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260108.mbx T R O U B L E D C O M P A N Y R E P O R T E R Thursday, January 8, 2026, Vol. 30, No. 8 Headlines 210 AT FAIRFIELD: Hires Russo White & Keller as Bankruptcy Counsel 210 AT FAIRFIELD: Seeks Subchapter V Bankruptcy in Alabama 323 SOUTH 7TH: Voluntary Chapter 11 Case Summary 360 FAST: Unsecured Creditors to Split $12K over 60 Months AB INTERNATIONAL: Grants CEO Bonus of 1 Million Common Shares AB INTERNATIONAL: Renamed to AI Era Corp. After Reverse Split ABSOLUTE TRUCK: Jerrett McConnell Named Subchapter V Trustee AC AVIATION: Seeks to Hire Rosen & Associates PC as Attorney ACADEMY AT PENGUIN: Wenham Property Sale to C. & R. McKenzie OK'd ACADIA HEALTHCARE: S&P Alters Outlook to Neg., Affirms 'BB-' ICR AETC INC: Amended Controlling Equity Sale to Maximum Video for $5MM AINOS INC: Issues 1.16MM Shares to ScentAI in Share Exchange ALBERT WHITMAN: Hallee Adelman Books Sale to World of HA OK'd ALGORHYTHM HOLDINGS: Signs Third Pre-Paid Deal With Streeterville ALL REAL SERVICES: Gets Interim OK to Use Cash Collateral ANDERSON HAY: Hires Bush Kornfeld LLP as Bankruptcy Counsel ANTELOPE HOSPITALITY: Gets Interim OK to Use Cash Collateral APPERSON CRUMP: U.S. Trustee Unable to Appoint Committee AQUASERV POOL: Gets Extension to Access Cash Collateral ARCADIA BIOSCIENCES: Roosevelt Ends All-Stock Combination Agreement ARCHROCK INC: S&P Rates Proposed $500MM Senior Unsecured Notes ARCHROCK SERVICES: Fitch Gives 'BB' IDR & Rates New Notes 'BB' ARIZONA STATE: Gets OK to Use Cash Collateral Until March 31 ARVI MANAGEMENT: Seeks to Hire Cunningham Chernicoff as Counsel AVFUND CAPITAL: Gregory Jones Named Subchapter V Trustee B & H MANAGEMENT: Seeks Chapter 11 Bankruptcy in Arkansas BACCI CAFE: Robert Handler Named Subchapter V Trustee BE PLASTICS: Unsecureds Will Get 13.04% of Claims over 3 Years BEACON LIGHT: Gets Interim OK to Use Cash Collateral BEELINE HOLDINGS: Adopts Amended and Restated Bylaws BEYOND AIR: Dan Moorhead Named Chief Financial Officer BOREN INC: Gets Extension to Access Cash Collateral BOXLIGHT CORP: CEO Dale Strang to Step Down Effective Feb. 17 BOXLIGHT CORP: Extends $32M Credit Facility Maturity to April 2027 CAMP LOUEMMA: Hires eRealty Advisors Inc. as Real Estate Broker CAPITAL DISTRICT: Seeks to Hire RBT CPAs LLP as Accountant CCO HOLDINGS: S&P Assigns 'BB-' Rating on Proposed Senior Notes CEMTREX INC: $28.1MM Loss for FY25 Raises Going Concern Doubt CFI REAL ESTATE: Seeks Chapter 7 Bankruptcy in Georgia CHAMBERLAIN CONSTRUCTION: Seeks Chapter 7 Bankruptcy in Arkansas CIRTRAN CORP: Signs $10MM Equity Purchase Deal With YA II PN CITY MASSAGE: Unsecureds to Get 25 Cents on Dollar in Plan CLAY STREET: Case Summary & Seven Unsecured Creditors CLEAN ENERGY: Raises $679,183 in Stock Sales With Investors CNY SEALCOATING: Hires Jeffrey W. Hanretty CPA as Accountant COLORADO AIR: Seeks Chapter 7 Bankruptcy in Colorado COMPASS COFFEE: Case Summary & 20 Largest Unsecured Creditors COMPASS COFFEE: Seeks Chapter 11 Bankruptcy in D.C. CONGA CORP: Fitch Affirms 'B+' IDR, Cuts 1st Lien Term Loan to 'BB' CONSCIOUS CONTENT: Hires Reitler Kailas & Rosenblatt as Co-Counsel CONSCIOUS CONTENT: Seeks to Hire Stretto as Administrative Advisor CONSCIOUS CONTENT: Seeks to Tap Bayard PA as Bankruptcy Co-Counsel COOK HOLDINGS: Seeks to Hire Sternberg Naccari & White as Counsel CORE AI HOLDINGS: Completes Divestiture of Siyata Mobile COSMETIC SURGERY: Hires Iron Horse Commercial Properties as Broker CQENS TECHNOLOGIES: Relocates Principal Executive Office to Nevada CYTTA CORP: Delays FY 2025 10-K Filing for Audit Completion DAVIS HAUSER: Seeks Chapter 7 Bankruptcy in Colorado DETROIT PIZZA: Mark Shapiro Named Subchapter V Trustee DIOCESE OF ALEXANDRIA: Committee Taps Wiener Weiss as Legal Counsel DIOCESE OF BUFFALO: Hires Howard Hanna Holt as Real Estate Broker DIOCESE OF BUFFALO: Hires Rivellino Realty as Real Estate Broker EDMUNDSON LAND: Seeks Chapter 11 Bankruptcy in Colorado EDWARD L. AUEN: Lisa Holder Named Subchapter V Trustee EKSO BIONICS: Signs Term Sheet for AI-Focused Cloud Biz Combination ELECTRIC FORKLIFT: Hires McDowell Law PC as Bankruptcy Counsel ENERGY FOCUS: Huang Chieh, Sander Electronic Hold 31.9% Stake FALLS MEDICAL: Matthew Grimshaw Named Subchapter V Trustee FALLS MEDICAL: Section 341(a) Meeting of Creditors on February 6 FIRST BRANDS: Creditors Say Insiders Took 300% Returns on Deals FIRST BRANDS: Founder Alleges Jefferies Withheld Critical Records FLUENT INC: Signs $11.2 Million ATM Deal With Lake Street FOLEY PRODUCTS: S&P Withdraws 'B+' Issuer Credit Rating FOOD52 INC: Taps Young Conway Lawyers to Handle Chapter 11 Case FORAGED & FOUND: Seeks Chapter 7 Bankruptcy in Alaska FRANKLIN FLIGHT: Seeks Chapter 11 Bankruptcy in Delaware GBOGBARA INC: Seeks Approval to Hire Sikora Blehm as Accountant GENESIS HEALTHCARE: Picks New Bidder in Chapter 11 Sale GRAFFITI PYRAMID: Voluntary Chapter 11 Case Summary GREEN TREE: Hires Gregory K. Stern P.C. as Bankruptcy Counsel GROFF TRACTOR: Taps Phelanlaw as Member of Restructuring Committee HALL OF FAME: Completes Merger with HOFV Holdings HOLOGIC INC: S&P Lowers ICR to 'B+' on Take-Private Transaction HUDSON 1701/1706: Committee Taps Morris James LLP as Co-Counsel HUDSON 1701/1706: Committee Taps Province LLC as Financial Advisor HUDSON 1701/1706: Committee Taps Seward & Kissel LLP as Counsel HUDSON BEND: Voluntary Chapter 11 Case Summary INCORA: Bondholders to Appeal 2022 Debt Ruling INCREDIBLE ESCAPE: Seeks Chapter 11 Bankruptcy in Arizona INDEPENDENT MEDEQUIP: Taps Sandner Commercial as Real Estate Broker INLAND NORTHWEST: Seeks Chapter 11 Bankruptcy in Idaho INSTALLED BUILDING: Fitch Rates Sr. Unsecured Notes Due 2034 'BB+' INSTALLED BUILDING: Moody's Rates New $500MM Unsecured Notes 'Ba2' INSTALLED BUILDING: S&P Upgrades ICR to 'BB', Outlook Stable J2XA MANAGEMENT: Seeks Chapter 11 Bankruptcy in Georgia JACKSON HOSPITAL: Hires Iacuone McAllister as Special Counsel JEAN ANN: Section 341(a) Meeting of Creditors on February 17 JESUS AND SON'S: Seeks Chapter 7 Bankruptcy in Colorado JOEY PAYNE: Seeks Chapter 11 Bankruptcy in Georgia JOEY PAYNE: Todd Hennings Named Subchapter V Trustee KIDS FIRST PEDIATRIC: Gets Interim OK to Use Cash Collateral KOSSOFF PLLC: Former NYC Lawyer Loses IRS Claim Appeal KSENIA LOGISTICS: Neema Varghese Named Subchapter V Trustee LEISURE INVESTMENTS: Judge Okays Sea Lion, Shark Transfer in Ch. 11 LLW CONSTRUCTION: Gets Final OK to Use Cash Collateral LOW COST TREE: Holly Miller Named Subchapter V Trustee LSF COACHING: Seeks Subchapter V Bankruptcy in Arkansas LUMINAR TECHNOLOGIES: Claims to be Paid from Asset Sale Proceeds LUMINAR TECHNOLOGIES: Plans 30% Staff Reduction to Lower Costs MALLICOAT INC: Seeks Chapter 7 Bankruptcy in Washington MANAGEMENT MCOA: Court Directs U.S. Trustee to Appoint PCO MARKUS CORP: Court Extends Cash Collateral Access to Jan. 31 MAWSON INFRASTRUCTURE: Sues Creditors Over Involuntary Bankruptcy MICHAEL BAKER: Moody's Affirms 'B2' CFR, Outlook Stable MID-COLORADO INVESTMENT:Trustee Taps LRE Water as Water Consultant MINISTERIOS UNA: Seeks to Tap Sheila Esmaili as Bankruptcy Counsel MOBIVITY HOLDINGS: Reports $3.3 Million Net Loss in 2025 Q3 MODIVCARE INC: Exits Chapter 11 Bankruptcy, Reduces Debt by $1.1B NASITRA LLC: Unsecureds Will Get 46% of Claims over 60 Months NEAL MEATS: Seeks to Hire JB James Law Firm as Bankruptcy Counsel NEW WORLD: Court OKs Bid Rules for Construction Equipment Sale NIGHTFOOD HOLDINGS: Expands Manufacturing Plans to Meet Demands NORCOLD LLC: Committee Hires Saul Ewing LLP as Co-Counsel NORCOLD LLC: Committee Taps Eversheds Sutherland as Co-Counsel NORCOLD LLC: Committee Taps Province LLC as Financial Advisor PACIFIC RADIO: Gets Final OK to Use Cash Collateral PALWAUKEE HOSPITALITY: Claims to be Paid from $100K Carveout PECF USS III: Moody's Lowers PDR to 'D-PD' Amid Chapter 11 Filing PILGRIM LAND: Case Summary & Three Unsecured Creditors PPF FARMS: Case Summary & 14 Unsecured Creditors PPF GIN: Case Summary & 20 Largest Unsecured Creditors PRAESUM HEALTHCARE: Selling Behavioral Health Biz to GG Praesum PRECIPIO INC: Executive Pay Adjustments, Equity Awards OK'd PRESEND INC: Seeks Chapter 7 Bankruptcy in Delaware PRIMALEND CAPITAL:Seeks Court OK for Chapter 11 Asset Sale PRO ROOFING: Unsecureds Will Get 6.20% of Claims over 5 Years PROFRAC HOLDINGS II: Moody's Withdraws Caa1 Corporate Family Rating PROJECT EVEREST: S&P Alters Outlook to Neg., Affirms 'B' ICR QHSLAB INC: Closes $500,000 Private Placement Financing RAVI GI: Crystal Thornton-Illar's Appointment as Trustee OK'd RE EQUITY: Seeks Chapter 7 Bankruptcy in Florida RECONNECT INCORPORATED: Unsecureds Will Get 22.51% over 5 Years RED RIVER: Judge Signals Revival of J&J Unit's Libel Suit REUP TECHNOLOGIES: Seeks Chapter 11 Bankruptcy in Texas RICHWOOD LOGISTICS: Seeks Chapter 7 Bankruptcy in Alabama RIGHT AT HARMONY: Seeks Chapter 7 Bankruptcy in D.C. RIVERVIEW LAND: Hires Capstone Commercial as Real Estate Broker ROBINSON FAMILY: Voluntary Chapter 11 Case Summary ROOTS ZERO: Seeks Chapter 7 Bankruptcy in Idaho ROSE RENTAL: Seeks to Hire Southern Homes Real Estate as Broker ROSSLYN2016 LLC: Insurance & Litigation Proceeds to Fund Plan RSA SECURITY: Fitch Lowers LongTerm IDR to 'CCC-', On Watch Neg. S & D TALLER: Hires Juan Javier Llanos Benitez CPA as Accountant S&G LABS: Seeks to Hire CliftonLarsonAllen LLP as Accountant SAFE & GREEN: To Reconvene 2025 Annual Meeting on Jan. 14 SAKS GLOBAL: In Discussions for Bankruptcy Loan to Keep Biz Open SAMYS OC: Court Extends Cash Collateral Access to Jan. 30 SCHILLER PARK: Creditors to Get Proceeds From Liquidation SCILEX HOLDING: Boosts Datavault AI Stake to 42.6% SCILEX HOLDING: Completes $27MM Penny Warrants Repurchase SELECTIS HEALTH: Third Allonge Extends Notes Maturity to Feb. 28 SIDE YARD: Unsecureds Will Get 12.4% of Claims over 60 Months SIX FLAGS: S&P Rates Proposed $1.0BB Senior Unsecured Notes 'B+' SKILLZ INC: S&P Withdraws 'CCC+' Issuer Credit Rating, Outlook Neg SMITH HOSPITALITY: Seeks to Hire Preeti Gupta as Legal Counsel SONIM TECHNOLOGIES: Asset Sale Proposal OK'd at Special Meeting STRATHCONA RESOURCES: S&P Withdraws 'BB-' LT Issuer Credit Rating TA KINGDOM: Seeks Chapter 7 Bankruptcy in Idaho TARAH THAI: Unsecureds Will Get 10% of Claims over 60 Months TASTE OF BELGIUM ROCKWOOD: Case Summary & 20 Unsecured Creditors TASTE OF BELGIUM: Case Summary & 20 Largest Unsecured Creditors TEGRA118 WEALTH: S&P Upgrades ICR to 'B-', Outlook Stable TONIX PHARMACEUTICALS: Point72 Entities Hold 9.2% Stake TOPGOLF CALLAWAY: Moody's Ups CFR to Ba3 & Alters Outlook to Pos. TOPGOLF CALLAWAY: S&P Upgrades ICR to 'BB-', Outlook Positive TOPPOS LLC: Manufactured Homes Sale to Hilton Companies OK'd TP BRANDS: Gets Extension to Access Cash Collateral TRAXX CONSTRUCTION: Taps EXP Realty LLC as Real Estate Broker TSB VENTURES: Amends Non-Insider Unsecured Claims Pay Details UBA BROCKTON: Hires Atlantic Business Brokerage as Business Broker UNITED SITE: Taps Cole Schotz, Milbank in Chapter 11 UPTOWN PHARMACY: Seeks Chapter 11 Bankruptcy in Arizona URGENT CARE: Hires Katy LaBarbera CPA PC as Accountant US MAGNESIUM: Creditors Pursue Claims Against Wells Fargo, Renco VERRICA PHARMACEUTICALS: Grants Equity Awards to CEO, CFO VERRICA PHARMACEUTICALS: Names Charles Frantzreb Class III Director VIA MIZNER: Hires Shraiberg Page as Bankruptcy Co-Counsel VIVAKOR INC: Appeals Nasdaq Delisting; Hearing Set for Jan. 29 VIVAKOR INC: Converts $2.42MM Notes Into 159.9MM Shares VIVAKOR INC: Resets Special Dividend Payment to April 30 VN PAINTING: Seeks to Hire Alla Kachan P.C. as Legal Counsel WAYNE LEE: $841K Unsecured Claims to Get 10% over 5 Years WELL RUN: Seeks to Hire Seaman & Associates PC as Accountant WILCOV HOLDINGS: Unsecureds to Split $41K over 60 Months WOHALI LAND: Trustee Taps Cohne Kinghorn as Special Counsel ZOMANO CAFES: L. Todd Budgen Named Subchapter V Trustee [^] Recent Small-Dollar & Individual Chapter 11 Filings ********* 210 AT FAIRFIELD: Hires Russo White & Keller as Bankruptcy Counsel ------------------------------------------------------------------ 210 At Fairfield, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Alabama to hire Russo White & Keller, P.C. as counsel. The firm will provide these services: a. provide the Debtor legal advice with respect to its powers and duties as Debtor-in-Possession in the continued management of its financial affairs and property; b. prepare on behalf of the Debtor necessary schedules, lists, applications, motions, answers, orders, and reorganization paperwork as is or may become necessary; c. review all leases and other corporate papers and other documents and prepare any necessary motions to assume unexpired leases or executor contracts and assist in preparation of corporate authorizations and resolutions regarding the Chapter 11 cases; and d. perform any and all other legal services for the Debtor as Debtor-in-Possession as may be necessary to achieve confirmation of a Chapter 11 plan. The firm will be paid at the rate of $350 per hour. The firm received a retainer in the amount of $10,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Robert Keller, Esq., a partner at Russo White & Keller, P.C., disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Robert C. Keller, Esq. Russo White & Keller, P.C. 315 Gadsden Highway, Suite D Birmingham, AL 35235 Tel: (205) 833-2589 Email: rjlawoff@bellsouth.net About 210 At Fairfield, LLC 210 At Fairfield, LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ala. Case No. 25-03921) on December 23, 2025, listing $1 million to $10 million in both assets and liabilities. The petition was signed by Anthony D. Owens as managing member. The case is assigned to Judge D Sims Crawford. Robert C. Keller, Esq. at RUSSO, WHITE & KELLER, P.C. serves as the Debtor's counsel. 210 AT FAIRFIELD: Seeks Subchapter V Bankruptcy in Alabama ---------------------------------------------------------- On December 23, 2025, 210 At Fairfield, LLC filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Northern District of Alabama. According to court filings, the debtor reports between $1 million and $10 million in debt owed to between 1 and 49 creditors. About 210 At Fairfield, LLC 210 AT FAIRFIELD, LLC operates as a limited liability company, potentially involved in real estate ownership or management. 210 At Fairfield, LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-03921) on December 23, 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 D. Sims Crawford is presiding over the case. The debtor is represented by Robert C. Keller, Esq. of Russo, White & Keller, P.C. 323 SOUTH 7TH: Voluntary Chapter 11 Case Summary ------------------------------------------------ Debtor: 323 South 7th LLC No Address Provided Chapter 11 Petition Date: January 6, 2026 Court: United States Bankruptcy Court District of New Jersey Case No.: 26-10098 Debtor's Counsel: Solomon Rosengarten, Esq. SOLOMON ROSENGARTEN 2329 Nostrand Avenue Brooklyn NY 11210 Tel: 718-627-4460 E-mail: vokma@aol.com Estimated Assets: $500,000 to $1 million Estimated Liabilities: $1 million to $10 million The petition was signed by Martin Stern as member. A list of the Debtor's 20 largest unsecured creditors was not provided alongside the petition. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/DLZ26EY/323_SOUTH_7TH_LLC__njbke-26-10098__0001.0.pdf?mcid=tGE4TAMA 360 FAST: Unsecured Creditors to Split $12K over 60 Months ---------------------------------------------------------- 360 Fast, LLC, filed with the U.S. Bankruptcy Court for the District of Kansas a Plan of Reorganization dated Dec. 31, 2025. The Debtor operates a commercial cleaning business that specializes in kitchen exhaust cleaning for NFPA 96 Compliance. The Debtor cleans outdoor spaces, including parking lots and trash pads. The Debtor also provides indoor facility services, including the deep cleaning of appliances, vents, ceilings, and walk-ins. The business was started in January 2014 and purchased by the current owner in July 2024. The purchase was funded by an SBA loan (Truliant) and the Debtor struggled to make payments since the closing. The Debtor was required to file for bankruptcy because of a drop in revenue, significant cost increases in insurance, fuel and equipment repair. The primary reason for the bankruptcy filing was the unsustainable debt from the 2024 purchase. Post transaction, the operating impact of actual higher costs along with a drop in revenue in 2025 led to the need to restructure debt. The business is fundamentally profitable but is unable to sustain the debt structured at purchase transaction. The Debtor's Chapter 11 Plan will be implemented from ongoing business operations and cash flow from the business. Truilant has filed a secured claim of $1,758,906.65, but there is not sufficient equity to pay such claim as secured. The Debtor estimates the value of the collateral as $100,000. The Debtor proposes to pay the secured claim of Truliant Federal Credit Union (Claim No. 3-1) of $100,000.00 over 60 months with interest of 7.5% and payments of $2,003.79. The balance of the claim will be unsecured. The Debtor shall pay unsecured creditors $12,000.00 pro rata over 60 months at $200.00 a month beginning April 1, 2026. Class 4 consists of General Unsecured Claims. The Debtor shall pay unsecured creditors $12,000 pro-rata over 60 months at $200.00 a month beginning April 1, 2026. The Debtor reserves the right to remit annual payments to creditors if the annual total of payments due is $50.00 or less. This Class is impaired. Class 5 consists of Equity Interest holders. Manorama Holdings, LLC shall retain its security interest. The Debtor's Chapter 11 Plan will be implemented from ongoing business operations and contributions from the equity interest holders of the Debtor to the extent necessary. A full-text copy of the Plan of Reorganization dated December 31, 2025 is available at https://urlcurt.com/u?l=HrtnDd from PacerMonitor.com at no charge. Counsel to the Debtor: Colin N. Gotham, Esq. Evans & Mullinix, P.A. 7225 Renner Road, Suite 200 Shawnee, KS 66217 Telephone: (913) 962-8700 Facsimile: (913) 962-8701 E-mail: cgotham@emlawkc.com About 360 Fast LLC 360 Fast, LLC, offers specialized cleaning services. 360 Fast sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Kan. Case No. 25-21454) on October 7, 2025. In the petition signed by Vijay Das, managing member, the Debtor disclosed up to $100,000 in assets and up to $500,000 in liabilities. Judge Robert D. Berger oversees the case. Colin N. Gotham, Esq., at Evans & Mullinix, P.A., represents the Debtor as legal counsel. AB INTERNATIONAL: Grants CEO Bonus of 1 Million Common Shares ------------------------------------------------------------- AB International Group Corp., now known as AI Era Corp. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on December 24, 2025, its sole director, Chiyuan Deng, approved his bonus compensation for serving as Chief Executive Officer. The Company agreed to bonus Mr. Deng with 1,000,000 shares of common stock. About AB International Headquartered in Mt. Kisco, N.Y., AB International Group Corp. is an intellectual property (IP) and movie investment and licensing firm, focused on the acquisition and development of various intellectual property, including the acquisition and distribution of movies. Hackensack, N.J.-based Prager Metis CPAs, LLC, the Company's auditor since 2022, issued a "going concern" qualification in its report dated December 1, 2025, attached to the Company's Annual Report on Form 10-K for the year ended August 31, 2025, citing that as of August 31, 2025, the Company had limited cash, an accumulated deficit of approximately $10.4 million and a working capital deficit of approximately $3.3 million. For the year ended August 31, 2025, the Company had negative cash flow of approximately $2.3 million from its operations. The continuation of the Company as a going concern is dependent upon the continued financial support from its stockholders or external financing and achieving operating profits. These factors, among others, raise substantial doubt about the Company's ability to continue as a going concern. As of August 31, 2025, the Company had $6.7 million in total assets, $3.6 million in total liabilities, and $3.1 million in total stockholders' equity. AB INTERNATIONAL: Renamed to AI Era Corp. After Reverse Split ------------------------------------------------------------- AB International Group Corp. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on June 5, 2025, the holders of a majority of the voting power of the Company's outstanding capital stock approved: (i) a reverse stock split of the Company's issued and outstanding common stock within a range of not less than 1-for-2,000 and not more than 1-for-20,000 (with the exact ratio and the treatment of fractional shares to be determined by the Board of Directors) and (ii) an amendment to the Articles of Incorporation to change the name of the Company from "AB International Group Corp." to "AI Era Corp." The Board of Directors has fixed the reverse-split ratio at 1-for-2,000 and has directed that both the reverse stock split and the corporate name change to "AI Era Corp." be implemented effective December 18, 2025 upon receipt of FINRA's market-effective notice on December 17, 2025. Reason for the Reverse Stock Split and Name Change: The primary purpose of the Reverse Stock Split is to increase the per-share trading price of the Common Stock to regain and maintain eligibility for quotation on the OTCQB tier of the OTC Markets Group, Inc., which requires a minimum bid price of $0.01 per share. The Board also believes the Reverse Stock Split may facilitate potential uplisting to a national securities exchange in the future by improving the attractiveness of the Common Stock to institutional investors, analysts, and the broader financial community. This aligns with the Company's strategic enhancements, including the formation of wholly owned subsidiary AI+ Hubs Corp. and the acquisition of the ufilm AI intellectual property for AI-generated content creation. The Name Change to "AI Era Corp." reflects the Company's strategic focus on artificial intelligence technologies in media production and distribution, particularly through its ufilm AI system and AI+ Hubs Corp. subsidiary. Effects of the Reverse Stock Split and Name Change: * Effective Date; Symbol; CUSIP Number. The Common Stock will begin trading on a split-adjusted basis on the OTCPink on the Market Effective Date under the temporary trading symbol "ABQQD." The CUSIP number for the Common Stock has changed to 00083U509. The fifth character "D" will be removed from the trading symbol after 20 business days, at which time the symbol will be changed to "AERA" to reflect the new name. * Split Adjustment; Treatment of Fractional Shares. Any fractional share of Common Stock that would otherwise result from the Reverse Stock Split is being rounded up to the nearest whole share. No cash or other consideration will be paid in connection with fractional shares. * Amendment. The Reverse Stock Split was effected pursuant to a Certificate of Change filed with the Nevada Secretary of State on November 26, 2025. The Name Change was effected pursuant to a Certificate of Amendment filed with the Nevada Secretary of State on December 2, 2025. Copies of both documents are attached as Exhibit 3.1 (Certificate of Change) and Exhibit 3.2 (Certificate of Amendment). Those shares of the Company's common stock held by stockholders through a brokerage account will automatically adjust to reflect the 1-for-2,000 share reverse split. It is not necessary that stockholders holding shares of the Company's common stock in certificated form exchange their existing stock certificates for new stock certificates in connection with the reverse split, although stockholders may do so if they wish. * Capitalization. As of December 18, 2025 (immediately prior to the Reverse Stock Split), there were 4,371,527,432 shares of Common Stock issued and outstanding. Following the Reverse Stock Split, there will be approximately 2,185,764 shares of Common Stock issued and outstanding (subject to minor adjustment due to rounding up of fractional shares). There is no change to the Company's 10,000,000,000 authorized shares of common stock. Proportional adjustments will also be made to all the Company's outstanding securities including the shares issuable in connection with the Company's outstanding convertible preferred stock, stock options, and warrants. Full text copies of the Certificate of Change and Certificate of Amendment are available at https://tinyurl.com/428ffb3a and https://tinyurl.com/5yerjkkz. About AB International Headquartered in Mt. Kisco, N.Y., AB International Group Corp. is an intellectual property (IP) and movie investment and licensing firm, focused on the acquisition and development of various intellectual property, including the acquisition and distribution of movies. Hackensack, N.J.-based Prager Metis CPAs, LLC, the Company's auditor since 2022, issued a "going concern" qualification in its report dated December 1, 2025, attached to the Company's Annual Report on Form 10-K for the year ended August 31, 2025, citing that as of August 31, 2025, the Company had limited cash, an accumulated deficit of approximately $10.4 million and a working capital deficit of approximately $3.3 million. For the year ended August 31, 2025, the Company had negative cash flow of approximately $2.3 million from its operations. The continuation of the Company as a going concern is dependent upon the continued financial support from its stockholders or external financing and achieving operating profits. These factors, among others, raise substantial doubt about the Company's ability to continue as a going concern. As of August 31, 2025, the Company had $6.7 million in total assets, $3.6 million in total liabilities, and $3.1 million in total stockholders' equity. ABSOLUTE TRUCK: 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 Absolute Truck Repair, 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 Absolute Truck Repair LLC Absolute Truck Repair, LLC is a Florida-based company specializing in commercial truck repair and maintenance services. Absolute Truck Repair filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-04758) on December 23, 2025. In its petition, the Debtor listed $100,001 to $1 million in assets and liabilities. Honorable Bankruptcy Judge Jacob A. Brown handles the case. The Debtor is represented by Bryan K. Mickler, Esq., at Mickler & Mickler. AC AVIATION: Seeks to Hire Rosen & Associates PC as Attorney ------------------------------------------------------------ AC Aviation LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to hire Rosen & Associates, P.C. as attorneys. The professional services that Rosen & Associates will render are: a. advising the Debtor with respect to its powers and duties as a debtor and debtor-in-possession in the continued operation of its business and management of its property; b. representing the Debtor before this Court and any appellate courts, on matters pertaining to its affairs as debtor-in-possession, including prosecuting adversary proceedings to recover assets of the estate and defending actions on the Debtor's behalf that may arise during this Chapter 11 Case; c. advising and assisting the Debtor in negotiations with its creditors and the preparation of a plan of reorganization and disclosure statement, and taking any necessary action on behalf of the Debtor to obtain confirmation of such plan; d. preparing, on behalf of the Debtor, all necessary pleadings, motions, applications, answers, orders, reports, documents, and other legal papers necessary for the administration of the Debtor's estate; and e. performing such other legal services for the Debtor that may be appropriate and necessary during the pendency of the Chapter 11 Case. The firm received a retainer fee of $100,000. The Debtor has agreed to compensate Rosen & Associates at its usual hourly rates and to reimburse it for its reasonable expenses, charges, and disbursements. Rosen & Associates does not hold or represent an interest adverse to the estate, and is a disinterested person" as that term is defined in 11 U.S.C. Sec. 101(14), according to court filings. The firm can be reached through: Sanford P. Rosen, Esq. Rosen & Associates, P.C. 747 Third Avenue New York, NY 10017-2803 Phone: (212) 223-1100 Email: srosen@rosenpc.com About AC Aviation AC Aviation LLC provides private aircraft charter services. AC Aviation LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-74763) on December 10, 2025, listing $10,815,226 in assets and $9,898,861 in liabilities. The petition was signed by Charles Tebele as manager. Judge Sheryl P Giugliano presides over the case. Sanford P. Rosen, Esq. at ROSEN & ASSOCIATES, P.C. represents the Debtor as counsel. ACADEMY AT PENGUIN: Wenham Property Sale to C. & R. McKenzie OK'd ----------------------------------------------------------------- The U.S. Bankruptcy Court for the District of Massachusetts has approved the Academy at Penguin Hall Inc. to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor's real property is located at 41 Essex Street in Wenham, Massachusetts. The Debtor is a Massachusetts non-profit charitable corporation under Section 501(c)(3) of the Internal Revenue Code, formed on or about November 24, 2015 for the purposes of founding and operating an all-girls' preparatory high school on the Massachusetts North Shore. The Court has authorized the Debtor to sell the Property to Charlene and Robert McKenzie. The Court found that the sale was proposed, negotiated, and entered into by Debtor and the Buyer without collusion, in good faith and from arm's-length bargaining positions. The Court held that the Buyer is a good faith purchaser and no party has alleged any conduct that would constitute improper agreements or conduct. All creditors and other parties in interest have had the opportunity to object to the relief requested in the Sale Motion. The Sale of the Property is for an amount in excess of the value of the liens of Coughlin on the Property and the obligations of the Debtor to Coughlin shall be paid at closing. About The Academy at Penguin Hall, Inc. The Academy at Penguin Hall Inc. is a private, college-preparatory day school for young women in grades 9 through 12. Located in Wenham, Massachusetts, the school offers interdisciplinary academic programs and emphasizes leadership, critical thinking, and the arts. The Academy at Penguin Hall sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 25-11191) on June 11, 2025. In its petition, the Debtor reported between $10 million and $50 million in assets and liabilities. The Debtor is represented by John T. Morrier, Esq., at Casner & Edwards, LLP. ACADIA HEALTHCARE: S&P Alters Outlook to Neg., Affirms 'BB-' ICR ---------------------------------------------------------------- S&P Global Ratings revised its outlook on Acadia Healthcare Co. Inc. to negative from stable. S&P also affirmed its existing 'BB-' issuer credit rating, 'BB+' issue-level rating on its senior secured notes, and 'B+' issue-level rating on its senior unsecured notes. The negative outlook reflects last-twelve-month leverage of 4.6x, which is high for the 'BB-' rating and risks to S&P's base-case that Acadia will bring leverage below 4x in 2026. It also reflects uncertainty on the size and duration of litigation and government-investigation expenses in 2026 and beyond. Acadia lowered its 2025 earnings guidance as it expects higher professional and general liability (PLGL) expenses and need for a larger reserve due primarily to patient-related litigation. In addition, the company settled a securities class action lawsuit for $179 million and incurred government-investigation-related costs in 2025, raising concerns that litigation, regulatory, and compliance costs could persistently burden the company's cash flow and earnings. To help offset these pressures, the company announced changes in its capital allocation strategy that will improve its free cash flow in 2026 by reducing growth capital expenditure (capex) for 2026 and 2027. Acadia's heightened PLGL costs could sustain leverage higher than originally expected. S&P said, "Major costs in 2025 included government investigations, shareholder litigation settlements, and PLGL expenses. Combined with startup losses and some reimbursement challenges, we expect 2025 leverage of about 4.7x, above our 4x threshold for the rating. We expect both investigation and startup costs to decline in 2026 and beyond, but we still expect PLGL costs to remain somewhat elevated at about $100 million to $110 million annually, pressuring EBITDA and bringing leverage toward the higher end of the 3x-4x range we view as consistent with the 'BB-' rating." In addition to the recently announced $179 million securities class action settlement, Acadia's history of legal settlements over the last three years includes a $400 million settlement in October 2023 to resolve three civil cases related to patient abuse allegations in New Mexico, a $19.85 million settlement in September 2024 with the Department of Justice and Florida, Georgia, Michigan, and Nevada regarding allegations relating to medically unnecessary inpatient behavioral health services. The company has been investing to improve oversight of its facilities to better protect patients and reduce legal exposure. The company expects legal, investigation, and settlement-related costs to decline over the next few years. However, with Acadia's position as the largest stand-alone behavioral health company in the U.S., its presence in 40 states and Puerto Rico, and its recent history of reaching legal settlements, S&P believes the company could face continued litigation and require major resources to defend itself. The negative outlook reflects, in part, risks that further upward revisions in legal costs could pressure credit metrics. S&P said, "Despite elevated PLGL costs in 2026, we expect Acadia's free cash flow will be significantly higher than our in previous forecast as the company plans to rollback growth capex over the next two years. Acadia recently lowered its annual capital spending guidance for 2026 and 2027 by at least $300 million from 2025 levels. The improved free cash flow should bring the company's ratio of free cash flow to debt to a level more supportive of our 'BB-' rating on it. We expect Acadia will also realize cash tax savings from its shareholder legal settlement in 2026. "We view Acadia as well positioned to benefit from strong demand and payor coverage for behavioral health services. Broad tailwinds including rising demand and payor support for its services have led the company to invest heavily in organic growth with total capex of about $1.3 billion over 2024 and 2025. This results in annual revenue growth of about 7.7% and 4.5% in 2024 and 2025, respectively. While the company is reducing capex significantly in 2026 and 2027, we expect it will continue to grow helped by industry tailwinds and past investments, albeit at a more modest pace. We also expect reductions in start-up costs and closures of underperforming centers will contribute to EBITDA margin expansion." Reimbursement exposure remains a key long-term risk. The company remains susceptible to reimbursement pressures in specific geographies and the supplemental payments it receives from some states are subject to political actions. While S&P views it as unlikely that these supplemental payments will be withheld, their timing and growth are less predictable than traditional government reimbursement. S&P said, "We view ongoing pressure on reimbursement rates as a key risk, particularly the company's exposure to government payers. The company derives approximately 56% of its revenues from Medicaid, 14% from Medicare, 26% from commercial, and 3% from self-pay and others. However, Acadia's good geographic diversity within the U.S. somewhat mitigates the risk from Medicaid, determined on a state-by-state basis. We do not currently expect any rate cuts from government payers in the near future. "The negative outlook reflects leverage that is high for the 'BB-' rating and risks to our base-case that Acadia will bring leverage below 4x in 2026. It also reflects uncertainty on the size and duration of litigation and government-investigation expenses in 2026 and beyond." S&P could lower the rating on Acadia if it sustains S&P Global Ratings-adjusted debt to EBITDA leverage above 4x. This could occur if: -- litigation and government-investigation expenses remain elevated, potentially indicating greater volatility of earnings; -- Volume trends unexpectedly turn unfavorable or if adverse reimbursement or regulatory events lead to a decline in EBITDA margins; or -- The company adopts more aggressive financial policies for debt-financed acquisitions or shareholder returns that increase its S&P Global Ratings-adjusted leverage above 4x. S&P could revise its outlook to stable if: -- The company reduces leverage below 4x, and S&P expects it will sustain that; and -- S&P expects litigation and government investigation-related expenses will decline from current levels. AETC INC: Amended Controlling Equity Sale to Maximum Video for $5MM ------------------------------------------------------------------- AETC Inc. seeks permission from the U.S. Bankruptcy Court for the Northern District of Georgia, Atlanta Division, in an amended motion to sell controlling equity, free and clear of liens, claims, interests, and encumbrances. The Debtor seeks to issue and sell a controlling equity stake representing 29.5% of the Debtor's fully diluted equity at closing to Maximum Video Productions LLC, subject to any Court-approved incentive pool. The purchase price will be $5,015,000, funded at closing. The downpayment will be $1,300,000, upon Court approval. The proceeds of the sale will be used to (1) Pay the Renasant Payoff Amount in full and obtain recorded releases of mortgages/deeds to secure debt and UCC terminations, as applicable; (2) Pay the Synergy Payoff Amount in full and obtain recorded releases of mortgages/deeds to secure debt and UCC terminations, as applicable; (3) Pay the Raistone Payoff Amount in full and obtain recorded releases of mortgages/deeds to secure debt and UCC terminations, as applicable; (4) Pay Court-approved transaction costs; and (5) Provide working capital for ongoing operations as authorized by the Court. The Debtor and MVP have negotiated in good faith and at arm’s length and will request a good-faith finding. About AETC Inc. AETC, Inc. owns and manages commercial real estate located at 1445 and 1453 Cleveland Avenue in East Point, in East Point, Georgia, with an estimated fair market value of $6.9 million. AETC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D.Ge. Case No.: 25-62865) on November 4, 2025. In the petition filed by Shawnalea Garvin as chief executive officer, the Debtor disclosed total assets of $6,900,000 and total liabilities of $4,257,767. Judge Jonathan W. Jordan presides over the case. Sims W. Gordon, Jr. at The Gordon Law Firm PC, represents the Debtor as legal counsel. AINOS INC: Issues 1.16MM Shares to ScentAI in Share Exchange ------------------------------------------------------------ Ainos, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that following the approval by the Board of Directors, the Company issued 1,160,000 shares of common stock, par value $0.01 to its wholly owned subsidiary, ScentAI Inc., in exchange for 116,000,000 shares of common stock to be issued by ScentAI. The AIMD Shares issued to ScentAI shall have no voting power, for so long as they are owned by a wholly owned subsidiary of the Company. Following this issuance, as of December 30, 2025, the Company had 6,982,675 shares of Common Stock outstanding. The issuances of the securities were made without registration under the Securities Act of 1933, as amended, in reliance on the exemption provided by Section 4(a)(2) of the Securities Act as a transaction not involving a public offering. About Ainos Ainos, Inc. -- https://www.ainos.com/ -- is an artificial intelligence and healthcare company focused on the commercialization of proprietary scent digitization technology, AI-powered sensing solutions, point-of-care testing, and low-dose oral interferon therapeutics. The Company has incurred net operating losses since inception and has an accumulated deficit as of September 30, 2025 of $63,052,030 and expects to incur additional losses and negative operating cash flows for at least the next 12 months. The Company's ability to meet its obligations is dependent upon its ability to generate sufficient cash flows from operations and future financing transactions. Although management expects the Company will continue as a going concern, there is no assurance that management's plans will be successful since the availability and amount of such funding is not certain. Accordingly, substantial doubt exists about the Company's ability to continue as a going concern for at least 12 months. As of September 30, 2025, the Company had $22,679,340 in total assets, $212,634,391 in total liabilities, and $10,044,949 in total stockholders' equity. ALBERT WHITMAN: Hallee Adelman Books Sale to World of HA OK'd ------------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Illinois, Eastern Division, has granted Albert Whitman & Co. to sell Hallee Adelman books and related rights, free and clear of liens, claims, interests, and encumbrances. Founded in 1919, the Debtor has a rich history spanning over a century, marked by its commitment to publishing inclusive, relevant, and trusted children's books. The Debtor is currently headquartered in Park Ridge, Illinois and has established itself as a leading partner in the education market, with its titles available in schools and libraries worldwide. Over time, the Debtor has consistently adapted to changing market demands and societal trends, embracing themes of social and emotional learning, diversity, and inclusivity. The Sale Assets consist of: (a) all of the Debtor's right, title, and interest in and to all books written by Hallee Adelman and her affiliates, including without limitation the books listed on Exhibit 1.1 to the Purchase Agreement: https://urlcurt.com/u?l=IkRYJf (b) all the Debtor's rights, including publishing rights, with respect to the Works; (c) all Intellectual Property Rights for and/or relating to the Works; (d) all rights in and to the illustrations included in the Works, including without limitation all Intellectual Property Rights in and to such illustrations; (e) all media rights and all ancillary exploitation rights for and/or relating to the Works; and (f) all physical and digital assets for and/or relating to the Works. The Court has authorized the Debtor to sell the Assets to World of HA Productions, LLC, a Pennsylvania limited liability company, in the purchase price of $225,000. The Court held that the Debtor has satisfied its burden of proof to obtain authorization to enter into the Asset Purchase Agreement (APA) and the Services Agreement. Robert P. Handler, the Subchapter V Trustee appointed to this Case, does not object to the relief sought in the Motion. The APA is approved in all respects, and the Debtor is authorized to sell the assets identified as the Acquired Assets in the APA, to the Purchaser, free and clear of Interests, with any such Interests to attach to the proceeds of the sale in the order of their priority. The Debtor is authorized to use, and shall use, a portion of the Sale Consideration to pay such Cure Amounts in full in accordance with the APA. The Court found that the Purchaser is a good faith purchaser and is entitled to all protections. About Albert Whitman & Company Albert Whitman & Company is a 106-year-old children's book publisher based in Park Ridge, Ill. Albert Whitman & Company sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-06161) on April 22, 2025. In its petition, the Debtor reported between $1 million and $10 million in both assets and liabilities. Judge Jacqueline P. Cox handles the case. William J. Factor, Esq., is the Debtors legal counsel. Republic Business Credit, LLC, as secured creditor, is represented by Michael A. Brandess, Esq., at Husch Blackwell, LLP, in Chicago, Illinois. ALGORHYTHM HOLDINGS: Signs Third Pre-Paid Deal With Streeterville ----------------------------------------------------------------- Algorhythm Holdings, Inc. entered into a Secured Pre-Paid Purchase #3 with Streeterville Capital, LLC, a Utah limited liability company, under the Securities Purchase Agreement, dated August 21, 2025, between the Company and Streeterville. Under the Securities Purchase Agreement, the Company agreed to issue and sell shares of its common stock to Streeterville in one or more pre-paid purchases for an aggregate purchase price of up to $20,000,000. Secured Pre-Paid Purchase #3 provides for a third Pre-Paid Purchase in the principal amount of $1,090,000, before deducting an original issue discount of $90,000. The Third Pre-Paid Purchase accrues interest at the rate of nine percent (9%) per annum and has a maturity date of three years. The Company paid Univest Securities, LLC, its placement agent, a cash fee equal to eight percent (8%) of the aggregate gross proceeds received by the Company from the Third Pre-Paid Purchase. The offer and sale of these securities was completed by the Company in a private placement transaction that was exempt from the registration requirements of the Securities Act pursuant to Section 4(a)(2) of the Securities Act without engaging in any advertising or general solicitation of any kind. Full text copies of the Securities Purchase Agreement and Secured Prepaid Purchase #3 are available at https://tinyurl.com/9wcdmpvw and https://tinyurl.com/4kb38fmp, respectively. About Algorhythm Holdings Algorhythm Holdings, Inc., fka The Singing Machine Company, Inc. -- http://www.singingmachine.com/-- is a holding company for an AI enabled software logistics business operated through its SemiCab Holding subsidiary and a home karaoke consumer products company that designs and distributes karaoke products globally to retailers and ecommerce partners through the Singing Machine subsidiary. As of September 30, 2025, the Company had $10,845,000 in total assets, $10,745,000 in total liabilities, and a total stockholders' equity of $100,000. Philadelphia, Penn.-based Marcum LLP, the Company's auditor since 2023, issued a "going concern" qualification in its report dated April 15, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has incurred significant losses and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. ALL REAL SERVICES: Gets Interim OK to Use Cash Collateral --------------------------------------------------------- All Real Services, LLC got the green light from the U.S. Bankruptcy Court for the District of New Jersey to use cash collateral and insurance proceeds. The court issued an interim order authorizing the Debtor to use post-petition rents from its Plainfield, New Jersey property strictly in accordance with its budget through the date of entry of a final order or 60 days from December 30, 2025, whichever occurs first. As adequate protection, secured creditor Silver Hill Capital, LLC will receive a replacement lien on post-petition rents to the same extent as its pre-bankruptcy lien, and a monthly payment of $3,511 beginning this month. These protections are interim and do not constitute any admission regarding the validity, priority, or amount of the secured creditor's claims. The order also addresses flood-related insurance proceeds of $194,977.04, authorizing Silver Hill Capital to receive and disburse funds under its standard insurance loss disbursement procedures. A final hearing is scheduled for February 24. The order is available at https://is.gd/sEp8jS from PacerMonitor.com. About All Real Services LLC All Real Services, LLC filed a Chapter 11 bankruptcy petition (Bankr. D.N.J. Case No. 25-19988) on Sept. 24, 2025. In the petition signed by Jevon L. O'Neal, member, the Debtor disclosed up to $500,000 in assets and up to $1 million in liabilities. Judge Stacey L. Meisel oversees the case. The Debtor hires Gillman Capone LLC as counsel. ANDERSON HAY: Hires Bush Kornfeld LLP as Bankruptcy Counsel ----------------------------------------------------------- Anderson Hay Enterprise, Inc. and its affiliates seek approval from the U.S. Bankruptcy Court for the Eastern District of Washington to hire Bush Kornfeld LLP as bankruptcy counsel. The firm's services include: a. giving the Debtors legal advice with respect to their powers and duties as debtors-in-possession in the continued operation of its business and management of its property; b. preparing on behalf of the Debtors all necessary motions, applications, answers, orders, reports, and other legal papers; c. assisting, advising, and representing the Debtors relative to the administration of the Bankruptcy Cases; d. assisting the Debtors in review of all claims and in the determination of all issues associated with distribution on allowed claims; e. attending meetings and conferences and otherwise communicating and negotiating with representatives of creditors and other parties-in-interest as to matters arising in or related to the Bankruptcy Cases; f. assisting the Debtor in the review, analysis, negotiation, preparation, submission and approval of a plan of reorganization, or as to any transactions as an alternative to confirmation of a plan of reorganization; g. assisting the Debtor in the review, analysis, negotiation, and approval of any financing or funding agreements; h. appearing, as appropriate, before this court, appellate courts, and other courts or regulatory bodies in which matters may be heard and to protect the interests of the Debtor before said courts and regulatory bodies; i. taking all necessary actions to protect and preserve the interests of the Debtors, their business operations, and the bankruptcy estates, including, without limitation, the investigation and prosecution of actions against third parties; and j. performing any and all other legal services for the Debtor as may be necessary in these Bankruptcy Cases. Bush Kornfeld's current hourly rates: Attorneys $300 to $725 Paraprofessionals $140 to $200 2025 2026 James Day $725 $750 Richard Keeton $525 $575 Lesley Bohleber $475 $550 Shane Creason $300 $375 Prior to the Petition Date, Bush Kornfeld received advance fee deposits totaling $286,744.50, of which $176,613.50 was applied to invoices for prepetition services. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. James Day, Esq., a partner at Bush Kornfeld 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 be reached at: James L. Day, Esq. Bush Kornfeld Llp 601 Union Street, Suite 5000 Seattle, WA 98101 Tel: (206) 292-2110 Email: jday@bskd.com About Anderson Hay Enterprise Inc. Anderson Hay Enterprise, Inc., together with its subsidiaries, supplies Pacific Northwest-grown forage products, including three-tie hay, bagged forage, compressed hay, and MAG bales, serving both consumer and commercial markets such as horse owners, small-acreage farms, retailers, and agricultural operations. The Company operates domestically and internationally, distributing hay to partners in more than 30 countries. Founded in 1960 and family-led since its inception, it focuses on producing consistent forage and maintaining long-term relationships across its supply chain. The Debtors sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Lead Case No. 25-02074) on November 26, 2025. In the petition signed by Steve Gordon, CFO, the Debtor disclosed up to $50 million in assets and up to $100 million in liabilities. Judge Whitman L. Holt oversees the case. James L. Day, Esq., at Bush Kornfeld LLP, represents the Debtor as legal counsel. ANTELOPE HOSPITALITY: Gets Interim OK to Use Cash Collateral ------------------------------------------------------------ Antelope Hospitality, LLC received interim approval from the U.S. Bankruptcy Court for the District of Arizona to use cash collateral to fund operations. The court issued an interim order authorizing the Debtor to use cash collateral for ordinary post-petition expenses through January 17 in accordance with its budget, subject to a 20% monthly variance. The Debtor projects total operational expenses of $51,367.20 for the period from January 1 to 17. As adequate protection, First Utah Bank and the U.S. Small Business Administration will be granted replacement liens on post-petition assets, with the same validity, priority and extent as their respective pre-bankruptcy liens. The order preserves all secured creditors' rights to seek additional or different adequate protection and allows the Debtor, the U.S. trustee and the secured creditors to extend cash collateral use by agreement without further court order. A final hearing is scheduled for January 13. Objections to final approval must be filed by January 12. The interim order is available at https://is.gd/2S5zzn from PacerMonitor.com. Antelope owns a 133-room discount hotel formerly known as the Quality Inn View of Lake Powell in Page, Arizona, as well as a restaurant and bar operating under a Series 11 (hotel/motel) liquor license. First Utah Bank holds first and second-position deeds of trust and an assignment of rents securing loans with a combined outstanding balance of approximately $7.7 million. Meanwhile, the SBA holds a third-position deed of trust with an outstanding balance of about $2 million. The hotel was last appraised at $10.5 million but the Debtor believes its fair market value is significantly lower, making the SBA likely at least partially unsecured. About Antelope Hospitality Antelope Hospitality LLC, doing business as Scenic View Inn, operates a full-service hotel in Page, Arizona. 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. APPERSON CRUMP: U.S. Trustee Unable to Appoint Committee -------------------------------------------------------- The U.S. Trustee for Region 8 disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of Apperson Crump, PLC. About Apperson Crump Apperson Crump, PLC is the oldest law firm in Memphis, Tennessee. It provides a broad range of legal services including criminal law, corporate and business law, family law, labor and employment law, litigation, and estate planning. The firm's members have held leadership roles in the Memphis Bar Association and national legal organizations, with several appointed to the bench, reflecting its longstanding professional recognition. It serves clients across public, private, and nonprofit sectors, and is rated "AV" by Martindale-Hubbell. Apperson Crump sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tenn. Case No. 25-11660) on December 1, 2025. In its petition, the Debtor reports nearly $2.7 million in liabilities against assets valued at just under $1.3 million. Honorable Bankruptcy Judge Jimmy L. Croom handles the case. The Debtor is represented by C. Jerome Teel, Jr., Esq. of Teel & Gay, PLC. AQUASERV POOL: Gets Extension to Access Cash Collateral ------------------------------------------------------- AquaServ Pool Service, Inc. received another extension from the U.S. Bankruptcy Court for the Middle District of Florida, Tampa Division, to use cash collateral. At the recent hearing, the court approved the Debtor's continued use of cash collateral pending a further hearing on January 27. The Debtor was previously allowed to access cash collateral under the court's second interim order dated December 30 to pay Subchapter V trustee fees and ordinary operating expenses set forth in its budget. The order granted protection to secured creditors asserting an interest in the cash collateral through a first-priority perfected post-petition lien on the Debtor's assets, with the same validity and priority as their pre-bankruptcy lien. The order is available at https://is.gd/B3NNf0 from PacerMonitor.com. AquaServ's secured debt consists of a $36,296.66 loan from the U.S. Small Business Administration; short-term financing from several merchant cash advance lenders; and a purchase-money loan secured by one of the Debtor's vehicles. The MCA lenders are Ace Funding Source LLC, Credibly of Arizona LLC, and IOU Financial, Inc. The Debtor also has vehicle leases with GT Leasing and RBC Trailers 2, and does not believe these creditors have any interest in the cash collateral. As of the petition date, the Debtor's cash collateral consists of accounts receivable totaling $62,000. About AquaServ Pool Service Inc. AquaServ Pool Service, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-08398) on November 8, 2025, listing between $500,001 and $1 million in assets and liabilities. Judge Catherine Peek Mcewen presides over the case. Roberto D. DeLeon, Esq., at Deleon Law, PLLC represents the Debtor as bankruptcy counsel. ARCADIA BIOSCIENCES: Roosevelt Ends All-Stock Combination Agreement ------------------------------------------------------------------- Arcadia Biosciences, Inc. announced that it received a notice from Roosevelt Resources, LP, a Texas limited partnership, indicating that it was terminating the Securities Exchange Agreement with immediate effect pursuant to the Termination Provisions, as the Closing of the Exchange had not occurred by the Termination Date specified in the Amendment. As previously disclosed in the reports and other materials previously filed by the Company with the Securities and Exchange Commission, on December 4, 2024, the Company, Roosevelt and certain other parties entered into the Exchange Agreement providing for the combination of the two companies in an all-stock transaction, subject to a number of conditions and required actions. Also as disclosed in the Company's previous filings with the Commission, on April 30, 2025, the parties to the Exchange Agreement entered into a First Amendment to Securities Exchange Agreement. The Amendment amended certain provisions of the Exchange Agreement regarding the parties' ability to terminate the Exchange Agreement, including without limitation the following: * the "Termination Date" provided for in the Termination Provisions, which allowed either the Company or Roosevelt to terminate the Exchange Agreement by means of notice to the other party if the Closing (as defined in the Exchange Agreement) did not occur by May 15, 2025, was amended to be August 15, 2025. "In light of these circumstances, Arcadia will resume the process of evaluating strategic alternatives in order to create value for our shareholders." said T.J. Schaefer, CEO of Arcadia. Schaefer continued, "Over the last two-and-a-half years, we have streamlined our operations, significantly reduced our operating expenses and grown the Zola(R) coconut water brand while avoiding the use of long-term debt. We continue to own approximately 2.7 million shares of Above Food Ingredients Inc. common stock and believe we are entitled to additional consideration and compensation relating to our May 2024 sale of GoodWheatTM. We believe these assets, along with our Nasdaq public listing and our Zola business, should make Arcadia an attractive candidate for a merger or other strategic transaction." In connection with the Termination, the Company does not believe that any break-up fee or similar payment will be payable by either party in connection with termination of the Exchange Agreement. About Arcadia Biosciences Inc. Headquartered in Dallas, Texas, Arcadia Biosciences Inc. is a producer and marketer of innovative, plant-based health and wellness products. Since its inception in 2002, it has worked on creating next-generation wellness products, particularly by enhancing wheat with unique nutritional profiles, including increased fiber, improved protein quality, fewer calories, reduced gluten, and extended shelf stability. Their portfolio also includes Zola Coconut Water, a hydrating beverage that is Non-GMO, low in calories, and rich in electrolytes. The Company collaborates with food manufacturers to create healthier wheat-based products. In its report dated March 25, 2025, the Company's auditor, Deloitte & Touche LLP, issued a "going concern" qualification, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company's accumulated deficit, recurring net losses, and net cash used in operations raise substantial doubt about the Company's ability to continue as a going concern. Additionally, the auditor noted that the Company's resources would not be sufficient to meet its anticipated cash requirements. As of September 30, 2025, the Company had total assets of $8.6 million, total liabilities of $3.1 million, and total stockholders' equity of $5.4 million. ARCHROCK INC: S&P Rates Proposed $500MM Senior Unsecured Notes -------------------------------------------------------------- S&P Global Ratings assigned its 'BB-' issue-level rating and '3' recovery rating to Archrock Services L.P. and Archrock Partners Finance Corp.'s proposed $500 million senior unsecured notes due 2034. The notes will be guaranteed by Archrock Inc. The '3' recovery rating reflects its expectation for meaningful (50%-70%; rounded estimate: 60%) recovery in the event of a payment default. The company intends to use the proceeds from this issuance to repay borrowings under its existing asset-based lending (ABL) facility. S&P's existing 'BB-' issuer credit rating on Archrock Inc. remains unchanged because it views this transaction as credit neutral. Issue Ratings--Recovery Analysis Key analytical factors -- S&P's simulated default considers a prolonged downturn in natural gas demand, which would decrease the company's utilization, weaken re-contracting prospects, and exert downward pressuring on pricing. Excess equipment capacity in the market further exacerbates the downturn. -- S&P's analysis also assumes a 60% draw on the company's $1.5 billion ABL revolving credit facility. Simulated default assumptions -- Simulated year of default: 2030 -- Estimated emergence EBITDA: $324 million -- Multiple: 7x -- Gross enterprise value: $2.269 billion Simplified waterfall -- Net enterprise value (after 5% administrative costs): $2.156 billion -- Secured first-lien debt claims: $917 million -- Total value available to unsecured claims: $1.239 billion -- Senior unsecured debt: $2.064 billion --Recovery expectations: 50%-70% (rounded estimate: 60%) All debt amounts include six months of prepetition interest. ARCHROCK SERVICES: Fitch Gives 'BB' IDR & Rates New Notes 'BB' -------------------------------------------------------------- Fitch Ratings has assigned the co-issued offering of senior unsecured notes by Archrock Services, L.P. (ASLP) and Archrock Partners Finance Corp. a 'BB' rating and a Recovery Rating of 'RR4'. The notes are guaranteed by Archrock, Inc. (AROC; BB/Stable) and all of its existing subsidiaries other than the issuers. Proceeds from the offering will be used to repay existing indebtedness. Fitch has reviewed preliminary documentation and assumes no material variation in the final terms. Fitch has also assigned a first-time Issuer Default Rating (IDR) of 'BB' to ASLP. The Rating Outlook is Stable. The ratings for Archrock, Inc. (AROC) and ASLP (collectively, Archrock) reflect the company's relatively stable cash flows, its diverse customer base and large geographic footprint. These strengths are balanced by Archrock's short weighted-average contract term relative to peers. Fitch considers Archrock's current leverage appropriate for the rating. KEY RATING DRIVERS Stable Cash Flows: Most of Archrock's EBITDA is generated from fixed-fee take-or-pay contracts. Fitch views this contract structure favorably as it reduces direct commodity price exposure and volumetric risk, providing reasonable visibility into future cash flows. Archrock's compression units are typically contracted for an initial term between 12 months to 60 months, depending on the unit size and application. After the initial term, contracts continue a month-to-month basis until terminated by either party. Archrock's weighted-average contract life, while not atypical for contracted compression, is short relative to the broader midstream sector. High Month-to-Month Exposure: A significant portion of Archrock's horsepower (HP) operates on month-to-month contracts. Demand for Archrock's services is closely linked to natural gas and crude oil production, which has resulted in relatively stable revenue and margins across commodity price cycles, especially when compared to Oil Field Service providers. However, if demand for contract compression declines and Archrock is unable to redeploy a substantial share of its HP contracted on a month-to-month basis at similar rates, it could experience meaningful earnings volatility. Strategic Arrangements: Archrock has strategic arrangements in place with several top customers. These bespoke arrangements typically require customers provide Archrock with preferential consideration for their compression needs in exchange for enhanced product availability and favorable pricing. Although these arrangements mitigate the company's re-contracting risk, they do not offer explicit protection against earnings volatility associated with declining utilization, in Fitch's view. About 80% of Archrock's HP operates under a long-term contract or strategic arrangement. Capital Allocation Priorities: Archrock has demonstrated a commitment to adhering to a conservative financial policy focused on maintaining balance sheet strength and financial flexibility. Over the forecast period, Fitch expects Archrock will use its cash flow to self-fund its sizeable growth capex commitments and increase shareholder returns through higher dividends and opportunistic share repurchases. However, Fitch believes Archrock would proactively divert capital towards debt repayment if leverage were expected to be sustained above its public leverage target of 3.0x to 3.5x. Appropriate Leverage: Fitch considers Archrock's leverage appropriate for the current rating. Leverage increased modestly to 3.8x in 2024, according to Fitch's calculation, due to its acquisition of TOPS in 3Q24. However, the company's commitment to maintaining leverage within its target range was evident by the meaningful equity consideration used to finance the acquisition. Fitch expects leverage to fall below 3.5x in 2025 and remain comfortably within Fitch's leverage band in 2026. Compression Market Dynamics: Growing natural gas production and strong demand from liquified natural gas export facilities continue to drive robust demand for contract compression. Limited spare capacity across the industry has supported Archrock's fleet utilization, which has remained around 96% in 2025. These market dynamics have allowed Archrock to implement price increases across its fleet and extend contract tenors. However, if the recent softness in crude oil prices persists, it could negatively impact production, potentially reducing demand for HP used for gas lift and associated gas related applications. Growing Geographic Concentration: Archrock's compression fleet is active in substantially all producing regions in the United States, providing reasonable protection against regional headwinds. Following Archrock's recent acquisitions, around half of the company's HP is located in the Permian Basin. Fitch expects the share of HP in the Permian will continue growing in the near-term, driven by the high proportion of new build compression being deployed across the basin, increasing concentration risk, albeit in a region Fitch views favorably. Blue Chip Customers: In 2024, Archrock's top 20 customers generated around two-thirds of the company's revenue, with no individual customer contribution more than 10%. Fitch estimates the weighted-average credit quality of these customers to be 'BBB+'. AROC has a strong track record of contract renewals, evidenced by the longstanding relationship it has with its top 10 customers, with an average relationship length exceeding 20 years. PEER ANALYSIS Archrock's closest peers are fellow pure-play compression services companies Kodiak Gas Services, LLC (KGS; BB/Stable) and USA Compression Partners, LP (USAC; BB/Stable). All three companies generate cash flows from fixed-fee, take-or-pay contracts and are similar in terms of size, counterparty exposure and, to a lesser extent, geographic diversity. However, Archrock has a shorter weighted-average contract term than KGS and USAC due to a higher proportion of HP operating on month-to-month contracts. Archrock and KGS have similar leverage targets, with Archrock focused on maintaining leverage between 3.0x to 3.5x through cycles, while KGS aims to reduce leverage to 3.5x by YE 2025. Their capital allocation policies are also similar with both companies having committed to limiting capex and shareholder returns to available free cash flow (FCF). USAC does not have a public leverage target, and Fitch expects the company to borrow on its revolver to maintain distributions and support capex. Archrock's leverage in 2024 was 3.8x, which compares favorably to KGS (4.6x) and USAC (4.5x). Archrock's higher proportion of month-to-month contracts relative to KGS and USAC, is balanced by its lower leverage resulting in all three issuers having the same credit rating. FITCH'S KEY RATING-CASE ASSUMPTIONS -- Oil and natural prices are aligned with Fitch's Price Deck; -- Unit pricing and utilization moderate to match production levels consistent with Fitch's Price Deck; -- Total capital expenditure remains at the high-end of management's revised 2025 guidance; -- Growth capital expenditure declines throughout the forecast horizon due to reduced utilization of the existing fleet; -- Excess FCF is directed towards increasing shareholder returns; -- Interest rates remain consistent with Fitch's Global Economic Outlook. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to a Negative Rating Action/Downgrade -- EBITDA leverage expected to be above 4.5x on a sustained basis; -- An acquisition or capital expenditure project that significantly increases business risk; -- A shift in financial policy towards material debt funded shareholder returns. Factors that Could, Individually or Collectively, Lead to a Positive Rating Action/Upgrade -- EBITDA leverage sustained below 3.0x; -- A meaningful increase in the average contract life in conjunction with a significant increase in the percent of assets operating under term contracts longer than one month. LIQUIDITY AND DEBT STRUCTURE As of Sept. 30, 2025, and pro forma for APLP 6.875% 2027 redemption, Archrock had $4.1 million in cash on hand and $429 million of available borrowing capacity on its asset-backed revolving credit facility, which was upsized to $1.5 billion. The asset-backed revolving credit facility is due May 2028. Fitch does not expect the borrowing base to restrict the company's borrowing capacity during the forecast period. Archrock's nearest maturity is April 2028. However, the asset backed revolving credit facility has a springing maturity if any portion of the APLP 6.25% 2028 note remains outstanding in December 2027. Financial covenants require AROC maintain a minimum interest coverage of 2.50x, maximum senior secured leverage of 3.00x and maximum total leverage of 5.25x. Total leverage may increase to 5.50x temporarily if an acquisition occurs. Archrock was in compliance with these covenants as of Sept. 30, 2025, and Fitch expects the company to remain in compliance over the forecast period. ISSUER PROFILE Archrock, Inc. is a publicly traded company (NYSE: AROC) that provides compression services to upstream and midstream companies in the United States. Archrock specializes in contracting, operating and maintaining large horsepower compression equipment critical to producing, transporting and processing natural gas. RATINGS ACTION Rating Prior ------ ----- Archrock Partners Finance Corp. senior unsecured LT BB New Rating RR4 Archrock Services, L.P. LT IDR BB New Rating senior unsecured LT BB New Rating RR4 ARIZONA STATE: Gets OK to Use Cash Collateral Until March 31 ------------------------------------------------------------ The U.S. Bankruptcy Court for the District of Arizona issued a stipulated order granting Arizona State Masonry, LLC another extension to use cash collateral. Under the stipulated order, the Debtor is authorized to use cash, including potential cash collateral, for expenses outlined in its budget, subject to a 10% variance. This authorization remains valid until March 31, unless modified by further court order. The use of cash collateral remains subject to the terms and conditions of the court's earlier final cash collateral order, which is incorporated by reference and continues to govern adequate protection and lender rights. A copy of the stipulated order and the Debtor's budget is available at https://shorturl.at/eBbPH from PacerMonitor.com. The secured creditors include the U.S. Small Business Administration, Corporation Service Company, CT Corporation System, MCA Funding Group, PIRS Capital, LLC and First Western Trust Bank, which holds the largest claim at over $4.5 million. First Western Trust Bank is represented by: Christopher C. Simpson, Esq. Warren J. Stapleton, Esq. Andrew B. Haynes, Esq. Osborn Maledon, P.A. 2929 North Central Avenue, 20th Floor Phoenix, AZ 85012-2793 (602) 640-9000 csimpson@omlaw.com wstapleton@omlaw.com ahaynes@omlaw.com About Arizona State Masonry LLC Arizona State Masonry LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ariz. Case No. 2:25-bk-08405-DPC) on September 5, 2025. In the petition signed by Shannon Dean, member, the Debtor disclosed up to $10 million in assets and up to $50 million in liabilities. Judge Daniel P. Collins oversees the case. Thomas H. Allen, Esq., at Allen, Jones & Giles, PLC, represents the Debtor as legal counsel. ARVI MANAGEMENT: Seeks to Hire Cunningham Chernicoff as Counsel --------------------------------------------------------------- ARVI Management Company seeks approval from the U.S. Bankruptcy Court for the Middle District of Pennsylvania to hire Cunningham, Chernicoff & Warshawsky, P.C. as counsel. The firm's services include: (a) advise the Debtor regarding its powers and duties in the continued operation of its business and management of its property; (b) prepare and file on behalf of the Debtor, the original Petition and Schedules, and all necessary legal papers; and (c) perform all other legal services for the Debtor, which may be necessary. The firm will be paid at these hourly rates: Robert Chernicoff, Attorney $450 Partners $350 - $450 Associate Attorneys $150 - $300 Paralegals $100 - $175 Prior to the filing of this petition, the Debtor paid the sum of $2,760 for services, plus $1,738 filing fee. Mr. Chernicoff disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Robert E. Chernicoff, Esq. Cunningham, Chernicoff & Warshawsky, PC 2320 North Second Street P.O. Box 60457 Harrisburg, PA 17106 Telephone: (717) 238-6570 About ARVI Management Company Based in Sugarloaf, Pennsylvania, ARVI Management Company manages an industrial property at 150 Dessen Drive in Hazle Township, Pa. ARVI filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Pa. Case No. 25-03536) on December 10, 2025, with $500,000 to $1 million in assets and $1 million to $10 million in liabilities. Vikram S. Bains, president of ARVI, signed the petition. Judge Mark J. Conway presides over the case. Robert E. Chernicoff, Esq., at Cunningham, Chernicoff & Warshawsky, P.C. represents the Debtor as legal counsel. AVFUND CAPITAL: Gregory Jones Named Subchapter V Trustee -------------------------------------------------------- The U.S. Trustee for Region 16 appointed Gregory Jones, Esq., at Stradling Yocca Carlson & Rauth, PC as Subchapter V trustee for Avfund Capital Group, Inc. Mr. Jones will be paid an hourly fee of $650 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Jones declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Gregory K. Jones, Esq. Stradling Yocca Carlson & Rauth, PC 10100 N. Santa Monica Boulevard, Suite 1400 Los Angeles, CA 90067 Telephone: (424) 214-7000 Facsimile: (424) 214-7010 Email: gjones@stradlinglaw.com About Avfund Capital Group Inc. Avfund Capital Group, Inc. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. C.D. Calif. Case No. 25-21725) on December 30, 2025, with $500,001 to $1 million in assets and liabilities. Judge Sheri Bluebond presides over the case. Robert S. Altagen, Esq., at the Law Offices of Robert S. Altagen represents the Debtor as bankruptcy counsel. B & H MANAGEMENT: Seeks Chapter 11 Bankruptcy in Arkansas --------------------------------------------------------- On January 05, 2026, B & H Management, LLC filed for Chapter 11 protection in the Eastern District of Arkansas. According to court filings, the Debtor reports between $1 million and $10 million in debt owed to 50-99 creditors. About B & H Management, LLC B & H Management, LLC is a limited liability company. B & H Management, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-10020) on January 05, 2026. In its petition, the Debtor reports estimated assets of $50 million to $100 million and estimated liabilities of $1 million to $10 million. Honorable Bankruptcy Judge Richard D. Taylor handles the case. The Debtor is represented by John F. Ales, Esq. BACCI CAFE: Robert Handler Named Subchapter V Trustee ----------------------------------------------------- The U.S. Trustee for Region 11 appointed Robert Handler of Commercial Recovery Associates, LLC as Subchapter V trustee for Bacci Cafe & Pizzeria on Milwaukee Ave, Inc. Mr. Handler will be paid an hourly fee of $450 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Handler declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Robert P. Handler Commercial Recovery Associates, LLC 205 West Wacker Drive, Suite 918 Chicago, IL 60606 Tel: (312) 845-5001 x221 Email: rhandler@com-rec.com About Bacci Cafe & Pizzeria on Milwaukee Ave Inc. Bacci Cafe & Pizzeria on Milwaukee Ave, Inc. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-19761) on December 30, 2025, listing between $50,001 and $100,000 in assets and between $1 million and $10 million in liabilities. Judge Michael B. Slade presides over the case. Richard G. Larsen, Esq., at Springer Larsen, LLC represents the Debtor as legal counsel. BE PLASTICS: Unsecureds Will Get 13.04% of Claims over 3 Years -------------------------------------------------------------- BE Plastics Inc. filed with the U.S. Bankruptcy Court for the Southern District of Texas a Plan of Reorganization dated December 31, 2025. The Debtor started operations in August 2019. Debtor operates a Wholesale Trade Plastic Resin business. The Debtor is currently owned 100% by Bilal Effendi. Ownership interests will remain unchanged following confirmation. The Debtor elected to file a chapter 11 reorganization as the best means to resolve the current liabilities of the company and determine the secured portions of those creditors. Debtor's financial difficulties began in May 2023 when the Federal Government seized over $500,000 claiming that the money came from an illicit source. The Debtor proposes to pay allowed unsecured based on the liquidation analysis and cash available. Debtor anticipates having enough business and cash available to fund the plan and pay the creditors pursuant to the proposed plan. It is anticipated that after confirmation, the Debtor will continue in business. Based upon the projections, the Debtor believes it can service the debt to the creditors. The Debtor will continue operating its business. The Debtor's Plan will break the existing claims into six classes of Claimants. These claimants will receive cash repayments over a period of time beginning on or after the Effective Date. Class 4 Claimants consists of Allowed Unsecured Claims. All allowed unsecured creditors shall receive a pro rata distribution at zero percent per annum over the next three years according to the projections. Creditors shall receive monthly disbursements based on the projection distributions of each 12-month period with the first monthly payment due 30 days after the Effective Date. Debtor will distribute $156,000.00 to the general allowed unsecured creditor pool over the three-year term of the plan, including the under-secured claim portions. The Debtor's General Allowed Unsecured Claimants will receive 13.04% of their allowed claims under this plan. Any potential rejection damage claims from executory contracts that are rejected in this Plan will be added to the Class 4 unsecured creditor pool and will be paid on a pro-rata basis. The allowed unsecured claims total $1,195,950.21. Class 5 Equity Interest Holders (Current Owners). The sole owner, Bilal Effendi, will receive no payments under the Plan; however, he will be allowed to retain ownership in the Debtor. Class 5 Claimants are not impaired under the Plan. The Debtor anticipates the continued operations of the business to fund the Plan. A full-text copy of the Plan of Reorganization dated December 31, 2025 is available at https://urlcurt.com/u?l=hsWFF3 from PacerMonitor.com at no charge. Counsel to the Debtor: Robert C. Lane, Esq. The Lane Law Firm, PLLC 6200 Savoy, Suite 1150 Houston, TX 77036 Telephone: (713) 595-8200 Facsimile: (713) 595-8201 About BE Plastics Inc. BE Plastics Inc. operates a wholesale trade plastic resin business. The Debtor filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-25842) on Oct. 3, 2025, listing $100,001 to $500,000 in assets and $1,000,001 to $10 million in liabilities. Judge Eduardo V Rodriguez presides over the case. Robert C Lane, at The Lane Law Firm, is the Debtor's counsel. BEACON LIGHT: Gets Interim OK to Use Cash Collateral ---------------------------------------------------- The U.S. Bankruptcy Court for the Eastern District of Louisiana entered an interim order authorizing Beacon Light Missionary Baptist Church, Inc. to use cash collateral. Under the interim order, the Debtor is authorized to use cash collateral solely for the purpose of paying insurance expenses. No broader use of cash collateral is permitted at this stage. The court scheduled a further interim hearing for January 14. Responses are due by January 12. Three secured creditors -- Liberty Bank & Trust, the U.S. Small Business Administration, and Lexus Financial Services -- allegedly hold security interests in the Debtor's cash through various pre-bankruptcy obligations, including a $2.2 million high-interest Liberty mortgage, SBA loans totaling $500,000, and a Lexus vehicle loan. About Beacon Light Missionary Baptist Church Inc. Beacon Light Missionary Baptist Church Inc. is a Christian church providing worship services and community programs from its location at 1937 Mirabeau Avenue in New Orleans, Louisiana. Beacon Light sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. La. Case No.25-12399) on October 22, 2025. In its petition, the Debtor reports estimated assets between $500,000 and $1 million and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Meredith S. Grabill handles the case. The Debtor is represented by Edwin M. Shorty, Jr., Esq., at Edwin M. Shorty, Jr. & Associates. BEELINE HOLDINGS: Adopts Amended and Restated Bylaws ---------------------------------------------------- Beeline Holdings, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on December 30, 2025, the Board of Directors approved and adopted Amended and Restated Bylaws of the Company, a full text copy of which is available at https://tinyurl.com/mr22yaef About Beeline Holdings Beeline Financial Holdings, Inc. is a trailblazing mortgage fintech transforming the way people access property financing. Through its fully digital, Al-powered platform, Beeline delivers a faster, smarter path to home loans-whether for primary residences or investment properties. Headquartered in Providence, Rhode Island, Beeline is reshaping mortgage origination with speed, simplicity, and transparency at its core. The Company is a wholly owned subsidiary of Beeline Holdings and also operates Beeline Labs, its innovation arm focused on next-generation lending solutions. Boca Raton, Florida-based Salberg & Company, P.A., the Company's auditor since 2024, issued a "going concern" qualification in its report dated April 15, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has incurred recurring losses and negative cash flows from operations since its inception, has a significant working capital deficit, and is dependent on debt and equity financing. These matters raise substantial doubt about the Company's ability to continue as a going concern. As of September 30, 2025, the Company had $63.2 million in total assets, $11.4 million in total liabilities, and $51.7 million in total equity. BEYOND AIR: Dan Moorhead Named Chief Financial Officer ------------------------------------------------------ Beyond Air, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Board of Directors approved the appointment of Daniel Moorhead as the Company's Chief Financial Officer, principal financial officer and principal accounting officer, effective as of January 5, 2026. Mr. Moorhead will replace Denton "Duke" Dewrell as the Company's principal financial officer and principal accounting officer as of the Effective Date. Mr. Dewrell had temporarily assumed the role and responsibility of the principal financial officer and principal accounting officer of the Company, and will remain employed by the Company as its controller. "It is a pleasure to welcome Dan to the Beyond Air team," said Steve Lisi, Chairman and Chief Executive Officer of Beyond Air. "He brings a strong track record of guiding companies through significant growth and developing high-performing finance organizations that can support commercial scale. I look forward to leveraging his experience as we continue advancing our strategy and build a market-leading company." "I am honored to join the Beyond Air team at such a pivotal moment in the Company's evolution. As market awareness continues to build around LungFit PH and the team prepares for the highly anticipated FDA approval of the second generation LungFit PH and subsequent commercial launch, I look forward to working closely with the leadership team to ensure strong financial stewardship and support the successful execution of our commercial strategy," stated Mr. Moorhead. Mr. Moorhead, age 53, most recently served as the Chief Financial Officer of Zynex, Inc. from June 2017 to August 2025. Prior to his role with Zynex, Mr. Moorhead previously served as Chief Financial Officer of Evolving Systems, Inc. (Nasdaq: EVOL) from January 2016 until May 2017, after having served as Vice President of Finance & Administration from December 2011 through December 2015 and in other financial management roles from 2002-2005 and 2008-2011. Mr. Moorhead is a CPA and holds a B.B.A. in Accounting from the University of Northern Colorado. There are no arrangements or understandings between Mr. Moorhead and any other person pursuant to which he was selected as an officer of the Company, and there is no family relationship between Mr. Moorhead and any of the Company's other directors or executive officers. There are no related party transactions between Mr. Moorhead and the Company that would require disclosure under Item 404(a) of Regulation S-K. In connection with Mr. Moorhead's appointment, the Company and Mr. Moorhead entered into an Employment Agreement, effective December 25, 2025. Pursuant to the Employment Agreement, Mr. Moorhead's annual salary will be $325,000 and he will be eligible for a discretionary bonus and to participate in the Eighth Amended and Restated 2013 Equity Incentive Plan. In addition, Mr. Moorhead was granted an employment inducement stock option award exercisable for the purchase of 70,000 shares of the Company's Common Stock, subject to the terms of the Plan, and the applicable award agreement to be entered into by and between the Company and Mr. Moorhead. The stock option will vest 25% on the first anniversary and annually thereafter in 3 equal installments, provided that, no portion of the stock option that is not exercisable at the time of termination of employment for any reason shall thereafter become exercisable. A full text copy of the Employment Agreement is available at https://tinyurl.com/ybn6mw47 About Beyond Air Headquartered in Garden City, N.Y., Beyond Air, Inc. -- www.beyondair.net -- is a commercial-stage medical device and biopharmaceutical company developing a platform of nitric oxide generators and delivery systems (the "LungFit platform") capable of generating NO from ambient air. The Company's first device, LungFitPH, received premarket approval from the FDA in June 2022. The NO generated by the LungFit PH system is indicated to improve oxygenation and reduce the need for extracorporeal membrane oxygenation in term and near term (34 weeks gestation) neonates with hypoxic respiratory failure associated with clinical or echocardiographic evidence of pulmonary hypertension in conjunction with ventilatory support and other appropriate agents. East Hanover, New Jersey-based Marcum LLP, the Company's auditor since 2024, issued a "going concern" qualification in its report dated June 20, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended March 31, 2025, citing that the Company has suffered recurring losses from operations, has experienced negative cash flows from operating activities since inception, and has an accumulated deficit, that raise substantial doubt about its ability to continue as a going concern. As of September 30, 2025, the Company had $28.1 million in total assets, against $17.7 million in total liabilities. BOREN INC: Gets Extension to Access Cash Collateral --------------------------------------------------- Boren, Inc. received another extension from the U.S. Bankruptcy Court for the Middle District of Tennessee to use cash collateral. The court issued its third interim order extending the Debtor's authority to use cash collateral in accordance with its budget, subject to a 10% variance per line item and in the aggregate. As adequate protection, secured creditors that may have interest in the cash collateral will be granted replacement liens on the Debtor's post-petition property and its proceeds, with the same validity and priority as their pre-bankruptcy interests. These replacement liens do not apply to avoidance actions. The order also establishes a carveout allowing payment of approved professional fees, Subchapter V trustee fees, and court fees from cash collateral. The final hearing is set for January 21. The third interim order is available at https://shorturl.at/Dvhdx from PacerMonitor.com. The secured creditors claiming interests on the Debtor's accounts receivable and other assets based on their UCC-1 financing statements are Simmons Bank ($356,071), United Leasing, Inc. ($48,790), and the U.S. Small Business Administration ($96,303). All other creditors that filed UCC-1 financing statements based on the report provided by the Tennessee Secretary of State are merchant cash advance lenders. The Debtor turned to MCA loans in December 2024 to cover short-term funding gaps, expecting a temporary solution, but the aggressive repayment terms quickly worsened its financial strain. About Boren Inc. Boren, Inc., doing business as Fitness 1440, operates multi-level fitness centers in Nashville, Tennessee, offering 24/7 gym access, swimming pools, saunas, personal training, group fitness classes, and other wellness amenities. It provides membership services with access to multiple locations and specialized fitness equipment. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Tenn. Case No. 25-04621) on October 31, 2025, with $100,000 to $500,000 in assets and $1 million to $10 million in liabilities. Nelson Boren, Jr., regional manager, signed the petition. Judge Charles M. Walker presides over the case. Michelle L. Spezia, Esq., at Johnson Legal, PLLC represents the Debtor as bankruptcy counsel. BOXLIGHT CORP: CEO Dale Strang to Step Down Effective Feb. 17 ------------------------------------------------------------- Boxlight Corporation disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Board of Directors determined to initiate a planned leadership transition as the Company advances its operational and strategic priorities. As part of this transition, Dale Strang will step down from his role as Chief Executive Officer and member of the Board of Directors, effective Feb 17, 2026. Boxlight expects to regain compliance with the NASDAQ requirement to maintain a Majority Independent Board with Mr. Strang's aforementioned Board resignation. Mr. Strang has agreed to support the transition of his responsibilities, and the Company appreciates his leadership during a period of significant change. Mr. Strang's departure will be treated as a termination of his employment without "cause" under his Employment Agreement dated September 30, 2024 and effective as of July 1, 2024. Under the terms of the Employment Agreement, Mr. Strang will be entitled to receive the following compensation and benefits: * Accrued obligations as of the Effective Date, consisting of all accrued and unpaid base salary, any earned but unpaid annual cash incentive bonus (currently no annual incentive payment for the Company's fiscal year 2025 is anticipated), payment for accrued but unused paid time off, reimbursement of reasonable business expenses and any benefits, payments or continuation/conversion rights required by applicable law under benefit plans; and * Severance benefits, including: (i) 12 months of current base salary, paid in regular installments over 12 months in accordance with the Company's regular payroll practices; (ii) the earned portion, if any, of the annual cash incentive bonus for the Company's 2026 fiscal year, paid in a lump sum within 30 days after the Effective Date; and (iii) Company contributions toward COBRA premiums for continued group medical, dental and/or vision coverage for Mr. Strang and his eligible dependents in the amount that the Company contributes toward comparable coverage of active senior executives of the Company under its group health, dental, and/or vision plans, to cease after the end of the 12 month-period or when his COBRA continuation coverage ends, whichever is earlier. Under the terms of Mr. Strang's long-term cash incentive plan, he is entitled to payment of any amount earned with respect to the July 1, 2025 through June 30, 2026 performance, provided he executes a release. Although the amount of the LTIP with respect to the current performance period cannot be determined at this time, the amount is expected to be no less than approximately $25,200 under the terms of the LTIP. Severance benefits are conditioned on Mr. Strang's execution and nonrevocation of a general release of claims and an agreement not to solicit the Company's customers and employees. All payments and benefits are intended to comply with, or be exempt from, Section 409A of the Internal Revenue Code, and nonqualified deferred compensation may be subject to a six-month delay if Mr. Strang is a "specified employee" under Section 409A. Payments may be automatically reduced under an excess parachute payment cutback to avoid the excise tax under Sections 280G and 4999 of the Internal Revenue Code, unless he would retain a greater after-tax amount without such reduction. Full text copies of the Employment Agreement and LTIP are available at https://tinyurl.com/bdhus6mw and https://tinyurl.com/mw9f25xa. About Boxlight Corp Boxlight Corporation, based in Duluth, Georgia, develops, sells, and services interactive technology solutions primarily for the education sector, with additional offerings for corporate and government clients. The Company designs, produces, and distributes interactive and non-interactive flat-panel displays, LED video walls, classroom audio systems, cameras, peripherals, STEM products, and software integrated into a classroom suite for learning, assessment, and collaboration. Boxlight sells its products through over 1,000 global reseller partners, reaching more than 1.5 million classrooms and meeting spaces in over 70 countries. In its audit report dated March 28, 2025, Forvis Mazars, LLP issued a "going concern" qualification citing that the Company has identified certain conditions relating to its outstanding debt and Series B and C Preferred Stock that are outside the control of the Company. In addition, the Company has generated recent losses. These factors, among others, raise substantial doubt regarding the Company's ability to continue as a going concern. The Company's Term Loan, which has an outstanding balance of $39 million as of June 30, 2025, matures on Dec. 31, 2025. As of June 30, 2025, the Company's short-term debt will mature within the six months. The Company said it is seeking to refinance its debt with new lenders but noted there is no guarantee the effort will succeed before the Term Loan matures, at which point all amounts will be due. As of June 30, 2025, the Company had cash and cash equivalents of $7.6 million, a working capital balance of ($0.5) million, and a current ratio of 0.99. Boxlight reported total assets of $99.20 million, total liabilities of $91.32 million, total mezzanine equity of $28.51 million, and a total stockholders' deficit of $20.63 million. BOXLIGHT CORP: Extends $32M Credit Facility Maturity to April 2027 ------------------------------------------------------------------ Boxlight Corporation disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Company and its subsidiaries entered into the Eleventh Amendment to Credit Agreement with Whitehawk Finance LLC, as the lender, and Whitehawk Capital Partners LP, as administrative agent and collateral agent. The Eleventh Amendment amends the Credit Agreement, originally entered into on December 31, 2021, between the Company, its subsidiaries as guarantors, the Agent, and the Lender. The Eleventh Amendment becomes effective upon the date upon which its conditions subsequent are satisfied. The subsequent conditions include certain collateral perfection and assessment actions and delivery of legal opinions. The Eleventh Amendment is expected to become effective by January 31, 2026. Pursuant to the Credit Agreement, the Company is currently indebted to the Lender in the approximate amount of $32.2 million. Material Terms and Amendments: -- Extension of Maturity Pursuant to the Eleventh Amendment, the Lender agreed to extend the final maturity date of the loans under the Credit Agreement from December 31, 2025 to April 1, 2027. -- Amortization Mandatory quarterly amortization payments on the initial term loan are suspended for the period commencing on the Eleventh Amendment's effective date through, and including, June 30, 2026, with the first amortization payment thereafter due on September 30, 2026. -- Interest Rates The "Applicable Margin" is set at 6.50% for Secured Overnight Financing Rate (SOFR) loans and 5.50% for reference rate loans, the same as in the Tenth Amendment. Additionally, the definition of the "Reference Rate" was amended to 5.50% per annum from the previous 5.25% per annum. -- Financial and Other Covenants * The Company must maintain qualified cash at all times of at least: (i) $1,000,000 from and after January 1, 2025 until the Eleventh Amendment, and (ii) $1,500,000 from and after the Eleventh Amendment effective date. * Pursuant to the amendment, the financial covenant requiring compliance with the Senior Leverage Ratio was removed and the Company is subject to a Minimum Consolidated Adjusted EBITDA covenant commencing with the testing period ending March 31, 2026 (set at $1,940,000 for such period), and varying thereafter as set forth in the Eleventh Amendment. * Certain covenants related to business, management and governance oversight were added. -- Prepayments from Capital Events The Eleventh Amendment modifies the mandatory prepayment provisions regarding net cash proceeds from equity offerings and certain permitted additional indebtedness, requiring 50% (or 100% if an event of default exists) of such proceeds to be applied to prepay Credit Agreement loans, provided that the loan parties may retain up to $5,000,000 of such proceeds for working capital and general corporate purposes. -- Permitted Over Advance The Eleventh Amendment permits Credit Agreement indebtedness in excess of maximum amounts in an aggregate amount not to exceed for the months ending December 31, 2025, $4,000,000; January 31, 2026, $4,400,000; February 28, 2026, $5,500,000 and from and after March 31, 2026 (and each month thereafter), $4,000,000. A full text copy of the Eleventh Amendment is available at https://tinyurl.com/yxe7vxrw About Boxlight Corp Boxlight Corporation, based in Duluth, Georgia, develops, sells, and services interactive technology solutions primarily for the education sector, with additional offerings for corporate and government clients. The Company designs, produces, and distributes interactive and non-interactive flat-panel displays, LED video walls, classroom audio systems, cameras, peripherals, STEM products, and software integrated into a classroom suite for learning, assessment, and collaboration. Boxlight sells its products through over 1,000 global reseller partners, reaching more than 1.5 million classrooms and meeting spaces in over 70 countries. In its audit report dated March 28, 2025, Forvis Mazars, LLP issued a "going concern" qualification citing that the Company has identified certain conditions relating to its outstanding debt and Series B and C Preferred Stock that are outside the control of the Company. In addition, the Company has generated recent losses. These factors, among others, raise substantial doubt regarding the Company's ability to continue as a going concern. The Company's Term Loan, which has an outstanding balance of $39 million as of June 30, 2025, matures on Dec. 31, 2025. As of June 30, 2025, the Company's short-term debt will mature within the six months. The Company said it is seeking to refinance its debt with new lenders but noted there is no guarantee the effort will succeed before the Term Loan matures, at which point all amounts will be due. As of June 30, 2025, the Company had cash and cash equivalents of $7.6 million, a working capital balance of ($0.5) million, and a current ratio of 0.99. Boxlight reported total assets of $99.20 million, total liabilities of $91.32 million, total mezzanine equity of $28.51 million, and a total stockholders' deficit of $20.63 million. CAMP LOUEMMA: Hires eRealty Advisors Inc. as Real Estate Broker --------------------------------------------------------------- Camp Louemma Lane, Inc. and 11 Louemma Lane, LLC seeks approval from the U.S. Bankruptcy Court for the District of New Jersey to hire Abraham Lowy of eRealty Advisors Inc. as real estate brokers. The broker will market and sell the Debtor's properties located at 43 Louemma Lane, Sussex, New Jersey, 07461, and 11 Louemma Lane Sussex, New Jersey 07461. eRealty will receive a broker's commission of 5 percent. Mr. Lowy assured the court that eRealty Advisors, Inc. is a "disinterested person" as the term is defined in 11 U.S.C. 101(14). The firm can be reached through: Abraham Lowy eRealty Advisors, Inc. 1129 Northern Blvd #404 Manhasset, NY 11030 Phone: (646) 453-4855 About Camp Louemma Lane Inc. Camp Louemma Lane Inc. is a nonprofit organization that operated a co-ed overnight summer camp for children in Sussex, New Jersey. The camp emphasized group living and daily activities designed to promote personal growth and learning. Camp Louemma Lane Inc. 29ought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 25-15658) on May 29, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Judge Mark Edward Hall handles the case. The Debtors are represented by Eric H. Horn, Esq. and Deanna Olivero, Esq., at A.Y. Strauss, LLC. L&L Capital Partners LLC, as lender, is represented by Clifford A. Katz, Esq. at Goetz Platzer, LLP. CAPITAL DISTRICT: Seeks to Hire RBT CPAs LLP as Accountant ---------------------------------------------------------- Capital District Interventional Spine and Rehabilitation, PLLC seeks approval from the U.S. Bankruptcy Court for the Northern District of New York to employ RBT CPAs, LLP as accountant. The firm's services include: a. advise the Debtor with respect to its rights and responsibilities under relevant State and Federal Tax Law in the continued operation of its business and in its management of its property; b. prepare ongoing monthly operating reports of the Debtor; c. prepare periodic tax filings and documents, including the annual NYS LLC/LLP forms and annual Schedule C of the Debtor; d. prepare other financial documents and statements of the Debtor as necessary during the pendency of the case. The firm's hourly rates are: Partner/Director/CPA/ Accounting Services $485 Bookkeeping/ $255 Junior Accountant/ Senior Accountant The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Michael Torchia, CPA, a partner at RBT CPAs, 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 at: Michael A. Torchia, CPA RBT CPAs, LLP 2678 South Road, Suite 101 Poughkeepsie, NY 12601 Tel: (845) 205-7984 Email: bostrander@rbtcpas.com About Capital District Interventional Spine and Rehabilitation, PLLC Capital District Interventional Spine and Rehabilitation, PLLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. N.Y. Case No. 25-11140-1) on September 30, 2025. In the petition signed by Syed Hassan, managing member, the Debtor disclosed up to $500,000 in assets and up to $1 million in liabilities. Michael Boyle, Esq., at Boyle Legal LLC, represents the Debtor as legal counsel. CCO HOLDINGS: S&P Assigns 'BB-' Rating on Proposed Senior Notes --------------------------------------------------------------- S&P Global Ratings assigned its 'BB-' issue-level rating and '6' recovery rating to CCO Holdings LLC and CCO Holdings Capital Corp.'s proposed senior notes due 2033 and 2036 (amounts to be determined). The '6' recovery rating indicates its expectation for negligible (0%-10%; rounded estimate: 0%) recovery in the event of a payment default. The company plans to use the proceeds from these notes to repay debt--including to fully redeem its 5.5% notes due 2026 and partially redeem its 5.125% senior notes due 2027--and fund share buybacks. S&P said, "Our 'BB+' issuer credit rating on parent Charter Communications Inc. is unaffected by this transaction. U.S. cable operators continue to face heightened competition from the expansion of fiber-to-the-home (FTTH) coverage and the continued growth in fixed wireless access (FWA) subscribers. Therefore, we will likely tighten our downside debt-to-EBITDA threshold for Charter by 0.25x to the 3.75x-4.25x range when it completes its merger with Cox Communications Inc., which we view as more vulnerable to heightened competition due to its high average revenue per user. Still, the company intends to operate with leverage in the middle of the 3.5x-4.0x range over the 2-3 years following the close of its merger (expected to close in mid-2026), which aligns with our potential threshold revision." CEMTREX INC: $28.1MM Loss for FY25 Raises Going Concern Doubt ------------------------------------------------------------- Cemtrex, Inc. filed with the U.S. Securities and Exchange Commission its Annual Report on Form 10-K for the fiscal year ended September 30, 2025. In the Report, Jericho, New York-based Grassi & Co, CPAs, P.C., the Company's auditor since 2021, issued a "going concern" qualification in its report dated December 29, 2025, citing that the Company has sustained net losses and has significant short-term debt obligations, which raise substantial doubt about its ability to continue as a going concern. Liquidity and Capital Resources: Working capital was $5,184,339 at September 30, 2025, compared to $8,103,457 at September 30, 2024. This includes cash and cash equivalents and restricted cash of $6,347,041 at September 30, 2025, and $5,420,392 at September 30, 2024, respectively. The decrease in working capital was primarily due to the increase in the Company's current maturities of long-term liabilities of $4,193,120, a result of the timing of the Company notes payable coming due and a decrease in the Company's trade receivables from related parties of $280,295 and a decrease in inventory of $403,585. Operating activities for continuing operations provided $159,315 of cash for the year ended September 30, 2025, compared to using $3,949,360 cash for the year ended September 30, 2024. Non-cash adjustments to net loss for the year ended September 30, 2025, were $29,970,888 as compared to $4,822,544 for the year ended September 30, 2025. For fiscal year 2025, the main drivers to this adjustment were depreciation and amortization, loss on the excess value of warrants, and the fair value change in warrant liabilities. For fiscal year 2024, the main drivers for this adjustment were depreciation and amortization, loss on the excess value of warrants, and related party write-offs. Trade receivables increased by $1,973,748 or 18% to $13,133,424 at September 30, 2025, from $11,159,676 at September 30, 2024. The increase in trade receivables is mainly due to increased revenues. Investing activities for continuing operations used $2,960,739 of cash during the year ended September 30, 2025, compared to $1,257,393 used in the year ended September 30, 2024. Investing activities for fiscal year 2025 were mainly driven by the purchase of property and equipment and investment in digital assets. Investing activities for fiscal year 2024 were mainly driven by the purchase of property and equipment. Financing activities provided $4,075,261 of cash for the year ended September 30, 2025, as compared to $4,398,599 provided in the year ended September 30, 2024. In fiscal 2025, the Company's financing activities were mainly comprised of proceeds from the Company's equity public offering and notes payable, proceeds from warrant exercises, payments on debt, and activity on the revolving line of credit. In fiscal 2024, financing activities were mainly comprised of proceeds from the Company's equity public offerings, payments on debt, and activity on the revolving line of credit. The Company has incurred substantial losses of $28,112,368 and $7,229,491 for fiscal years 2025 and 2024, respectively, and has debt obligations over the next fiscal year of $12,101,593 and working capital of $5,184,339, that raise substantial doubt with respect to the Company's ability to continue as a going concern. Subsequent to September 30, 2025, the Company completed several financing and capital transactions that have significantly improved liquidity and reduced debt: * In December 2025, the Company received $5,657,264 million in gross proceeds from Series B Warrant exercises and issued 2,316,480 shares of common stock upon exercise. * On December 8, 2025, the Company issued 2,500,609 shares of common stock to satisfy $6,084,000 of outstanding debt. * On December 11, 2025, the Company raised $2,000,000 gross ($1,950,000 net) in a registered direct offering. * On December 23, 2025, the Company raised $2,000,000 gross ($1,950,000 net) in a registered direct offering. These transactions provided approximately $9.6 million in gross cash proceeds and reduced debt by $6.084 million, significantly improving short-term liquidity and supporting ongoing operations and potential acquisitions. A full-text copy of the Company's Form 10-K is available at: https://tinyurl.com/mr2c9dzc About Cemtrex Cemtrex, Inc. was incorporated in 1998 in the state of Delaware and has evolved through strategic acquisitions and internal growth into a multi industry Company. As of September 30, 2025, the Company had $47,788,276 in total assets, $39,070,817 in total liabilities, and $8,717,459 in total stockholder's equity. CFI REAL ESTATE: Seeks Chapter 7 Bankruptcy in Georgia ------------------------------------------------------ On December 31, 2025, CFI Real Estate Investments LLC filed for Chapter 7 protection in the Northern District of Georgia. According to court filings, the Debtor reports between $0 and $100,000 in assets and between $100,001 and $1,000,000 in liabilities owed to 1–49 creditors. About CFI Real Estate Investments LLC CFI Real Estate Investments LLC is a limited liability company. CFI Real Estate Investments LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-65166) 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 Sage M. Sigler handles the case. The Debtor is represented by Danny Coleman, Esq. of Coleman Legal Group, LLC. CHAMBERLAIN CONSTRUCTION: Seeks Chapter 7 Bankruptcy in Arkansas ---------------------------------------------------------------- On December 26, 2025, Chamberlain Construction, LLC filed for Chapter 7 protection in the Western District of Arkansas. According to court filings, the Debtor reports between $0 and $100,000 in debt owed to 1-49 creditors. About Chamberlain Construction, LLC Chamberlain Construction, LLC delivers comprehensive construction solutions for both commercial and residential developments. The firm’s services include planning, design coordination, project management, and general contracting, with a focus on safety, quality, and client satisfaction. Chamberlain Construction, LLC is a construction services company providing general contracting, project management, and construction consulting for residential and commercial clients. Chamberlain Construction, LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 25-72241) on December 26, 2025. In its petition, the Debtor reports estimated assets of $0-$100,000 and estimated liabilities of $0-$100,000. Honorable Bankruptcy Judge Richard D. Taylor handles the case. The Debtor is represented by Kyle Havner, Esq. of Havner Law Firm PA. CIRTRAN CORP: Signs $10MM Equity Purchase Deal With YA II PN ------------------------------------------------------------ CirTran Corporation disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that it entered into a Standby Equity Purchase Agreement with YA II PN, Ltd., a Cayman Islands exempt limited partnership. Under the Purchase Agreement, CirTran have the right to sell to YA up to $10,000,000 of shares of its common stock, subject to certain limitations and conditions set forth in the Purchase Agreement, from time to time during the term of the Purchase Agreement. Sales of common stock to YA under the Purchase Agreement, and the timing of any such sales, are at the Company's option, and it is under no obligation to sell any securities to YA under the Purchase Agreement. In accordance with the CirTran's obligations under the Purchase Agreement, it will file a registration statement with the Securities and Exchange Commission to register under the Securities Act the resale by YA shares of common stock, that it may elect, in its sole discretion, to issue and sell to YA, from time to time under the Purchase Agreement. From time to time at the Company's discretion for the 24-month period after the date of the Purchase Agreement, upon the satisfaction of the conditions to YA's purchase obligation set forth in the Purchase Agreement, including that the registration statement be declared effective by the SEC, it will have the right, but not the obligation to direct YA to purchase a specified number of shares of common stock by delivering written notice to YA. There is no mandatory minimum amount for any Advance. The per share purchase price for the shares of common stock, if any, that CirTran elects to sell to YA in an Advance pursuant to the Purchase Agreement will be determined by reference to the volume weighted average price of its common stock and calculated in accordance with the Purchase Agreement; provided, however, that the Company may establish a minimum acceptable price in certain Advance Notices, as specified in the Purchase Agreement, below which it shall not be obligated to make any sales to YA. There is no upper limit on the price per share that YA could be obligated to pay for the common stock we may elect to sell to it in any Advance. CirTran will control the timing and amount of any sales of common stock to YA. Actual sales of shares of CirTran's common stock to YA under the Purchase Agreement will depend on a variety of factors to be determined by the Company from time to time, which may include, among other things, market conditions, the trading price of common stock, and determinations by the Company as to the appropriate sources of funding for the Company's business and its operations. The Purchase Agreement also requires that CirTran issues 3,846,154 shares of the Company's common stock to YA in December 2026. The Company may not issue or sell any shares of common stock to YA under the Purchase Agreement which, when aggregated with all other shares of common stock then beneficially owned by YA and its affiliates (as calculated pursuant to Section 13(d) of the U.S. Securities Exchange Act of 1934, as amended (the "Exchange Act"), and Rule 13d-3 promulgated thereunder), would result in YA beneficially owning more than 4.99% of the outstanding voting power or number of shares of common stock (the "Ownership Limitation"). CirTran stated, "We expect that any proceeds received by us from such sales to YA will be used for working capital and general corporate purposes, including the repayment of debt. We are required to apply 50% of any proceeds we receive to the reduction of our indebtedness (including accrued interest) to Tekfine, LLC." "Tekfine has agreed to refrain from any sales of our stock issued on conversion of its notes during the term of the Purchase Agreement and any amendments and extensions thereof. "We have confirmed these arrangements in an agreement with Tekfine, dated November 26, 2025, but delivered to us on December 15, 2025. "Tekfine and YA has each agreed that it and its affiliates will not engage in any short sales of the common stock nor enter into any transaction that establishes a net short position in the common stock during the term of the Purchase Agreement." The Purchase Agreement will automatically terminate on the earlier to occur of: (i) the 24-month anniversary of the date of the Purchase Agreement and (ii) the date on which YA shall have purchased from CirTran under the Purchase Agreement shares of our common stock for an aggregate gross purchase price of $10,000,000. "We have the right to terminate the Purchase Agreement at no cost or penalty upon five trading days' prior written notice to YA; provided that there are no outstanding Advance Notices and all outstanding amounts the Company owes to YA pursuant to the Purchase Agreement are repaid. We and YA may also agree to terminate the Purchase Agreement by mutual written consent. Neither we nor YA may assign or transfer our respective rights and obligations under the Purchase Agreement, and no provision of the Purchase Agreement may be modified or waived by us or YA other than by an instrument in writing signed by both parties." Full text copies of the Purchase Agreement and Forbearance Agreement are available at https://tinyurl.com/3n7rjcj4 and https://tinyurl.com/3zcara44, respectively. About CirTran Corp. CirTran Corporation specializes in manufacturing, marketing, distribution, and technology services in a wide variety of consumer products, including tobacco products, medical devices, and beverages, around the world. It has an innovative and consumer-focused approach to brand portfolio management, resting on a strong understanding of consumers domestically, and has established a footprint in more than 50 key international markets. As of June 30, 2025, the Company had $1,641,839 in total assets, $26,765,586 in total liabilities, and a total stockholders' deficit of $25,123,747. Spokane, Wash.-based Fruci & Associates II, PLLC, the Company's auditor since 2020, issued a "going concern" qualification in its report dated April 15, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has a working capital deficiency, a net loss from continuing operations, and an accumulated deficit. These factors, among others, raise substantial doubt about the Company's ability to continue as a going concern. CITY MASSAGE: Unsecureds to Get 25 Cents on Dollar in Plan ---------------------------------------------------------- City Massage, LLC, submitted an Amended Plan of Reorganization for Small Business dated December 31, 2025. The Plan Proponent's financial projections show that the Debtor will have projected disposable income of approximately $314,000.00 over the three-year period of the Plan, which will be available to be distributed to pay approved administrative claims, allowed priority tax claims, the Class 1 allowed secured claim, and allowed Class 2 unsecured claims on a pro rata basis. The final Plan payment is expected to be paid in approximately March 2029. The Debtor's projections are based on revenues and expenses from 2024 and 2025 to date, with five spas currently open (one of which is temporarily closed for construction and is expected to reopen in January 2026). Historical revenues and expenses in preceding years prior to 2024 were not used because the Debtor had additional spa locations operating in other hotels which have since closed. This Plan of Reorganization proposes to pay creditors of the Debtor from cash flow from operations. The sole secured creditor is TD Bank, N.A., whose total claim of $151,857 is partially secured by the value of the Debtor's collateral pursuant to a perfected UCC-1 financing statement, the value of which is presently estimated to be approximately $30,509. The remainder of TD Bank's claim, approximately $121,349, is unsecured. Because TD Bank's lien is in first position, then subject to formal valuation of the collateral if and as necessary, there is no collateral to secure the claims of other creditors purporting to hold secured claims. There is one class of non-priority unsecured creditors which currently contained 11 creditors, including the unsecured claim of TD Bank. Current unsecured claims reflected either in the Debtor's schedules or in filed proofs of claim total approximately $926,000. Based on the current total of unsecured claims, the proponent of this Plan estimates that after payment of approved administrative claims, allowed priority tax claims, and the Class 1 allowed secured claim, Class 2 unsecured claims would receive approximately 25 cents on the dollar on a pro rata basis. However, to the extent that certain unsecured claims will be objected to by the Debtor and may be determined by the Court to be disallowed, the distributions to unsecured creditors with allowed claims would be higher. The Plan also provides for the payment of administrative expense claims, which include Court-approved fees and costs to the Debtor's counsel and the Subchapter V Trustee, and a priority tax claim owed to the Florida Department of Revenue. The equity interests in the Reorganized Debtor will continue to be owed by its sole owner and principal, Marizza Contreras. Class 2 consists of non-priority unsecured creditors. After payment in full to Class 1, Class 2 creditors holding allowed non-priority unsecured claims will be paid in cash on a pro rata basis with other creditors in this class in quarterly payments from the Debtor's disposable income, with such payments to commence upon the later of: (i) the completion of payments of administrative expense claims, priority tax claims and the Class 1 secured claim; or (ii) the date of which such claims are allowed by final non-appealable orders. Subject to objection, current unsecured claims reflected either in the Debtor's schedules or in filed proofs of claim total approximately $926,000. Based on the Debtor's current projections, it is anticipated that distributions to Class 2 will commence no later than the fourth quarterly payment. The Debtor will apply its disposable income to make payments under the Plan on a quarterly basis for a three-year period, which will begin on the date the first payment is due under the Plan. The first payment under the Plan shall be made three months after the Effective Date, and shall be comprised of the Debtor's disposable income over the preceding three months. A full-text copy of the Amended Plan dated December 31, 2025 is available at https://urlcurt.com/u?l=ipMNtx from PacerMonitor.com at no charge. Counsel to the Debtor: Tamara D. McKeown, Esq. AARONSON SCHANTZ BEILEY P.A. One Biscayne Tower, Suite 3450 2 South Biscayne Boulevard Miami, FL 33131 Telephone: (786) 594-3000 Facsimile: (305) 579-9073 E-mail: tmckeown@aspalaw.com About City Massage The Debtor filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-20791) on Sept. 16, 2025, listing up to $50,000 in assets and between $500,001 and $1 million in liabilities. Judge Corali Lopez-Castro presides over the case. Tamara D. McKeown, Esq., is the Debtor's legal counsel. CLAY STREET: Case Summary & Seven Unsecured Creditors ----------------------------------------------------- Debtor: Clay Street Commons, LLC 1175 W. Long Lake Rd., Ste. 201 Troy, MI 48098 Business Description: Clay Street Commons LLC owns and manages a residential property at 1919 Ninth Avenue North in Nashville, Tennessee. Chapter 11 Petition Date: January 6, 2026 Court: United States Bankruptcy Court Middle District of Tennessee Case No.: 26-00026 Judge: Hon. Randal S Mashburn Debtor's Counsel: Austin McMullen, Esq. BRADLEY ARANT BOULT CUMMINGS, LLP 1221 Broadway, Suite 2400 Nashville TX 37203 Tel: 615-252-2307 E-mail: amcmullen@bradley.com Estimated Assets: $10 million to $50 million Estimated Liabilities: $10 million to $50 million The petition was signed by Scott Woosley as the authorized individual. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/TINRVCI/Clay_Street_Commons_LLC__tnmbke-26-00026__0001.0.pdf?mcid=tGE4TAMA List of Debtor's Seven Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Bank of Labor Bank Loan $0 6301 Glenwood St., 3rd Fl. Overland Park, KS 66202 Shelby Wood Phone: 816-292-8357 Email: swood@spencerfane.com 2. Gould & Ratner Professional $115,898 1801 Wewatta St., 11th Floor Services Denver, CO 80202 Garrett Graff Phone: 303-284-1058 Email: ggraff@gouldratner.com 3. Iannuzzi Manetta Professional $1,505 1175 W. Long Lake Rd., Ste. 201 Services Troy, MI 48098 Eric Mardeusz Phone: 248-641-0005 Email: emardeusz@imp-cpa.com 4. Nashville Electric Service Electric Service $0 1214 Church Street Nashville, TN 37230 5. Metro Water Services Water Service $0 1700 Third Avenue North Nashville, TN 37208 6. Davidson County Trustee Property Tax $0 700 President Ronald Reagan Way Ste. 220 Nashville, TN 37210 7. Synergy Real Estate Group, Inc. Property $0 179 Belle Forest Circle, Ste. 301 Management Nashville, TN 37221 Services CLEAN ENERGY: Raises $679,183 in Stock Sales With Investors ----------------------------------------------------------- Clean Energy Technologies, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that effective December 24, 2025, the Company, entered into a Subscription Agreement with an investor pursuant to which the Company sold the investor 913,842 shares of Company common stock for $395,328. Effective December 29, 2025, the Company entered into two additional Subscription Agreements with two other investors pursuant to which the Company sold the two other investors an aggregate of 656,158 shares of Company common stock for $283,855. The Subscription Agreements contain customary representations, warranties, and covenants of the Company and the investors and other obligations of the parties. The Subscription Agreements are governed by the laws of the state of Nevada. A full-text copy of the Subscription Agreements is available at https://tinyurl.com/4u464a4m About Clean Energy Headquartered in Irvine, California, Clean Energy Technologies, Inc. -- http://www.cetyinc.com-- develops renewable energy products and solutions and establishes partnerships in renewable energy that make environmental and economic sense. The Company's mission is to be a segment leader in the Zero Emission Revolution by offering eco-friendly energy solutions, clean energy fuels, and alternative electric power for small and mid-sized projects in North America, Europe, and Asia. The Company targets sustainable energy solutions that are profitable for it, profitable for its customers, and represent the future of global energy production. Diamond Bar, California-based TAAD, LLP, the Company's auditor since 2023, issued a "going concern" qualification in its report dated April 14, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has an accumulated deficit and negative cash flows from operations. These factors, among others, raise substantial doubt about the Company's ability to continue as a going concern. As of September 30, 2025, the Company had $14,798,895 in total assets, $7,703,762 in total liabilities, and $7,095,133 in total stockholders' equity. CNY SEALCOATING: Hires Jeffrey W. Hanretty CPA as Accountant ------------------------------------------------------------ CNY Sealcoating & Concrete, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of New York to hire Jeffrey W. Hanretty, CPA & Associates as accountant. The firm's services include: a. assisting the Debtor in connection with preparing and filing of monthly operating reports; and b. performing such other financial services for the Debtor, as may be necessary and appropriate herein, including but not limited to, filing tax returns, financial statements and other financial reports. The preparation of operating report, reviewing of bank statements, consulting and reviewing all Debtor's financial documents will be billed at a rate of $250 per hour. Hanretty will also request reimbursement, if any, for its disbursements incidental to its rendering services to the Debtor in this case. Jeffrey W. Hanretty, CPA & Associates is a "disinterested person" within the meaning of 11 U.S.C. 101(14), according to court filings. The firm can be reached through: Jeffrey W Hanretty, CPA Jeffrey W Hanretty, CPA & Associates 8365 Seneca Tpke New Hartford, NY 13413 Tel: (315) 733-4339 Fax: (315) 733-9926 Email: info@jwhanrettycpa.com About CNY Sealcoating & Concrete LLC CNY Sealcoating & Concrete, LLC, operating from Clinton, New York, provides concrete and sealcoating services, including installation, repair, and maintenance of driveways, patios, and slabs. It operates within the construction and paving sector, serving residential and commercial clients in the region. CNY filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D.N.Y. Case No. 25-61114) on December 11, 2025, with $1 million to $10 million in assets and liabilities. Mariano Jellencich, president of CNY, signed the petition. Judge Patrick G. Radel presides over the case. Anthony Sodono, III, Esq., at McManimon, Scotland & Baumann, LLC represents the Debtor as legal counsel. COLORADO AIR: Seeks Chapter 7 Bankruptcy in Colorado ---------------------------------------------------- On December 16, 2025, Colorado Air Cargo, Inc. filed a voluntary Chapter 7 bankruptcy petition in the District of Colorado. According to the filing, the debtor reports between $100,001 and $1,000,000 in debt owed to 1-49 creditors. About Colorado Air Cargo, Inc. Colorado Air Cargo, Inc. is a Colorado Springs, Colorado–based freight transportation company specializing in nonscheduled cargo services. The business provides air and ground freight solutions for general freight, beverages, paper products and other goods, operating as an authorized carrier for hire. Colorado Air Cargo, Inc. sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 25-18219) on December 16, 2025. The petition lists estimated assets of $0-$100,000 and estimated liabilities of $100,001-$1,000,000. Honorable Bankruptcy Judge Michael E. Romero oversees the case. The debtor is represented by Kevin S. Neiman, Esq. of Law Offices of Kevin S. Neiman, P.C. COMPASS COFFEE: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------------- Debtor: Compass Coffee, LLC 1535 7th Street NW Washington DC 20001 Business Description: Compass Coffee, LLC, founded in 2014 by two former U.S. Marines, is a Washington, D.C.– based coffee company operating cafes and producing small-batch roasted coffee. The Company sources beans ethically, blends and roasts coffee in-house, and manufactures products using American-made equipment, offering both retail and packaged coffee. It serves the local coffee market across Washington, D.C., providing a range of coffee products to consumers. Chapter 11 Petition Date: January 6, 2026 Court: United States Bankruptcy Court District of Columbia Case No.: 26-00005 Debtor's Counsel: Jennifer E. Wuebker, Esq. Tyler P. Brown, Esq. Nicholas S. Monico, Esq. HUNTON ANDREWS KURTH LLP 951 E. Byrd Street Richmond VA 23219 Tel: (804) 788-8200 Email: jwuebker@hunton.com tpbrown@hunton.com nmonico@hunton.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $10 million to $50 million The petition was signed by Michael Haft as CEO. A full-text copy of the petition, which includes a list of the Debtor's 20 largest unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/JNEKVHI/Compass_Coffee_LLC__dcbke-26-00005__0001.0.pdf?mcid=tGE4TAMA COMPASS COFFEE: Seeks Chapter 11 Bankruptcy in D.C. --------------------------------------------------- Winston Rogers of 7News reports that Compass Coffee, a Washington, D.C.-founded coffee chain launched in the early 2010s, filed for Chapter 11 bankruptcy on Tuesday, January 6, 2026, as it looks to sell portions of its business while navigating mounting legal and financial pressures. The company is facing disputes involving a cofounder, multiple landlords, and vendors, according to court filings. The company employs about 166 workers and operates 25 cafes across Washington, D.C., Northern Virginia, and southern Maryland. Compass said it intends to keep all locations open and continue day-to-day operations throughout the bankruptcy process. In a statement, cofounder Michael Haft highlighted the company’s community roots, noting that its original 7th Street location has remained open every day since launching. Haft said Compass has grown across the DMV, supported local causes, shipped coffee nationwide and to deployed service members, and provided employment opportunities to thousands of workers over the years. Court documents show that Compass has struggled to recover customer traffic since the COVID-19 pandemic, despite operating a roastery and distribution arm. The company began exploring a sale in 2021 and entered Chapter 11 after reaching an agreement with a potential buyer. Filings list between 100 and 200 creditors, including EagleBank, the Small Business Administration, Square, and inKind, which together claim $1.7 million in liens. Compass also reports roughly $5.2 million owed on unsecured convertible notes and an additional $4.8 million in claims tied largely to unpaid rent, acquisitions, and vendor obligations. About Compass Coffee Compass Coffee is a coffee chain founded in Washington, D.C., in the early 2010s. Compass Coffee sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.C. Case No. 26-00005) on January 6, 2026. In its pettion, the Debtor reports estimated assets between $1 million and $10 million and liabilities between $10 million and $50 million. Honorable Bankruptcy Judge Elizabeth L. Gunn handles the case. The Debtor is represented by Jennifer Ellen Wuebker, Esq. of Hunton Andrews Kurth LLP. CONGA CORP: Fitch Affirms 'B+' IDR, Cuts 1st Lien Term Loan to 'BB' ------------------------------------------------------------------- Fitch Ratings has affirmed the Long-Term Issuer Default Ratings (IDRs) for Project Everest Ultimate Parent, LLC and its wholly owned subsidiary, Conga Corporation (collectively, Conga) at 'B+'. Fitch has also downgraded the upsized $1.165 billion senior secured first-lien term loan and the upsized $125 million revolving credit facility to 'BB' with a Recovery Rating of 'RR2' from 'BB+'/'RR1', mainly due to the higher balance from the debt upsizing. The Outlook on the IDR is Stable. Fitch expects Conga's Fitch-adjusted EBITDA leverage to remain below 5.5x, with cash flow growth driven by EBITDA gains from operational optimization. Fitch also expects CFO less capex to debt above 7% over the rating horizon, reflecting lower operating expenses as a share of revenue. The ratings are supported by high recurring revenue, strong retention and robust cash generation. KEY RATING DRIVERS Elevated Debt with Deleveraging Capacity: Fitch forecasts Fitch-adjusted EBITDA leverage to decline to below 5.5x in fiscal 2027 (ending Jan. 31) after a temporary hike in fiscal 2026 from the debt upsizing, with EBITDA margins in the low to mid-30s as a result of operational optimization. While FCF supports deleveraging capacity beyond 2027, Fitch expects limited debt reduction as private equity ownership may result in the prioritization of return on equity (ROE) over prepayment. Fitch expects excess capital will likely fund growth acquisitions or dividends, keeping financial leverage moderate. Acquisition Boosts Growth Opportunities: Conga's acquisition of PROS B2B will increase its cross-sell, upsell and expansion opportunities. PROS B2B provides cloud-based, AI-led predictive solutions focused primarily on smart price optimization and management and Configure, Price, Quote (CPQ) capabilities for B2B businesses. Conga has also identified significant cost-saving opportunities driven by significant operational overlap. Ongoing Migration to New Platform: In 2023, Conga launched the Conga Revenue Lifecycle Cloud (RLC) to reduce reliance on Salesforce. RLC has diversified Conga's product offerings and enhanced gross margins by shifting the billing composition toward subscriptions. The new platform should drive continued efficiencies as more customers migrate. However, many larger customers have not yet migrated, and the process will likely take several years. Fitch identifies risks in migrating customers to a new platform, including potential disruptions and customer retention challenges. Strengthening FCF: Conga turned historically negative FCF to positive after successfully integrating Apttus, which streamlined operations and improved overall efficiency. Fitch expects minimal capex and working capital requirements, with operational improvements supporting mid-teens FCF margins in line with industry peers. High Recurring Revenue, Revenue Retention: Over 90% of billings are recurring, with gross retention rates close to 90% and net retention rates near 100%. These attributes provide significant visibility on future revenue streams and profitability. Diversified Customer Base: Conga serves over 10,000 customers, with enterprise accounts generating most sales. Conga began as a Salesforce independent software vendor (ISV) in 2006, relying heavily on the platform. The introduction of Conga RLC in 2023 significantly reduced this dependence, transforming the business from a Salesforce ISV to an open cloud solution. Conga generates most of its pipeline independently of Salesforce, and 100% of annual recurring revenue (ARR) is contracted directly between Conga and its customers. No single customer represents more than 2% of ARR, and its end markets span diverse industries, with no industry exceeding 20% of ARR. Strong Brand Recognition: Conga is the only pure-play, end-to-end revenue operations vendor, with no independent competitor of comparable scale. It is a recognized leader in revenue operations software, including Workflow and Content Automation, Contract Lifecycle Management (CLM), and Configure Price Quote (CPQ) applications. Conga is one of Salesforce's largest independent software vendors, and its Conga Composer application is among the most widely adopted in the Salesforce ecosystem. Secular Tailwinds: Organizations are increasingly adopting recurring revenue models, driving demand for revenue operations solutions that can handle these models' greater complexity. Digitalization of sales, especially within B2B markets, is prompting organizations to adopt software solutions to generate opportunities and capture market share. Increased compliance and regulatory pressures also drive organizations to adopt solutions to improve efficiency. PEER ANALYSIS Conga's 'B+' Long-Term IDR reflects its strong market position as a software vendor in the fragmented revenue operations software industry. The company helps customers of all sizes speed up and streamline their revenue operations. Conga's product suite enables businesses to manage and automate processes involving documentation, contracts, and commerce. Although Conga has no direct peers in the Fitch-rated universe, its credit profile is comparable to other software providers under private ownership with similar ratings and subscription-based revenue models, including ConnectWise, LLC (B+/Stable) and Cloud Software Group, Inc. (B+/Stable). Cloud Software Group, Inc. is a very large, highly subscription-based business with an improving credit profile, supported by EBITDA growth and disciplined cost management. Fitch expects (CFO-capex)/debt to remain in the mid- to high-single digits, with gross leverage trending toward 5x over the rating horizon. ConnectWise, LLC is larger than Conga but has similar margins and leverage (around 4.5x-5.5x). FITCH'S KEY RATING-CASE ASSUMPTIONS -- Organic revenue growth in the low- to mid-single-digit range; -- Fitch-calculated EBITDA margins in the low to mid-30s over the rating horizon; -- Capex of about 0.5% of revenue per year, excluding capitalized internal use software; -- No debt prepayment or incremental issuances during the forecast period; -- Annual SOFR rates of 4.3% in 2025, declining gradually to 3.5% by 2028. RECOVERY ANALYSIS -- The recovery analysis assumes that Conga would be reorganized in bankruptcy rather than liquidated. -- To estimate Conga's distressed enterprise value (EV), Fitch assumes higher customer churn and margin compression due to lower revenue scale. In this scenario, revenue declines by about 10% from the FY27 estimate, and margins fall to the high-20% range, resulting in a going-concern EBITDA that is approximately 20% lower than FY26 estimated adjusted EBITDA. -- Fitch assumes GC EBITDA of $160 million for Conga, higher than previously, reflecting additional contribution from the acquisition of PROS B2B. -- Fitch applied an EV multiple of 7x EBITDA to GC EBITDA to derive post-reorganization enterprise value. The rationale for the 7.0x multiple includes: -- Fitch's Bankruptcy Enterprise Values and Creditor Recoveries indicates TMT exit multiples of 4.0x-7.0x, with a 5.4x median across a small sample of technology cases. Notable software cases: Allen Systems Group, Inc. (8.4x); Avaya Inc. (2017: 8.1x and 2023: 7.5x); Aspect Software Parent, Inc. (5.5x), Sungard Availability Services Capital, Inc. (4.6x) and Riverbed Technology Software (8.3x). -- Conga's growing, resilient recurring revenue, mission-critical product suite, brand recognition, leadership in revenue operations management, and strong cash generation support a premium multiple of 7x. -- Fitch's EV includes a 10% administrative claim and assumes the $125 million revolver is fully drawn. -- The resulting post-reorganization EV is $1,008 million after the administrative claim, supporting a rating of 'BB/RR2' on the first-lien revolver and term loan (two notches above the LT IDR). RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade -- Fitch-adjusted EBITDA leverage sustained above 5.5x; -- (CFO-capex)/ debt ratio sustained below 7.5%; -- Operating performance pressure from sustained customer churn and/or pressure on EBITDA margins. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade -- Fitch-adjusted EBITDA leverage sustained below 4.0x; -- (CFO-capex)/debt ratio sustained above 10%; -- Organic revenue growth sustained above the mid-single digits with Fitch-adjusted EBITDA margin sustained at or above the low 30s. LIQUIDITY AND DEBT STRUCTURE As of July 31, 2025, Conga's liquidity was sufficient, supported by about $250 million of balance-sheet cash, up year over year. Fitch expects liquidity to improve over the next few years, driven by positive FCF generation from EBITDA margin expansion. Conga aims to upsize its debt facilities, increasing the RCF commitment to $125 million (undrawn at closing) and the first-lien term loan to $1,165 million at closing. Proceeds will finance the PROS B2B acquisition. ISSUER PROFILE Project Everest Ultimate Parent, LLC (dba Conga) is a global provider of Software as a Service (SaaS) products that help customers manage the revenue lifecycle. RATINGS ACTION Rating Prior ------ ----- Project Everest Ultimate Parent, LLC LT IDR B+ Affirmed B+ Conga Corporation LT IDR B+ Affirmed B+ senior secured LT BB Downgrade RR2 BB+ CONSCIOUS CONTENT: Hires Reitler Kailas & Rosenblatt as Co-Counsel ------------------------------------------------------------------ Conscious Content Media, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Delaware to employ Reitler, Kailas & Rosenblatt LLP as bankruptcy co-counsel. The firm's services include: a. assisting the Debtors with preparation of all applications, motions, answers, orders, reports, and other legal papers necessary to the administration of the Debtors’ estates; b. negotiating, drafting, pursuing, and assisting the Debtors in their preparation of all documents, reports, and papers necessary for the administration of these Cases; c. providing legal advice with respect to the powers and duties of the Debtors as debtors in possession in these Cases in the continued operation of its business and management of its property, including with respect to a potential sale of the Debtors' assets; d. appearing in court and protecting the interests of the Debtors before the Court in its capacity as bankruptcy co-counsel; e. attending meetings and negotiating with representatives of creditors, the U.S. Trustee, and other parties in interest; f. performing all other legal services for the Debtors which may be necessary and proper in this proceeding; and g. performing all other services as may be required or deemed necessary and in the best interests of the Debtors and their estates in these Cases. Reitler has advised the Debtors that its ordinary hourly rates range from $975 to $450 per hour for attorneys and $425 per hour for paraprofessionals. The primary attorneys and paralegal that will work on this representation and their respective hourly rates are as follows: Michael Yang $895 Michael Hirschberg $875 Lauren Friend McKelvey $850 Julie Wlodinguer $695 David N. Tabakin $650 Jillian Young (paralegal) $425 Reitler received retainer payments totaling $165,000 from the Debtors. Pursuant to Part D.1 of the U.S. Trustee Guidelines, Bayard hereby provides the following responses set forth below: Question: Did you agree to any variations from, or alternatives to, your standard or customary billing arrangements for this engagement? Answer: No. Question: Do any of the professionals included in this engagement vary their rate based on the geographic location of the bankruptcy case? Answer: No. Question: If you represented the client in the 12 months prepetition, disclose your billing rates and material financial terms for the prepetition engagement, including any adjustments during the 12 months prepetition. If your billing rates and material financial terms have changed postpetition, explain the difference and the reasons for the difference. Answer: Reitler has represented the Debtors since 2015. As set forth above, Reitler will be billing at its standard hourly rates, with all fees and expenses being subject to approval of the Bankruptcy Court, subsequent to the commencement of a case under chapter 11 of the Bankruptcy Code. Question: Have the Debtors approved your prospective budget and staffing plan, and, if so for what budget period? Answer: The Debtors and their professionals are currently in the process of formulating a detailed budget that is consistent with the form of budget to the UST Guidelines, recognizing that in the course of a case like these Cases, it is highly likely that there may be a number of unforeseen fees and expenses that will need to be addressed by the Debtors and their professionals. Michael Yang, Esq., a partner at Reitler, Kailas & Rosenblatt LLP, disclosed in court filings that the firm is "disinterested" as defined in section 101(14) of the Bankruptcy Code. The firm can be reached through: Michael Yang, Esq. Reitler, Kailas & Rosenblatt LLP 885 Third Ave, 20th Floor New York, NY 10022 Telephone: (212) 209-3048 Facsimile: (212) 371-5500 About Conscious Content Media, Inc. Conscious Content Media, Inc. develops and provides early learning education technology products for children ages 2 to 10, offering an age- and stage-based curriculum focused on school readiness and skills such as literacy, mathematics, coding, creativity, and social-emotional development. The company delivers its programs through digital applications, physical learning kits, classes, tutoring, and coaching, distributing them to schools and directly to parents through subscription-based offerings. Its product portfolio includes brands such as Homer, codeSpark, and Little Passports. Conscious Content Media, Inc. in New York, NY, sought relief under Chapter 11 of the Bankruptcy Code filed its voluntary petition for Chapter 11 protection (Bankr. D. Del. Lead Case No. 25-12231) on Dec. 17, 2025, listing as much as $100 million to $500 million in both assets and liabilities. Neal Shenoy as chief executive officer, signed the petition. Judge Brendan Linehan Shannon oversees the case. BAYARD, P.A., and REITLER KAILAS & ROSENBLATT LLP serve as the Debtors' legal counsels. BANKRUPTCY MANAGEMENT SOLUTIONS, INC. d/b/a STRETTO as claims and noticing agent. EISNER AMPER as financial advisor. CONSCIOUS CONTENT: Seeks to Hire Stretto as Administrative Advisor ------------------------------------------------------------------ Conscious Content Media, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Delaware to employ Stretto, Inc. to serve as its administrative advisor. Stretto will provide these services: (a) assist with, among other things, solicitation, balloting, and 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 Debtor's 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 Debtor, the Court or the Office of the Clerk of the Court. Prior to the Petition Date, the Debtor provided Stretto an advance of $20,000. The firm's preferred hourly rate structures are: Analyst Waived Consultant (Associate/Senior Associate) $70-$200 Director/Managing Director $210-$250 Solicitation Director $275 Executive Management Waived Stretto 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: Sheryl Betance Senior Managing Director STRETTO, INC. 410 Exchange, Ste. 100 Irvine, CA 92602 About Conscious Content Media, Inc. Conscious Content Media, Inc. develops and provides early learning education technology products for children ages 2 to 10, offering an age- and stage-based curriculum focused on school readiness and skills such as literacy, mathematics, coding, creativity, and social-emotional development. The company delivers its programs through digital applications, physical learning kits, classes, tutoring, and coaching, distributing them to schools and directly to parents through subscription-based offerings. Its product portfolio includes brands such as Homer, codeSpark, and Little Passports. Conscious Content Media, Inc. in New York, NY, sought relief under Chapter 11 of the Bankruptcy Code filed its voluntary petition for Chapter 11 protection (Bankr. D. Del. Lead Case No. 25-12231) on Dec. 17, 2025, listing as much as $100 million to $500 million in both assets and liabilities. Neal Shenoy as chief executive officer, signed the petition. Judge Brendan Linehan Shannon oversees the case. BAYARD, P.A., and REITLER KAILAS & ROSENBLATT LLP serve as the Debtors' legal counsels. BANKRUPTCY MANAGEMENT SOLUTIONS, INC. d/b/a STRETTO as claims and noticing agent. EISNER AMPER as financial advisor. CONSCIOUS CONTENT: Seeks to Tap Bayard PA as Bankruptcy Co-Counsel ------------------------------------------------------------------ Conscious Content Media, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Delaware to employ Bayard, P.A. as co-counsel. The firm's services include: a. assisting the Debtors with preparation of all applications, motions, answers, orders, reports, and other legal papers necessary to the administration of the Debtors' estates; b. negotiating, drafting, pursuing, and assisting the Debtors in their preparation of all documents, reports, and papers necessary for the administration of these Cases; c. providing legal advice with respect to the powers and duties of the Debtors as debtors in possession in these Cases in the continued operation of its business and management of its property, including with respect to a potential sale of the Debtors' assets; d. appearing in court and protecting the interests of the Debtors before the Court in its capacity as bankruptcy co-counsel; e. attending meetings and negotiating with representatives of creditors, the U.S. Trustee, and other parties in interest; f. performing all other legal services for the Debtors which may be necessary and proper in this proceeding including, but not limited to, advice in areas such as bankruptcy law, corporate law, corporate governance, employment, transactional, litigation, intellectual property, and other issues to the Debtors in connection with the Debtors' ongoing business operations; and g. performing all other services as may be required or deemed necessary and in the best interests of the Debtors and their estates in these Cases. Bayard has advised the Debtors that its ordinary hourly rates range from $400 to $1,250 per hour for attorneys and $250 to $350 per hour for paraprofessionals. The primary attorneys and paralegal that will work on this representation and their respective hourly rates are: Daniel N. Brogan $795 Steven D. Adler $575 Ashly Riches $445 Rebecca Hudson (paralegal) $375 In addition, the firm will receive reimbursement for out-of-pocket expenses incurred. The Debtors paid retainer fees in the total amount of $90,000. Pursuant to Part D.1 of the U.S. Trustee Guidelines, Bayard hereby provides the following responses set forth below: Question: Did you agree to any variations from, or alternatives to, your standard or customary billing arrangements for this engagement? Answer: No. Question: Do any of the professionals included in this engagement vary their rate based on the geographic location of the bankruptcy case? Answer: No. Question: If you represented the client in the 12 months prepetition, disclose your billing rates and material financial terms for the prepetition engagement, including any adjustments during the 12 months prepetition. If your billing rates and material financial terms have changed postpetition, explain the difference and the reasons for the difference. Answer: Bayard has represented the Debtors since December 2025. As set forth above, Bayard will be billing at its standard hourly rates, with all fees and expenses being subject to approval of the Bankruptcy Court, subsequent to the commencement of a case under chapter 11 of the Bankruptcy Code. Question: Have the Debtors approved your prospective budget and staffing plan, and, if so for what budget period? Answer: The Debtors and their professionals are currently in the process of formulating a detailed budget that is consistent with the form of to the UST Guidelines, recognizing that in the course of a case like these Cases, it is highly likely that there may be a number of unforeseen fees and expenses that will need to be addressed by the Debtors and their professionals. Daniel N. Brogan, Esq., a director at Bayard, 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 N. Brogan, Esq. Bayard, P.A. 600 N. King Street, Suite 400 P.O. Box 25130 Wilmington, DE 19899 Tel: (302) 429-4275 Fax: (302) 658-6395 Email: dbrogan@bayardlaw.com About Conscious Content Media, Inc. Conscious Content Media, Inc. develops and provides early learning education technology products for children ages 2 to 10, offering an age- and stage-based curriculum focused on school readiness and skills such as literacy, mathematics, coding, creativity, and social-emotional development. The company delivers its programs through digital applications, physical learning kits, classes, tutoring, and coaching, distributing them to schools and directly to parents through subscription-based offerings. Its product portfolio includes brands such as Homer, codeSpark, and Little Passports. Conscious Content Media, Inc. in New York, NY, sought relief under Chapter 11 of the Bankruptcy Code filed its voluntary petition for Chapter 11 protection (Bankr. D. Del. Lead Case No. 25-12231) on Dec. 17, 2025, listing as much as $100 million to $500 million in both assets and liabilities. Neal Shenoy as chief executive officer, signed the petition. Judge Brendan Linehan Shannon oversees the case. BAYARD, P.A., and REITLER KAILAS & ROSENBLATT LLP serve as the Debtors' legal counsels. BANKRUPTCY MANAGEMENT SOLUTIONS, INC. d/b/a STRETTO as claims and noticing agent. EISNER AMPER as financial advisor. COOK HOLDINGS: Seeks to Hire Sternberg Naccari & White as Counsel ----------------------------------------------------------------- Cook Holdings, Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Mississippi to hire Sternberg, Naccari & White, LLC to handle its Chapter 11 case. The firm received in trust a retainer in the aggregate amount of $6,738. Ryan Richmond, Esq., an attorney at Sternberg, Naccari & White, will be paid at his hourly rate of $350 plus expenses. 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 Cook Holdings, Inc. Cook Holdings, Inc., doing business as Cook Auto Sales, Cook Auto Repair, and Cook Auto Collision, operates automotive retail and service businesses in Southaven, Mississippi. Cook Holdings, Inc. filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Miss. Case No. 25-14322) on December 22, 2025, listing up to $50,000 in assets and $1 million to $10 million in liabilities. James Alan Cook signed the petition as president. Judge Jason D Woodard presides over the case. William L. Fava, Esq. at FAVA FIRM represents the Debtor as counsel. CORE AI HOLDINGS: Completes Divestiture of Siyata Mobile -------------------------------------------------------- Core AI Holdings, Inc. announced that it has simultaneously signed and closed a definitive stock purchase agreement to divest Siyata Mobile Inc. and its subsidiaries. This transaction became effective immediately and represents a completed strategic action to streamline operations and concentrate capital and resources on Core AI's core artificial intelligence initiatives. Under the terms of the SPA, Core AI is entitled to receive aggregate consideration consisting of initial consideration of $100,000 in cash, and earn-out consideration consisting of three separate annual earn-out payments. Each earn-out payment will equal the greater of $200,000 or 1% of gross revenue generated by Siyata during each applicable earn-out period, as reported in audited annual financial statements prepared in accordance with IFRS. "As we continued to deepen our focus on artificial intelligence, it became clear that the anticipated technology and commercial synergies with Siyata did not materialize," said Aitan Zacharin, CEO of Core AI Holdings, Inc. "The divestiture eliminates approximately $12 million in annual cash burn, materially reduces losses and simplifies our balance sheet. Furthermore, it also better aligns our asset base with our core AI strategy, strengthens our financial profile and allows us to direct capital and resources to higher-return opportunities we believe will drive sustainable shareholder value." Under the terms of the definitive agreement, Core AI is entitled to receive aggregate consideration consisting of initial consideration of $100,000 in cash, and earn-out consideration consisting of three separate annual earn-out payments. Each earn-out payment will equal the greater of $200,000 or 1% of gross revenue generated by Siyata during each applicable earn-out period, as reported in audited annual financial statements prepared in accordance with IFRS. "With the divestiture of Siyata complete, Core AI is operating with a leaner cost structure and a clearer growth mandate," Zacharin added. "We are now positioned to more aggressively invest in advancing our AI platform and pursue targeted growth initiatives that we believe can scale efficiently. By improving operating leverage and sharpening our strategic focus, we see a compelling opportunity to drive sustained revenue growth and long-term shareholder value." Pro Forma Financial Impact: Based on unaudited pro forma financial information as of September 30, 2025, the divestiture has the following impact on Core AI's financial profile: Net loss for the nine months ended September 30, 2025 was reduced from $12.5 million to $4.8 million, representing an $8.7 million improvement, primarily driven by the removal of Siyata operating expenses. Total assets decreased from $51.6 million to $31.6 million, reflecting a $20.0 million reduction associated with the divested business. Total liabilities decreased from $22.4 million to $18.3 million, a $4.1 million improvement, further strengthening the Company's balance sheet. About Core AI Holdings Core AI Holdings, Inc. (f/k/a Siyata Mobile Inc.) -- http://www.coregaming.co/-- is focused on developing a portfolio of AI-focused businesses with next-generation technologies. Through its subsidiary, Core Gaming, it operates a leading global AI driven mobile games development and publishing business. The company creates entertaining games for millions of players worldwide, while empowering other developers to deliver player-focused apps and games to enthusiasts. Since its launch Core Gaming has developed and co-developed over 2,200 games, driven over 800 million downloads, and generated a global footprint of over 40 million users from over 140 countries. Core AI's mission is to harness the power of artificial intelligence to build transformative and scalable offerings across multiple verticals. Jerusalem, Israel-based Barzily and Co., the Company's auditor since 2023, issued a "going concern" qualification in its report dated March 31, 2025, citing that the Company has suffered recurring losses from operations, has accumulated significant losses, has an outstanding loan to financial institutions, and has an outstanding balance related to the sale of future receipts, which raise substantial doubt about its ability to continue as a going concern. As of September 30, 2025, the Company had $20.2 million in total assets, $4.8 million in total liabilities, and $15.4 million in total equity. COSMETIC SURGERY: Hires Iron Horse Commercial Properties as Broker ------------------------------------------------------------------ Cosmetic Surgery Associates, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of North Carolina to hire Iron Horse Commercial Properties, LLC as broker. The firm will market and sell the Debtor's property located at 2620 East 7th Street, Suite 300, Charlotte, North Carolina. Iron Horse will receive a commission of up to 6 percent of the gross sales price(s), reimbursement of reasonable out-of-pocket expenses, and reimbursement of marketing expenses not to exceed $10,000, all to be paid at closing. Iron Horse is a "disinterested person" as that phrase is defined in Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached through: William B. Lilly, Jr. Iron Horse Commercial Properties, LLC 174 Airport Rd. Rockingham, NC 28739 Tel: (800) 997-2248 Fax: (910) 895-1530 Email: will@ironhorseauction.com About Cosmetic Surgery Associates LLC Cosmetic Surgery Associates LLC is a single asset real estate company. Cosmetic Surgery Associates LLC filed for relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-31298) on December 2, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Laura T. Beyer handles the case. The Debtor is represented by Richard S. Wright, Esq. of Moon Wright & Houston, PLLC. CQENS TECHNOLOGIES: Relocates Principal Executive Office to Nevada ------------------------------------------------------------------ CQENS Technologies Inc. relocated its principal executive office from 5550 Nicollet Avenue, Minneapolis, MN 55419 to 170 S Green Valley Parkway, Suite 343, Henderson, NV 89012. The lease of the executive office facilities in Henderson, NV, is for a term of 12 months at an approximate cost of $1440.75 per month. The facilities are sufficient to maintain the Company's current operations and the Company continues to maintain its facilities in Aptos, California for research and development and product engineering. About CQENS Technologies Inc. CQENS Technologies Inc. is a technology company that designs and develops innovative methods to heat plant-based and/or medicant-infused formulations to produce aerosols for the efficient and efficacious inhalation of the plant and medicant constituents contained therein. As of September 30, 2025, the Company had $13,327,153 in total assets, $1,502,989 in total liabilities, and $11,824,164 in total stockholders' equity. Houston, Texas-based MaloneBailey, LLP, the Company's auditor since 2013, issued a "going concern" qualification in its report dated March 31, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has suffered recurring losses from operations and has a net capital deficiency that raises substantial doubt about its ability to continue as a going concern. CYTTA CORP: Delays FY 2025 10-K Filing for Audit Completion ----------------------------------------------------------- Cytta Corp. filed a Notification of Late Filing on Form 12b-25 with the U.S. Securities and Exchange Commission, informing that it is unable to file our Annual Report on Form 10-K for the fiscal year ended September 30, 2025, without unreasonable effort and expense. Additional time is needed to prepare its accounting records and schedules to enable its independent registered public accounting firm to complete its audit of the Company's financial statements to be contained in the Annual Report on Form 10-K for the fiscal year ended September 30, 2025. It is anticipated that the Form 10-K, along with the audited financial statements, will be filed within the fifteen-day extension period. About Cytta Corp Cytta Corp., headquartered in Las Vegas, Nevada, is focused on developing and marketing advanced streaming and integrated communication products, using technology based upon the SUPR (Superior Utilization of Processing Resources) video compression codec/algorithm and its IGAN (Incident Global Area Network) incident command proprietary software solutions. Cytta currently develops, markets, and distributes proprietary video streaming products and services that improve how video is streamed, consumed, transferred, and stored in enterprise environments. Hackensack, New Jersey-based Prager Metis CPAs, LLC, the Company's former auditor, issued a "going concern" qualification in its report dated Jan. 14, 2025. The report cited that, as of Sept. 30, 2024, the Company had an accumulated deficit of $36.87 million and has generated losses since inception. These factors, among others, raise substantial doubt about the Company's ability to continue as a going concern. As of June 30, 2025, the Company had $5.85 million in total assets, $1.41 million in total liabilities, and $4.04 million in total stockholders' equity. DAVIS HAUSER: Seeks Chapter 7 Bankruptcy in Colorado ---------------------------------------------------- On December 30, 2025, Davis Hauser Construction LLC filed for Chapter 7 protection in the District of Colorado. According to court filings, the debtor reports between $100,001 and $1,000,000 in debt owed to 1-49 creditors. About Davis Hauser Construction LLC Davis Hauser Construction LLC is a construction services provider offering general contracting work for residential and commercial projects. The company’s operations include construction management, building services, and related construction activities. Davis Hauser Construction LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 25-18493) on December 30, 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 Kimberley H. Tyson handles the case. The debtor is represented by Aaron J. Conrardy, Esq. DETROIT PIZZA: Mark Shapiro Named Subchapter V Trustee ------------------------------------------------------ The U.S. Trustee for Regions 3 and 9 appointed Mark Shapiro of Steinberg, Shapiro & Clark as Subchapter V trustee for The Detroit Pizza Bar. Mr. Shapiro 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. Shapiro declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Mark H. Shapiro Steinberg, Shapiro & Clark 25925 Telegraph Rd., Ste. 203 Southfield, MI 48033 Phone: (248) 352-4700 Email: shapiro@steinbergshapiro.com About The Detroit Pizza Bar The Detroit Pizza Bar filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. E.D. Mich. Case No. 25-53182) on December 31, 2025, listing up to $50,000 in assets and $500,001 to $1 million in liabilities. Judge Paul R. Hage presides over the case. Akunna Olumba, Esq. represents the Debtor as legal counsel. DIOCESE OF ALEXANDRIA: Committee Taps Wiener Weiss as Legal Counsel ------------------------------------------------------------------- The official committee of unsecured creditors of Diocese of Alexandria seeks approval from the U.S. Bankruptcy Court for the Western District of Louisiana to employ Wiener, Weiss & Madison, A Professional Corporation as counsel. The firm's services include: (a) assisting, advising and representing the Committee in its consultations with the Debtor regarding the administration of this Case; (b) assisting, advising and representing the Committee in analyzing the Debtor's assets and liabilities, investigating the extent and validity of liens or other interests in the Debtor's property and participating in and reviewing any proposed asset sales, any asset dispositions, financing arrangements and cash collateral stipulations or proceedings; (c) reviewing and analyzing all applications, motions, orders, statements of operations and schedules filed with the Court by the Debtor or third parties, advising the Committee as to their propriety, and, after consultation with the Committee, taking appropriate action; (d) preparing necessary applications, motions, answers, responses, objections, oppositions, orders, reports and other legal papers on behalf of the Committee; (e) representing the Committee at hearings held before the Court and communicating with the Committee regarding the issues raised, as well as the decisions of the Court; (f) performing all other legal services for the Committee which may be necessary and proper in this Case and any related proceeding(s); (g) representing the Committee in connection with any litigation, disputes or other matters that may arise in connection with this Case or any related proceeding(s); (h) assisting, advising and representing the Committee in any manner relevant to reviewing and determining the Debtor's rights and obligations under leases and other executory contracts; (i) assisting, advising and representing the Committee in investigating the acts, conduct, assets, liabilities and financial condition of the Debtor, the Debtor's operations and the desirability of the continuance of any portion of those operations, and any other matters relevant to this Case; (j) assisting, advising and representing the Committee in their participation in the negotiation, formulation and drafting of a plan of liquidation or reorganization or documents related thereto; (k) assisting, advising and representing the Committee on the issues concerning the appointment of a trustee or examiner under section 1104 of the Bankruptcy Code; (l) assisting, advising and representing the Committee in understanding its powers and its duties under Title 11 of the United States Code and the Federal Rules of Bankruptcy Procedure and in performing other services as are in the interests of those represented by the Committee; (m) assisting, advising and representing the Committee in the evaluation of claims and on any litigation matters, including avoidance actions; and (n) providing such other services to the Committee as may be necessary in this Case or any related proceeding(s). The firm will be paid at these rates: (a) A $50,000 retainer paid on the effective date of the Pre-Negotiation Agreement, of which up to $15,000 could be applied to work performed before the agreement was signed; and (b) Up to $30,000 per month in legal fees for work performed during the term of the agreement. R. Joseph Naus, a shareholder of Wiener, Weiss & Madison, assured the court that the firm is a "disinterested person" as that term is defined in section 101(14) of the Bankruptcy Code. The firm can be reached through: R. Joseph Naus, Esq. Wiener, Weiss & Madison, APC 330 Marshall St #1000 Shreveport, LA 71101 Tel: (318) 226-9100 Fax: (318) 424-5128 Email: rjnaus@wwmlaw.com About Diocese of Alexandria Diocese of Alexandria in Louisiana, established as the Diocese of Natchitoches on July 29, 1853, by Pope Pius IX and later relocated to Alexandria, serves as the ecclesiastical authority for the Catholic Church in north-central Louisiana. Headquartered at 4400 Coliseum Boulevard and led by Bishop Robert W. Marshall Jr., it encompasses 50 parishes and 21 mission churches across 13 civil parishes, with St. Francis Xavier Cathedral as its cathedral church. The Diocese operates as a Louisiana non-profit religious corporation and 501(c) (3) organization, providing spiritual, educational, and charitable services to roughly 36,228 Catholics across an 11,108-square-mile area. Diocese of Alexandria sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. La. Case No. 25-31257) on October 31, 2025. In its petition, the Debtor reports total assets of $16,667,411 and total liabilities of $9,467,288. Honorable Bankruptcy Judge John S. Hodge oversees the case. The Debtor is represented by Bradley L. Drell, Esq. of GOLD, WEEMS, BRUSER, SUES & RUNDELL. DIOCESE OF BUFFALO: Hires Howard Hanna Holt as Real Estate Broker ----------------------------------------------------------------- The Diocese of Buffalo, N.Y. seeks approval from the U.S. Bankruptcy Court for the Western District of New York to employ Howard Hanna Holt Real Estate Inc as real estate broker. The Debtor needs a broker to assist in the sale of its real property located at 119 Miller Street, Town of Sherman, New York, 14781. The broker will be paid as follows: a) 3 percent of the selling price or a fee of $1,750 at closing, whichever is greater; and b) in the event of dual agency, where there is an unrepresented buyer, 6 percent of the selling price or a fee of $3,500, whichever is greater; and c) solely with respect to a sale where the successful buyer of the property was properly represented by a broker (Cooperating Broker) who has registered with Broker, 3 percent of the selling price or a fee of $1,750, whichever is greater, to the Broker and 3 percent of the selling price or a fee of $1,750, whichever is greater, to the Cooperating Broker. Brandi Russo, a real estate agent at Howard Hanna Real Estate Services, 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: Brandi Russo Howard Hanna Holt Real Estate 79 West Lake Road Mayville, NY 14757 Tel: (716) 753-7880 Fax: (716) 753-2519 About The Diocese of Buffalo N.Y. The Diocese of Buffalo, N.Y., is home to nearly 600,000 Catholics in eight counties in Western New York. The territory of the diocese is co-extensive with the counties of Erie, Niagara, Genesee, Orleans, Chautauqua, Wyoming, Cattaraugus, and Allegany in New York State, comprising 161 parishes. There are 144 diocesan priests and 84 religious priests who reside in the Diocese. The diocese through its central administrative offices (a) provides operational support to the Catholic parishes, schools, and certain other Catholic entities that operate within the territory of the Diocese "OCE"; (b) conducts school operations through which it provides parish schools with financial and educational support; (c) provides comprehensive risk management services to the OCEs; (d) administers a lay pension trust and a priest pension trust for the benefit of certain employees and priests of the OCEs; and (e) provides administrative support for St. Joseph Investment Fund, Inc. Dealing with sexual abuse claims, the Diocese of Buffalo sought Chapter 11 protection (Bankr. W.D.N.Y. Case No. 20-10322) on Feb. 28, 2020. The diocese was estimated to have $10 million to $50 million in assets and $50 million to $100 million in liabilities as of the bankruptcy filing. The Honorable Carl L. Bucki is the case judge. The Debtor tapped Bond, Schoeneck & King, PLLC, led by Stephen A. Donato, Esq., as counsel; Connors LLP and Lippes Mathias Wexler Friedman LLP as special litigation counsel; Jones Day as special corporate governance counsel; and Phoenix Management Services, LLC as financial advisor. Stretto is the claims agent, maintaining the page: https://case.stretto.com/dioceseofbuffalo/docket The U.S. Trustee for Region 2 appointed a committee of unsecured creditors on March 12, 2020. The committee tapped Pachulski Stang Ziehl & Jones, LLP and Gleichenhaus, Marchese & Weishaar, PC as bankruptcy counsel, and Burns Bair LLP as special insurance counsel. DIOCESE OF BUFFALO: Hires Rivellino Realty as Real Estate Broker ---------------------------------------------------------------- The Diocese of Buffalo, N.Y. seeks approval from the U.S. Bankruptcy Court for the Western District of New York to employ Rivellino Realty as real estate broker. The broker will market and sell the Debtor's real property located at 5875 Ellicott Street Road, East Bethany, New York, 14054. The broker has agreed to render these services: a. advertise and market the Debtor's real property located at 5875 Ellicott Street Road, East Bethany, New York, 14054 for sale; b. undertake to find a purchaser for the property, upon terms and conditions acceptable to the Diocese; c. make available to prospective purchasers, upon request, information regarding the availability of inspections of the property; d. report to the Diocese regarding expressions of interest in the property; e. assist in preparing a purchase offer with an attorney approval clause; f. follow up with purchaser and/or purchaser's designee once a contract is negotiated; and g. update the Diocese regarding fulfillment of contract contingencies. The broker will receive a commission of three percent of the gross purchase price. As disclosed in the court filings, Rivellino Realty is a "disinterested person" as that term is defined in section 101(14) of the Bankruptcy Code, as modified by section 1107(b), and does not hold or represent an interest adverse to the Diocese's estate. The firm can be reached through: Joseph A. Rivellino Rivellino Realty 250 N Main St Warsaw, NY 14569 Phone: (585) 786-3614 About The Diocese of Buffalo N.Y. The Diocese of Buffalo, N.Y., is home to nearly 600,000 Catholics in eight counties in Western New York. The territory of the diocese is co-extensive with the counties of Erie, Niagara, Genesee, Orleans, Chautauqua, Wyoming, Cattaraugus, and Allegany in New York State, comprising 161 parishes. There are 144 diocesan priests and 84 religious priests who reside in the Diocese. The diocese through its central administrative offices (a) provides operational support to the Catholic parishes, schools, and certain other Catholic entities that operate within the territory of the Diocese "OCE"; (b) conducts school operations through which it provides parish schools with financial and educational support; (c) provides comprehensive risk management services to the OCEs; (d) administers a lay pension trust and a priest pension trust for the benefit of certain employees and priests of the OCEs; and (e) provides administrative support for St. Joseph Investment Fund, Inc. Dealing with sexual abuse claims, the Diocese of Buffalo sought Chapter 11 protection (Bankr. W.D.N.Y. Case No. 20-10322) on Feb. 28, 2020. The diocese was estimated to have $10 million to $50 million in assets and $50 million to $100 million in liabilities as of the bankruptcy filing. The Honorable Carl L. Bucki is the case judge. The Debtor tapped Bond, Schoeneck & King, PLLC, led by Stephen A. Donato, Esq., as counsel; Connors LLP and Lippes Mathias Wexler Friedman LLP as special litigation counsel; Jones Day as special corporate governance counsel; and Phoenix Management Services, LLC as financial advisor. Stretto is the claims agent, maintaining the page: https://case.stretto.com/dioceseofbuffalo/docket The U.S. Trustee for Region 2 appointed a committee of unsecured creditors on March 12, 2020. The committee tapped Pachulski Stang Ziehl & Jones, LLP and Gleichenhaus, Marchese & Weishaar, PC as bankruptcy counsel, and Burns Bair LLP as special insurance counsel. EDMUNDSON LAND: Seeks Chapter 11 Bankruptcy in Colorado ------------------------------------------------------- On January 2, 2026, Edmundson Land LLC filed for Chapter 11 protection in the U.S. Bankruptcy Court for the District of Colorado. According to court filings, the debtor reports between $10 million and $50 million in debt owed to between 1 and 49 creditors. About Edmundson Land LLC Edmundson Land LLC is a real estate holding company engaged in the ownership and management of land and property assets. The company focuses on land acquisition, development, and long-term investment activities. Edmundson Land LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-10021) on January 2, 2026. In its petition, the debtor reports estimated assets between $1 million and $10 million and estimated liabilities ranging from $10 million to $50 million. Honorable Bankruptcy Judge Thomas B. McNamara handles the case. The debtor is represented by J. Brian Fletcher, Esq. of Onsager Fletcher Johnson Palmer LLC. EDWARD L. AUEN: Lisa Holder Named Subchapter V Trustee ------------------------------------------------------ The U.S. Trustee for Region 17 appointed Lisa Holder, Esq., a practicing attorney in Bakersfield, Calif., as Subchapter V trustee for Edward L. Auen, Ph.D., M.D., Inc. Ms. Holder will be paid an hourly fee of $300 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Holder declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Lisa Holder, Esq. 3710 Earnhardt Drive Bakersfield, CA 93306 Phone: (661) 205-2385 Email: lholder@lnhpc.com About Edward L. Auen, Ph.D., M.D. Inc. Edward L. Auen, Ph.D., M.D., Inc. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. E.D. Calif. Case No. 25-27352) on December 30, 2025, with $0 to $50,000 in assets and $100,001 to $500,000 in liabilities. Judge Fredrick E. Clement presides over the case. David C. Johnston, Esq. represents the Debtor as legal counsel. EKSO BIONICS: Signs Term Sheet for AI-Focused Cloud Biz Combination ------------------------------------------------------------------- Ekso Bionics Holdings, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Company and Applied Digital Corporation entered into an exclusive, non-binding term sheet for a business combination of Applied's cloud computing business, Applied Digital Cloud, with the Company, which, once closed, will go forward as ChronoScale Corporation, an accelerated compute platform purpose-built to support artificial intelligence workloads. As enterprise and AI-native demand for GPU-accelerated cloud infrastructure continues to grow rapidly, the Proposed Transaction is intended to create a focused platform designed to deliver high-performance compute at scale in a capacity-constrained market. By separating the accelerated compute platform from Applied Digital's data center ownership and development business, the Proposed Transaction will allow each business to scale independently, pursue distinct growth trajectories, and operate with greater strategic and capital flexibility. ChronoScale is being designed for customers who require predictable performance, infrastructure control, and rapid deployment without the tradeoffs of generic cloud environments. The ChronoScale platform is expected to leverage the mature Applied Digital Cloud business to rapidly deploy and scale next-generation GPU-based compute infrastructure optimized for advanced AI training and inference workloads requiring dense, reliable, and efficiently delivered accelerated compute. The Term Sheet contemplates that, upon closing of the Proposed Transaction: (i) Applied would own approximately 97% of the combined company, and (ii) the capital stock held by the Company's existing stockholders is expected to constitute 3% of the outstanding shares of the combined company, with the relative ownership being proportionally diluted by any equity financing that occurs in connection with closing of the Proposed Transaction. The Applied Digital Cloud and the Company businesses would continue to operate through the consummation of the Proposed Transaction, and the Company plans to continue to explore strategic transactions for the possible sale of all or substantially all of the Company's current business. The closing of the Proposed Transaction will be subject to the completion of customary due diligence, execution of final binding documents, customary regulatory and stockholder approvals, and satisfaction of closing conditions. Accordingly, no assurances can be made that the parties will successfully negotiate and enter into a definitive agreement, or that the Proposed Transaction will be consummated on the terms or timeframe currently contemplated, or at all. "This Proposed Transaction emanates from our previously announced initiative to evaluate and explore strategic alternatives," commented Scott Davis, EKSO's Chief Executive Officer. "We approached our review thoughtfully and with an aim to maximize shareholder value, and we believe the Proposed Transaction has the potential to achieve that goal and that the Proposed Transaction is in the best interest of EKSO's stakeholders." "ChronoScale is intended to bring together a proven operating platform and a clear mandate: deliver accelerated compute at scale for the most demanding AI workloads," said Wes Cummins, Chairman and Chief Executive Officer of Applied Digital. "As AI workloads continue to reshape the digital economy and intensify, infrastructure must be purpose-built, not generalized -- and ChronoScale's design is intended to meet these requirements." Applied Digital Cloud was among the first platforms to deploy NVIDIA's H100 GPUs at scale in 2023, demonstrating its ability to source, integrate, and operate next-generation GPU infrastructure ahead of broader market adoption. The business generated a twelve-month revenue of approximately $75.2 million as of August 31, 2025, reflecting strong, growing demand from enterprise and AI-native customers for dedicated accelerated compute delivered through cloud-based platforms. ChronoScale is also expected to benefit from the strategic alignment with Applied Digital's expanding portfolio of purpose-built AI factory campuses, providing advantaged access to infrastructure that accelerates deployment timelines and aims to reduce execution risks as GPU demand continues to scale. The Proposed Transaction is expected to close in the first half of 2026, subject to the completion of customary due diligence, execution of final binding documents, customary regulatory and shareholder approvals, and satisfaction of closing conditions. About Ekso Bionics Holdings San Rafael, Calif.-based Ekso Bionics Holdings, Inc. designs, develops, and markets exoskeleton products to augment human strength, endurance, and mobility. San Francisco, Calif.-based WithumSmith+Brown PC, the Company's auditor since 2010, issued a 'going concern' qualification in its report dated March 3, 2025, citing that the Company has an accumulated deficit on December 31, 2024 and, since inception, has suffered significant operating losses and negative cash flows from operations. The Company expects to generate operating losses and negative operating cash flows in the future and will require additional funding to support the Company's planned operations which raises substantial doubt about its ability to continue as a going concern. As of September 30, 2025, the Company had $21.66 million in total assets, $11.98 million in total liabilities, and $9.68 million in total stockholders' equity. ELECTRIC FORKLIFT: Hires McDowell Law PC as Bankruptcy Counsel -------------------------------------------------------------- Electric Forklift Repairs Corp. seeks approval from the U.S. Bankruptcy Court for the District of New Jersey to employ McDowell Law, PC as counsel to handle its Chapter 11 case. The firm's counsel will be paid at these rates: Ellen McDowell, Attorney $475 per hour Associates $325 per hour Paralegals $150 per hour The Debtor has agreed to pay the firm a retainer in the amount of $12,500. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Ms. McDowell 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: Ellen M. McDowell, Esq. McDowell Law PC 46 West Main Street Maple Shade, NJ 08052 Tel: (856) 482-5544 Email: emcdowell@mcdowelllegal.com About Electric Forklift Repairs Corp. Electric Forklift Repairs Corp. filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D.N.J. Case No. 25-23553) on December 23, 2025, listing $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Ellen M. McDowell, Esq. at Mcdowell Law, PC represents the Debtor as counsel. ENERGY FOCUS: Huang Chieh, Sander Electronic Hold 31.9% Stake ------------------------------------------------------------- Huang Chiao Chieh and Sander Electronic Co., Ltd., disclosed in a Schedule 13D filed with the U.S. Securities and Exchange Commission that as of January 17, 2023, he beneficially owns 1,998,599 shares of common stock (consisting of 1,421,219 shares directly held by Mr. Huang and 577,380 shares held by Sander Electronic Co., Ltd., of which Mr. Huang is the sole beneficial owner and director/executive officer) of Energy Focus, Inc.'s common stock, $0.0001 par value per share, representing 31.9% of the 6,268,433 shares outstanding. Sander Electronic Co., Ltd. may be reached through: Huang Chiao Chieh, Chief Executive Officer 32000 Aurora Road Suite B, Solon, OH 44139 Tel: 440-715-1300 A full-text copy of Huang Chiao Chieh's SEC report is available at: https://tinyurl.com/yabam44r About Energy Focus Solon, Ohio-based Energy Focus -- http://www.energyfocus.com-- engages primarily in the design, development, manufacturing, marketing, and sale of energy-efficient lighting systems and controls. The Company develops, markets, and sells high-quality light-emitting diode ("LED") lighting and controls products in the commercial market and military maritime market. Columbus, Ohio-based GBQ Partners, LLC, the Company's auditor since 2019, issued a "going concern" qualification in its report dated March 25, 2025, attached in the Company's Annual Report on Form 10-K for the year ended Dec. 25, 2024, citing that the Company has suffered recurring losses from operations and negative cash flows from operations that raise substantial doubt about its ability to continue as a going concern. As of September 30, 2025, the Company had $5.2 million in total assets, $2.1 million in total liabilities, and $3.1 million in total stockholders' equity. FALLS MEDICAL: Matthew Grimshaw Named Subchapter V Trustee ---------------------------------------------------------- The Acting U.S. Trustee for Region 18 appointed Matthew Grimshaw as Subchapter V trustee for Falls Medical Aesthetics, PLLC. Mr. Grimshaw will be paid an hourly fee of $375 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Grimshaw declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Matthew W. Grimshaw 800 W. Main Street, Ste 1460 Boise, ID 83702 O. (208) 391-7860 Email: matt@grimshawlawgroup.com About Falls Medical Aesthetics PLLC Falls Medical Aesthetics, PLLC, doing business as Idaho Skin Care, is a medical dermatology and aesthetic services provider based in Idaho Falls, Idaho. The practice offers a range of clinical and cosmetic dermatology treatments -- including skin cancer care, acne management, surgical dermatology, injectables, laser procedures, and other skin health services -- under the leadership of board-certified providers. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Idaho Case No. 26-40001) on January 2, 2026, with $245,402 in assets and $1,471,662 in liabilities. Kierstin Nebeker, managing member, signed the petition. Judge Brent R. Wilson presides over the case. Steven Taggart, Esq., at Olsen Taggart, PLLC represents the Debtor as legal counsel. FALLS MEDICAL: Section 341(a) Meeting of Creditors on February 6 ---------------------------------------------------------------- On January 2, 2026, Falls Medical Aesthetics, PLLC filed for Chapter 11 protection in the U.S. Bankruptcy Court for the District of Idaho. According to court filings, the Debtor reports between $1,000,001 and $10,000,000 in debt owed to between 1 and 49 creditors. A meeting of creditors under Section 341(a) to be held on February 6, 2026 at 01:30 PM (MT) via Telephone Conference. About Falls Medical Aesthetics, PLLC Falls Medical Aesthetics, PLLC, doing business as Idaho Skin Care, is a medical dermatology and aesthetic services provider based in Idaho Falls, Idaho. The practice offers a range of clinical and cosmetic dermatology treatments -- including skin cancer care, acne management, surgical dermatology, injectables, laser procedures, and other skin health services -- under the leadership of board-certified providers. Falls Medical Aesthetics, PLLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Idaho Case No. 26-40001) on January 2, 2026. In its petition, the Debtor reports estimated assets of $100,001 to $1,000,000 and estimated liabilities of $1,000,001 to $10,000,000. The case is assigned to the Honorable Bankruptcy Judge Brent R. Wilson. The Debtor is represented by Steven Taggart, Esq., of Olsen Taggart, PLLC. FIRST BRANDS: Creditors Say Insiders Took 300% Returns on Deals --------------------------------------------------------------- Jonathan Randles and Steven Church of Bloomberg News report that creditors have claimed that kickbacks were paid on high-return transactions, some yielding 300%, in the bankruptcy case of the troubled company. They say these arrangements improperly favored certain parties over the broader creditor base. According to filings, the alleged payments breached fiduciary responsibilities and may have contributed to the company's insolvency. The creditors are seeking authority from the court to pursue recovery of the funds. About First Brands Group, LLC Rochester Hills, Mich.-based First Brands Group, LLC is a global supplier of aftermarket automotive parts. On September 24, 2025, the Company's non-operational special purpose entities, Global Assets LLC, Global Lease Assets Holdings, LLC, Carnaby Capital Holdings, LLC, Broad Street Financial Holdings, LLC, Broad Street Financial, LLC, Carnaby Inventory II, LLC, Carnaby Inventory Holdings II, LLC, Carnaby Inventory III, LLC, Carnaby Inventory Holdings III, LLC, Patterson Inventory, LLC, Patterson Inventory Holdings, LLC, Starlight Inventory I, LLC and Starlight Inventory Holdings I, LLC each filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of Texas. Commencing on September 28, 2025, First Brands Group, LLC and 98 affiliated debtors each filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of Texas. In its petition, First Brands Group listed $1 billion to $10 billion in estimated assets and $10 billion to $50 billion in estimated liabilities. The cases are pending before the Hon. Christopher M. Lopez, and are jointly administered under Case No. 25-90399, and consolidated for procedural purposes only. The Debtors tapped Weil, Gotshal and Manges, LLP as legal counsel; Lazard Freres & Co. as investment banker; Alvarez & Marsal North America, LLC as financial advisor; and C Street Advisory Group as strategic communications advisor. Kroll Restructuring Administration, LLC is the Debtors' claims, noticing and solicitation agent. Gibson, Dunn & Crutcher, LLP and Evercore serve as the Ad Hoc Group of Lenders' legal counsel and investment banker, respectively. The U.S. Trustee for Region 7 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. FIRST BRANDS: Founder Alleges Jefferies Withheld Critical Records ----------------------------------------------------------------- Chris Dolmetsch of Bloomberg News reports that Patrick James, who founded First Brands Group, claims Jefferies Financial Group is withholding critical documents that would refute the firm's allegations that he defrauded it. James argues that these records would expose the inconsistencies in Jefferies' position. James petitioned a New York federal judge on Wednesday, January 7, 2026, to compel Jefferies to comply with a subpoena for documents, including internal communications and due diligence files connected to the firm's $715 million receivables investment. First Brands filed for bankruptcy in September, listing Jefferies among its top creditors, and has filed suit against James in bankruptcy court, accusing him of misconduct. About First Brands Group, LLC Rochester Hills, Mich.-based First Brands Group, LLC is a global supplier of aftermarket automotive parts. On September 24, 2025, the Company's non-operational special purpose entities, Global Assets LLC, Global Lease Assets Holdings, LLC, Carnaby Capital Holdings, LLC, Broad Street Financial Holdings, LLC, Broad Street Financial, LLC, Carnaby Inventory II, LLC, Carnaby Inventory Holdings II, LLC, Carnaby Inventory III, LLC, Carnaby Inventory Holdings III, LLC, Patterson Inventory, LLC, Patterson Inventory Holdings, LLC, Starlight Inventory I, LLC and Starlight Inventory Holdings I, LLC each filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of Texas. Commencing on September 28, 2025, First Brands Group, LLC and 98 affiliated debtors each filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of Texas. In its petition, First Brands Group listed $1 billion to $10 billion in estimated assets and $10 billion to $50 billion in estimated liabilities. The cases are pending before the Hon. Christopher M. Lopez, and are jointly administered under Case No. 25-90399, and consolidated for procedural purposes only. The Debtors tapped Weil, Gotshal and Manges, LLP as legal counsel; Lazard Freres & Co. as investment banker; Alvarez & Marsal North America, LLC as financial advisor; and C Street Advisory Group as strategic communications advisor. Kroll Restructuring Administration, LLC is the Debtors' claims, noticing and solicitation agent. Gibson, Dunn & Crutcher, LLP and Evercore serve as the Ad Hoc Group of Lenders' legal counsel and investment banker, respectively. The U.S. Trustee for Region 7 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. FLUENT INC: Signs $11.2 Million ATM Deal With Lake Street --------------------------------------------------------- Fluent, Inc. entered into an At-The-Market Issuance Sales Agreement with Lake Street Capital Markets, LLC under which the Company may offer and sell shares of its common stock, par value $0.0005 per share, having an aggregate sales price of up to approximately $11,200,000 through Lake Street as the sales agent. Sales of shares of the Company's common stock through Lake Street, if any, will be made by any method permitted by law deemed to be an "at the market offering" as defined in Rule 415 under the Securities Act of 1933, as amended, including, without limitation, sales made directly on The Nasdaq Stock Market LLC or any other existing trading market for the Shares. Lake Street will use commercially reasonable efforts to sell the Shares from time to time, based on instructions from the Company (including any price, time or size limits or other parameters or conditions the Company may impose). The Company will pay Lake Street a commission equal to 3.0% of the aggregate gross proceeds from the sales of Shares sold through Lake Street under the ATM Agreement and will also reimburse Lake Street for certain specified expenses in connection with entering into the ATM Agreement as well as in connection with each Triggering Event Date (as defined in the ATM Agreement). Pursuant to the ATM Agreement, the Company also provided Lake Street with customary indemnification and contribution rights. The ATM Agreement contains customary representations and warranties and conditions to the sale of the Shares pursuant thereto. The Company is not obligated to sell any of the Shares under the ATM Agreement and may at any time suspend solicitation and offers thereunder. The offering of Shares pursuant to the ATM Agreement will terminate on the earlier of: (1) the sale, pursuant to the ATM Agreement, of Shares having an aggregate offering price of approximately $11,200,000 and (2) the termination of the ATM Agreement by either the Company or Lake Street, as set forth therein. A full text copy of the ATM Agreement is available at https://tinyurl.com/mvz25xp The Shares will be offered and sold pursuant to the Company's shelf registration statement on Form S-3 and an accompanying prospectus (File No. 333-281805) filed by the Company with the U.S. Securities and Exchange Commission on August 28, 2024 and declared effective by the SEC on September 9, 2024 and pursuant to a prospectus supplement thereto. A copy of the opinion of Sheppard Mullin Richter & Hampton, LLP regarding the Shares to be sold under the ATM Agreement is available at https://tinyurl.com/mrf9nkcr About Fluent Inc. Fluent, Inc. -- https://www.fluentco.com -- provides commerce media solutions that connect brands with consumers through customer acquisition and digital marketing campaigns. The Company utilizes proprietary machine learning, first-party data, and diverse ad inventory across partner ecosystems and owned sites. Headquartered in the U.S., Fluent has operated in the performance marketing sector since 2010. New York, New York-based Grant Thornton LLP issued a "going concern" qualification in its report dated March 31, 2025, citing that as of Dec. 31, 2024, the Company was not in compliance with financial covenants of the SLR Credit Agreement. On March 10, 2025, the Company entered into the Fourth Amendment to the SLR Credit Agreement, which among other things, waived the non-compliance with the financial covenants as of Dec. 31, 2024. The Company's business plan for 2025, contemplates reduced operating losses, maintaining compliance with the revised financial covenants under the SLR Credit Agreement and obtaining additional working capital. The Company's ability to achieve the foregoing elements of its business plan and maintaining compliance with its financial covenants is uncertain and raises substantial doubt about its ability to continue as a going concern. As of June 30, 2025, the Company had $74.47 million in total assets, against $55.35 million in total liabilities. FOLEY PRODUCTS: S&P Withdraws 'B+' Issuer Credit Rating ------------------------------------------------------- S&P Global Ratings withdrew all its ratings on Foley Products Co. LLC, including the 'B+' issuer credit rating and 'BB-' issue-level rating on its senior secured debt. At the time of the withdrawal, our outlook on the company was stable. Commercial Metals Co. completed its acquisition of Foley on Dec. 15, 2025, which included repaying the company's outstanding debt. FOOD52 INC: Taps Young Conway Lawyers to Handle Chapter 11 Case --------------------------------------------------------------- Emlyn Cameron of Law360 Bankruptcy Authority reports that Food52 Inc., a New York e-commerce firm focused on kitchen and home products, has retained Young Conaway Stargatt & Taylor LLP to manage its upcoming Chapter 11 bankruptcy case. The legal team will assist Food52 in navigating court procedures, restructuring debt, and coordinating with creditors as the company works to stabilize its business operations, the report states. About Food52 Inc. Food52 Inc. is a Brooklyn-based cooking and home decor company Food52 Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-12277) on December 29, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $10 million and $50 million. Honorable Bankruptcy Judge Laurie Selber Silverstein handles the case. The Debtor is represented by Michael R. Nestor, Esq., Brynna Gaffney, Esq., Andrew M. Lee, Esq., S. Alexander Faris, Esq., and Elizabeth Soper Justison, Esq. of Young Conaway Stargatt & Taylor. FORAGED & FOUND: Seeks Chapter 7 Bankruptcy in Alaska ----------------------------------------------------- On December 29, 2025, Foraged & Found LLC filed for Chapter 7 protection in the U.S. Bankruptcy Court for the District of Alaska. According to court filings, the debtor reports between $100,001 and $1 million in debt owed to between 1 and 49 creditors. About Foraged & Found LLC Foraged & Found LLC is a limited liability company. Foraged & Found LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 25-00235) on December 29, 2025. In its petition, the debtor reports estimated assets of $0 to $100,000 and estimated liabilities ranging from $100,001 to $1 million. Honorable Bankruptcy Judge Gary Spraker handles the case. The debtor is represented by Michael P. Heiser, Esq. of the Law Office of Michael P. Heiser. FRANKLIN FLIGHT: Seeks Chapter 11 Bankruptcy in Delaware -------------------------------------------------------- On January 6, 2026, Franklin Flight Service Inc. filed for Chapter 11 protection in the U.S. Bankruptcy Court for the District of Delaware. According to court filings, the Debtor reports between $100,001 and $1,000,000 in debt owed to between 50,001 and 100,000 creditors. About Franklin Flight Service Inc. Franklin Flight Service Inc. is an aviation services provider focused on delivering essential flight support to the general and business aviation sectors. The company supports aircraft operations through services such as fueling, hangaring, and on-site assistance, prioritizing operational safety and customer satisfaction. Franklin Flight Service Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 26-10011) on January 6, 2026. In its petition, the Debtor reports estimated assets of $100,001 to $1,000,000 and estimated liabilities of $100,001 to $1,000,000. The case is assigned to the Honorable Bankruptcy Judge J. Kate Stickles. GBOGBARA INC: Seeks Approval to Hire Sikora Blehm as Accountant --------------------------------------------------------------- Gbogbara, Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern District of Michigan to employ Gerald Brainard, III of Sikora Blehm LLC as accountant/bookkeeper. The firm's services include payroll and all filing of payroll taxes, monitoring two bank accounts with Huntingtin Bank, providing monthly profit and loss statements, balance sheets and other accounting services. The firm will be paid $750 per month. Sikora Blehm LLC is a disinterested person as defined by 11 USC Sec. 101(14), according to court filings. The firm can be reached through: Gerald Brainard, III Sikora Blehm LLC 28408 Harper Ave St Clair Shores, MI 48081 Phone: (586) 498-7202 Email: jerry@sikorabrainard.com About Gbogbara Inc. Gbogbara, Inc. is a full-service pharmacy with three locations in Michigan. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Mich. Case No. 25-49970) on October 3, 2025. In the petition signed by Lenyie Ngbogbara, sole shareholder, the Debtor disclosed up to $1 million in assets and up to $10 million in liabilities. Judge Mark A. Randon oversees the case. Alexander J. Berry-Santoro, Esq., at Maxwell Dunn PLC, represents the Debtor as legal counsel. GENESIS HEALTHCARE: Picks New Bidder in Chapter 11 Sale ------------------------------------------------------- Yun Park of Law360 Bankruptcy Authority reports that Genesis Healthcare Inc. has selected Genie 3 Partners LLC as the stalking horse bidder for a second auction of its assets, replacing a prior proposal that was turned away by a Texas bankruptcy judge. The announcement came as the nursing home chain works to revive its Chapter 11 sale process. The debtor told the court that the new stalking horse sets a baseline price and provides momentum for a fresh round of bidding. Genesis said the revised structure addresses issues raised by the court and is expected to generate improved recoveries for creditors. About Genesis Healthcare Inc. Based in Culver City, Calif., Genesis Healthcare Inc. is a medical group that provides physician services in Southern California. Genesis Healthcare has operated under the names Daehan Prospect Medical Group and Prospect Genesis Healthcare. Genesis Healthcare Inc. and several affiliated debtors sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Lead Case 25-80185) on July 9, 2025. In its petition, Genesis Healthcare Inc. listed between $1 billion and $10 billion in estimated assets and liabilities. The Hon. Bankruptcy Judge Stacey G. Jernigan handles the jointly administered cases. The Debtors employed McDermott Will & Schulte LLP as counsel; Jefferies LLC as investment banker; and Ankura Consulting Group, LLC, as restructuring advisors, and designated Louis E. Robichaux IV and Russell A. Perry as co-chief restructuring officers. Katten Muchin Rosenman LLP serves as special counsel at the sole direction of Jonathan Foster and Elizabeth LaPuma in their capacity as independent directors and members of the special investigation committee. The U.S. Trustee appointed an official committee of unsecured creditors in the Chapter 11 cases of Genesis Healthcare Inc. and affiliates. The Committee retained Proskauer Rose LLP and Stinson LLP as its co-counsel; FTI Consulting, Inc., as its financial advisors; and Houlihan Lokey Capital, Inc. as its investment banker. The U.S. Trustee also appointed: * Melanie Cyganowski of Otterbourg, PC as patient care ombudsman for the healthcare facilities listed at https://is.gd/uSxEBx She tapped Otterbourg as her counsel. * Susan Goodman of Pivot Health Law as PCO for the healthcare facilities listed at https://is.gd/M5zlls. She is represented by Kane Russell Coleman Logan PC as counsel. * Suzanne Koenig of SAK Healthcare as PCO for the healthcare facilities listed at https://is.gd/qv5SwV. She is represented by Greenberg Traurig, LLP, as counsel. SAK Management Services, LLC d/b/a SAK Healthcare serves as her medical operations advisor. Brown Rudnick LLP and Stutzman, Bromberg, Esserman, & Plifka, PC represent an ad hoc group of holders of personal injury and wrongful death claims. Whitaker Chalk Swindle & Schwartz represents a personal injury claimant and six wrongful death claimants. GRAFFITI PYRAMID: Voluntary Chapter 11 Case Summary --------------------------------------------------- Debtor: Graffiti Pyramid LLC 1700 Germantown Ave Philadelphia PA 19122 Business Description: Graffiti Pyramid LLC is a Philadelphia, Pennsylvania–based single-asset real estate company that owns, develops, and leases a mixed-use property at 1700 Germantown Avenue in the Olde Kensington neighborhood, comprising commercial space, residential units, and parking. Chapter 11 Petition Date: January 5, 2026 Court: United States Bankruptcy Court Eastern District of Pennsylvania Case No.: 26-10044 Judge: Hon. Derek J Baker Debtor's Counsel: Michael W. Yurkewicz, Esq. KLEHR HARRISON HARVEY BRANZBURG LLP 1835 Market St., 14th Floor Philadelphia PA 19103 Tel: 302-552-5519 E-mail: myurkewicz@klehr.com Debtor's Special Litigation Counsel: DUANE MORRIS LLP Estimated Assets: $10 million to $50 million Estimated Liabilities: $1 million to $10 million The petition was signed by Chadwick S Smith as president. The Debtor failed to attach a list of its 20 largest unsecured creditors to the petition. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/EFBFMXQ/Graffiti_Pyramid_LLC__paebke-26-10044__0001.0.pdf?mcid=tGE4TAMA GREEN TREE: Hires Gregory K. Stern P.C. as Bankruptcy Counsel ------------------------------------------------------------- Green Tree, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Illinois to hire Dennis E. Quaid, Monica C. O'Brien and Rachel S. Sandler, and Gregory K. Stern of Gregory K. Stern, P.C. as attorneys. The firm's services include: (a) reviewing assets, liabilities, loan documentation, account statements, executory contracts and other relevant documentation; (b) preparing list of creditors, list of twenty largest unsecured creditors, schedules and statement of financial affairs; (c) advice the Debtor with respect to its powers and duties as Debtor in Possession in the operation and management of his financial affairs; (d) assisting in the preparation of schedules, statement of affairs and other necessary documents; (e) preparing applications to employ attorneys, accountants or other professional persons, motions for turnover, motion for use of cash collateral, motions for use, sale or lease of property, motion to assume or reject executory contracts, plan, applications, motions, complaints, answers, orders, reports, objections to claims, legal documents and any other necessary pleading in furtherance of reorganizational goals; (f) negotiating with creditors and other parties in interest, attending court hearings, meetings of creditors and meetings with other parties in interest; (g) reviewing proofs of claim and solicitation of creditors' acceptances of plan; and, (h) performing all other legal services for the Debtor, as Debtor in Possession, which may be necessary or in furtherance of his reorganizational goals. The attorneys received a retainer in the amount of $16,738. The attorneys will be paid at these rates: Gregory K. Stern $650 Dennis E. Quaid $550 Monica C. O'Brien $550 Rachel S. Sandler $450 The attorneys are "disinterested persons" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The attorneys can be reached at: Gregory K. Stern, Esq. Dennis E. Quaid, Esq. Monica C. O'Brien, Esq. Rachel S. Sandler, Esq. 53 West Jackson Boulevard, Suite 1442 Chicago, IL 60604 Telephone: (312) 427-1558 About Green Tree, LLC Green Tree, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-19313) with $1,000,001 to $10 million in both assets and liabilities. Judge Hon. Michael B Slade oversees the case. The Debtor is represented by Gregory K Stern, Esq. at Gregory K. Stern, P.C. GROFF TRACTOR: Taps Phelanlaw as Member of Restructuring Committee ------------------------------------------------------------------ Groff Tractor Mid Atlantic, LLC and affiliates seek approval from the U.S. Bankruptcy Court for the Northern District of Texas to employ Robin Phelan of Phelan Law as a Member of the Restructuring Committee of Groff Tractor Mid Atlantic, LLC. The firm will advise the Debtors in connection with approvals submitted to the "Restructuring Committee". Robin Phelan, Esq., founding partner of Phelanlaw, will be responsible for this case. His rate is $895 per hour. Phelan Law does not represent or hold any interest adverse to the Debtors or to their estates with respect to the matters on which it is to be employed, according to court filings. The firm can be reached through: Robin E. Phelan, Esq. PHELANLAW 4214 Woodfin Drive Dallas, TX 75220 Phone: (214) 704-0222 Email: robin@phelanlaw.org About Groff Tractor Mid Atlantic, LLC Groff Tractor Mid Atlantic, LLC and subsidiaries operate a network of construction equipment dealerships serving the Mid-Atlantic region of the United States. The company sells, rents, and services heavy and compact construction machinery, offering parts and attachments for brands such as Wirtgen, Hamm, Vogele, Transtech, Thunder Creek, John Deere Equipment, and TopCon. Groff Tractor Mid Atlantic sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Texas Case No. 25-90010) on October 14, 2025. In its petition, the Debtor reported between $100 million and $500 million in assets and liabilities. Honorable Bankruptcy Judge Edward L. Morris handles the case. The Debtor tapped Bonds Ellis Eppich Schafer Jones, LLP as legal counsel; Michael Juniper of CR3 Partners, LLC as chief restructuring officer; and TM Capital as investment banker. Epiq Corporate Restructuring, LLC is the Debtor's claims and noticing agent. The U.S. Trustee for Region 6 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. HALL OF FAME: Completes Merger with HOFV Holdings ------------------------------------------------- Hall of Fame Resort & Entertainment Company, along with HOFV Holdings, LLC, Omaha Merger Sub, Inc., and CH Capital Lending, LLC, completed the transactions contemplated by the previously announced Agreement and Plan of Merger, dated as of May 7, 2025, by and among the Company, Parent, Merger Sub, and CHCL, solely as guarantor of certain of Parent's obligations. Parent and Merger Sub are affiliates of Industrial Realty Group, LLC. The Company's director Stuart Lichter is the President and Chairman of the Board of Directors of IRG. Pursuant to the Merger Agreement, at the effective time of the Merger, Merger Sub merged with and into the Company, with the Company surviving the Merger as a subsidiary of Parent. At the Effective Time, in accordance with the terms set forth in the Merger Agreement: (a) each issued and outstanding share of common stock of the Company, par value $0.0001 per share, as of immediately prior to the Effective Time (other than Owned Company Shares or dissenting shares) was converted into the right to receive $0.90 in cash without interest and subject to applicable withholding, (b) each share of Company Common Stock held in the treasury of the Company, any shares of Company Common Stock owned by the Buyer Parties, and any shares of Company Common Stock owned by affiliates of the Buyer Parties immediately prior to the Effective Time were automatically canceled and ceased to exist without any conversion thereof or consideration paid therefor, and (c) each share of 7.00% Series A Cumulative Redeemable Preferred Stock, par value $0.0001 per share, of the Company and each share of 7.00% Series C Convertible Preferred Stock, par value $0.0001 per share, of the Company immediately prior to the Effective Time were automatically canceled and ceased to exist without any conversion thereof or consideration paid therefor. In addition, pursuant to the Merger Agreement, in accordance with the terms set forth therein and unless otherwise agreed in writing between Parent and the applicable holder, at the Effective Time: * Each outstanding award of restricted stock units covering shares of Company Common Stock that was governed under any Company Equity Plan (as defined by the Merger Agreement) were cancelled and converted into the right to receive an amount in cash, without interest and subject to applicable withholding, equal to the product obtained by multiplying (a) the number of shares of Company Common Stock subject to such Company RSUs by (b) the Merger Consideration. * Each Private Warrant and Series X Warrant (in each case, as defined by the Merger Agreement), other than warrants owned by any affiliate of the Buyer Parties (which were cancelled and extinguished without any consideration paid therefor) that is outstanding and unexercised immediately prior to the Effective Time, by virtue of the Merger, automatically and without any action on the part of Parent, Merger Sub, the Company or the holder thereof, ceased to represent a Private Warrant or Series X Warrant, as applicable, exercisable for Company Common Stock and became a warrant exercisable for the Merger Consideration that such holder would have received if such holder had exercised its Private Warrants or Series X Warrants, as applicable, immediately prior to the Effective Time. The Merger Agreement provides holders of such warrants exercisable for the Merger Consideration will have 30 days following public disclosure of the consummation of the Merger to exercise such warrants and receive the Merger Consideration. Since the Merger Consideration is all cash and the Merger Consideration payable upon exercise of the Private Warrants and the Series X Warrants is less than the applicable exercise price of the Private Warrants and the Series X Warrants, holders of such warrants would receive less cash than the exercise price thereof upon exercise thereof. As a result of the completion of the Merger, the Company became a subsidiary of Parent. Parent funded the aggregate Merger Consideration through equity financing. A full text copy of the Merger Agreement is available at https://tinyurl.com/5b7re63d OTC Trading Suspension: On December 31, 2025, the Company notified the Financial Industry Regulatory Authority, Inc. and requested that the OTC Markets Group, Inc. suspend trading of Company Common Stock prior to the opening of trading on January 2, 2026. As a result, the shares of Company Common Stock will no longer be listed on the OTC. The Company intends to file a certification on Form 15 with the SEC requesting the termination of registration of all shares of Company Common Stock and warrants to purchase Company Common Stock under Section 12(g) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and the suspension of the Company's reporting obligations under Sections 13 and 15(d) of the Exchange Act with respect to all shares of Company Common Stock and warrants to purchase Company Common Stock. Changes to Board of Directors: Pursuant to the Merger Agreement, at the Effective Time, Karl L. Holz, Marcus LaMarr Allen, Anthony J. Buzzelli, David Dennis, Mary Owen, and Kimberly K. Schaefer each resigned from the Board and from any and all committees of the Board on which they served. Amended Charter and Bylaws: Pursuant to the terms of the Merger Agreement, at the Effective Time, the Company's Fourth Amended and Restated Certificate of Incorporation, as in effect immediately prior to the Effective Time, was amended and restated in its entirety as the Second Amended and Restated Certificate of Incorporation of the Company. A copy of the Charter is available at https://tinyurl.com/4v2rssk8 Additionally, pursuant to the terms of the Merger Agreement, at the Effective Time, the Company's Amended and Restated Bylaws, as in effect immediately prior to the Effective Time, were amended and restated in their entirety to be in the form of the bylaws of Merger Sub as in effect immediately prior to the Effective Time of the Merger, except that references to Merger Sub's name were replaced with references to the Company's name. A copy of the Bylaws is available at https://tinyurl.com/2kykb9jr About Hall of Fame Resort Hall of Fame Resort & Entertainment Co. is a resort and entertainment company leveraging the power and popularity of professional football and its legendary players in partnership with the National Football Museum, Inc., doing business as the Pro Football Hall of Fame. Headquartered in Canton, Ohio, the Company owns the DoubleTree by Hilton located in downtown Canton and the Hall of Fame Village, which is a multi-use sports, entertainment, and media destination centered around the PFHOF's campus. Cleveland, Ohio-based Grant Thornton LLP, the Company's auditor since 2023, issued a "going concern" qualification in its report dated March 26, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has sustained recurring losses through December 31, 2024 and utilized cash from operations of $10.9 million during the year ended December 31, 2024. The Company has $109.5 million of debt due through December 31, 2025, and will need to raise additional financing to accomplish its development plans and fund its working capital. These conditions, along with other matters, raise substantial doubt about the Company's ability to continue as a going concern. As of September 30, 2025, the Company had $355.9 million in total assets, $325.7 million in total liabilities, and $30.2 million in total equity. HOLOGIC INC: S&P Lowers ICR to 'B+' on Take-Private Transaction --------------------------------------------------------------- S&P Global Ratings lowered its issuer credit rating on U.S-based medical device manufacturer Hologic Inc. to 'B+' from 'BBB-', and removed it from CreditWatch, where S&P placed it with negative implications on Oct. 22, 2025. S&P said, "We also assigned a 'B+' issue-level rating and '3' recovery rating to the company's proposed first-lien senior secured credit facilities, which comprise a $750 million revolving credit facility due 2031, $2.5 billion first-lien term loan due in 2029, and $7.0 billion first-lien term loan (inclusive of an up-to $2 billion-equivalent EUR tranche) due in 2033. The '3' recovery rating indicates our expectation of meaningful (50%-70%; rounded estimate: 60%) recovery in the event of a payment default." Hologic Inc. plans to raise $11.5 billion of debt financing to support its acquisition by Blackstone and TPG in a take-private transaction valued at $17.9 billion (including debt). The initial borrower will be Hopper Merger Sub Inc., an entity controlled by Blackstone and TPG. S&P Global Ratings expects Hopper will subsequently merge with Hologic Inc., which will be the surviving entity. This will cause Hologic's S&P Global Ratings-adjusted leverage to increase to about 8.4x in fiscal 2026. S&P also anticipates the company will adopt a more aggressive financial policy as a privately held, sponsor-owned company with leverage sustained above 6.5x and weaker free operating cash flow (FOCF). S&P said, "Our 'BBB-' issue-level rating on Hologic's existing senior secured debt and 'BB+' issue-level rating on the existing senior unsecured notes are unchanged. We expect Hologic's existing debt will be repaid when the transaction closes, at which point we will withdraw the ratings. "The stable outlook reflects our belief that improving revenue and earnings trends driven by increased diagnostic testing volume, new gantry sales, and cost optimizing will enable Hologic to reduce leverage below 8x over the next couple years despite a moderate level of acquisitions. "We expect high leverage, reduced cash flow, and a more aggressive financial policy. We expect the take-private transaction to result in adjusted leverage of about 8.4x in fiscal 2026, compared to leverage of just 0.3x in fiscal 2025, reflecting the company's historically conservative financial policy (which included a net leverage target of 2x-3x). While we believe leverage will gradually decline from EBITDA growth, supported by improving revenue trends in the diagnostics and breast health segments and cost cuts, we expect it to remain above 7x over the next couple of years. Also, the company's private-equity owners could pursue dividends or debt-financed acquisitions that result in subsequent re-leveraging. "The incremental debt will also result in weaker cash flow due to higher interest expense. We expect the company to generate about $600 million in FOCF in fiscal 2026, implying an S&P Global Ratings-adjusted FOCF to debt ratio of about 5%, compared to over 200% in fiscal 2025. "We expect improving revenue trends, with topline growth in the mid-single-digits by fiscal 2027. Hologic's growth trends have improved because of the waning impact of declining COVID-19 testing revenue, increased non-COVID testing volume, and higher pricing on new assays. The company has an installed base of over 3,400 Panther molecular diagnostics systems in reference and hospital laboratories, which serve as a platform for re-occurring sales of its molecular diagnostic assays and ThinPrep Pap test for cervical cancer screening. We expect solid growth in diagnostics over the next couple years will be supported by higher adoption of its BV CV/TV assay (for vaginitis testing) and Biotheranostics breast cancer index (BCI) test, as well as increased cervical cancer screening globally. While its breast health segment underperformed in fiscal 2025 due to lower gantry sales, we believe the launch of its new Envision gantry in 2026 and eventual replacement needs, along with a high equipment servicing attachment rates, support improved growth over the next few years. We expect the company to expand its revenue 2%-3% in fiscal 2026, increasing to 5%-5.5% in fiscal 2027." Planned cost-saving initiatives provide a pathway toward expanding margins in the medium term. Hologic's S&P Global Ratings-adjusted EBITDA margin has remained strong, in the 33%-34% range in recent years, following a COVID-19 testing related spike over 2020-2022. The sponsor has identified about $126 million (about 5% of total expense) of annualized expense savings under a cost optimization program. Most of the savings reflect facilities consolidation, procurement savings, and efficiency gains in corporate and administrative functions. The company expects to achieve these savings over the next two to three years. S&P said, "We believe these are achievable, but upfront costs to realize the savings are significant, and we expect limited benefit to margins in fiscal 2026 (which include a modest negative impact from tariffs). We anticipate an EBITDA margin in the 32%-33% range in fiscal 2026 (compared to 33.1% in fiscal 2025), increasing to the 34%-35% range in fiscals 2027 and 2028 as savings outpace the associated costs, combined with an increasing mix of higher-priced products." Hologic maintains solid operating fundamentals and good long-term prospects based on secular growth drivers. The company has a leading position in mammography and molecular diagnostic testing for women's health, which have high barriers to entry and good growth prospects due to an aging population and increasing disease incidence. It also has a solid position in infectious disease testing, and high market shares in cytology and minimally invasive gynecological procedures, providing good product diversity. Additionally, Hologic's sales mix has shifted toward a more re-occurring revenue stream, with less dependance on cyclical capital equipment sales over the last several years. Most of its sales are coming from re-occurring consumables revenue and recurring services revenue, which are noncyclical and generally higher margin. In fiscal 2025, revenues from these sources were about 84% of total sales. The company's non-recurring capital equipment and software sales, which are exposed to cyclical fluctuations, represented only 16%, compared with 29% in fiscal 2019. Furthermore, Hologic has multi-year contracts with its lab customers (including minimum test volume commitments) and managed care organizations (for equipment servicing), which provides good cash flow visibility. These factors are somewhat offset by the company's limited business diversification, moderate geographic concentration (with about 74% of revenues generated in the U.S.), and competition from larger and better-capitalized companies such as Siemens AG and GE HealthCare in breast health imaging and Roche Holdings A.G., and Abbott Laboratories in diagnostics. S&P said, "Hologic could use FOCF for debt repayment, although we expect the company's financial policy under private equity ownership to be aggressive. Hologic benefits from strong EBITDA margins, in the low to mid-30% area, and low capital intensity of about 3%-4% of revenue, which enables solid FOCF generation that could be used to reduce debt. Still, our base-case scenario does not assume meaningful debt repayment beyond required debt amortization given the potential for cash to be used for investment or the potential for debt-financed dividends to shareholders under private-equity ownership. We also believe Hologic will remain acquisitive and could engage in debt-financed acquisitions in the future. "The stable outlook reflects our belief that improving revenue and earnings trends driven by increased diagnostic testing volume, new gantry sales, and cost efficiencies will enable Hologic to reduce leverage below 8x over the next couple of years despite a moderate level of acquisitions." S&P could consider a downgrade if: -- S&P expects its S&P Global Ratings-adjusted debt to EBITDA will remain above 8x on a sustained basis. This could occur if end-market demand declines or the company pursues leveraging acquisitions or debt-funded shareholder returns. An upgrade is unlikely within the next 12-24 months considering Hologic's high debt load and financial-sponsor ownership. Nevertheless, S&P could consider raising the rating if: -- S&P expects S&P Global Ratings-adjusted debt to EBITDA will decline below 6.5x and believe that the risk of re-leveraging beyond this level is low; -- FOCF to debt increases to the high-single-digit percent area and S&P expects it to remain at this level; or -- Hologic continues to improve product diversity while maintaining similar profitability and overall business prospects remain consistent with our current expectations. HUDSON 1701/1706: Committee Taps Morris James LLP as Co-Counsel --------------------------------------------------------------- The official committee of unsecured creditors of Hudson 1701/1706, LLC and Hudson 1702, LLC seeks approval from the U.S. Bankruptcy Court for the District of Delaware to hire Morris James LLP as co-counsel. The firm's services include: a. providing legal advice and assistance to the Committee in its consultations with the Debtors relative to the Debtors' administration of its reorganization; b. reviewing and analyzing all applications, motions, orders, statements of operations and schedules filed with the Court by the Debtors or third parties, advising the Committee as to their propriety, and, after consultation with the Committee, taking appropriate action; c. preparing necessary applications, motions, answers, orders, reports, and other legal papers on behalf of the Committee; d. representing the Committee at hearings held before the Court and communicating with the Committee regarding the issues raised, as well as the decisions of the Court; and e. performing other legal services for the Committee which may be reasonably required in this proceeding. The firm will be paid at these hourly rates: 2025 2026 Eric J. Monzo, Partner $905 $1,025 Siena B. Cerra, Associate $425 $450 Samantha L. Rodriguez, Associate $400 $435 Stephanie Lisko, Paralegal $385 $425 Douglas J. Depta, Paralegal $385 $425 Jessica M. O'Connor, Paralegal $385 $425 In order to comply with the United States Trustees' Appendix B - Guidelines for Reviewing Applications for Compensation and Reimbursement of Expenses Filed under 11 U.S.C. Sec. 330 by Attorneys in Larger Chapter 11 Cases, as required to be answered in all applications for employment filed under section 327 or 1103 of the Bankruptcy Code, which became effective on November 1, 2013, I make the following disclosures: a. Morris James did not agree to a variation of its standard or customary billing arrangements for this engagement; b. None of the professionals included in this engagement have varied their rate based upon the geographic location of the Chapter 11 Cases; and c. The Committee retained Morris James on Dec. 5, 2025. The billing rates for the period prior to this application are the same as indicated in this application; d. Morris James anticipates filing a budget at the time it files its interim fee applications. In accordance with the United States Trustee Guidelines, the budget may be amended as necessary to reflect changed circumstances or unanticipated developments. Morris James LLP is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, as modified by Section 1103(b), and neither the firm nor its partners or associates represent any interest adverse to the Debtors, their estates, or creditors, according to court filings. The firm can be reached at: Eric J. Monzo, Esq. Jason S. Levin, Esq. Siena B. Cerra, Esq. MORRIS JAMES LLP 500 Delaware Avenue, Suite 1500 Wilmington, DE 19801 Telephone: (302) 888-6800 Facsimile: (302) 571-1750 E-mail: emonzo@morrisjames.com jlevin@morrisjames.com scerra@morrisjames.com 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. HUDSON 1701/1706: Committee Taps Province LLC as Financial Advisor ------------------------------------------------------------------ The official committee of unsecured creditors of Hudson 1701/1706, LLC and Hudson 1702, LLC seeks approval from the U.S. Bankruptcy Court for the District of Delaware to hire Province, LLC as its financial advisor. The firm's services include: a. becoming familiar with and analyzing the Debtor's DIP/Cash Collateral budget, assets and liabilities, and overall financial condition; b. reviewing financial and operational information furnished by the Debtor; c. monitoring the sale process, interfacing with the Debtor's professionals, and advising the Committee regarding the process; d. scrutinizing the economic terms of various agreements, including, but not limited to, various professional retentions; e. analyzing the Debtor's proposed business plans and developing alternative scenarios, if necessary; f. assessing the Debtor's various pleadings and proposed treatment of unsecured creditor claims therefrom; g. preparing, or reviewing as applicable, avoidance action and claim analyses; h. assisting the Committee in reviewing the Debtor's financial reports, including, but not limited to, statements of financial affairs, schedules of assets and liabilities, DIP/Cash Collateral budgets, and monthly operating reports; i. advising the Committee on the current state of this chapter 11 case; j. advising the Committee in negotiations with the Debtor and third parties as necessary; k. if necessary, participating as a witness in hearings before the Court with respect to matters upon which Province has provided advice; and l. other activities as are approved by the Committee, the Committee's counsel, and as agreed to by Province. Province's current standard hourly rates are: Managing Directors and Partners $850 to $1,450 Vice Presidents, Directors, and Senior Directors $700 to $1,050 Analysts, Associates, and Senior Associates $350 to $825 Paraprofessional / Admin $270 to $450 Effective as of Jan. 1, 2026, Province is raising its market rates to these hourly rates: Managing Directors and Partners $900 to $1,600 Vice Presidents, Directors, and Senior Directors $700 to $1,050 Analysts, Associates, and Senior Associates $370 to $750 Paraprofessional/Admin /Interns $270 to $380 In addition, the firm will seek reimbursement for expenses incurred. Paul Navid, Esq., a partner at Province, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Paul Navid Province LLC 2360 Corporate Circle, Suite 340 Henderson, NV 89074 Telephone: (702) 685-5555 E-mail: info@provincefirm.com 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. HUDSON 1701/1706: Committee Taps Seward & Kissel LLP as Counsel --------------------------------------------------------------- The official committee of unsecured creditors of Hudson 1701/1706, LLC and Hudson 1702, LLC seeks approval from the U.S. Bankruptcy Court for the District of Delaware to hire Seward & Kissel LLP as its counsel. The firm's services include: (a) advising the Committee in connection with its powers and duties under the Bankruptcy Code, the Bankruptcy Rules, and the Local Rules; (b) assisting and advising the Committee in its consultation with the Debtors relative to the administration of these Chapter 11 Cases; (c) attending meetings and negotiating with the representatives of the Debtors and other parties in interest; (d) assisting and advising the Committee in its examination and analysis of the conduct of the Debtors' affairs; (e) assisting and advising the Committee in connection with any sale of the Debtors' assets pursuant to Section 363 of the Bankruptcy Code; (f) assisting the Committee in the review, analysis, and negotiation of any Chapter 11 plan(s) of reorganization or liquidation that may be filed and assisting the Committee in the review, analysis, and negotiation of the disclosure statement accompanying any such plan(s); (g) taking all necessary action to protect and preserve the interests of the Committee, including: (i) possible prosecution of actions on its behalf; (ii) if appropriate, negotiations concerning all litigation in which the Debtors are involved; and (iii) if appropriate, review and analysis of claims filed against the Debtors' estates; (h) generally preparing on behalf of the Committee all necessary motions, applications, answers, orders, reports, replies, responses, and papers in support of positions taken by the Committee; (i) appearing, as appropriate, before this Court, the appellate courts, and the U.S. Trustee, and protecting the interests of the Committee before those courts and before the U.S. Trustee; and (j) performing all other necessary legal services in these Chapter 11 Cases as may be directed by the Committee. The firm's current standard hourly rates are: Partners $1,400 to $2,500 Counsel $1,225 to $1,500 Associates $675 to $1,225 Paraprofessionals $300 to $610 Robert J. Gayda $1,700 Thomas R. Hooper $1,225 Catherine V. LoTempio $1,225 Andrew J. Matott $1,175 Kwame Akuffo $1,075 Shivani D. Patel $675 The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. The following is provided in response to the request for additional information set forth in Paragraph D.1. of the Revised UST Guidelines: Question: Did you agree to any variations from, or alternatives to, your standard or customary billing arrangements for this engagement? Response: As an accommodation to the Committee, S&K agreed to a twelve percent (12%) discount to its standard hourly rates. Question: Do any of the professionals included in this engagement vary their rate based on the geographic location of the bankruptcy case? Response: No. Question: If you represented the client in the 12 months prepetition, disclose your billing rates and material financial terms for the prepetition engagement, including any adjustments during the 12 months prepetition. If your billing rates and material financial terms have changed postpetition, explain the difference and the reasons for the difference. Response: N/A Question: Has your client approved your prospective budget and staffing plan, and, if so for what budget period? Response: A preliminary prospective budget and staffing plan for the Chapter 11 Cases has been approved by the Committee. In accordance with the UST Guidelines, the budget may be amended or supplemented, as necessary, to reflect changed or unanticipated developments. Robert Gayda, Esq., a partner at Seward & Kissel 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: Robert J. Gayda, Esq. Seward & Kissel LLP One Battery Park Plaza New York, NY 10004 Tel: (212) 574-1490 Fax: (212) 480-8421 Email: gayda@sewkis.com 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. HUDSON BEND: Voluntary Chapter 11 Case Summary ---------------------------------------------- Debtor: Hudson Bend Properties, LLC 5010 Doss Rd. Austin, TX 78734 Business Description: Hudson Bend Properties, LLC is a Texas-based single-asset real estate company that owns and leases a property in Austin, Texas. Chapter 11 Petition Date: January 5, 2026 Court: United States Bankruptcy Court Southern District of Texas Case No.: 26-90001 Debtor's General Bankruptcy Counsel: Christopher Adams, Esq. OKIN ADAMS BARTLETT CURRY LLP 1113 Vine Street, Suite 240 Houston TX 77002 Tel: (713) 228-4100 Email: cadams@okinadams.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Sam Tenorio III as president and managing 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/3LINSRY/Hudson_Bend_Properties_LLC__txsbke-26-90001__0001.0.pdf?mcid=tGE4TAMA INCORA: Bondholders to Appeal 2022 Debt Ruling ---------------------------------------------- Alex Wolf of Bloomberg Law reports that the investment funds managed by JPMorgan Chase & Co., BlackRock Inc., and other large asset managers announced they will appeal a federal court ruling that dismissed their claims over Incora's 2022 debt transaction. The bondholders said in the Southern District of Texas court that they plan to challenge the December decision allowing Incora's controversial pre-bankruptcy financing, which eliminated their collateral. The firms had previously won in bankruptcy court in 2024, asserting that the transaction had caused them improper financial harm. About Incora Incora -- http://www.incora.com/-- is the trade name for the group of companies formed by Wesco Aircraft and Pattonair, a provider of comprehensive supply chain management services to the global aerospace and other industries. Beginning with a strong foundation in aerospace and defense, Incora also utilizes its supply chain expertise to serve industrial manufacturing, marine, pharmaceutical and beyond. Incora incorporates itself into customers' businesses, managing all aspects of supply chain from procurement and inventory management to logistics and on-site customer services. The company is headquartered in Fort Worth, Texas, with a global footprint that includes 68 locations in 17 countries and more than 3,800 employees. Wesco Aircraft Holdings, Inc., doing business as Incora, and 43 affiliates sought Chapter 11 protection (Bankr. S.D. Texas Lead Case No. 23-90611) on June 1, 2023. Wesco Aircraft estimated assets and debt of $1 billion to $10 billion as of the bankruptcy filing. The Debtors tapped Milbank, LLP and Haynes and Boone, LLP as bankruptcy counsel; PJT Partners, Inc. as investment banker; Alvarez & Marsal North America, LLC as restructuring advisor; and Quinn Emanuel Urquhart & Sullivan, LLP as special litigation and conflicts counsel. Kurtzman Carson Consultants, LLC is the claims agent. The U.S. Trustee for Region 7 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. The committee tapped McDermott Will & Emery, LLP and Morrison Foerster, LLP as its counsel; Piper Sandler & Co. as investment banker; and Province, LLC as financial advisor. INCREDIBLE ESCAPE: Seeks Chapter 11 Bankruptcy in Arizona --------------------------------------------------------- On January 5, 2026, Incredible Escape Rooms, LLC filed for Chapter 11 protection in the U.S. Bankruptcy Court for the District of Arizona. According to court filings, the debtor reports between $100,001 and $1 million in debt owed to between 1 and 49 creditors. About Incredible Escape Rooms, LLC Incredible Escape Rooms, LLC is an experiential entertainment company that operates escape room venues featuring themed, puzzle-driven attractions. The company caters to groups, private parties, and corporate events within the interactive leisure sector. Incredible Escape Rooms, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-00038) on January 5, 2026. In its petition, the debtor reports estimated assets of $0 to $100,000 and estimated liabilities ranging from $100,001 to $1 million. Honorable Bankruptcy Judge Madeleine C. Wanslee handles the case. The debtor is represented by Patrick F. Keery, Esq. of Keery McCue, PLLC. INDEPENDENT MEDEQUIP: Taps Sandner Commercial as Real Estate Broker ------------------------------------------------------------------- Independent MedEquip LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the Northern District of Alabama to hire Sandner Commercial Real Estate, Inc., doing business as "Colliers | Alabama" as their realtor. The firm will perform post-petition real estate marketing services pertaining to real property located in Birmingham, Alabama. The firm will receive a commission equal to 6% of the sales price. Colliers is a disinterested person as defined by 11 U.S.C. Sec. 101(14), according to court filings. The firm can be reached through: Joe Sander, IV Sandner Commercial Real Estate, Inc. dba "Colliers | Alabama" 880 Montclair Road, Suite 250 Birmingham, AL 35212 Tel: (205) 445-0955 About Independent MedEquip LLC Independent MedEquip, LLC, a company in Birmingham, Ala., provides durable medical equipment such as oxygen tanks, CPAP machines, mobility aids, and other home-use medical devices. Independent MedEquip and its affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ala. Lead Case No. 25-02821) on September 18, 2025. At the time of the filing, Independent MedEquip disclosed up to $50,000 in assets and up to $500,000 in liabilities. Judge Tamara O'Mitchell oversees the cases. Stuart Memory, Esq., at Memory Memory and Causby LLP, is the Debtor's legal counsel. Jackson Investment Group, LLC, the Debtors' DIP lender, may be reached through Richard L. Jackson, CEO. Cadence Bank, a prepetition secured creditor, may be reached through C. Ellis Brazeal III, Esq., at Jones Walker, LLP, in Birmingham, Alabama. INLAND NORTHWEST: Seeks Chapter 11 Bankruptcy in Idaho ------------------------------------------------------ On December 29, 2025, Inland Northwest Realtors, LLC, filed for Chapter 11 protection in the U.S. Bankruptcy Court for the District of Idaho. According to court filings, the Debtor reports between $100,001 and $1,000,000 in debt owed to between 1 and 49 creditors. About Inland Northwest Realtors, LLC Inland Northwest Realtors, LLC is a real estate services firm that assists clients with buying, selling, and leasing residential and commercial properties. Inland Northwest Realtors, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Idaho Case No. 25-20458) on December 29, 2025. In its petition, the Debtor reports estimated assets of $0 to $100,000 and estimated liabilities of $100,001 to $1,000,000. The case is assigned to the Honorable Bankruptcy Judge Noah G. Hillen. The Debtor is represented by Kathryn Deann Billing, Esq. INSTALLED BUILDING: Fitch Rates Sr. Unsecured Notes Due 2034 'BB+' ------------------------------------------------------------------ Fitch Ratings has assigned a 'BB+' rating with a Recovery Rating of 'RR4' to Installed Building Products, Inc.'s (IBP) offering of senior unsecured notes due 2034. The company intends to use the proceeds from the notes issuance for general corporate purposes, including the redemption of its $300 million 5.75% senior unsecured notes due 2028. IBP's 'BB+' Issuer Default Rating (IDR) reflects the company's conservative leverage profile, strong cash flow generation, healthy liquidity position, leading market position within insulation installation, and broad geographic presence in the U.S. The IDR also incorporates IBP's exposure to the cyclical new construction market and its acquisitive strategy. KEY RATING DRIVERS Conservative Leverage: Pro forma for the proposed notes issuance, IBP's EBITDA leverage will increase modestly but will remain strong for the 'BB+' IDR. EBITDA leverage on a pro forma basis will increase to 2.2x from 1.8x currently, and Fitch expects this ratio will remain around 2.0x in the next few years. Pro forma EBITDA net leverage of 1.1x remains well within management's leverage target of below 2.0x. (CFO-capex)/debt for IBP has regularly exceeded 25% and Fitch expects this to continue. These metrics provide the company substantial rating headroom relative to the 'BB+' IDR to navigate a more difficult and uncertain housing and economic environment. Acquisitive Strategy: The company has grown primarily through acquisitions, carrying out multiple bolt-on purchases of local and regional building products installers. These transactions have enabled the company to expand geographically and diversify its product offering to include complementary building products and expand into commercial end markets. Fitch believes the company's growth strategy execution has been strong as it has gained market share while improving profitability and revenue diversity as it consolidates the industry. The building products installation sector remains highly fragmented, and Fitch expects IBP's inorganic growth strategy to continue. Fitch expects growth will be directed toward bolt-on acquisitions, funded primarily with FCF. Fitch's rating case forecast does not incorporate large debt-funded acquisitions, but the proposed notes issuance provides IBP with additional liquidity to pursue larger acquisition opportunities. Exposure to New Construction: IBP is primarily exposed to the construction market, with about 72% of its 2024 revenues derived from new residential construction, 16% from new commercial construction projects, and the remainder from repair and remodel activity and other operations. The exposure to the more volatile new construction market is high relative to building products issuers in Fitch's coverage and could result in more volatile earnings through the cycle, which weighs on the company's credit profile. During the last downturn, IBP's revenues fell 44% peak to trough, while housing starts fell 73% during the same period. Subdued Demand Environment: Fitch expects demand weakness as new residential construction, residential remodeling activity and commercial construction remain challenging amid uncertain tariff policies and higher interest rates. Potential inflationary pressures from tariffs and immigration policies could further impact construction activity. Fitch forecasts organic revenues will improve slightly in 2026 and 2027. Leading Insulation Market Position: IBP has a top two market share position within the fragmented insulation installation market. Fitch believes this leading market position provides IBP with competitive advantages, particularly when dealing with public homebuilders as these companies typically seek regional and national purchasing opportunities. The company's leading share and larger size have also allowed it to maintain strong long-standing relationships with building products manufacturers. Strong Profitability and FCF: IBP's generates strong profitability and FCF metrics relative to its 'BB+' IDR. EBITDA margins are forecast to be between 16% and 17% in the next few years, slightly below the 17.2% level reported in 2023 and 2024. Fitch expects FCF margins to be 6%-7% in 2025 and 5.5%-6.5% in 2026. This assumes capex as a percentage of sales of around 2%-2.5% and modest annual dividend increases. In a moderate housing downturn, Fitch would expect IBP to still generate positive cash flow despite EBITDA margin contraction as it winds down working capital. PEER ANALYSIS IBP's direct peer is TopBuild Corp. TopBuild is substantially larger than IBP and has stronger profitability metrics. TopBuild's EBITDA leverage has historically been lower than IBP but is forecast to be modestly higher in the coming years due to significant recent acquisitions. TopBuild has more diversified end-market exposure than IBP, with about 53% of pro forma revenues directed to residential construction and 47% to commercial/industrial end markets. IBP's leverage is lower than most building products manufacturer peers, including MasterBrand, Inc. (BB+/Stable) and Masco Corporation (BBB/Stable). IBP's EBITDA margin is better than MasterBrand's but lower than Masco's. IBP is significantly smaller than Masco and MasterBrand (after its acquisition of American Woodmark) and has higher exposure to the more cyclical new residential construction market. IBP's EBITDA margin is higher than MasterBrand's, but lower than Masco's. FITCH'S KEY RATING-CASE ASSUMPTIONS -- Revenues grow by low single digits in 2025 and increase by low single digits organically in 2026 and 2027; -- EBITDA margin of 16%-17% in 2025-2027; -- FCF margin of 6%-7% in 2025 and 5.5%-6.5% in 2026-2027; -- EBITDA leverage between 1.5x and 2.0x in 2025 and between 1.8x and 2.3x in 2026-2027; -- (CFO-capex)/debt between 30% and 35% in 2025 and between 25% and 30% in 2026-2027; -- Acquisitions totaling $125 million annually in 2026-2027, funded by FCF. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade -- Fitch's expectation that EBITDA leverage will sustain above 3.0x; -- Shareholder-friendly capital allocation during a construction downturn or period of economic stress; -- Fitch's expectation that (CFO-capex)/debt will consistently be below 8%; -- EBITDA margin sustained below 12%. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade -- A more balanced exposure to various construction end markets resulting in more stable revenues and margins through the cycle, while maintaining EBITDA leverage below 2.0x and (CFO- capex)/debt above 12%; -- The company continues to strongly execute on its growth strategy, as evidenced by EBITDA margins sustaining in the mid- teens while IBP continues to smoothly integrate future acquisitions. LIQUIDITY AND DEBT STRUCTURE IBP has a healthy liquidity position with $330 million of cash as of Sept. 30, 2025, and $246.5 million of availability under its $250 million ABL revolver that matures in February 2027. The proposed notes issuance provides the company will additional liquidity to fund capital allocation priorities and extends its maturity schedule. IBP's next major maturity is in 2031, when its $500 million term loan facility matures. Annual amortization of $5 million under its term loan facility is manageable given its strong FCF generation. ISSUER PROFILE IBP is one of the U.S.'s largest new residential insulation installers and is a diversified installer of complementary building products including waterproofing, fire-stopping, fireproofing, garage doors, rain gutters, window blinds, shower doors and other products for residential and commercial builders. INSTALLED BUILDING: Moody's Rates New $500MM Unsecured Notes 'Ba2' ------------------------------------------------------------------ Moody's Ratings assigned a Ba2 rating to Installed Building Products Inc.'s (IBP) proposed $500 million senior unsecured notes due 2034. All other ratings of the company and its stable outlook remain unchanged. Moody's expects the terms and conditions of the proposed $500 million senior unsecured notes to be similar to IBP's existing $300 million senior unsecured notes, which are rated Ba2. Proceeds from the new issuance will be used to redeem the existing notes, at which point the rating will be withdrawn. The transaction will cover related fees and expenses and will add approximately $190 million in net proceeds to the balance sheet for general corporate purposes. The additional debt is slightly leveraging as pro forma debt/EBITDA will increase to 2.25x from 1.9x for the last twelve month (LTM) period ended September 30, 2025. RATINGS RATIONALE IBP's Ba1 corporate family rating (CFR) is supported by its healthy operating performance, with an expected EBITDA margin in the range of 17%-18% through 2026. Strong operating performance should support healthy cash generation and very good liquidity. Moody's expects IBP to maintain conservative financial policies and solid credit metrics, including debt/EBITDA of around 2x through year-end 2026. Furthermore, the long-term fundamentals of the US housing market remain robust despite near-term softness. These credit strengths are offset by the cyclicality of US new home construction, the main driver of IBP's revenue, and intense competition. Capital deployment for large acquisitions is another credit risk. In addition, IBP is modestly sized in terms of revenue, limiting its absolute levels of earnings. The Ba2 rating on the unsecured notes, one notch below the Ba1 CFR, results from their subordination to IBP's secured debt. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING Moody's could upgrade IBP's rating if end markets continue to support long-term organic growth, resulting in debt/EBITDA of less than 2x, increased revenue while maintaining conservative financial policies, maintenance of very good liquidity and an unsecured capital structure. Moody's could downgrade the ratings if the company's operating performance or liquidity deteriorates, debt/EBITDA stays above 3x or if the company becomes more aggressive with acquisitions or shareholder return initiatives. Installed Building Products Inc. (NYSE: IBP), headquartered in Columbus, Ohio, installs insulation and other products for residential and commercial builders throughout the US. The principal methodology used in this rating was Distribution and Supply Chain Services published in November 2025. INSTALLED BUILDING: S&P Upgrades ICR to 'BB', Outlook Stable ------------------------------------------------------------ S&P Global Ratings raised its issuer credit rating on installation contractor Installed Building Products Inc. (IBP) to 'BB' from 'BB-' and its rating on its secured term loan B to 'BBB-' from 'BB+'. S&P's '1' recovery rating and rounded estimate of 95% are unchanged. S&P also assigned its 'BB-' rating and '5' recovery rating to the proposed notes. The stable outlook reflects S&P's view that its robust pipeline of installation work and diversified offerings will support its capital allocation priorities and maintain S&P Global Ratings-adjusted leverage near 2x over the next 12 months. IBP proposes to issue senior unsecured notes of $500 million and use the proceeds to refinance existing notes and for general purposes. IBP also intends to amend and extend its asset-based lending (ABL) facility, which S&P expects to remain undrawn. Despite a modest increase in funded debt, leverage (which now gives credit for cash on a net basis) will remain strong. S&P's view of IBP's business is improved, reflecting greater scale, broader product and end-market diversification, and a business model that now includes distribution capabilities. S&P said, "We expect modest added incremental debt but stronger credit metrics. IBP is raising $500 million of senior unsecured notes, with proceeds used to repay its $300 million of senior notes. Additionally, the company is amending and extending its ABL, upsizing it to $375 million and extending its maturity to five years from the closing date. Pro-forma for the transaction and our improved view of its operating performance, we estimate low initial leverage of 1.3x (after netting cash on the balance sheet). We expect that a disciplined and moderate approach to subsequent leveraging transactions will result in 2026 S&P Global Ratings-adjusted leverage reaching approximately 2x, potentially to 2.5x in a cyclical downturn." Greater scale and enhanced diversification improve S&P's view of IBP's business. Through organic initiatives and a complementary acquisition strategy, IBP has expanded scale and diversified offerings. For the trailing 12 months ended September 2025, IBP's revenue reached $2.97 billion, doubling the $1.485 billion base for the same period of 2019. The company has also diversified into adjacent installation categories, such as shower doors, garage doors, and gutters, which expands its total addressable market and provides builders with opportunities to streamline operations. IBP's scale and national presence improve purchasing power and enhances its ability to offer volume discounts to builders across different regions. Coupled with broader product capabilities, this positions IBP as a more strategic partner to homebuilder customers. Additionally, the company continues to expand its distribution capabilities, which S&P believes will generate internal efficiencies to enhance margins and create revenue opportunities even when IBP does not secure a contract. IBP's growth in its commercial segments has also helped decrease its exposure to single-family home construction. S&P said, "We anticipate more modest near-term growth, reflecting challenges in the housing market. Improved diversification helps decrease its exposure to single-family home construction, mitigating cyclical risks and stabilizing overall revenue. It also enables the company to utilize its workforce more effectively, alleviating potential margin pressures that could arise when demand is challenged or if these customers seek cost concessions. We still consider that its scale and diversification to lag those of rated peers and competitors, including industry leaders." IBP faces ongoing headwinds in the residential construction market. Residential new construction declined 1.5% for the quarter ended Sept. 30, 2025, from the prior year, reflecting persistent challenges in housing affordability. S&P Global Ratings economists forecast 1.35 million U.S. housing starts in 2026, a modest decline from the 1.36 million projected for 2025, continuing a downward trend from the 1.37 million in 2024. S&P expects IBP's residential new construction revenue--approximately 72% of total revenue--to remain under pressure in early 2026 because of disruptions from challenging weather and the ongoing impact of elevated interest rates, which are discouraging homeowners from moving so they can hold onto relatively low-rate mortgages. However, IBP has demonstrated resilience. The company benefited from expansion in its commercial segment. Commercial same-branch sales growth--approximately 17% of total revenue--was 11.7% for the quarter ended Sept. 30, compared with the same period last year. An uplift in heavy commercial same-branch sales, which expanded more than 30% over the same period, particularly supports this. IBP's backlog for heavy commercial sales continued to increase, which should further elevate the segment. Overall same-branch sales increases remained stable at 0.4% for the three months ended Sept. 30 versus the same period last year. S&P believes IBP's broadened product portfolio helped stabilize revenue, with increases in complementary offerings offsetting softness in new home builds. Supplementing organic growth with acquisitions, IBP's total revenue increased 2.3% to $778 million from $761 million in the same period last year. Pressure on profitability from the residential segment weakness and unfavorable fixed cost absorption were mostly offset by price increases and more favorable material costs, supporting S&P Global Ratings-adjusted EBITDA margin of 18.2% for the trailing 12 months ended September 2025, modestly down from 18.8% for the same period in 2024. In S&P's view, IBP's ability to navigate these headwinds underscores its overall business improvements. Rating risk is low from IBP's capital allocation priorities and cyclical pressure. IBP communicates conservative financial policies and a capital allocation framework anchored by a stated leverage target of 2x, which S&P estimates would equate to approximately 2.25x on an S&P Global Ratings-adjusted basis. Acquisitions remain central to the strategy, targeting transactions that expand its geographic footprint, increase regional density, and add complementary products. IBP typically retains local management teams and centralizes back-office functions, supporting operational continuity and cost synergies. Management targets approximately $100 million of annual revenue additions through acquisitions. In the ninth months ended in September, the company has acquired nearly $60 million in sales, which includes a manufacturer of cellulose insulation, a Southeastern glass design/fabrication division and retail glass installer, and an installer of drywall and metal stud framing. Shareholder returns are also an important component of the strategy, with the company employing quarterly and annual variable dividends alongside ongoing share repurchases. For the most recent quarter and the nine months ended Sept. 30, IBP repurchased 200,000 shares for $51 million, bringing repurchases in the nine months ended in September to 700,000 shares for $135 million. In addition to approximately $78 million of cash dividends, this spending falls below its cash flow for the period. Potential increased spending on acquisitions or repurchases and cyclical demand are ongoing considerations in our ratings. Still, with solid credit metrics that allow ample flexibility for higher leverage, its record of financial discipline historically employed around capital allocation spending, and our view that its free cash flow capacity offers the ability to deleverage quickly, the risks to our ratings are low. The stable outlook on IBP reflects S&P's view that its robust pipeline of installation work and diversified offerings will enable it to navigate a challenged operating environment and that its operating performance will be sufficient to support its capital allocation priorities and maintain S&P Global Ratings-adjusted leverage near 2x for the next 12 months. S&P could lower its ratings on IBP if S&P expects: -- S&P Global Ratings-adjusted leverage to remain above 3.5x against the pressures of a cyclical downturn; or -- In a normal operating environment, S&P Global Ratings-adjusted leverage to exceed 3x, limiting cushion to withstand industry cyclicality. Such scenarios could occur through either operating performance deterioration or high financial risk and leverage tolerance. While unlikely, S&P could raise its ratings on IBP if: -- It further improves its diversity and scale to be more comparable with peers, and to mitigate industry cyclicality dynamics; and -- S&P expects S&P Global Ratings-adjusted leverage will decline and remain comfortably below 2.5x, even though a cyclical downturn. Under this scenario, S&P would expect increased residential construction activity coupled with conservative financial policy decisions, including limited debt-funded acquisitions and share repurchases. J2XA MANAGEMENT: Seeks Chapter 11 Bankruptcy in Georgia ------------------------------------------------------- On December 31, 2025, J2XA Management LLC filed for Chapter 11 protection in the Northern District of Georgia. According to court filings, the Debtor reports between $100,001 and $1,000,000 in assets and between $100,001 and $1,000,000 in liabilities owed to 1–49 creditors. About J2XA Management LLC J2XA Management LLC is a single asset real estate company. J2XA Management LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-65191) on December 31, 2025. In its petition, the Debtor reports estimated assets of $100,001–$1,000,000 and estimated liabilities of $100,001–$1,000,000. Honorable Bankruptcy Judge James R. Sacca handles the case. JACKSON HOSPITAL: Hires Iacuone McAllister as Special Counsel ------------------------------------------------------------- Jackson Hospital & Clinic Inc. seeks approval from the U.S. Bankruptcy Court for the Middle District of Alabama to hire Iacuone McAllister Potter PLLC as special counsel. The firm will render these services: a. advise, assist and pursue litigation with respect to certain claims and causes of action that the Debtors may wish to pursue and IMPC agrees to handle on behalf of the Debtors; and b. advise and assist the Debtors in all respects regarding other litigation related matters in which Burr & Forman LLP has a potential or actual conflict of interest. The firm's hourly rates are: Chase J. Potter, Partners $975 Joshua Iacuone, Partners $975 Greg McAllister, Partners $975 Other Partners $800 to $875 Associate $600 to $725 Paralegal $175 Chase Potter, Esq., a partner at Iacuone McAllister Potter PLLC, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Chase J. Potter, Esq. Iacuone McAllister Potter PLLC 4925 Greenville Ave Energy Square One, Suite 1112 Dallas, TX 75206 Phone: (214) 432-1548 Cell: (903) 217-4607 Email: Potter@imcplaw.com About Jackson Hospital & Clinic Inc. Jackson Hospital & Clinic, Inc. is a non-membership, non-profit corporation based in Alabama. JHC is the direct or indirect parent company of JHC Pharmacy, LLC, an Alabama limited liability company that provides pharmacy services to JHC patients. JHC owns 100% of JHC Pharmacy. Additionally, JHC is a direct or indirect parent company of certain other entities that have not filed for bankruptcy. JHC operates a 344-bed healthcare facility in Montgomery, Ala., with a rich history dating back to 1894. Since its official opening in 1946, JHC has grown into one of the largest hospitals in Alabama, offering specialized services in cardiac care, cancer treatment, neurosciences, orthopedics, women's care, and emergency services. JHC's service area includes 16 counties across central Alabama. JHC and JHC Pharmacy filed Chapter 11 petitions (Bankr. M.D. Ala. Lead Case No. 25-30256) on February 4, 2025. In its petition, JHC reported between $100 million and $500 million in both assets and liabilities. Judge Christopher L. Hawkins handles the cases. The Debtors are represented by Derek F. Meek, Esq. at Burr & Forman, LLP. Suzanne Koenig serves as patient care ombudsman. JEAN ANN: Section 341(a) Meeting of Creditors on February 17 ------------------------------------------------------------ On January 5, 2026, Jean Ann Schwark MS, FNP-C, PLLC filed for Chapter 11 protection in the U.S. Bankruptcy Court for the District of Arizona. According to court filings, the debtor reports between $1 million and $10 million in debt owed to between 1 and 49 creditors. A meeting of creditors under Section 341(a) to be held on February 17, 2026 at 09:45 AM as a Chapter 11 Teleconference Call in number: 1-888-330-1716, Passcode: 4038524. About Jean Ann Schwark MS, FNP-C, PLLC 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. Jean Ann Schwark MS, FNP-C, PLLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-00059) on January 5, 2026. In its petition, the debtor reports estimated assets between $100,001 and $1 million and estimated liabilities ranging from $1 million to $10 million. The debtor is represented by Grant L. Cartwright, Esq. of May, Potenza, Baran & Gillespie, P.C. JESUS AND SON'S: Seeks Chapter 7 Bankruptcy in Colorado ------------------------------------------------------- On December 23, 2025, Jesus and Son's Landscape Contractors L.L.C. filed for Chapter 7 protection in the District of Colorado. According to court filings, the debtor reports between $1 million and $10 million in debt owed to 1-49 creditors. About Jesus and Son’s Landscape Contractors L.L.C. Jesus and Son's Landscape Contractors L.L.C. is a landscaping services provider headquartered in Denver, Colorado, offering general landscape contracting and maintenance work. Jesus and Son's Landscape Contractors L.L.C. sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 25-18410) on December 23, 2025. In its petition, the debtor reports estimated assets of $100,001-$1,000,000 and estimated liabilities of $1 million-$10 million. Honorable Bankruptcy Judge Joseph G. Rosania Jr. handles the case. The debtor is represented by Aaron A. Garber, Esq. JOEY PAYNE: Seeks Chapter 11 Bankruptcy in Georgia -------------------------------------------------- On January 2, 2026, Joey Payne Farms, LLC filed for Chapter 11 protection in the Northern District of Georgia. According to court filings, the Debtor reports between $100,001 and $1,000,000 in assets and between $100,001 and $1,000,000 in liabilities owed to 1–49 creditors. About Joey Payne Farms, LLC Joey Payne Farms, LLC is a limited liability company. Joey Payne Farms, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 26-40005) on January 2, 2026. In its petition, the Debtor reports estimated assets of $100,001–$1,000,000 and estimated liabilities of $100,001–$1,000,000. Honorable Bankruptcy Judge Paul W. Bonapfel handles the case. The Debtor is represented by Leslie M. Pineyro, Esq. of Jones and Walden, LLC. JOEY PAYNE: Todd Hennings Named Subchapter V Trustee ---------------------------------------------------- The Acting U.S. Trustee for Region 21 appointed Todd Hennings, Esq., at Macey, Wilensky & Hennings, LLP as Subchapter V trustee for Joey Payne Farms, LLC. Mr. Hennings will be paid an hourly fee of $450 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Hennings declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Todd E. Hennings, Esq. Macey, Wilensky & Hennings, LLP 5500 Interstate North Parkway, Suite 435 Sandy Springs, GA 30328 Phone: (404) 584-1222 Email: info@joneswalden.com About Joey Payne Farms LLC Joey Payne Farms, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 26-40005) on January 02, 2026, with $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Leslie M. Pineyro, Esq., at Jones and Walden, LLC represents the Debtor as legal counsel. KIDS FIRST PEDIATRIC: Gets Interim OK to Use Cash Collateral ------------------------------------------------------------ Kids First Pediatric Therapy, Inc. got the green light from the U.S. Bankruptcy Court for the Central District of California, Los Angeles Division, to use cash collateral to fund operations. The court issued an interim order authorizing the Debtor to use cash collateral through January 30 in accordance with its budget. As a condition to using cash collateral, the Debtor was ordered to make payments to its secured creditors, the U.S. Small Business Administration and Trupoint Bank, as adequate protection. The court also waived the automatic stay under Federal Rule of Bankruptcy Procedure 6004(h), making the order immediately effective. The next hearing is scheduled for January 26. The interim order is available at https://is.gd/pGMuLv from PacerMonitor.com. The Debtor's UCC search identified four active UCC-1 financing statements and two primary secured creditors. The secured creditors include the U.S. Small Business Administration, TruPoint Bank, and an MCA identified only by its agent for service of process, CT Corp., each asserting liens on all of the Debtor's assets. The Debtor owes TruPoint Bank approximately $23,000. The bank currently requires monthly payments of $751.60, which the Debtor will continue to pay post-petition. About Kids First Pediatric Therapy Inc. Kids First Pediatric Therapy, Inc. is a pediatric healthcare company providing therapy services for children, including physical, occupational, and speech therapy. The company is committed to enhancing developmental progress and overall well-being for its patients. Kids First Pediatric Therapy, Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-21513) on December 22, 2025. In its petition, the Debtor reports estimated assets of $100,001-$1,000,000 and estimated liabilities of $100,001-$1,000,000. Honorable Bankruptcy Judge Deborah J. Saltzman handles the case. The Debtor is represented by David Wood, Esq. of Marshack Hays Wood, LLP. KOSSOFF PLLC: Former NYC Lawyer Loses IRS Claim Appeal ------------------------------------------------------ Angelica Serrano-Roman of Bloomberg Law reports that the U.S. District Court for the Southern District of New York upheld the IRS's $395,206 claim in the bankruptcy of real estate law firm Kossoff PLLC. In a January 5, 2026 ruling, Judge Katherine Polk Failla rejected the appeal of the firm's former principal, who attempted to discharge the tax obligations. The court confirmed that the IRS has a valid unsecured claim for tax liabilities stemming from 2015. Kossoff PLLC filed for bankruptcy in 2021 after creditors initiated an involuntary Chapter 7 case. About Kossoff PLLC Kossoff PLLC is a real estate law firm based in New York City. It operated as a law firm with offices located at 217 Broadway in New York City. The firm held itself out as a law firm that provided full-service real estate legal services specializing in litigation and transactional matters, including leasing, sale and acquisition of real property, commercial landlord tenant matters, real estate litigation, and city, state and federal agency regulatory matters. Mitchell H. Kossoff, the firm's founder and only known managing member, is alleged to have failed to and/or refused to return millions of dollars of client funds when requested by clients. Kossoff PLLC is subject to an involuntary petition for Chapter 7 bankruptcy (Bankr. S.D.N.Y. Case No. 21-10699) by creditors on April 13, 2021. The case is handled by Honorable Judge David S. Jones. Gran Sabana Corp NV, Louis & Jeanmarie Giordano, and other former clients of the Debtor signed the involuntary petition. Carter Ledyard & Milburn LLP, led by Aaron R. Cahn, represents the petitioners. Veteran restructuring lawyer Albert Togut of Togut, Segal & Segal LLP, was named as Chapter 7 Trustee. He tapped his own firm as counsel in the case. KSENIA LOGISTICS: Neema Varghese Named Subchapter V Trustee ----------------------------------------------------------- The U.S. Trustee for Region 11 appointed Neema Varghese of NV Consulting Services as Subchapter V trustee for Ksenia Logistics, Inc. Ms. Varghese will be paid an hourly fee of $400 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Varghese declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Neema T. Varghese NV Consulting Services 701 Potomac, Ste. 100 Naperville, IL 60565 Tel: (630) 697-4402 Email: nvarghese@nvconsultingservices.com About Ksenia Logistics Inc. Ksenia Logistics, Inc. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-19801) on December 30, 2025, with $500,001 to $1 million in assets and liabilities. David Freydin, Esq., at the Law Offices of David Freydin Ltd. represents the Debtor as bankruptcy counsel. LEISURE INVESTMENTS: Judge Okays Sea Lion, Shark Transfer in Ch. 11 ------------------------------------------------------------------- Alex Wittenberg of Law360 Bankruptcy Authority reports that Leisure Investments Holdings LLC on Tuesday, January 6, 2025, received approval from a Delaware bankruptcy judge to sell and transfer dolphins, sea lions, sharks and other animals in its Chapter 11 proceedings. The decision clears a major hurdle in the company's effort to restructure and wind down certain operations. The debtor said the approved sales are designed to preserve value for the estate while addressing the specialized care needs of the animals. The court found the transactions appropriate and consistent with the goals of the bankruptcy case. About Leisure Investments Holdings Leisure Investments Holdings LLC and affiliates are operating under the name "The Dolphin Company," manage over 30 attractions, including dolphin habitats, marinas, water parks, and adventure parks, located in eight countries across three continents. Their primary operations are based in Mexico, the United States, and the Caribbean, with locations in Jamaica, the Cayman Islands, the Dominican Republic, and St. Kitts. These attractions are home to approximately 2,400 animals from more than 80 species of marine life, including a variety of marine mammals such as dolphins, sea lions, manatees, and seals, as well as birds and reptiles. As of 2023, the marine mammal population at the Debtors' parks includes roughly 295 dolphins, 51 sea lions, 18 manatees, and 18 seals. Leisure Investments Holdings LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case 25-10606) on March 31, 2025. In its petition, the Debtor reports estimated assets and liabilities between $100 million and $500 million each. Honorable Bankruptcy Judge Laurie Selber Silverstein handles the case. The Debtors tapped Robert S. Brady, Esq., Sean T. Greecher, Esq., Allison S. Mielke, Esq., and Jared W. Kochenash, Esq. as counsels. The Debtors' restructuring advisor is RIVERON MANAGEMENT SERVICES, LLC. The Debtors' Claims & Noticing Agent is KURTZMAN CARSON CONSULTANTS, LLC d/b/a VERITA GLOBAL. LLW CONSTRUCTION: Gets Final OK to Use Cash Collateral ------------------------------------------------------ LLW Construction, Inc. received final approval from the U.S. Bankruptcy Court for the Middle District of Florida, Tampa Division, to use cash collateral to fund its operations. The final order signed by Judge Roberta Colton authorized the Debtor to use cash collateral to pay the amounts expressly authorized by the court, including payments to the U.S. trustee for quarterly fees; the expenses set forth in the budget, plus an amount not to exceed 10% for each line item; and additional amounts subject to approval by the U.S. Small Business Administration. The Debtor projects total operational expenses of $155,444.17 for the period from December 2025 to May 2026. Secured creditor with a security interest in cash collateral will have a perfected post-petition lien on the cash collateral, with the same validity, priority and extent as its pre-bankruptcy lien. In addition, the Debtor was ordered to keep its property insured in accordance with the obligations under the loan and security documents with the SBA. The final order is available at https://is.gd/9ul9EM from PacerMonitor.com. The Debtor lists the SBA as a secured creditor with a claim of approximately $400,000 under a UCC-1 filing but reserves the right to contest the lien's validity and scope. About LLW Construction Inc. LLW Construction, Inc., doing business as Adeline Custom Homes, is a construction company specializing in residential and commercial projects. It operates with a network of experienced project managers, subcontractors, and suppliers. Founded by Michal and Mary Winiarek, the Company emphasizes hands-on expertise and client-centered service in its operations. LLW Construction sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-04229) on June 23, 2025. In its petition, the Debtor reported total assets of $63,757 and total liabilities of $1,865,048. Judge Roberta A. Colton handles the case. The Debtor is represented by Buddy D. Ford, Esq., at Ford & Semach, P.A. LOW COST TREE: Holly Miller Named Subchapter V Trustee ------------------------------------------------------ The U.S. Trustee for Regions 3 and 9 appointed Holly Miller, Esq., at Gellert Scali Busenkell & Brown, LLC as Subchapter V trustee for Low Cost Tree Service & Systems, LLC. Ms. Miller 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. Miller declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Holly S. Miller, Esq. Gellert Scali Busenkell & Brown, LLC 1628 John F. Kennedy Boulevard, Suite 1901 Philadelphia, PA 19103 Telephone: (215) 238-0012 Facsimile: (215) 238-0016 Email: hsmiller@gsbblaw.com About Low Cost Tree Service & Systems Low Cost Tree Service & Systems, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Pa. Case No. 25-15263) on December 30, 2025, with $500,001 to $1 million in assets and liabilities. Judge Patricia M. Mayer presides over the case. James K. Jones, Esq., at Cga Law Firm represents the Debtor as legal counsel. LSF COACHING: Seeks Subchapter V Bankruptcy in Arkansas ------------------------------------------------------- On December 21, 2025, LSF Coaching Corporation, Inc. commenced a voluntary Chapter 7 bankruptcy case in the U.S. Bankruptcy Court for the Eastern District of Arkansas. Court records show the debtor lists total liabilities between $0 and $100,000 owed to 1 to 49 creditors. About LSF Coaching Corporation LSF Coaching Corporation, Inc. is an Arkansas-based consulting and coaching firm. The company offers executive coaching, leadership development, and customized training programs to improve personal and professional performance. LSF Coaching Corporation, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Ark. Case No. 25-10435) on February 11, 2025, listing up to $50,000 in assets and between $100,001 and $500,000 in liabilities. Judge Phyllis M. Jones presides over the case. Kyle Havner, Esq., at Havner Law Firm, PA, represents the Debtor as bankruptcy counsel. LUMINAR TECHNOLOGIES: Claims to be Paid from Asset Sale Proceeds ---------------------------------------------------------------- Luminar Technologies, Inc., and affiliates filed with the U.S. Bankruptcy Court for the Southern District of Texas a Disclosure Statement for Chapter 11 Plan of Liquidation dated December 30, 2025. Headquartered in Orlando, Florida, the Debtors are a technology company specializing in advanced Light Detection and Ranging ("LiDAR") hardware and software solutions to enable the world's safest and smartest vehicles. The Company operates two distinct, but interconnected, business segments, each under a separate vertical of the Company's organizational structure: (i) autonomy solutions, which is housed at Luminar Parent, Luminar, LLC, and certain of their subsidiaries (collectively, "LiDARCo"); and (ii) advanced technologies and services ("ATS"), which is housed at Luminar Semiconductor, Inc. ("LSI") and its subsidiaries (collectively, "LSICo"). The Debtors faced certain financial difficulties prior to the Petition Date and commenced these chapter 11 cases to facilitate value-maximizing sale processes for its LiDAR business and for the equity of its Luminar Semiconductors Inc. subsidiary ("LSICo"). On the Petition Date, the Debtors entered into a Stock Purchase Agreement with Quantum Computing, Inc. ("QCi"), the proposed stalking horse bidder for the LSICo equity. On December 18, 2025, the Debtors filed a motion seeking, among other things, approval of bidding procedures and the designation of QCi as the stalking horse bidder (the "Bidding Procedures Motion"). The Plan contemplates the liquidation and wind down of the Debtors' estates to provide distributions to creditors in accordance with the absolute priority rule. Prior to the Effective Date, the Debtors will use commercially reasonable efforts to sell their assets. While the Plan is premised upon the sale of substantially all the Debtors' assets pursuant to section 363 of the Bankruptcy Code, to the extent that (i) an interested party submits an offer to purchase the Debtors' assets pursuant to a chapter 11 plan, and (ii) the Debtors determine such offer is value-maximizing, the Debtors may elect to amend the Plan to implement such transaction. To implement the provisions of the Plan, including making distributions to holders of Claims and Interests, the Plan contemplates the appointment of a Liquidation Trustee (provided such Liquidation Trustee is reasonably satisfactory to the Required Senior Secured Holders) to carry out and implement all provisions of the Plan after the Effective Date, pursue retained causes of action, including the GUC Reserve Assets, and wind down the Debtors' estates. On or before the Effective Date, the Debtors and the Liquidation Trustee shall take all necessary steps to establish the Liquidation Trust for the benefit of Holders of Claims against the Debtors, including executing the Liquidation Trust Agreement and the Liquidation Trust Transfer Agreement, each of which shall be in form and substance reasonably acceptable to the Required Senior Secured Holders, and all of the Assets of the Debtors as of the Effective Date will vest with the Liquidation Trust. The Plan further provides for, on the Effective Date, certain distributions to be made and reserves to be established, including (i) initial funding of the Senior Claims Reserve, (ii) funding of the Wind Down Reserve with the Wind Down Amount in accordance with the Wind Down Budget, (iii) funding of the GUC Reserve, and (iv) funding of the Professional Fee Escrow and payment of Professional Fee Claims therefrom. A separate account will be established by the Liquidation Trustee for each of the Senior Claims Reserve, Wind Down Reserve, GUC Reserve, Professional Fee Escrow, First Lien Recovery Reserve, and Second Lien Recovery Reserve, each to be maintained by the Liquidation Trustee in accordance with the Plan. The Liquidation Trustee shall make Plan Distributions, as applicable, in the frequency determined in the Liquidation Trustee's discretion, in accordance with the Plan: * of Cash in the Senior Claims Reserve to Holders of Allowed Administrative Expense Claims, Allowed Priority Tax Claims, and Allowed Priority Non-Tax Claims; and * of GUC Liquidation Trust Interests to Holders of General Unsecured Claims. General Unsecured Claims, including any deficiency claims of the First Lien Noteholders and the Second Lien Noteholders and the claims of the Unsecured Noteholders, will receive pro rata shares of the GUC Liquidation Trust Interests, which beneficial interests will entitle them to a GUC Reserve that is funded with (i) either $[200,000], if the Plan is confirmed on or before [March 21, 2026], or $[100,000], if the Plan is confirmed after [March 21, 2026], and (ii) any net cash proceeds from the pursuit of Avoidance Actions. After the Effective Date, pursuant to the Plan, the Liquidation Trustee shall, in an expeditious but orderly manner, wind down, sell, and otherwise liquidate and convert to Cash the remaining assets of the Debtors, with no objective to continue or conduct a trade or business except to the extent reasonably necessary to, and consistent with, the liquidation and orderly wind down of the Debtors and shall not unduly prolong the duration of the liquidation and the wind down. Class 4 consists of General Unsecured Claims. Except to the extent that a Holder of an Allowed General Unsecured Claim agrees to a less favorable treatment of such Claim, each such Holder shall receive, in full and final satisfaction, settlement, release, and discharge of such Claim, on the Effective Date or as soon as reasonably practicable thereafter, and after giving effect to allowed Intercompany Claims, such Holder's Per Debtor Pro Rata share of the GUC Liquidation Trust Interests. Class 4 is Impaired, and the Holders of Allowed General Unsecured Claims in Class 4 are entitled to vote to accept or reject the Plan. The Plan is being proposed as a joint plan of liquidation of the Debtors for administrative purposes only and constitutes a separate chapter 11 plan for each Debtor. The Plan is not premised on, and does not provide for, the substantive consolidation of the Debtors with respect to the Classes of Claims or Interests set forth in the Plan, or otherwise. The Debtors and Liquidation Trustee, as applicable, shall fund Plan Distributions under the Plan as set forth herein with the (i) Effective Date Available Cash, (ii) Post Effective Date Available Cash, (iii) Excess Cash, (iv) Senior Claims Reserve, (v) First Lien Reserve, (vi) Second Lien Reserve, (vii) GUC Reserve, (viii) Surplus Wind Down Reserve, (ix) Surplus Senior Claims Reserve. On or before the Effective Date, the Debtors and the Liquidation Trustee shall take all necessary steps to establish the Liquidation Trust for the benefit of Holders of Claims against the Debtors, including executing the Liquidation Trust Agreement and the Liquidation Trust Transfer Agreement, each of which shall be in form and substance reasonably acceptable to the Required Senior Secured Holders. With respect to actions taken in this section 5.4, the Liquidation Trustee is acting solely in its capacity as trustee of the Liquidation Trust. Prior to the Effective Date, the Debtors expect to sell all or substantially all of their assets under section 363 of the Bankruptcy Code. Pursuant to the Plan, a Liquidation Trust will be established. On the Effective Date, the Debtors will transfer all of the Liquidation Trust Assets (comprising all of the then assets of the Debtors not otherwise distributed on the Effective Date) to the Liquidation Trust, to be administered by the Liquidation Trustee in accordance with the Plan and the Liquidation Trust Agreement. The Debtors will thereafter be dissolved. A full-text copy of the Disclosure Statement dated December 30, 2025 is available at https://urlcurt.com/u?l=fPPfYi from Omni Agent Solutions, Inc. Proposed Attorneys for the Debtors: Stephanie N. Morrison, Esq. Austin B. Crabtree, Esq. WEIL, GOTSHAL & MANGES LLP 700 Louisiana Street, Suite 3700 Houston, Texas 77002 Tel: (713) 546-5000 Fax: (713) 224-9511 Email: stephanie.morrison@weil.com Austin.Crabtree@weil.com AND Ronit J. Berkovich, Esq. Jessica Liou, Esq. WEIL, GOTSHAL & MANGES LLP 767 Fifth Avenue New York, New York 10153 Tel: (212) 310-8000 Fax: (212) 310-8007 E-mail: ronit.berkovich@weil.com Jessica.Liou@weil.com About Luminar Technologies Luminar Technologies, Inc., is an automotive lidar manufacturer. Luminar Technologies and affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Lead Case No. 25-90808) on Dec. 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 Wilson Sonsini Goodrich & Rosati Professional Corporation. 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. LUMINAR TECHNOLOGIES: Plans 30% Staff Reduction to Lower Costs -------------------------------------------------------------- Luminar Technologies, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Company committed to a plan to further reduce its workforce by approximately 30% to reduce operating costs. The reduction will commence immediately and is expected to be substantially completed by the first quarter of 2026. The Company estimates that it will incur approximately $2.5 million to $3.0 million in cash charges associated with employee severance and related employee costs, to be incurred primarily in the first quarter of 2026. The Company's estimates are subject to a number of assumptions, and actual results may materially differ. The Company may incur additional costs not currently contemplated due to events that may occur as a result of, or that are associated with, the workforce reduction. About Luminar Technologies, Inc. Luminar Technologies, Inc. is an automotive lidar manufacturer. Luminar Technologies and affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas 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 Wilson Sonsini Goodrich & Rosati Professional Corporation. 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. MALLICOAT INC: Seeks Chapter 7 Bankruptcy in Washington ------------------------------------------------------- Mallicoat Inc. filed a voluntary Chapter 7 petition on December 31, 2025, in the U.S. Bankruptcy Court for the Western District of Washington. Court records indicate the Debtor lists liabilities of $100,001 to $1,000,000 owed to 1–49 creditors. About Mallicoat Inc. On December 31, 2025, Mallicoat Inc. commenced a Chapter 7 case under the U.S. Bankruptcy Code (Bankr. W.D. Wash. Case No. 25-43269). The petition reflects estimated assets of $100,001 to $1,000,000 and estimated liabilities of $100,001 to $1,000,000. The Honorable Bankruptcy Judge Mary Jo Heston is handling the case. The Debtor is represented by Todd Trierweiler, Esq., of Todd Trierweiler & Associates. MANAGEMENT MCOA: Court Directs U.S. Trustee to Appoint PCO ---------------------------------------------------------- Judge Erik Kimball of the U.S. Bankruptcy Court for the Southern District of Florida directed the U.S. Trustee to appoint a patient care ombudsman for Management MCOA, LLC. The bankruptcy judge finds that the provisions of Section 333(a)(1) of the Bankruptcy Code for appointment of a patient care ombudsman apply to Management MCOA after having filed its bankruptcy petition, indicating that it operates a health care business. On December 23, 2025, Management MCOA filed a Chapter 11 petition designating the company as a health care business. If a debtor is a health care business, Section 333(a)(1) of the Bankruptcy Code directs the court to order, "not later than 30 days after the commencement of the case, the appointment of an ombudsman to monitor the quality of patient care and to represent the interests of the patients of the health care business unless the court finds that the appointment of such ombudsman is not necessary for the protection of patients under the specific facts of the case." In addition, Bankruptcy Rule 2007.2(a) further provides that "the court shall order the appointment of a patient care ombudsman under Section 333 of the Code, unless the court, on motion of the United States trustee or a party in interest filed no later than 21 days after the commencement of the case or within another time fixed by the court, finds that the appointment of a patient care ombudsman is not necessary under the specific circumstances of the case for the protection of patients." About Management MCOA LLC Management MCOA, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-25184) on December 23, 2025. In its petition, the Debtor reports estimated assets of $0-$100,000 and estimated liabilities of $0-$100,000. Honorable Bankruptcy Judge Erik P. Kimball handles the case. The Debtor is represented by Jordi Guso, Esq. MARKUS CORP: Court Extends Cash Collateral Access to Jan. 31 ------------------------------------------------------------ Markus Corp received interim approval from the U.S. Bankruptcy Court for the Northern District of Illinois to use cash collateral until January 31, marking the 11th extension since its Chapter 11 filing. The Debtor needs to use its lenders' cash collateral to pay the expenses set forth in its budget, which shows total operational expenses of $26,590 for the period from January 1 to 31. The Debtor owes $426,224.08 and $264,476.06 to the U.S. Small Business Administration and Village Bank & Trust, N.A., respectively. These creditors have perfected liens on the Debtor's assets, including cash, bank deposits and accounts receivable, which constitute cash collateral. As adequate protection, both lenders will be granted a replacement lien on substantially all of the Debtor's assets, including those acquired after its Chapter 11 filing. This replacement lien will have the same validity and extent as the secured creditors' pre-bankruptcy liens. The lenders will also be granted an administrative expense claim as additional protection. The next hearing is scheduled for January 27. SBA and Village Bank & Trust have a valid blanket lien on assets of the Debtor as of the petition date including the cash proceeds. Both hold a security interest in all assets of the Debtor by way of a valid lien. The Debtor believes SBA's lien has the first priority position. About Markus Corporation Markus Corp is an owner and operator of three semi-trucks and hauls cargo for its client. Markus filed Chapter 11 petition (Bankr. N.D. Ill. Case No. 25-03310) on March 4, 2025, listing up to $100,000 in assets and up to $1 million in liabilities. Markus President Marek Kusmierczyk signed the petition. Judge Timothy A. Barnes oversees the case. Arthur Corbin, Esq., at Corbin Law Firm, LLC, represents the Debtor as bankruptcy counsel. Village Bank & Trust, N.A., as secured lender, is represented by: Jeffrey S. Burns, Esq. Markoff Leinberger, LLC 200 S. Wacker Drive, FL 31 Chicago, IL 60606 Tel: (312) 589-7600 jeff@markleinlaw.com MAWSON INFRASTRUCTURE: Sues Creditors Over Involuntary Bankruptcy ----------------------------------------------------------------- Mawson Infrastructure Group Inc. has filed an adversary proceeding in the United States Bankruptcy Court for the District of Delaware in the matter entitled "Mawson Infrastructure Group Inc. versus W Capital Advisors Pty Ltd, et al.", under 11 U.S.C. section 303(i). The action seeks attorneys' fees, costs, and damages against multiple parties related to the December 2024 involuntary bankruptcy filed against Mawson. The complaint alleges that the petitioning creditors in the Involuntary Petition -- W Capital Advisors Pty Ltd, Marshall Investments GCP Pty Ltd, Rayra Pty Ltd, and affiliated individuals -- engaged in a coordinated campaign to harm Mawson, which caused severe financial harm, including a one-day market capitalization loss of approximately $23 million, reputational damage, and millions in legal expenses. The Involuntary Petition was dismissed with prejudice by written order on November 4, 2025, and the Court expressly preserved Mawson's right to pursue certain remedies against the petitioning creditors. Mawson now seeks compensatory and punitive damages, sanctions, and injunctive relief to prevent further violations and deter future abuse of the bankruptcy process. "This filing is about protecting shareholder value and holding the responsible parties accountable for their egregious misconduct," said Kaliste Saloom, Mawson's Interim CEO and General Counsel. "We are committed to pursuing full recovery to protect our shareholders' investment." About Mawson Infrastructure Group Mawson is a U.S.-based technology company that designs, builds, and operates next-generation digital infrastructure platforms. Previously, Mawson Infrastructure Group's creditors filed a Chapter 11 involuntary petition against the company (Bankr. D. Del. Case No. 24-12726) on Dec. 4, 2024. The petitioning creditors include W Capital Advisors Pty Ltd, Marshall Investments MIG Pty Ltd, and Rayra Pty Ltd. On November 4th, 2025, the United States Bankruptcy Court for the District of Delaware issued a written Order formalizing its ruling from the bench on October 21, 2025, dismissing with prejudice the involuntary bankruptcy petition filed against Mawson. The Order enables Mawson to pursue attorneys' fees and costs, any damages proximately caused by the involuntary petition, and potentially punitive damages against the petitioning creditors. Boston, Massachusetts-based Wolf & Company, P.C., the Company's auditor since 2023, issued a "going concern" qualification in its report dated March 28, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024, citing that the Company has incurred net losses since its inception, and had negative working capital and will need additional funding to continue operations. This raises substantial doubt about the Company's ability to continue as a going concern. As of September 30, 2025, the Company had $52 million in total assets, $61.4 million in total liabilities, and $9.4 million in total stockholders' deficit. MICHAEL BAKER: Moody's Affirms 'B2' CFR, Outlook Stable ------------------------------------------------------- Moody's Ratings affirmed Michael Baker International, LLC's (Michael Baker or MBI) B2 corporate family rating and B2-PD probability of default rating. The $714 million outstanding senior secured term loan due 2028 rating was affirmed at B2. The outlook is stable. Michael Baker is a provider of engineering, planning and consulting services with a focus on civil infrastructure projects. In connection with the proposed acquisition of PBK Architects, Inc. (PBK), an architectural and engineering firm focused on the K-12 education end market, MBI plans to issue an unrated $500 million senior secured term loan due December 2028 that will rank pari-passu with the rated term loan, pursuant to an intercreditor agreement. Proceeds from the new debt along with new and rollover equity will be used to fund the acquisition of PBK, add cash to the balance sheet and pay related fees and expenses. Additionally, the company will upsize and extend its unrated asset-based lending (ABL) facility to $250 million, up from $125 million, with a five-year maturity. Moody's expects PBK will represent around 20% of net revenue of the combined business over the next 12 to 18 months. The affirmation of the B2 CFR reflects Moody's expectations that Michael Baker should experience solid organic revenue growth in the high single-digit range through 2026, supported by a large project backlog of $1.4 billion. The acquisition of PBK expands the company's size and geographic footprint in high-spend states like Texas, Florida, Georgia and California, significantly increases the number of architectural employees, and adds exposure to the education market, which is complementary to the company's existing state and local government infrastructure end markets. The newly extended and upsized ABL facility also provides additional liquidity support. Moody's considers the announced acquisition and financing plan to be a negative credit development as it materially weakens the company's credit metrics without extending its debt maturity profile. Moody's estimates that financial leverage increases by around 1x to 5.5x for the twelve months ended September 28, 2025, pro forma for a full year of PBK earnings and the incremental debt. Higher interest expense and deferred earnout payments for the acquisition diminish Moody's expectations for cash flow, which Moody's expects will be around break-even over the next 12 to 18 months. RATINGS RATIONALE Michael Baker's B2 CFR is constrained by the company's modest size within the highly competitive and fragmented US infrastructure services sector. Moody's expects about $1.9 billion of gross revenue in 2026. Challenges include retention and recruitment of highly skilled workers, inherent difficulties in estimating project costs, timing including weather delays, and meeting performance standards. The company's exposure to fixed-price contracts will increase to approximately 50% of net revenue following the acquisition of PBK. While these contracts can increase execution risk, they are generally higher margin and the company takes no construction risk. Profitability rates are modest, but Moody's anticipates that the PBK acquisition increases EBITA margins to around 10% based on gross revenue, with further improvements expected as the company expands into higher-margin services. The company's revenue is heavily dependent on US transportation infrastructure spending, which can be unpredictable due to variable project timing and cyclical funding. All financial metrics cited reflect Moody's standard adjustments. Supporting the rating is Moody's expectations for robust organic revenue growth in the high single-digit range, driven by a growing backlog and sustained demand from US government infrastructure spending, augmented by funding from the Infrastructure Investment and Jobs Act (IIJA) over the coming years. The company's long-standing customer relationships are a significant advantage, as they help predict project costs, facilitating competitive bidding while ensuring profitable pricing. Michael Baker's successful completion of six acquisitions since 2023 also helps mitigate integration risk. Moody's expects revenue growth and expanding profitability rates will drive debt/EBITDA down to 5x by the end of 2026. Moody's anticipates limited cash flow in 2026 as the company integrates PBK and makes one-time share repurchases and contingent earn-out payments. Over time, Moody's expects the company will maintain an aggressive acquisition growth strategy that could delay Moody's expectations for financial leverage reduction. There is also the potential for future debt-funded shareholder returns or a redemption of preferred shares. Moody's considers Michael Baker's liquidity profile to be adequate and supported by nearly $25 million of cash at September 30, 2025, pro forma for the proposed acquisition and financing and access to the new, unrated $250 million ABL facility expiring in 2030; Moody's anticipates the ABL will have about $8 million of borrowings pro forma at close. Moody's expects around break-even cash flow over the next 12 months and that the company will have access to around $200 million of borrowing capacity net cash or roughly full access including cash. Moody's cash flow estimate includes $12.25 million in annual mandatory debt amortization payments and $14 million in annual distributions to preferred equity holders, a one-time earnout payment of $13.4 million and a planned $27.5 million shareholder redemption in 2026. Moody's expects that the company may need to access the ABL facility to fund contingent earnout payments, make shareholder redemptions, or fund seasonal working capital requirements, but that any borrowings would be short-term in nature and repaid from free cash flow. The $714 million senior secured first lien term loan due December 2028, is rated B2, the same as the B2 CFR as this loan and the new unrated $500 million senior secured term loan due 2028 comprise the bulk of the company's funded debt. The rated and unrated senior secured term loans mature on the same date in December 2028 and rank pari-passu with one another pursuant to an intercreditor agreement. The loans are collateralized on a second lien basis by all assets that collateralize the unrated ABL and hold a first lien claim on remaining assets. The $250 million asset-based revolver that expires in 2030 is collateralized by substantially all assets of the obligor and guarantors with a first lien on receivables and a second lien on other assets. All of the company's debts are obligations of Michael Baker International, LLC and are guaranteed by domestic subsidiaries. The stable outlook reflects Moody's expectations for good organic revenue growth that will lower debt/EBITDA to 5x over the next 12 to 18 months. The stable outlook also includes Moody's assumptions that the company will refinance its term loans due 2028 well in advance of their maturity. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be downgraded if revenue and earnings decline, liquidity deteriorates, including through weaker than expected free cash flow or increased reliance on ABL facility borrowings, EBITA/interest coverage falls below 2x or if Moody's expects debt/EBITDA remains around 6x. The ratings could be upgraded if the company generates sustained revenue and earnings growth, adheres to a more conservative financial policy such that debt/EBITDA is maintained at or below 4x and improves free cash flow/debt to the high single-digit percentage range. 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. Headquartered in Pittsburgh, Pennsylvania, Michael Baker International, LLC specializes in engineering, planning, and consulting services for civil infrastructure projects such as highways, dams, bridges, and water systems. The company is majority-owned by affiliates of private equity sponsor DC Capital Partners, LLC. MID-COLORADO INVESTMENT:Trustee Taps LRE Water as Water Consultant ------------------------------------------------------------------ Joli A. Lofstedt, Chapter 11 Trustee of Mid-Colorado Investment Company, Inc., seeks approval from the U.S. Bankruptcy Court for the District of Colorado to employ LRE Water as water consultant. The firm will render these services: a. assist with compliance, including regulatory support and technical advice regarding the investigation of Debtor's business by CDPHE; b. provide well-health Hydrogeologic expertise to evaluate existing groundwater sources and long-term supply planning; c. assist with water-rate setting, including evaluating system costs, estimating user rates, analyzing rate structures, and conducting a comparison of water rates charged by similar nearby systems to support the Debtor's pricing for water delivered to the Sage Water Users Association; and d. if necessary, provide a valuation of the Debtor's water-delivery system and water rights. The LRE consultant who will work on this case will primarily be Jessica DiToro, whose hourly billing rate is $230. Other consultants may assist as well. Their hourly rates range from $215 to $233. Jessica DiToro of LRE Water assured the court the firm is disinterested, as that term is defined in 11 U.S.C. Sec. 101(14). The firm can be reached through: Jessica DiToro LRE Water 1221 Auraria Parkway Denver, CO 80204 Phone: (303) 455-9589 Email: Jessica.DiToro@LREwater.com About Mid-Colorado Investment Company, Inc. Mid-Colorado Investment Company provides bulk water services to a community in El Paso County and operates a small cattle ranch. Mid-Colorado Investment Company filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Colo. Case No. 25-11742) on March 31, 2025, listing up to $10 million in assets and up to $50,000 in liabilities. Charles A. Hagedorn, president and treasurer, signed the petition. Judge Joseph G. Rosania, Jr. oversees the case. The Debtor tapped Daniel J. Garfield, Esq., at Fairfield and Woods, PC as bankruptcy counsel and Hackstaff Snow Atkinson & Griess, LLC as special counsel. On Apr. 2, 2025, Joli Lofstedt was appointed as Chapter 11 trustee in this Chapter 11 case. The trustee tapped Onsager Fletcher Johnson Palmer LLC as counsel. MINISTERIOS UNA: Seeks to Tap Sheila Esmaili as Bankruptcy Counsel ------------------------------------------------------------------ Ministerios Una Voz Profetica En Las Naciones Inc. seeks approval from the U.S. Bankruptcy Court for the Central District of California to hire the Law Offices of Sheila Esmaili as bankruptcy counsel. The firm's services include: (a) advise the Debtor regarding matters of bankruptcy law and the requirements of the Bankruptcy Code and Bankruptcy Rules relating to the administration of its Chapter 11 case and the operation of its estate; (b) represent the Debtor in court proceedings and hearings involving matters of bankruptcy law; (c) assist in compliance with the requirements of the Office of the U.S. Trustee; (d) advise the Debtor with respect to its powers and duties in the continued operation of its business and management of property of the estate; (e) assist the Debtor in the administration of the estate's assets and liabilities; (f) prepare legal documents; (g) assist the Debtor in the collection of all accounts receivable and other claims it may have, and resolve claims against its estate; (h) advise the Debtor concerning the claims of creditors and the prosecution or defense of all actions; and (i) prepare, negotiate, prosecute, and attain confirmation of a plan of reorganization. The firm requests a post-petition retainer of $20,000. The hourly rates of the firm's counsel and staff are as follows: Tamar Terzian $500 Law Clerk and Paralegal $250 In addition, the firm will seek reimbursement for expenses incurred. The firm received a retainer of $41,738 for legal services and costs and in connection with the Bankruptcy Case, which includes the filing fee of $1,738. Sheila Esmaili, Esq., disclosed in a court filing that her firm is a "disinterested person" pursuant to Section 101(14) of the Bankruptcy Code. The firm can be reached through: Sheila Esmaili, Esq. Law Offices of Sheila Esmaili 10940 Wilshire Blvd., Suite 1600 Los Angeles, CA 90024 Telephone: (310) 734-8209 Facsimile: (877) 738-6220 Email: SELaw@bankruptcyhelpla.com About Ministerios Una Voz Profetica En Las Naciones Inc. Ministerios Una Voz Profetica En Las Naciones Inc. is a nonprofit religious corporation that provides faith-based services and religious education programs Ministerios Una Voz Profetica En Las Naciones Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-20769) on December 1, 2025. In its petition, the Debtor reports estimated assets and estimated liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Barry Russell handles the case. The Debtor is represented by Sheila Esmaili, Esq. of LAW OFFICES OF SHEILA ESMAILI. MOBIVITY HOLDINGS: Reports $3.3 Million Net Loss in 2025 Q3 ----------------------------------------------------------- Mobivity Holdings Corp. filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net loss of $3.3 million for the three months ended September 30, 2025, compared to a net loss of $2.5 million for the three months ended September 30, 2024. The Company had a net loss of $8.6 million for the nine months ended September 30, 2025, and used $6 million of cash in operating activities during that time. In the nine months ended September 30, 2024 the Company had a net loss of $7.2 million and used $5.4 million of cash in operating expenses. Revenues for the three months ended September 30, 2025 and 2024, were $853,614 and $226,208, respectively. For the nine months ended September 30, 2025 and 2024, the Company had revenues of $2,305,942 and $900,008, respectively. The Company had $1,655,318 of cash as of September 30, 2025. The Company raised $6.1 million in cash from convertible notes issued during 2025 and raised $5.3 million in cash convertible notes issued during 2024. As of September 30, 2025, the Company had $3,019,511 in total assets, $27,132,181 in total liabilities, and $24,112,670 in total stockholders' deficit. Mobivity's additional cash from its convertible notes along with its expected cash flow from operations, may not be sufficient to fund the Company's 12-month plan of operations, and there can be no assurance that it will not require significant additional capital within 12 months. The Company has incurred net losses from operations resulting in an accumulated deficit of $148.8 million as of September 30, 2025. Further losses are anticipated in the development of the Company's business raising substantial doubt about the Company's ability to continue as a going concern. The ability to continue as a going concern is dependent upon the Company generating profitable operations in the future and/or obtaining the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they come due. Management intends to finance operating costs over the next 12 months with proceeds from the sale of securities, and/or revenues from operations. A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/6c5b68me About Mobivity Holdings Mobivity Holdings Corp. develops and operates proprietary platforms that enable brands and enterprises to run data-driven marketing campaigns at both national and local levels. The Company's flagship product, Recurrency, is a self-service SaaS platform that empowers businesses to optimize promotions, media, and marketing spend. On average, Recurrency delivers a 13% increase in guest spend and a 26% improvement in visit frequency, resulting in a 10X Return on Marketing Spend. In other words, for every dollar invested, retailers using Recurrency generate approximately ten dollars in incremental revenue. In its report dated April 7, 2025, the Company's auditor M&K CPAS, PLLC, issued a "going concern" qualification citing that the Company has suffered net losses from operations and has a net capital deficiency, which raises substantial doubt about its ability to continue as a going concern. MODIVCARE INC: Exits Chapter 11 Bankruptcy, Reduces Debt by $1.1B ----------------------------------------------------------------- ModivCare Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on December 15, 2025, the U.S. Bankruptcy Court for the Southern District of Texas entered the Order: (I) Confirming Second Amended Joint Chapter 11 Plan of Reorganization of ModivCare Inc. and Its Debtor Affiliates and (II) Denying Motions of Official Committee of Unsecured Creditors for Leave, Derivative Standing, and Authority to Commence and Prosecute Certain Causes of Action on Behalf of Debtors' Estates, confirming the Second Amended Joint Chapter 11 Plan of Reorganization of ModivCare Inc. and its Debtor Affiliates, dated December 5, 2025. The Plan became effective on December 29, 2025, at which time the Debtors emerged from the Chapter 11 Cases. Modivcare achieved the objectives it set for this process, including meaningfully reducing funded debt by $1.1 billion--more than 85% of prior funded debt--and successfully adding $100 million in new capital. The Company has also reduced its annual cash interest expense, and is emerging with a stronger balance sheet, improved liquidity and increased financial flexibility. Modivcare continued to operate in the ordinary course of business throughout the restructuring process, with no interruption to services for clients, members, providers or partners. "This marks Day One of a stronger Modivcare," said Heath Sampson, Chief Executive Officer and President of Modivcare. "We took deliberate action to strengthen our financial foundation so we could focus fully on what matters most: delivering reliable access to care at scale and investing in the capabilities our clients need for the future. We emerge with greater stability, a clear strategy and the ability to invest more aggressively in technology, analytics and service excellence." Modivcare emerges from Chapter 11 protection as a privately-owned company, under the ownership of a group of seasoned investors who are committed to its success. "We have always believed in Modivcare's leadership position," said a representative of the investor group. "This restructuring strengthens the Company's ability to invest at scale in the technology, data, and operational capabilities that matter most to clients. Modivcare is well positioned to extend its leadership and continue delivering essential care in more efficient and innovative ways." The Company is proud to welcome new directors whose significant financial and strategic investments in Modivcare will help shape its future, alongside the continued guidance of many of its experienced Board members. Full text copies of the Plan and the Confirmation Order, copies of which are filed as Exhibits https://tinyurl.com/43cn6tc4 and https://tinyurl.com/46ekebm6, respectively. On the Effective Date, ModivCare consummated a restructuring pursuant to the Plan (including the Restructuring Transaction Steps Memorandum) and that certain purchase agreement with ModivCare Buyer, LLC. As contemplated by the Plan and the Purchase Agreement, ModivCare transferred substantially all of its assets to the Buyer in exchange for the Restructuring Consideration and the Exit Term Loans (as defined in the Purchase Agreement) (other than, for the avoidance of doubt, the loans under the Super Senior Exit Term Loan Credit Facility) and the Buyer's assumption of certain liabilities of ModivCare. As part of these transactions and pursuant to the Plan, all previously issued and outstanding equity interests in ModivCare were canceled, released and extinguished for no consideration, and certain Plan Securities consisting of new equity interests and warrants of ModivCare Topco, LLC, the Buyer's ultimate parent entity, were distributed to creditors and other parties entitled to distributions under the Plan. As a result of these actions, a change in control of ModivCare occurred, and ownership of the reorganized enterprise is now held by recipients of such Plan Securities. The Company intends to terminate the registration of its securities and its reporting obligations under the Securities Exchange Act of 1934, as amended, and continue as a private company. Exit Facilities: On the Effective Date, certain affiliates of the Company acquired by the Buyer on the Effective Date pursuant to the Purchase Agreement entered into certain exit financing arrangements contemplated by the Plan with the Buyer as borrower, ModivCare Intermediate, LLC, and Wilmington Trust, National Association as administrative and collateral agent consisting of a new money super senior secured term loan facility in an aggregate principal amount of $100,000,000 and a second-out senior secured term loan facility consisting of $300,000,000 in takeback term loans. The obligations of the Buyer under the Exit Term Loan Credit Facilities are guaranteed by ModivCare Intermediate and the Buyer's material domestic subsidiaries, subject to certain customary exceptions. Under the Exit Term Loan Credit Facilities, interest accrues at Term SOFR (subject to a 1.00% floor) plus the Applicable Rate. For the Super Senior Exit Term Loan Credit Facility, the Applicable Rate steps up annually from 4.25% to 7.25% for Benchmark Loans (and 3.25% to 6.25% for ABR Loans), with interest payable in cash on scheduled Interest Payment Dates. For the Takeback Term Loan Credit Facility, the Applicable Rate is 5.00% for Benchmark Loans (and 4.00% for ABR Loans) with interest payable on scheduled Interest Payment Dates. Interest on the Takeback Term Loan Credit Facility may be PIK up to 350 bps of the Applicable Rate (or, upon a Full PIK Trigger Event tied to specified liquidity thresholds, up to 100%). The Super Senior Exit Term Loan Credit Facility was issued with 2.50% OID, and repayment of the Super Senior Term Loans on and after the first anniversary of the Effective Date is subject to an Applicable Premium, stepping up annually from 1% to 3%. Each Exit Term Loan Credit Facility amortizes at 0.25% of aggregate principal per quarter, and each Exit Term Loan Credit Facility matures in December 2030. The Exit Term Loan Credit Facilities provide, among other things, working capital liquidity and fund plan distributions and other payments in accordance with the Plan. The Exit Term Loan Credit Facilities are secured by liens on and security interests in substantially all assets of the applicable Reorganized Debtors, subject to customary exceptions, with the priority set forth in the Exit Facilities Documents. The Exit Facilities Documents contain customary representations, warranties, covenants and events of default for financings of this type. A full text copy of the Exit Term Loan Credit Agreement, the form of which is provided as Exhibit K to the Fifth Plan Supplement to the Second Amended Joint Chapter 11 Plan of Reorganization of ModivCare Inc. and Its Debtor Affiliates, is available at https://tinyurl.com/2tv75fn2 Purchase Agreement: On the Effective Date, ModivCare entered into the Purchase Agreement with the Buyer, as contemplated by and consistent with the Plan. Under the Purchase Agreement, ModivCare transferred the Transferred Assets (as defined in the Purchase Agreement), which constitute substantially all of ModivCare's assets, to the Buyer, and the Buyer delivered to ModivCare the Restructuring Consideration and the Exit Term Loans (other than, for the avoidance of doubt, the loans under the Super Senior Exit Term Loan Credit Facility) and assumed certain liabilities of ModivCare (such transfer, delivery and assumption, the "Asset Transfer"). The Purchase Agreement otherwise contains customary covenants, conditions and remedies and remains subject to the terms of the Plan. A full text copy of the Purchase Agreement is available at https://tinyurl.com/3ejhrutp Termination of a Material Definitive Agreement: On the Effective Date, pursuant to the Plan and the Confirmation Order, all agreements, instruments and other documents evidencing or governing claims and interests against the Debtors that were not assumed under the Plan, including, without limitation, the prepetition credit facilities. indentures and any related guarantees and security documents and the senior secured superpriority priming debtor-in-possession term loan credit facility and any related guarantees and security documents, were canceled, released and discharged, except for the purpose of evidencing a right to distributions under the Plan, and except as otherwise provided in the Plan. Completion of Acquisition: On the Effective Date, the Company and the Buyer closed the Asset Transfer contemplated by the Purchase Agreement, thereby completing the disposition of substantially all of the consolidated assets of the Company. The Company is currently unable to prepare pro forma financial information reflecting the Asset Transfer without unreasonable effort or expense, and therefore such information is not reasonably available to the Company within the meaning of Rule 12b-21 under the Exchange Act. Changes in Control: On the Effective Date, a change in control of the Company occurred as a result of the cancellation of all existing equity interests and the Asset Transfer. Following the Effective Date, the Transferred Assets are owned by the Buyer, which is indirectly owned by the recipients of the Plan Securities issued in connection with the Asset Transfer as described in the Plan (including the Restructuring Transaction Steps Memorandum) and the Purchase Agreement, including holders of First Lien Claims, General Unsecured Claims and other parties entitled to receive Plan distributions, subject to dilution by the management incentive plan, the DIP backstop premium, the equity rights offering and New Warrants, all as described in the Plan. The specific allocations are set forth in the Plan and related election procedures and plan supplement documents. Departure of Directors: Upon the Effective Date, each of the officers of ModivCare serving immediately prior to the Effective Date other than Scott Kern (Vice President, Corporate Development) were deemed to have resigned in accordance with the Plan. Mr. Kern will remain as the sole officer of ModivCare from and after the Effective Date in accordance with the Plan. Director Transitions: Effective as of the Effective Date, each of the members of the board of directors of ModivCare serving immediately prior to the Effective Date were deemed to have resigned from the board of directors in accordance with the Plan. Also effective as of the Effective Date, Scott Kern was appointed to the board of directors of ModivCare in accordance with the Plan. Termination of Equity Plans: Pursuant to and subject to the terms of the Plan, on the Effective Date, the obligations of the Company and the other Debtors under all equity incentive plans of the Company and all documentation related thereto are being terminated. The material terms of the Company's equity plans were previously described in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024, filed with the SEC on March 6, 2025, and are incorporated by reference herein. About ModivCare ModivCare Inc. is a technology-enabled healthcare services company that provides a suite of integrated supportive care solutions for public and private payors and their members. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-90309) on August 20, 2025. In the petition signed by Chad J. Shandler, chief transformation officer, the Debtor disclosed up to $10 billion in both assets and liabilities. Judge Alfredo R. Perez oversees the case. Timothy A. Davidson II, Esq., at Hunton Andrews Kurth LLP, represents the Debtor as legal counsel. NASITRA LLC: Unsecureds Will Get 46% of Claims over 60 Months ------------------------------------------------------------- Nasitra, LLC, d/b/a America's Backyards & Outdoor Living, filed with the U.S. Bankruptcy Court for the Southern District of Texas a Plan of Reorganization dated Dec. 31, 2025. The Debtor operates as a trading company in Texas specializing in home furnishing and outdoor living products. The Debtor's products are sold in big box stores and smaller retailers, as well as online. The Debtor has been in business since approximately 2013 providing outdoor furniture and accessories for retail sales. Nasitra encountered financial issues due to tariffs and fallout from covid. Nasitra took out several loans in 2024 and 2025 but the required repayments of the loans was causing severe financial conditions for the Debtor. Nasitra filed this chapter 11 case on October 2, 2025, to restructure its debts and to continue in business. Nasitra had debts as of the filing date of approximately $495,253, which included secured and unsecured amounts. The Debtor has provided projected financial information which demonstrates that the Debtor will have sufficient funds to pay its operational expenses and make the plan payments during the term of the Plan. This Plan of Reorganization proposes to pay Debtor's creditors from the cash flow generated in the ordinary course of the Debtor's business after confirmation and from the operations of the Properties. Class 6 consists of all other non-priority unsecured claims. The aggregate amount of Class 6 claims is approximately $301,000. The Debtor will pay the projected disposable income for sixty months following the Effective Date to creditors in this class with allowed claims in the amount set forth on the projections with this plan. The payments to unsecured creditors will be escrowed by the Subpart V Trustee or the Debtor and paid on at least a calendar quarterly basis. If any amounts owed to any creditor are less than $50 for any distribution, the distribution may be held in escrow until such distribution is at least $50. The projected payments on unsecured claims are approximately 46%. Class 6 is impaired. Class 7 consists of the equity interests in the Debtor. The equity security holders will retain the interest in the Debtor. The Debtor will retain the property of the bankruptcy estate, which will include the Properties. The Debtor will make the payments as set forth in the Projections to either the creditors or to the Subpart V Trustee. A full-text copy of the Plan of Reorganization dated December 31, 2025 is available at https://urlcurt.com/u?l=owAJ3a from PacerMonitor.com at no charge. Counsel to the Debtor: Reese Baker, Esq. Baker & Associates 950 Echo Lane, Ste. 300 Houston, Texas 77024 Tel: (713) 979-2279 Fax: (713) 869-9100 About Nasitra LLC Nasitra, LLC, d/b/a America's Backyards & Outdoor Living, operates as a Texas-based trading company specializing in home furnishings and outdoor living products sold through large retailers and online platforms. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-35828) on Oct. 2, 2025. In the petition signed by John Hunt, manager, the Debtor disclosed up to $500,000 in assets and up to $10 million in liabilities. Judge Jeffrey P. Norman oversees the case. Reese Baker, Esq., at Baker & Associates, represents the Debtor as legal counsel. NEAL MEATS: Seeks to Hire JB James Law Firm as Bankruptcy Counsel ----------------------------------------------------------------- Neal Meats, LLC, seeks approval from the U.S. Bankruptcy Court for the Western District of Missouri to hire JB James Law Firm as counsel. The firm will advise the Debtor regarding its duties under the Bankruptcy Code, and provide other legal services related to its Chapter 11 case. JB James does not represent any interest adverse to the Debtor, according to court filings. The firm can be reached through: Jim James, Esq. JB James Law Firm, PC 4650 S. National, Ste. C-5 Springfield, MO 65810 Tel: (417) 886-5940 Fax: (417) 886-4343 Email: jimjames@jbjameslawfirm.com About Neal Meats Neal Meats, LLC, provides USDA-inspected meat processing services from its facility in Seymour, Missouri, where it handles beef, pork, and deer for both custom and USDA markets. Founded in 2020 by Will and Julia Neal, the Company operates a 9,500-square-foot plant equipped with advanced cooling systems, vacuum packaging machines, and smoking equipment for specialty products such as sausages and bacon. The business serves farmers, ranchers, and individual customers across the region, emphasizing product quality, food safety, and secure handling. Neal Meats, LLC, in Seymour MO, sought relief under Chapter 11 of the Bankruptcy Code filed its voluntary petition for Chapter 11 protection (Bankr. W.D. Mo. Case No. 25-60458) on July 21, 2025, listing as much as $1 million to $10 million in both assets and liabilities. William Neal as managing member, signed the petition. JB JAMES LAW FIRM serves as the Debtor's legal counsel. NEW WORLD: Court OKs Bid Rules for Construction Equipment Sale -------------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Texas, Dallas Division, has permitted New World Contracting LLC to sell construction equipment at Auction, free and clear of liens, claims, interests, and encumbrances. The Debtor employs Rosen Systems Incorporated as equipment auctioneer agent to perform sales consulting and advisory services and to market and sell certain heavy duty road construction equipment. An overview of the details and description of the construction equipment that are to be sold is provided in the Exhibit A at https://urlcurt.com/u?l=L1Hzz3. The Court found that the Debtor has demonstrated good and sufficient reasons for approving the Bidding Procedures, approving the manner of notice of the Motion, and establishing the Bid process under Rosen, and the Auction. The Bidding Procedures conducted by Rosen are reasonable and appropriate and represent the best method for maximizing the realizable value of the Sale Assets. The Court has authorized the Debtor to sell the equipment at auction and to take all actions necessary to effectuate the relief granted in the Order. The Order shall be binding and inure to the benefit of the Debtor, including any chapter 7 or chapter 11 trustee or other fiduciary appointed for the estate of the Debtor. Special Provisions Applicable to Prosperity Bank, N.A. Prosperity has filed a limited objection to the Motion. As evidenced by the signature of Prosperity's counsel as reflected below, Prosperity's objection is hereby resolved subject to the condition that the auction sale net proceeds shall result in either satisfaction thru the Plan of Liquidation. About New World Contracting New World Contracting, LLC is a construction company specializing in public infrastructure projects including schools, parks, historic restorations, highways, bridges, and hospitals. Based in Rockwall, Texas, New World Contracting has worked with government entities such as the U.S. Army Corps of Engineers and the Department of Defense. It was founded in 2013 and is woman-owned, minority-owned, and certified as a disadvantaged business enterprise. New World Contracting sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-31944) on May 28, 2025. In its petition, the Debtor reported total assets of $9,329 and total liabilities of $1,567,984. Judge Stacey G. Jernigan oversees the case. The Debtor is represented by Kevin S. Wiley, Sr., at Wiley Law Group, PLLC. NIGHTFOOD HOLDINGS: Expands Manufacturing Plans to Meet Demands --------------------------------------------------------------- Nightfood Holdings, Inc. doing business as TechForce Robotics provided an update on its manufacturing and production-scale strategy as the Company prepares to meet current demand and anticipated growth in the coming year. TechForce currently sources production through its established manufacturing partner in Beijing, China, which serves as the Company's exclusive manufacturing and technology partner for select robotic platforms in the United States market. While this facility has consistently delivered high-quality units and supported TechForce's initial commercial rollouts, its current production capacity is unlikely to meet the anticipated increase in demand next year. In response, TechForce has initiated a parallel manufacturing expansion plan aimed at onboarding a significantly larger, globally scaled manufacturing partner. This initiative is designed to ensure the Company can support projected increases in customer demand across enterprise, franchise, and multi-location deployments beginning next year, while maintaining strict quality control, supply-chain resilience, and cost efficiency. "Our Beijing-based manufacturing partner has been instrumental in supporting our early commercialization efforts," said Ried Floco, TechForce Robotics President. "However, as customer interest accelerates and pilot programs convert into larger fleet deployments, we are proactively preparing for scale. Our team is working diligently to secure additional manufacturing capacity that can support mass production, faster delivery timelines, and long-term growth." The Company emphasizes that its manufacturing expansion strategy is aligned with its broader operational roadmap, which includes scaling its Robotics-as-a-Service (RaaS) deployments, expanding enterprise partnerships, and supporting national and international rollouts across hospitality, food service, airports, venues, museums, and other large-footprint commercial environments. TechForce expects to provide additional updates as discussions with potential large-scale manufacturing partners progress. About TechForce Robotics TechForce Robotics, Inc. is an AI-driven service-robotics and automation company focused on developing, deploying, and scaling autonomous robotic solutions for hospitality, food service, and commercial applications. Through a vertically integrated platform that combines robotics technology, real-world operating environments, and scalable manufacturing, TechForce is positioned to accelerate the adoption of automation across multiple industries. About Nightfood Holdings Tarrytown, N.Y.-based Nightfood Holdings, Inc. is focused on identifying and exploiting explosive market trends within the hospitality, food services, and consumer goods sectors. By leading newly emerging categories and by identifying opportunities in markets undergoing transformational upheaval, the Company's aim is to create upside potential unmatched in more mature markets. As of September 30, 2025, the Company had $128,793,702 in total assets, $40,350,129 in total liabilities, $106,324,241 in total temporary equity, and $17,880,668 in total stockholders' deficit. Spokane, Wash.