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260109.mbx T R O U B L E D C O M P A N Y R E P O R T E R Friday, January 9, 2026, Vol. 30, No. 9 Headlines 123 NORTH 4TH: Seeks to Hire FIA Capital Partners as CROs 137 FALMOUTH: Claims to be Paid from Property Sale Proceeds 210 AT HARRISON: Hires Russo White & Keller as Bankruptcy Counsel 210 AT VALLEY: Hires Russo White & Keller as Bankruptcy Counsel 2159 57 STREET: Taps Charles Wertman P.C. as Bankruptcy Counsel 2965 HOLDINGS: Voluntary Chapter 11 Case Summary 32 JANIE LLC: Seeks to Hire Northgate as Real Estate Advisor 369 ALBUQUERQUE: Case Summary & 20 Largest Unsecured Creditors 52 CHARLIE: Seeks to Hire Northgate as Real Estate Advisor 84 ENERGY: Seeks to Hire Fuqua & Associates P.C. as Attorney 98 EAST: Seeks to Hire Russo White & Keller as Bankruptcy Counsel A.M. DISTILLERY: Section 341(a) Meeting of Creditors on January 26 ALLEGIANCE MANAGEMENT: Seeks Chapter 7 Bankruptcy in Georgia ALLITCON INC: Unsecures to Get 22 Cents on Dollar in Plan ALLSTAR PROPERTIES: Hires Smith Gambrell as Tax Audit Counsel API GP VENTURE: Seeks to Extend Plan Exclusivity to April 2 ARCHANGEL DISCIPLINES: Claims to be Paid from Ongoing Operations ARCHDIOCESE OF NEW ORLEANS: Apologizes to Clergy Abuse Victims ARCHROCK SERVICES: Moody's Rates New Senior Unsecured Notes 'B1' ARDENT PROTECTION: Case Summary & 20 Largest Unsecured Creditors ARM VENTURES: Gets Interim OK to Use Cash Collateral ARTICON HOTEL: Hires Donovan Rose Nester PC as Special Counsel ASSOCIATION OF APARTMENT: Taps Porter Kiakona as Special Counsel ATLANTA INJURY: Case Summary & Three Unsecured Creditors AUDACY CAPITAL: Calamos Marks $394,352 Loan at 20% Off AUDACY CAPITAL: Calamos Marks $459,859 Loan at 20% Off AZUL SA: Gets Court OK to Find $1.2B Chapter 11 Exit Financing B&H MANAGEMENT: Case Summary & 20 Largest Unsecured Creditors BATTLE BORN: Seeks to Hire Darby Law Practice Ltd as Counsel BAYTEX ENERGY: Moody's Cuts CFR to B1 & Alters Outlook to Stable BELLA BARBIES: Case Summary & 13 Unsecured Creditors BURGESS POINT: S&P Rates New $400MM Senior Secured Term Loan 'CCC' BUY LO AND SALE: Seeks Chapter 7 Bankruptcy in Georgia CALUMET INC: Moody's Affirms 'Caa1' CFR & Alters Outlook to Stable CAPITAL SECURITY: Seeks to Hire David C. Johnston as Attorney CATURUS ENERGY: Fitch Affirms 'B-' LongTerm IDR, Outlook Stable CENTER CITY HEALTHCARE: Gets OK to Send Ch. 11 for Creditor Vote CHINOS INTERMEDIATE: Calamos Marks $615,350 Loan at 14% Off CHINOS INTERMEDIATE: Calamos Marks $734,450 Loan at 14% Off CHOICE ELECTRIC: Court Extends Cash Collateral Access to Jan. 21 COLLABORATION SOFTWARE: Creditors to Get Proceeds From Liquidation COMPASS GROUP: S&P Affirms 'B-' ICR, Outlook Negative CORBIN L YOUNG: Seeks Chapter 11 Bankruptcy in Georgia COSMETIC SURGERY: Seeks to Hire Great Neck Realty as Broker CREDIT SUITE: Case Summary & 20 Largest Unsecured Creditors CROCKETT OPERATING: Hires Bonds Ellis Eppich Schafer as Attorneys CYCLE SPORT: Gets Interim OK to Use Cash Collateral DANA INC: Fitch Hikes LongTerm IDR to 'BB+', Outlook Stable DFND SECURITY: Expands Scope of Work of Goe Forsythe & Hodges DIESEL DEVELOPMENT: Seeks to Hire Piatt Sotheby's as Realtor EASTERN COLORADO: Claims to be Paid from Available Cash ENTRADA RESTAURANT: Hires Spector & Cox PLLC as Counsel ENVIRO KLEEN: Unsecureds Will Get 100% of Claims in Plan ESCEX STORM: Seeks Chapter 7 Bankruptcy in Georgia FIRST BRANDS: At Risk of Forced Asset Sales w/o Cash Injection FLEXSHOPPER INC: U.S. Trustee Appoints Creditors' Committee FLIPCAUSE INC: Atty. Gen. Seeks Chapter 11 Trustee Appointment FORDHAM FULTON: Seeks to Hire Northgate as Real Estate Advisor FULLER'S SERVICE: Trustee Hires Fox Swibel Levin as Counsel FULLER'S SERVICE: Trustee Seeks to Hire DP3 as Specialist GENESIS HEALTHCARE: Gets Court Nod for New Chapter 11 Auction GOL LINHAS: Appeals Court Voids Liability Releases in Ch. 11 Plan HANSEN-MUELLER: Gets Extension to Access Cash Collateral HYUNDAE CAPITAL: Hires Havkin & Shrago as Insolvency Counsel IDEANOMICS INC: Judge to OK Ch. 11 Liquidation Plan After Changes IDRIVE MOTORS: Seeks Chapter 7 Bankruptcy in Ohio IF YOU PLEASE: Claims to be Paid from Business Operations IMH DALLAS: Hires Law Office of Donald W. Reid as Counsel INTEGRATED ENDOSCOPY: Gets Extension to Access Cash Collateral JHB HOLDING: Seeks Chapter 11 Bankruptcy in Georgia KALEIDOSCOPE SCHOOL: Claims to be Paid from Business Operations KIM ENGINEERING: Gets OK to Use Cash Collateral Until Jan. 31 KINDER ISLAND: Seeks to Hire Estelle Miller as Accountant KISH RENOVATIONS: Seeks Chapter 11 Bankruptcy in Georgia LAVLONGE MICASA: Seeks Chapter 7 Bankruptcy in Georgia LEROYS MEATS: Seeks Subchapter V Bankruptcy in Ohio M&M CUSTARD: Seeks to Hire Ong & Company as Accountant MOTOS AMERICA: Seeks Chapter 11 Bankruptcy in Utah MOTOS AMERICA: Seeks to Hire Pearson Butler LLC as Counsel MURPHY OIL: Moody's Affirms Ba2 CFR & Cuts Unsecured Notes to Ba3 MURPHY OIL: S&P Downgrades ICR to 'BB', Outlook Stable NEO ASSETS: Case Summary & One Unsecured Creditor NEW FORTRESS: Calamos Marks $706,699 Loan at 54% Off NEW FORTRESS: Calamos Marks $869,879 Loan at 54% Off NEXTGEN SLEEP: U.S. Trustee Unable to Appoint Committee NORDSTRAND ENGINEERING: Seeks to Hire Tran Singh LLP as Counsel NORTHWEST WATERPROOFING: Gets Extension to Access Cash Collateral OAK GROVE: Seeks Chapter 11 Bankruptcy in Georgia OLIVER ARMS: U.S. Trustee Unable to Appoint Committee OLIVER FORREST: U.S. Trustee Unable to Appoint Committee ONE GATEWAY: Case Summary & 14 Unsecured Creditors OUT THE GATE: Hires Auction Advisors LLC as Brokers OUT THE GATE: Hires Eisner Advisory Group as Financial Advisor PAP-R PRODUCTS: Plan Exclusivity Period Extended to March 31 PLATINUM BEAUTY: Gets Final OK to Use Cash Collateral PRIMALEND CAPITAL: Prime Asset Sued CEO Over Loan Deals PROPEL TRUCKING: Unsecured Creditors to Split $291K over 60 Months PSYCARE LLC: Seeks Subchapter V Bankruptcy in Georgia PYRAMID HOUSE: Hires Edwin M. Shorty Jr. & Associates as Counsel R.C. CONSTRUCTION: Unsecureds Will Get 20.73% over 5 Years REDDEN-WOOD & ASSOCIATES: Hires Johnson Legal as Counsel RENEWAL REALTY: Hires Marcus & Millichap as Real Estate Broker REUP GALAXY: Case Summary & 20 Largest Unsecured Creditors RHODIUM ENCORE: Board, Stakeholders Appeal Bankruptcy Fees RP CAPITAL: To Sell Long Beach Property to Meaghan Ciotti for $700K SAI BHOLE-NATH: Hires HMP Advisory Holdings as Financial Advisor SAKS GLOBAL: Creditors Alarmed by CEO Call as Trouble Deepened SAKS GLOBAL: S&P Downgrades ICR to 'SD' on Missed Interest Payment SHAW SERVICES: Unsecured Creditors to Split $70K over 5 Years SIX FLAGS: Moody's Rates New Unsec. Notes Due 2032 'Caa1' SMART INVESTMENT: Hires Blake P. Fine as Professional Appraiser SMART INVESTMENT: Seeks to Hire David W. Langley as Legal Counsel SMART INVESTMENT: Unsecureds Will Get 10% of Claims over 36 Months SMILES AROUND: Seeks to Hire Estelle Miller as Accountant STRATHCONA RESOURCES: Moody's Withdraws B1 CFR on Debt Repayment SUMMIT PROPERTIES: Moody's Withdraws 'Ba1' Corporate Family Rating TASTE OF BELGIUM: Seeks Chapter 11 Bankruptcy in Ohio TEKNATOOL USA: Gets Final OK to Use Cash Collateral TESTAMATTA LLC: Voluntary Chapter 11 Case Summary THRILL INTERMEDIATE: Gets OK to Hire Force Ten Partners as Advisor TLC MEDICAL: Court Extends Cash Collateral Access to March 24 TRB SUPPLY: Unsecureds to Get $1K per Month for 60 Months TRICOLOR AUTO: Court Orders Former CEO to Face Creditor Questions TRINSEO MATERIALS: Calamos Marks $722,367 Loan at 81% Off TRINSEO MATERIALS: Calamos Marks $898,186 Loan at 81% Off TROUSDALE LIVING: Donna Smith Seeks Appointment of Examiner UPPER ROOM: Trustee Taps Kroll Restructuring as Account Agent VISTRA CORP: Moody's Affirms 'Ba1' CFR & Alters Outlook to Stable VOICES OF FAITH: Seeks Chapter 11 Bankruptcy in Georgia VORNADO REALTY: Fitch Rates Proposed Sr. Unsecured Notes 'BB+' WEST PROPERTIES: Claims to be Paid from Income WFL BUILDERS: Claims to be Paid from Business Operations WHITEHALL TRUST: Hires Dilworth Paxson LLP as Bankruptcy Counsel WHITEHALL TRUST: Hires Omni Agent as Claims and Noticing Agent WILDFANG HOLDINGS: Unsecureds to be Paid in Full with Interest WIN REAL ESTATE: Seeks Chapter 7 Bankruptcy in Georgia WOLFSPEED INC: Securities Class Suit Transferred to District Court WOODLAND PLACE: To Sell Pensacola Property to Nashbuilt for $1.5MM ZHL SERVICES: U.S. Trustee Unable to Appoint Committee [] Alena Thomas Joins Paul Weiss's Finance Group in New York [] Capstone Partners Completes Acquisition of TM Capital [] David H. Kaufman Joins Blank Rome's Bankruptcy Group in N.Y. [] Two Attorneys Join Katten's London Restructuring Practice ********* 123 NORTH 4TH: Seeks to Hire FIA Capital Partners as CROs --------------------------------------------------------- 123 North 4th St Group LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to employ FIA Capital Partners, LLC, to David Goldwasser and Mark Taub as co-chief restructuring officers. The firm will provide these services: a. provide analysis and valuation of the of the Property; b. prepare operating reports, assuring compliance with all U.S. Trustee guidelines; and c. render such other general services consulting or other such assistance as the Debtor or its counsel may deem necessary. The firm will be paid at these rates: David Goldwasser $800 per hour Mark Taub, Senior Managing Director $600 per hour CFO/CPA $500 per hour Managing Director $450 per hour Paralegal $320 per hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. In addition, the firm will seek reimbursement for its out-of-pocket expenses. Mr. Taub 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: Mark Taub FIA Capital Partners, LLC 295 Front Street Brooklyn, NY 11201 About 123 North 4th St Group LLC 123 North 4th St Group LLC is a single asset real estate company. 123 North 4th St Group LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y., Case No. 25-45843) on December 4, 2025. In its petition, the Debtor reports estimated assets of $1 million to $10 million and estimated liabilities within the same range. Honorable Bankruptcy Judge Jil Mazer-Marino handles the case. The Debtor is represented by Shafferman & Feldman LLP. 137 FALMOUTH: Claims to be Paid from Property Sale Proceeds ----------------------------------------------------------- 137 Falmouth Street LLC filed with the U.S. Bankruptcy Court for the Eastern District of New York a Disclosure Statement describing Chapter 11 Plan dated January 1, 2026. The Debtor is the titled owner of the residential real property located tat 137 Falmouth Street, Brooklyn, New York 11235 (Block 08749, Lot 0311) (the "Property"). The Property has been the long-time residence of Esther Dweck, the principal and managing member of the Debtor. The Debtor was formed solely to hold title to Dweck's home, and its has no business operations apart from ownership and maintenance of the Property. The Debtor is submitting this Disclosure Statement with the accompanying Plan with a Sale Component (collectively, the "Plan"), which provides for the Debtor's reorganization through a court-approved sale of its sole real property asset and the satisfaction of its secured debt obligations. Under the Plan, and upon entry of the confirmation order, the Debtor shall transfer title to the Property to an unrelated third-party purchaser (the "Purchaser") for a gross purchase price of $1,600,000.00, free and clear of all liens, claims, interests and encumbrances, other than Permitted Encumbrances, pursuant to Section 363(b) and (f). Under the Plan, the net proceeds from the court-approved sale of the Property (the "Sale Proceeds") shall be applied in accordance with the priority scheme set forth in the Bankruptcy Code and the provisions of the Plan. The Sale Proceeds shall be used to pay, in full, all Allowed Administrative Claims, including professional fees and expenses approved by the Bankruptcy Court, and all Allowed Priority Claims, including both tax and non-tax priority claims. The Sale Proceeds shall also be used to satisfy the Allowed Secured Claims in accordance with applicable lien priorities and the terms of the Plan. Any remaining Sale Proceeds, after payment in full of all Allowed Administrative, Priority, and Secured Claims, shall be distributed to holders of Allowed General Unsecured Claims, which are expected to be paid in full under the Plan. Class 4 consists of all Allowed General Unsecured Claims. Holders of Allowed General Unsecured Claims shall receive payment in full, in Cash, from the Sale Proceeds remaining after satisfaction of all senior classes of Claims, including Allowed Secured Claims, Allowed Administrative Claims, and Allowed Priority Tax Claims, in accordance with the Plan. Based on the Debtor's current projections, sufficient Sale Proceeds are expected to be available to satisfy Allowed General Unsecured Claims in full. The Debtor has determined that the most effective means to implement the Plan and satisfy all Allowed Claims is through a court-approved sale of its sole real property asset pursuant to sections 363(b) and 363(f) of the Bankruptcy Code, as incorporated into the confirmed Chapter 11 Plan. The Property constitutes the Debtor's only material asset, and the proposed sale represents the sole funding source for the Plan. A full-text copy of the Disclosure Statement dated January 1, 2026 is available at https://urlcurt.com/u?l=VazF1d from PacerMonitor.com at no charge. Counsel to the Debtor: Charles Wertman, Esq. Law Offices Of Charles Wertman P.C. 100 Merrick Road, Suite 304W Rockville Centre, NY 11570 Telephone: (516) 284-0900 E-mail: charles@cwertmanlaw.com About 137 Falmouth Street 137 Falmouth Street LLC is a real estate lessor that owns a single-family residence at 137 Falmouth Street in Brooklyn, New York, listed as Block 8749 Lot 311. The property is currently valued at $1.3 million. 137 Falmouth Street LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-43810) on August 6, 2025. In its petition, the Debtor reports total assets of $1,300,016 and total liabilities of $1,281,790. Honorable Bankruptcy Judge Nancy Hershey Lord handles the case. The Debtor is represented by Charles Wertman, Esq. at LAW OFFICES OF CHARLES WERTMAN P.C. 210 AT HARRISON: Hires Russo White & Keller as Bankruptcy Counsel ----------------------------------------------------------------- 210 at Harrison Court 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 Harrison Court LLC 210 at Harrison Court, LLC specializes in real estate investment and property management. It acquires, develops, and manages residential and commercial properties, ensuring efficient operations and tenant services in its Alabama-based holdings. 210 at Harrison Court sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ala. Case No. 25-03649) on December 2, 2025. In its petition, the Debtor reported between $1 million and $10 million in assets and liabilities. Honorable Bankruptcy Judge Tamara O. Mitchell handles the case. Robert C. Keller, Esq. at Russo White & Keller, P.C. represents the Debtor as counsel. 210 AT VALLEY: Hires Russo White & Keller as Bankruptcy Counsel --------------------------------------------------------------- 210 at Valley Creek, 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 Valley Creek LLC 210 at Valley Creek, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Ala. Case No. 25-03516) on November 18, 2025, with $1,000,001 to $10 million in assets and liabilities. Judge Tamara O. Mitchell presides over the case. Robert C. Keller, Esq. at Russo White & Keller, P.C. represents the Debtor as counsel. 2159 57 STREET: Taps Charles Wertman P.C. as Bankruptcy Counsel --------------------------------------------------------------- 2159 57 Street Unit 1A LLC filed an amended application seeking approval from the U.S. Bankruptcy Court for the Eastern District of New York to hire Law Offices of Charles Wertman P.C. as counsel. The firm will render these services: (a) provide the Debtor with necessary legal advice in connection with the operation of its business during the Chapter 11 case and its responsibilities and duties as a Debtor-in-possession; (b) review and prepare all necessary legal papers, petitions, orders, applications, motions, reports and plan documents on the Debtor's behalf; (c) assist the Debtor in the development and implementation of a plan of reorganization; and (d) perform all other legal services for the Debtor which may be necessary to obtain a successful conclusion of the Chapter 11 case, including negotiating an agreement for the use of cash collateral with the Debtor's secured lender. The firm will be paid at these rates: Charles Wertman $525 per hour Paraprofessionals $150 per hour The firm received $10,500 as retainer fee. Charles Wertman, a partner at the Law Offices of Charles Wertman, disclosed in a court filing that his firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Charles Wertman, Esq. LAW OFFICES OF CHARLES WERTMAN P.C. 100 Merrick Road, Suite 304W Rockville Centre, NY 11570 Tel: (516) 284-0900 Email: charles@cwertmanlaw.com About 2159 57 Street Unit 1A LLC 2159 57 Street Unit 1A LLC sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 23-44194) on Nov. 16, 2023, listing $500,001 to $1 million on both assets and liabilities. Charles Wertman, Esq. of THE LAW OFFICES OF CHARLES WERTMAN represents the Debtor as counsel. 