90013) on Oct. 22, 2025, listing as much as $100 million to $500 million in both assets and liabilities. Mark Jensen as president, signed the petition. Judge Mark X Mullin oversees the case. SPENCER FANE serve as the Debtor's legal counsel. FTI CONSULTING, INC. as financial advisor. HOULIHAN LOKEY, INC. as investment banker. STRETTO, INC. as claims and noticing agent. PSCD TRINITY: Seeks to Tap Verdolino & Lowey as Financial Advisor ----------------------------------------------------------------- PSCD Trinity, LLC seeks approval from the U.S. Bankruptcy Court for the District of Massachusetts to employ Verdolino & Lowey, PC as financial advisor. The firm's services include: (a) budget and related report requirements; (b) assist the Debtor with respect to cash management issues; (c) assist with the preparation of Schedules and the Statement of Financial Affairs; (d) analyze accounts payable, accounts receivable, inventory and other areas for cash flow optimization; (e) assist the Debtor with respect to accounts payable, accounts receivable, and, if applicable, lease negotiations; (f) assist the Debtor in negotiations with various parties-in-interest; (g) support the Debtor in such matters as management shall request or require from time to time; (h) assist with payroll processing and reporting; and (i) other Chapter 11 services customarily provided by a financial advisor. The firm received a retainer of $35,000 from the Debtor. Matthew Flynn, a managing director at Verdolino & Lowey, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Matthew R. Flynn Verdolino & Lowey PC 124 Washington St. Foxborough, MA 02035 Telephone: (508) 543-1720 About PSCD Trinity LLC PSCD Trinity, LLC provides activities related to real estate, including property management, real estate appraisal, and other support services. PSCD Trinity sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 25-12658) on December 8, 2025. In the petition signed by Mark D. Coppola, managing member, the Debtor disclosed up to $100 million in both assets and liabilities. The Debtor tapped George W. Tetler, Esq., at Prince Lobel Tye LLP as counsel and Verdolino & Lowey, PC as financial advisor. QSR STEEL: Seeks Approval to Hire Jeffrey Hellman as Legal Counsel ------------------------------------------------------------------ QSR Steel Corporation, LLC seeks approval from the U.S. Bankruptcy Court for the District of Connecticut to employ the Law Offices of Jeffrey Hellman, LLC to handle its Chapter 11 case. The firm received a retainer of $5,000 from the Debtor. Jeffrey Hellman, Esq., an attorney at the firm, disclosed in a court filing that his firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Jeffrey Hellman, Esq. Law Offices of Jeffrey Hellman, LLC 195 Church Street, 10th Floor New Haven, CT 06510 Telephone: (203) 691-8762 Facsimile: (203) 823-4401 Email: jeff@jeffhellmanlaw.com About QSR Steel Corporation QSR Steel Corporation, LLC is a one-stop, full service structural steel company based in Hartford, Conn., offering everything from steel buildings to stairs and railings. QSR Steel filed Chapter 11 petition (Bankr. D. Conn. Case No. 24-20562) on June 18, 2024, listing $2,838,179 in assets and $2,124,057 in liabilities as of March 31, 2024. Glenn Salamone, a member, signed the petition. Judge James J. Tancredi oversees the case. The Law Offices of Jeffrey Hellman, LLC serves as the Debtor's counsel. RAXAR TECHNOLOGY: Seeks Chapter 7 Bankruptcy in Florida ------------------------------------------------------- On December 31, 2025, Raxar Technology Corporation filed for Chapter 7 protection in the U.S. Bankruptcy Court for the Middle District of Florida. According to court filings, the Debtor reports between $100,001 and $1,000,000 in debt owed to between 1 and 49 creditors. About Raxar Technology Corporation Raxar Technology Corporation is a Florida-based software company that develops a mobile-first, all-in-one SaaS platform for event and venue management. Raxar Technology Corporation sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 25-09863) on December 31, 2025. In its petition, the Debtor reports estimated assets between $100,001 and $1,000,000 and estimated liabilities between $100,001 and $1,000,000. Honorable Bankruptcy Judge Roberta A. Colton handles the case. The Debtor is represented by Scott A. Stichter, Esq. of Stichter, Riedel, Blain & Postler, P.A. RAZAGHI DEVELOPMENT: Seeks to Tap Mark J. Giunta as Legal Counsel ----------------------------------------------------------------- Razaghi Development Company, LLC seeks approval from the U.S. Bankruptcy Court for the District of Arizona to employ the Law Office of Mark J. Giunta as counsel. The firm will render these services: (a) furnish legal advice with respect to the Debtor's powers and duties in the continued operation of its affairs and management of its property; (b) prepare necessary legal papers; and (c) perform all other legal services for which may be necessary herein. The firm will be paid at these hourly rates: Mark Giunta, Attorney $525 Senior Associate $350 Associate $275 Legal Assistant $125 In addition, the firm will seek reimbursement for expenses incurred. The firm initially received for this matter a sum of $5,000 from the Debtor on October 31, 2025, then an additional payment of $45,000 on December 10, 2025. Mr. Giunta disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Mark J. Giunta, Esq. Law Office of Mark J. Giunta 531 East Thomas Road, Suite 200 Phoenix, AZ 85012 Telephone: (602) 307-0837 Facsimile: (602) 307-0838 Email: markgiunta@giuntalaw.com About Razaghi Development Company Razaghi Development Company, 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. Razaghi Development sought relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Ariz. Case No. 25-12300) on Dec. 19, 2025, with total assets of $26,749,853 and total liabilities of $94,060,479. Ahmad R. Razaghi, member and manager, signed the petition. Mark J. Guinta, Esq., at Law Office of Mark J. Guinta serves as the Debtor's counsel. RIVERSIDE EXPRESS: Court OKs Interim Use of Cash Collateral ----------------------------------------------------------- The U.S. Bankruptcy Court for the Central District of California, Riverside Division, granted Riverside Express Car Wash, LLC's interim approval to use cash collateral through February 5. The interim order required the Debtor to make monthly payments of $10,400 to T Bank N.A. as adequate protection, on the 1st day of each month. The next hearing is scheduled for February 5. Riverside operates a car wash facility in Riverside, California, valued at $4.6 million, with additional personal property valued at $24,307. The Debtor owes approximately $8.86 million to secured creditors T Bank, Bay Area Development Co., and the Riverside County Treasurer. T Bank holds the first-position lien. T Bank is represented by: Joshua K. Partington, Esq. Nicholas S. Couchot, Esq. Rachel A. McMains, Esq. Snell & Wilmer, L.L.P. 600 Anton Blvd, Suite 1400 Costa Mesa, CA 92626-7689 Telephone: 714.427.7000 Facsimile: 714.427.7799 jpartington@swlaw.com ncouchot@swlaw.com rmcmains@swlaw.com About Riverside Express Car Wash LLC Riverside Express Car Wash LLC operates a car wash facility in Riverside, California. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 6:25-bk-14654-RB) on July 10, 2025. In the petition signed by Amariah Olson, managing member, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Magdalena Reyes Bordeaux oversees the case. Michael Jay Berger, Esq., at Law Offices of Michael Jay Berger, represents the Debtor as legal counsel. SADDI LLC: Case Summary & Two Unsecured Creditors ------------------------------------------------- Debtor: Saddi, LLC 2330 Aramingo Avenue Philadelphia, PA 19125 Business Description: Saddi, LLC is a single-asset real estate company that owns one income-producing property. Chapter 11 Petition Date: January 5, 2025 Court: United States Bankruptcy Court Eastern District of Pennsylvania Case No.: 26-10034 Judge: Hon. Derek J Baker Debtor's Counsel: Albert A. Ciardi, III, Esq. CIARDI CIARDI & ASTIN 1905 Spruce Street Philadelphia, PA 19103 Tel: 215-557-3550 Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Vijay Bhardwaj as managing member. A copy of the Debtor's list of two unsecured creditors is available for free on PacerMonitor at: https://www.pacermonitor.com/view/HHIP3PA/Saddi_LLC__paebke-26-10034__0001.1.pdf?mcid=tGE4TAMA A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/G32ZEOI/Saddi_LLC__paebke-26-10034__0001.0.pdf?mcid=tGE4TAMA SANCHO LOCO: Caroline Djang Named Subchapter V Trustee ------------------------------------------------------ The U.S. Trustee for Region 16 appointed Caroline Djang as Subchapter V trustee for Sancho Loco, Inc. Ms. Djang will be paid an hourly fee of $610 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Djang declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Caroline Djang 18400 Von Karman Ave., Suite 800 Irvine, CA 92612 Phone: (949) 224-6252 Email: cdjang@buchalter.com About Sancho Loco Inc. Sancho Loco, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Calif. Case No. 25-11740) on December 22, 2025, listing up to $50,000 in assets and $500,001 to $1 million in liabilities. Judge Ronald A. Clifford III presides over the case. Matthew D. Resnik, Esq., at Rhm Law LLP represents the Debtor as bankruptcy counsel. SANTA ANA EXPRESS: Gets Extension to Access Cash Collateral ----------------------------------------------------------- Santa Ana Express Car Wash, LLC received another extension from the U.S. Bankruptcy Court for the Central District of California, Riverside Division, to use cash collateral. The order extended the Debtor's authority to use cash collateral through February 5, allowing the Debtor to fund operations. The Debtor must make monthly adequate protection payments of $10,400 to T Bank N.A., on the first day of each month. The next hearing is scheduled for February 5. The Debtor operates a car wash located at 2035 N. Tustin Avenue in Santa Ana, California. The property, which it owns, has an estimated market value of $4.290 million, and the Debtor's personal property assets, including cash, supplies, and equipment, are valued at approximately $133,956. The secured creditors include T Bank, N.A. with a $3.82 million claim, Bay Area Development Co. with a $2.27 million SBA loan, and the Orange County Treasurer-Tax Collector with a property tax claim of $180,000. All secured claims are backed by the real property, totaling approximately $6.27 million in secured obligations. The Debtor has no scheduled priority claims, but there are disputed general unsecured claims arising from two lawsuits, one involving breach of contract and another concerning alleged vehicle damage. About Santa Ana Express Car Wash LLC Santa Ana Express Car Wash LLC, doing business as Speedy Clean Car Wash, operates a car wash facility at 2035 N. Tustin Avenue in Santa Ana, California. The Company provides quick, environmentally friendly car wash services featuring a wash completed in approximately six minutes along with free vacuum stations and monthly membership options. Santa Ana Express Car Wash LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-15662) on August 12, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Mark D. Houle handles the case. The Debtor is represented by Michael Jay Berger, Esq. at LAW OFFICES OF MICHAEL JAY BERGER. SEBASTIAN HABIB: Case Summary & 18 Unsecured Creditors ------------------------------------------------------ Debtor: Sebastian Habib, LLC 5041 Towne Lake Hills North Woodstock, GA 30189 Chapter 11 Petition Date: January 5, 2026 Court: United States Bankruptcy Court Northern District of Georgia Case No.: 26-50210 Debtor's Counsel: Paul Reece Marr, Esq. PAUL REECE MARR, P.C. 6075 Barfield Road Suite 213 Sandy Springs, GA 30328-4402 Tel: (770) 984-2255 Fax: (678) 623-5109 Email: paul.marr@marrlegal.