-based Fruci & Associates II, PLLC, the Company's auditor since 2024, issued a "going concern" qualification in its report dated October 14, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended June 30, 2025, citing that the Company has an accumulated deficit, limited available cash resources and does not believe cash on hand will be sufficient to fund operations and growth. These factors, among others, raise substantial doubt about the Company's ability to continue as a going concern. NORCOLD LLC: Committee Hires Saul Ewing LLP as Co-Counsel --------------------------------------------------------- The official committee of unsecured creditors of Norcold LLC seeks approval from the U.S. Bankruptcy Court for the District of Delaware to hire Saul Ewing LLP as its co-counsel. The firm's services include: (a) providing legal advice to the Committee with respect to its rights, duties, and powers in this Chapter 11 Case, bearing in mind that the Court relies on Delaware counsel to be involved in all aspects of the bankruptcy proceeding; (b) assisting the Committee in its analysis of, and negotiations with, the Debtor or any third-party concerning matters related to this Chapter 11 Case; (c) reviewing and analyzing applications, orders, statements of operations, and schedules filed with the Court and advising the Committee as to their propriety; (d) assisting the Committee in preparing pleadings and applications, pursuant to local rules, practices, and procedures, as may be necessary in furtherance of the Committee's interests and objectives; (e) appearing as necessary in Court and at any meetings of creditors as co-counsel on behalf of the Committee; and (f) performing such other legal services as may be required or are otherwise deemed to be in the interests of the Committee in accordance with the Committee's powers and duties as set forth in the Bankruptcy Code, Bankruptcy Rules, or other applicable law. The firm will be paid at these hourly rates: 2025 2026 Partners $545 to $1,300 $595 to $1,410 Special Counsel $550 to $1,080 $595 to $1,170 Associates $325 to $585 $380 to $630 Paraprofessionals $240 to $445 $265 to $450 The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Lucian B. Murley, Esq., a partner at Saul Ewing 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 at: Lucian B. Murley, Esq. Saul Ewing LLP 1201 N. Market Street, Suite 2300 Wilmington, DE 19801 Tel: (302) 421-6800 Email: luke.murley@saul.com About Norcold LLC Norcold LLC is a recreational vehicle refrigerator manufacturer. Norcold LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-11933) on November 3, 2025. In its petition, the Debtor reports more than $300 million. Bankruptcy Judge Thomas M. Horan handles the case. The Debtor is represented by Sean Matthew Beach, Esq., Simcha Trager, Esq., Matthew Barry Lunn, Esq., Roger Sharp, Esq., Rodney Square, Esq., and Jared W Kochenash, Esq. of Young Conaway. Stretto, Inc. is the Debtor's claims and noticing agent. NORCOLD LLC: Committee Taps Eversheds Sutherland as Co-Counsel -------------------------------------------------------------- The official committee of unsecured creditors of Norcold LLC seeks approval from the U.S. Bankruptcy Court for the District of Delaware to hire Eversheds Sutherland (US) LLP as its co-counsel. The firm's services include: a. rendering legal advice regarding the Committee's organization, duties, and powers in this Chapter 11 Case; b. assisting the Committee in investigating the acts, conduct, assets, liabilities, and financial condition of the Debtor; c. participating in the Debtor's proposed sale processes for substantially all of their assets and advising the Committee with respect to the same; d. analyzing any chapter 11 plan and related disclosure statement filed by the Debtor; e. attending meetings of the Committee and meetings with the Debtor, the DIP Lender, Renco, and their attorneys and other professionals, and participating in negotiations with these parties, as requested by the Committee; f. taking all necessary action to protect and preserve the interests of the Committee, including the possible prosecution of actions on its behalf and investigations concerning litigation in which the Debtor or its insiders are involved; g. assisting the Committee with respect to communications with the general unsecured creditor body about significant matters in this Chapter 11 Case; h. reviewing, analyzing, and, where necessary, challenging, claims filed against the Debtor's estate and alleged liens on assets of the bankruptcy estate; i. representing the Committee in hearings before the Court, appellate courts, and other courts in which matters may be heard, and representing the interests of the Committee before those courts; j. assisting the Committee in preparing all necessary motions, applications, responses, reports, and other pleadings in connection with the administration of this Chapter 11 Case; and k. providing such other legal assistance as the Committee may deem necessary and appropriate. The firm will be paid at these hourly rates: Partners $865 to $1,985 Counsel, Of Counsel & Senior Counsel $800 to $1,250 Associates $505 to $935 Other Professionals $75 to $590 The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Todd Meyers, Esq., a partner at Eversheds Sutherland (US), also provided the following in response to the request for additional information set forth in Section D of the Revised U.S. Trustee Guidelines: a. Eversheds did not agree to a variation of its standard or customary billing arrangements for this engagement; b. none of the professionals included in this engagement have varied their rate based upon the geographic location of the Chapter 11 Cases; c. the Committee retained Eversheds on November 25, 2025. The billing rates for the 2025 year prior to this application are the same as indicated in this Application; d. Eversheds anticipates filing a budget at the time it files its interim fee applications. In accordance with the United States Trustee Guidelines, the budget may be amended as necessary to reflect changed circumstances or unanticipated developments. Mr. Meyers 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: Todd C. Meyers, Esq. Eversheds Sutherland (US) LLP 999 Peachtree Street NW, Suite 2300 Atlanta, GA 30309 Telephone: (404) 868 -6645 Email: ToddMeyers@eversheds-sutherland.com About Norcold LLC Norcold LLC is a recreational vehicle refrigerator manufacturer. Norcold LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-11933) on November 3, 2025. In its petition, the Debtor reports more than $300 million. Bankruptcy Judge Thomas M. Horan handles the case. The Debtor is represented by Sean Matthew Beach, Esq., Simcha Trager, Esq., Matthew Barry Lunn, Esq., Roger Sharp, Esq., Rodney Square, Esq., and Jared W Kochenash, Esq. of Young Conaway. Stretto, Inc. is the Debtor's claims and noticing agent. NORCOLD LLC: Committee Taps Province LLC as Financial Advisor ------------------------------------------------------------- The official committee of unsecured creditors of Norcold LLC seeks approval from the U.S. Bankruptcy Court for the District of Delaware to hire Province, LLC as its financial advisor. The firm's services include: (a) becoming familiar with and analyzing the Debtors' DIP budget, assets and liabilities, and overall financial condition; (b) reviewing financial and operational information furnished by the Debtors; (c) monitoring the sale process, interfacing with the Debtors' professionals, and advising the Committee regarding the process; (d) scrutinizing the economic terms of various agreements, including, but not limited to, various professional retentions; (e) analyzing the Debtors' proposed business plans and developing alternative scenarios, if necessary; (f) assessing the Debtors' various pleadings and proposed treatment of unsecured creditor claims therefrom; (g) preparing, or reviewing as applicable, avoidance action and claim analyses; (h) assisting the Committee in reviewing the Debtors' financial reports, including, but not limited to, statements of financial affairs, schedules of assets and liabilities, DIP budgets, and monthly operating reports; (i) advising the Committee on the current state of these chapter 11 cases; (j) advising the Committee in negotiations with the Debtors and third parties as necessary; (k) if necessary, participating as a witness in hearings before the Court with respect to matters upon which Province has provided advice; and (l) other activities as are approved by the Committee, the Committee's counsel, and as agreed to by Province. Province's current standard hourly rates are: Per Hour (USD) Managing Directors and Partners $850 to $1,450 Vice Presidents, Directors, and Senior Directors $700 to $1,050 Analysts, Associates, and Senior Associates $350 to $825 Paraprofessional / Admin $270 to $450 Effective as of January 1, 2026, the firm's revised hourly rates are: Managing Directors and Principals $900 to $1,600 Vice Presidents, Directors, and Senior Directors $700 to $1,050 Analysts, Associates, and Senior Associates $370 to $750 Paraprofessional / Admin / Interns $270 to $380 In addition, the firm will seek reimbursement for expenses incurred. Sanjuro Kietlinski, Esq., a partner at Province, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Sanjuro Kietlinski Province LLC 2360 Corporate Circle, Suite 340 Henderson, NV 89074 Telephone: (702) 685-5555 E-mail: info@provincefirm.com About Norcold LLC Norcold LLC is a recreational vehicle refrigerator manufacturer. Norcold LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-11933) on November 3, 2025. In its petition, the Debtor reports more than $300 million. Bankruptcy Judge Thomas M. Horan handles the case. The Debtor is represented by Sean Matthew Beach, Esq., Simcha Trager, Esq., Matthew Barry Lunn, Esq., Roger Sharp, Esq., Rodney Square, Esq., and Jared W Kochenash, Esq. of Young Conaway. Stretto, Inc. is the Debtor's claims and noticing agent. PACIFIC RADIO: Gets Final OK to Use Cash Collateral --------------------------------------------------- The U.S. Bankruptcy Court for the Central District of California, Los Angeles Division, entered a final order granting Pacific Radio Exchange, Inc. approval to use cash collateral. The court authorized the Debtor to use cash collateral on a final basis to pay the expenses set forth in its budget. The Debtor may deviate from the budget by increasing any individual line item by up to 15%, provided no expenses are paid outside the approved categories. The authorization remains effective through confirmation of a Chapter 11 plan, or until the Debtor's Chapter 11 case is converted or dismissed, whichever occurs first. The court found that the secured creditors are adequately protected, and no further restrictions or interim limitations were imposed on the Debtor's use of cash collateral under the final order. The final order is available at https://is.gd/ixUXuF from PacerMonitor.com. Pacific Radio Exchange operates a professional audio/visual distribution business from a storefront and warehouse in Burbank, California, generating most of its revenue from point-of-sale orders, online sales, and walk-in customers. The Debtor values its assets at $693,499 against approximately $583,901 in secured claims, leaving an estimated 16% equity cushion. The Debtor also challenges certain liens, including those held by MNR Capital and Pathway Funding, as invalid due to discrepancies in their security agreements. About Pacific Radio Exchange Inc. Pacific Radio Exchange Inc., doing business as PacRad, supplies professional audio, video, DJ, and broadcast equipment. The Company offers products such as bulk and custom cables, connectors, fiber optics, networking gear, and power management tools. It serves both individual consumers and industry professionals with AV solutions and custom services. Pacific Radio Exchange sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Calif. Case No. 25-16614) on August 1, 2025. In its petition, the Debtor reported total assets of $94,813 and total liabilities of $1,690,315. Honorable Bankruptcy Judge Vincent P. Zurzolo handles the case. The Debtor is represented by Matthew D. Resnik, Esq., at RHM Law, LLP. PALWAUKEE HOSPITALITY: Claims to be Paid from $100K Carveout ------------------------------------------------------------ Palwaukee Hospitality, LLC, filed with the U.S. Bankruptcy Court for the Northern District of Illinois a Disclosure Statement in conjunction with its Plan of Liquidation dated December 31, 2025. The Debtor has liquidated its assets in order to allow payments to creditors in accordance with the terms of the proposed Plan of Liquidation. The Debtor's Plan of Liquidation provides for distributions to the holders of allowed claims from a carve out of a total of $100,000.001 from the sale in May, 2025 of the hotel owned by the Debtor located at 600 N. Milwaukee, Prospect Heights, Illinois 60070 relating to 03-24-202-058-0000 including all permanent buildings and other improvements thereon, all easements, rights of way, reservations, privileges, appurtenances, and other estates and rights of Seller pertaining to the land and improvements, and all tangible and intangible and personal property, including without limitation, all equipment, furniture fixtures, inventories, supplies, licenses, permits, warranties, guarantees, plans, phone numbers, and other assets used exclusively in connection with the ownership, use, operation or maintenance of the Property as described herein and the "Holiday Inn Express" hotel operated from the Property ("Hotel") generated through the liquidation of the Debtor's assets. This Liquidating Plan provides for the distribution of the $100,000.00 carve out as required by the distributions required by the Bankruptcy Code ("the waterfall"). To that extent, 1) all Administrative Claims will be paid in full and if there are insufficient funds to pay all Administrative Claims those claims shall be paid pro rata; 2) all Unsecured Priority Claims will be paid in full and if there are insufficient funds to pay all Unsecured Priority Claims those claims shall be paid pro rata; and 3) all Unsecured Non-Priority Claims will be paid in full and if there are insufficient funds to pay all Unsecured Non-Priority Claims those claims shall be paid pro rata. After the Distribution of the $100,000.00, the Debtor will be dissolved as an entity, and any remaining debt will not be paid and will be discharged. Class 1 consists of Allowed General Unsecured Claims. General Unsecured Claims total $776,672.60. Distributions to General Unsecured Creditors shall be paid from proceeds of sale of the Debtor's assets after the payment to Administrative Claimants and Priority Creditors pro rata. No distribution to general unsecured creditors is anticipated. The Plan is self-executing. The Debtor shall not be required to execute any newly created documents to effectuate the terms of the Plan, and the Debtor will receive a Discharge upon the payment of all payments provided by this Plan. The Debtor will fund this this Plan only through the $100,000.00 carve out. The Plan is feasible given the carve out of $100,000.00 and the disbursement of funds proposed. A full-text copy of the Disclosure Statement dated December 31, 2025 is available at https://urlcurt.com/u?l=tEpvVw from PacerMonitor.com at no charge. Palwaukee Hospitality, LLC is represented by: Paul M. Bach, Esq. Penelope N. Bach, Esq. Bach Law Offices, Inc. P.O. BOX 1285 Northbrook, IL 60062 Telephone: (847) 564 0808 About Palwaukee Hospitality Palwaukee Hospitality LLC operates a hotel property located at 600 N. Milwaukee Avenue in Prospect Heights, Illinois. Palwaukee Hospitality sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-02685) on Feb. 23, 2025. In its petition, the Debtor estimated assets and liabilities between $1 million and $10 million. Bankruptcy Judge Deborah L. Thorne handles the case. Penelope N. Bach, at Bach Law Offices, is the Debtor's counsel. PECF USS III: Moody's Lowers PDR to 'D-PD' Amid Chapter 11 Filing ----------------------------------------------------------------- Moody's Ratings downgraded PECF USS Intermediate Holding III Corporation's ("USS") probability of default rating to D-PD from Ca-PD and affirmed its corporate family rating at Ca. At the same time, Moody's downgraded the ratings of Vortex Opco, LLC's ("Vortex"), a USS non-guarantor restricted subsidiary, backed senior secured first-lien revolving credit facility, backed senior secured first-lien first-out term loan, and senior secured first-lien first-out notes to Caa1 from B3, and Moody's affirmed the ratings of Vortex's backed senior secured first-lien second-out term loan, at C. Moody's also affirmed the rating on USS' senior secured first-lien term loan, and USS' senior unsecured notes at C. The outlook for both entities is stable. These actions follow USS's announcement on December 29, 2025 that the company and certain subsidiaries initiated Chapter 11 proceedings in the US Bankruptcy Court for the District of New Jersey [1]. The Chapter 11 filing resulted in the downgrade of USS's PDR to D-PD. The Ca CFR reflects the default and Moody's expectations for a below-average family recovery for debt holders. The downgrade of Vortex's backed senior secured first-lien revolving credit facility, backed senior secured first-lien first-out term loan, and senior secured first-lien first-out notes reflects Moody's views on potential recoveries across the capital structure notwithstanding their priority position in the capital structure and the nature of this contemplated restructuring. Governance considerations are material to the rating action due to an untenable capital structure and the bankruptcy filing. RATINGS RATIONALE USS's capital structure prior to the Chapter 11 filing was unsustainable due to very high leverage, negative free cash flow and weak liquidity. The company's credit quality is also negatively impacted by Moody's expectations for continued softness in USS' operating performance and moderate revenue concentration in the highly cyclical residential and commercial construction end markets. Following its recent Chapter 11 announcement, USS entered into a restructuring support agreement (RSA) with an ad hoc group of existing lenders (Ad Hoc Lender Group) and equity sponsor affiliates Platinum Equity LLC ("Platinum"). The deal enables a comprehensive capital restructuring in which the ABL facility and first-out loans are paid in full, and second-out term loan holders, third-out term loan holders and unsecured loan holders are largely equitized on a pro-rated basis, and old equity is cancelled. New capital would be raised through a rights offering, primarily subscribed/backstopped by senior lenders. The company has received $120 million in debtor-in-possession (DIP) financing from members of the Ad Hoc Lender Group, to ensure USS's operations continue during restructuring. The stable outlook reflects Moody's views that the ratings are properly positioned based on expected recoveries. Shortly following this rating action, Moody's will withdraw all ratings of USS. USS's Ca rating is two notches below the scorecard-indicated outcome. The difference is explained by the company's weaker than anticipated operating performance and liquidity, very aggressive financial policies, and Moody's view that the company's capital structure is untenable. Headquartered in Westborough, MA, USS is a provider of portable sanitation units, temporary fencing, storage containers and temporary electric equipment serving the construction, commercial, industrial, special event, government agency, and other end markets. PILGRIM LAND: Case Summary & Three Unsecured Creditors ------------------------------------------------------ Debtor: Pilgrim Land Management, LLC 700 FM 1335 Cooper TX 75432 Business Description: Pilgrim Land Management, LLC is a Cooper, Texas–based single-asset real estate company engaged in agricultural land holdings and farming operations. The Company provides real estate management and leasing services for its property, operating under NAICS 5313. Chapter 11 Petition Date: January 5, 2026 Court: United States Bankruptcy Court Eastern District of Texas Case No.: 26-40063 Judge: Hon. Brenda T. Rhoades Debtor's Counsel: Brandon Tittle, Esq. TITTLE LAW FIRM, PLLC 13155 Noel Rd., Suite 900 Dallas TX 75240 Tel: 972-213-2316 E-mail: bittle@tittlelawgroup.com Debtor's Financial Advisor: ARMANINO, LLP Estimated Assets: $10 million to $50 million Estimated Liabilities: $1 million to $10 million The petition was signed by Patrick Pilgrim as member. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/PJWDTUA/Pilgrim_Land_Management_LLC__txebke-26-40063__0001.0.pdf?mcid=tGE4TAMA List of Debtor's Three Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Nutrien Ag Solutions Guaranteed Debt $11,649,457 630 Mt. Pleasant St. Pittsburg, TX 75686 2. Delta County Tax Office Taxes & Other $32,411 P.O. Box 388 Government Units Cooper, TX 75432 3. Lamar County Taxes & Other $22,479 Appraisal District Government Units P.O. Box 400 Paris, TX 75461 PPF FARMS: Case Summary & 14 Unsecured Creditors ------------------------------------------------ Debtor: PPF Farms, LLC 700 FM 1335 Cooper TX 75432 Business Description: PPF Farms, LLC is a Cooper, Texas–based agricultural company engaged in farming and crop production, operating in Delta County and serving the regional agricultural market. The Company's activities are closely linked to cotton production, with operations associated at the same location as PPF Gin & Warehouse, LLC, a cotton ginning and processing facility. Chapter 11 Petition Date: January 5, 2026 Court: United States Bankruptcy Court Eastern District of Texas Case No.: 26-40062 Judge: Hon. Brenda T. Rhoades Debtor's Counsel: Brandon Tittle, Esq. TITTLE LAW FIRM, PLLC 13155 Noel Rd, Suite 900 Dallas TX 75240 Tel: 972-213-2316 E-mail: btittle@tittlelawgroup.com Debtor's Financial Advisor: ARMANINO, LLP Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Patrick Pilgrim as member. A copy of the Debtor's list of 14 unsecured creditors is available for free on PacerMonitor at: https://www.pacermonitor.com/view/SBT2D7A/PPF_Farms_LLC__txebke-26-40062__0002.0.pdf?mcid=tGE4TAMA A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/PBKMOVQ/PPF_Farms_LLC__txebke-26-40062__0001.0.pdf?mcid=tGE4TAMA PPF GIN: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------ Debtor: PPF Gin & Warehouse, LLC 700 FM 1335 Cooper TX 75432 Business Description: PPF Gin & Warehouse, LLC, based in Cooper, Texas, operates in the cotton industry, providing ginning services and managing cotton production through agreements with farmers. The Company owns and operates multiple facilities, including gins, warehouses, and seed locations across Texas in Cooper, Paris, Reno, Deport, and Wolfe City. PPF engages in vertical integration by assisting farmers with planting and purchasing cotton at preset prices, supporting large-scale cotton production across the region. Chapter 11 Petition Date: January 5, 2026 Court: United States Bankruptcy Court Eastern District of Texas Case No.: 26-40061 Judge: Hon. Brenda T. Rhoades Debtor's Counsel: Brandon Tittle, Esq. TITTLE LAW FIRM, PLLC 13155 Neol Rd., Suite 900 Dallas TX 75240 Tel: 972-213-2316 E-mail: btittle@tittlelawgroup.com Debtor's Financial Advisor: ARMANINO LLP Estimated Assets: $10 million to $50 million Estimated Liabilities: $10 million to $50 million The petition was signed by Patrick Pilgrim as member. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/OYPX72I/PPF_Gin__Warehouse_LLC__txebke-26-40061__0001.0.pdf?mcid=tGE4TAMA List of Debtor's 20 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Mack Financial Services Guaranteed Debt $1,102,647 P.O. Box 7247 Philadelphia, PA 19170 2. Midland Equipment Finance Guarantee Debt $245,673 P.O. Box 24245 Seattle, WA 98124 3. Falcon Equipment Financing Guaranteed Debt $185,788 P.O. Box 843840 Dallas, TX 75284 4. Lamar County Appraisal District Taxes & Other $96,588 P.O. Box 400 Government Units Paris, TX 75461 5. Delta County Tax Office Taxes & Other $52,904 200 W. Dallas Av. Government Units Cooper, TX 75432 6. Service First Premium Finance Monies Loaned/ $46,742 P.O. Box 1506 Advanced O Fallon, IL, 62269 7. Walls Landry Baker & Oliver, PLLC Services $34,974 5910 N. Central Expressway, Ste. 1560 Dallas, TX 75206 8. Oilco Distributing, LLC Suppliers or Vendors $30,981 205 N. McCoy Blvd. New Boston, TX 75570 9. Lamar Electric Cooperative Utility Services $26,164 P.O. Box 68 Blossom, TX 75416 10. McCoin Farms-Vendor Suppliers or Vendors $19,670 901 CR 24130 Paris, TX 75460 11. Blue Cross Blue Shield of Texas Insurance $13,137 P.O. Box 650615 Dallas, TX 75265 12. Bailing Green USA Inc. Services $10,875 324 E. Chapman Ave., #180 Orange, CA 92869 13. XTRA Lease LLC Services $9,201 P.O. Box 219562 Kansas City, MO, 64121 14. Lummus Corp. Services $7,305 P.O. Box 929 Pooler, GA, 31322 15. AFR Insurance Services Services $5,370 1820 Preston Park Blvd., Ste. 1100 Plano, TX 75093 16. Curtis L. Gasper Services $4,350 14940 W. 82nd Terr. Shawnee Mission, KS, 66215 17. Herc Rentals Inc. Services $4,301 P.O. Box 936257 Atlanta, GA 31193 18. Samuel Packaging Systems Group Suppliers or Vendors $4,007 P.O. Box 933363 Atlanta, GA 31193 19. RAM Manufacturing Company Services $3,500 P.O. Box 64533 Lubbock, TX 79464 20. Screen Graphics Services $3,024 2820 Pine Mill Rd. Paris, TX 75460 PRAESUM HEALTHCARE: Selling Behavioral Health Biz to GG Praesum --------------------------------------------------------------- Praesum Healthcare Services seeks permission from the U.S. Bankruptcy Court for the Southern District of Florida, West Palm Beach Division, to sell substantially all Assets, free and clear of liens, claims, interests, and encumbrances. The Debtor is a Florida limited liability company located in Lake Worth, Florida. Praesum Healthcare provides administrative services to each of the 27 other Debtors, which each operate treatment facilities. The Debtor seeks approval of the $4,600,000 in total post-petition super-priority, senior secured priming financing from the purchaser, from GG Praesum LLC. The Debtor is one of the largest independent behavioral healthcare providers in the eastern United States, serving more than 15,000 patients each year- in New Jersey alone it cares for 10% of the Statewide admissions for detox and residential services. The organization is in network with over 50 insurance companies, including CMS/Medicare and Medicaid, and provides a full continuum of care for individuals and families seeking treatment for addiction and mental health disorders. The closure of Praesum's programs will immediately strain emergency departments, hospitals, and community behavioral health providers that are already operating at or above capacity. Individuals requiring detoxification, stabilization, and medication-assisted treatment will have few safe alternatives. Without continuity of care, there is a heightened risk of overdose, relapse, psychiatric crisis, and hospitalization. Coordination with state agencies, payers, and local providers will be essential to protect public health during this transition. If the Debtors cease operations, over 750 employees will also be affected, many of whom have dedicated their professional lives to saving others. The loss of these positions will ripple through their households and the communities that depend on their work. For these reasons, the Debtors sought out post-petition financing and obtained proposed terms from GG Praesum LLC or its assignee regarding $3,000,000 in total post-petition financing and the eventual sale to the Purchaser of substantially all of the assets of the Debtors. Unfortunately, on January 2, 2026, during the agreed Due Diligence Period set forth in and pursuant to the original binding Term Sheet regarding the Sale and DIP Loan transactions, dated as of December 19, 2025, the Purchaser reasonably determined, in good faith, that the information discovered during the Due Diligence Period demonstrated, that the Net Eligible A/R of the Debtors were materially less than $22,000,000. The Purchaser sent notice to the Debtors terminating the Sale and DIP Loan transactions as permitted pursuant to the Original Term Sheet. The Debtors and Purchaser continued negotiating in good faith and the parties subsequently negotiated an amended and restated DIP Loan and Sale transaction binding term sheet with the Purchaser. The terms of the amended and restated Term Sheet are summarized and detailed in the Term Sheet itself. In general, such terms provide for an amended upsized DIP Loan4 credit facility of up to $4,600,000 (of which $1,500,000 has already been funded in connection with the Original Term Sheet and the Court's prior approval of the DIP Loan thereunder), which DIP Loan will be secured by a senior secured, first priority lien on all of the Debtors' assets that primes all other liens, with an additional $1,500,000 available to be funded on an interim basis, and the remaining $1,600,000 available to be funded upon final Court approval. The Purchaser shall also have a super-priority administrative expense claim. The proposed DIP Financing will allow the Debtors to reach a going-concern sale of substantially all of their assets and Business. As part of the Debtors' proposed deal with the Purchaser, the Purchaser has offered to purchase substantially all assets of the Debtors, other than the Debtor' cash or Non-Transferred A/R, in a private sale based on a credit bid of the outstanding DIP Obligations, plus cure costs up to $2,500,000. The Debtors engaged investment banker Bailey & Co. Securities, LLC, who has been aggressively marketing the sale of the Debtors' assets. The private sale offer from the Purchaser is the best non-terminated, binding offer received by the Debtors following aggressive marketing efforts. About Praesum Healthcare Services, LLC Praesum Healthcare Services LLC operates a network of behavioral health and addiction treatment facilities across the United States, offering a full continuum of care that includes medical detoxification, residential rehabilitation, and outpatient counseling. The Company's brands include Sunrise Detox, which provides medically supervised detox services, Evolve Recovery Center, which delivers residential treatment programs, and The Counseling Center, which offers outpatient and intensive outpatient therapy, with locations in multiple states including New Jersey, New York, Massachusetts, Georgia, and Florida. Founded in 2004, Praesum Healthcare manages more than two dozen centers under these brands, serving individuals with substance use disorders and co-occurring mental health conditions. Praesum Healthcare Services LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Lead Case No. 25-19335) on August 13, 2025. In its petition, the Debtor reports estimated assets between $50 million and $100 million and estimated liabilities between $10 million and $50 million. Honorable Bankruptcy Judge Erik P. Kimball handles the case. The Debtor is represented by Bradley S. Shraiberg, Esq., at Shraiberg Page, PA. City National Bank of Florida, as lender, is represented by Alexandra D. Blye, Esq., at Carlton Fields, P.A., in West Palm Beach, Florida. PRECIPIO INC: Executive Pay Adjustments, Equity Awards OK'd ----------------------------------------------------------- Precipio, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Compensation Committee of the Board of Directors conducted a review of the Company's executive compensation. In conducting this review, the Committee considered factors, including, but not limited to, the Company's substantial progress in operational restructuring, improved cash management, the Company's ongoing execution of its long-term strategic plan, the Company's strengthened financial discipline, significant enhancements in operating leverage, continued improvement in the pathology segment, and the Company's need to retain and incentivize the executive team as the Company advances toward the next phase of commercial expansion. As part of this review, and to align incentives with the Company's evolving operational priorities, the Committee approved salary adjustments, a performance-based equity award, and a revised incentive bonus structure, as follows: Salary and Bonus Adjustments: In connection with its review, the Committee evaluated the Company's executive base salaries against competitive market benchmarks. The adjustments are intended to reinforce leadership stability, strengthen retention, and support the Company's long-term operational and strategic execution: 1. Ilan Danieli * Salary effective January 1, 2026: $350,000 * Bonus to be paid in 2026: $200,000 2. Zaki Sabet * Salary effective January 1, 2026: $300,000 * Bonus to be paid in 2026: $150,000 3. Ayman Mohamed * Salary effective January 1, 2026: $300,000 * Bonus to be paid in 2026: $150,000 Except for these adjustments, no other material changes were made to the compensation arrangements of the Company's named executive officers in its proxy statement filed with the U.S. Securities Exchange Commission on April 30, 2025. Performance-Based Equity Awards: Additionally, the Committee also approved the grant of an aggregate of 70,000 performance-based stock options to the named executive officers and additional performance-based stock options members of senior management under the Company's Amended and Restated 2017 Stock Option and Incentive Plan, as amended. These awards are designed to align leadership incentives directly with long-term shareholder value creation. The options will vest solely upon a performance condition being a 10-day volume-weighted average price (VWAP) of the Company's common stock exceeding $40 per share. The stock options do not include any time-based vesting component, and no portion will vest unless and until the above performance target is achieved. If the performance condition is not satisfied within the applicable term of the options, the awards will expire unvested. The grant was authorized by the Company's Compensation Committee under its existing authority as part of the Company's existing ESOP plan which has previously been approved by Company shareholders. About Precipio Omaha, Neb.-based Precipio, Inc., formerly known as Transgenomic, Inc. -- http://www.precipiodx.com/-- is a healthcare solutions company focused on cancer diagnostics. Its business mission is to address the pervasive problem of cancer misdiagnoses by developing solutions to mitigate the root causes of this problem in the form of diagnostic products, reagents, and services. New Haven, Conn.-based Marcum LLP, the Company's auditor since 2016, issued a "going concern" qualification in its report dated March 27, 2025, attached to the Form 10-K, citing that the Company has a significant working capital deficiency, has incurred significant losses and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. The Company has incurred substantial operating losses and has used cash in its operating activities for the past several years. For the year ended December 31, 2024, the Company had a net loss of $4.3 million, compared to $5.9 million in 2023, and net cash provided by operating activities of $0.4 million. As of September 30, 2025, the Company had $21.2 million in total assets, $7.4 million in total liabilities, and a total stockholders' equity of $13.7 million. PRESEND INC: Seeks Chapter 7 Bankruptcy in Delaware --------------------------------------------------- On December 30, 2025, Presend, 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 $100,001 and $1,000,000 in debt owed to between 50 and 99 creditors. About Presend, Inc. Presend, Inc. is a technology company offering digital solutions for outbound communications, enabling businesses to automate document delivery and messaging processes. Presend, Inc. sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 25-12287) on December 30, 2025. In its petition, the Debtor reports estimated assets of $0 to $100,000 and estimated liabilities of $100,001 to $1,000,000. The Honorable Bankruptcy Judge Karen B. Owens is presiding over the case. The Debtor is represented by Frederick Brian Rosner, Esq., of The Rosner Law Group LLC. PRIMALEND CAPITAL:Seeks Court OK for Chapter 11 Asset Sale ---------------------------------------------------------- Hilary Russ of Law360 Bankruptcy Authority reports that Texas-based lender PrimaLend Capital Partners LP plans to ask a court on Tuesday, January 6, 2026, for permission to sell certain assets, aiming to boost returns on its auto loan portfolios. According to filings, the sale is intended to protect creditor interests while simplifying PrimaLend's portfolio management. The company is pursuing a court-approved process that would allow it to complete the sale efficiently and maximize proceeds. 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. PRO ROOFING: Unsecureds Will Get 6.20% of Claims over 5 Years ------------------------------------------------------------- Pro Roofing and Construction, LLC filed with the U.S. Bankruptcy Court for the Eastern District of Texas a Plan of Reorganization dated December 31, 2025. The Debtor was formed in July 2023 in Greenville, Texas. Debtor offers long-lasting roofing solutions tailored to each customer's unique needs. Debtor services included consultations, inspections, repairs and maintenance. Steven Atwell and Christopher Dumire are the managing members. Steven Atwell holds 50% membership interest, and Christopher Dumire holds 50% membership interest. Debtor's management will remain unchanged post-confirmation. The collection efforts of the Merchant Cash Advance lenders led to an unstainable situation causing the need to reorganize the debts Debtor elected to file a chapter 11 reorganization as the best means to resolve the current liabilities of the company and determine the secured portions of those creditors. The Debtor filed this case on October 1, 2025. The Debtor proposes to pay allowed unsecured based on the liquidation analysis and cash available. Debtor anticipates having enough business and cash available to fund the plan and pay the creditors pursuant to the proposed plan. It is anticipated that after confirmation, the Debtor will continue in business. Based upon the projections, the Debtor believes it can service the debt to the creditors. The Debtor will continue operating its business. The Debtor's Plan will break the existing claims into five classes of Claimants. These claimants will receive cash repayments over a period of time beginning on or after the Effective Date. Class 3 Claimants consists of Allowed Unsecured Claims. All allowed unsecured creditors shall receive a pro rata distribution at zero percent per annum over the next five years according to the projections. Creditors shall receive monthly disbursements based on the projection distributions of each 12-month period. Debtor will distribute $51,000.00 to the general allowed unsecured creditor pool over the 5-year term of the plan, including the under-secured claim portions. The Debtor's General Allowed Unsecured Claimants will receive 6.20% of their allowed claims under this plan. In accordance with Section 1191(c)(2) of the Bankruptcy Code, in the event this Plan is confirmed pursuant to Section 1191(b) of the Bankruptcy Code, the Debtor commits that all of its projected disposable income, as that term is defined in Section 1191(d) of the Bankruptcy Code, to be received during the five-year period following the Effective Date, or such longer period as the Court may approve, shall be applied to make payments under this Plan. The distributions to holders of Allowed Unsecured Claims under Class 3, including the aggregate distribution of $51,000.00 over the five-year Plan term, represent the Debtor's projected disposable income based upon the financial projections. No disposable income of the Debtor is being retained by equity holders during the Plan term. The allowed unsecured claims total $822,338.54. The Debtor anticipates the continued operations of the business to fund the Plan. A full-text copy of the Plan of Reorganization dated December 31, 2025 is available at https://urlcurt.com/u?l=tInkcq from PacerMonitor.com at no charge. The firm can be reached at: C. Daniel Herrin, Esq. Herrin Law, PLLC 12001 N. Central Expy, Suite 920 Dallas, TX 75243 Tel: (469) 607-8551 Fax: (214) 722-0271 About Pro Roofing and Construction Pro Roofing and Construction, LLC, offers long-lasting roofing solutions tailored to each customer's unique needs. The Debtor filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Tex. Case No. 25-4294) on Oct. 1, 2025, listing $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Daniel Herrin, Esq. at Herrin Law, PLLC represents the Debtor as counsel. PROFRAC HOLDINGS II: Moody's Withdraws Caa1 Corporate Family Rating ------------------------------------------------------------------- Moody's Ratings has withdrawn all ratings of ProFrac Holdings II, LLC's (ProFrac), including the Caa1 Corporate Family Rating and the Caa1-PD Probability of Default Rating and the SGL-4 Speculative Grade Liquidity Rating. At the same time, Moody's have withdrawn the Caa2 senior secured notes rating. At the time of withdrawal, the outlook was stable. RATINGS RATIONALE Moody's have decided to withdraw the rating(s) following a review of the issuer's request to withdraw its rating(s). ProFrac Holdings II, LLC is a wholly owned subsidiary of ProFrac Holding Corp. (NASDAQ: ACDC), headquartered in Willow Park, Texas, and is a vertically integrated provider of hydraulic fracturing services to E&P companies in the United States. ProFrac is substantially owned by the Wilks family. PROJECT EVEREST: S&P Alters Outlook to Neg., Affirms 'B' ICR ------------------------------------------------------------ S&P Global Ratings affirmed its 'B' issuer credit rating on Project Everest Ultimate Parent LLC (Conga) and revised its outlook to negative. S&P also affirmed its 'B' issue-level and '3' recovery ratings on Conga's first-lien term loan facility. The '3' recovery rating indicates meaningful (50%-70%; rounded estimate: 55%) recovery in the event of a payment default. The negative outlook reflects Conga's elevated pro forma leverage and the risk that S&P Global Ratings-adjusted leverage will remain above 7x on a sustained basis. This could happen if Conga continues to experience churn and synergies do not materialize along with management's plan, or if free operating cash flow (FOCF) to debt weakens beneath below 5%. Conga announced its intent to acquire the business-to-business (B2B) segment of PROS Holdings Inc. from Thoma Bravo following Thoma Bravo's take-private transaction of PROS. Concurrent with the acquisition, Conga plans to amend and extend its $125 million first-lien revolving credit facility (RCF), now due 2031 and upsize its first-lien term loan B to $1,165 million, now due 2033. Proceeds from the incremental issuance will refinance the company's existing capital structure and partially fund the PROS B2B acquisition. S&P said, "We forecast S&P Global Ratings-adjusted pro forma leverage will increase to just under 10x at close, inclusive of last 12-month performance of the PROS B2B business, but expect leverage will improve to around 7x or lower within 12-18 months of the acquisition's closing as the company realizes expected revenue and cost synergies. "We expect S&P Global Ratings-adjusted leverage will increase well above our 7x downgrade trigger for the rating. The combined business' pro forma leverage will reach about 8x at year end, significantly higher than the company's historical leverage levels. This is due to the debt-funded acquisition of PROS' B2B, which has lower margins than Conga's current operations and will negatively affect the combined business' near-term profitability. However, we expect Conga will decrease leverage to 7.1x in fiscal year ending Jan. 31, 2027, and further to the low-6x area in fiscal 2028, following the realization of greater than $50 million in cost synergies over the next 18 months. These synergies, which we view as attainable due to the complementary nature of the PROS B2B business, will be critical in driving margin expansion to historical levels and beyond. Deleveraging will also require operational improvements in Conga's legacy business, which will be overseen by a new management team, as well as a reserved financial policy on behalf of financial sponsor Thoma Bravo. "A revision back to stable will require effective execution of synergies and stronger growth prospects. While we believe Conga will likely execute on cost savings, we see risks to the company's growth prospects. Growth within the legacy Conga business has stalled over the last 12 months, and we expect organic growth will continue to be muted in fiscal 2027 due to elevated churn levels. In addition, cost cuts could reduce growth prospects if it negatively affects customer relationships. The company's reliance on Salesforce remains a risk, and the company's plans to transition to a more agnostic platform will take time. Still, given cost synergies we expect EBITDA growth and margin expansion will quickly reduce leverage from acquisition levels. PROS' B2B business bolsters Conga's size, secures exposure to new verticals, and increases geographic diversification. We expect PROS' B2B will be accretive to revenue and EBITDA generation because the business is highly complementary to the existing Conga business." The acquired company has a strong portfolio of customers across various new verticals, including food and beverage, oil and gas, and chemicals, which will provide Conga with new revenue streams and growth opportunities. Additionally, PROS' B2B business has a proven and enhanced AI/Machine Learning-based pricing optimization and management product, which will create value-added opportunities for cross selling across Conga's subscription offering. Cash flow generation will remain well above 5% FOCF/debt, which supports the rating despite the near-term spike in leverage. The company's strong cash flow generation is due to its subscription-based business model, which provides a stable, predictable, and profitable revenue stream. Additionally, the acquisition of PROS' B2B business will bring in new revenue streams and improve the company's cash flow, despite the higher cash interest payments associated with the increased debt load. S&P expects interest rate cuts over the next year will also benefit Conga's cash generative position. The negative outlook reflects Conga's elevated pro forma leverage and the risk that S&P Global Ratings-adjusted leverage will remain above 7x on a sustained basis. This could happen if Conga continues to experience churn, and synergies do not materialize along with management's plan, or if free operating cash flow (FOCF) to debt weakens beneath below 5%. S&P could lower its ratings on Conga if S&P believes leverage will remain above 7x or FOCF to debt declines below 5% on a sustained basis. This could be the result of: -- Ineffective execution on the integration of PROS' B2B, including the planned realization of synergies, leading to a lower-than-expected margin profile; -- Elevated competition or deteriorating customer satisfaction, resulting in higher churn; or -- Additional aggressive financial policy related decisions that keep leverage elevated. S&P could revise Conga's outlook back to stable if: -- The company executes on its PROS' B2B acquisition, and S&P expects leverage will decline back under S&P Global Ratings-adjusted leverage of 7x; and -- Cash flow generation continues to be strong, supported by FOCF to debt above 5% sustainably. QHSLAB INC: Closes $500,000 Private Placement Financing ------------------------------------------------------- QHSLab Inc. announced the completion of a $500,000 private placement with accredited investors, providing fresh growth capital and further strengthening the Company's balance sheet following the recent repurchase and retirement of its legacy convertible debt. This capital injection follows QHSLab's November 2025 purchase and retirement of more than $1.4 million of legacy convertible notes issued in 2021 and 2022. Those notes carried 18 percent default interest and conversion rights at $0.20 per share, representing a substantial dilution and balance-sheet overhang. Their retirement eliminated several million shares of potential dilution and more than $200,000 in annualized interest expense. Together, the elimination of higher-cost convertible debt and the addition of approximately $500,000 in new equity capital improved the Company's liquidity and overall financial flexibility. The strengthening of our balance-sheet enhancement positions the Company to support ongoing working capital requirements and to pursue growth initiatives. These initiatives will include executing targeted sales and marketing efforts to grow our medical practice client base, expanding onboarding and implementation capacity, and enhancing customer support activities. These actions are intended to increase our physician client base, the recurring assessment volume of each practice, revenues and overall operational efficiencies. Importantly for investors, the $500,000 placement was for common stock and fixed price warrants not a convertible note, debt instrument, market price warrant or selling-stockholder arrangement. The financing consists entirely of newly issued common stock and long-term warrants purchased by accredited investors making a direct equity investment in QHSLab. These investors are aligned with management around the Company's long-term growth strategy and view the current stage as an inflection point following the cleanup of legacy liabilities and the strengthening of the Company's balance sheet. One participating investor remarked that he would have preferred to invest a larger amount, but understood management's decision to limit the raise at this valuation and expressed confidence in QHSLab's long-term trajectory. Management Commentary: Troy Grogan, President and CEO of QHSLab, stated: "This financing is small in absolute dollars on purpose, but very meaningful at this stage of our evolution. Combined with the recent retirement of our legacy convertible notes, it represents a clear turning point for QHSLab. We have removed a significant source of dilution and interest expense and replaced it with clean equity capital from accredited investors who understand our long-term strategy." "With nearly $500,000 of new cash on the balance sheet and the elimination of over $1.4 million in defaulted debt, QHSLab enters 2026 with a substantially improved capital structure. This positions us to focus on execution, scaling our digital medicine and integrated service programs, and driving recurring revenue growth without the constant pressure of legacy liabilities." "As we continue to grow our population and mental health, new cognitive assessments, allergy diagnostics, and preventive care offerings, our priority remains disciplined growth, improving cash flow, and building durable shareholder value. A cleaner balance sheet gives us the foundation to do exactly that." Recent Financial Highlights: As previously reported for the first nine months of 2025: * Revenue of $1.99 million, up 32 percent year over year * Gross profit of $1.32 million, representing a 66 percent gross margin About QHSLab, Inc. Beach, Fla.-based QHSLab, Inc. is a medical device technology and software-as-a-service company focused on enabling primary care physicians to increase their revenues by providing them with relevant, value-based tools to evaluate and treat chronic disease as well as provide preventive care through reimbursable procedures. Tampa, Fla.-based Astra Audit & Advisory LLC, the Company's auditor since 2024, issued a "going concern" qualification in its report dated March 28, 2025, citing that the Company has only recently operated profitably, is highly leveraged and has only recently begun to generate cash from operations. These conditions raise substantial doubt about its ability to continue as a going concern. As of September 30, 2025, the Company had $1,734,624 in total assets, $2,345,536 in total liabilities, and $610,912 in total stockholders' deficit. RAVI GI: Crystal Thornton-Illar's Appointment as Trustee OK'd ------------------------------------------------------------- Judge Gregory Taddonio of the U.S. Bankruptcy Court for the Western District of Pennsylvania approved the appointment of Crystal Thornton-Illar, Esq., as Chapter 11 trustee for Ravi GI Associates PA, LLP. Ms. Thornton-Illar was appointed on December 30 last year by the U.S. Trustee for Regions 3 and 9, the Justice Department's bankruptcy watchdog overseeing Ravi's Chapter 11 case. The Chapter 11 trustee is a partner at Leech Tishman Fuscaldo and Lampl, LLC, a law firm based in Pittsburgh, Pa. Ms. Thornton-Illar declared in a verified statement that she is a disinterested person pursuant to Section 101(14) of the Bankruptcy Code. The appointment of Ms. Thornton-Illar followed the court's order last month directing the appointment of a Chapter 11 trustee to take over Ravi's bankruptcy case. In November last year, Andrew Vara, the U.S. Trustee for Regions 3 and 9, asked the court to reconsider his previous motion to appoint a Chapter 11 trustee following the release of the examiner report and the filing of Ravi's amended disclosure statement describing its proposed Chapter 11 plan of reorganization. The U.S. trustee criticized the latest version of the disclosure statement, saying it failed to disclose the causes of action against Ravi's principal Dr. Ravi Kondaveeti and other third parties, which could be more than $7 million dollars as per the examiner report. "[Ravi] avers in its liquidation test that under a Chapter 7 liquidation, unsecured creditors will receive no distribution. However, the examiner's report has identified causes of action, which are potentially more than the proposed equity contribution," the U.S. trustee said in his objection to the amended disclosure statement. About Ravi GI Associates PA Ravi GI Associates PA, LLP operates as a healthcare provider in Monroeville, Pa. Ravi sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Pa. Case No. 25-20012) on January 3, 2025. In its petition, the Debtor reported assets between $100,000 and $500,000 and liabilities between $1 million and $10 million. Judge Gregory L. Taddonio oversees the case. The Debtor tapped Donald R. Calaiaro, Esq., at Calaiaro Valencik as legal counsel and Petrocelli & Company as accountant. James S. Fellin is the examiner appointed in the Debtor's case. The examiner tapped Bernstein-Burkley, PC as special counsel. RE EQUITY: Seeks Chapter 7 Bankruptcy in Florida ------------------------------------------------ On January 5, 2026, RE Equity Investment Group, LLC filed for Chapter 7 protection in the Middle District of Florida. According to court filings, the debtor reports between $1 million and $10 million in debt owed to 1-49 creditors. About RE Equity Investment Group, LLC RE Equity Investment Group, LLC is a Florida-based entity engaged in real estate investment activities. RE Equity Investment Group, LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 26-00030) on January 5, 2026. 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 Grace E. Robson handles the case. RECONNECT INCORPORATED: Unsecureds Will Get 22.51% over 5 Years --------------------------------------------------------------- Reconnect Incorporated filed with the U.S. Bankruptcy Court for the District of New Jersey a Combined Plan of Reorganization and Disclosure Statement dated December 31, 2025. The Debtor operates in the e-commerce space through the website https://www.highkickz.com (the "Website") where the Debtor sells footwear, apparel, and accessories to customers across the country under the name "HighKickz" (the "Business"). The Debtor's Business distributes products through multiple online platforms, including Amazon, Walmart, eBay, and its Website. The Debtor is operated by its sole shareholder and chief operating officer Thomas K. Koo. Mr. Koo oversees and manages the day-to-day operations of the Debtor and the Business. The Debtor employs one employee (Jiha Koo), aside from the Mr. Koo, who manages the Business' inventory. The Debtor currently operates the Business from commercial real property located at 69 Wesley Street, Unit D, South Hackensack, New Jersey 07606 (the "Premises"). The Premises is owned by Mejor Angora LLC, which is the Debtor's current landlord. The Debtor does not own real property. The Debtor is in the process of seeking Court approval to move its Business operations from the Premises to a new location, 195 Main Street, Hackensack, New Jersey 07601, under a certain lease dated as of July 3, 2025 with Main Portfolio, LLC. Over the past several years, the Business' financial performance has been significantly impacted by a series of external economic factors including sustained increases in operational costs, nationwide inflationary pressures, and higher import tariffs which have directly increased product acquisition costs. In addition, market shifts and tightening consumer spending have placed further strain on revenue. The financial issues and collection actions, including the state court actions as well as levies and threatened levies on the Debtor's Business' accounts and receivables, necessitated the Debtor seeking reorganization through this Chapter 11 case. Through this plan of reorganization, the Debtor intends to rehabilitate its issues and emerge from bankruptcy. The Debtor proposes to pay its general unsecured creditors, Class 3, in five annual installments commencing July 15, 2026. The Debtor will make total payments to general unsecured creditors of approximately $238,228.98 through its Plan, which is approximately a 22.51% distribution to claimants holding allowed general unsecured claims totaling approximately $1,058,224.66. Total distributions are subject to the impact of amended administrative and priority claims. The Debtor proposes to fund its Plan using its projected net disposable income from its operation of its Business over a five-year period commencing on the Petition Date, which is currently projected at $330,000.00. The Debtor submits that this Plan is feasible considering this projected disposable income. A full-text copy of the Combined Plan and Disclosure Statement dated December 31, 2025 is available at https://urlcurt.com/u?l=QZslAh from PacerMonitor.com at no charge. Counsel to the Debtor: MIDDLEBROOKS SHAPIRO, P.C. Joseph M. Shapiro, Esq. P.O. Box 1630 Belmar, New Jersey 07719-1630 Tel: (973) 218-6877 E-mail: jshapiro@middlebrooksshapiro.com About Reconnect Incorporated Reconnect Incorporated operates as an e-commerce retailer of footwear, apparel, and accessories under the brand "HighKickz" through its website and third-party platforms like Amazon, Walmart, and eBay. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. N.J. Case No. 25-18785) on August 21, 2025. In the petition signed by Thomas Koo, president, the Debtor disclosed up to $50,000 in assets and up to $10 million in liabilities. Melinda Middlebrooks, Esq., at Middlebrooks Shapiro, P.C., represents the Debtor as legal counsel. RED RIVER: Judge Signals Revival of J&J Unit's Libel Suit --------------------------------------------------------- Emily Lever of Law360 Bankruptcy Authority reports that a New Jersey federal judge has signaled that she intends to grant a bankrupt Johnson & Johnson talc subsidiary permission to revive its trade libel lawsuit stemming from a scientific article that linked asbestos in talc to mesothelioma. The indication came during a hearing addressing whether the claim could proceed despite the company's Chapter 11 case. The subsidiary argues that the article contains false and misleading statements that harmed its reputation and business interests. The judge suggested the claim was sufficiently distinct from the bankruptcy proceedings to move forward, though a final ruling has not yet been entered. About J&J Talc Units LLT Management, LLC (formerly known as LTL Management LLC) was a subsidiary of Johnson & Johnson that was formed to manage and defend thousands of talc-related claims and oversee the operations of Royalty A&M. Royalty A&M owns a portfolio of royalty revenue streams, including royalty revenue streams based on third-party sales of LACTAID, MYLANTA/MYLICON and ROGAINE products. LTL Management first filed a petition for Chapter 11 protection (Bankr. W.D.N.C. Case No. 21-30589) on Oct. 14, 2021. The case was transferred to New Jersey (Bankr. D.N.J. Case No. 21-30589) on Nov. 16, 2021. The Hon. Michael B. Kaplan is the case judge. At the time of the filing, the Debtor was estimated to have $1 billion to $10 billion in both assets and liabilities. In the 2021 case, LTL Management tapped Jones Day and Rayburn Cooper & Durham, P.A., as bankruptcy counsel; King & Spalding, LLP and Shook, Hardy & Bacon LLP as special counsel; McCarter & English, LLP as litigation consultant; Bates White, LLC as financial consultant; and AlixPartners, LLP as restructuring advisor. Epiq Corporate Restructuring, LLC, served as the claims agent. On Dec. 24, 2021, the U.S. Trustee for Regions 3 and 9 reconstituted the talc claimants' committee and appointed two separate committees: (i) the official committee of talc claimants I, which represents ovarian cancer claimants, and (ii) the official committee of talc claimants II, which represents mesothelioma claimants. The official committee of talc claimants I tapped Genova Burns LLC, Brown Rudnick LLP, Otterbourg PC and Parkins Lee & Rubio LLP as its legal counsel. Meanwhile, the official committee of talc claimants II is represented by the law firms of Cooley LLP, Bailey Glasser LLP, Waldrep Wall Babcock & Bailey PLLC, Massey & Gail LLP, and Sherman Silverstein Kohl Rose & Podolsky P.A. Re-Filing of Chapter 11 Petition On Jan. 30, 2023, a panel of the Third Circuit issued an opinion directing this Court to dismiss the 2021 Chapter 11 Case on the basis that it was not filed in good faith. Although the Third Circuit panel recognized that the Debtor "inherited massive liabilities" and faced "thousands" of future claims, it concluded that the Debtor was not in financial distress before the filing. On March 22, 2023, the Third Circuit entered an order denying the Debtor's petition for rehearing. The Third Circuit entered an order denying LTL's stay motion on March 31, 2023, and, on the dame day,issued its mandate directing the Bankruptcy Court to dismiss the 2021 Chapter 11 Case. The Bankruptcy Court entered an order dismissing the 2021 Case on April 4, 2023. Johnson & Johnson on April 4, 2023, announced that its subsidiary LTL Management LLC (LTL) has re-filed for voluntary Chapter 11 bankruptcy protection (Bankr. D.N.J. Case No. 23-12825) to obtain approval of a reorganization plan that will equitably and efficiently resolve all claims arising from cosmetic talc litigation against the Company and its affiliates in North America. In the new filing, J&J said it has agreed to contribute up to a present value of $8.9 billion, payable over 25 years, to resolve all the current and future talc claims, which is an increase of $6.9 billion over the $2 billion previously committed in connection with LTL's initial bankruptcy filing in October 2021. LTL also has secured commitments from over 60,000 current claimants to support a global resolution on these terms. In August 2023, U.S. Bankruptcy Judge Michael Kaplan in Trenton, New Jersey, ruled that the second bankruptcy case should be dismissed. 3rd Try In May 2024, J&J announced its subsidiary LLT Management LLC is soliciting support for a consensual prepackaged bankruptcy plan to resolve its talc-related liabilities. Under the terms of the plan, a trust would be funded with over $5.4 billion in the first three years and more than $8 billion over the course of 25 years, which J&J calculates to have a net present value of $6.475 billion. If the Plan is accepted by at least 75% of voters, a bankruptcy was to be filed under the case name In re Red River Talc LLC. Epiq Corporate Restructuring, LLC is serving as balloting and solicitation agent for LLT. On Sept. 20, 2024, Red River Talc LLC filed a Chapter 11 bankruptcy petition (Bankr. S.D. Tex. Case No. 24-90505). Porter Hedges LLP and Jones Day serve as counsel in the new Chapter 11 case. Epiq is the claims agent. Paul Hastings LLP is counsel to the Ad Hoc Committee of Supporting Counsel. Randi S. Ellis is the proposed prepetition legal representative of future claimants. REUP TECHNOLOGIES: Seeks Chapter 11 Bankruptcy in Texas ------------------------------------------------------- On January 6, 2026, REUP Technologies Inc. filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Western District of Texas. According to court filings, the Debtor reports between $100,001 and $1,000,000 in debt owed to between 1 and 49 creditors. About REUP Technologies Inc. REUP Technologies Inc. develops and provides technology solutions for businesses seeking to modernize operations and implement digital strategies. Its offerings include software products, IT services, and technology consulting, all designed to enhance productivity and efficiency. REUP Technologies Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tex. Case No. 26-10038) on January 6, 2026. In its petition, the Debtor reports estimated assets of $100,001 to $1,000,000 and estimated liabilities of $100,001 to $1,000,000. The case is assigned to the Honorable Bankruptcy Judge Christopher G. Bradley. The Debtor is represented by David Neal Stern, Esq., of Barron & Newburger, P.C. RICHWOOD LOGISTICS: Seeks Chapter 7 Bankruptcy in Alabama --------------------------------------------------------- On December 30, 2025, Richwood Logistics, LLC filed for Chapter 7 protection in the U.S. Bankruptcy Court for the Northern District of Alabama. According to court filings, the debtor reports between $100,001 and $1 million in debt owed to between 1 and 49 creditors. About Richwood Logistics, LLC Richwood Logistics LLC is an Alabama-based logistics company that provides transportation and freight services to commercial clients. The company focuses on coordinating the movement of goods and supporting supply chain operations across its regional service area. Richwood Logistics, LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 25-03977) on December 30, 2025. In its petition, the debtor reports estimated assets of $0 to $100,000 and estimated liabilities ranging from $100,001 to $1 million. Honorable Bankruptcy Judge D. Sims Crawford is presiding over the case. The debtor is represented by Robert C. Keller, Esq. of Russo, White & Keller. RIGHT AT HARMONY: Seeks Chapter 7 Bankruptcy in D.C. ---------------------------------------------------- On December 31, 2025, Right At Harmony Home, LLC filed for Chapter 7 protection in the U.S. Bankruptcy Court for the District of Columbia. According to court filings, the debtor reports between $0 and $100,000 in debt owed to 1 to 49 creditors. About Right At Harmony Home, LLC Right At Harmony Home, LLC is a privately owned residential care company that provides assisted living and supportive housing services. The company operates home-style facilities focused on personal care, daily living assistance, and resident well-being. Right At Harmony Home, LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 25-00612) on December 31, 2025. In its petition, the debtor reports estimated assets of $0 to $100,000 and estimated liabilities of $0 to $100,000. Honorable Bankruptcy Judge Elizabeth L. Gunn handles the case. The debtor is represented by Rowena N. Nelson, Esq., of the Law Office of Rowena N. Nelson, LLC. RIVERVIEW LAND: Hires Capstone Commercial as Real Estate Broker --------------------------------------------------------------- Riverview Land Company, LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of Pennsylvania to employ Capstone Commercial as real estate broker. The firm will market and sell the Debtor's property located at known as 73 Woodland Road, Halifax, Dauphin County, Pennsylvania. Capstone will charge a commission of five percent of the sale or lease price. Michael Kushner, senior advisor at Capstone, assured the court that the firm is a "disinterested person" within the meaning of 11 U.S.C. 101(14). The firm can be reached through: Michael Kushner Capstone Commercial 205 W Caracas Ave Hershey, PA 17033 Office Phone: (717) 820-1127 x707 Cell Phone: (717) 991-6384 Email: mkushner@capstonecre.com About Riverview Land Company LLC Riverview Land Company LLC is a single asset real estate company. Riverview Land Company LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Pa. Case No. 25-02962) on October 15, 2025. In its petition, the Debtor reports estimated assets up to $100,000 and estimated liabilities between $100,001 and $1 million. Honorable Bankruptcy Judge Henry W. Van Eck handles the case. The Debtor is represented by Robert E. Chernicoff, Esq. of Cunningham and Chernicoff PC. ROBINSON FAMILY: Voluntary Chapter 11 Case Summary -------------------------------------------------- Debtor: Robinson Family Real Estate Holdings LLC 1100 Crest Ridge Court Irving, TX 75061 Chapter 11 Petition Date: January 5, 2026 Court: United States Bankruptcy Court Northern District of Texas Case No.: 26-40065 Debtor's Counsel: Joyce W. Lindauer, Esq. JOYCE W. LINDAUER ATTORNEY, PLLC 117 S. Dallas St. Ennis TX 75119 Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Michael Robinson as president. The Debtor did not submit the required list of its 20 largest unsecured creditors when filing the petition. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/MBPPGRY/Robinson_Family_Real_Estate_Holdings__txnbke-26-40065__0001.0.pdf?mcid=tGE4TAMA ROOTS ZERO: Seeks Chapter 7 Bankruptcy in Idaho ----------------------------------------------- On December 23, 2025, Roots Zero Waste Market, LLC filed for Chapter 7 protection in the U.S. Bankruptcy Court for the District of Idaho. According to court filings, the Debtor reports between $100,001 and $1,000,000 in debt owed to between 1 and 49 creditors. About Roots Zero Waste Market, LLC Roots Zero Waste Market, LLC is a retail and sustainable goods company focused on providing zero-waste products and environmentally friendly solutions to consumers. The company offers a range of reusable, compostable, and eco-conscious products aimed at reducing waste and promoting sustainable living. Roots Zero Waste Market, LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. D. Idaho Case No. 25-01080) on December 23, 2025. In its petition, the Debtor reports estimated assets of $100,001 to $1,000,000 and estimated liabilities of $100,001 to $1,000,000. The case is assigned to the Honorable Bankruptcy Judge Noah G. Hillen. The Debtor is represented by Matthew T. Christensen, Esq., of Johnson May, PLLC. ROSE RENTAL: Seeks to Hire Southern Homes Real Estate as Broker --------------------------------------------------------------- Rose Rental Properties, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Mississippi to hire Southern Homes Real Estate as real estate broker. The broker will market and sell the Debtor's properties consisting of 21 residential rental properties located in Hinds County, Rankin County, and Madison County, Mississippi. The broker will be paid a commission equal to 2.5 percent of the sales price. Southern Homes Real Estate does not hold or represent an interest adverse to the Debtor or the estate and is a disinterested person within the meaning of 11 U.S.C. Sec. 101(14), according to court filings. The broker can be reached through: Victoria Prowant Southern Homes Real Estate 115 Laurel Park Cove Suite 210 Flowood, MS 39232 Phone: (601) 750-7151 Email: victoriaprowant@yahoo.com About Rose Rental Properties, LLC Rose Rental Properties, LLC is a Mississippi-based real estate rental business that operates from Jackson and is associated with residential property activities. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Miss. Case No. 25-03091) on December 4, 2025. In the petition signed by Jerrick W Rose, member-manager, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Jamie A. Wilson oversees the case. Thomas C. Rollins, Jr., Esq., at THE ROLLINS LAW FIRM, PLLC, represents the Debtor as legal counsel. ROSSLYN2016 LLC: Insurance & Litigation Proceeds to Fund Plan ------------------------------------------------------------- Rosslyn 2016, LLC, and affiliates filed with the U.S. Bankruptcy Court for the Southern District of Texas a First Amended Joint Plan of Reorganization and Disclosure Statement dated December 31, 2025. The Debtors were owners of apartment complexes in Houston, Texas. This Plan is a Plan of Reorganization in the sense of paying the creditors. The Debtors will continue to prosecute their claims and causes of action after Confirmation of this Plan. The Debtors were owners and operators of three apartment complexes located in the Houston, Texas area (collectively, the "Properties"). Debtors had their properties foreclosed on by Morgan Stanley. The Debtors have challenged the foreclosure sales as wrongful in state court and intend to recover either the properties or damages as a result of such wrongful sales. Further the Debtors have valuable insurance claims they seek to recover for damages to the Properties sustained during Hurricane Beryl on July 7-8, 2024. The Properties suffered extensive force majeure storm damage from wind speeds of 107 MPH, requiring full roof replacements and significant structural repairs. The Insurance Claims have substantial value to the creditors of this estate because the Debtors and their owner expended their own funds to make emergency repairs to the Properties without the benefit of insurance reimbursement and now seek to recover such funds through their Insurance Claims. The Debtors have retained Z.E. Wotila of Restoration Claims, LLC, a licensed Texas Public Adjuster, to pursue the Insurance Claims on behalf of the estates. The estimated aggregate value of the Insurance Claims for the three Properties exceeds $9,000,000. Under the Plan the Debtors will pay as much as is available which the intention of paying in full the Allowed Unsecured Claimants from the proceeds of the Wrongful Foreclosure Litigation and/or the Insurance Claims. Class 2 consists of Allowed Unsecured Claims against Rosslyn. These Claimants shall be paid in full pro-rata from the proceeds realized from the claims and causes of action being pursued under this Plan by the Debtors. Payments will commence when the Debtors receive funds from the claims and causes of action being pursued no later than 30 days from receipt of such funds. These Claims are Impaired, and the holders of these Claims are entitled to vote to accept or reject the Plan. Class 2 consists of Allowed Unsecured Claims against Texas. These Claimants shall be paid in full pro-rata from the proceeds realized from the claims and causes of action being pursued under this Plan by the Debtors. Payments will commence when the Debtors receive funds from the claims and causes of action being pursued no later than 30 days from receipt of such funds. These Claims are Impaired, and the holders of these Claims are entitled to vote to accept or reject the Plan. Class 2 consists of Allowed Unsecured Claims against Timbers. These Claimants shall be paid in full from the proceeds realized from the claims and causes of action being pursued under this Plan by the Debtors. Payments will commence when the Debtors receive funds from the claims and causes of action being pursued no later than 30 days from receipt of such funds. These Claims are Impaired, and the holders of these Claims are entitled to vote to accept or reject the Plan. The Debtors will use the funds derived from their litigation claims and insurance claims to make the payments required under the Plan. On the Effective Date, a Plan Agent shall be appointed to administer the claims of all parties holding claims against the Debtors or held by the Debtors against others. The Bankruptcy Court shall have jurisdiction over the Plan Agent and any disputes regarding the Plan Agent's proposed resolution of Claims. A full-text copy of the First Amended Joint Plan dated December 31, 2025 is available at https://urlcurt.com/u?l=hAqVG8 from PacerMonitor.com at no charge. Counsel to the Debtors: Joyce W. Lindauer, Esq. Joyce W. Lindauer Attorney, PLLC 117 S. Dallas Street Ennis, TX 75119 Telephone: (972) 503-4033 Facsimile: (972) 503-4034 E-mail: joyce@joycelindauer.com About Rosslyn2016 LLC ROSSLYN2016 LLC is the owner and operator of The Retreat on Rosslyn Apartments, a residential apartment complex located at 5801 North Houston Rosslyn Rd. in Houston, Texas. ROSSLYN2016 LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-31817) on March 31, 2025. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million each. Honorable Bankruptcy Judge Jeffrey P. Norman handles the case. The Debtor is represented by James Q. Pope, Esq. at The Pope Law Firm. RSA SECURITY: Fitch Lowers LongTerm IDR to 'CCC-', On Watch Neg. ---------------------------------------------------------------- Fitch Ratings has downgraded the Long-Term Issuer Default Ratings (IDRs) of Redstone Buyer LLC, Redstone Holdco 2 LP, Redstone Intermediate (FRI) Holdco LLC, Redstone Intermediate (SecurID) Holdco LLC, and Redstone Parent LP (collectively RSA Security, LLC) to 'CCC-' from 'CCC'. Fitch has also downgraded the first-lien senior secured credit facility rating to 'CCC' with a Recovery Rating of 'RR3' from 'CCC+'/'RR3', and second-lien senior secured credit facility rating to 'C'/'RR6' from 'CC'/'RR6'. Fitch has maintained all the ratings on Rating Watch Negative (RWN). The downgrade and RWN reflect increased liquidity concerns. The company drew on its RCF in fiscal 2026 to supplement cash due to continued negative FCF. The RCF's April 2026 maturity further limits liquidity and financial flexibility. Fitch views the current capital structure as unsustainable without significant operational improvements. This increases the likelihood RSA will seek alternative financing options, resulting in a reduction in terms. KEY RATING DRIVERS Weakened Financial Flexibility: Fitch estimates RSA's FCF deficit in fiscal 2H 2026 will require further draws on its RCF to supplement the estimated $20 million available cash balance at the end of fiscal 1H26. Exiting fiscal 1H26, $30 million of the $175 million committed RCF was drawn. The RCF matures in April 2026, and Fitch views the current capital structure as unsustainable. Therefore, Fitch believes there is rising risk RSA may seek refinancing options that could constitute a distressed debt exchange (DDE). Fitch expects RSA's revenue to grow in the low-single digits through its forecast period as the company narrows its focus on growing the remaining business units after the divestiture of Archer and NetWitness. However, given the significant interest expense burden, Fitch believes stable operations may be inadequate to alleviate liquidity issues. Fitch forecasts FCF will remain negative in the near term, with EBITDA leverage and EBITDA/Interest coverage remaining at unsustainable levels. Fitch estimates RSA's EBITDA leverage will remain above 10x and EBITDA/Interest coverage approximately 1x through fiscal 2029. Operating Performance Remains Sluggish: RSA's revenue growth remains weak, with the remaining business units, SecurID and Outseer, declining 1% during fiscal 3Q26. Pro forma the NetWitness divestiture, Fitch estimates overall fiscal 2026 revenue to decline by low-single digits, resulting in continuing EBITDA decline. Despite this, Fitch expects EBITDA margins to remain stable near the mid-30's. Secular Growth Markets: Despite pandemic-related demand volatility, increased adoption of identity and access management (IAM) for greater workforce mobility should drive growth in this niche cybersecurity segment. However, the market remains fragmented and increasingly competitive. Larger competitors can bundle IAM with other enterprise software, challenging standalone offerings. Significant Competition: Fitch expects RSA to face intensifying competition across its core end markets, including from larger, more financially flexible market leaders. SecurID remains a recognized leader in identity management, while Outseer's improved Net Promotor Scores indicate better market perception. Despite these positions, heightened competition continues to pose challenges for RSA. PEER ANALYSIS The broader enterprise-security market has grown, supported by greater awareness of security breaches and increasing complexity of IT networks and applications. Within the broader enterprise security market, peers include Gen Digital Inc. (fka NortonLifeLock; BB+/Negative), Imprivata Inc. (B/Positive), and Ivanti Software, Inc. (B-/Stable). RSA has smaller revenue scale and lower EBITDA margins than NortonLifeLock. Imprivata and Ivanti operate in similar identity and access management niche segments as RSA. Imprivata has stronger market positioning given its niche product offerings within the healthcare industry. Ivanti faced similar challenges as RSA since the peak demand for remote work during the Covid-19 pandemic. FITCH'S KEY RATING-CASE ASSUMPTIONS -- Revenue growth in the low single digits; -- EBITDA margins in the mid-30s; -- Capex intensity stable near 1% of revenue; -- RCF draw starting in fiscal 2026 to supplement cash shortfall; -- RCF is extended beyond April 2026; -- No acquisitions or dividends through fiscal 2028. RECOVERY ANALYSIS Key Recovery Rating Assumptions --The recovery analysis assumes that RSA would be reorganized as a going-concern (GC) in bankruptcy rather than liquidated; --Fitch has assumed a 10% administrative claim. GC Approach --In the event of distress, Fitch assumes RSA would suffer from greater customer churn and margin compression on a lower revenue scale. RSA's GC EBITDA is assumed to be $100 million, approximately 20% below fiscal 2026 Fitch-adjusted pro forma EBITDA. The company experienced significant revenue volatility through the pandemic, and Fitch believes revenues have returned to normal levels. The increasing recurring revenue and high customer retention rates provide significant visibility to future profitability; --The GC EBITDA estimate reflects Fitch's view of a sustainable, post-reorganization EBITDA level upon which Fitch based the enterprise valuation; --An enterprise value (EV) multiple of 6.5x EBITDA is applied to the GC EBITDA to calculate a post-reorganization EV. The choice of this multiple considered the following factors: --The historical bankruptcy case study exit multiples for technology peer companies ranged from 2.6x-10.8x; --Of these companies, only three were in the software sector: Allen Systems Group, Inc.; Avaya, Inc.; and Aspect Software Parent, Inc., which received recovery multiples of 8.4x,8.1x, and 5.5x, respectively; --The highly recurring nature of RSA's revenue supports EBITDA multiple near the high-end of the range; --Fitch arrived at an EV of $650 million. After applying the 10% administrative claim, adjusted EV of $585 million is available for claims by creditors. This results in a 'RR3' Recovery Rating for RSA Security's first-lien credit facilities and 'RR6' Recovery Rating for the second-lien credit facility. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade --Constrained liquidity due to inability to refinance RCF beyond April 2026; --Continuing negative FCF generation resulting in continuing liquidity pressure; --A material reduction in debt terms that is considered a DDE under Fitch's Corporate Rating Criteria. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade --Successful extension of RCF beyond April 2026 providing sufficient operational and financial flexibilities to address operational challenges; --Revenue and EBITDA growths or corporate actions that alleviate liquidity pressure and improve credit metrics. The Rating Watch Negative could be resolved upon successful extension of the RCF. LIQUIDITY AND DEBT STRUCTURE RSA had approximately $20 million of cash on its balance sheet exiting fiscal Q2 2026 and $145 million of its $175 million RCF available. Fitch forecasts negative FCF for fiscal 2H26 that exceeds the available cash on balance sheet and resulting in an incremental RCF draw. The RCF matures in April 2026, and RSA will face a near-term liquidity shortfall without timely extension of its RCF. Beyond the RCF maturity, RSA's term loans have maturity dates of 2028 for the first-lien and 2029 for the second-lien. Due to the continuing operational headwinds and liquidity constraints, Fitch believes risk has risen for refinancing that could constitute a DDE. ISSUER PROFILE RSA Security was a carve-out from Dell Technologies that operates with four distinct products: SecurID in Cybersecurity and Fraud & Risk Intelligence (Outseer) in Risk Management. Archer was divested in fiscal 2024, and NetWitness was divested in fiscal 2026. S & D TALLER: Hires Juan Javier Llanos Benitez CPA as Accountant ---------------------------------------------------------------- S & D Taller Del Maestro LLC seeks approval from the U.S. Bankruptcy Court for the District of Puerto Rico to hire Juan Javier Llanos Benitez, CPA as accountant. The firm will render these services: a. close out the Debtor's books as of the date of the filing of this case, and open new books as of the next day thereafter; b. establish a new bookkeeping system; c. prepare the periodic statements of the operations as required by the rules of this court; d. prepare and file the Debtor's state and federal tax return for the fiscal year which ended in the semester prior to the date of the filing of this case; e. prepare general ledger as disbursement register; f. reconcile the account; g. prepare Certified Interim Financial Statements as needed; h. prepare annual Financial Statements and Returns; i. provide tac and management counseling; and j. represent in tax investigations. The accountant will be paid $75 per hour for its services. As disclosed in the court filings, Juan Javier Llanos Benitez, CPA is a "disinterested person" within the meaning of 11 U.S.C. 101(14). The firm can be reached through: Juan Javier Llanos Benitez, CPA Ext. Villa Capri 18 Calle Perugia San Juan, PR 00924-5060 Phone: (787) 362-8320 Email: jjllanos@cpablc.com About S & D Taller Del Maestro LLC S & D Taller Del Maestro LLC sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. D.P.R. Case No. 25-04152) on September 16, 2025, listing $100,001 to $500,000 in both assets and liabilities. Judge Mildred Caban Flores presides over the case. Juan Carlos Bigas Valedon, Esq., at Juan C Bigas Law Office represents the Debtor as counsel. S&G LABS: Seeks to Hire CliftonLarsonAllen LLP as Accountant ------------------------------------------------------------ S&G Labs Hawaii LLC seeks approval from the U.S. Bankruptcy Court for the District of Colorado to hire CliftonLarsonAllen LLP as accountant. The firm will assist the Debtors in keeping and preparing Debtors' tax returns and tax related documents and schedules, to assist with preparation of monthly operating reports, and to provide tax consulting services, as necessary. The firm's current hourly rates are: Claire Pearson, Partner $650 Partners $650 to $1,000 Managers/Directors/Controls $195 to $500 Associates/Sr. Accountants $120 to $190 CliftonLarsonAllen LLP is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Claire Pearson CliftonLarsonAllen LLP 2001 16th Street, Suite 1700 Denver, CO 80202 Phone: (303) 439-6007 About S&G Labs Hawaii LLC S&G Labs Hawaii LLC is a limited liability company. S&G Labs Hawaii LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Col. Case No. 25-18335) on November 7, 2025. In its petition, the Debtor reports estimated assets up to $100,000 and estimated liabilities between $1 million and $10 million. The Debtor is represented by David Wadsworth, Esq. of Wadsworth Garber Warner Conrardy, P.C. SAFE & GREEN: To Reconvene 2025 Annual Meeting on Jan. 14 --------------------------------------------------------- Safe & Green Holdings Corp. convened its 2025 Annual Meeting of Stockholders on December 29, 2025 at 1:30 p.m. Eastern time. At that time, there were not present or represented by proxy a sufficient number of shares of the Company's common stock to constitute a quorum. Accordingly, the Company adjourned the Annual Meeting without any business being conducted. The adjourned meeting will reconvene virtually on January 14, 2026 at 1:00 P.M. Eastern Time, to vote on the proposals described in the proxy statement filed with the Securities and Exchange Commission on December 19, 2025. The close of business on November 21, 2025 will continue to be the record date for the determination of stockholders of the Company entitled to vote at the reconvened Annual Meeting. During the period of the adjournment, the Company will solicit proxies from its stockholders with respect to the proposals set forth in the Company's proxy statement. Proxies previously submitted in respect of the Annual Meeting will be voted at the adjourned meeting unless properly revoked. No changes have been made in the proposals to be voted on by stockholders at the Annual Meeting. The Company's proxy statement and any other materials filed by the Company with the SEC remain unchanged and can be obtained free of charge at the SEC's website at www.sec.gov. About Safe & Green Safe & Green Holdings Corp. is a modular solutions company headquartered in Miami, Florida. The company specializes in the development, design, and fabrication of modular structures, focusing on safe and green solutions across various industries. The Woodlands, Texas-based M&K CPAS, PLLC, the Company's auditor since 2024, issued a "going concern" qualification in its report dated March 31, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has incurred net losses since its inception, negative working capital, and negative cash flows from operations, which raises substantial doubt about its ability to continue as a going concern. As of September 30, 2025, the Company had $54,105,678 in total assets, $29,170,121 in total liabilities, and a total stockholders' equity of $24,935,557. SAKS GLOBAL: In Discussions for Bankruptcy Loan to Keep Biz Open ---------------------------------------------------------------- Reshmi Basu of Bloomberg Law reports that Saks Global Enterprises is weighing a potential $1 billion financing arrangement to sustain operations ahead of a possible Chapter 11 bankruptcy filing in the coming weeks, sources say. The luxury retailer, which missed a December 30, 2025 interest payment to bondholders totaling over $100 million, has engaged in private forbearance talks with creditors. Such negotiations may provide the company extra time to secure funding or outline a reorganization strategy, the report states. About Saks Global Saks Global owns and operates world-class luxury retailers, including Neiman Marcus, Bergdorf Goodman, Saks Fifth Avenue and Saks OFF 5TH, and a portfolio of prime U.S. real estate holdings and investments. SAMYS OC: Court Extends Cash Collateral Access to Jan. 30 --------------------------------------------------------- Samys OC, LLC received another extension from the U.S. Bankruptcy Court for the District of Kansas to use cash collateral through January 30. The court issued its 10th interim order authorizing the Debtor to use cash collateral to pay operating expenses set forth in its budget, subject to a 10% variance. As adequate protection for the Debtor's use of their cash collateral, secured creditors Dream First Bank and the U.S. Small Business Administration will be granted replacement liens on all post-petition cash collateral and other property of the Debtor, with the same priority and extent as their pre-bankruptcy liens. As additional protection, Dream First Bank will continue to receive a monthly payment of $59,913.90. The interim order provides for a carveout of up to $125,000 for attorney fees and expenses, and up to $25,000 for other professional fees and disbursements. A final hearing is scheduled for February 25. The order is available at https://is.gd/0mWcQP from PacerMonitor.com. Samys OC owes approximately $8.35 million to DFB and $500,000 to the SBA and had about $131,000 in total cash collateral at the outset of the case. About Samys OC LLC Samys OC, LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Kansas Case No. 24-11166) on Nov. 14, 2024, listing up to $50,000 in assets and $10 million to $50 million in liabilities. The petition was signed by Amro M. Samy as managing member. Judge Mitchell L Herren presides over the case. Lora J. Smith, Esq., at Hinkle Law Firm is the Debtor's bankruptcy counsel. Dream First Bank, as secured creditor, is represented by: Scott M. Hill, Esq. Hite, Fanning & Honeyman, LLP 100 N. Broadway, Ste. 950 Wichita, KS 67202-2216 Telephone: (316) 265-7741 Facsimile: (316) 267-7803 hill@hitefanning.com SCHILLER PARK: Creditors to Get Proceeds From Liquidation --------------------------------------------------------- Schiller Park Hospitality LLC filed with the U.S. Bankruptcy Court for the Northern District of Illinois a Disclosure Statement in conjunction with its Plan of Liquidation dated Dec. 31, 2025. The Debtor has liquidated its assets to enable payments to creditors in accordance with the terms of the proposed Plan of Liquidation. The Debtor is the proponent of this Plan as well as the Disbursing Agent. This Plan provides for distributions to the holders of allowed claims from income generated through the income of the Debtor and the liquidation of the Debtor's assets. The Debtor's Plan of Liquidation provides for distributions to the holders of allowed claims from funds remaining from the sale September 26, 2025 in the amount of $2,128,418.16 of the hotel owned by the Debtor located at 10249 West Irving Park Road, Schiller Park Illinois relating to 12-16 307-004-0000, 12-16-307-005-0000, 12-16-307-027- 0000 and 12-16 307-032-0000 including all permanent buildings and other improvements thereon, all easements, rights of way, reservations, privileges, appurtenances, and other estates and rights of Seller pertaining to the land and improvements, and all tangible and intangible and personal property, including without limitation, all equipment, furniture fixtures, inventories, supplies, licenses, permits, warranties, guarantees, plans, phone numbers, and other assets used exclusively in connection with the ownership, use, operation or maintenance of the Property as described herein and the "Four Points Sheraton" hotel operated from the Property ("Hotel") generated through the liquidation of the Debtor's assets. This Liquidating Plan provides for the distribution of $2,128,418.16, as required by the Bankruptcy Code ("the waterfall"). To that extent, 1) all Administrative Claims will be paid in full; 2) all Unsecured Priority Claims will be paid in full; and 3) all Unsecured NonPriority Claims will be paid in full, and if there are insufficient funds to pay all Unsecured Non-Priority Claims, those claims shall be paid pro rata. After the Distribution of the $2,128,418.16, the Debtor will be dissolved as an entity and any remaining debt will not be paid and will be discharged. In general, the Debtor will pay Administrative Claims (One Class), Priority Claims (Six Classes) and General Unsecured Creditors. Class 1 consists of Allowed General Unsecured Claims. General Unsecured Claims total $2,656,128.70. The Debtor will make all payments from the liquidation of the Debtor's assets. The Plan is self-executing. The Debtor shall not be required to execute any newly created documents to effectuate the terms of the Plan, and the Debtor will receive a Discharge upon the payment of all payments provided by this Plan. The Debtor will fund this this Plan only through the $2,128,418.16 on hand. A full-text copy of the Disclosure Statement dated December 31, 2025 is available at https://urlcurt.com/u?l=UCi0ie from PacerMonitor.com at no charge. Schiller Park Hospitality, LLC: Paul M. Bach, Esq. Penelope N. Bach, Esq. Bach Law Offices, Inc. P.O. BOX 1285 Northbrook, IL 60062 Telephone: (847) 564 0808 About Schiller Park Hospitality Schiller Park Hospitality, LLC, a company in Skokie, Ill., filed a Chapter 11 petition (Bankr. N.D. Ill. Case No. 25-01447) on Jan. 30, 2025, listing between $10 million and $50 million in both assets and liabilities. The petition was signed by Amin Amdani as managing member. Judge David D Cleary oversees the case. The Debtor is represented by Paul M. Bach, at Bach Law Offices. CRE Bridge Capital, LLC, as lender, is represented by Harold D. Israel, Esq. of Levenfeld Pearlstein, LLC. SCILEX HOLDING: Boosts Datavault AI Stake to 42.6% -------------------------------------------------- Scilex Holding Company, disclosed in a Schedule 13D (Amendment No. 2) filed with the U.S. Securities and Exchange Commission that as of December 29, 2025, it beneficially owns 244,445,260 shares of common stock (directly held and increased through open-market purchases of 3,689,016 shares on December 26, 2025, 7,310,984 shares on December 29, 2025, and 9,657,300 shares on December 30, 2025) of Datavault Ai Inc.'s common stock, par value $0.0001 per share, representing 42.6% of the 573,845,574 shares outstanding as of December 30, 2025. Scilex Holding Company may be reached through: Henry Ji, Chief Executive Officer and President 960 San Antonio Rd Palo Alto, CA 94303 Tel: (650) 516-4310 A full-text copy of Scilex Holding Company's SEC report is available at: https://tinyurl.com/ydrrhuuj About Scilex Holding Company Palo Alto, Calif.-based Scilex Holding Company -- www.scilexholding.com -- is an innovative revenue-generating company focused on acquiring, developing and commercializing non-opioid pain management products for the treatment of acute and chronic pain and, following the formation of its proposed joint venture with IPMC Company, neurodegenerative and cardiometabolic disease. Scilex targets indications with high unmet needs and large market opportunities with non-opioid therapies for the treatment of patients with acute and chronic pain, and is dedicated to advancing and improving patient outcomes. Scilex's commercial products include: (i) ZTlido (lidocaine topical system) 1.8%, a prescription lidocaine topical product approved by the U.S. Food and Drug Administration for the relief of neuropathic pain associated with postherpetic neuralgia, which is a form of post-shingles nerve pain; (ii) ELYXYB, a potential first-line treatment and the only FDA-approved, ready-to-use oral solution for the acute treatment of migraine, with or without aura, in adults; and (iii) Gloperba, the first and only liquid oral version of the anti-gout medicine colchicine indicated for the prophylaxis of painful gout flares in adults. In its report dated March 31, 2025, the Company's auditor, BMP LLP, issued a "going concern" qualification, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has suffered recurring losses from operations and has a net capital deficiency that raise substantial doubt about its ability to continue as a going concern. As of June 30, 2025, Scilex Holding had $83.76 million in total assets, $332.74 million in total liabilities, and a total stockholders' deficit of $248.99 million. SCILEX HOLDING: Completes $27MM Penny Warrants Repurchase --------------------------------------------------------- Scilex Holding Company previously issued to Oramed Pharmaceuticals Inc. warrants to purchase up to an aggregate of 6,500,000 shares of common stock, par value $0.0001 per share, of the Company at an exercise price of $0.01 per share. On July 22, 2025, the Company also entered into an Option Agreement for the Repurchase of Warrants with Oramed, pursuant to which, among other things, Oramed granted an option to the Company to repurchase the Penny Warrants in two tranches for an aggregate purchase price of $27,000,000, subject to the terms and conditions set forth therein. In consideration of the Option, the Company agreed to pay Oramed an aggregate of $1,500,000. On December 30, 2025, the Company completed the exercise in full of the Option by paying off the remaining Warrant Repurchase Amount for the second tranche of Penny Warrants, having an aggregate price of $14,000,000, after having completed the first tranche of the Warrant Repurchase for $13,000,000 in September 2025. About Scilex Holding Company Palo Alto, Calif.-based Scilex Holding Company -- www.scilexholding.com -- is an innovative revenue-generating company focused on acquiring, developing and commercializing non-opioid pain management products for the treatment of acute and chronic pain and, following the formation of its proposed joint venture with IPMC Company, neurodegenerative and cardiometabolic disease. Scilex targets indications with high unmet needs and large market opportunities with non-opioid therapies for the treatment of patients with acute and chronic pain, and is dedicated to advancing and improving patient outcomes. Scilex's commercial products include: (i) ZTlido (lidocaine topical system) 1.8%, a prescription lidocaine topical product approved by the U.S. Food and Drug Administration for the relief of neuropathic pain associated with postherpetic neuralgia, which is a form of post-shingles nerve pain; (ii) ELYXYB, a potential first-line treatment and the only FDA-approved, ready-to-use oral solution for the acute treatment of migraine, with or without aura, in adults; and (iii) Gloperba, the first and only liquid oral version of the anti-gout medicine colchicine indicated for the prophylaxis of painful gout flares in adults. In its report dated March 31, 2025, the Company's auditor, BMP LLP, issued a "going concern" qualification, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has suffered recurring losses from operations and has a net capital deficiency that raise substantial doubt about its ability to continue as a going concern. As of September 30, 2025, Scilex Holding had $275.9 million in total assets, $455.6 million in total liabilities, and a total stockholders' deficit of $179.7 million. SELECTIS HEALTH: Third Allonge Extends Notes Maturity to Feb. 28 ---------------------------------------------------------------- Selectis Health, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that effective December 31, 2025, the Company entered into a Third Amended and Restated Allonge and Modification Agreement with the holders of more than a majority in interest in the Company's 2018 11% Senior Secured Promissory Notes. As of the Effective Date, there were an aggregate of $1,775,000 in principal amount of Notes outstanding. Summary of the terms of the Third Allonge: A. The Maturity Date of the Notes is extended to the earlier of: (i) February 28, 2026 or (ii) the consummation by the Company of a Qualified Transaction which would result in the Company realizing net proceeds, after deducting transaction expenses and retirement of mortgage debt, sufficient to enable the Company to retire all outstanding Notes, principal and accrued interest. The Maturity Date can be extended under certain circumstances. B. Interest on the Notes will accrue at the rate of 13% per annum until paid in full. C. The rights of all Noteholders will continue to be governed by the terms of the Intercreditor Agreement. D. The expiration date of the Warrants previously granted to the Noteholders is extended to December 31, 2027. The exercise price of the Warrants will continue to be $2.25 per share. E. Effective January 1, 2026, Kent Lund and Lance Baller will be appointed to serve as members of the Company's Board of Directors. F. The Company will pay a solicitation fee of $9,000 to GVC Capital LLC in connection with the execution of the Third Allonge. A full text copy of the Third Amended and Restated Allonge and Modification Agreement is available at https://tinyurl.com/373byhvt About Selectis Health Headquartered in Greenwood Village, Colo., Selectis Health, Inc. owns and operates, through wholly-owned subsidiaries, Assisted Living Facilities, Independent Living Facilities, and Skilled Nursing Facilities across the South and Southeastern portions of the US. In 2019, the Company shifted from leasing long-term care facilities to third-party, independent operators towards an owner operator model. New York, N.Y.-based WithumSmith+Brown, PC, the Company's auditor since 2024, issued a "going concern" qualification in its report dated April 15, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has a significant working capital deficiency, has incurred significant losses from operations, has accumulated deficits and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of September 30, 2025, the Company had $33.3 million in total assets, $38.9 million in total liabilities, and a total stockholders' deficit of $5.6 million. SIDE YARD: Unsecureds Will Get 12.4% of Claims over 60 Months ------------------------------------------------------------- Side Yard Public House, Inc., and Milovan, Inc., filed with the U.S. Bankruptcy Court for the Southern District of California a Plan of Reorganization for Small Business dated December 31, 2025. The Debtors operate from 10326 Meadow Glen Way E, Escondido, CA 92026 ("Premises"). Side Yard operates an outdoor bar and restaurant. Milovan operates a market, deli, and coffee shop. Alex Petric purchased the Premises in 1984 and constructed the building in 1986. From 1987 to 2006, Alex operated the Premises as a deli and market. From 2006 to 2016, Alex leased the Premises to third party tenants. Since then, Alex has operated the deli and market from the Premises. Since 2023, Side Yard has seen its sales grow between 5% to 10% year over year. To facilitate this growth, in or around 2023, Side Yard obtained a merchant cash advance (MCA) from Suncoast Funding Group. Under the MCA, Suncoast "purchased" $48,410 of Side Yard's "receivables" for $33,000. The MCA was initially repayable with weekly payments of $1,732.50, which implies a repayment term of 28 weeks (or about 6.5 months). In other words, the MCA implies an effective interest rate of 86% per annum ($48,410 repaid on $33,000 principal over 6.5 months). Side Yard contends that the MCA is a disguised loan, which is secured by a first priority UCC-1 lien against all of Side Yard's assets. Side Yard also contends that the MCA is usurious under California law. Prior to the Petition Date, Side Yard repaid $19,063 to Suncoast on the MCA. This Plan has a 60-month term which ends on December 31, 2030. Over this term, Side Yard will have $376,693.24 in projected disposable income. And Milovan will have $313,518.61 in projected disposable income. Under the Plan, Side Yard proposes to pay $379,500.00 to creditors. Under the Plan, Milovan proposes to pay $314,000.00. Plan payments will be paid on a quarterly basis with each quarterly payment due not later than the last day of each calendar quarter (i.e., March 31, June 30, September 30, and December 31). Each quarter referred to herein shall be abbreviated. For example, the first quarter of 2026 shall be referred to as 1Q'26. This Plan of Reorganization proposes to pay creditors of Debtors from disposable operating income from normal business operations. Overall, the Plan projects to pay a 12.4% distribution to general unsecured creditors. With respect to each class of creditors, the Plan provides as follows: * The Plan provides for the payment of administrative expense claims in full by 1Q'27, and payment of priority tax claims in full (with applicable legal interest) by 3Q'28. * The Plan provides for the payment of $72,000.00 total to general unsecured claims from 4Q'29 to 4Q'30, which shall be distributed pro rata to holders of allowed general unsecured claims. Class 3A consists of General Unsecured Claims against Side Yard. Each allowed Class 3A claim shall receive a pro rata distribution of (1) a quarterly payment in the amount of $10,000.00 in 3Q'30, and (2) a quarterly payment in the amount of $15,000 in 4Q'30. Milovan's bankruptcy estate will receive a pro rata distribution on account of Milovan's Class 3A claim, and which will be distributed to Milovan's general unsecured creditors holding Class 3B claims. The allowed unsecured claims total $477,339.22. Class 3B consists of General Unsecured Claims against Milovan. Each allowed Class 3B claim shall receive a pro rata distribution of (1) equal quarterly payments in the amount of $12,000.00 in 1Q'30 and 2Q'30, and (2) equal quarterly payments in the amount of $21,000.00 in 3Q'30 and 4Q'30. The allowed unsecured claims total $1,098,980.97. The Plan will be funded with the following: (i) the Debtors' cash on hand, (ii) the Debtors' protected disposable income over a period of sixty months, and (iii) the Debtors' pursuit of other estate claims and causes of action, if any. After the Effective Date, the Debtors shall each be known as a "Reorganized Debtor" and, collectively, the "Reorganized Debtors." The managing member of the Debtors, Shari Nickelson, will remain as the sole managing member of the Reorganized Debtors. A full-text copy of the Plan of Reorganization dated December 31, 2025 is available at https://urlcurt.com/u?l=psQAz3 from PacerMonitor.com at no charge. Counsel to the Debtor: Donald W. Reid, Esq. Law Office Of Donald W. Reid PO Box 2227 Fallbrook, CA 92088 Tel: (951) 777-2460 E-mail: don@donreidlaw.com About Side Yard Public House Side Yard Public House, Inc., operates an outdoor restaurant and bar at 10326 Meadow Glen Way E, Escondido, CA 92026. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Cal. Case No. 25-04126-JBM11) on October 2, 2025. In the petition signed by Shari Nickelson, chief executive officer, the Debtor disclosed up to $100,000 in assets and up to $1 million in liabilities. Judge Barrett Marum oversees the case. Donald Reid, at Law Office of Donald W. Reid, is the Debtor's legal counsel. SIX FLAGS: S&P Rates Proposed $1.0BB Senior Unsecured Notes 'B+' ---------------------------------------------------------------- S&P Global Ratings assigned its 'B+' issue-level rating and '5' recovery rating to Six Flags Entertainment Corp.'s proposed $1.0 billion senior unsecured notes due 2032. The '5' recovery rating indicates its expectation for modest (10%-30%; rounded estimate: 10%) recovery in the event of a payment default. The company intends to use the proceeds from these notes and cash on hand to refinance its existing $500 million 5.5% senior secured notes due 2027, $500 million 5.38% senior unsecured notes due 2027, and pay fees and expenses. S&P expects the proposed issuance will increase interest expense, but modestly improve Six Flags' maturity profile as the transaction is leverage-neutral. S&P said, "All our other ratings on the company are unchanged. The company underperformed our prior expectations through the first nine months of 2025 because of high ongoing integration costs and significant weather disruptions and lower attendance at many of its smaller parks during the peak summer season. We now expect Six Flags' S&P Global Ratings-adjusted leverage to be about 7x at the end of 2025, above our 5.5x downgrade threshold. "Nevertheless, we expect lower integration costs, modestly lower capital expenditure, and higher attendance due to more normal weather patterns should improve cash flow generation and support leverage reduction toward the mid-5x area in 2026. In addition, we expect Six Flags could further reduce leverage through planned asset sales. On its third quarter earnings call, the company said it plans to monetize some underperforming parks in its portfolio, in addition to its previously announced asset sale plans for Six Flags America and excess land in Richmond, Va., and use the proceeds for debt repayment. "Our negative outlook on the company indicates we could lower the rating over the next 12 months if we no longer believe it is plausible for Six Flags to reduce leverage below 5.5x. This could result from continued underperformance, further operating missteps from the integration of the merger, or a lack of progress on planned asset sales." Issue Ratings--Recovery Analysis Key analytical factors -- S&P assigned a 'B+' issue-level rating and '5' recovery rating to Six Flags' proposed $1.0 billion senior unsecured notes due 2032. The '5' recovery rating indicates its expectation of modest (10%-30%; rounded estimate: 10%) recovery. -- S&P's issue-level rating on Six Flags' secured debt remains 'BB+'. Its '1' recovery rating indicates its expectation of very high (90%-100%; rounded estimate: 95%) recovery for lenders in the event of a payment default. -- S&P's 'B+' issue-level rating and '5' recovery rating on Six Flags' existing unsecured debt are unchanged. -- S&P's simulated default scenario considers a default by 2029 due to a severe economic downturn and tighter consumer credit markets, as well as an overall decline in consumer discretionary spending, that substantially reduce demand for Six Flags' season passes and tickets. -- S&P assumes a reorganization following default and use an emergence EBITDA multiple of 6.5x (consistent with multiples it uses for other theme park operators) to value the company. -- S&P assumes the $850 million revolving credit facility is 85% drawn at default. Simulated default assumptions -- Emergence EBITDA: $548 million -- EBITDA multiple: 6.5x -- Gross recovery value: $3.6 billion Simplified waterfall -- Net recovery value (after 5% administrative costs): $3.4 billion -- Estimated secured claims: $3.1 billion -- Value available for secured claims: $3.2 billion --Recovery expectations: 90%-100% (rounded estimate: 95%) -- Estimated senior unsecured claims: $2.7 billion -- Value available for unsecured claims: $289 million --Recovery expectations: 10%-30% (rounded estimate: 10%) All debt amounts include six months of prepetition interest. SKILLZ INC: S&P Withdraws 'CCC+' Issuer Credit Rating, Outlook Neg ------------------------------------------------------------------ S&P Global Ratings withdrew its 'CCC+' issuer credit rating on Skillz Inc. at the issuer's request. The outlook was negative at the time of the withdrawal. S&P also withdrew its 'CCC' issue-level rating and '5' (25%) recovery rating on the company's senior secured notes. SMITH HOSPITALITY: Seeks to Hire Preeti Gupta as Legal Counsel -------------------------------------------------------------- Smith Hospitality Group, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Indiana to hire Preeti Gupta, a professional practicing law, to serve as its counsel. Ms. Gupta will provide these services: (a) advising the Debtor on its Chapter 11 rights, powers and duties as debtor-in-possession; (b) preparing, on behalf of the Debtor, applications, answers, proposed orders, reports, motions, and other pleadings and papers that may be required in this Chapter 11 Case; (c) advising and filing a plan and disclosure statement; and (d) performing any other legal services as counsel for the debtor-in-possession that may be required by the Debtor or this Court. Ms. Gupta will receive an hourly rate of $300. Prior to the filing of the petition, Debtor paid Ms. Gupta $4,000 on November 30th, 2025 and $4,000 on December 5th, 2025. According to court filings, Ms. Gupta is a "disinterested person" within the meaning of the Bankruptcy Code. The firm can be reached at: Preeti (Nita) Gupta, Esq. 2680 East Main Street Suite 322 Plainfield, IN 46168 Telephone: (317) 900-9737 Facsimile: (888) 261-6090 E-mail: nita07@att.net About Smith Hospitality Group LLC Smith Hospitality Group, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ind. Case No. 25-07541) on December 11, 2025, with $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Judge James M. Carr presides over the case. Preeti Gupta, Esq., represents the Debtor as legal counsel. SONIM TECHNOLOGIES: Asset Sale Proposal OK'd at Special Meeting --------------------------------------------------------------- Sonim Technologies, Inc. held a special meeting of stockholders to consider certain proposals related to the Asset Purchase Agreement. As of December 17, 2025, the record date for the Special Meeting, there were 1,488,268 shares of the Company's common stock, par value $0.001 per share, outstanding, each of which was entitled to one vote for each proposal at the Special Meeting. At the Special Meeting, a total of 886,409 shares of common stock, representing approximately 59.6% of the shares of common stock outstanding and entitled to vote, were represented at the meeting in person or by proxy, constituting a quorum. The following are the voting results on each matter submitted to the stockholders of the Company at the Special Meeting. Proposal 1: The stockholders approved a proposal to approve the asset purchase agreement, dated as of July 17, 2025, by and among the Company, Pace Car Acquisition LLC, the Seller Representative named in the Asset Purchase Agreement, and Social Mobile Technology Holdings LLC, solely for the purpose of guaranteeing complete payment and performance obligations of the Buyer contained in the Asset Purchase Agreement, the sale of substantially all assets of the Company and its subsidiaries related to the Company's enterprise 5G solutions business, including rugged handsets, smartphones, wireless internet device, software, services, and accessories and the other transactions contemplated by the Asset Purchase Agreement. The results of the vote were as follows: Votes For: 761,808 Votes Against: 124,170 Votes Abstained: 431 Broker Non-Votes: -- Proposal 2: The stockholders approved the proposal to approve, on an advisory, non-binding basis, certain compensation that has, will, or may be paid or become payable to the Company's named executive officers in connection with the Asset Sale. The results of the vote were as follows: Votes For: 646,227 Votes Against: 237,271 Votes Abstained: 2,911 Broker Non-Votes: -- As a result of the approval of the Asset Sale Proposal, a previously submitted proposal to approve one or more adjournments of the Special Meeting, if necessary or appropriate, from time to time, to a later date or dates, even if a quorum is present, to solicit additional proxies if there are not sufficient votes at the time of the Special Meeting to approve the Asset Sale Proposal was rendered moot. Accordingly, the Adjournment Proposal was not presented at the Special Meeting. Information on each of the Asset Sale Proposal, the Advisory Compensation Proposal, and the Adjournment Proposal, are available in the definitive proxy statement filed by the Company with the Securities and Exchange Commission on December 5, 2025, as subsequently supplemented. About Sonim Technologies Sonim Technologies, Inc. was incorporated in the state of Delaware on August 5, 1999, and is headquartered in San Diego, California. The Company offers a robust portfolio that includes rugged handsets, smartphones, wireless internet devices, software, services, and accessories. These products are engineered to deliver reliable communication in challenging and unpredictable environments, serving sectors such as critical communications, first responders, government, industrial, construction, hospitality, and logistics. The Company distributes its products primarily through major wireless carriers. As of September 30, 2025, the Company had $40.2 million in total assets, $40.9 million in total liabilities, and $701,000 in total stockholders' deficit. According to the Company's Report on Form 10-Q for the quarterly period ended September 30, 2025, the uncertainty regarding the Asset Purchase Agreement and the ability of the Company to implement strategic alternatives after the closing of the Asset Purchase Agreement creates uncertainty regarding the Company's ability to forecast beyond the asset sale date. Accordingly, there is substantial doubt about the Company's ability to continue as a going concern within the next 12 months. STRATHCONA RESOURCES: S&P Withdraws 'BB-' LT Issuer Credit Rating ----------------------------------------------------------------- S&P Global Ratings withdrew all its ratings on Strathcona Resources Ltd., including the 'BB-' long-term issuer credit rating and 'BB-' issue-level rating and '3' recovery rating on its senior unsecured debt, at the issuer's request. At the time of the withdrawal, S&P's outlook on the company was stable. TA KINGDOM: Seeks Chapter 7 Bankruptcy in Idaho ----------------------------------------------- On December 17, 2025, TA Kingdom Heirs LLC filed for Chapter 7 protection in the U.S. Bankruptcy Court for the District of Idaho. According to court filings, the Debtor reports between $100,001 and $1,000,000 in debt owed to between 1 and 49 creditors. About TA Kingdom Heirs LLC TA Kingdom Heirs LLC is a limited liability company. TA Kingdom Heirs LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. D. Idaho Case No. 25-01050) on December 17, 2025. In its petition, the Debtor reports estimated assets of $100,001 to $1,000,000 and estimated liabilities of $100,001 to $1,000,000. The case is assigned to the Honorable Bankruptcy Judge Noah G. Hillen. The Debtor is represented by D. Blair Clark, Esq. TARAH THAI: Unsecureds Will Get 10% of Claims over 60 Months ------------------------------------------------------------ Tarah Thai, LLC filed with the U.S. Bankruptcy Court for the Northern District of California a Plan of Reorganization for Small Business. The Debtor is a California Limited Liability Company. Since 2018, the Debtor has been a Thai restaurant in downtown Willow Glen, San Jose, named "Tarah Thai". The primary reason for filing was a significant sales tax obligation arising from a recent audit conducted by state taxing authorities. Importantly, the resulting assessment was based on a misunderstanding of reported sales figures and was not the result of any willful or intentional misconduct. In addition to the tax debt, the Debtor is managing repayment of an SBA EIDL loan, along with other business-related liabilities. The Debtor's financial projections show that the Debtor will have projected disposable income of $277.17. The final Plan payment is expected to be paid on December 15, 2030, which is anticipated to be 60 months after the effective date. Non-priority unsecured creditors holding allowed claims will receive distributions, which the proponent of this Plan has valued at approximately 10 cents on the dollar, consistent with the liquidation analysis and projected disposable income. This Plan also provides for the payment of administrative and priority claims. Class 3 consists of Non-priority unsecured creditors. Class 3 creditors include: a) Working Solutions CDFI for unsecured portion of claim ($2,339.78); b) Celtic Bank Loan # 4656 (POC 4-1) ($142,610.25); c) Wells Fargo Bank Mastercard # 6887 ($19,404.77); and) CA FTB (POC # 2) ($39.79). Total dollar amount of Class 3 is $164,394.59. Class 3 General Unsecured Creditors shall receive a prorata share of a fixed fund equal to 10% of $164,394.59, i.e., $16,439.46, paid in 60 monthly installments of $273.99 in the aggregate. Distributions shall be made pro-rata based on each creditor's allowed claim relative to the total of all allowed Class 3 claims excluding the California Franchise Tax Board ($39.79), which shall be paid in full in a single lump-sum on the Plan Effective Date. Class 4 consists of Equity security holders of the Debtor. Mr. Pawit Ninnabodee (sole owner) will retain 100%equity in the reorganized Debtor. Further, Mr. Ninnabodee does not have any pre or post petition claims against the Debtor and his interests will remain the same as of the Plan's Effective Date. Distributions to Creditors under this Plan will be funded primarily from: Debtor's cash on hand on the Plan's Effective Date; and net income from the continued operations of the business. A full-text copy of the Plan of Reorganization dated December 29, 2025 is available at https://urlcurt.com/u?l=SuNO6N from PacerMonitor.com at no charge. Counsel to the Debtor: Arasto Farsad, Esq. Nancy Weng, Esq. Farsad Law Office, P.C. 1625 The Alameda, Suite 525 San Jose CA 95126 Tel: (408) 641-9966 Fax: (408) 866-7334 E-mail: farsadlaw1@gmail.com About Tarah Thai LLC Tarah Thai, LLC, sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Cal. Case No. 25-50944) on June 23, 2025, listing $50,001 to $100,000 in assets and $100,001 to $500,000 in liabilities. Judge Stephen L Johnson presides over the case. Arasto Farsad, Esq., at Farsad Law Office, P.C, is the Debtor's counsel. TASTE OF BELGIUM ROCKWOOD: Case Summary & 20 Unsecured Creditors ---------------------------------------------------------------- Debtor: Taste of Belgium Rookwood LLC 39 Back Street Cincinnati, OH 45202 Business Description: Taste of Belgium Rookwood LLC operates a Belgian-inspired brasserie in Cincinnati, Ohio, offering brunch, lunch, and dinner with European-style dishes including waffles and Belgian beers. Chapter 11 Petition Date: January 6, 2026 Court: United States Bankruptcy Court Southern District of Ohio Case No.: 26-10012 Judge: Hon. Beth A Buchanan Debtor's Counsel: Eric W. Goering, Esq. GOERING & GOERING 220 West Third Street Cincinnati, OH 45202 Tel: (513) 621-0912 E-mail: eric@goering-law.com Total Assets: $157,497 Total Liabilities: $3,062,897 The petition was signed by Jean-Francois Flechet as CEO. A full-text copy of the petition, which includes a list of the Debtor's 20 largest unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/IJZEZMQ/Taste_of_Belgium_Rookwood_LLC__ohsbke-26-10012__0001.0.pdf?mcid=tGE4TAMA TASTE OF BELGIUM: Case Summary & 20 Largest Unsecured Creditors --------------------------------------------------------------- Debtor: Taste of Belgium at the Banks, LLC 39 Back Street Cincinnati, OH 45202 Business Description: Taste of Belgium at the Banks, LLC operates a Belgian-inspired brasserie in Cincinnati, Ohio, offering brunch, lunch, and dinner with a focus on European-style dishes including waffles, mussels, and a selection of beers and cocktails. The Company serves customers in its full-service dining area in the downtown "The Banks" district, near major sports and entertainment venues, and is part of the broader Taste of Belgium group, which operates multiple restaurant locations in Ohio. Chapter 11 Petition Date: January 6, 2026 Court: United States Bankruptcy Court Southern District of Ohio Case No.: 26-10011 Judge: Hon. Beth A Buchanan Debtor's Counsel: Eric W. Goering, Esq. GOERING & GOERING 220 West Third Street Cincinnati, OH 45202 Tel: (513) 621-0912 E-mail: eric@goering-law.com Total Assets: $155,807 Total Liabilities: $3,332,233 The petition was signed by Jean-Francois Flechet as CEO. A full-text copy of the petition, which includes a list of the Debtor's 20 largest unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/L7JBLQI/Taste_of_Belgium_at_the_Banks__ohsbke-26-10011__0001.0.pdf?mcid=tGE4TAMA TEGRA118 WEALTH: S&P Upgrades ICR to 'B-', Outlook Stable --------------------------------------------------------- S&P Global Ratings raised its issuer credit rating on N.J.-based provider of digital wealth and investment management software Tegra118 Wealth Solutions Inc. and issue-level rating on its first-lien credit facility to 'B-' from 'CCC+'. S&P also assigned its 'B-' issue-level rating and '3' recovery rating to the company's senior secured facilities. S&P said, "The stable outlook reflects our expectation for Tegra to be well protected against potential elevated cash needs from affiliate entities. We expect the company to continue building cash during the next year. We also expect its revenue growth and S&P Global Ratings-adjusted EBITDA margins to remain robust during the next fiscal year, at above 4% and 40%, respectively." Tegra118 Wealth plans to issue a new $500 million first-lien term loan and a $40 million first-lien revolving credit facility to refinance its capital structure. It will also use the proceeds to fund a $115 million capital distribution to its parent entity. S&P said, "While its S&P Global Ratings-adjusted leverage will rise to the mid-8x area, our view is Tegra118's credit risk has improved on our expectation of better overall cash flow. We expect the new credit agreement to limit the amount of cash outflows Tegra can send to support operations at affiliate entities." As currently proposed, the company will have a $20 million restricted payment basket (no grower) that will be applicable for the life of the credit facility. The refinancing plan improves Tegra's credit profile. The plan, which includes a new $500 million first-lien term loan and a $40 million revolving credit facility, will refinance existing debt and facilitate a $115 million capital distribution to its parent company, assumed to support the liquidity needs of its affiliates. Pro forma for the transaction, S&P projects Tegra's S&P Global Ratings-adjusted debt will increase to approximately $739 million (including preferred equity). S&P said, "Despite our expectation for weaker credit metrics--specifically, S&P Global Ratings-adjusted leverage reaching the mid-8x area--we believe the transaction is favorable to the company's credit profile." This is because it extends the debt maturities, mitigating near-term refinancing risk; it resets the revolver balance to zero from approximately $32 million, leading to improved liquidity; and, most importantly, it yields materially stronger creditor protections regarding affiliate transfers, which are expected to be capped at a fixed $20 million with no growth feature. Historically, Tegra funding liquidity requirements for affiliated entities outside its credit group has been a major driver of liquidity erosion and often has exceeded operating cash flow. The unpredictably and magnitude of these transfers has been a key consideration in S&P's assessment of an unsustainable capital structure in the past. Tegra's business should remain solid, driven by its base of recurring revenue, strong customer retention, and a favorable position within the digital wealth and investment management software sector. Despite Tegra's modest revenue scale (approximately $200 million annually) and high customer concentration--approximately 55% of annual revenue from its top five customers and 75% from the top 10 clients--it enjoys long-term relationships with customers. The mission-critical nature of Tegra's software, which is also deeply embedded in client workflows, contributes to high switching costs and customer stickiness. S&P said, "Moreover, we view the demand drivers for U.S. managed accounts growth and financial advisory services as robust. While 55% of annual revenue is up for renewal in 2026, we anticipate most upcoming renewals will convert to long term contracts and for Tegra's sales teams to focus on upselling products like private markets account (PMA). We do not foresee any change in customer retention or renewal prospects. In addition, even if a contract termination were to occur, we expect any resulting revenue decline to be gradual, spanning several years due to the complexity of client offboarding and onboarding processes. Therefore, we do not view the risk of severe revenue disruption as material. "The company's revenue growth rate stepped up each quarter of this fiscal year, reaching 15% during the third quarter, while its S&P Global Ratings-adjusted EBITDA margin improved toward the high 40% area, a level we consider to be above average for the software sector, fueled by cost savings and stemming compute costs. The company's core product, APL (which constitutes about 90% of annual revenue), is leading the growth as the company wins market share and grows with greenfield opportunities. New add-on services--such as PMA--continue to gain interest with large clients like Wells Fargo and JP Morgan." In addition, its cloud subscription monthly recurring revenue stream adds revenue visibility. This is further supported by contracts that are priced based on the number of accounts, which is relatively predictable, rather than the more volatile assets under management. S&P said, "We project continued earnings growth, along with sufficient liquidity. In our forecast, these favorable demand trends, along with ongoing client acquisitions and platform expansion, anchor our expectations for continued growth. In fiscal 2027, we project Tegra will achieve organic growth of approximately 4.5%. We also project EBITDA margins will remain at 40% or higher, a level above average for the software sector. "We also project Tegra will generate free operating cash flow (FOCF), even with a rise in interest expense to approximately $40 million in fiscal 2027 due to increased debt. At these levels, we expect deleveraging and liquidity to continue building, even if it elects to fund a maximum transfer to affiliates of $20 million, the maximum permitted under the credit agreement. "The stable outlook reflects our expectation for Tegra to be well protected against potential elevated cash needs from affiliate entities. We expect the company to continue building cash during the next year. We also expect its revenue growth and S&P Global Ratings-adjusted EBITDA margins to remain robust during fiscal 2027, at above 4% and 40%, respectively." S&P could lower its rating on the company if S&P comes to view its capital structure as unsustainable. This could occur if: -- Tegra's FOCF is significantly hindered leading to a decline in its cash balance or an increased reliance on its revolver; or -- Profitability deteriorates due to material customer losses, high labor costs, pricing erosion, or an inability to achieve cost savings. Although unlikely over the next year, S&P could consider raising its rating on Tegra if it deleverages below 7x and affiliate entities become cash flow independent. TONIX PHARMACEUTICALS: Point72 Entities Hold 9.2% Stake ------------------------------------------------------- Point72 Asset Management, L.P., Point72 Capital Advisors, Inc., and Steven A. Cohen, disclosed in a Schedule 13G filed with the U.S. Securities and Exchange Commission that as of December 29, 2025, they beneficially own 1,235,058 shares of common stock (including 615,025 shares issuable upon exercise of warrants; held by an investment fund managed by Point72 Asset Management, with shared voting and dispositive power) of Tonix Pharmaceuticals Holding Corp.'s common stock, par value $0.001 per share, representing 9.2% of the shares outstanding. Point72 Asset Management, L.P. may be reached through: Jason M. Colombo, Authorized Person 72 Cummings Point Road Stamford, CT 06902 A full-text copy of Point72 Asset Management, L.P.'s SEC report is available at: https://tinyurl.com/y4hva9ts About Tonix Pharmaceuticals Chatham, N.J.-based Tonix Pharmaceuticals Holding Corp., through its wholly owned subsidiary Tonix Pharmaceuticals, Inc., is a fully integrated biopharmaceutical company focused on developing and commercializing therapeutics to treat and prevent human disease and alleviate suffering. As of September 30, 2025, the Company had $252.4 million in total assets, $21.3 million in total liabilities, and $231.1 million in total stockholders' equity. Iselin, N.J.-based EisnerAmper LLP, the Company's auditor since 2023, issued a "going concern" qualification in its report dated March 18, 2025, citing that the Company has continuing losses and negative cash flows from operating activities that raise substantial doubt about its ability to continue as a going concern. TOPGOLF CALLAWAY: Moody's Ups CFR to Ba3 & Alters Outlook to Pos. ----------------------------------------------------------------- Moody's Ratings upgraded Topgolf Callaway Brands Corp. ("Topgolf Callaway") Corporate Family Rating to Ba3 from B1, Probability of Default Rating to Ba3-PD from B1-PD, and the rating on the senior secured term loan B to Ba3 from B1. Topgolf Callaway's SGL-1 speculative grade liquidity rating is unchanged. The outlook was changed to positive from stable. The upgrade reflects a larger decline in leverage after the company repaid substantially more debt than previously planned from the proceeds of the Topgolf sale. Topgolf Callaway closed the sale of 60% of Topgolf for $1.1 billion to Leonard Green on January 1, 2026. Topgolf Callaway repaid $1 billion of debt outstanding on the term loan, which is up from the $500 million pay down that the company had previously committed to lenders when it originally announced the sale. Moody's also expects the company to utilize cash to repay the roughly $258 million of debt outstanding on the 2.75% convertible senior notes that mature in May 2026 and for the golf business to continue generating steady and modestly improving earnings. The majority of leases at the previously combined Topgolf Callaway entity are staying with the Topgolf business and the reduction in interest expense at Callaway, including a portion from leases, will decline to roughly $20-$30 million from well above $200 million and support good free cash flow generation. Moody's anticipates debt-to-EBITDA will decline to around 2.0x in 2026 (pro forma for standalone Callaway), which is considerably lower than the mid-4.0x Moody's expected when Moody's confirmed Topgolf Callaway's B1 CFR on November 20, 2025. The meaningful reduction in leverage, more consistent free cash flow generation, and reduction in investment funding that Moody's expects Callaway to provide to Topgolf more than offsets the decline in business diversity. The use of proceeds from asset sales to meaningfully reduce debt are positive governance developments that are a key factor in the rating action. This results in an improvement in the financial strategy and risk management score to 3 from 4, the management track record score to 3 from 4, the governance issuer profile score to G-3 from G-4 and the credit impact score to CIS-3 from CIS-4. The company intends to change its name to Callaway Golf Company ("Callaway", NYSE:CALY) from Topgolf Callaway Brands Corp. (NYSE:MODG) later this month. Moody's will update the company name accordingly. The outlook is positive because the company could be positioned for an upgrade if it sustains leverage at the low pro forma level. The low interest burden and modest debt level provides the company considerable flexibility to navigate changes in consumer demand and discretionary end-markets. However, because the company has not provided an updated long-term leverage target or financial policy, there is some uncertainty about the sustainability of leverage at the current level as it balances shareholder distributions. Callaway's newly announced $200 million share repurchase program is sufficiently covered by ample cash after the anticipated debt repayment and expected free cash flow over $100 million. Liquidity is very good as indicated by the company's SGL-1 speculative grade liquidity rating. Cash of around $680 million after the debt repayment on the term loan provides good coverage of the $258 million convertible notes that mature in May 2026. Moody's expects the company will gradually reduce the cash balance through reinvestment in the business and share repurchases, including the newly announced $200 million share repurchase program. Moody's projects free cash flow at Callaway will be well over $100 million in 2026. The cash, free cash flow and available borrowing capacity on the undrawn $485 million ABL provides considerable cushion to support operating cash requirements including seasonal needs. The Ba3 rating on the $1.25 billion original principal secured term loan, the same level as the Ba3 CFR, reflects that the term loan is the preponderance of funded debt at Topgolf Callaway. The term loan is secured by a first priority lien on all assets of Topgolf Callaway and guarantors, as well as a second lien on inventory and accounts receivable (ABL priority collateral). The company's $250 million unsecured convertible notes due May 2026 are not guaranteed and are effectively subordinated to the term loan and ABL revolver. The rating on the term loan could decline if the convertible notes are repaid because the notes currently provide loss-absorption cushion in the event of a default. RATINGS RATIONALE Topgolf Callaway's Ba3 CFR reflects its strong market position in the manufacturing and sale of golf equipment and apparel, strong brand awareness, and considerable financial flexibility following the sale of 60% of Topgolf for $1.1 billion in January 2026. Liquidity is very good. Callaway's low financial leverage pro forma for the debt repayment following the sale of a 60% interest in the Topgolf entertainment business that closed on January 01, 2026, provides ample flexibility to navigate discretionary end-markets. Moody's expects debt-to-EBITDA leverage will decline to around 2.0x in 2026 from 6.8x for the last 12 months ending September 2025 due to the meaningful debt repayment from the proceeds of the Topgolf and Jack Wolfskin asset sales. This leverage level is strong for the Ba3 rating category considering the company's business profile. However, the company has not formally announced a leverage target and long-term financial policy, and newly announced $200 million share repurchase program introduces some uncertainty around long-term financial strategy. Leverage remains a credit risk considering the discretionary nature of the golf equipment, accessories, and apparel categories. The company is vulnerable to shifts in discretionary consumer spending and consistent investment in new product development and marketing is necessary to maintain competitive equipment offerings. Equipment is largely manufactured outside of the US, creating vulnerability to supply chain disruptions and tariffs. However, manufacturing representing roughly half of the golf ball revenue is produced in the US helping to partially mitigate this risk. Callaway's credit profile is supported by its strong market position and good geographic and segment diversification within golf equipment and apparel. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if operating earnings remain stable or improve across the company's golf and apparel businesses. An upgrade would also require the company to maintain good liquidity, generate strong free cash flow, and sustain debt-to-EBITDA below 3.0x. An upgrade would also require the company to demonstrate a long-term financial policy that aligns with operating the business within the aforementioned leverage level. Ratings could be downgraded if operating earnings, free cash flow, or liquidity deteriorate due to factors such as shifts in consumer demand, rising costs or increased competition. A downgrade could also occur if Moody's adjusted debt-to-EBITDA is sustained above 4.0x or if financial policy becomes more aggressive. The principal methodology used in these ratings was Consumer Durables published in December 2025. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. Topgolf Callaway Brands Corp. (NYSE:MODG) is headquartered in Carlsbad, CA, and manufactures and sells golf clubs, golf balls, and golf and lifestyle apparel and accessories. The company's portfolio of global brands includes Callaway Golf, Odyssey, OGIO, and TravisMathew. On January 01, 2026, Topgolf Callaway completed the sale of 60% of its previously wholly owned Topgolf business that owns and operates 98 golfing entertainment centers in the US, four in the U.K., and an additional eight international franchised locations. The company expects to change its name to Callaway Golf Company (NYSE:CALY) on or about January 15, 2025. Callaway had previously acquired Topgolf in March 2021. Topgolf Callaway is a publicly-traded company with consolidated revenue of $4.1 billion for the 12 months ended September 30, 2025 (including TGI). Moody's expects standalone Callaway will generate north of $2 billion in revenue annually. TOPGOLF CALLAWAY: S&P Upgrades ICR to 'BB-', Outlook Positive ------------------------------------------------------------- S&P Global Ratings raised its issuer credit rating by two notches to 'BB-' from 'B' on Topgolf Callaway Brands Corp. S&P said, "At the same time, we raised our issue-level rating on the company's senior secured term loan by three notches to 'BB' from 'B'. We also revised the recovery rating to '2' from '3' due to the debt paydown. The '2' recovery rating indicates our expectation for substantial (70%-90%; rounded estimate: 70%) recovery in a hypothetical default. "The positive outlook reflects our view that we could raise our ratings on Callaway over the next 12 months if the company maintains S&P Global Ratings-adjusted leverage below 2x." Topgolf has divested a 60% stake in its Topgolf business to Leonard Green & Partners (LGP) and used the proceeds, along with existing balance-sheet cash, to repay approximately $1 billion of debt under its term loan facility due in 2030. The company also intends to redeem its convertible notes upon their maturity in May 2026. As a result, S&P forecasts pro forma S&P Global Ratings-adjusted leverage to improve to near 2x in 2026, reflecting steep deleveraging from adjusted leverage of 5.3x in 2025. The stand-alone Callaway business will operate with much lower S&P Global Ratings–adjusted leverage. The company deleveraged significantly by prepaying approximately $1.0 billion on its $1.25 billion term loan facility. S&P said, "We also expect Callaway to deploy remaining balance sheet cash to fully redeem its $258 million of convertible notes at maturity in May 2026, further reducing debt and fixed financial obligations. As a result, we forecast pro forma S&P Global Ratings–adjusted leverage will decline to just below 2x by year-end 2026 compared to 5.3x for year-end 2025." S&P's leverage assessment incorporates a significant reduction in finance and operating lease liabilities associated with separating the Topgolf business, given the limited lease exposure of the company's remaining core operations. In addition, all deemed landlord financing obligations and venue-level financing liabilities related to Topgolf are expected to transfer with that business. The sale of Topgolf reduces the scale, profitability level, and diversification of stand-alone Callaway. S&P forecasts total consolidated sales of approximately $2.1 billion in 2026, compared with approximately $3.9 billion in 2025 for the combined entity, reflecting the divestitures of both Jack Wolfskin and Topgolf. Therefore, S&P revised its assessment of the company's business risk profile to weak from fair. S&P said, "Despite the reduction in absolute scale, we expect the company's golf equipment and apparel segments to demonstrate stable demand trends, supporting low-single-digit percent year-over-year revenue growth for stand-alone Callaway. We anticipate elevated tariff-related input costs will partially pressure profitability, limiting margin expansion. As a result, we forecast S&P Global Ratings–adjusted EBITDA margins of approximately 12.0% in 2026 and 12.2% in 2027, corresponding to adjusted EBITDA of roughly $255 million and $265 million, respectively." Callaway has repositioned its operating model as a pure-play golf equipment and apparel company focused on its core product offerings. Callaway has simplified its business model following the divestiture of its Topgolf entertainment segment. By exiting a capital-intensive, venue-based operating model, the company is concentrating on its traditional strengths in golf equipment and active lifestyle products, which should simplify operations and improve visibility into earnings and cash flow. The remaining portfolio consists of Callaway Golf, Odyssey, TravisMathew, and OGIO, representing established brands with market recognition and pricing power across golf clubs, balls, apparel, and accessories. In S&P's view, this streamlined structure enhances management's ability to prioritize product innovation, control costs, and allocate capital more efficiently. It also reduces exposure to discretionary entertainment spending and execution risk associated with physical venue expansion. Following the transaction close, Topgolf Callaway Brands Corp. expects to change its name to Callaway Golf Co. within 30 days. S&P said, "We expect Callaway will generate consistent free operating cash flow (FOCF) despite the sale of Topgolf. As of the end of the third quarter (ended Sept. 30, 2025), the company had roughly $866 million of cash on hand and $427 million available across its U.S and international asset-based lending (ABL) facilities. We project the stand-alone Callaway will generate reported FOCF of around $150 million annually after capital expenditure (capex) of about $40 million--a steep reduction in capital spending compared with $300 million for the former combined entity. We expect most of its capex will fund technology investments, improve existing stores, and support expansion. The company does not face any near-term maturities, with its ABL facilities maturing in 2028 and its term loan facility maturing in 2030. "The positive outlook reflects our view that we could raise our ratings on Callaway over the next 12 months if we expect S&P Global Ratings-adjusted leverage sustained below 2x." S&P could revise the outlook to stable on Callaway if its S&P Global Ratings-adjusted leverage exceeds 2x on a sustained basis. This could occur if: -- The company's financial policy becomes more aggressive such that we expect higher debt-funded share buybacks or dividend distributions above S&P's base case; -- Competition intensifies and operating performance weakens due to soft demand; or -- Operational missteps or elevated costs deteriorate profitability. S&P could raise the ratings if leverage sustains below 2x. This could occur if: -- Callaway maintains a conservative financial policy by demonstrating a track-record of leverage below 2x while funding shareholder activities such as share repurchases; or -- The company stabilizes operating performance among its core business segments and demonstrates an ability to profitably grow or expand this business. TOPPOS LLC: Manufactured Homes Sale to Hilton Companies OK'd ------------------------------------------------------------ The U.S. Bankruptcy Court for the Eastern District of North Carolina, Fayetteville Division, has permitted John C. Bircher, III, Chapter 7 Trustee of Toppos LLC, Top Park Services, LLC, Time Out Properties, LLC, Grand Valley MHP, LLC, Prairie Knolls MHP, LLC, and Rolling Acres MHC, LLC, to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor TOPPOS, LLC, filed a voluntary Chapter 11 bankruptcy petition on October 5, 2023. On October 10, 2025, the Court entered a consent order authorizing the employment of Sunstone Real Estate Advisors as broker to market the mobile homes owned by TOPPOS, located at the mobile home parks located in Lumberton, North Carolina known as Abbott Park, Alamac Village, Laiken Estates, Pine Run, Taylor Park, West Estates, and Wysteria Village, and which have not previously been abandoned by the Trustee. The Debtors' Properties are comprised of: a. all 172 manufactured homes, and all furniture, furnishings, fixtures, carpeting, window treatments and other tangible personal property of every kind and description located in or used in connection with the Homes which are not owned by the tenants occupying the Homes under bona fide tenant leases. b. Seller's interest in and to all warranties and guaranties, if any, applicable to the design or construction of the Property. c. Seller's interest in and to all governmental licenses, permits and certificates, applicable to the ownership use, or operation of the Property, to the extent transferable. The Court has authorized the Debtor to sell the Property to Hilton Companies, LLC, is a North Carolina limited liability company that made the highest and best offer for the Homes, with the purchase price of $2,000,000. Hilton has also executed a purchase and sale agreement to purchase the Rialto Parks from the receiver for those parks, which has been approved by the Superior Court of North Carolina, Robeson County. The Trustee and the Purchaser shall each be responsible for its own attorneys' fees incurred in connection with the Purchase Agreement, the Bankruptcy Case and the transactions or other matters contemplated. The Trustee represents the Purchase Agreement has been negotiated in good faith and at arms-length, and the procedures set forth herein are fair and reasonable, thereby providing the greatest potential to maximize value to the estate. The Trustee is authorized to use the proceeds of the sale as follows: a. Pay the lenders holding perfected liens on the mobile home units being sold as follows: 1. Northpoint Commercial Finance, LLC, shall be paid $892,800; 2. CHC TN, LLC, will be paid $547,200. b. Next to pay the Broker’s commission in the amount of $80,000. c. Next to pay taxes and fees incurred as a result of the sale. d. All remaining funds to the Trustee to hold on behalf of TOPPOS. The Sale Assets shall be transferred pursuant to the Purchase Agreement free and clear of all liens, claims, interests, obligations, rights, charges, and encumbrances. About Toppos LLC Toppos LLC is primarily engaged in acting as lessors of buildings used as residences or dwellings. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. N.C. Case No. 23-02889) on October 5, 2023. In the petition signed by Neil Carmichael Bender, II, member-manager, the Debtor disclosed up to $50 million in assets and up to $100 million in liabilities. Judge Pamela W. Mcafee oversees the case. Blake Y. Boyette, Esq., at Buckmiller, Boyette & Frost, PLLC, represents the Debtor as legal counsel. TP BRANDS: Gets Extension to Access Cash Collateral --------------------------------------------------- TP Brands Worldwide Inc. and its affiliates 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 second interim order authorizing the Debtors 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 secured creditor, PNC Bank, National Association. The Debtors initially received approval to use cash collateral under the court's interim order entered on November 21, 2025. As adequate protection, PNC Bank and other secured creditors will be granted post-petition replacement liens with the same validity and priority as their pre-bankruptcy liens. In addition, the Debtors must make monthly payments to PNC Bank as set forth in the budget and maintain required insurance. The second interim order also mandates interim salary reductions for certain insiders and provides PNC Bank access to the Debtors' records and premises. It preserves all parties' rights to seek modifications, challenge liens, or request additional relief, including by any future creditors' committee. A final evidentiary hearing is scheduled for February 2. A copy of the second interim order and the Debtor's budget is available at https://shorturl.at/LsIDU from PacerMonitor.com. PNC Bank, as successor in interest to BBVA USA, is the Debtors' primary secured creditor. On June 30, 2021, the Debtors entered into a business loan agreement with PNC Bank for a $3.5 million variable-rate revolving line of credit. As of the petition date, the outstanding balance was approximately $3.005 million, according to the Debtors. PNC Bank filed UCC-1 financing statements asserting a security interest in all of the Debtors' assets and may, therefore, claim an interest in the cash collateral. PNC Bank, as secured creditor, is represented by: Edwin G. Rice, Esq. Bradley Arant Boult Cummings, LLP 1001 Water Street, Suite 1000 Tampa, FL 33602-5468 Telephone: (813) 559-5500 erice@bradley.com ajecevicus@bradley.com About TP Brands Palmetto, Fla.-based TP Brands manufactures and imports flooring products, door components, ready-to-assemble kitchen cabinets, and bathroom vanities, offering a full domestic inventory and services across North America. Its products are distributed through networks of distributors and dealers in North and South America. It also provides private label programs and OEM services, as well as product development, sourcing, and oversight. TP Brands Worldwide Inc. and affiliates, TP Brands International Inc. and Premfloor, Inc., filed separate Chapter 11 bankruptcy petitions (Bankr. M.D. Fla. Lead Case No. 25-08424) on Nov. 10, 2025, before the Hon. Caryl E Delano. Worldwide and Premfloor listed up to $50,000 in estimated assets and $1 million to $10 million in estimated liabilities. International listed $500,000 to $1 million in estimated assets and $10 million to $50 million in estimated liabilities. The petitions were signed by Thomas J. Winter as president. Edward J. Peterson, Esq., and Clay B. Roberts, Esq., at Berger Singerman, LLP, serve as the Debtors' counsel. TRAXX CONSTRUCTION: Taps EXP Realty LLC as Real Estate Broker ------------------------------------------------------------- Traxx Construction, Inc. asks the U.S. Bankruptcy Court for the Central District of California to hire EXP Realty LLC as real estate broker. The firm will market and sell the Debtor's real property located at 55, 57 and 61 Acoma Blvd., S. Lake Havasu City, AZ 86403. The broker will receive a commission of 3 percent of the purchase price. Kalene Norman, an agent with EXP Realty LLC, assured the court that the firm is a "disinterested person" within the meaning of 11 U.S.C. 101(14). The firm can be reached through: Kalene Norman Homes at the River Real Estate Group EXP Realty 60 Acoma Blvd S A100 Lake Havasu City AZ 86403 Office: (928) 412-3291 Mobile: (951) 746-9341 About Traxx Construction Inc. Traxx Construction Inc. operates in the construction and engineering sector, delivering services for residential, commercial, and industrial projects. Its offerings include project planning, general contracting, site development, and infrastructure construction. Traxx Construction Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-20463) on November 21, 2025. In its petition, the Debtor reports estimated assets and estimated liabilities of $1 million-$10 million each. Judge Julia W. Brand oversees the case. The Debtor is represented by Michael Jay Berger, Esq. TSB VENTURES: Amends Non-Insider Unsecured Claims Pay Details ------------------------------------------------------------- TSB Ventures, LLC, submitted a Second Amended Subchapter V Plan of Reorganization dated December 31, 2025. The Debtor has formulated a plan of reorganization. Under this Plan, the Debtor intends to distribute its Projected Disposable Income to holders of Allowed Claims. The Debtor proposes to pay all Allowed Non-Insider General Unsecured Claims within the 60-month period following the Effective Date of this Plan. The Debtor holds more than $1.8 million in Cash. The Debtor moved for authority to invest $1.25 million of its Cash in Marine Electric. If the Bankruptcy Court grants the Debtor's investment motion, then the Debtor would have some $550,000.00 in Cash on the Effective Date. The Debtor recently invested that $1.8 million in Cash in a four-month certificate of deposit ("CD") with Hancock Whitney Bank because it is not known when the Declaratory Judgment Action will be resolved. The Debtor estimates that the CD will earn the Estate more than $20,000.00 in interest proceeds. The Debtor commenced an adversary proceeding, no. 25-1039 (the "Declaratory Judgment Action"), against Canseco and Trahan in this Subchapter V case. The Debtor seeks a declaratory judgment that $1.8 million at issue is property of its bankruptcy estate. Canseco and Trahan answered the Debtor's complaint. They asserted counterclaims under Louisiana law, alleging breach of contract under LA. CIV. CODE art. 1994, bad-faith breach of contract under LA. CIV. CODE art. 1997, and conversion based on the Debtor's alleged failure to escrow the funds. Master Fund filed multiple objections to the proofs of claim filed by Canseco and Trahan. Master Fund argued that neither Canseco nor Trahan have a right to payment against TSB because, among other things, they failed to timely arbitrate their dispute and any right to payment was against Kologik, not the Debtor.16 The Debtor, Master Fund, and the law firm of Murphy, Rogers, Sloss, Gambel & Tompkins ("Murphy Rogers"), all moved to compel arbitration. The Debtor sought to compel arbitration of Canseco and Trahan's state-law counterclaims pursuant to the Federal Arbitration Act ("FAA"). The Bankruptcy Court denied the motions to compel arbitration despite the FAA's strong presumption in favor of arbitration. The Debtor, Master Fund, and Murphy Rogers all timely appealed the order denying their motions to compel arbitration. The arbitration appeals are currently pending before the District Court. The Bankruptcy Court stayed all matters relating to the Declaratory Judgment Action and the claim objections pending appeal. Canseco has moved to convert this case from Subchapter V to Chapter 7. He alleges that the Debtor did not commence the case in good faith. Because the issue of good faith overlaps with issues the Debtor must establish at the Confirmation Hearing, the Bankruptcy Court consolidated these contested matters for hearing. Class 3 contains Non-Insider General Unsecured Claims. The treatment of holders of Non-Insider General Unsecured Claims depends on the outcome of the Declaratory Judgment Action. * Outcome #1: If the Bankruptcy Court determines that the Subject Funds are property of the Estate, then holders of Allowed Non-Insider General Unsecured Claims shall receive, in full satisfaction, settlement, release, and discharge of and in exchange for such Claims, a Pro Rata share of (i) a one-time lump sum payment of $400,000 on the Effective Date and (b) Projected Disposable Income. * Outcome #2: If the Bankruptcy Court determines that the Subject Funds are not property of the Estate, then holders of Allowed Non-Insider General Unsecured Claims shall receive, in full satisfaction, settlement, release, and discharge of and in exchange for such Claims, a Pro Rata share of Net Litigation Proceeds in accordance with the Bankruptcy Code's priority distribution scheme. Class 3 is Impaired, and thus, holders of Allowed Non-Insider General Unsecured Claims are entitled to vote to accept or reject this Plan. The Debtor has moved to use $1.25 million of its Cash to make a debt investment in Marine Electric. The Debtor believes the investment is a sound exercise of its business judgment. When Marine Electric exited Subchapter V in January 2025, it was projected to have revenue of some $4.5 million for 2025. Marine Electric was currently on pace to earn more than $9 million in 2025. The Debtor's ability to invest in Marine Electronic is dependent on the outcome of the Declaratory Judgment Action. Canseco (and Trahan) assert that the Subject Funds are not property of the estate under Jazzland, Inc. v. Federal Insurance Co., 322 B.R. 610 (E.D. La. 2005). A full-text copy of the Second Amended Plan dated December 31, 2025 is available at https://urlcurt.com/u?l=IRinTF from PacerMonitor.com at no charge. About TSB Ventures LLC TSB Ventures, LLC, operates as a securities and commodity contracts intermediation firm headquartered in Baton Rouge, LA. TSB Ventures sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. La. Case No. 25-10117) on Jan. 20, 2025, with $1 million to $10 million in both assets and liabilities. Judge Meredith S. Grabill handles the case. The Debtor is represented by: Ryan James Richmond, Esq. Sternberg, Naccari & White, LLC 450 Laurel Street, Suite 1450 Baton Rouge, LA 70801 Tel: (225) 412-3667 Fax: (225) 286-3046 Email: ryan@snw.law UBA BROCKTON: Hires Atlantic Business Brokerage as Business Broker ------------------------------------------------------------------ UBA Brockton, LLC seeks approval from the U.S. Bankruptcy Court for the District of Massachusetts to hire Atlantic Business Brokerage, Inc. as business broker. The firm will be preparing appropriate marketing materials, contacting prospective buyers by different media, and shall provide the Debtor with non-legal or accounting advice and assistance in connection with any proposed transaction, including advice and assistance in connection with defining strategic and financial objectives, identifying and evaluating potential buyers, preparing a confidential memorandum or related materials describing the business and its assets for distribution, reviewing financial information and assisting in negotiations of the financial terms, and otherwise performing such services as may be appropriate for a broker to effectuate the sale of the business and its assets. ABBI’s commission rates are: $0 to $1,000,000 8.25 percent $1,000,001 to $2,000,000 7.25 percent $2,000,001 to $3,000,000 6.00 percent Above $3,000,000 4.75 percent In the event that the UATP Management, LLC or any of its affiliates is the highest and best bidder, ABBI has agreed to accept a reduced flat rate commission of five-percent of the successful bid amount. As disclosed in the court filings, ABBI has not represented, nor does it now represent, any interest adverse to the Debtor with respect to the matters on which it is to be employed. The firm can be reached through: Daniel L. Puciato Atlantic Business Brokerage, Inc. 57 W Timonium Rd Lutherville-Timonium, MD 21093 Mobile: (410) 227-9444 Email: dan@atlanticbiz.com About UBA Brockton LLC UBA Brockton, LLC doing business as Urban Air Trampoline & Adventure Park, operates an indoor entertainment center at 435 Westgate Drive in Brockton, Massachusetts, featuring trampolines, climbing walls, obstacle and warrior courses, laser tag, and slides. The facility provides recreational and amusement services for families, parties, and group events, with ticketed access and membership options. It is part of the Urban Air Adventure Park franchise network offering active indoor attractions across the United States. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 25-12422) on November 7, 2025. In the petition signed by Thomas Ng, manager, the Debtor disclosed up to $10 million in both assets and liabilities. Rion M. Vaughan, Esq., at RUBIN AND RUDMAN LLP, represents the Debtor as legal counsel. UNITED SITE: Taps Cole Schotz, Milbank in Chapter 11 ---------------------------------------------------- Emlyn Cameron of Law360 Bankruptcy Authority reports that United Site Services Inc., the parent of portable sanitation provider Johnny On The Spot, has enlisted attorneys from Cole Schotz PC and Milbank LLP to guide it through a prepackaged Chapter 11 bankruptcy aimed at restructuring its balance sheet. The company is seeking to move quickly through the process with support from key creditor groups. According to court filings, the prepackaged plan is designed to significantly reduce debt and hand control of the company to senior lenders. United Site said the restructuring would position the business for long-term stability while allowing operations to continue uninterrupted. About United Site Services Inc. United Site Services Inc. is a national provider of portable toilet rentals and temporary site services. The company serves construction companies, municipalities, industrial clients, and event organizers throughout the United States. United Site Services Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 25-23630) on December 29, 2025. In its petition, the Debtor reports estimated assets and liabilities each ranging between $1 billion and $10 billion. Honorable Bankruptcy Judge Michael B. Kaplan handles the case. UPTOWN PHARMACY: Seeks Chapter 11 Bankruptcy in Arizona ------------------------------------------------------- On December 31, 2025, Uptown Pharmacy of Kingman, Inc. filed for Chapter 11 protection in the U.S. Bankruptcy Court for the District of Arizona. According to court filings, the debtor reports between $1 million and $10 million in debt owed to between 50 and 99 creditors. About Uptown Pharmacy of Kingman, Inc. Uptown Pharmacy of Kingman, Inc. is a Kingman, Arizona-based pharmacy that supplies prescription and nonprescription medications to the surrounding community. Uptown Pharmacy of Kingman, Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-12678) on December 31, 2025. In its petition, the debtor reports estimated assets of $0 to $100,000 and estimated liabilities ranging from $1 million to $10 million. Honorable Bankruptcy Judge Paul Sala handles the case. The debtor is represented by Krystal Marie Ahart, Esq. of Kahn & Ahart, PLLC. URGENT CARE: Hires Katy LaBarbera CPA PC as Accountant ------------------------------------------------------ Urgent Care Down East, Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern District of North Carolina to hire Katy LaBarbera, CPA, PC as accountant. The firm will provide accounting services including preparation of Debtor's tax returns, payroll, payroll tax returns, bookkeeping, and assistance with Debtor's IRA account. The firm will be paid a flat rate of $1,675 per month. Katy LaBarbera, CPA, PC and all its members are disinterested as the term is defined in 11 U.S.C. Sec. 101, according to court filings. The firm can be reached through: Katy LaBarbera, CPA Katy LaBarbera, CPA, P.C. 306 Hackney Ave Washington, NC 27889 Phone: (252) 946-8287 Email: admin@kslcpa.pro About Urgent Care Down East, Inc. Urgent Care Down East, Inc. operates a walk-in urgent care clinic in Washington, North Carolina, providing same-day medical treatment for acute illnesses, minor injuries, occupational health services, and routine physicals, serving patients in Eastern North Carolina. Urgent Care Down East, Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-05002) on December 16, 2025. In its petition, the Debtor reports estimated assets of $100,001-$1,000,000 and estimated liabilities of $1 million-$10 million. The Debtor is represented by George Mason Oliver, Esq. of the Law Offices of George Oliver, PLLC. US MAGNESIUM: Creditors Pursue Claims Against Wells Fargo, Renco ---------------------------------------------------------------- James Nani of Bloomberg Law reports that the creditors of US Magnesium LLC have petitioned the Delaware bankruptcy court to step into the company's position to pursue claims against its owner, Renco Group Inc., and lender Wells Fargo Bank NA. The move comes as part of efforts to recover losses that the bankrupt base metals company itself cannot pursue. According to the unsecured creditors' committee, US Magnesium is both unwilling and contractually restricted from taking action against Renco and Wells Fargo. The committee argued in a January 2, 2026 filing that this conflict of interest harms creditors. The dispute centers on allegations that Wells Fargo and Renco improperly handled a $60 million insurance claim with Ace American Insurance Co. 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. VERRICA PHARMACEUTICALS: Grants Equity Awards to CEO, CFO --------------------------------------------------------- Verrica Pharmaceuticals Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Compensation Committee of the Board approved the grant of options to the Company's employees and management, including Jayson Rieger, the Company's President and Chief Executive Officer, and approved the grant of restricted stock units to John Kirby, the Company's Interim Chief Financial Officer, pursuant to the Company's 2018 Equity Incentive Plan. The Compensation Committee determined such grants are appropriate to provide long-term incentives that align the interests of the Company's employees with the interests of stockholders. In making its decision, the Compensation Committee considered: (i) the ownership percentage in the Company for Dr. Rieger, Mr. Kirby and the Company's other officers based on total shares outstanding (inclusive of shares underlying pre-funded warrants) is significantly less than amounts owned by such officers at peer companies; (ii) the impact of the loss of any employee, especially members of management, on the Company's ability to execute its corporate objectives; and (iii) the recent financing activities of the Company and the total shares outstanding, inclusive of shares underlying pre-funded warrants. For Dr. Rieger, the Compensation Committee approved the grant of options to purchase 512,269 shares of common stock with a grant date of December 23, 2025. The options have an exercise price of $8.21, equal to the closing price of the Company's common stock on December 23, 2025, and are scheduled to vest upon both of the following two conditions being met: (1) the Company's stockholders approving an amendment to the 2018 Plan to increase the number of shares eligible for issuance pursuant to the 2018 Plan; and (2) 50% of the shares vest on the date that the closing sales price per share of the Company's Common Stock as reported on The Nasdaq Capital Market equals at least $15.00, and the remaining 50% of the shares vest on the date that the closing sales price per share of the Company's Common Stock as reported on The Nasdaq Capital Market equals at least $25.00, subject to Dr. Rieger's continuous service with the Company as of each applicable vesting date. For Mr. Kirby, the Compensation Committee approved the grant of fully vested restricted stock units for 10,000 shares of common stock with a grant date of December 23, 2025. About Verrica Pharmaceuticals West Chester, Pa.-based Verrica Pharmaceuticals Inc. is a dermatology therapeutics company developing and selling medications for skin diseases requiring medical intervention. Philadelphia, Pennsylvania-based KPMG LLP, the Company's auditor since 2008, issued a "going concern" qualification in its report dated March 11, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has incurred substantial operating losses since inception and has negative cash flows from operations that raise substantial doubt about its ability to continue as a going concern. As of September 30, 2025, the Company had $40.9 million in total assets, $57.9 million in total liabilities, and $17 million in total stockholders' deficit. VERRICA PHARMACEUTICALS: Names Charles Frantzreb Class III Director ------------------------------------------------------------------- Verrica Pharmaceuticals Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Board of Directors appointed Charles Frantzreb to serve as a director of the Company effective immediately. Dr. Frantzreb will serve as a Class III director whose initial term is scheduled to expire at the 2027 annual meeting of stockholders. Dr. Frantzreb was designated for service on the Board by Caligan Partners LP, pursuant to the Securities Purchase Agreement, dated as of November 23, 2025 by and among the Company and certain institutional investors party thereto. Charles Frantzreb, age 36, has served as a Partner at Caligan, a therapeutics-dedicated investment firm, since December 2024. Prior to joining Caligan, Dr. Frantzreb served as a Senior Analyst at Great Point Partners, a healthcare-dedicated long/short hedge fund, from 2020 to November 2024, where he covered oncology investments for the firm. Prior to Great Point Partners, he worked as an equity research associate at Piper Sandler from 2018 to 2020. Dr. Frantzreb earned his M.D. from the University of Pennsylvania and his B.A. from Cornell University. There is no family relationship between Dr. Frantzreb and any of the Company's other directors or executive officers. The Company is not aware of any transaction involving Dr. Frantzreb requiring disclosure under Item 404(a) of Regulation S-K. Dr. Frantzreb has entered into the Company's standard form of indemnification agreement. About Verrica Pharmaceuticals West Chester, Pa.-based Verrica Pharmaceuticals Inc. is a dermatology therapeutics company developing and selling medications for skin diseases requiring medical intervention. Philadelphia, Pennsylvania-based KPMG LLP, the Company's auditor since 2008, issued a "going concern" qualification in its report dated March 11, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has incurred substantial operating losses since inception and has negative cash flows from operations that raise substantial doubt about its ability to continue as a going concern. As of September 30, 2025, the Company had $40.9 million in total assets, $57.9 million in total liabilities, and $17 million in total stockholders' deficit. VIA MIZNER: Hires Shraiberg Page as Bankruptcy Co-Counsel --------------------------------------------------------- Via Mizner Owner II seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to hire the law firm Shraiberg Page P.A. as general bankruptcy co-counsel. The firm will provide these services: (a) advise the Debtors generally regarding matters of bankruptcy law in connection with this case; (b) advise the Debtors of the requirements of the Bankruptcy Code, the Federal Rules of Bankruptcy Procedure, applicable bankruptcy rules, including local rules, pertaining to the administration of the case and U.S. Trustee Guidelines related to the daily operation of its business and administration of the estate; (c) represent the Debtors in all proceedings before this Court; (d) prepare and review motions, pleadings, orders, applications, adversary proceedings, and other legal documents arising in this case; (e) negotiate with creditors, prepare and seek confirmation of a plan of reorganization and related documents, and assist the Debtors with implementation of any plan; and (f) perform all other legal services for the Debtors which may be necessary. The firm's attorneys will charge hourly rates of $400 to $700 for attorneys and $300 for legal assistants. The hourly rate of Mr. Shraiberg is $700. Prior to the petition date, the firm received a retainer of $125,000. According to the filings, Shraiberg Page P.A. does not hold or represent any interests adverse to the Debtors's estates and is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. The firm can be reached at: Bradley S. Shraiberg, Esq. Samuel W. Hess, Esq. SHRAIBERG PAGE P.A. 2385 NW Executive Center Drive, #300 Boca Raton, FL 33431 Telephone: (561) 443-0800 Facsimile: (561) 998-0047 E-mail: bss@slp.law shess@slp.law About Via Mizner Owner II Via Mizner Owner II is a real estate development company overseeing a luxury mixed-use project in Boca Raton, Florida. The company serves as the owner and developer of the proposed Mandarin Oriental Boca Raton hotel and adjoining residential development. Via Mizner Owner II sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-25197) on December 23, 2025. In its petition, the Debtor reports estimated assets and liabilities between $100 million and $500 million each. Honorable Bankruptcy Judge Mindy A. Mora handles the case. The Debtor is represented by Samuel W. Hess, Esq. VIVAKOR INC: Appeals Nasdaq Delisting; Hearing Set for Jan. 29 -------------------------------------------------------------- Vivakor, Inc. previously disclosed on March 18, 2025, that it received a notification letter from the Listing Qualifications Department of The Nasdaq Stock Market LLC notifying the Company that, because the closing bid price for the Company's common stock, par value $0.001 per share listed on Nasdaq was below $1.00 per share for 30 consecutive business days, the Company did not comply with Listing Rule 5550(a)(2), requiring a minimum bid price of $1.00 per share, and was provided 180 calendar days, or until September 15, 2025, to regain compliance with the Minimum Bid Price Requirement. Subsequently, on September 16, 2025, the Company was provided an additional 180-calendar day period, or until March 16, 2026, to regain compliance with the Minimum Bid Price Requirement. On December 19, 2025, the Company received a notification letter from the Staff that as of that date, the Common Stock had a closing bid price of $0.10 or less for ten consecutive trading days and accordingly, the Company was subject to the provisions contemplated under Listing Rule 5810(c)(3)(A)(iii) and not eligible for the remainder of the Second Grace Period. The Letter advised that, since the Company did not regain compliance with the Minimum Bid Price Requirement within the Second Grace Period, the Common Stock will be delisted from The Nasdaq Capital Market. Additionally, as previously disclosed, on December 11, 2025, the Staff notified the Company that it had failed to comply with Nasdaq's shareholder approval requirements set forth in Listing Rule 5635(d), which requires prior shareholder approval for transactions, other than public offerings, involving the issuance of 20% or more of the pre-transaction shares outstanding at less than the Minimum Price (as defined in Nasdaq Listing Rule 5635(d)(1)(A)) and requested that the Company submit a compliance plan no later than January 26, 2026. However, the Letter advised that pursuant to Listing Rule 5810(c)(2), this deficiency serves as a separate and additional basis for delisting. Accordingly, trading of the Common Stock was suspended at the opening of business on December 26, 2025, and a Form 25-NSE will be filed with the Securities and Exchange Commission, which will remove the Company's securities from listing and registration on The Nasdaq Stock Market. On December 24, 2025, the Company submitted an appeal to the Staff's determination described in the Letter, and a hearing has been scheduled for January 29, 2026. The Company will provide the Hearings Panel with a plan to regain compliance, which the Company is in the process of preparing. There can be no assurance, however, that the Company will be successful in its appeal to the Hearings Panel or be able to regain compliance with the listing standards. About Vivakor, Inc. Vivakor, Inc. provides transportation, storage, reuse, and remediation services for crude oil and petroleum byproducts. The Company operates facilities under long-term contracts to support these services and manages energy-related assets, properties, and technologies. Vivakor reported total assets of $244.54 million, total liabilities of $146.5 million, and total stockholders' equity of $98.04 million as of June 30, 2025. The Company has historically suffered net losses and cumulative negative cash flows from operations, and as of June 30, 2025, it had an accumulated deficit of approximately $112.1 million. As of June 30, 2025 and Dec. 31, 2024, Vivakor had a working capital deficit of approximately $105.8 million and $101.5 million, respectively. As of June 30, 2025, the Company had cash of approximately $3.7 million, of which $3.2 million is restricted cash. In addition, the Company has obligations to pay approximately $74 million of debt within one year of the issuance of the financial statements. In its audit report dated April 15, 2025, Urish Popeck & Co., LLC issued a "going concern" qualification citing that the Company has a significant working capital deficiency, suffered significant recurring losses from operations, and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. VIVAKOR INC: Converts $2.42MM Notes Into 159.9MM Shares ------------------------------------------------------- Vivakor, Inc., previously issued convertible promissory notes between June 6 and June 9, 2025, to seven non-affiliated accredited investors, in the aggregate principal amount of $5,117,647.06 in connection with a Securities Purchase Agreement entered into by and between the Company and the Lenders. Under the terms of the Lender SPA and the Lender Notes, the Company received $4,350,000 prior to deducting customary fees. Between December 23, 2025 and December 30, 2025, the Company received Notices of Conversion from several of the Lenders converting a total of $2,419,766.75 of the amounts due under the Lender Notes into 159,931,717 shares of the Company's common stock. Pursuant to the terms of the Lender Notes and the Notices of Conversion, the Company issued the Lender Shares. The Lender Shares were issued without a Rule 144 restrictive legend pursuant to a legal opinion received by the Company and its transfer agent. The issuances of the foregoing securities were exempt from registration pursuant to Section 4(a)(2) of the Securities Act promulgated thereunder as the holder is an accredited investor and familiar with our operations. About Vivakor, Inc. Vivakor, Inc. provides transportation, storage, reuse, and remediation services for crude oil and petroleum byproducts. The Company operates facilities under long-term contracts to support these services and manages energy-related assets, properties, and technologies. Vivakor reported total assets of $244.54 million, total liabilities of $146.5 million, and total stockholders' equity of $98.04 million as of June 30, 2025. The Company has historically suffered net losses and cumulative negative cash flows from operations, and as of June 30, 2025, it had an accumulated deficit of approximately $112.1 million. As of June 30, 2025 and Dec. 31, 2024, Vivakor had a working capital deficit of approximately $105.8 million and $101.5 million, respectively. As of June 30, 2025, the Company had cash of approximately $3.7 million, of which $3.2 million is restricted cash. In addition, the Company has obligations to pay approximately $74 million of debt within one year of the issuance of the financial statements. In its audit report dated April 15, 2025, Urish Popeck & Co., LLC issued a "going concern" qualification citing that the Company has a significant working capital deficiency, suffered significant recurring losses from operations, and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. VIVAKOR INC: Resets Special Dividend Payment to April 30 -------------------------------------------------------- Vivakor, Inc. has reset the payment date of its previously announced special dividend to Vivakor shareholders to April 30, 2026. The payment date adjustment is intended to allow the Company sufficient time to complete required filings with the U.S. Securities and Exchange Comission in connection with the consummation of the special dividend. The filing process was impacted by delays associated with the recent government shutdown. The Company notes that the payment date may be subject to further adjustement if the required filings are not completed in a timely manner. The special dividend will be paid to holders of record of Vivakor common shares as of September 5, 2025, the previously announced ex-dividend date. Vivakor currently holds 206,595 shares of Adapti, Inc. (OTCID: ADTI), a company that recently acquired a multi-platform sports agency representing amateuer and professional athletes at all levels that they intend to integrate with their pre-existing AdaptAI software platform that matches products with influencers to market athletic careers and associated branding opportunities. The acquired sports agency was previously owned by an entity controlled by James Ballengee, the Company's Chairman, President and CEO. About Vivakor, Inc. Vivakor, Inc. provides transportation, storage, reuse, and remediation services for crude oil and petroleum byproducts. The Company operates facilities under long-term contracts to support these services and manages energy-related assets, properties, and technologies. Vivakor reported total assets of $244.54 million, total liabilities of $146.5 million, and total stockholders' equity of $98.04 million as of June 30, 2025. The Company has historically suffered net losses and cumulative negative cash flows from operations, and as of June 30, 2025, it had an accumulated deficit of approximately $112.1 million. As of June 30, 2025 and Dec. 31, 2024, Vivakor had a working capital deficit of approximately $105.8 million and $101.5 million, respectively. As of June 30, 2025, the Company had cash of approximately $3.7 million, of which $3.2 million is restricted cash. In addition, the Company has obligations to pay approximately $74 million of debt within one year of the issuance of the financial statements. In its audit report dated April 15, 2025, Urish Popeck & Co., LLC issued a "going concern" qualification citing that the Company has a significant working capital deficiency, suffered significant recurring losses from operations, and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. VN PAINTING: Seeks to Hire Alla Kachan P.C. as Legal Counsel ------------------------------------------------------------ VN Painting & Trimwork Corp. seeks approval from the U.S. Bankruptcy Court for the Southern District of New York to hire the Law Offices of Alla Kachan P.C. to serve as counsel. The firm will provide these services: (a) assist Debtor in administering this case; (b) make such motions or taking such action as may be appropriate or necessary under the Bankruptcy Code; (c) represent Debtor in prosecuting adversary proceedings to collect assets of the estate and such other actions as Debtor deem appropriate; (d) take such steps as may be necessary for Debtor to marshal and protect the estate's assets; (e) negotiate with Debtor's creditors in formulating a plan of reorganization for Debtor in this case; (f) draft and prosecute the confirmation of Debtor's plan of reorganization in this case; and (g) render such additional services as Debtor may require in this case. The Law Offices of Alla Kachan P.C. will bill the Debtor at hourly rates of $250 for clerks and paraprofessionals and $550 for attorney time. The Debtor paid an initial retainer of $18,000. According to court filings, the Law Offices of Alla Kachan P.C. does not hold or represent an adverse interest to the estate and is a "disinterested person" within the meaning of the Bankruptcy Code. The firm can be reached at: Alla Kachan, Esq. LAW OFFICES OF ALLA KACHAN P.C. 2799 Coney Island Avenue, Suite 202 Brooklyn, NY 11235 Telephone: (718) 513-3145 About VN Painting & Trimwork Corp. VN Painting & Trimwork Corp is a professional painting and interior finishing company serving residential and commercial clients. Its services include painting, trim installation, and surface preparation for a variety of building projects. VN Painting & Trimwork Corp. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-23233) on December 22, 2025. In its petition, the Debtor reports estimated assets ranging from $0 to $100,000 and estimated liabilities in the same range. Honorable Bankruptcy Judge Kyu Young Paek handles the case. The Debtor is represented by Alla Kachan, Esq. of Law Offices of Alla Kachan P.C. WAYNE LEE: $841K Unsecured Claims to Get 10% over 5 Years --------------------------------------------------------- Stanley Wayne Harris and Michelle Lee Harris ("Michelle", and together with Stanley, the "Harrises"), and Wayne Lee Services, Inc. ("WLS" and collectively the "Debtors") submitted a Joint Plan of Reorganization dated December 31, 2025. WLS was formed in 2019 by the Harrises and operates as a service business in Denver, Colorado providing businesses and individuals with rust coating, metal fabrication, and spray-in bedliners and protective coatings. The Harrises put significant funds into the business and also obtained several Merchant Cash Advances ("MCAs") to cover cash shortfalls while WLS worked to rebuild its operations after the move. The ongoing financial difficulties experienced by WLS resulted in defaults on the WLS's SBA loan with PNC Bank, who then commenced collection actions against the Debtor and Mr. and Mrs. Harris as guarantors and commenced foreclosure actions against the Harrises' real properties. As a result of the defaults and ongoing financial difficulties and the pending foreclosure and collection actions, the Debtors filed their respective voluntary petitions for relief pursuant to Chapter 11, Subchapter V to restructure operations and debts and continue to operate WLS as a going concern. The Harrises are also in the process of selling the Sale Property. The Sale Property has been under contract since late August 2025 with its current tenant. A closing date has now been set for February 2, 2025 subject to bankruptcy court approval. The sale of the Sale Property will result in the payment in full of the mortgage on the Sale Property, funding for payment of administrative expense claims, a significant payment to PNC Bank, and an infusion of capital into WLS, allowing WLS to increase its marketing and further increase revenue. Class 6 consists of General Unsecured Claims Against the Harrises. A list of the Class 6 Claimants is attached hereto as Exhibit A, totaling $927,246.00 in unsecured claims. Class 6 claimants shall receive payment of their Allowed Claims as follows: * Class 6 shall receive a pro rata distribution equal to $600.00 per month over a four-year period commencing the first full month following the Effective Date of the Plan ("Repayment Term"); * Commencing on the first month during the Repayment Term, the Harrises shall, at the conclusion of each month, set aside in a segregated account an amount equal to the preceding month's payment which shall be distributed to Class 6 creditors on a pro rata basis every three months thereafter during the Repayment Term. No interest will be paid on account of Class 6 claims. * In addition to the above payments, Class 6 creditors shall receive a pro rata distribution of all of the net proceeds of any Avoidance Action brought by the Harrises, less reasonable costs and attorneys' fees incurred by the Harrises to pursue the claim through litigation, settlement, and/or collection. The Harrises do not believe any such claims exist at this time. Class F consists of General Unsecured Claims Against WLS. A list of the Class F Claimants is attached hereto as Exhibit B, totaling $841,117.00. Class F claimants shall receive payment of their Allowed Claims as follows: * Class F shall receive 10% of their Allowed Claims over the five-year period following the Effective Date of the Plan ("Repayment Term"). * Commencing on the last day of the first calendar quarter during the Repayment Term, WLS shall make a pro-rata distribution to unsecured creditors in the amount of $4,205.59. * All distributions shall be made by WLS to creditors in the event of a consensual confirmation of the Plan. In the event of a nonconsensual confirmation of the Plan, all distribution amounts shall be paid to the Subchapter V Trustee, who shall first deduct any fees associated with making distributions under the Plan, and then distribute the remaining funds on a pro rata basis to unsecured creditors. The Debtors' Plan is feasible based upon the sale of the Sale Property and the ongoing operations of WLS. The sale of the Sale Property is anticipated to generate approximately $270,000 in proceeds after payment of the first mortgage. The Debtors are proposing to use $30,000 of those proceeds for payment of the administrative expenses against the estates, payment of $130,000 to PNC Bank on account of its claim, and reinvestment of the remaining $110,000 into WLS to fund payments to unsecured creditors, payments to PNC and tax claimants under the Plan, and improvements to marketing and operations to increase overall revenue. In addition to sale of the Sale Proceeds, WLS's continued operations will continue to fund payments under the Plan. While WLS has not been profitable recently, WLS has recently secured large contracts, including a significant contract with Costco. WLS is also implementing additional sales systems and a self scheduling system which will make WLS attractive to dealerships and will allow WLS to significantly increase its revenue, return to profitability, and ensure that WLS can fund all payments required under the Plan. A full-text copy of the Joint Plan dated December 31, 2025 is available at https://urlcurt.com/u?l=XChON4 from PacerMonitor.com at no charge. Counsel to the Debtors: Keri L. Riley, Esq. Kutner Brinen Dickey Riley, P.C. 1660 Lincoln Street, Suite 1720 Denver, CO 80264 Telephone: (303) 832-291 E-mail: klr@kutnerlaw.com About Wayne Lee Services Wayne Lee Services, Inc., sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Colo. Case No. 25-16631) on Oct. 13, 2025, with $500,001 to $1 million in assets and liabilities. Judge Kimberley H. Tyson presides over the case. Keri L. Riley, at Kutner Brinen Dickey Riley, P.C., is the Debtor's legal counsel. WELL RUN: Seeks to Hire Seaman & Associates PC as Accountant ------------------------------------------------------------ Well Run, LLC, doing business as Just Love Coffee Cafe, seeks approval from the U.S. Bankruptcy Court for the Northern District of Alabama to employ Seaman & Associates, PC as accountant. The firm will be preparing the Debtor's tax returns and financial records in conformity with accounting principles generally accepted in the United States. The firm's hourly rate is $235. Seaman & Associates, PC does not hold or represent any interest adverse to the Debtor and is a "disinterested person" within the meaning of 11 U.S.C. 101(14), according to court filings. The firm can be reached through: Robert L. Seaman, CPA Seaman & Associates, PC 107 North Jefferson Street, Suite 1 Huntsville, AL 35801 Phone: (256) 489-3787 About Well Run LLC Well Run, LLC, doing business as Just Love Coffee Cafe, operates a coffee cafe since 2018. Well Run filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Ala. Case No. 25-82131) on October 20, 2025, listing between $500,001 and $1 million in assets and between $1 million and $10 million in liabilities. Linda Gore serves as Subchapter V trustee. Judge Clifton R. Jessup Jr. presides over the case. Kevin D. Heard, Esq., at Heard, Ary & Dauro, LLC represents the Debtor as counsel. WILCOV HOLDINGS: Unsecureds to Split $41K over 60 Months -------------------------------------------------------- Wilcov Holdings Inc. filed with the U.S. Bankruptcy Court for the Northern District of Georgia a Plan of Reorganization dated December 31, 2025. The Debtor is a real estate holding company owned and operated by Adrienne Williford and Oliver Williford, wherein Wilcov Holdings, Inc. was formed on May 4, 2015. The Debtor owns three small separate commercial properties located in Georgia. One property is located at 5610 Old National Highway, College Park, Georgia 30349 ("College Park" property), the second property is located at 4849 Mercer University Drive, Macon, Georgia 31210 ("Macon" property), and the third property is located at 827 Highway 138 SW, Riverdale, Georgia 30296 ("Riverdale" property), wherein said Riverdale property was sold on November 24, 2025, pursuant to Consent Order Granting Amended Motion for Authority to Sell Certain Real Property Pursuant to Section 363 of the Bankruptcy Code. The Debtor's business comprises renting space in said three commercial properties. For part of 2023, the Debtor generated enough revenues to sufficiently pay its debts. However, due to some financial difficulties of the tenant and subtenants in late 2023 and early 2024, Debtor turned to a high-interest lender for help. Due to a foreclosure action on the Riverdale property, Debtor sought protection under Chapter 11 to reorganize and restructure its obligations to continue operations. This Plan deals with all property of Debtor and provides for treatment of all Claims against Debtor and its property. Class 7 shall consist of General Unsecured Claims. If the Plan is confirmed under Section 1191(a) of the Bankruptcy Code, the Debtor shall pay the General Unsecured Creditors their pro rata share of $40,875.98 to be paid in monthly installments commencing on the 15th day of the first month following the Effective Date and continuing on the 15th day of each month for sixty months following the Effective Date. General Unsecured Creditors will receive sixty disbursements of $681.27/month. The Debtor, subject to all priority payment requirements, may, at its sole discretion, choose to pay said pro rata share to General Unsecured Claims earlier than said sixty-month period. The allowed unsecured claims total $40,875.98. If the Plan is confirmed under Section 1191(b) of the Bankruptcy Code, Class 7 shall be treated the same as if the Plan was confirmed under Section 1191(a) of the Bankruptcy Code. Notwithstanding anything else in this document to the contrary, Debtor may pay said $40,875.98 earlier than the sixty-month term of this Plan, without penalty, and any claim listed shall be reduced by any payment received by the creditor holding such claim from any party and Debtor's obligations hereunder shall be reduced accordingly. The Claims of the Class 7 Creditors are Impaired by the Plan, and the holders of Class 7 Claims are entitled to vote to accept or reject the Plan. Class 8 consists of Adrienne Williford (90%) and Oliver Williford (10%) as the equity interest holders of the Debtor, wherein Adrienne Williford and Oliver Williford shall retain their respective interest in the Reorganized Debtor. Upon confirmation, Debtor will be charged with administration of the Plan. Debtor will be authorized and empowered to take such actions as are required to effectuate the Plan. Debtor will file all post-confirmation reports required by the United States Trustee's office or by the Subchapter V Trustee. Debtor will also file the necessary final reports and may apply for a final decree as soon as practicable after substantial consummation and the completion of the claims analysis and objection process. The source of funds for the payments pursuant to the Plan is the Debtor's continued business operations. A full-text copy of the Plan of Reorganization dated December 31, 2025 is available at https://urlcurt.com/u?l=rIOOgv from PacerMonitor.com at no charge. Counsel to the Debtor: Joel D. Myers, Esq. Myers Law, LLC 403 Mountain Mist Dr. Woodstock, GA 30188 Phone: (770) 572-3170 Email: joel@mlawga.com About Wilcov Holdings Wilcov Holdings Inc. is a real estate holding company owned and operated by Adrienne Williford and Oliver Williford. The Debtor sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-55970) on May 30, 2025. The Debtor tapped Joel D. Myers, Esq., at Myers Law, LLC as counsel, and Ginnett Zabala LLC as accountant. WOHALI LAND: Trustee Taps Cohne Kinghorn as Special Counsel ----------------------------------------------------------- Matt McKinlay, the Chapter 11 Trustee for Wohali Land Estates, LLC, seeks approval from the U.S. Bankruptcy Court for the District of Utah to employ Cohne Kinghorn, P.C. as his special counsel. The firm will render these services: a. issue a subpoena, review documents, and conduct an examination concerning the Discrete Matter; b. assist in the preparation of such pleadings, motions, notices, and orders as are required for the Discrete Matter; and c. render legal advice and services to the Trustee regarding such other matters relating to the Discrete Matter as may arise from time to time. The firm's customary hourly rates are: George Hofmann, Esq. $525 Attorneys $200 to $550 Paralegals $50 to $195 Cohne Kinghorn will also be reimbursed for reasonable out-of-pocket expenses incurred. George Hofmann, Esq., a partner at Cohne Kinghorn, P.C., disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: George Hofmann, Esq. Cohne Kinghorn, P.C., 111 East Broadway, 11th Floor Salt Lake City, UT 84111 Tel: (801) 363-4300 About Wohali Land Estates LLC Wohali Land Estates, LLC develops the Wohali master-planned community in Coalville, Utah, combining private residential neighborhoods with public-access resort amenities such as a golfcourse, lodge, spa, and dining facilities. The development's design integrates luxury homes and estate lots with hospitality, recreation, and infrastructure improvements including public roadways, utility systems, and environmental stabilization measures. Its operations include property maintenance and site preparation to preserve asset value and support future construction. Wohali Land Estates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Utah Case No. 25-24610) on August 8, 2025. In its petition, the Debtor reported between $100 million and $500 million in assets and liabilities. Honorable Bankruptcy Judge Peggy Hunt handles the case. The Debtor is represented by Mark C. Rose, Esq., at McKay, Burton & Thurman, P.C. ZOMANO CAFES: 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 Zomano Cafes, Inc. d/b/a Cuizine Restaurant & Lounge. 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 Zomano Cafes Inc. Zomano Cafes, Inc., doing business as Cuizine Restaurant & Lounge, filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 26-00005) on January 2, 2026, with $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Judge Tiffany P. Geyer presides over the case. Daniel A. Velasquez, Esq., at Latham, Luna, Eden & Beaudine, LLP represents the Debtor as legal counsel. [^] Recent Small-Dollar & Individual Chapter 11 Filings ------------------------------------------------------- In re Jeffrey E. Chavkin Bankr. D. N.J. Case No. 25-23612 Chapter 11 Petition filed December 26, 2025 represented by: Melinda Middlebrooks, Esq. Joseph M. Shapiro, Esq. MIDDLEBROOKS SHAPIRO, P.C. Email: middlebrooks@middlebrooksshapiro.com jshapiro@middlebrooksshapiro.com In re Inland Northwest Realtors, LLC Bankr. D. Id. Case No. 25-20456 Chapter 11 Petition filed See https://www.pacermonitor.com/view/A6JHIBQ/Inland_Northwest_Realtors_LLC__idbke-25-20456__0001.0.pdf?mcid=tGE4TAMA represented by: Kathryn Billing, Esq. E-mail: deannbilling@gmail.com In re Huxhold Bodyworks, LLC Bankr. S.D. Ind. Case No. 25-07786 Chapter 11 Petition filed December 29, 2025 See https://www.pacermonitor.com/view/VS7G7UA/Huxhold_Bodyworks_LLC__insbke-25-07786__0001.0.pdf?mcid=tGE4TAMA represented by: Eric Welch, Esq. WELCH & COMPANY, LLC E-mail: ecwelch@ewelchlaw.com In re C.D.S Moving Equipment, Inc. Bankr. C.D. Calif. Case No. 25-21646 Chapter 11 Petition filed December 29, 2025 See https://www.pacermonitor.com/view/WOA4TOY/CDS_Moving_Equipment_Inc__cacbke-25-21646__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Custom Home Investment, Inc. Bankr. N.D. Calif. Case No. 25-51979 Chapter 11 Petition filed December 29, 2025 See https://www.pacermonitor.com/view/J65A6AY/Custom_Home_Investment_Inc__canbke-25-51979__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Centro de Envejecientes Jardin Dorado, Inc. Bankr. D. P.R. Case No. 25-05865 Chapter 11 Petition filed December 29, 2025 See https://www.pacermonitor.com/view/I27V4UQ/Centro_de_Envejecientes_Jardin__prbke-25-05865__0001.0.pdf?mcid=tGE4TAMA represented by: Jesus Enrique Batista Sanchez, Esq. THE BATISTA LAW GROUP, PSC E-mail: jeb@batistasanchez.com In re Astro Real Estate LLC Bankr. D. N.J. Case No.: 25-23666 Chapter 11 Petition filed December 29, 2025 See https://www.pacermonitor.com/view/5YXR7LQ/Astro_Real_Estate_LLC__njbke-25-23666__0001.0.pdf?mcid=tGE4TAMA represented by: Melinda Middlebrooks, Esq. MIDDLEBROOKS SHAPIRO, P.C. E-mail: middlebrooks@middlebrooksshapiro.com In re Jeffrey E. Chavkin Bankr. D. N.J. Case No. 25-23612 Chapter 11 Petition filed December 26, 2025 represented by: Melinda Middlebrooks, Esq. Joseph M. Shapiro, Esq. MIDDLEBROOKS SHAPIRO, P.C. Email: jshapiro@middlebrooksshapiro.com middlebrooks@middlebrooksshapiro.com In re Perry Everett Adler Bankr. E.D. Va. Case No. 25-12714 Chapter 11 Petition filed December 29, 2025 represented by: Robert Brandt, Esq. THE LAW OFFICE OF ROBERT S. BRANDT In re Timothy Wayne Thompson Bankr. M.D. Tenn. Case No. 25-05425 Chapter 11 Petition filed December 29, 2025 represented by: Henry Hildebrand, Esq. DUNHAM HILDEBRAND PAYNE WALDRON, PLLC In re Michael Carroll Wingersky Bankr. D. Ariz. Case No. 25-12525 Chapter 11 Petition filed December 29, 2025 In re Francisco Rodriguez Bankr. E.D. Calif. Case No. 25-14292 Chapter 11 Petition filed December 29, 2025 In re Christen Blake Fairbanks Bankr. W.D. La. Case No. 25-80849 Chapter 11 Petition filed December 29, 2025 represented by: L. Henry, Esq. In re Low Cost Tree Service & Systems, LLC Bankr. E.D. Pa. Case No. 25-15263 Chapter 11 Petition filed December 30, 2025 See https://www.pacermonitor.com/view/D7KWRII/Low_Cost_Tree_Service__Systems__paebke-25-15263__0001.0.pdf?mcid=tGE4TAMA represented by: James K. Jones, Esq. CGA LAW FIRM E-mail: jjones@cgalaw.com In re AVFund Capital Group Inc. Bankr. C.D. Calif. Case No. 25-21725 Chapter 11 Petition filed December 30, 2025 See https://www.pacermonitor.com/view/7BIA2NQ/AVFUND_CAPITAL_GROUP_INC__cacbke-25-21725__0001.0.pdf?mcid=tGE4TAMA represented by: Robert Altagen, Esq. LAW OFFICE OF ROBERT S ALTAGEN, APC E-mail: robertaltagen@altagenlaw.com In re Global Assets Management Co. of Albany, Inc. Bankr. E.D.N.Y. Case No. 25-74929 Chapter 11 Petition filed December 30, 2025 See https://www.pacermonitor.com/view/JKHBJIQ/Global_Assets_Management_Co_of__nyebke-25-74929__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Sandy Springs Development Group LLC Bankr. N.D. Ga. Case No. 25-65121 Chapter 11 Petition filed December 30, 2025 See https://www.pacermonitor.com/view/ZNC7TAA/SANDY_SPRINGS_DEVELOPMENT_GROUP__ganbke-25-65121__0001.0.pdf?mcid=tGE4TAMA represented by: Greg Bailey, Esq. ATTY. GREG T. BAILEY & ASSOC E-mail: attygregtbailey@msn.com In re Inland Northwest Realtors, LLC Bankr. D. Id. Case No. 25-20458 Chapter 11 Petition filed December 29, 2025 See https://www.pacermonitor.com/view/SS3XHPA/Inland_Northwest_Realtors_LLC__idbke-25-20458__0001.0.pdf?mcid=tGE4TAMA represented by: Kathryn D. Billing, Esq. E-mail: deannbilling@gmail.com In re Inland Northwest Realtors, LLC Bankr. D. Id. Case No. 25-20456 Chapter 11 Petition filed December 29, 2025 See https://www.pacermonitor.com/view/JYS5FCQ/Inland_Northwest_Realtors_LLC__idbke-25-20456__0001.0.pdf?mcid=tGE4TAMA represented by: Kathryn D. Billing, Esq. E-mail: deannbilling@gmail.com In re Ksenia Logistics, Inc. Bankr. N.D. Ill. Case No. 25-19801 Chapter 11 Petition filed December 30, 2025 See https://www.pacermonitor.com/view/NHOCIMA/Ksenia_Logistics_Inc__ilnbke-25-19801__0001.0.pdf?mcid=tGE4TAMA represented by: David Freydin, Esq. LAW OFFICES OF DAVID FREYDIN E-mail: david.freydin@freydinlaw.com In re Edward L. Auen, Ph.D., M.D., Inc. Bankr. E.D. Calif. Case No. 25-27352 Chapter 11 Petition filed December 30, 2025 See https://www.pacermonitor.com/view/Q2GILXY/Edward_L_Auen_PhD_MD_Inc__caebke-25-27352__0001.0.pdf?mcid=tGE4TAMA represented by: David C. Johnston, Esq. DAVID C. JOHNSTON E-mail: david@johnstonbusinesslaw.com In re Mary Josephine Ward-Gallagher Bankr. D. N.J. Case No. 25-23740 Chapter 11 Petition filed December 30, 2025 represented by: Anthony Sodono, Esq. In re Miguel Candelaria and Josefa Argentina Candelaria Bankr. N.D. Ga. Case No. 25-65139 Chapter 11 Petition filed December 30, 2025 represented by: G. Frank Nason IV, Esq. LAMBERTH, CIFELLI, ELLIS & NASON, P.A. In re Tiffany N Diaz Bankr. C.D. Calif. Case No. 25-12455 Chapter 11 Petition filed December 30, 2025 represented by: Misty Wilks, Esq. In re Demo King Corporation Bankr. E.D. Va. Case No. 25-12743 Chapter 11 Petition filed December 31, 2025 See https://www.pacermonitor.com/view/PPFV2ZQ/Demo_King_Corporation__vaebke-25-12743__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Moshe Azarzar Bankr. W.D. Wash. Case No. 25-43264 Chapter 11 Petition filed December 31, 2025 In re Shannon June Hernandez Bankr. D. Nev. Case No. 25-51244 Chapter 11 Petition filed December 31, 2025 represented by: Kevin Darby, Esq. In re Robert Alvin Myers, Jr Bankr. S.D. Tex. Case No. 25-37941 Chapter 11 Petition filed December 31, 2025 represented by: Donald Wyatt, Esq. In re Redden-Wood & Associates, Inc. Bankr. N.D. W. Va. Case No. 25-00754 Chapter 11 Petition filed December 30, 2025 See https://www.pacermonitor.com/view/LUGKOSI/Redden-Wood__Associates_Inc__wvnbke-25-00754__0001.0.pdf?mcid=tGE4TAMA represented by: Ryan W. Johnson, Esq. JOHNSON LEGAL SERVICES, PLLC E-mail: ryanjohnson@johnsonlegalservicespllc.com In re Joey Payne Farms, LLC Bankr. N.D. Ga. Case No. 26-40005 Chapter 11 Petition filed January 2, 2026 See https://www.pacermonitor.com/view/CYBJTWY/Joey_Payne_Farms_LLC__ganbke-26-40005__0001.0.pdf?mcid=tGE4TAMA represented by: Leslie Pineyro, Esq. JONES & WALDEN LLC E-mail: info@joneswalden.com In re Zomano Cafes, Inc d/b/a Cuizine Restaurant & Lounge Bankr. M.D. Fla. Case No. 26-00005 Chapter 11 Petition filed January 2, 2026 See https://www.pacermonitor.com/view/OAROMYY/Zomano_Cafes_Inc_dba_Cuizine_Restaurant__flmbke-26-00005__0001.0.pdf?mcid=tGE4TAMA represented by: Daniel A. Velasquez, Esq. LATHAM LUNA EDEN & BEAUDINE LLP E-mail: dvelasquez@lathamluna.com In re Fred Hamilton Contracting Inc. Bankr. W.D. Tex. Case No. 26-10001 Chapter 11 Petition filed January 2, 2026 See https://www.pacermonitor.com/view/LUVWSDI/Fred_Hamilton_Contracting_Inc__txwbke-26-10001__0001.0.pdf?mcid=tGE4TAMA represented by: An Nguyen, Esq. NGUYEN LAW, PLLC E-mail: bankruptcy@anwinlaw.com In re Calderone Subs LLC Bankr. D. N.J. Case No. 26-10024 Chapter 11 Petition filed January 2, 2026 See https://www.pacermonitor.com/view/VZFH64A/Calderone_Subs_LLC__njbke-26-10024__0001.0.pdf?mcid=tGE4TAMA represented by: Melinda Middlebrooks, Esq. MIDDLEBROOKS SHAPIRO, P.C. E-mail: middlebrooks@middlebrooksshapiro.com In re Lori Lynn Abbey Bankr. D. Colo. Case No. 26-10011 Chapter 11 Petition filed January 2, 2025 represented by: Keri Riley, Esq. In re Cameron Davies and Mary Davies Bankr. W.D. Tex. Case No. 26-50002 Chapter 11 Petition filed January 2, 2026 represented by: Ronald Smeberg, Esq. In re Nicolette Karen Cicchetti Bankr. E.D.N.Y. Case No. 26-70005 Chapter 11 Petition filed January 2, 2026 In re Eric S. White Bankr. E.D. Tex. Case No. 26-40006 Chapter 11 Petition filed January 2, 2026 represented by: Christopher Moser, Esq. In re Adelosn De Souza Bankr. D. N.J. Case No. 26-10012 Chapter 11 Petition filed January 2, 2026 represented by: Lawrence Morrison, Esq. ********* Monday's edition of the TCR delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR editor holds some position in the issuers public debt and equity securities about which we report. 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Magdadaro, Carlo Fernandez, Christopher G. Patalinghug, and Peter A. Chapman, Editors. Copyright 2026. All rights reserved. ISSN: 1520-9474. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The single-user TCR subscription rate is $1,400 for six months or $2,350 for twelve months, delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are $25 each per half-year or $50 annually. For subscription information, contact Peter A. Chapman at 215-945-7000. *** End of Transmission ***