2965 HOLDINGS: Voluntary Chapter 11 Case Summary ------------------------------------------------ Debtor: 2965 Holdings, LLC By Managing Partner 2965 Alliance Investment Fund, LLC 2965 South Jones Blvd. Las Vegas Nevada 89145 Business Description: 2965 Holdings, LLC is a single-asset real estate company that owns and operates a rental property at 2965 S. Jones Blvd. in Las Vegas, Nevada. Chapter 11 Petition Date: January 6, 2026 Court: United States Bankruptcy Court District of Nevada Case No.: 26-10050 Debtor's Counsel: Roger Roots, Esq. THE TICKTIN LAW GROUP 270 SW Natura Avenue Deerfield Beach, Florida 33411 Tel: (954) 570-6757 Email: RRoots@LegalBrains.com Estimated Assets: $10 million to $50 million Estimated Liabilities: $1 million to $10 million The petition was signed by Rick Saga as vice president of Management Member 2965 Alliance Investment Fund, LLC. 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/T2N3PCA/2965_Holdings_LLC__nvbke-26-10050__0001.0.pdf?mcid=tGE4TAMA 32 JANIE LLC: Seeks to Hire Northgate as Real Estate Advisor ------------------------------------------------------------ 32 Janie LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of New York to employ Northgate Real Estate Group as real estate advisor. The firm will market and sell the Debtor's real property located at 32 Jane Street New York, New York. The firm will be paid a commission of 5 percent of the gross purchase price. As 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: Greg Corbin Northgate Real Estate Group 1633 Broadway, 46th Floor New York, NY 10019 Telephone: (212) 396-4000 About 32 Janie LLC 32 Janie LLC, classified as a single-asset real estate company, provides services related to real estate, including property management and real estate appraisal, operating in Lawrence, New York. 32 Janie LLC in Lawrence, NY, sought relief under Chapter 11 of the Bankruptcy Code filed its voluntary petition for Chapter 11 protection (Bankr. S.D.N.Y. Case No. 25-12914) on Dec. 29, 2025, listing as much as $1 million to $10 million in both assets and liabilities. Ephraim Diamond in his capacity as managing member of Arbel Capital Advisors LLC, which serves as the manager of the Debtor, signed the petition. Judge John P Mastando III oversees the case. LAW OFFICES OF ISAAC NUTOVIC serve as the Debtor's legal counsel. 369 ALBUQUERQUE: Case Summary & 20 Largest Unsecured Creditors -------------------------------------------------------------- Debtor: 369 Albuquerque OPS LLC 2000 PGA Boulevard, Ste. 3230 Palm Beach Gardens, FL 33408 Business Description: 369 Albuquerque OPS LLC, doing business as Princeton Health & Rehabilitation, operates a healthcare facility in Albuquerque, New Mexico, providing 369 beds of complex medical care including skilled nursing, long-term care, memory care, and hospice services. The Company also offers specialized programs such as substance use disorder recovery with medication-assisted treatment and counseling, as well as advanced respiratory care including tracheostomy support, oxygen therapy, non- invasive ventilation, and sleep disorder management. Chapter 11 Petition Date: January 6, 2026 Court: United States Bankruptcy Court Southern District of Florida Case No.: 26-10081 Judge: Hon. Mindy A Mora Debtor's Counsel: Jordi Guso, Esq. BERGER SINGERMAN LLP 1450 Brickell Avenue Suite 1900 Miami, FL 33131 Tel: 305-755-9500 Email: jguso@bergersingerman.com Estimated Assets: $100,000 to $500,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Robert Champion as manager. A copy of the Debtor's list of its 20 largest unsecured creditors is available for free on PacerMonitor at: https://www.pacermonitor.com/view/N5BI4CA/369_Albuquerque_OPS_LLC__flsbke-26-10081__0003.0.pdf?mcid=tGE4TAMA A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/NWGQDPQ/369_Albuquerque_OPS_LLC__flsbke-26-10081__0001.0.pdf?mcid=tGE4TAMA 52 CHARLIE: Seeks to Hire Northgate as Real Estate Advisor ---------------------------------------------------------- 52 Charlie LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of New York to employ Northgate Real Estate Group as real estate advisor. The firm will market and sell the Debtor's real property located at 52 Charlie Street, New York, New York. The firm will be paid a commission of 5 percent of the gross purchase price. As 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: Greg Corbin Northgate Real Estate Group 1633 Broadway, 46th Floor New York, NY 10019 Telephone: (212) 396-4000 About 52 Charlie LLC 52 Charlie LLC is a single-asset real estate company whose principal asset is located in New York, New York. 52 Charlie LLC in Lawrence, NY, sought relief under Chapter 11 of the Bankruptcy Code filed its voluntary petition for Chapter 11 protection (Bankr. S.D.N.Y. Case No. 25-12915) on Dec. 29, 2025, listing as much as $1 million to $10 million in both assets and liabilities. Ephraim Diamond as manager, signed the petition. Judge John P Mastando III oversees the case. LAW OFFICES OF ISAAC NUTOVIC serve as the Debtor's legal counsel. 84 ENERGY: Seeks to Hire Fuqua & Associates P.C. as Attorney ------------------------------------------------------------ 84 Energy LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ Fuqua & Associates, P.C. as attorney. The firm will provide these services: a. provide the Debtor legal advice with respect to its powers and duties as a Debtor-in-possession in the continued operation of its business, and management of its property; b. prepare all pleadings on behalf of the Debtor, as Debtor-in-possession, which may be necessary herein; c. negotiate and submit a potential plan of arrangement satisfactory to the Debtor, its estate, and the creditors at large; d. perform all other legal services for the Debtor as a Debtor-in-possession which may become necessary to these proceedings herein; and e. assist trial counsel in the prosecution and defense of removed state court proceedings. The firm will be paid at these rates: Richard L. Fuqua, Attorney-in-Charge $750 per hour Law Clerks & Legal Assistants $150 per hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Richard L. Fuqua, a partner at Fuqua & Associates, 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: Richard L. Fuqua Fuqua & Associates, P.C. 8558 Katy Freeway, Suite 119 Houston, Texas 77024 Telephone: (713) 960-0277 Facsimile: (713) 960-1064 About 84 Energy LLC 84 Energy LLC is an independent oil and gas exploration and production company based in Richmond, Texas, operating across multiple counties in the state. The Company manages mineral and lease interests, and it produces crude oil, natural gas, and related hydrocarbons from its wells. Its operations include managing active production sites and associated assets within the Texas energy sector. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-37093) on November 25, 2025. In the petition signed by Aaron Shimek, president, the Debtor $0 in total assets against $7,945,975 in total liabilities as of Dec. 31, 2024. The Debtor tapped Richard L Fuqua, II, Esq., at Fuqua & Associates, P.C. as bankruptcy counsel. 98 EAST: Seeks to Hire Russo White & Keller as Bankruptcy Counsel ----------------------------------------------------------------- 98 East, 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 98 East LLC 98 East LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Ala. Case No. 25-03515) on November 18, 2025, listing between $1 million and $10 million in assets and liabilities. Judge Tamara O. Mitchell presides over the case. Robert C. Keller, Esq. at Russo White & Keller, P.C. represents the Debtor as counsel. A.M. DISTILLERY: Section 341(a) Meeting of Creditors on January 26 ------------------------------------------------------------------ On December 22, 2025, A.M. Scott Distillery, LLC filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of Ohio. According to court filings, the debtor reports between $1 million and $10 million in debt owed to 100 to 199 creditors. A meeting of creditors under Section 341(a) to be held on January 26, 2026 at 01:30 PM. The meeting will be held telephonically. Please dial 1-888-330-1716 and enter the code 3475860#. About A.M. Scott Distillery LLC A.M. Scott Distillery, LLC, a company in Dayton, Ohio, produces handcrafted spirits including bourbon, rye, vodka, and gin, offering small-batch and single-barrel selections as well as specialty collections. It operates in the alcoholic beverages and craft distilling industry, with production and administrative operations in Dayton and a retail and tasting presence in Troy, Ohio. A.M. Scott Distillery filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Ohio Case No. 25-32562) on December 22, 2025, listing between $100,001 and $500,000 in assets and between $1 million and $10 million in liabilities. Judge Tyson A. Crist presides over the case. Ira H. Thomsen, Esq., represents the Debtor as legal counsel. ALLEGIANCE MANAGEMENT: Seeks Chapter 7 Bankruptcy in Georgia ------------------------------------------------------------ On January 5, 2026, Allegiance Management Inc. filed for Chapter 7 protection in the U.S. Bankruptcy Court for the Northern District of Georgia. According to court filings, the debtor reports between $100,001 and $1,000,000 in debt owed to 1 to 49 creditors. About Allegiance Management Inc. Allegiance Management Inc. is a management company that provides business administration and operational oversight services for its affiliated entities. The company focuses on managing financial, strategic, and operational activities to ensure efficiency, compliance, and growth. Allegiance Management Inc. sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 26-50153) on January 5, 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. Honorable Bankruptcy Judge Sage M. Sigler handles the case. ALLITCON INC: Unsecures to Get 22 Cents on Dollar in Plan --------------------------------------------------------- Allitcon, Inc., filed with the U.S. Bankruptcy Court for the Northern District of California a Plan of Reorganization for Small Business dated January 4, 2026. The Debtor is a corporation. Since Sept. 2019, the Debtor has been in the business of operating breakfast restaurants. Debtor's Campbell and Redwood City locations were purchased in Sept. 2019. The Menlo Park location opened on August 18, 2021. Restaurant operations, including Debtor's operations are challenging given squeezed margins from rising food prices. However, Debtor was served with a labor complaint (including PAGA allegations) by Plaintiff Miriam Castrejon where the cost of defense is crippling. Debtor contends that the complaint is largely without merit, that all time records are electronic and violations, if any there be would be minimal but would nonetheless expose Debtor to substantial attorney fees. The Debtor's financial projections show that the Debtor will have projected disposable income of $194,508. The final Plan payment is expected to be paid on March 2029, which is anticipated to be 36 months after the effective date. This Plan of Reorganization proposes to pay creditors of the Debtor from cash flow from operations. Non-priority unsecured creditors holding allowed claims will receive distributions, which the proponent of this Plan has valued at approximately 22 cents on the dollar (if the PAGA claim and litigation claim is valued at zero), consistent with the liquidation analysis and projected disposable income. By way of example only, if the PAGA claim is valued at $25,000 and Plaintiff's labor claim is valued at $75,000, general unsecured creditors would receive a dividend of approximately 17% calculated as follows: * Pot $150,000 – PAGA $25,000 = $125,000 pot to general unsecured * Scheduled unsecured $636,830 + PAGA 25,000 + Private labor claim $75,000 = $736,830 * $125,000/$736,830 *100 = 17% Class 2 consists of Non-priority unsecured creditors. General unsecured creditors, including the allowed claims representing the aggrieved employee's share of PAGA penalties (35% of the total penalties) and the associated attorney fees, and plaintiff's prevailing party attorney fees for the PAGA claim, shall receive a pro-rata distribution of an amount equal to $150,000 less the Estimated Class 1 Claim payable in 36 equal monthly installments calculated by the following formula: * $4,166.66 – ($4,166.66 * Allowed or Estimated PAGA Claim/150,000) Payments shall commence on the 1st day of the month after the Effective Date and continue for 36 months. Class 3 consists of equity security holders of the Debtor. Nate Habash, the sole shareholder, shall retain his equity interest in the Debtor. The plan will be implemented from the continued operations of Debtor's three restaurant locations in Campbell, Menlo Park and Redwood City, CA. Claimants will be paid from cash flow as set forth in the projections attached as Exhibit B. Mr. Habash will continue as the President and Director of Debtor. A full-text copy of the Plan of Reorganization dated January 4, 2026 is available at https://urlcurt.com/u?l=CIEhIi from PacerMonitor.com at no charge. About Allitcon Inc. Allitcon, Inc., has been in the business of operating breakfast restaurants. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Cal. Case No. 25-51967) on Dec. 22, 2025, with $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Judge Hannah L. Blumenstiel presides over the case. Lars T. Fuller, at the The Fuller Law Firm, is the Debtor's legal counsel. ALLSTAR PROPERTIES: Hires Smith Gambrell as Tax Audit Counsel ------------------------------------------------------------- Allstar Properties, LLC and affiliates seek approval from the U.S. Bankruptcy Court for the Northern District of Georgia to employ Smith Gambrell & Russell, LLP as their tax audit and appeals counsel. The firm will assist the Debtors to handle the legal and evidentiary response to the tax audits and the tax appeals is in the best interests of their creditors and the Estate. The firm intends to request compensation based on routine hourly fees which are in the range of the usual and customary fees charged by attorneys and law firms of similar standing for the type of legal services and to participate in the monthly billing procedure for professionals in the Debtors case. As disclosed in court filings, Smith Gambrell & Russell is a "disinterested person" pursuant to Section 101(14) of the Bankruptcy Code. The firm can be reached through: Joseph C. Mandarino, Esq. SMITH, GAMBRELL & RUSSELL, LLP 1105 W. Peachtree Street NE, Suite 1000 Atlanta, GA 30309 Telephone: (404) 815-3537 Facsimile: (404) 685-6837 Email: jmandarino@sgrlaw.com About Allstar Properties, LLC Allstar Properties, LLC and affiliates are Georgia-based real estate companies that hold and manage property assets. The Allstar entities focus on property ownership, while ACH Rental Properties provides property management and rental services. Collectively, they operate within the real estate sector across residential and nonresidential properties in the state. Allstar Properties sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-41314) on August 31, 2025. In its petition, the Debtor reported estimated assets and liabilities between $10 million and $50 million each. Honorable Bankruptcy Judge Barbara Ellis-Monro handles the case. Anna Mari Humnicky, Esq., at Small Herrin, LLP is the Debtor's legal counsel. API GP VENTURE: Seeks to Extend Plan Exclusivity to April 2 ----------------------------------------------------------- API GP Venture Partners, LLC and its affiliates asked the U.S. Bankruptcy Court for the District of Delaware to extend their exclusivity periods to file a plan of reorganization and obtain acceptance thereof to April 2 and June 1, 2026, respectively. The Debtors explain that these cases have been exceptionally complex, although not large in terms of debt. The first several months were consumed by the appointment of a CRO, efforts to obtain access to the Debtors' books and records, and ultimately a difficult mediation and settlement process. These threshold issues had to be resolved before the Debtors could even begin to formulate a path forward. This unusual complexity, which has absorbed a significant portion of the initial exclusivity period, strongly supports an extension. The Debtors claim that they continue to negotiate with their key stakeholders and interested investors regarding the structure of their exit from Chapter 11 and the role of a Chapter 11 