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Mohammad Hariri as manager. A full-text copy of the petition, which includes a list of the Debtor's 18 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/B6KH6ZA/Sebastian_Habib_LLC__ganbke-26-50210__0001.0.pdf?mcid=tGE4TAMA SECUREALL CORP: Seeks Chapter 7 Bankruptcy in California -------------------------------------------------------- On December 31, 2025, SecureAll Corporation filed a voluntary Chapter 7 petition in the U.S. Bankruptcy Court for the Northern District of California. According to court filings, the debtor owes between $1 million and $10 million to 1 to 49 creditors. About SecureAll Corporation SecureAll Corporation provides security systems installation services in California. SecureAll Corporation filed for relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 25-52014) on December 31, 2025. The petition lists estimated assets of $0 to $100,000 and estimated liabilities of $1 million to $10 million. The matter is before Honorable Stephen L. Johnson. SecureAll Corporation is represented by Zachary Tyson, Esq. of Nova Law Group. SIERRA DELTA: Seeks Chapter 7 Bankruptcy in Colorado ---------------------------------------------------- On December 30, 2025, Sierra Delta Romeo LLC commenced a voluntary Chapter 7 bankruptcy case in the U.S. Bankruptcy Court for the District of Colorado. The Debtor reports total debt ranging from $1 million to $10 million and states that it has between 1 and 49 creditors. About Sierra Delta Romeo LLC Sierra Delta Romeo LLC is a limited liability company. Sierra Delta Romeo LLC sought protection under Chapter 7 of the U.S. Bankruptcy Code on December 30, 2025 (Bankruptcy Case No. 25-18508). The filing lists estimated assets between $1 million and $10 million, with estimated liabilities also ranging from $1 million to $10 million. The Honorable Michael E. Romero is overseeing the proceeding. The Debtor is represented by Keri L. Riley, Esq., of Kutner Brinen Dickey Riley, P.C. SK MOHAWK: Fitch Hikes LongTerm IDR to 'B-' Outlook Stable ---------------------------------------------------------- Fitch Ratings upgraded the Long-Term Issuer Default Ratings (IDRs) of SK Mohawk Holdings, SCS (f.k.a. SK Mohawk Holdings, SARL) and Polar US Borrower, LLC (collectively, SI Group) to 'B-' from 'RD.' Fitch has also assigned a 'B+' with a Recovery Rating of 'RR2' to SK Mohawk Holdings, SCS's new $165 million senior secured convertible term loan, and upgraded the first-lien, first-out revolver at Polar US Borrower, LLC to 'BB-'/'RR1' from 'CCC'/'RR1'. Fitch withdrew the ratings for the first-lien, second-out term loan and stub senior unsecured notes. The Rating Outlook is Stable. The upgrades follow the comprehensive out-of-court recapitalization completed on Dec. 23, 2025, which led to high but sustainable leverage and enhanced financial flexibility. While the lower cash interest burden improves the cash flow outlook, FCF is forecast to remain consistently negative. The ratings reflect sustained weak operating performance, balanced by adequate liquidity and solid product and end-market diversity. Fitch has withdrawn the rating of the first-lien, second-out term loan following an exchange for equity as part of the SI Group's restructuring. The stub unsecured notes rating was withdrawn due to a de minimis amount remaining outstanding following the restructuring. Key Rating Drivers Supportive Recapitalization: The executed recapitalization of SI Group's balance sheet materially improves financial flexibility, with pro forma leverage improving to around 4.0x at close, cash interest burden cut by roughly 80%, and satisfactory liquidity following a partial revolver paydown. With leverage now sustainable and cash interest substantially reduced, Fitch believes SI Group will retain ample liquidity and covenant capacity to cover upcoming requirements. On Dec. 23, 2025, SI Group executed a comprehensive out-of-court recapitalization that reduced total debt and cash interest by roughly 80%. The recapitalization was completed via a series of exchange transactions, whereby lenders of the first-lien, second-out term loan B and the sponsor-held first-lien, third-out term loan exchanged into varying amounts of equity in the reorganized company, while the stub unsecured notes were repurchased for cash at a discount. Additionally, the new institutional ownership group provided a $165 million senior secured convertible term loan. Sustainable Leverage, Enhanced Financial Flexibility: Under the recapitalized balance sheet and softer near-term EBITDA assumptions, Fitch projects leverage at approximately 4.5x-5.5x over the next several years. Fitch considers this range high but sustainable relative to average EBITDA. Pro forma liquidity is satisfactory, with modest revolver utilization expected to bridge a more manageable negative FCF forecast. The company's improved financial flexibility is further highlighted by improved EBITDA interest coverage, forecast to improve to above 4.0x after hovering around or below 1.0x in recent years. New Convertible Term Loan: The new convertible term loan is senior secured and includes an option to convert fully to equity after one year. In line with Analytical Adjustment 7 of Fitch's Corporate Rating Criteria, the facility is treated as debt at the rated entity due to a lack of structural subordination and the presence of security claims and events of default. Sustained Weak Performance: The significant reduction in cash interest materially improves but does not fully eliminate the consistently negative FCF forecast. SI Group's operating performance weakened through 3Q25, with EBITDA (Fitch-defined) down about 30% yoy. Weak end-market demand, 2023 destocking, and heightened competition from new Chinese capacity weigh on volumes. With oversupply and no meaningful demand recovery since 3Q22, Fitch expects volumes to remain depressed over the forecast horizon. However, accounting for the reduction in cash interest, breakeven FCF is more achievable if EBITDA improves moderately. Product and End-Market Diversity: SI Group's rating benefits from a diverse product portfolio used across industries, providing ballast against volatility in individual sectors. The products support multiple applications, including adhesives, lubricants, coatings and packaging. They also serve aerospace, automotive, building and construction, consumer goods and oil and gas end-markets. This diversity across application and industries helps smooth some cyclical exposure, although market oversupply and competitive pressures have outweighed these benefits in recent years. Moderate Core Additives Position: Backward integration into intermediate chemistry provides modest cost advantages for the company's additive products. SI Group can switch capacity across its portfolio in response to tightness or weakness. However, its volume mix has shifted towards lower-margin products in recent periods. Fitch believes the company's increasing centralization of its facilities will modestly raise utilization rates over the medium term. Peer Analysis SI Group's leverage is expected to trend around 5.0x over the next several years, comparing favorably with speculative-grade specialty chemical peers Kymera International, LLC (B-/Negative), Advancion Holdings LLC (B-/Negative), and W.R. Grace Holdings LLC (B/Stable). SI Group's scale is larger than Kymera but smaller than W.R. Grace, while profitability is weaker than the peer set due to elevated competitive pressures in additives. Advancion's leverage profile trends around 8.0x and it operates at a smaller scale than SI Group, but its position as the only global commercial producer of nitroalkanes allows Advancion to generate outsized EBITDA margins. Fitch's Key Rating-Case Assumptions -- Volume growth is minimal through 2027 on prolonged weak end-market demand and competitive pressures, followed by modest growth thereafter; -- Fitch-defined EBITDA margin remains around 6%-7% through the forecast; -- Capex remains at around maintenance levels of $45 million annually. Recovery Analysis The recovery analysis assumes that SI Group would be reorganized as a going-concern (GC) in bankruptcy rather than liquidated. Fitch has assumed a 10% administrative claim, claims for the $85 million A/R securitization, and that the company's $218 million revolver is fully drawn. GC Approach Fitch projects SI Group's GC EBITDA of $85 million, which assumes a rebound from an assumed trough EBITDA of around $70 million, reflecting an improvement in the underlying economic conditions that would have likely precipitated the default, as well as corrective actions taken during restructuring (or actions that would be priced in by potential bidders). The GC EBITDA estimate reflects Fitch's view of a sustainable, post-reorganization EBITDA level upon which it bases the enterprise valuation. Specifically, the GC EBITDA scenario indicates a sustained economic contraction in EMEA and North America, resulting in severe volume pressure in both the Polymer Solutions and Industrial Solutions segments, which results in a material decline in EBITDA and cash generation. Fitch assumes that upon default, SI Group would be unable to improve EBITDA as economic and industry pressure would likely limit the benefits of cost reduction. However, Fitch also assumes that the underlying business fundamentals would improve over time as the cycle corrects, leading to the assumed GC EBITDA. An enterprise value multiple of 5.5x EBITDA is applied to the GC EBITDA to calculate a post-reorganization enterprise value. The choice of this multiple considered historical bankruptcy case study exit multiples for peer companies. Fitch used a multiple of 5.5x to estimate SI Group's value because of its slightly lower margins compared with public comps. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade -- Further operating weakness evidenced by sustained negative FCF and elevated revolver utilization, signaling reduced liquidity; -- EBITDA interest coverage sustained below 2.0x. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade -- Progress towards breakeven FCF; -- EBITDA leverage sustained below 4.5x; -- EBITDA interest coverage sustained above 3.0x. Liquidity and Debt Structure Fitch assesses SI Group's pro forma liquidity as satisfactory, with YE 2025 cash estimated at $45 million or higher and over 50% availability under the $218 million first-lien, first-out revolver. Modest revolver utilization is expected to bridge a more manageable negative FCF outlook. Committed credit line availability and covenant headroom are sufficient to meet short-term liquidity needs. Issuer Profile SI Group (SK Mohawk Holdings, SCS) provides polymers, fuel, lubricant and industrial additives and chemical intermediates for use in various end markets, including plastics, fuels, tires, oilfield chemicals, food packaging and surfactants. RATING ACTIONS Rating Prior ------ ----- Polar US Borrower, LLC LT IDR B- Upgrade RD senior unsecured LT WD Withdrawn C senior secured LT WD Withdrawn C senior secured LT BB- Upgrade RR1 CCC SK Mohawk Holdings, SCS LT IDR B- Upgrade RD senior secured LT B+ New Rating RR2 SLEEP QUARTERS: Seeks to Hire Joyce W. Lindauer as Legal Counsel ---------------------------------------------------------------- Sleep Quarters Plus, Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas to employ Joyce W. Lindauer Attorney, PLLC to handle its Chapter 11 case. The firm will be paid at these hourly rates: Joyce Lindauer, Attorney $625 Paul Geilich, Of Counsel $595 Dian Gwinnup, Paralegal $250 In addition, the firm will seek reimbursement for expenses incurred. The firm received a retainer of $2,000 from the Debtor. Ms. Lindauer and Mr. Geilich disclosed in court filings that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Joyce W. Lindauer, Esq. Paul B. Geilich, Esq. Joyce W. Lindauer Attorney, PLLC 117 S. Dallas St. Ennis, TX 75119 Telephone: (972) 503-4033 About Sleep Quarters Plus Inc. Sleep Quarters Plus, Inc. specializes in the retail distribution of mattresses, bedding essentials, and bedroom furnishings. Based in Texas, the company offers an assortment of sleep-related products through its retail outlets, catering to customers looking for value-oriented and quality bedding options. Sleep Quarters Plus filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-34803) on December 2, 2025. In its petition, the Debtor reports estimated assets of $1 million to $10 million and estimated liabilities of $1 million to $10 million. Honorable Bankruptcy Judge Scott W. Everett handles the case. The Debtor is represented by Joyce W. Lindauer Attorney, PLLC. SOUTHERN TIRE: Jerrett McConnell Named Subchapter V Trustee ----------------------------------------------------------- The Acting U.S. Trustee for Region 21 appointed Jerrett McConnell, Esq., at McConnell Law Group, P.A. as Subchapter V trustee for Southern Tire and Fleet Service, LLC. Mr. McConnell 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. McConnell declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Jerrett M. McConnell, Esq. McConnell Law Group, P.A. 6100 Greenland Rd., Unit 603 Jacksonville, FL 32258 Phone: (904) 570-9180 info@mcconnelllawgroup.com About Southern Tire and Fleet Service Southern Tire and Fleet Service, LLC, a company in Jacksonville, Florida, provides tire sales and services, emergency roadside assistance, and fleet maintenance for trucks and trailers, including tire repair, brake services, hubs, and wheel seals. Southern Tire and Fleet Service filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-04762) on December 23, 2025, with $256,751 in assets and $1,160,257 in liabilities. Jason Cobb, member, signed the petition. Judge Jason A. Burgess presides over the case. Thomas Adam, Esq., at Adam Law Group, PA represents the Debtor as bankruptcy counsel. SPOKE-N-SPORT INC: Section 341(a) Meeting of Creditors on Jan. 28 ----------------------------------------------------------------- On December 19, 2025, Spoke-N-Sport, Inc. commenced a voluntary Chapter 11 bankruptcy case in the District of South Dakota. Court filings show the Debtor lists liabilities ranging from $1 million to $10 million and reports having between 1 and 49 creditors. A meeting of creditors under Section 341(a) to be held on January 28, 2026 at 01:30 PM via 341 telephonic meeting. About Spoke-N-Sport, Inc. Spoke-N-Sport, Inc. operates a retail sporting goods business specializing in bicycles, cycling accessories, and related repair and maintenance services, with operations based in Sioux Falls, South Dakota. Spoke-N-Sport, Inc. filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D.S.D. Case No. 25-40404) on December 19, 2025, listing $212,600 in assets and $1,030,236 in liabilities. The petition was signed by Peter Oien as president. The case is assigned to Judge Laura L Kulm Ask. Clair Gerry, Esq. at GERRY LAW FIRM, PROF. LLC serves as the Debtor's counsel. TAMPA BRASS: Gets Extension to Access Cash Collateral ----------------------------------------------------- Tampa Brass and Aluminum Corporation received another extension from the U.S. Bankruptcy Court for the Middle District of Florida to use cash collateral to fund operations. The court's 15th interim order authorized the Debtor to access cash collateral until the earlier of the Chapter 11 plan's effective date or a further hearing on January 22. The Debtor intends to use its cash collateral to pay the amounts expressly authorized by the court; the expenses set forth in the budget, plus an amount not to exceed 10% for each line item; and additional amounts subject to approval by First Florida Integrity Bank. As adequate protection, First Florida and other lenders with a security interest in the cash collateral will have a perfected post-petition lien on the cash collateral, with the same validity, priority and extent as their pre-bankruptcy lien. In addition, the Debtor was ordered to keep its property insured in accordance with its loan and security agreements with the lenders. First Florida, Breakout Capital, LLC and the U.S. Small Business Administration are the lenders identified by the Debtor that may assert an interest in the cash collateral. The Debtor owes First Florida approximately $5.625 million under an asset-based financing facility. First Florida asserts a first priority, blanket lien on substantially all of the Debtor's assets. Meanwhile, the Debtor has two loans with SBA in the total amount of $3.25 million, which are secured by junior liens, and a merchant cash advance loan with Breakout Capital, which asserts a lien on accounts receivable. A copy of the court's order is available at https://shorturl.at/fNFyr from PacerMonitor.com. About Tampa Brass and Aluminum Corporation Tampa Brass and Aluminum Corporation -- https://tampabrass.com/about/ -- is a supplier of cast machined parts for the commercial and defense industries. The company is based in Tampa, Fla. Tampa Brass and Aluminum filed Chapter 11 petition (Bankr. M.D. Fla. Case No. 25-00105) on January 9, 2025. In its petition, the Debtor reported between $1 million and $10 million in assets and between $10 million and $50 million in liabilities. Judge Roberta A. Colton oversees the case. Scott A. Stichter, Esq., at Stichter, Riedel, Blain & Postler, P.A. is the Debtor's legal counsel. The U.S. Trustee for Region 21 appointed an official committee to represent unsecured creditors in the Debtor's Chapter 11 case. TAYAB REAL: Bassir Bayat Seeks Appointment of Receiver ------------------------------------------------------ Bassir Bayat filed an urgent motion with the U.S. District Court for the Middle District of Florida, Jacksonville Division, seeking the appointment of a receiver to professionally manage and preserve for all parties real property and the proceeds therefrom at the heart of this lawsuit. The subject property is located in Manhattan at 1437 Second Avenue, New York City, New York, and title to it is believed to be held by Defendant Tayab Real Estate Co., Ltd., whose managing member, Defendant Sultan Bayat, suffered a stroke and was moved for rehabilitation hundreds of miles away from the Property to Virginia. The Property was purchased by an immigrant father for all of his children -- Bayat Siblings -- and had been managed by Defendant Sultan for the benefit of all of his Siblings, as evidenced by the prior distributions of proceeds from the sale of air rights above the property. It consists of approximately seven Upper East Side residential rental units and one highly valuable street-level commercial market storefront. The Bayat Siblings stopped receiving any financial or other information about the Property, and their demands for an accounting and for access to their brother, Defendant Sultan, have been denied by Sultan's family. Defendant Sultan's former residence in New Jersey, now believed to have been purchased in part wrongfully using profits from the Property, was hurriedly sold in November 2025, just as this action was being commenced and the Defendants were dodging process servers. Sultan's family has relocated him and themselves to Virginia, presumably taking money from the sale rightfully belonging to the Bayat Siblings and leaving nobody nearby to secure, maintain, manage, and rent the New York Property. This motion seeks the appointment of a neutral third party to protect and preserve the property and the assets generated by it during the pendency of this action. A receiver is needed to care for the property, to maintain and report on its financial accounts, collect the rents and screen prospective tenants, interview service and maintenance contractors, and supervise their work, pay taxes, and comply with New York City's regulations for such properties. This requires that the property be managed by a responsible person in close proximity to it. Appointment of an independent receiver will provide a structured process for resolving the underlying disputes herein, will ensure continuity of operations, and will guard against any single party from acting in their own self-interest or dissipating or secreting funds at issue. Without a receiver to conserve the assets at issue, there is a strong likelihood that elder abuse may be taking place and that the assets will disappear, leaving the Bayat Siblings without any inheritance just as they reach retirement age. Plaintiff would ordinarily request expedited briefing on this matter, but recognizes that this motion coincides with upcoming holidays and Plaintiff's counsel has been advised of anticipated travel by defense counsel. Plaintiff's counsel has been advised of anticipated travel by defense counsel. As such, Plaintiff is amenable to the standard briefing schedule for this Motion, but respectfully requests that the Court rule as soon as the motion becomes ripe. The relief sought in the motion is needed on a time-sensitive basis for the imminent risk of dissipation of the value of the subject assets without the supervision of a neutral professional. Plaintiff would ordinarily request expedited briefing on this matter, but recognizes that this motion coincides with upcoming holidays and Plaintiff's counsel has been advised of anticipated travel by defense counsel. Bassir Bayat is available for a hearing on this matter should the Court desire one, though the federal rules do not require a hearing antecedent to the appointment of a receiver. To the extent Local Rule 3.01(f) requires the movant to specify a date on which a ruling is requested, Plaintiff would therefore request a ruling as soon as practicable and by January 20, 2026. The appointment of a receiver of the Property and Defendant Tayab will help ensure: (i) rent is timely paid; (ii) needed maintenance on the Property is timely completed professionally, and invoiced lawfully; (iii) rental streams associated with the Property are properly collected, accounted for, and deposited; (iv) taxes and other assessments and relevant administrative filings pertaining to the Property and Tayab are properly submitted and paid; and (v) no impermissible use, hypothecation, encumbrance, disposition, or sale occurs during the pendency of this litigation. Nothing about (i) through (v) operates to the disadvantage of the Defendants, who have no right to appropriate proceeds from the Property to personal use in the first place. Plaintiff requests that the Court enter an order appointing a neutral third-party Receiver to control and manage the Property and defendant Tayab Real Estate Co. Ltd., during the pendency of this litigation, the power and responsibilities of which are to be further detailed in an order as related thereto. In furtherance of this request, Plaintiff states that Richard Madison, Vice Chair in the northern New Jersey office of Colliers International's commercial real estate practice, whose firm has extensive experience with receivership appointments in the subject jurisdictions is available to serve in this role if appointed by the Court, and Plaintiff stands ready and able to provide additional information regarding Mr. Madison’s qualifications and/or to otherwise assist the Court in identifying further appropriate candidates to serve in this role and appropriately manage the subject assets during the pendency of this matter for the benefit of all parties. About Tayab Real Estate Co. Ltd. Tayab Real Estate Co. Ltd. is facing a receivership case captioned as Bassir Bayat v. Sultan Bayat, Patonia Bayat, Mohammad Bayat, Samay Baya, Al Wasay Bayat, and Tayab Real Estate Co., Ltd., Case No. 3:25-cv-1085 (M.D. Fla.), before the Hon. Jordan Emery Pratt. The case was filed on Sep. 15, 2025. Counsel for Plaintiff Bassir Bayat: J. Allen Maines, Esq. Patrick B. Reagin, Esq. HOLLAND & KNIGHT LLP 1180 West Peachtree St. NW, Suite 1800 Atlanta, GA 30309 Tel: (404) 817-8500 Fax: (404) 881-0470 E-mail: allen.maines@hklaw.com patrick.reagin@hklaw.com - and - Michael M. Gropper, Esq. Wesley J. Martinez, Esq. HOLLAND & KNIGHT LLP 50 North Laura Street, Suite 3900 Jacksonville, FL 32202 Tel: (904) 353-2000 Fax: (904) 358-1872 E-mail: michael.gropper@hklaw.com wesley.martinez@hklaw.com TEGRA118 WEALTH: Moody's Assigns B2 to Proposed Credit Facilities ----------------------------------------------------------------- Moody's Ratings affirmed the ratings of Tegra118 Wealth Solutions, Inc. (Tegra118), including its B2 Corporate Family Rating, B2-PD Probability of Default Rating, and its B2 Backed Senior Secured First Lien Bank Credit Facilities (Term Loan and Revolving Credit Facility). Moody's also assigned B2 ratings to the company's proposed Backed Senior Secured First Lien Bank Credit Facilities (comprising of a $500 million senior secured term loan and $40 million senior secured revolving credit facility undrawn at close). The outlook remains stable. The proceeds from the $500 million term loan will be used to repay about $368 million of outstanding debt, make a distribution of about $115 million to the company's parent (InvestCloud Holdings, LLC), and cover transaction fees and expenses. The distribution is expected to enable entities owned by InvestCloud (and outside of Tegra118's restricted group), and that provide technology solutions to the wealth management industry, to fund their operations while they work towards becoming cash flow positive. The ratings on the existing senior secured bank credit facilities will be withdrawn at transaction close. The stable outlook reflects expectations that the company will continue its consistent revenue growth and healthy margins, enabling it to maintain solid credit metrics for the rating category. RATINGS RATIONALE The B2 CFR reflects the company's small scale relative to much larger competitors and customer concentration, with the top 10 customers representing about 77% of revenue. Governance is also a risk and includes the company's private equity ownership and control, and moderately high pro forma Debt-to-EBITDA of about 5x (Moody's adjusted). Mitigating some of these risks, Tegra118 enjoys sticky customer relationships with high gross retention rates of about 98%, stable subscription-based contracts, and healthy free cash flow generation. Also, the proposed terms to the credit agreement will include an aggregate limitation of $20 million for restricted payments outside the credit group (along with about $5-$6 million annually in stock repurchases), which tempers a previous credit risk of ongoing transfers to fund affiliated entities under common InvestCloud Holdings ownership. In the past, such transfers led to reduced availability under the revolver, and at times, an uncertain liquidity position. The risk remains that Tegra118 and lenders could amend the credit agreement in the future to allow for ongoing transfers to fund affiliates. Liquidity is good and is supported by a $12 million pro forma cash balance, full availability under the proposed $40 million revolver due 2031, and expectations of free cash flow of around $50 million in the next 12 months. The proposed revolver is expected to contain a springing maximum senior secured leverage ratio of 7.5x to be tested when the facility is more than 35% drawn. Even if tested, Moody's expects the company to maintain ample cushion under this test. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be downgraded with revenue or EBITDA declines, if debt-to-EBITDA is sustained above 6x, and/or liquidity weakens. The ratings could be upgraded with increased scale and diversification, more conservative financial policies with financial leverage below 4.5x, and good liquidity. STRUCTURAL CONSIDERATIONS The B2 ratings for Tegra118's proposed senior secured credit facilities reflect a B2-PD Probability of Default Rating ("PDR"), assumed average recovery of 50%, and a Loss Given Default ("LGD") assessment of LGD3. The facility ratings are the same as the CFR reflecting the single class of secured debt comprising the preponderance of the capital structure. Marketing terms for the new credit facilities (final terms may differ materially) include the following: Incremental pari passu debt capacity up to the greater of $87 million and 75% of LTM Consolidated EBITDA, plus unlimited amounts subject to 4.25x Senior Secured Leverage Ratio. There is no inside maturity. A "blocker" provision restricts the designation of a restricted subsidiary as an unrestricted subsidiary if it owns or exclusively licenses material intellectual property. No loan party may make any disposition of material intellectual property to any non-loan party. Designations of and any investments, dispositions, contribution, dividends, distributions in unrestricted subsidiaries are only permitted up to the investments in joint ventures and unrestricted subsidiaries basket, with no stacking, reallocation, reloading or reclassification of such basket allowed. The credit agreement is expected to provide some limitations on up-tiering transactions, requiring affected lender consent for amendments that contractually subordinate the debt or liens unless such lenders can ratably participate in such priming debt. Amounts up to 100% of unused capacity from the builder basket may be reallocated to incur debt. Tegra118 is a leading technology provider to the wealth management industry, with a smaller presence in the institutional asset management industry. Revenue in the LTM ending October 31, 2025, was approximately $197 million. The principal methodology used in these ratings was Business and Consumer Services published in November 2021. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. TOG HOTELS: Court OKs Continued Access to Cash Collateral --------------------------------------------------------- Tog Hotels Downtown Dallas, LLC received eighth interim approval from the U.S. Bankruptcy Court for the Northern District of Texas to use the cash collateral of Wilmington Trust, National Association. The lender's cash collateral consists of cash held by the Debtor in a deposit account at Wells Fargo Bank, National Association. All rents from the Crowne Plaza Dallas Downtown hotel, which is operated by the Debtor, were deposited into the account. The eighth interim order signed by Judge Scott Everett authorized the Debtor to use the lender's cash collateral to pay the operational expenses set forth in its budget, with a 10% variance allowed. The Debtor's authority to use cash collateral expires immediately upon its failure to cure an event of default. Events of default include failure to comply with the eighth interim order; the dismissal or conversion of the Debtor's Chapter 11 case; appointment of a bankruptcy trustee or examiner; and the termination of the Debtor's authority to conduct business. As adequate protection, Wilmington Trust will be granted a replacement lien on its pre-bankruptcy collateral and on property acquired by the Debtor after its Chapter 11 filing. The lender will be granted a superpriority claim in case the replacement lien is not enough to protect its interest in the pre-bankruptcy collateral. About TOG Hotels Downtown TOG Hotels Downtown, LLC operates the Crowne Plaza Dallas Downtown hotel, located at 1015 Elm Street in Dallas, Texas. TOG Hotels Downtown filed Chapter 11 petition (Bankr. N.D. Texas Case No. 25-30600) on February 20, 2025. In