plan. Additionally, as the general claims bar date has only recently been set, the Debtors require time to review filed proofs of claim to liquidate the claims pool and provide all parties with greater visibility with respect to potential distributions under the forthcoming plan. The Debtors note that they seek to maintain exclusivity so parties with competing interests do not hinder the Debtors' efforts to finalize what is anticipated to be a largely consensual, value maximizing plan. Extending the Exclusivity Periods will benefit creditors by avoiding the drain on estate assets attendant to the potential proposal of a competing chapter 11 plan. All stakeholders benefit from that continued stability and predictability, which comes only with the Debtors being the sole potential plan proponents. Moreover, even if the Court approves an extension of the Exclusive Periods, nothing prevents parties in interest from later arguing to the Court that cause supports termination of the Debtors' exclusivity. Accordingly, the relief requested herein is without prejudice to the Debtors' creditors and will instead benefit the Debtors' estates, their creditors, and all other key parties in interest. The Debtors assert that their request for an extension of the Exclusivity Periods is the Debtors' first such request and comes four months after the filing of the Chapter 11 cases. The Debtors have made significant efforts to bring stability to their operations, have negotiated a global settlement of the Member Disputes (the "Settlement Agreement"), thereby clearing the path for a value-maximizing exit from Chapter 11 either through refinancing and confirmation of a Chapter 11 plan or through a sale process. The Debtors further assert that they have no ulterior motive in seeking an extension of the Exclusive Periods. Indeed, the Debtors have worked diligently over the past few months to evaluate alternatives and to maximize the value of their assets, and they have coordinated extensively with their major stakeholders. Accordingly, the Debtors are not seeking an extension to pressure their creditors or other parties in interest. About API GP Venture Partners API GP Venture Partners, LLC and its affiliates own and operate student housing properties in Goleta, California, providing accommodations for about 70 students. The group is managed by IRC Ashland I LLC, which holds roughly 90% of the equity, while Ashland Pacific, LLC holds the remaining 10% as a non-managing member. Operations are governed by limited liability company agreements and a master property management agreement defining ownership, management, and operational structures. API GP Venture Partners and affiliates, Ashland Pacific Integrated UCSB Holdings I, LLC, API UCSB Holdings I, LLC and API 6590 Holdings, LLC, filed Chapter 11 petitions (Bankr. D. Del. Lead Case No. 25-11640) on September 4, 2025. The petitions were signed by J. Michael Issa as chief restructuring officer. At the time of the filing, API GP Venture Partners reported up to $50,000 in both assets and liabilities. Judge Karen B. Owens oversees the cases. The Debtors are represented by: Mette H. Kurth, Esq. Pierson Ferdinand, LLP 3411 Silverside Road Baynard Building, Suite 104-13 Wilmington, DE 19810 Tel: (310) 245-8784 mette.kurth@pierferd.com - and - Lynnette R. Warman, Esq. Pierson Ferdinand, LLP 1341 W. Mockingbird Lane, Suite 600W Dallas, TX 75247 Tel: (214) 872-6319 lynnette.warman@pierferd.com ARCHANGEL DISCIPLINES: Claims to be Paid from Ongoing Operations ---------------------------------------------------------------- Archangel Disciplines LLC, d/b/a Stemtree Education Center, filed with the U.S. Bankruptcy Court for the Southern District of Florida a Second Amended Subchapter V Plan dated January 4, 2026. The Debtor is an educational business located in Coral Gables, Florida, providing STEM-focused enrichment programs for children, including after-school sessions, summer camps, and field trips, both at its center and through partnerships with local schools and nonprofits. The Debtor is a for profit limited liability company, whose Owner is Tyrone T. Gabriel. Mr. Gabriel's ownership interest is 100%. The Debtor's primary location is located at 101 Aragon Avenue, Unit 1, Coral Gables, FL 33134. The Debtor filed a voluntary petition under Subchapter V of Chapter 11 on August 1, 2025, in the Southern District Bankruptcy Court in response to operational and financial obstacles, including regulatory changes, costly build-out requirements, diminished revenue from lost contracts, increased competition, and seasonal business volatility. The Debtor is proposing a tiered growth strategy for its reorganization. The three tiers will occur sequentially with Tier 1 focusing on nonprofits serving schools, Tier 2 focusing on schools and home schooling, and Tier 3 focusing on individual student enrollment. The Plan provides for all Creditors to receive monthly payments from the Debtor's cash flow and operations over the applicable commitment period of five years. The Plan provides for unclassified administrative claims, one class of secured claims, one class of general unsecured claims, and one class of equity security holders. There are no unsecured claims filed with the Court. Class 3 consists of Equity Security Holder. Tyrone T. Gabriel, owner of 100% equity. Retention of equity, subject to rights and duties under this Plan. The Plan shall be funded through the ongoing operations of the Debtor and in accordance with the provisions of the Plan. A full-text copy of the Second Amended Plan dated January 4, 2026 is available at https://urlcurt.com/u?l=ltZSel from PacerMonitor.com at no charge. Counsel to the Debtor: Jesus Santiago, Esq. Elee Dammous, Esq. DASA Law 14100 Palmetto Frontage Road Suite 370 Miami Lakes, FL 33016 Tel: (888) 343-DASA (3272) Fax: (659) 901-1780 E-mail: eService@Dasa.Law About Archangel Disciplines Archangel Disciplines, LLC, doing business as Stemtree Education Center, is an educational business located in Coral Gables, Florida. The Debtor filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-18962) on August 1, 2025. At the time of the filing, the Debtor reported up to $50,000 in assets and between $100,001 and $500,000 in liabilities. Judge Robert A. Mark presides over the case. Jesus Santiago, Esq., represents the Debtor as legal counsel. ARCHDIOCESE OF NEW ORLEANS: Apologizes to Clergy Abuse Victims -------------------------------------------------------------- Chad Calder of nola.com reports that Archbishop Gregory Aymond of New Orleans issued a formal apology to survivors of sexual abuse by clergy, calling the decades-long abuse "an inexcusable evil," as part of the archdiocese's Chapter 11 bankruptcy settlement. The letter, dated December 26, 2025 and published on the archdiocese's website and in the Clarion Herald, commits to protecting children and all vulnerable individuals in church ministry, while taking responsibility for past abuses. This apology accompanies a $230 million settlement approved last month by a federal judge, covering hundreds of survivors. Aymond expressed "profound regret" on behalf of himself, his predecessors, and all members of the archdiocese, acknowledging the harm caused by clergy, religious, and lay employees, the report states. Aymond affirmed that survivors bear no responsibility for the abuse they suffered. The letter will be printed in newspapers across Louisiana and neighboring states, including The Times-Picayune, Shreveport Times, Houston Chronicle, and the Clarion Ledger, as well as in the Bayou Catholic in February 2026. About Roman Catholic Church of The Archdiocese Of New Orleans The Roman Catholic Church of the Archdiocese of New Orleans -- https://www.nolacatholic.org/ -- is a non-profit religious corporation incorporated under the laws of the State of Louisiana. Created as a diocese in 1793, and established as an archdiocese in 1850, the Archdiocese of New Orleans has educated hundreds of thousands in its schools, provided religious services to its churches and provided charitable assistance to individuals in need, including those affected by hurricanes, floods, natural disasters, war, civil unrest, plagues, epidemics, and illness. Currently, the archdiocese's geographic footprint occupies over 4,200 square miles in southeast Louisiana and includes eight civil parishes: Jefferson, Orleans, Plaquemines, St. Bernard, St. Charles, St. John the Baptist, St. Tammany, and Washington. The Roman Catholic Church for the Archdiocese of New Orleans sought Chapter 11 protection (Bankr. E.D. La. Case No. 20-10846) on May 1, 2020. The archdiocese was estimated to have $100 million to $500 million in assets and liabilities as of the bankruptcy filing. Judge Meredith S. Grabill oversees the case. Jones Walker, LLP and Blank Rome, LLP, serve as the archdiocese's bankruptcy counsel and special counsel, respectively. Donlin, Recano & Company, Inc., is the claims agent. The U.S. Trustee for Region 5 appointed an official committee of unsecured creditors on May 20, 2020. The committee is represented by the law firms of Pachulski Stang Ziehl & Jones, LLP and Locke Lord, LLP. Berkeley Research Group, LLC is the committee's financial advisor. ARCHROCK SERVICES: Moody's Rates New Senior Unsecured Notes 'B1' ---------------------------------------------------------------- Moody's Ratings assigned a B1 rating to Archrock Services, L.P.'s (Archrock Services) proposed backed senior unsecured notes. The existing ratings of Archrock Partners, L.P. (Archrock Partners), including the Ba3 Corporate Family Rating, Ba3-PD Probability of Default Rating and B1 ratings on its existing backed senior unsecured notes were affirmed. Archrock Partner's Speculative Grade Liquidity Rating (SGL) remains unchanged at SGL-3. The rating outlooks on the ratings of Archrock Partners and Archrock Services are stable. Both Archrock Partners and Archrock Services, are wholly-owned subsidiaries of Archrock, Inc. "Archrock will use the proceeds to repay borrowings under its revolving credit facility," stated James Wilkins, Moody's Ratings Vice President - Senior Analyst. "The transactions are leverage neutral and increase the available borrowing capacity under Archrock's revolver such that the company can potentially use revolver borrowings to repay the notes due 2028." RATINGS RATIONALE The proposed senior unsecured notes are rated B1, one notch below the Ba3 CFR and the same level as Archrock Partner's existing senior unsecured notes. The proposed notes are pari passu with the existing senior unsecured notes issued by Archrock Partners, which are subordinated to the $1.5 billion senior secured revolving credit facility. The proposed notes are guaranteed by Archrock Service's parent, Archrock, Inc. and certain subsidiaries, which also guarantee the company's revolving credit facility and its senior unsecured notes due 2028 and 2032 issued by Archrock Partners. Archrock Partners Finance Corp. is a co-issuer of all the notes. The guarantees and co-issuer structure make the Archrock Partners and Archrock Services notes equivalent debt instruments in the capital structure. Archrock Partners' Ba3 CFR reflects improving credit metrics, favorable compression industry market conditions that have driven high compression equipment utilization rates, robust pricing for compression services as well as demand for its Aftermarket Services business. Archrock Partners benefits from a leading position in natural gas compression services with a fleet of predominantly large horsepower equipment, basin diversity, reasonably stable gross profit margins and growing demand for the company's compression services. The company's long-term relationships with its high quality customer base, with whom it typically has fee-based contracts, provides stability. Its profitability is correlated to natural gas production volumes, which is a driver of its utilization rates. The rating is constrained by exposure to volatile commodity prices, short-term contracts, meaningful debt levels and limited free cash flow generation in favorable market conditions. The SGL-3 Speculative Grade Liquidity Rating reflects adequate liquidity supported by access to a $1.5 billion asset-based revolving credit facility that matures in May 2028. As of September 30, 2025, the company had $769 million of borrowings outstanding under the revolver and $728 million of available borrowing capacity, after accounting for $3.0 million of letters of credit. Following the repayment of the remaining $300 million of notes due 2027 funded with revolver borrowings in November 2025 and the repayment of revolver borrowings with proceeds from the proposed notes issuance, the available revolver borrowing capacity will have increased to $1.2 billion, on a pro forma basis. The credit agreement financial covenants include a minimum interest coverage of 2.5x, a maximum Senior Secured Debt to EBITDA of 3.0x and a maximum Total Debt to EBITDA of 5.25x. Moody's expects the company to remain in compliance with its financial covenants at least through mid-2027. Alternate sources of liquidity are limited as its assets are pledged as collateral to the revolver. The revolving credit facility has a springing maturity date of December 03, 2027, if any notes due 2028 remain outstanding as of such date. The stable outlook reflects Moody's expectations that Archrock Partners will continue to grow earnings and maintain credit metrics supportive of its credit rating. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if the company sustains a debt-to-EBITDA ratio below 3.5x, consistently generates positive free cash flow, and maintains conservative financial policies. The ratings could be downgraded if debt-to-EBITDA rises above 4.5x. Archrock Partners, L.P., headquartered in Houston, Texas, is a limited partnership and a leading provider of natural gas contract compression services to customers throughout the United States. Archrock, Inc. (NYSE: AROC), a publicly traded company, owns all of the limited partner and the general partner interests in Archrock Partners, L.P. and Archrock Services, L.P. The principal methodology used in these ratings was Oilfield Services published in October 2025. The assigned Ba3 CFR is two notches below the methodology scorecard indicated outcome of Ba1 due to Archrock Partners' inconsistent free cash flow generation and substantial absolute amount of debt. ARDENT PROTECTION: Case Summary & 20 Largest Unsecured Creditors ---------------------------------------------------------------- Debtor: Ardent Protection LLC d/b/a Ardent World Services, LLC 4790 N Hiatus Road Sunrise, FL 33351 Business Description: Ardent Protection LLC, doing business as Ardent World Services, LLC, provides security and protection services in Florida, including guard services, executive protection, event security, and fire watch. The Company serves clients across multiple industries and operates in the private security services sector. Ardent Protection was founded by a former law enforcement and executive protection professional and focuses on standardized training, operational oversight, and workforce development. Chapter 11 Petition Date: January 7, 2026 Court: United States Bankruptcy Court Southern District of Florida Case No.: 26-10122 Debtor's Counsel: Robert A Gusrae, Esq. LAW OFFICE OF ROBERT A GUSRAE ESQ 433 Plaza Real Ste 275 Boca Raton, FL 33432 Tel: 561-716-4690 Email: Gusraelaw@gmail.com Total Assets: $156,046 Total Liabilities: $1,889,980 The petition was signed by Darryl M Johnson as manager. A full-text copy of the petition, which includes a list of the Debtor's 20 largest unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/UZJ62FQ/Ardent_Protection_LLC__flsbke-26-10122__0001.0.pdf?mcid=tGE4TAMA ARM VENTURES: Gets Interim OK to Use Cash Collateral ---------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of Florida entered an interim order granting Arm Ventures, LLC approval to use cash collateral. Under the order, the Debtor is authorized to use cash collateral only on an interim basis and strictly in accordance with the revised budget. This authorization remains in effect through January 22. The Debtor projects total operational expenses of $11,048. As adequate protection, secured lender Precedent Acquisitions, LLC will be granted replacement liens on the Debtor's post-petition assets similar to its pre-bankruptcy collateral, maintaining the same validity and priority as its pre-bankruptcy liens. In addition, the Debtor must make monthly payments of $7,000. The court expressly reserved all rights regarding the validity, priority, and extent of the secured lender's liens and claim amounts. The next hearing is scheduled for January 29. About Arm Ventures LLC Arm Ventures LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-22944-LMI) on October 31, 2025. The Debtor previously filed a Chapter 11 petition (Bankr. S.D. Fla. Case