its petition, the Debtor reported between $10 million and $50 million in both assets and liabilities. Judge Scott W. Everett handles the case. Joyce W. Lindauer, Esq., at Joyce W. Lindauer Attorney, PLLC is the Debtor's bankruptcy counsel. Wilmington Trust, National Association, as lender, is represented by: P. Kyle Cheves, Esq. Polsinelli, PC 2950 N. Harwood Street, Suite 2100 Dallas, TX 75201 Phone: (214) 661-5514 Fax: (214) 481-1872 kcheves@polsinelli.com -- and -- David D. Ferguson, Esq. Polsinelli, PC 900 W. 48th Place, Suite 900 Kansas City, Missouri 64112 Phone: 816-753-1000 Fax: 816-753-1536 dferguson@polsinelli.com TRI HARBOR: Claims Objection Deadline Extended to December 31 ------------------------------------------------------------- The U.S. Bankruptcy Court for the District of New Jersey extended the claims objection deadline in the bankruptcy case of Tri Harbor Holdings Corporation (f/k/a Aceto Corporation) and its affiliated debtors through and including December 31, 2026. The Order is without prejudice to the right of the Liquidating Debtors to seek further extensions of the claims objection deadline. A copy of the Court's Order dated December 30, 2025, is available at https://urlcurt.com/u?l=MFc4yQ from PacerMonitor.com. Counsel to the Liquidating Debtors: Michael S. Etkin, Esq. Philip J. Gross, Esq. Michael Papandrea, Esq. LOWENSTEIN SANDLER LLP One Lowenstein Drive Roseland, NJ 07068 Tel: (973) 597-2500 Fax: (973) 597-2400 About Aceto Corporation ACETO Corporation (NASDAQ: ACET), incorporated in 1947, is focused on the global marketing, sale and distribution of Human Health products (finished dosage form generics and nutraceutical products), Pharmaceutical Ingredients (pharmaceutical intermediates and active pharmaceutical ingredients) and Performance Chemicals (specialty chemicals and agricultural protection products). With business operations in nine countries, ACETO distributes over 1,100 chemical compounds used principally as finished products or raw materials in the pharmaceutical, nutraceutical, agricultural, coatings, and industrial chemical industries. ACETO's global operations, including a staff of 25 in China and 12 in India, are distinctive in the industry and enable its worldwide sourcing and regulatory capabilities. Aceto Corporation and eight affiliates sought Chapter 11 protection (Bankr. D.N.J. Lead Case No. 19-13448) on Feb. 19, 2019. ACETO disclosed assets of $753,159,000 and liabilities of $702,848,000 as of Dec. 31, 2018. The Hon. Vincent F. Papalia is the case judge. The Debtors tapped Lowenstein Sandler LLP as counsel; Simmons & Simmons as foreign counsel; PJT Partners LP as an investment banker and financial advisor; AP Services LLC as restructuring advisor; and Prime Clerk LLC as claims and noticing agent. The U.S. Trustee, on Feb. 28, 2019, appointed five members to the official committee of unsecured creditors. Counsel for the Committee is Stroock & Stroock & Lavan LLP and Porzio, Bromberg & Newman, P.C. Houlihan Lokey Capital, Inc., is the Committee's investment banker. GlassRatner Advisory & Capital Group, LLC, as its financial advisor. TRIAD AERO: Gets Final OK to Use Cash Collateral ------------------------------------------------ The U.S. Bankruptcy Court for the Southern District of Florida entered a final order authorizing Triad Aero Sales Corp. to use cash collateral. Under the final order, the Debtor is authorized to use cash collateral to pay ordinary operating expenses, consistent with the court-approved budget. The Debtor is also allowed to exceed individual budget line items by up to 10%, or more than 10% per line item so long as the aggregate budget overage does not exceed 10%. As adequate protection, the court granted the U.S. Small Business Administration post-petition replacement liens on certain accounts receivable, but only to the extent its cash collateral is actually used. These liens carry the same validity and priority as SBA's pre-bankruptcy liens, notwithstanding section 552(a) of the Bankruptcy Code. The order limits SBA's post-petition liens, excluding avoidance actions and other estate causes of action under the Bankruptcy Code, as well as any assets not subject to SBA's pre-bankruptcy security interests. The ruling preserves statutory protections while allowing the Debtor to continue operations during Chapter 11. A copy of the final order and the Debtor's budget is available at https://shorturl.at/Qyzwc from PacerMonitor.com. Triad Aero Sales identifies the SBA as the only creditor holding a perfected security interest in cash collateral, with a claim of roughly $149,000, which it believes is fully secured based on asset values. About Triad Aero Sales Corp. Triad Aero Sales Corp. is a Florida-based company that supplies aircraft parts and components to the aviation industry. Triad Aero Sales Corp. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-22674) on October 27, 2025. In its petition, the Debtor reports estimated assets between $100,000 and $500,000 and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Robert A. Mark handles the case. The Debtor is represented by Brian S. Behar, Esq. of BEHAR, GUTT & GLAZER, P.A. TRICOLOR AUTO: Former CEO Fights Creditor Meeting Bid ----------------------------------------------------- Rick Archer of Law360 reports that the former CEO of subprime auto lender Tricolor Holdings asked a Texas bankruptcy judge to deny a request forcing him to attend a meeting of creditors, arguing that pending criminal charges would prevent him from meaningfully responding to questions. He said appearing would effectively require him to invoke his Fifth Amendment rights. In court filings, the ex-executive contended that compelling his attendance would serve little purpose and could prejudice his defense in the criminal case. He urged the court to reject the motion, maintaining that the bankruptcy process can proceed without his testimony. About Tricolor Auto Acceptance Tricolor Auto Acceptance is an Irving, Texas-based subprime auto lender. Tricolor Auto Acceptance, together with its parent Tricolor Auto Group and other affilites sought relief under Chapter 7 of the U.S. Bankruptcy Code(Bankr. N.D. Tex. Case No. 25-33497) on September 10, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 billion and $10 billion each. The Debtor is represented by Thomas Robert Califano, Esq. at Sidley Austin LLP. TRUE MADE: Seeks to Hire Rivermark Solutions as Financial Officer ----------------------------------------------------------------- True Made Foods, Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern District of Virginia to employ Rivermark Solutions, LLC as chief financial officer. The firm will assist the Debtor in securing debtor-in-possession (DIP) financing to fund the production of ketchup inventory by January 2026 and otherwise to support its business operations. The firm will be paid a success fee of 5 percent of the proceeds generated from any DIP financing that is procured with its assistance, subject to a minimum fee of $20,000, plus reimbursement of expenses incurred. Grant Powley, a managing member at Rivermark Solutions, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Grant Powley Rivermark Solutions, LLC 10176 Baltimore National Pike, Suite 204 Ellicott City, MD 21042 Telephone: (443) 521-6834 About True Made Foods True Made Foods, Inc., a company based in Alexandria, Virginia, produces reduced-sugar and sugar-free condiments including ketchup, barbecue sauces, mustard, and hot sauces, using fruits and vegetables as natural sweeteners instead of refined sugar. It collaborates with culinary professionals, such as Pitmaster Ed Mitchell, to develop its barbecue sauces. True Made Foods sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Va. Case No. 25-12269) on October 30, 2025, listing between $100,000 and $500,000 in assets and between $1 million and $10 million in liabilities. Abraham Kamarck, chief executive officer, signed the petition. The Debtor tapped Steven B. Ramsdell, Esq., at Tyler, Bartl & Ramsdell, PLC as counsel and Grant Powley at Rivermark Solutions, LLC as chief financial officer. UNITED SITE: Akin Gump, Pashman Stein Represent Apollo, Clearlake ----------------------------------------------------------------- An ad hoc group of certain unaffiliated beneficial holders and/or investment advisors or managers of beneficial holders to United Site Services, Inc. and its debtor-affiliates' funded debt obligations, represented by Akin Gump Strauss Hauer & Feld LLP and Pashman Stein Walder Hayden P.C. as counsel, filed with the United States Bankruptcy Court for the District of New Jersey a Verified Statement pursuant to Federal Rule of Bankruptcy Procedure 2019. According to the Verified Statement: 1. The Ad Hoc Group engaged Akin on August 22, 2024, and Pashman Stein on December 18, 2025, to represent it in connection with potential restructuring transactions. 2. Akin and Pashman Stein do not represent the Ad Hoc Group as a "committee" and do not undertake to represent the interests of, and are not fiduciaries for, any creditor, party in interest, or other entity other than the Ad Hoc Group. In addition, the Ad Hoc Group does not represent or purport to represent any other entities in connection with these Chapter 11 Cases. 3. Akin and Pashman Stein have been advised by the individual members of the Ad Hoc Group that the individual members of the Ad Hoc Group either hold claims or manage accounts that hold claims against the Debtors' estates. 4. The information provided by the Ad Hoc Group's applicable members is intended only to comply with Bankruptcy Rule 2019 and is not intended for any other purpose. Akin and Pashman Stein do not make any representation regarding the validity, amount, allowance, or priority of such claims and reserve all rights with respect thereto. Akin and Pashman Stein do not own, nor have Akin or Pashman Stein ever owned, any claims against or interests in any of the Debtors except for claims for services rendered to the Ad Hoc Group. 5. Amounts outlined in this disclosure exclude accrued and unpaid interest, costs, fees, redemption premiums, or other amounts to which the members of the Ad Hoc Group may be entitled. Nothing contained in this Verified Statement should be construed as a limitation upon, or waiver of, any rights of any member of the Ad Hoc Group to assert, file and/or amend its claims in accordance with applicable law and any orders entered in these Chapter 11 Cases. 