No. 16-23633) on October 4, 2016. This bankruptcy case was closed on May 15, 2017. At the time of the recent filing, Debtor had estimated assets of between $1,000,001 to $10 million and liabilities of between $1,000,001 to $10 million. Judge Laurel M. Isicoff (LMI) oversees the case. Joel M. Aresty, P.A. is Debtor's legal counsel. ARTICON HOTEL: Hires Donovan Rose Nester PC as Special Counsel -------------------------------------------------------------- Articon Hotel Services LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Illinois to employ Donovan Rose Nester, PC as special counsel. The firm will be representing the Debtor in connection with the post-trial pleadings, and, if the post-trial motions are denied, for the filing of a notice of appeal requesting that the Appellate Court vacate or modify the Judgment and/or for a new trial, pursuant to the letter of retention dated Dec. 15, 2025, between DRN and the Debtor. As disclosed in the court filings, Donovan Rose Nester, PC is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. The firm can be reached through: Sean K. Cronin, Esq. Donovan Rose Nester, PC 15 North 1st Street, Suite A Belleville, IL 62220 Tel: (618) 212-6500 Fax: (618) 212-6501 Email: scronin@drnpc.com About Articon Hotel Services LLC Articon Hotel Services, LLC manufactures and supplies furniture, fixtures and equipment as well as construction materials for the hospitality industry in the United States. The Company provides case goods, soft seating, millwork, lobby furniture, artwork, mirrors and lighting, alongside shower surrounds, flooring, and wall coverings, serving hotel projects through design, fabrication, installation and compliance support. Articon works with major hotel brands including Holiday Inn, Hilton, Embassy Suites, Courtyard and Fairfield Inn & Suites. Articon Hotel Services sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-13601) on September 2, 2025. In its petition, the Debtor reported estimated assets between $100,000 and $500,000 and estimated liabilities between $1 million and $10 million. The Debtor is represented by Scott R. Clar, Esq., at Crane, Simon, Clar & Goodman. ASSOCIATION OF APARTMENT: Taps Porter Kiakona as Special Counsel ---------------------------------------------------------------- The Association of Apartment Owners of Kauai Beach Villas seeks approval from the U.S. Bankruptcy Court for the District of Hawaii to hire Porter Kiakona Kopper LLP as special corporate and litigation counsel. The firm will assist the Debtor in the following four foreclosure proceedings pending in the 5th Circuit Court, State of Hawaii: Debtor v. M. Brazon, et al., Debtor v. R, Lunbeck, et al., Debtor v. R. Marth, et al., Debtor v. Turtle R16, LLC, et al., and such other foreclosures as may be necessary. The firm will be paid at these rates: Christopher Porter, Esq. $415 H. Maxwell Kropper, Esq. $370 Dallas Walker, Esq. $315 The firm received a retainer in the amount of $133,979.63. H. Maxwell Kropper, Esq., a partner at Porter Kiakona Kopper LLP, assured the court that his firm is a "disinterested person" within the meaning of 11 U.S.C. 101(14). The firm can be reached through: H. Maxwell Kropper, Esq. Porter Kiakona Kopper LLP 841 Bishop Street, Suite 1500 Honolulu, Hawaii 96813 Phone: (808) 539-1100 Email: mkopper@hawaiilegal.com About Association of Apartment Owners of Kauai Beach Villas The Association of Apartment Owners of Kauai Beach Villas, a not-for-profit corporation incorporated under Hawaii law on April 15, 2025, manages, maintains, and administers the Kauai Beach Villas condominium resort in Lihue, Kauai, Hawaii. Association of Apartment Owners of Kauai Beach Villas filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Hawaii Case No. 25-01103) on December 5, 2025, listing between $1 million and $10 million in assets and liabilities. Judge Robert J. Faris presides over the case. Chuck C. Choi, Esq., at Choi & Ito represents the Debtor as legal counsel. ATLANTA INJURY: Case Summary & Three Unsecured Creditors -------------------------------------------------------- Debtor: Atlanta Injury & Wellness Center, Incorporated d/b/a Chiro Time Clinics 2740 Greenbriar Parkway Suite A-3 Atlanta, GA 30331 Business Description: Atlanta Injury & Wellness Center, Incorporated, doing business as Chiro Time Clinics, operates a chiropractic and injury- care clinic in Atlanta, Georgia, providing outpatient chiropractic, medical, and physical therapy services for musculoskeletal and accident-related conditions, including personal injury cases. Chapter 11 Petition Date: January 6, 2026 Court: United States Bankruptcy Court Northern District of Georgia Case No.: 26-50240 Judge: Hon. Paul Baisier Debtor's Counsel: Paul Reece Marr, Esq. PAUL REECE MARR, P.C. 6075 Barfield Road Suite 213 Sandy Springs, GA 30328-4402 Tel: (770) 984-2255 Fax: (678) 623-5109 Email: paul.marr@marrlegal.com Estimated Assets: $0 to $50,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Dr. Dawn Christina Abdus-Samad as CEO. A full-text copy of the petition, which includes a list of the Debtor's three unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/FFTC6DA/Atlanta_Injury__Wellness_Center__ganbke-26-50240__0001.0.pdf?mcid=tGE4TAMA AUDACY CAPITAL: Calamos Marks $394,352 Loan at 20% Off ------------------------------------------------------ Calamos Convertible Opportunities and Income Fund has marked its $394,352 loan extended to Audacy Capital Corp. to market at $316,221 or 80% of the outstanding amount, according to Calamos' Form N-CSRS for the semi-annual period ended October 31, 2025, filed with the U.S. Securities and Exchange Commission. Calamos is a participant in a 2024 Term Loan B Loan to Allen Media, LLC. The loan accrues interest at a rate of 10.079% per annum. The loan matures on October 1, 2029. Calamos Convertible Opportunities and Income Fund, Calamos Convertible and High Income Fund, Calamos Strategic Total Return Fund, Calamos Dynamic Convertible and Income Fund, Calamos Global Dynamic Income Fund, Calamos Global Total Return Fund, and Calamos Long/Short Equity & Dynamic Income Trust were each organized as Delaware statutory trusts and are each registered under the Investment Company Act of 1940. Each Board of Trustees, including a majority of the Trustees who are not "interested persons" of each Fund, have designated Calamos Advisors LLC to perform fair valuation determinations related to all Funds' investments under the oversight of the Board. As "valuation designee" Calamos Advisors has adopted policies and procedures to guide the determination of the net asset value on any day on which each Fund's NAV is determined. Cliffwater Enhanced is led by John P. Calamos, Sr. as Principal Executive Officer, and Thomas E. Herman as Principal Financial Officer. The Company can be reach through: John P. Calamos Sr. 2020 Calamos Court Naperville, IL 60563-2787 Telephone: (630) 245-7200 About Audacy Capital Corp. Audacy Capital Corp. (now generally known as Audacy, Inc.) is a major U.S. audio entertainment company, formerly Entercom Media, that operates numerous radio stations, podcasts, and digital platforms, focusing on music, news, and sports, and recently emerged from bankruptcy in early 2024 after significant restructuring. AUDACY CAPITAL: Calamos Marks $459,859 Loan at 20% Off ------------------------------------------------------ Calamos Strategic Total Return Fund has marked its $459,859 loan extended to Audacy Capital Corp. to market at $368,749 or 80% of the outstanding amount, according to Calamos' Form N-CSRS for the semi-annual period ended October 31, 2025, filed with the U.S. Securities and Exchange Commission. Calamos is a participant in a 2024 Term Loan B Loan to Audacy Capital Corp. The loan accrues interest at a rate of 10.079% per annum. The loan matures on October 13, 2029. Calamos Convertible Opportunities and Income Fund, Calamos Convertible and High Income Fund, Calamos Strategic Total Return Fund, Calamos Dynamic Convertible and Income Fund, Calamos Global Dynamic Income Fund, Calamos Global Total Return Fund, and Calamos Long/Short Equity & Dynamic Income Trust were each organized as Delaware statutory trusts and are each registered under the Investment Company Act of 1940. Each Board of Trustees, including a majority of the Trustees who are not "interested persons" of each Fund, have designated Calamos Advisors LLC to perform fair valuation determinations related to all Funds' investments under the oversight of the Board. As "valuation designee" Calamos Advisors has adopted policies and procedures to guide the determination of the net asset value on any day on which each Fund's NAV is determined. Cliffwater Enhanced is led by John P. Calamos, Sr. as Principal Executive Officer, and Thomas E. Herman as Principal Financial Officer. The Company can be reach through: John P. Calamos, Sr. Calamos Strategic Total Return Fund 2020 Calamos Court Naperville, IL 60563-2787 Telephone: (630) 245-7200 About Audacy Capital Corp. Audacy Capital Corp. refers to Audacy, Inc., a major U.S. audio content and entertainment company, formerly Entercom and CBS Radio, owning hundreds of radio stations, podcasts, and digital platforms, known for news, sports, and music, recently emerging from bankruptcy in late 2024 under new ownership including George Soros's fund after restructuring significant debt. AZUL SA: Gets Court OK to Find $1.2B Chapter 11 Exit Financing -------------------------------------------------------------- Alex Wittenberg of Law360 reports that a New York bankruptcy judge on Thursday, January 8, 2026, authorized Azul SA to hire investment banks to seek competing financing proposals to a $1.2 billion exit facility offered by its Chapter 11 lenders. The ruling was issued about a month after the court confirmed the Brazilian airline’s reorganization plan. Azul told the court that the advisors will help assess alternative financing options that could improve the company's post-bankruptcy capital structure. The judge said the effort is consistent with the confirmed plan and allows the airline to determine whether better terms are available. About Azul S.A. Azul S.A. (B3: AZUL4, NYSE: AZUL), the largest airline in Brazil by number of flight departures and cities served, offers 900 daily flights to over 150 destinations. With an operating fleet of over 200 aircrafts and more than 15,000 Crewmembers, the Company has a network of 300 non-stop routes. Azul was named by Cirium (leading aviation data analysis company) as the most on-time airline in the world in 2023. In 2020, Azul was awarded best airline in the world by TripAdvisor, the first time a Brazilian flag carrier earned the number one ranking in the Traveler's Choice Awards. On the Web: http://www.voeazul.com.br/imprensa On May 28, 2025, Azul S.A. and 19 affiliated debtors filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 25-11176). The cases are pending before Judge Sean H. Lane. The Company is supported by Davis Polk & Wardwell LLP, White & Case LLP, and Pinheiro Neto Advogados as legal counsel; FTI Consulting as financial advisor; Guggenheim Securities, LLC as investment banker; SkyWorks Capital LLC as fleet advisor; and FTI Consulting, C Street Advisory Group, and MassMedia as strategic communications advisors. Stretto is the claims agent. The Participating Lenders are supported by Cleary Gottlieb Steen & Hamilton LLP and Mattos Filho as legal counsel and PJT Partners as investment banker. United Airlines is supported by Hughes Hubbard & Reed LLP and Sidley Austin LLP as legal counsel and Barclays Investment Bank as investment banker. American Airlines is supported by Latham & Watkins LLP as legal counsel. AerCap is supported by Pillsbury Winthrop Shaw Pittman LLP as legal counsel. The U.S. Trustee for Region 2 appointed an official committee to represent unsecured creditors in the Chapter 11 cases. The Committee retained Willkie Farr & Gallagher LLP as its counsel, Alvarez & Marsal North America, LLC, as its financial advisor, Houlihan Lokey Capital, Inc., as its investment banker. The Backstop Commitment Parties are represented by Cleary Gottlieb Steen & Hamilton and Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga Advogados. The Subscription Agent is Stretto. B&H MANAGEMENT: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------------- Debtor: B&H Management, LLC OBA Arkansas River Rice 4215 Emmett Sandars Road Pine Bluff Arkansas 71611 Business Description: B&H Management, LLC, operating as Arkansas River Rice, owns and operates a rice milling and processing facility in Pine Bluff, Arkansas, where it processes harvested rice into white and brown rice and related by- products. The Company supplies milled rice to wholesale, foodservice, and distribution channels, supporting regional agricultural supply chains. Chapter 11 Petition Date: January 5, 2026 Court: United States Bankruptcy Court Eastern District of Arkansas Case No.: 26-10020 Debtor's Counsel: John F. Ales, Esq. LAW OFFICES OF JOHN F. ALES 3034 Peebles St, Baton Rouge LA 70809 Tel: 225-288-9035 Email: johnfales@msn.com Estimated Assets: $50 million to $100 million Estimated Liabilities: $1 million to $10 million The petition was signed by P.J. Haynie as chief executive officer. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/UW7RIPQ/B__H_Management_LLC__arebke-26-10020__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/7WV65UY/B__H_Management_LLC__arebke-26-10020__0012.0.pdf?mcid=tGE4TAMA List of Debtor's 20 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Arkansas Dept. of Taxes $53,025 Finance & Admin. PO Box 919 Little Rock, AR 72203 2. Axle Logistics Trade Debt $11,900 835 N. Central Street Knoxville, TN 37917 3. Entergy Corporation Utilities $44,429 639 Loyola Ave New Orleans, LA 70113 4. EOS Trucking Inc. $21,186 1000 Fiber Optic Drive North Little Rock, AR 72117 5. Equipment Share Trade Debt $13,578 5804 Bull Run Dr. Columbia, MO 65201 6. Essmueller Company Trade Debt $12,130 334 Avenue A Airbase Laurel, MS 39441 7. First Southern Bank Credit Card $10,285 2056 Phillips Purchases County Road 145201 SOuth Court St Florence, AL 35630 8. Greenstone Cultura Co. Trade Debt $39,455 3820 Mansell Rd #350 Alpharetta, GA 30022 9. Greenstone Cultura Co. Trade Debt $39,455 3820 Mansell Road Suite 375 Alpharetta, GA 30022 10. Innpack LLC Trade Debt $18,702 10511 High Point Rd Olive Branch, MS 38654 11. Intertek Alchemy Trade Debt $10,206 (FKA Alchemy Systems) 5301 Riata Park Ct. Building F Austin, TX 78727 12. Jefferson County Tax Taxes $132,694 Collector Office 101 W Barraque St. Pine Bluff Pine Bluff, AR 71601 13. Mauldin And Jenkins Trade Debt $9,815 200 Galleria Parkway Atlanta, GA 30339 14. Mccauley Services Trade Debt $10,034 23650 Interstate 30 N Bryant, AR 72022 15. Nabholz Construction Services $42,911 612 Garland St. Conway, AR 72032 16. Raumak Packaging Trade Debt $49,086 R. Raulino Kreis, 136 Ilha da Figueira, Jaragu do Sul-SC, 89258-170 Brazil 17. Summit Fire and Security $6,971 1025 Telegraph St. Reno, NV 89502 18. Triton Fumigation LLC Trade Debt $9,796 2839 Piedmont St Kenner, LA 70062 19. USA Rice Millers' Association $6,675 2101 Wilson Blvd. Suite 610 Arlington, VAS 22201 20. Weight Systems Inc. Trade Debt $8,845 3086 Coachlite Lane Springdale, AR 72764 BATTLE BORN: Seeks to Hire Darby Law Practice Ltd as Counsel ------------------------------------------------------------ Battle Born Pool & Spa LLC seeks approval from the U.S. Bankruptcy Court for the District of Nevada to employ Darby Law Practice, Ltd as counsel. The firm will provide these services: a. advise the Debtor of its rights, powers and duties as a debtor and debtor in possession in the continued operation of business and management of their properties; b. take all necessary action to protect and preserve Debtor's estate; c. prepare on behalf of the Debtor all necessary motions, applications, answers, orders, reports and papers in connection with the administration of the Debtor's estate; d. attend meetings and negotiations with the Subchapter 5 trustee, representatives of creditors, equity holders or prospective investors or acquirers and other parties in interest; e. appear before the Court, any appellate courts and the Office of the United States Trustee to protect the interests of the Debtor; f. pursue approval of confirmation of a plan of reorganization and approval of the corresponding solicitation procedures and disclosure statement; and g. perform all other necessary legal services in connection with the Chapter 11 Subchapter 5 case. The firm will be paid at the rate of $550 per hour. The Debtor paid the firm a retainer fee in the amount of $16,738, including the Chapter 11 filing fee of $1,738. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Mr. Darby 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: Kevin A. Darby, Esq. Tricia M. Darby, Esq. Darby Law Practice, LTD. 499 W. Plumb Lane, Suite 202 Reno, NV 89509 Telephone: (775) 322-1237 Facsimile: (775) 996-7290 E-mail: kevin@darbylawpractice.com tricia@darbylawpractice.com About Battle Born Pool & Spa LLC Battle Born Pool & Spa, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Nev. Case No. 25-51219) on December 23, 2025, with $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Judge Hilary L. Barnes presides over the case. Kevin A. Darby, Esq. at Darby Law Practice, Ltd. represents the Debtor as legal counsel. BAYTEX ENERGY: Moody's Cuts CFR to B1 & Alters Outlook to Stable ---------------------------------------------------------------- Moody's Ratings has downgraded Baytex Energy Corp.'s ("Baytex") corporate family rating to B1 from Ba3, the probability of default rating to B1-PD from Ba3-PD, and senior unsecured notes to B3 from B1. The outlook was changed to stable from ratings under review. Previously, the ratings were on review for downgrade. The speculative grade liquidity rating (SGL) was upgraded to SGL-1 (Very Good) from SGL-2 (Good). This concludes the review initiated on November 12, 2025. The conclusion of the review follows the December 19, 2025 announcement that Baytex has closed the sale of its US Eagle Ford operations, including its 25% non-operating interest in the Sugarkane Field operated by ConocoPhillips (A2 stable), in a transaction totaling US$2.14 billion (approximately C$2.96 billion). Baytex used a portion of the proceeds to repay its outstanding credit facilities, redeem all of the outstanding US$759 million senior unsecured notes due 2030 and complete an early cash tender of about US$505 million of the US$575 million senior unsecured notes due 2032 on December 22, 2025. The remainder of the proceeds will be used for shareholder returns in the form of share repurchases as well as to fund growth initiatives. The downgrade reflects a weaker pro-forma business profile given Baytex's loss of diversification, significantly smaller scale, a lower weighting of high-value light oil, and weaker margins going forward. RATINGS RATIONALE Baytex's rating is supported by: 1) strong credit metrics at Moody's medium-term prices, driven by maintained low debt levels; 2) very good liquidity profile driven by a strong cash position following the sale of US Eagle Ford operations; and 3) a good financial policy track record that has supported debt reduction and liquidity. The rating is challenged by: 1) high F&D costs that reduce resiliency during commodity downturns; 2) lack of geographic and product diversification, with increased exposure to lower value Canadian heavy oil (WCS); and 3) modest production volumes, low PD reserve life and a small reserves base relative to peers. Baytex's liquidity is very good (SGL-1). Pro forma for the US Eagle Ford asset sale and debt repayment, Moody's expects Baytex to have at year end 2025, about C$900 million cash on hand and full availability under its new committed C$750 million senior secured revolving credit facility due June 2030, which has an additional C$250 million accordion. Moody's do not consider the accordion to be a committed source of external liquidity. Moody's forecasts negative free cash flow of about C$200 million through 2026 under Moody's lower mid-cycle prices (US$55 WTI), and expect the majority of the remainder of the cash to be returned to shareholders through share buybacks throughout 2026. There are no near term debt maturities. Moody's expects Baytex to remain comfortably in compliance with maintenance covenants (total debt to EBITDA less than 4x, interest coverage of more than 3.5x and senior secured debt to EBITDA less than 3.5x). Baytex's senior unsecured notes are rated B3, two notches below the B1 CFR, reflecting the first priority security interest of Baytex's C$750 million revolving credit facility. Following the tender close on December 30, 2025; about US$70 million of the 2032 notes remain outstanding. The stable outlook reflects Moody's expectations that Baytex will sustain strong credit metrics underpinned by the maintenance of low debt levels. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if Baytex materially grows reserves and production, increases PD reserve life above 4, RCF/debt is sustained above 40% under Moody's medium price assumptions, LFCR is sustained above 1.5x, and if Baytex can maintain positive free cash flow. The ratings could be downgraded if production or reserves decline, RCF/debt falls below 25% or the LFCR is sustained below 1x, or if Baytex generates sustained negative free cash flow, or the company's liquidity profile deteriorates. Baytex Energy Corp. is a publicly listed Calgary, Alberta-based independent exploration and production company. The principal methodology used in these ratings was Independent Exploration and Production published in December 2022. Baytex's B1 rating is three notches below the scorecard-indicated outcome of Ba1 at LTM Q3/2025. The final rating reflects Moody's views of the company's performance under medium term price assumptions, the company's high F&D costs which limit flexibility in lower price environments, as well as its limited business profile. BELLA BARBIES: Case Summary & 13 Unsecured Creditors ---------------------------------------------------- Debtor: Bella Barbies International LLC Body Complete Rx 7902 Tysons One Pl Unit 2901 McLean VA 22102 Business Description: Bella Barbies International LLC, doing business as Body Complete Rx, develops and markets dietary supplements and related wellness products focused on metabolism, hormone support, nutrition, and personal care, sold primarily through direct-to- consumer channels. The Company operates in the health and wellness supplements segment and is based in McLean, Virginia. Chapter 11 Petition Date: January 7, 2026 Court: United States Bankruptcy Court Eastern District of Virginia Case No.: 26-10033 Debtor's Counsel: Daniel Press, Esq. CHUNG & PRESS, P.C. 6718 Whittier Ave Ste 200 McLean VA 22101 Tel: 703-734-3800 Email: dpress@chung-press.com Estimated Assets: $0 to $50,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Samia Gore as managing member. A full-text copy of the petition, which includes a list of the Debtor's 13 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/PSAL4GQ/Bella_Barbies_International_LLC__vaebke-26-10033__0001.0.pdf?mcid=tGE4TAMA BURGESS POINT: S&P Rates New $400MM Senior Secured Term Loan 'CCC' ------------------------------------------------------------------ S&P Global Ratings assigned its 'CCC' issue-level rating and '5' recovery rating to Burgess Point Purchaser Corp.'s proposed $400 million senior secured delayed draw term loan due 2029. The '5' recovery rating indicates its expectation for modest (10%-30%; rounded estimate: 20%) recovery for the senior secured lenders in the event of a payment default. At close, there will be $200 million of outstanding borrowings under the facility, in addition to a $200 million undrawn portion. S&P said, "All our ratings on Burgess Point, including the 'CCC+' issuer credit rating and negative outlook, are unchanged. In addition, our 'CCC' issue-level rating and '5' recovery rating on the company's existing senior secured debt are unchanged." The company plans to use the proceeds from the proposed senior secured issuance to fund its expansion that is already underway and seasonal working capital needs, as well as to repay existing borrowings. S&P said, "While the transaction will increase Burgess' interest expense, we expect the improvement in its EBITDA from its new business will likely help offset the added interest. However, given the company's increased investment in working capital, channel partner growth investments, and capital expenditure, we now expect elevated cash burn over the next few years. We anticipate Burgess will generate a free operating cash flow deficit of over $50 million in 2026, which it will fund with cash from the new term loan. The company could use the $200 million delayed draw portion to fund potential future growth investments, given that recent disruptions in its markets have enabled it to capture additional business wins." ISSUE RATINGS--RECOVERY ANALYSIS Key analytical factors -- S&P said, "Our simulated default scenario assumes a payment default in 2027 because of order fill rate and quality issues that cause customers to procure from other aftermarket suppliers, as well as greater competition from new and existing competitors. We expect these conditions to reduce the company's volumes, revenue, gross margins, and net income, causing its liquidity and operating cash flow to decline." -- S&P also includes the full receivables under the accounts receivables draft programs as a priority claim. Simulated default assumptions -- Year of default: 2027 -- Jurisdiction: U.S. -- All debt includes six months of accrued interest -- Administrative claims: 5% of enterprise value Simplified waterfall -- Gross enterprise value: $1,337.3 million -- Administrative expenses: $66.9 million -- Net enterprise value: $1,270.4 million -- Obligor/nonobligor valuation split: 90%/10% -- Priority claims: $776.7 million -- Total collateral value for secured debt: $438.7 million -- Total first-lien debt: $2,092.1 million --Recovery expectations: 10%-30% (rounded estimate: 20%) BUY LO AND SALE: Seeks Chapter 7 Bankruptcy in Georgia ------------------------------------------------------ On January 5, 2026, Buy Lo and Sale High Consulting, LLC filed for Chapter 7 protection in the U.S. Bankruptcy Court for the Northern District of Georgia. According to court filings, the debtor reports between $1 million and $10 million in debt owed to 1 to 49 creditors. About Buy Lo and Sale High Consulting, LLC Buy Lo and Sale High Consulting, LLC is a limited liability company. Buy Lo and Sale High Consulting, LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 26-50170) 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 Sage M. Sigler handles the case. CALUMET INC: Moody's Affirms 'Caa1' CFR & Alters Outlook to Stable ------------------------------------------------------------------ Moody's Ratings affirmed Calumet, Inc.'s (Calumet) Caa1 Corporate Family Rating and Caa1-PD Probability of Default Rating. Concurrently, Moody's affirmed the Caa2 ratings on its existing backed senior unsecured notes issued by its wholly owned subsidiary, Calumet Specialty Products Partners, L.P., and rated that subsidiary's proposed new backed senior unsecured 2031 notes Caa2. Moody's also maintained Calumet's SGL-3 Speculative Grade Liquidity Rating. The outlook on all ratings was changed to stable from negative. RATINGS RATIONALE Calumet's Caa1 CFR reflects its modest scale, exposure to commodity price volatility and high debt levels. The company recorded negative free cash flow between 2022 and 2024 as result of a combination of weak margins, large investments in its Montana Renewables business and turnaround costs. These deficits were financed through incremental debt that has pressured the sustainability of its capital structure. The company's operating margins have improved materially in 2025 driven by relatively favorable crack spreads on its specialty product business segment. Moody's expects the company will be able to sustain margins in the short term driven by hedges and improving earnings on its Montana Renewable segment. The stable outlook reflects the expected modest reduction in debt of around $100 million in 2026 supported by free cash flow generation, the significant reduction in capex needs for the Montana Renewables project, and expected improvements in company's maturity wall from the refinancing. Calumet's liquidity is expected to be adequate through mid-2027, and is supported by $242 million available under company's 2027 revolving bank credit facility and $127 million of unrestricted cash as of December 2025. The company plans to use proceeds from the proposed 2031 notes and cash on hand to repay $124 million of notes due in April 2026 and $275 million of notes due in January 2027. Following this refinancing, its next significant notes maturities are $50 million remaining stub of its 2027 notes and $425 million notes maturing in July 2028. The company's revolver matures in January 2027, and Moody's expects the company to renew the facility for an extended term in the near term following this senior notes issuance. The new senior unsecured 2031 notes are issued by Calumet Specialty Products Partners, L.P. and are rated Caa2 at the same level as its existing senior unsecured notes. The notes are rated one notch below the Caa1 CFR, reflecting the presence of senior secured debt in the capital structure, including the senior secured revolver facility and 2029 senior secured notes. The proposed notes will be guaranteed by Calumet, Inc., consistent with the existing notes. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if the company meaningfully reduces debt and financial leverage, with interest coverage approaching 2.0x, establishing a clear path to a sustainable capital structure. The upgrade of the ratings will also require Calumet to addresses all its debt maturities, maintain adequate liquidity position, and consistently generate positive free cash flow. The ratings could be downgraded if Calumet continues to generate negative free cash flow, or its interest coverage (EBTIDA / Interest Expense) does not recover to above 1.1x, or if refinancing needs are not addressed resulting in a rising risk of restructuring. Calumet, Inc., headquartered in Indianapolis, Indiana, is an independent North America producer of specialty hydrocarbon products, such as lubricants, solvents and waxes, and fuel products. Calumet operates three business segments: Specialty Products and Solutions, Performance Brands and Montana/Renewables. The principal methodology used in these ratings was Refining and Marketing published in August 2021. Calumet's Caa1 CFR is two notches below the scorecard-indicated outcome of B2. The difference reflects the company's relatively small scale, elevated leverage and limited track record of free cash generation. CAPITAL SECURITY: Seeks to Hire David C. Johnston as Attorney ------------------------------------------------------------- Capital Security Solutions, Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern District of California to employ David C. Johnston as its attorney. The firm's services include: (a) giving the Debtor legal advice about various bankruptcy options, including relief under Chapters 7, 11, 12, and 13, and legal advice about non-bankruptcy alternatives for dealing with the claims against it; (b) giving the Debtor in Possession legal advice about its rights, powers, and obligations in the Chapter 11 case and in the management of the estate; (c) taking necessary action to enforce the automatic stay and to oppose motions for relief from the automatic stay; (d) taking necessary action to recover and avoid any preferential or fraudulent transfers and to exercise the Debtor in Possession's strong-arm powers; (e) appearing with the Debtor's chief executive officer at the meeting of creditors, status conference, and other hearings held before the Court; (f) reviewing and if necessary, objecting to proofs of claim; (g) taking steps to obtain Court authority for the sale or refinancing of assets if necessary; (h) preparing a plan of reorganization and taking all steps necessary to bring the plan to confirmation, if possible; (i) representing the Debtor in Possession in all adversary proceedings in this court. The attorney will be billed at his hourly rate of $400. The attorney received a retainer of $3,500 to cover pre-petition and post-petition fees. Mr. Johnston disclosed in a court filing that he is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The attorney can be reached at: David C. Johnston, Esq. 1600 G Street, Suite 102 Modesto, CA 95354 Tel: (209) 579-1150 Fax: (209) 900-9199 About Capital Security Solutions Inc. Capital Security Solutions Inc. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. E.D. Calif. Case No. 25-26786) on December 2, 2025, with $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Judge Christopher D. Jaime presides over the case. David C. Johnston, Esq., represents the Debtor as legal counsel. CATURUS ENERGY: Fitch Affirms 'B-' LongTerm IDR, Outlook Stable --------------------------------------------------------------- Fitch Ratings has affirmed Caturus Energy, LLC's (Caturus) Long-Term Issuer Default Rating (IDR) at 'B-'. Fitch has also affirmed Caturus' secured revolver at 'BB-' with a Recovery Rating of 'RR1' and its unsecured notes at 'B-'/'RR4'. The Rating Outlook is Stable. Caturus's rating and Stable Outlook reflect its strong access to growing LNG export markets, reasonable cost structure and moderate leverage. The rating is constrained by the company's small scale, short track record, and management's growth plans that would generate consistent negative FCF under Fitch's base case price deck. Key Rating Drivers Limited Scale: Caturus's size and one-basin focus constrain the rating. In 3Q25 it produced 616 million cubic feet of natural gas equivalent per day (mmcfe/d), which is less than its rated gas-focused peers. The company has grown rapidly through acquisitions in its short history and has plans to continue a strong growth trend. These plans would require significant capex. An affiliate of Caturus has entered into a 220,000 gross acre development agreement with Black Stone Minerals within the Shelby Trough and Haynesville Expansion. The agreement creates a multi-year drilling program utilizing Caturus's expertise operating in basins requiring deep drilling in hot, high-pressure zones. This arrangement exists outside of Caturus Energy, LLC but may eventually provide basin diversification through dropdowns into Caturus Energy, LLC. Aggressive Growth Plans: The management team plans to run a three-rig program through 2027, and a four-rig program thereafter. This growth plan entails significant capital spending, ranging from $700 to $800 million per year, and execution risk. While the growth plan could be funded from cash flows and revolver borrowings under strip pricing, under Fitch's base case price deck, additional funding beyond the current revolver commitment would be required. FCF Neutral Under Moderate Growth: The rating is supported by Caturus's ability to remain around FCF neutral under Fitch's base case price deck while maintaining flat to modestly declining production post mid-teens growth in 2026. This flat production scenario is Fitch's base case. The company can maintain this production while spending significantly less capital, between $325 and $425 million per year, than under the growth plan. Caturus can generate positive FCF and repay a substantial amount of revolver borrowings by the end of 2026 and then borrow modestly and within their current borrowing commitment. Conservative Hedging Policy: Caturus's hedging policy supports the company's credit strength. The company targets hedging 75% of proved gas production two years ahead. Caturus is allowed under its revolver to hedge up to 85% of 1P production. The hedging policy provides downside protection to cash flows and stabilizes the credit profile. Supportive Equity Sponsor: Kimmeridge Energy is a supportive equity sponsor with a strong record of investment in the energy sector. The company has around $5 billion invested in the energy sector in companies such as Civitas and Sitio Royalties. Mudabala's large investment in Caturus HoldCo, LLC adds another supportive investor. Caturus HoldCo, LLC invested a further $125 million of equity into Cauturus Energy, LLC after the Mudabala investment. Fitch's rating does not rely on further equity infusions from Caturus Energy. Capital Structure and Recovery: Caturus's capital structure consists of a $675 million revolver that has a borrowing base derived from the company's reserves and $500 million in senior notes. Fitch's recovery analysis results in an 'RR1' Recovery Rating for the 'BB-' RBL and an 'RR4' Recovery Rating for the 'B-' senior notes. Peer Analysis Caturus is a small Eagle Ford operator with 3Q25 production of 616 MMcfepd (10% liquids). The company is smaller than Aethon United BR LP (B/Stable; 867mmcfepd) and Gulfport (B+/Stable; 1,120mmcfepd) and larger than W&T Offshore (B-/Stable; 214mmcfepd). Its higher mix of liquids allowed it to generate higher netbacks, at $1.80/mcfe, than gassy peers Aethon ($0.85/mcfe) and Comstock ($0.83/mcfe) with a similar cost structure in 3Q25. With a focus on dry gas, the liquids portion of production is projected to decline. Under Fitch's base forecast, Caturus is projected to remain below mid 2x leverage throughout the forecast which is broadly in line with peers. Fitch's Key Rating-Case Assumptions -- Revolver interest rate based on the SOFR forward curve; -- WTI prices of $64/bbl for 2025, $58 for 2026 and 2027 and $57 thereafter; -- Henry Hub prices of $3.50 for 2025 and 2026, $3.00 for 2027, and $2.75 thereafter; -- Around 50% production growth in 2025 followed by around 18% growth in 2026 and then flat; -- Capex of around $860 million in 2025 and then between around $325 and $500 million a year thereafter; -- FCF used for debt repayment. Recovery Analysis Key Recovery Rating Assumptions The recovery analysis assumes that Caturus would be reorganized as a going-concern in bankruptcy rather than liquidated. Fitch has assumed a 10% administrative claim. Going-Concern (GC) Approach Caturus's GC EBITDA assumptions reflect Fitch's projections under a stressed case price deck, which assumes Henry Hub natural gas prices of $2.50 in 2026, and $2.25 thereafter. The GC EBITDA estimate reflects Fitch's view of a sustainable, post-reorganization EBITDA level upon which Fitch bases the enterprise valuation (EV). The GC EBITDA assumption is $225 million, which reflects the decline from current pricing levels to stressed levels and then a partial recovery coming out of a troughed pricing environment. The GC EBITDA was increased by $45 million from last year's review to reflect the higher production level expected. An EV multiple of 3.75x EBITDA is applied to the GC EBITDA to calculate a post-reorganization enterprise value. This is .25x higher than the prior year to reflect the attractive differential environment that can be achieved for gas due to the favorable location near the Gulf Coast and the very low nitrogen content of its gas which makes it more attractive for liquefaction. The choice of the multiple considered the following factors: The historical case study exit multiples for peer companies ranged from 2.8x-7.0x, with an average of 5.2x and median of 5.4x; Liquidation Approach The liquidation estimate reflects Fitch's view of the value of balance sheet assets that can be realized in sale or liquidation processes conducted during a bankruptcy or insolvency proceeding and distributed to creditors. Fitch considers valuations such as SEC PV-10 and M&A transactions for each basin including multiples for production per flowing barrel, proved reserves valuation, value per acre and value per drilling location. Recovery Waterfall The senior secured revolver is expected to be 80% drawn from the $675 million commitment. This reflects the expectation that in a stressed pricing environment, the borrowing base will be reduced. The allocation of value in the liability waterfall results in recovery corresponding to 'RR1' recovery for the $675 million senior secured revolver and a recovery corresponding to 'RR4' for the senior unsecured notes. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade -- A reduction in financial flexibility resulting from an inability to transition to positive FCF and/or excessive use of the RBL; -- Deviation from stated financial policy including aggressive organic growth initiatives and/or overly debt-funded M&A activity; -- Mid-cycle EBITDA leverage sustained above 3.5x. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade -- Growth and/or efficiency gains leading to mid-cycle EBITDA generation exceeding $500 million; -- Sustained positive FCF; -- Maintenance of conservative financial policy leading to mid-cycle leverage sustained below 2.5x. Liquidity and Debt Structure Liquidity is sufficient with $3 million of cash and $346 million available under the revolver as of Sept. 30, 2025. Under the base case with flat production the company generates positive FCF and is able to repay a portion of the revolver over 2026 and 2027. Issuer Profile Caturus Energy, LLC is an independent exploration & production company focused primarily on the development of natural gas properties in South Texas. The company maintains 212,000 net acres in the dry gas window of the Eagle Ford Trend. RATING ACTIONS Rating Prior ------ ----- Caturus Energy, LLC LT IDR B- Affirmed B- senior unsecured LT B- Affirmed RR4 B- senior secured LT BB- Affirmed RR1 BB- CENTER CITY HEALTHCARE: Gets OK to Send Ch. 11 for Creditor Vote ---------------------------------------------------------------- Clara Geoghegan of Law360 Bankruptcy Authority reports that the bankruptcy court Thursday, January 8, 2026, approved Center City Healthcare's request to send its liquidation plan to a vote by creditors, marking a key milestone more than six years after the Philadelphia hospital operator filed for Chapter 11 in Delaware. Creditors will now review the plan, which outlines the distribution of assets and the process for closing the company's operations. The case has been one of the longest-running hospital bankruptcies, reflecting extensive financial and legal complexities, the report states. About Center City Healthcare, LLC d/b/a Hahnemann University Hospital Center City Healthcare, LLC is a Delaware limited liability company that operates Hahnemann University Hospital. Its parent company is Philadelphia Academic Health System, LLC, which is also the parent company of St. Christopher's Healthcare, LLC and its affiliated physician groups. Center City Healthcare and its affiliates sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Lead Case No. 19-11466) on June 30, 2019. At the time of the filing, the Debtors listed $100 million to $500 million in both assets and liabilities. Judge Kevin Gross oversees the cases. The Debtors tapped Saul Ewing Arnstein & Lehr LLP as legal counsel; EisnerAmper LLP as restructuring advisor; SSG Advisors, LLC as investment banker; and Omni Management Group, Inc. as claims and noticing agent. CHINOS INTERMEDIATE: Calamos Marks $615,350 Loan at 14% Off ----------------------------------------------------------- Calamos Convertible Opportunities and Income Fund has marked its $615,350 loan extended to Chinos Intermediate Holdings A, Inc. to market at $527,509 or 86% of the outstanding amount, according to Calamos' Form N-CSRS for the semi-annual period ended October 31, 2025, filed with the U.S. Securities and Exchange Commission. Calamos is a participant in a 2024 Term Loan B Loan to Chinos Intermediate Holdings A, Inc. The loan accrues interest at a rate of 9.840% per annum. The loan matures on September 26, 2031. Calamos Convertible Opportunities and Income Fund, Calamos Convertible and High Income Fund, Calamos Strategic Total Return Fund, Calamos Dynamic Convertible and Income Fund, Calamos Global Dynamic Income Fund, Calamos Global Total Return Fund, and Calamos Long/Short Equity & Dynamic Income Trust were each organized as Delaware statutory trusts and are each registered under the Investment Company Act of 1940. Each Board of Trustees, including a majority of the Trustees who are not "interested persons" of each Fund, have designated Calamos Advisors LLC to perform fair valuation determinations related to all Funds' investments under the oversight of the Board. As "valuation designee" Calamos Advisors has adopted policies and procedures to guide the determination of the net asset value on any day on which each Fund's NAV is determined. Cliffwater Enhanced is led by John P. Calamos, Sr. as Principal Executive Officer, and Thomas E. Herman as Principal Financial Officer. The Company can be reach through: John P. Calamos, Sr. Calamos Convertible Opportunities and Income Fund 2020 Calamos Court Naperville, IL 60563-2787 Telephone: (630) 245-7200 About Chinos Intermediate Holdings A, Inc. Chinos Intermediate Holdings A, Inc. operates as a holding company. The Company, through its subsidiaries, retails clothing apparel, shoes, and various accessories for men, women, and children. CHINOS INTERMEDIATE: Calamos Marks $734,450 Loan at 14% Off ----------------------------------------------------------- Calamos Strategic Total Return Fund has marked its $734,450 loan extended to Chinos Intermediate Holdings A, Inc. to market at $629,607 or 86% of the outstanding amount, according to Calamos' Form N-CSRS for the semi-annual period ended October 31, 2025, filed with the U.S. Securities and Exchange Commission. Calamos is a participant in a 2024 Term Loan B Loan to Chinos Intermediate Holdings A, Inc. The loan accrues interest at a rate of 9.8% per annum. The loan matures on September 26, 2031. Calamos Convertible Opportunities and Income Fund, Calamos Convertible and High Income Fund, Calamos Strategic Total Return Fund, Calamos Dynamic Convertible and Income Fund, Calamos Global Dynamic Income Fund, Calamos Global Total Return Fund, and Calamos Long/Short Equity & Dynamic Income Trust were each organized as Delaware statutory trusts and are each registered under the Investment Company Act of 1940. Each Board of Trustees, including a majority of the Trustees who are not "interested persons" of each Fund, have designated Calamos Advisors LLC to perform fair valuation determinations related to all Funds' investments under the oversight of the Board. As "valuation designee" Calamos Advisors has adopted policies and procedures to guide the determination of the net asset value on any day on which each Fund's NAV is determined. Cliffwater Enhanced is led by John P. Calamos, Sr. as Principal Executive Officer, and Thomas E. Herman as Principal Financial Officer. The Company can be reach through: John P. Calamos, Sr. Calamos Strategic Total Return Fund 2020 Calamos Court Naperville, IL 60563-2787 Telephone: (630) 245-7200 About Chinos Intermediate Holdings A, Inc. Chinos Intermediate Holdings A, Inc. operates as a holding company. The Company, through its subsidiaries, retails clothing apparel, shoes, and various accessories for men, women, and children. CHOICE ELECTRIC: Court Extends Cash Collateral Access to Jan. 21 ---------------------------------------------------------------- The U.S. Bankruptcy Court for the District of Colorado granted a stipulated motion by Choice Electric, LLC and Byline Bank, authorizing continued access to the secured creditor's cash collateral. The court extended the Debtor's interim authority to use cash collateral through January 21 pursuant to the amended budget and the court's prior interim order. Under the court order, the Debtor is prohibited from making the itemized rent payment of $15,000 for January before the continued hearing scheduled for January 21. All other budgeted uses of cash collateral remain authorized. Byline Bank, the Debtor's primary secured creditor, holds a lien on all of its assets and a lien on real estate owned by its affiliate, Choice RE Holdings, LLC, with the total value of the collateral exceeding the debt, making the bank oversecured by at least $650,000. The Debtor believes no other creditor holds a properly perfected lien on its cash collateral, apart from certain UCC filings potentially related to Byline Bank. At the time of filing, the Debtor had approximately $15,000 in cash and $558,000 in accounts receivable, with its bank accounts held at JPMorgan Chase Bank. The order is available at https://is.gd/qahfzs from PacerMonitor.com. About Choice Electric LLC Established in 1985, Choice Electric, LLC is a full-service electrical contractor serving the Greater Denver area, including Lakewood, Aurora, Littleton, and Boulder, Colorado. Choice Electric specializes in commercial and industrial projects, providing design and installation, system upgrades and tenant improvements, new construction wiring, and ongoing maintenance, while also offering custom electrical solutions for high-end residential homes. It serves a range of sectors, including commercial and office buildings, warehouses, entertainment venues, retail spaces, community facilities, airports, hangars, and municipal buildings. Choice Electric filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Colo. Case No. 25-17873) on December 1, 2025, listing between $1 million and $10 million in assets. Kevin Neiman serves as Subchapter V trustee. Judge Thomas B. McNamara oversees the case. Jeffrey A. Weinman, Esq., at Michael Best & Friedrich, LLP, represents the Debtor as legal counsel. COLLABORATION SOFTWARE: Creditors to Get Proceeds From Liquidation ------------------------------------------------------------------ Collaboration Software Partners, LLC filed with the U.S. Bankruptcy Court for the Northern District of Georgia a Plan of Liquidation dated January 2, 2026. CSP is a cloud-based Software-as-a-Service (SaaS) provider specializing in workforce and human capital management ("HCM") solutions. Since its founding in 2018 and being headquartered in Cumming, Georgia, the Debtor has developed a unified platform designed to streamline HCM-related processes for clients, including payroll services and tax remittance facilitation. In 2024, the Debtor initiated a recapitalization effort with a private equity group to support its continued expansion. To bridge immediate financing needs, the Debtor entered into agreements with merchant cash advance companies ("MCAs"), expecting to repay these short-term obligations upon closing the equity deal. However, when the recapitalization effort ultimately fell