6. Akin and Pashman Stein reserve the right to amend or supplement this Verified Statement in accordance with the requirements outlined in Bankruptcy Rule 2019. The names, addresses, and the "nature and amount of all disclosable economic interests" held as of the Petition Date in relation to the Debtors by each member of the Ad Hoc Group, as represented to Akin and Pashman Stein are: 1. Apollo Capital Management, L.P. 9 West 57th Street, 41st Floor New York, NY 10019 First-Out Term Loans - $77,819,966.08 Second-Out Term Loans - $222,870,198.17 Third-Out Notes - 2. Canyon Capital Advisors LLC and Canyon CLO Advisors LP 2728 N. Harwood Street, 2nd Floor Dallas, TX 75201 First-Out Term Loans - $34,510,502.79 Second-Out Term Loans - $121,141,077.53 Third-Out Notes - 3. Clearlake Capital Group, L.P. 233 Wilshire Blvd, Suite 800 Santa Monica, CA 90401 First-Out Term Loans - $94,911,552.37 Second-Out Term Loans Third-Out Notes - $651,261,084.12 Third-Out Notes - $12,037,805 4. Oaktree Capital Management, L.P. 333 South Grand Avenue, 28th Floor Los Angeles, CA 90071 First-Out Term Loans - $43,145,068.88 Second-Out Term Loans - $166,343,954.61 Third-Out Notes - $10,664,492 5. Searchlight Capital Partners, L.P. 745 Fifth Avenue, 26th Floor New York, NY 10151 First-Out Term Loans - $9,899,922.44 Second-Out Term Loans - $315,384,294.72 Third-Out Notes - $10,873,557 6. Sixth Street Partners, LLC 2100 McKinney Avenue, Suite 1500 Dallas, TX 75201 First-Out Term Loans - $10,000,000.00 Second-Out Term Loans - $129,752,984.36 Third-Out Notes - Counsel for the Ad Hoc Group: John W. Weiss, Esq. Leah M. Eisenberg, Esq. David E. Sklar, Esq. PASHMAN STEIN WALDER HAYDEN, P.C. 21 Main Street, Suite 200 Hackensack, NJ 97601 Tel: (201) 270-5477 Fax: (201) 488-5556 Email: jweiss@pashmanstein.com leisenberg@pashmanstein.com dsklar@pashmanstein.com – and - Scott L. Alberino, Esq. AKIN GUMP STRAUSS HAUER & FELD LLP 2001 K Street, N.W. Washington, D.C. 20006 Tel: (202) 887-4000 Fax: (202) 887-4288 Email: salberino@akingump.com – and - Joseph L. Sorkin, Esq. Zachary D. Lanier, Esq. Amelia E. Danovitch, Esq. AKIN GUMP STRAUSS HAUER & FELD LLP One Bryant Park Bank of America Tower New York, NY 10036 Tel: (212) 872-1000 Fax: (212) 872-1002 Email: jsorkin@akingump.com zlanier@akingump.com adanovitch@akingump.com About United Site Services Inc. United Site Services Inc. is a national provider of portable toilet rentals and temporary site services. The company serves construction companies, municipalities, industrial clients, and event organizers throughout the United States. United Site Services Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 25-23630) on December 29, 2025. In its petition, the Debtor reports estimated assets and liabilities, each ranging between $1 billion and $10 billion. The Honorable Bankruptcy Judge Michael B. Kaplan handles the case. The Debtors hired Milbank LLP and Cole Schotz P.C. as bankruptcy counsel; PJT Partners LP as investment banker; Alvarez & Marsal North America, LLC as financial advisor; and Kurtzman Carson Consultants, LLC d/b/a Verita Global as notice and claims agent. US MAGNESIUM: Creditors Seek Standing to Challenge Loans -------------------------------------------------------- Rick Archer of Law360 Bankruptcy Authority reports that the unsecured creditors of U.S. Magnesium LLC are asking a Delaware bankruptcy judge to grant them standing to contest more than $114 million in purported debt and property liens, arguing the debtor has effectively abandoned any effort to pursue those claims on its own. The creditors say the company has admitted it neither can nor will bring challenges related to the obligations, forcing the committee to step in to protect the estate and evaluate whether the liens and debt should be avoided or recharacterized in the Chapter 11 proceedings. About US Magnesium LLC US Magnesium LLC is a magnesium producer based in Salt Lake City, Utah. US Magnesium LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-11696) on September 10, 2025. In its petition, the Debtor reports estimated assets and liabilities between $100 million and $500 million each. Judge Brendan Linehan Shannon oversees the case. The Debtor tapped Michael Busenkell, Esq., at Gellert Seitz Busenkell & Brown, LLC as counsel; Carl Marks Advisory Group LLC as restructuring advisor; and SSG Advisors, LLC as investment banker. Stretto, Inc. is the Debtor's claims and noticing agent. VETSTRATEGY CANADA: Fitch Affirms B Rating on USD Term Loan B ------------------------------------------------------------- Fitch Ratings has affirmed IVC Acquisition MidCo Ltd's (IVCE) Long-Term Issuer Default Rating (IDR) at 'B' with a Stable Outlook. Fitch has also affirmed VetStrategy Canada Holdings Inc's US dollar-denominated term loan B (TLB) and IVC Acquisition Ltd's sterling- and euro-denominated TLBs at 'B' with Recovery Ratings of 'RR4'. IVCE is the top entity of the new restricted group. IVCE's rating balances its high leverage and temporarily subdued free cash flow (FCF) with a robust business model. The latter is reflected in the group's leading positions in its core markets in a non-cyclical sector with organic growth and consolidation opportunities. The rating also reflects strong shareholder support over 2023-2024. The Stable Outlook reflects Fitch's expectations of broadly stable EBITDA margins despite pressure in Canada and regulatory uncertainty in the UK, stable EBITDAR leverage of around 7.0x and improving FCF as extraordinary costs gradually decrease. KEY RATING DRIVERS Stable Organic Performance: Fitch said, "We estimate organic revenue to have declined in FY25 (year-end September) by about 2%, mostly driven by weak markets in Canada and The Netherlands. Fitch also expects organic revenue growth of 1.5% in FY26-FY27, mainly driven by mainland Europe. Fitch expects Canada sales to improve in FY26 and to resume growth from FY27. Fitch expects IVCE's organic growth to rise closer to historical levels in FY28, due partly to the aging of the large numbers of pets adopted during the pandemic. Fitch-adjusted EBITDA margins should be resilient at around 16% in FY25-FY27 (FY24: 15.5%) as cost efficiencies offset pricing pressures." Potential Pressure in UK: Fitch said, "We assume UK operations will experience temporary weakness in FY27 following the implementation of measures in response to the Competition and Markets Authority's (CMA) final decision on its market investigation into the UK veterinary services market. A provisional decision was published in October 2025 but is subject to change. We see uncertainty around the content of the final CMA decision - expected between March and May 2026 - and its impact on IVCE, but we assume it will lead to manageable one-off costs and pricing pressure. We consider the potential for a much harsher-than-expected decision to be event risk." Temporarily Weak but Improving FCF: Fitch said, "We expect IVCE's FCF to improve in FY26 as extraordinary costs gradually decrease and variable interest rates fall, after a large outflow of an estimated GBP140 million in FY25. We estimate underlying FCF to have been mildly positive in FY25, excluding a one-off GBP146 million payment related to four months of additional interest due to a change to quarterly from bi-annual payments. We expect neutral to positive FCF in FY27-FY28, subject to the magnitude of any additional extraordinary costs related to the CMA decision." M&A Driven Expansion: Fitch said, "We expect IVCE to continue its consolidation in highly fragmented markets in mainland Europe. We assume annual value-accretive acquisitions of GBP200 million-350 million, which we assume will be mostly financed with debt. We expect the group to focus its M&A efforts in mainland Europe. We consider execution risk on bolt-on acquisitions to be limited given IVCE's record and its strengthened systems and processes. Fitch believes that acquisitions will remain discretionary and may be paused to prioritise deleveraging." High Leverage: Fitch said, "We estimate EBITDAR leverage was broadly unchanged at 6.7x in FY25 (FY24: 6.8x). We forecast the metric to increase towards 7.0x in FY26 as a modest rise in EBITDA is offset by higher debt raised to finance acquisitions and slightly negative FCF. We expect EBITDAR leverage to then remain broadly stable at around 7.0x in FY27 and FY28, as we assume the group will continue to finance acquisitions with debt. Fitch believes IVCE's refinancing risk is mitigated by its resilient business profile and improving FCF. Its revolving credit facility (RCF) matures in December 2028." Leading Market Positions: IVCE is the leading veterinary service provider in Europe, with an integrated service offering and a strong medical and customer focus. The acquisition of Vetstrategy in 2021 and its integration have increased IVCE's business scale and extended its geographic footprint to Canada, which contributes around a fifth of its revenue. The group plans to focus on increasing economies of scale, consolidating the fragmented animal healthcare market and creating leading regional veterinary chains, supported by common head-office functions. Committed Shareholder Base: IVCE's credit profile is supported by a record of strong shareholder support, as demonstrated by the GBP1.2 billion raised over 2023-2024 from its existing shareholder base. This, combined with EBITDA expansion, helped reduce EBITDAR leverage to 6.8x in FY24 from close to 11x in FY22. Fitch believes shareholder support is likely in the event of material underperformance or a large acquisition. PEER ANALYSIS Fitch assesses IVCE under its Generic Navigator Framework, taking into consideration the animal care and consumer service characteristics driving its business profile. IVCE's strategy of consolidating a fragmented care market and generating benefits from scale and standardised management structures is similar to the strategies of other Fitch-rated health care operations, such as laboratory services and dentist chains. However, the animal care market is less regulated than human healthcare, which allows for greater operational flexibility, but also makes spending more discretionary in an otherwise defensive profile. Fitch said, "We expect IVCE's leverage to be higher than those of dentist chains Colosseum Dental Finance BV ( (B/Stable) and Donte (Romansur Investments SL; B/Stable); hospital providers Schoen Klinik SE (B+/Stable) and Mehilainen Yhtyma Oy (B/Stable); slightly higher than those expected for diagnostic testing providers Inovie Group (B/Stable), Biogroup (Laboratoire Eimer Selas, B/Stable) and Synlab (Ephios Subco 3 S.a.r.l.; B/Stable); fertility provider Inception Holdco, S.a.r.l (B/Stable); and hospital providers Almaviva Developpement (B/Stable) and Median B.V. (B-/Positive)." IVCE's EBITDA margins are lower than those of Inception, Inovie and Biogroup, in line with those of Colosseum and Donte, and higher than those of most hospital providers and Synlab. FITCH'S KEY RATING-CASE ASSUMPTIONS - Flat organic revenue in FY25, before rebounding to 1.5% in FY26- FY27 on average, and improving to low-to-mid single digits in FY28 - Fitch-defined EBITDA margin up at 16.2% in FY25 and to remain unchanged in FY26, before easing to 15.8% in FY27 due to rising costs. EBITDA margin at 16% in FY28, supported by costs savings and synergy realisation - Fitch-adjusted operating leases at 4.3% of revenue to FY28 - No material working capital fluctuations - Capex at 4%-4.4% of revenue in FY25-FY28 - Contingency consideration payments of around GBP35 million a year in FY25-FY26 and GBP45 million in FY27-FY28 - M&A of up to GBP330 million a year in FY25-FY28 at 10x enterprise value/EBITDA valuation - No dividends to FY28 RECOVERY ANALYSIS Fitch said, "We would expect IVCE to be restructured in a default and to continue operating as a going concern (GC) as we believe this approach will maximise recoveries over a liquidation of the assets." Fitch estimates a distressed EBITDA of GBP410 million, factoring in planned M&A. Fitch's unchanged 6x distressed multiple leads to a distressed enterprise value of about EUR2.2 billion. Fitch said, "We assume its GBP618.5 million RCF to be fully drawn and ranking equally with the TLBs. We estimate the resulting recovery for the senior secured TLBs of around GBP4.7 billion, following an add-on, corresponding to a 'RR4' and translating into an instrument rating of 'B'." RATING SENSITIVITIES Factors That Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Aggressive debt-funded acquisitions at high multiples or weak operating performance leading to weakened financial metrics, including: - EBITDAR leverage sustained above 7.5x (pro forma for acquisitions) - EBITDA margin falling below 14% - Negative or neutral FCF on a sustained basis - EBITDAR fixed charge coverage sustained below 1.5x Factors That Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Successful integration of acquired operations in combination with increasing scale and profitability, or material shareholder support in the form of equity injection, leading to sustained improved financial metrics, including: - EBITDAR leverage sustained below 6.0x - EBITDA margin sustained above 17% - FCF margin in mid-single digits on a sustained basis - Satisfactory financial flexibility with EBITDAR fixed charge cover sustained above 2.0x LIQUIDITY AND DEBT STRUCTURE At FYE25, IVCE had Fitch-defined readily available cash of EUR233 million (after adjustment for restricted cash of EUR20 million). It has no material upcoming debt repayment maturities. Liquidity sources are more than sufficient to cover expected slightly negative FCF in the next 12 months. Its available GBP619 million RCF is due February 2028 and provides additional support to IVCE's liquidity. IVCE's sources of funding are concentrated and consist of GBP4 billion first-lien TLBs with its euro-, sterling- and US dollar-denominated tranches due in December 2028. ISSUER PROFILE IVCE is the largest veterinary care services group in Europe and Canada, with a presence in about 20 countries. RATING ACTIONS Rating Prior ------ ----- IVC Acquisition Midco Ltd LT IDR B Affirmed B IVC Acquisition Ltd senior secured LT B Affirmed RR4 B VetStrategy Canada Holdings Inc. senior secured LT B Affirmed RR4 B VILLAGE ROADSHOW: Warner Bros. Loses Bid to Stay Sale Order ----------------------------------------------------------- In the appeal styled WARNER BROTHERS ENTERTAINMENT, INC., Appellant, v. VILLAGE ROADSHOW ENTERTAINMENT GROUP USA, INC., et al., Appellees, Civ. No. 25-1405-CFC (D. Del.), Chief Judge Colm F. Connolly of the United States District Court for the District of Delaware denied the motion of Warner Bros. Entertainment Inc. to stay the Bankruptcy Court's Sale Order in the bankruptcy case of Village Roadshow Entertainment Group USA Inc. On November 12, 2025, the Bankruptcy Court entered an order approving the Debtors' sale of certain derivative rights, as governed by contracts to be assumed and assigned to successful bidder Alcon Media Group, LLC, over the objection of Warner Bros. Entertainment Inc., a contract counterparty. Warner Bros. filed an emergency motion seeking an order from the District Court staying the effect of the Sale Order pending its appeal. Warner Brothers argues that the Bankruptcy Court erred in approving the sale of the derivative rights to Alcon because the contracts governing those rights: (i) are non-assignable financial accommodations, (ii) are personal service contracts which are non-assignable without consent, and/or (iii) Alcon has not provided adequate assurance of future performance. The Stay Motion is opposed by the Debtors and Alcon. The District Court concludes Warner Brothers has failed to demonstrate "a reasonable chance, or probability, of winning" on the merits or that it will suffer irreparable harm in absence of a stay. Accordingly, no further analysis is required. A copy of the Court's Memorandum is available at https://urlcurt.com/u?l=OldQgq from PacerMonitor.com. About Village Roadshow Entertainment Group Village Roadshow Entertainment Group USA Inc. and its affiliates are a prominent independent producer and financier of major Hollywood films, having produced over 100 successful movies since 1997. Their portfolio includes globally recognized blockbusters such as "Joker," "The Great Gatsby," and the "Matrix" trilogy. Before the WB Arbitration, which began in 2022, the Company had a profitable and well-established co-production and co-financing partnership with Warner Bros. Entertainment Inc. and its affiliates ("WB"), resulting in many successful projects. The Debtor's most valuable assets include its Film Library and Derivative Rights, stemming from its extensive and enduring film industry presence. Village Roadshow Entertainment Group USA Inc. and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 25-10475) on March 17, 2025. In the petitions signed by Keith Maib, chief restructuring officer, the Debtors disclosed up to $500 million in estimated assets and up to $1 billion in estimated liabilities. Bankruptcy Judge Thomas M. Horan handles the cases. The Debtors tapped Young Conaway Stargatt & Taylor, LLP as local counsel; Sheppard, Mullin, Richter & Hampton LLP as bankruptcy counsel; Kirkland & Ellis LLP as special litigation counsel; Accordion Partners, LLC as financial and restructuring advisor; and Solic Capital Advisors, LLC as investment banker. Kurtzman Carson Consultants, LLC, doing business as Verita Global, is the Debtors' claims and noticing agent and administrative advisor. VYVVE LLC: Liquidating Trustee Taps Mazer Law as Litigation Counsel ------------------------------------------------------------------- Linda Marie Leali, the liquidating trustee appointed in the Chapter 11 case of Vyvve, LLC, seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to employ Mazer Law PA, along with Agentis PLLC, as special litigation counsel. The trustee seeks to retain a special counsel to assist the Debtor's other legal professionals in pursuing Directors & Officers (D&O) claims. The liquidating trustee has agreed to compensate Agentis and Mazer with a contingency fee of 37.5 percent of all proceeds obtained under the D&O claims. Jason Mazer, a shareholder at Mazer Law, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Jason S. Mazer, Esq. Mazer Law PA 2 Grove Isle Drive, Suite PH10 Miami, FL 33133 Telephone: (305) 374-648 Email: jmazer@mazer-law.com About Vyvve LLC Vyvve, LLC, filed a Chapter 11 petition (Bankr. S.D. Fla. Case No. 25-13760) on April 7, 2025, listing under $1 million in both assets and liabilities. Judge Erik P. Kimball oversees the case. Robert P. Charbonneau, Esq., at Agentis PLLC is the Debtor's legal counsel. WEABER INC: Gets Extension to Access Cash Collateral ---------------------------------------------------- Weaber, Inc. received ninth interim approval from the U.S. Bankruptcy Court for the Middle District of Pennsylvania to use cash collateral pending a further hearing. The court issued its ninth interim order authorized the Debtor to use cash collateral for weeks 20, 21, 22, 23 and 24 as outlined in the budget. Such use is limited to (i) $5,042,163; as shown in the "Subtotal Cash Disbursements" line, and (ii) up to $400,000 per week as shown in the "Lumber" line. As adequate protection for the Debtor's use of their cash collateral, JPMorgan Chase Bank, N.A. and Cyprium Investors IV AIV I, LP will be granted replacement liens on their pre-bankruptcy collateral and additional post-petition security interests in and liens on other property that is currently owned or will be acquired by the Debtor after the petition date (excluding avoidance actions). In addition, the Debtor will pay interest on its obligations to JPMorgan and the other lenders under the 2017 credit agreement in cash at the non-default rate of 9.25% per annum on a weekly basis. As further protection, JPMorgan and Cyprium will have an allowed administrative claim against the Debtor. The next hearing is scheduled for January 13. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/mn8Oz from PacerMonitor.com. Weaber produces oak and poplar hardwood products and operates entirely within the U.S., employing approximately 295 individuals. It is primarily financed by JPMorgan, which holds a first lien on its assets, with approximately $24.3 million in outstanding debt. Additional secured creditors include Cyprium Investors (with a junior lien of approximately $8 million) and Pathward N.A. (which holds a $3.88 million first-priority lien on certain machinery and equipment). The Debtor values its secured assets as follows: $6 million in accounts receivable, $23.3 million in inventory, $17.5 million in real estate, and $4.5 million in machinery and equipment. About Weaber Inc. Weaber, Inc. manufactures and distributes hardwood lumber products across the United States. Combining advanced production technology with strict quality standards, it supplies flooring, trim, paneling and other specialty hardwood components in both full-truckload and small-lot deliveries. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Pa. Case No. 25-02167) on August 1, 2025. In the petition signed by Matthew G. Weaber, president and CEO, the Debtor disclosed up to $50 million in both assets and liabilities. Judge Henry W. Van Eck oversees the case. Albert A. Ciardi, III, Esq., at Ciardi Ciardi and Astin, is the Debtor's legal counsel. JPMorgan Chase Bank, N.A., as secured creditor, is represented by: Su Jin Kim, Esq. Morgan, Lewis & Bockius, LLP 2222 Market Street Philadelphia, PA 19103 Telephone: (215) 963-5000 Facsimile: (215) 963-5001 su.kim@morganlewis.com -- and -- Michael Luskin, Esq. Stephan E. Hornung, Esq. Morgan, Lewis & Bockius, LLP 101 Park Avenue New York, NY 10178-0060 Tel: 212-309-6000 michael.luskin@morganlewis.com stephan.hornung@morganlewis.com Cyprium Investors IV AIV I, LP, as secured creditor, is represented by: Michael J. Roeschenthaler, Esq. Raines Feldman Littrell LLP 11 Stanwix Street, Suite 1100 Pittsburgh, PA 15222 (412) 899-6472 mroeschenthaler@raineslaw.com WEEDEN RANCH: Seeks to Tap High Country Realty Montana as Broker ---------------------------------------------------------------- Weeden Ranch LLC seeks approval from the U.S. Bankruptcy Court for the District of Montana to employ High Country Realty Montana as real estate broker. The Debtor needs a broker to market and sell its properties located at: (a) lots 1 through 4 of the Peaceful Lookout Subdivision; (b) hangar located at 23 Taxiway E., Lewistown, Montana; (c) 2 acres of land located at NHN US Hwy. 97, Lewistown, Montana; (d) 35 acres at Truck Bypass, Lewistown, Montana; (e) 7 acres at NHN Truck Bypass, Lewistown, Montana. The firm will receive a commission of 10 percent of the gross sale price of the properties. Mike Pallett, a real estate agent at High Country Realty Montana, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Mike Pallett High Country Realty Montana 415 1st Avenue N. Lewistown, MT 59457 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 the petition signed by Monte Weeden, manager, the Debtor disclosed up to $10 million in both assets and liabilities. Honorable Bankruptcy Judge Benjamin P. Hursh handles the case. The Debtor is represented by DBS Law and Christian, Samson, Baskett, Phelan & Bell, PLLC. WELTY SERVICES: Gets Final OK to Use Cash Collateral ---------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of Texas, Galveston Division, entered a final order authorizing Welty Services, LLC to use cash collateral to fund operations. Under the final order, the Debtor is authorized to use cash collateral pursuant to an approved budget through the covered period, subject to defined variance limits. The Debtor may deviate from budget line items within 10–15% weekly thresholds, carry forward underspent amounts, and allocate excess revenues toward costs of goods and overhead within set percentages, with additional variances requiring court approval or consent from the U.S. Small Business Administration. Multiple creditors assert interests in the cash collateral, with the SBA holding the senior secured position and Third Coast Bank also asserting secured interests. The court found that the secured creditors are adequately protected by existing collateral, ongoing business operations, and pre-bankruptcy liens. As additional adequate protection, the Debtor must make monthly payments of $3,472.80 to Third Coast Bank, grant replacement liens consistent with pre-bankruptcy priority, and allow access to financial records and property inspections. The order preserves all parties' rights to seek further adequate protection or challenge lien priority in the future and requires updated financial projections before the cash collateral authority expires. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/93A6o from PacerMonitor.com. Third Coast Bank is represented by: Jason T. Rodriguez, Esq. Higier Allen & Lautin, P.C. The Tower at Cityplace 2711 N. Haskell Ave., Suite 2400 Dallas, TX 75204 Telephone: (972) 716-1888 Facsimile: (972) 716-1899 jrodriguez@higierallen.com About Welty Services LLC Welty Services, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Case No. 25-80315) on July 10, 2025, listing between $1 million and $10 million in assets and liabilities. The petition was signed by Donnie Welty Jr. as managing member. Judge Alfredo R. Perez oversees the case. Genevieve Marie Graham, Esq., at Genevieve Graham Law, PLLC and Steven Robert Fox, Esq., are the Debtor's legal counsel. WINDHAVEN SENIOR: To Sell Frisco Property for $10.5MM ----------------------------------------------------- Windhaven Senior Living Ltd. seeks permission from the U.S. Bankruptcy Court for the Eastern District of Texas, Sherman Division, to sell Property, free and clear of liens, claims, interests, and encumbrances. On December 8, 2025, the Debtor filed a voluntary petition for relief under Chapter 11 of the Bankruptcy Code. The Debtor's primary bankruptcy estate asset is real property located at 2828 Nature Way, Frisco, TX 75033. The Debtor has five secured creditors with liens encumbering the Facility: a. 1st Lien: Susser Bank (SBA loan of approximately $5.3 million); b. 2nd Lien: GTCC (SBA loan of approximately $3.4 million); c. 3rd Lien: Montgomery Capital Partners III, LP (judgment lien of approximately $3.7 million, amount in dispute); d. 4th Lien: Libby Sparks Willis Starnes PLLC (fees of approximately $240,000, amount in dispute); and e. 5th Lien: MCA Financial Solutions, LLC (approximately $1.2 million; amount in dispute). The Debtor has a received an offer to purchase the Facility by SVV Frisco, LLC and/or its assigns in the amount of $10,500,000.00. The Buyer is a third party who is not connected to the Debtor. The first and second lienholders will be satisfied in full by the sale proceeds. As to MCP, Libby Sparks Willis Starnes PLLC, and MCA as the third, fourth and fifth lienholders, the claim amounts on each lien encumbering the Facility are in bona fide dispute. The Proposed Sale is a fair and equitable exercise of the Debtor's sound business judgment. The Proposed Sale maximizes the liquidated value of the Facility and there is no higher or better offer in existence. Any party interested in purchasing the Facility for an amount in excess of $10,500,00.000 should contact the undersigned attorney within twenty-one days of the filing of the Motion and timely file an objection stating their offered amount to purchase the Facility. The liens encumbering the Facility are subject to continued accruing interest. The Proposed Sale will allow the Debtor to limit the accruing interest. Further, the lienholders will be protected as their liens shall attach to the Proposed Sale's proceeds. Considering all additional costs associated with continued marketing and sale delays, the Proposed Sale vastly exceeds what senior and junior lienholders would net in a foreclosure proceeding or a forced sale. The LOI indicates the Proposed Sale is a "Sale Lease-Back Transaction" under which the Debtor will lease the Facility from the Buyer. The Proposed Sale limits the Facility from value erosion as the Buyer will immediately receive the Proposed Sales' liquidated value while also allowing the Debtor to maintain its operations within the Facility. Due to the need to close this sale to stop the accrual of interest and additional property taxes, the Debtor requests that any order approving this Motion exclude the fourteen day stay provided in Rule 6004(h) of the Federal Rules of Bankruptcy Procedure. About Windhaven Senior Living Ltd. Windhaven Senior Living, Ltd. is a senior care provider offering assisted living, memory care, and independent living services. The company focuses on creating a safe, comfortable, and engaging environment for residents while providing personalized care tailored to individual needs. Windhaven Senior Living, Ltd. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-43721) on December 8, 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 Chief Judge Brenda T. Rhoades handles the case. The Debtor is represented by John Paul Stanford, Esq. of Quilling, Selander, Lownds, et WK BROWN: Gets Interim OK to Use Cash Collateral ------------------------------------------------ WK Brown, LLC received interim approval from the U.S. Bankruptcy Court for the District of Minnesota to use cash collateral to fund operations. The court authorized the Debtor's interim use of cash collateral through February 24 in accordance with its financial projections. The use of cash collateral is conditioned on providing adequate protection to Bravera Bank through payments and replacement liens on the Debtor's assets (excluding Chapter 5 avoidance actions and their proceeds), with the same validity and priority as its pre-bankruptcy security interests. The Debtor must also continue providing monthly financial documents, including tenant bank statements, to Bravera Bank. The interim order is available at https://is.gd/rRmZPt from PacerMonitor.com. WK Brown owns commercial real estate in Brooklyn Center, Minnesota, and generates approximately $38,000 per month in rental income, which constitutes Bravera Bank's cash collateral under its mortgage and assignment of rents. The Debtor acknowledges Bravera Bank's first-priority liens on the real property, rents, and certain personal property. About WK Brown WK Brown, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Minn. Case No. 25-42685) on August 18, 2025, with $500,001 to $1 million in assets and $1,000,001 to $10 million in liabilities. Judge Mychal A. Bruggeman presides over the case. Jeffrey H. Butwinick, Esq., represents the Debtor as legal counsel. Bravera Bank, as secured creditor, is represented by: Aaron B. Chapin, Esq. Husch Blackwell LLP 120 S. Riverside Plaza, Suite 2200 Chicago, IL 60606 Tel: 312.655.1500 Fax: 312.655.1501 aaron.chapin@huschblackwell.com ZEPHYR HOSPITALITY: Gina Klump Named Subchapter V Trustee --------------------------------------------------------- The U.S. Trustee for Region 17 appointed Gina Klump, Esq., at the Law Office of Gina R. Klump, as Subchapter V trustee for Zephyr Hospitality, LLC. Ms. Klump will be paid an hourly fee of $525 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Klump declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Gina Klump, Esq. Law Office of Gina R. Klump 11 5th Street, Suite 102 Petaluma, CA 94952 Phone: (707) 778-0111 Email: gklump@klumplaw.net About Zephyr Hospitality LLC Zephyr Hospitality LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Calif. Case No. 25-10808) on December 23, 2025, with $50,001 to $100,000 in assets and liabilities. Judge William J. Lafferty presides over the case. ZOMANO CAFES: Seeks Chapter 11 Bankruptcy in Florida ---------------------------------------------------- On January 2, 2026, Zomano Cafes, Inc. filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Middle District of Florida. According to court filings, the Debtor reports between $100,001 and $1,000,000 in debt owed to between 1 and 49 creditors. About Zomano Cafes, Inc. Zomano Cafes, Inc., d/b/a Cuizine Restaurant & Lounge, is a consumer-focused cafe company providing specialty drinks, snacks, and light meals. Zomano Cafes, Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-00005) on January 2, 2026. In its petition, the Debtor reports estimated assets between $100,001 and $1,000,000 and estimated liabilities in the same range. Honorable Bankruptcy Judge Tiffany P. Geyer handles the case. The Debtor is represented by Daniel A. Velasquez, Esq. of Latham, Luna, Eden & Beaudine, LLP. ********* 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. 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