through, the Debtor was unable to meet the aggressive repayment terms imposed by the MCAs, which included substantial fees and interest. On October 10, 2025, the Bankruptcy Court entered the Interim Order (I) Authorizing the Debtor to (A) Obtain Postpetition Financing and (B) Utilize Cash Collateral, (II) Modifying the Automatic Stay, (III) Scheduling a Final Hearing, and (IV) Granting Related Relief, providing interim authorization for the DIP Loan and establishing milestones for a value-maximizing sale of all the Debtor's assets. On October 22, 2025, the Bankruptcy Court entered the Order (I) Approving Bidding Procedures and Bid Protections, (II) Scheduling Certain Dates and Deadlines with Respect Thereto, (III) Approving the Form and Manner of Notice Thereof, (IV) Designating Stalking Horse Bidder, (V) Establishing Notice and Procedures for the Assumption and Assignment of Contracts, (VI) Authorizing the Assumption and Assignment of Assumed Contracts, and (VII) Authorizing the Sale of Assets (the "Bidding Procedures Order"), approving the bidding procedures for the Sale of the Debtor's Assets (the "Bidding Procedures") and designating of CSP Acquisition as the stalking horse bidder. On December 4, 2025, the Debtor and the Successful Bidder closed the Sale, with a purchase price of $2,200,000.00. The DIP Lender was the Successful Bidder, credit bidding the amount of the DIP Loan. As a result, all indebtedness related to the DIP Loan was satisfied in connection with the Sale. Pursuant to the Final DIP Order, the Wolf Secured Debt was also satisfied in connection with the Sale, repaid out of closing proceeds received by the Debtor. The Plan provides for the liquidation of the Debtor's Estate and the orderly payment of Allowed Claims. The Plan proposes to pay Allowed Claims from the Sale Proceeds and the liquidation of Assets remaining in the Debtor's Estate. The Plan provides for the payment in full of all Allowed Administrative Claims and Allowed Priority Tax Claims. The Plan provides for the payment in full of all Allowed Secured Claims. Creditors and those with an interest in the Debtor should refer to Articles III and V of this Plan for information regarding the precise treatment of their Claim. Class 6 consists of Allowed General Unsecured Claims. The Allowed General Unsecured Claims in Class 6 (each a "Class 6 Allowed General Unsecured Claim"), which include Allowed Deficiency Claims and Allowed Rejection Claims (if any), shall be paid as follows: the Plan Administrator shall pay the Holders of Class 6 Allowed General Unsecured Claims their Pro Rata Share of the Class 6 Total Distribution (as projected on Schedule 1) based on each such Holder's Class 6 Allowed General Unsecured Claim compared to the total of all Class 6 Allowed General Unsecured Claims. The Plan Administrator shall pay such Class 6 Total Distribution in three or less annual installments of varying amounts (or as otherwise ordered by the Court) commencing within sixty days after the first anniversary of the Effective Date, with each subsequent annual installment being made within sixty days after each subsequent anniversary of the Effective Date. The Plan Administrator's obligations under Class 6 to make the Class 6 Total Distribution can be satisfied at any time, with any payment of the Class 6 Total Distribution, at whatever time that is on or before the dates required under the Plan, not resulting in a penalty, including, without limitation, a pre-payment penalty. Such Class 6 Total Distribution, when paid in full, shall be in full satisfaction of the Plan Administrator's obligations under the Plan. Notwithstanding anything else in the Plan to the contrary, any Allowed Unsecured Claim in Class 6 shall be reduced by any payment received by the creditor holding such Claim from any third party or other obligor and the Plan Administrator's obligations hereunder shall be reduced accordingly. The Debtor anticipates and projects but does not warrant the following Holders of Class 6 Claims: * Michael C. Latini; Proof of Claim #15-1 in the amount of $1,642,000.00 * Second Curve Advisory LLC; Proof of Claim # 4-1 in the amount of $17,459.69 * IOU Deficiency claim in an estimated amount of $295,908.37 Class 7 consists of any and all Claims of Holders of Equity Interest in the Debtor (the "Class 7 Equity Interest Claims"). Subject to the Plan and applicable non-bankruptcy law, all Holders of Class 7 Equity Interest Claims shall retain their Interests in the Debtor and all rights associated thereto. Accordingly, to the extent any funds or property remains after all Assets have been liquidated by the Plan Administrator and distributed to Holders of Allowed Claims with priority superior to the Class 7 Equity Interest Claims such that all such Holders have been paid in full, such remaining funds or property shall be distributed to the Holders of Class 7 Equity Interest Claims. The Plan shall be implemented and funded through the Sale Proceeds and the liquidation of remaining Assets in the Debtors Estate, including any Causes of Action, and the Tax Abatement recovery, if any. A full-text copy of the Liquidating Plan dated January 2, 2026 is available at https://urlcurt.com/u?l=J1mDS9 from PacerMonitor.com at no charge. Counsel to the Debtor: Leah Fiorenza McNeill, Esq. Alston & Bird LLP 1201 West Peachtree Street, Suite 4900 Atlanta, GA 30309 Telephone: (404) 881-7000 Email: leah.mcneill@alston.com About Collaboration Software Partners Collaboration Software Partners LLC provides cloud-based human capital management (HCM)and workforce management solutions, delivering integrated technology platforms alongside implementation, training, and client support services. The Company partners with providers such as UKG, Everything Benefits, MasterTax, NatPay, Spentra, HireCredit, and Nephele Consulting Services to offer a unified suite that addresses workforce and HR challenges. It operates in the HCM and workforce management sector, focusing on seamless deployment, integration, and ongoing client support. Collaboration Software Partners LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-21412) on October 3, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $1 million and $10 million. The Debtor tapped Leah Fiorenza McNeill, Esq., at Alston & Bird LLP as counsel and Silver Birch Group, Inc. and BA Securities, LLC as investment banker. COMPASS GROUP: S&P Affirms 'B-' ICR, Outlook Negative ----------------------------------------------------- S&P Global Ratings affirmed its issuer credit rating on Compass Group Diversified Holdings LLC (CODI) at 'B-', its issue-level rating on its senior unsecured debt at 'B-', and its senior secured debt rating at 'B+'. S&P removed all ratings from CreditWatch negative. The outlook is negative. CODI last month amended its senior secured credit facility following a breach of its covenants, which was triggered largely by problems at one of the company's largest and now bankrupt subsidiaries, Lugano Holding Inc. The amendment eased pressure on CODI, largely by relaxing financial covenants, despite the challenges the company will face over the next two years to reduce leverage, strengthen its financial position, and prepare for the July 2027 maturity of its senior secured credit facility. In December 2025, CODI addressed prior breaches of certain financial and other covenants through an amendment of the senior secured credit facility, in part by temporarily relaxing financial covenants. The amendment, reached at the Dec. 19 expiration of a forbearance period, allowed the company to avoid its secured lenders declaring that debt due or taking other remedies. The amendment also restored CODI's access under its revolving credit facility to $100 million (from $60 million during the forbearance period). CODI's need to amend the credit facility stemmed from problems that had emerged in 2025 at Lugano, one of its largest and now bankrupt subsidiaries. CODI's investigation into the financial, accounting, and inventory practices of Lugano found unrecorded financing arrangements and irregularities in sales, cost of sales, inventory, and accounts receivable. As a result, CODI was unable to timely file public financial statements, only releasing its 10-K for 2024 and 10-Qs for the quarters ended March 31, 2025, and June 30, 2025, in the month of December 2025. In addition to the amendment, CODI has taken other steps to improve its position and reduce leverage. It has eliminated its common dividend and reduced overhead and management fees to conserve cash. S&P said, "We believe the company's eight investments outside of Lugano are largely performing well and provide it with some financial flexibility if needed. At the same time, our base-case scenario for leverage does not factor in any assumption of assets sales. We are uncertain which assets, if any, CODI will look to sell, a process that could take time. "The company's portfolio consists of small, niche, privately held, low-speculative-grade investments ('B' weighted average estimated credit quality), but we believe those investments have significant value relative to CODI's debt. The company has a good track record of selling businesses at profitable valuation levels. "Nevertheless, we think that there are other risks and uncertainties in CODI's aim to further reduce leverage, comply with updated covenants, and prepare for the July 2027 maturity of its senior secured credit facility. In the amendment, the company revised the consolidated leverage ratio covenant to 5.75x from 5.00x and lowered the consolidated fixed-charge coverage ratio covenant to 1.00x from 1.50x for Q4 2025 - Q3 2026. However, these covenants will revert to the previous thresholds through Q2 2027." Additionally, the entity is required to pay a fee if it is unable to reduce its leverage below 4.50x by June 30, 2026, based on the following schedule: Quarter ending Milestone fee June 30, 2026 $5 million Sept. 30, 2026 $6.5 million Dec. 31, 2026 $8 million March 31, 2027 $9.5 million CODI expects its consolidated leverage ratio to be 5.2x-5.3x by the end of 2025, and S&P expects it to prioritize deleveraging through organic EBITDA growth and potentially a paydown of some debt, funded by cash flows from its investments. The problems at Lugano have eroded CODI's financial performance. CODI made loans to, and purchased a controlling interest in, Lugano in 2021 for $265 million, had lent about $660 million to the subsidiary prior to its bankruptcy, and had reported (prior to its investigation and financial restatement) $195 million of adjusted EBITDA from Lugano in 2024, about 45% of the consolidated adjusted EBITDA for that year. S&P is uncertain how much CODI will recover on its exposure to Lugano through the Chapter 11 bankruptcy process. The company faces litigation related to Lugano, including some shareholder lawsuits, but S&P doesn't expect a major further financial impact. CODI is defending itself in these matters and cooperating with regulatory investigations by the SEC, DOJ, and FINRA. The company expects to incur additional costs because of the restatement and investigation, with $50 million – $60 million in additional expenses. The negative outlook reflects the uncertainty and the associated challenges CODI faces as it attempts to strengthen its financial position, remain in compliance with updated covenants, and prepare for the July 2027 maturity of its senior secured credit facility. S&P expects the company to take steps to become compliant with its financial filing requirements in 2026 and to avoid any material contingent expenses or liabilities associated with Lugano. S&P could lower the rating over the next six to 12 months if: -- CODI struggles to comply with its revised financial covenants; -- The company is unable to meaningfully improve its financial performance, increasing the probability of difficulty repaying or refinancing its senior secured facility when it matures in July 2027; -- Its liquidity position weakens; or -- The company confronts further unforeseen challenges associated with Lugano. S&P could revise the outlook to stable if: -- S&P gains confidence in CODI's ability to reduce leverage and comply with its covenants while maintaining adequate liquidity; and -- The company refinances or extends its senior secured credit facility due July 2027. CORBIN L YOUNG: Seeks Chapter 11 Bankruptcy in Georgia ------------------------------------------------------ On January 2, 2026, Corbin L Young, LLC filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Northern District of Georgia. According to court filings, the debtor reports between $100,001 and $1,000,000 in debt owed to between 1 and 49 creditors. About Corbin L Young, LLC Corbin L Young, LLC is a limited liability company. Corbin L Young, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 26-50042) on January 2, 2026. In its petition, the debtor reported estimated assets of $100,001 to $1,000,000 and estimated liabilities in the same range. Honorable Bankruptcy Judge Lisa Ritchey Craig handles the case. The Debtor is represented by counsel not listed in the petition. COSMETIC SURGERY: Seeks to Hire Great Neck Realty as Broker ----------------------------------------------------------- Cosmetic Surgery Associates, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of North Carolina, Charlotte Division, to employ Great Neck Realty Company of North Carolina, LLC as broker. The firm will market and sell the Debtor's property located at 2620 East 7th Street, Suite 300, Charlotte, North Carolina. The firm will receive a commission of up to 6 percent of the gross sales price, reimbursement of reasonable out-of-pocket expenses, and reimbursement of marketing expenses not to exceed $10,000, all to be paid at closing. As 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 J. Tramantano Great Neck Realty Company of North Carolina, LLC 1500 W. Main Street P.O. Box 609 Carrboro, NC 27510 Tel: (516) 902-9568 Email: rtramantano@greatneckrealtyco.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. CREDIT SUITE: Case Summary & 20 Largest Unsecured Creditors ----------------------------------------------------------- Debtor: Credit Suite Inc. 501 East Kennedy Blvd, Suite 1400 Tampa, FL 33602 Business Description: Credit Suite Inc. provides business credit building services and small business financing support, helping entrepreneurs establish and use business credit, understand factors affecting fundability, and access loans and credit lines through lenders and brokers. Founded in 2014, the Company focuses on advising business owners on separating personal and business credit and preparing for financing before applying for capital. Chapter 11 Petition Date: January 7, 2026 Court: United States Bankruptcy Court Middle District of Florida Case No.: 26-00085 Debtor's Counsel: Kathleen L. DiSanto, Esq. BUSH ROSS, P.A. PO Box 3913 Tampa, FL 33601-3913 Tel: 813-224-9255 Email: kdisanto@bushross.com Estimated Assets: $100,000 to $500,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Ty Crandall as president. A copy of the Debtor's list of its 20 largest unsecured creditors is available for free on PacerMonitor at: https://www.pacermonitor.com/view/MA7AZEY/Credit_Suite_Inc__flmbke-26-00085__0002.0.pdf?mcid=tGE4TAMA A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/MHU3EIY/Credit_Suite_Inc__flmbke-26-00085__0001.0.pdf?mcid=tGE4TAMA CROCKETT OPERATING: Hires Bonds Ellis Eppich Schafer as Attorneys ----------------------------------------------------------------- Crockett Operating LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas to employ Bonds Ellis Eppich Schafer Jones LLP as attorney. The firm will provide these services: a. serve as attorneys of record for the Debtor and to provide representation and legal advice with respect to the Debtor's powers and duties as debtor in possession in the continued operation of the Debtor's businesses; b. assist the Debtor in carrying out its duties under the Bankruptcy Code, including advising the Debtor of such duties, its obligations, and its legal rights; c. take all necessary action to protect and preserve the Debtor's estate; d. consult with the United States Trustee, any statutory committee that may be formed, and all other creditors and parties in interest concerning administration of this Chapter 11 Case; e. assist in potential sales of the Debtor's assets; f. prepare on behalf of the Debtor all motions, applications, answers, orders, reports, and other legal papers and documents to further the Debtor's estate's interests and objections, and to assist the Debtor in preparation of schedules, statements, and reports, and to represent the Debtor and its estate at all related hearings and at all related meetings of creditors, United States Trustee interviews, and the like; g. assist the Debtor in connection with preparing and refining its Chapter 11 plans and disclosures statements, and/or all related agreements and documents necessary to facilitate an exit from this Chapter 11 Case, take appropriate action on behalf of the Debtor to obtain confirmation of such plan, and take such further actions as may be required in connection with the implementation of such plan; h. assist the Debtor in analyzing and appropriately treating the claims of creditors, including objecting to claims and trying claim objections; i. appear before this Court and any appellate courts or other courts having jurisdiction over any matter associated with this Chapter 11 Case; and j. perform all other legal services and provide all other legal advice to the Debtor as may be required or deemed to be in the interest of its estate in accordance with the Debtor's rights and duties as set forth in the Bankruptcy Code. The firm will be paid at these rates: Joshua N. Eppich, Partner $850 per hour Ken Green, Partner $700 per hour Aaron Guerrero, Partner $575 per hour Eric T. Haitz, Partner $575 per hour Bryan Prentice, Sr. Associate $475 per hour Linda Gordon, Paralegal $325 per hour The firm received $100,000 from the Debtor as a retainer. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Eric T. Haitz, Esq., a partner at Bonds Ellis Eppich Schafer Jones 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: Eric T. Haitz, Esq. Bonds Ellis Eppich Schafer Jones LLP 420 Throckmorton Street, Suite 1000 Fort Worth, TX 76102 Telephone: (817) 405-6900 Facsimile: (817) 405-6902 Email: eric.haitz@bondsellis.com About Crockett Operating LLC Crockett Operating, LLC operates as a U.S.-based limited liability company focused on overseeing its business operations and managing related assets. Crockett Operating sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-44700) on December 1, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities in the same range. Honorable Bankruptcy Judge Mark X. Mullin handles the case. The Debtor is represented by Joshua N. Eppich, Esq., at Bonds Ellis Eppich Schafer Jones, LLP. CYCLE SPORT: Gets Interim OK to Use Cash Collateral --------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Florida, Orlando Division, entered an interim order granting Cycle Sport Center, Inc. approval to use cash collateral. Under the interim order, the Debtor is authorized to use cash collateral solely 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 its lenders. This authorization remains effective through February 18. The Debtor was initially allowed to access cash collateral through January 6 under the court's interim order entered on December 31, 2025. As adequate protection, secured creditors will be granted perfected post-petition replacement liens on the cash collateral, with the validity, priority and extent as their pre-bankruptcy liens. These liens apply only to the extent of cash collateral actually used and any resulting diminution in value. Cycle Sport Center is also required to maintain insurance coverage in accordance with its loan and security agreements and comply with all debtor-in-possession obligations under the Bankruptcy Code and court orders. The next hearing is scheduled for February 18. The Debtor's cash collateral is comprised of cash on hand and funds to be received during normal operations, which may be encumbered by liens of secured creditors including Yamaha, Polaris, Kawasaki, and Wells Fargo. Prior to the petition date, Debtor obtained financing from the secured creditors, which, based on records maintained with the State of Florida, is purportedly secured by a lien on its cash and cash equivalents, and inventory of vehicles and related parts. About Cycle Sport Center, Inc. Cycle Sport Center, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D.F. Case No. 25-08415) with $1 million to $10 million in both assets and laibilities. The petition was signed by Thomas W. Wagner as president. Judge Hon. Tiffany P Geyer oversees the case. The Debtor is represented by: Justin M Luna Latham, Luna, Eden & Beaudine, LLP Tel: 407-481-5800 Email: jluna@lathamluna.com DANA INC: Fitch Hikes LongTerm IDR to 'BB+', Outlook Stable ----------------------------------------------------------- Fitch Ratings has upgraded Dana Incorporated's (Dana) Long-Term Issuer Default Rating (IDR) to 'BB+' from 'BB'. Fitch has also upgraded the ratings of the senior unsecured notes issued by Dana and its Dana Financing Luxembourg S.a.r.l. (Dana Financing) subsidiary to 'BB+' with a Recovery Rating of 'RR4' from 'BB'/'RR4'. Fitch has affirmed Dana's secured revolver rating at 'BBB-'/'RR1'. Fitch has removed the ratings from Rating Watch Positive and assigned a Stable Outlook. Dana's ratings have been upgraded following the Jan. 2, 2026, closing of the sale of its Off-Highway business to Allison Transmission Holdings, Inc. (Allison). Dana is currently conducting a tender offer and call for a substantial portion of its senior unsecured notes. Following the sale and debt reduction, Dana will have substantially less debt but will be a smaller, less diversified company. Key Rating Drivers Off-Highway Sale: In June 2025, Dana entered into a definitive agreement to sell its Off-Highway business to Allison for $2.7 billion, or $2.4 billion net of taxes, transaction expenses and assumed liabilities. Dana and Allison closed the sale on Jan. 2, 2026. Following the closing, Dana intends to use a substantial portion of the proceeds to pay down about $2.0 billion of its outstanding debt. Dana had about $3.1 billion of debt (excluding finance leases) outstanding at Sept. 30, 2025. Dana's Off-Highway business generated 27% of the company's consolidated revenue and 47% of its adjusted EBITDA in 2024. As such, the sale leaves the remaining Dana business notably smaller and less diversified, with lower margins and higher cyclicality. However, the planned debt reduction will significantly reduce Dana's leverage, while other profit improvement initiatives will continue to grow the remaining business' margins, which will help to mitigate the loss of Dana's highest-margin operating segment. Substantial Debt Reduction: In December 2025, Dana launched a pro rata tender offer for about 43% of all its outstanding senior unsecured notes. If all eligible notes are tendered, the offer would reduce outstanding debt by about $1.0 billion. However, given the economics of the transaction, holders of Dana Financing's EUR425 million 8.5% notes due 2031 may not tender to the full amount. Dana also intends to redeem any of its $800 million of 2027 and 2028 notes that are not tendered. Fitch expects the company will repay $375 million of revolver borrowings outstanding at Sept. 30, 2025, and the company is required to repay its $250 million term loan by Jan. 7, 2026. Fitch expects Dana's total debt to decline to around $1.2 billion when the various debt reduction activities are concluded, down from $3.1 billion at Sept. 30, 2025. Less Geographical Diversification: Dana's product portfolio is smaller and less geographically diversified following the sale of the Off-Highway business. The Off-Highway segment generated 87% of its sales outside North America in 2024, while the Light and Commercial Vehicle segments generated 66% and 56% of their revenue in North America, respectively. Power Technologies, which has been rolled into the Light and Commercial Vehicle segments, derived 57% of its revenue from North America. The remaining businesses will continue to have exposure to Europe, South America and Asia-Pacific, but the company's sales will be more concentrated in North America going forward. Leverage Under 2.0x: Following the Off-Highway sale and subsequent debt repayment, Fitch expects gross EBITDA leverage will decline below 2.0x on a pro forma basis, down from 3.1x at YE 2024, despite the loss of Off-Highway EBITDA. Going forward, Fitch expects EBITDA leverage could decline toward the mid-1x range as EBITDA grows. 10% EBITDA Margins: In addition to the Off-Highway sale, Dana has undertaken a strategic plan to substantially cut costs and improve its margins. The company is on track to reduce costs by $310 million versus 2024, of which $235 million is expected to have been achieved in 2025. Initiatives include reducing corporate overhead, lowering operational complexity and curtailing some EV investments. Fitch expects the cost savings will allow Dana to generate EBITDA margins (based on Fitch's methodology) near 10% in 2026, with further growth in the outer years. Dana last achieved EBITDA margins above 10% in 2019. Strengthened FCF: Fitch expects Dana's cost reduction activities to strengthen its FCF margins. Fitch anticipates Dana will produce consistently positive post-dividend FCF margins in the 2.5% range over the next several years, although they could fall a below that in 2026. Consistently positive FCF would represent a change from the recent past, as actual post-dividend FCF was negative in three of the past four years. Fitch expects capex to be lower following the Off-Highway sale and capex as a percentage of revenue to run in the mid-4% range, which is in line with historical levels. Balanced Capital Allocation: In addition to paying down debt, Dana has returned about $650 million to shareholders since the Off-Highway sale was announced, part of a board authorization to return $1.0 billion to shareholders through YE 2027, in addition to the existing dividend. Through Sept. 30, 2025, Dana had used $439 million of cash for share repurchases, a portion of which was funded with revolver borrowings that Fitch expects Dana will repay following the Off-Highway sale. In addition to debt reduction and shareholder returns, Dana continues to invest for organic growth in its business. Peer Analysis Dana has a relatively strong competitive position, focusing primarily on driveline systems for light and commercial vehicles. It also manufactures sealing and thermal products for vehicle powertrains and drivetrains. Dana's driveline business competes directly with the driveline businesses of American Axle & Manufacturing Holdings, Inc. (BB-/Stable) and Cummins Inc.'s Meritor unit, although American Axle focuses on light vehicles while Meritor focuses on commercial and off-road vehicles. Dana is smaller than American Axle from a revenue perspective following the Off-Highway sale and will be smaller still when American Axle completes its pending acquisition of Dowlais Group plc. American Axle's driveline business is larger than Dana's light-vehicle business, while Dana is considerable smaller than Cummins', which is much more diversified. However, commercial vehicle driveline systems make up a relatively small portion of Cummins' business. Dana's midcycle EBITDA leverage will be lower than most 'BB' category auto and capital goods suppliers, such as Allison Transmission Holdings, Inc. (BB+/Stable) or The Goodyear Tire & Rubber Company (BB-/Negative), following the Off-Highway sale. Dana's EBITDA margins are on the higher end of issuers in the 'BB' category and are expected to grow as the company progresses with its cost savings initiatives. Fitch's Key Rating-Case Assumptions -- Dana uses about $2 billion of proceeds from the Off-Highway sale to reduce outstanding debt; -- Global commercial vehicle and light vehicle production declines in 2025, while Off-Highway vehicle production is mixed. Beyond 2025, global commercial and light vehicle production grows in the low single-digit range; -- EBITDA margins rise into the 10% range, reflecting ongoing realization of cost savings initiatives; -- Capex runs at about 4.5% of revenue over the next several years, which is relatively consistent with long-term historical levels; -- Post-dividend FCF margins run in the 1.5%-2.5% range over the next several years; -- The company maintains a solid liquidity position, including cash and credit facility availability; -- Any excess cash is used for share repurchases or small acquisitions. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to a Negative Rating Action/Downgrade -- A shift in industry dynamics that leads to a meaningful loss of share for Dana's products; -- Sustained EBITDA margin below 8.0% and post-dividend FCF margin below 1.5%; -- Sustained gross EBITDA leverage above 2.0x. Factors that Could, Individually or Collectively, Lead to a Positive Rating Action/Upgrade -- Platform and customer growth in the remaining light vehicle driveline and commercial vehicle businesses; -- Sustained EBITDA margin above 11.0% and post-dividend FCF margin above 2.0%; -- Sustained gross EBITDA leverage below 1.5x. Liquidity and Debt Structure As of Sept. 30, 2025, Dana had $414 million of cash and equivalents. In addition, the company maintains further liquidity through a $1.15 billion secured revolver that matures in 2028. As of Sept. 30, 2025, there were $375 million of borrowings outstanding on the revolver and $10 million of the available capacity was used to back letters of credit, leaving $765 billion of available capacity. Based on the seasonality of Dana's business, as of Sept. 30, 2025, Fitch has treated $100 million of Dana's cash and cash equivalents as not readily available for calculating net metrics. This is an amount that Fitch estimates Dana would need to hold to cover seasonal changes in operating cash flow, maintenance capex and common dividends without resorting to temporary borrowing. As of Sept. 30, 2025, Dana's debt structure consisted mainly of $2.4 billion of senior unsecured notes issued by Dana and Dana Financing, as well as $375 million of revolver borrowings, the $250 million term loan and an estimated $86 million of other long- and short-term debt (excluding finance leases). In December 2025, Dana launched a tender offer and call for about $1.4 billion of its senior unsecured notes. Issuer Profile Dana is an automotive and capital goods supplier focused on the full-frame light truck and commercial truck end markets. The company is headquartered in the U.S. and has operations in North America, Europe, South America and the Asia-Pacific region. RATING ACTIONS Rating Prior ------ ----- Dana Financing Luxembourg S.a r.l. senior unsecured LT BB+ Upgrade RR4 BB Dana Incorporated LT IDR BB+ Upgrade BB senior unsecured LT BB+ Upgrade RR4 BB senior secured LT BBB- Affirmed RR1 BBB- DFND SECURITY: Expands Scope of Work of Goe Forsythe & Hodges ------------------------------------------------------------- DFND Security, Inc. seeks approval from the U.S. Bankruptcy Court for the Central District of California to expand the scope of work of Goe Forsythe & Hodges LLP. The firm will assist the Debtor in relation to the case titled as CrowdStrike, Inc. v. DFND Security, Inc., et. al., filed in the Superior Court of the State of California, County of San Francisco. The firm will provide these services: a. advise and assist Debtor with respect to compliance with the responding to the Petition to Confirm Arbitration Award and Debtor's Petition to vacate the Arbitration Award both filed in the Superior Court of California, County of San Francisco; b. advise Debtor regarding matters of state law, including the rights and remedies of Debtor with respect to Creditor's Petition to Confirm Arbitration Award and Debtor's Petition to Vacate the Arbitration Award. c. represent Debtor in any proceedings or hearings concerning the Petition to Confirm Arbitration Award and Debtor's Petition to Vacate the Arbitration Award in the State Court where Debtor's right may be litigated or affected. d. conduct examinations of witnesses, claimants, or adverse parties and to prepare and assist in the preparation of reports, accounts, and pleadings related to the Petition to Confirm Arbitration Award and Debtor's Petition to Vacate the Arbitration Award; e. advise Debtor concerning the requirements of the Superior Court of California and applicable rules in the State Court Proceeding related to the Petition to Confirm Arbitration Award and Debtors' Petition to Vacate the Arbitration Award. f. assist Debtor in filing its reply, negotiation and resolution of the Petition to Confirm Arbitration Award and Debtor's Petition to Vacate the Arbitration Award. g. make any Court appearances on behalf of Debtor regarding the Petition to Confirm Arbitration Award and Debtor's Petition to Vacate Arbitration Award. h. take such other action and perform such other services as Debtor may require the Firm in connection with the Petition to Confirm Arbitration Award and Debtor's Petition to Vacate the Arbitration Award. The firm will be paid at these rates: Robert P. Goe, Attorneys $695 per hour Marc C Forsythe, Attorneys $695 per hour Ronald S. Hodges, Attorneys $695 per hour Dixon L. Gardner, Attorneys $595 per hour Reem J. Bello, Attorneys $590 per hour Charity J. Manee, Attorneys $585 per hour Ryan S. Riddles, Attorneys $495 per hour Brandon J. Iskander, Attorneys $$495 per hour Olivia Cannon, Attorneys $450 per hour Lauren E. Rava, Attorneys $425 per hour Adam O'Shea, Attorneys $385 per hour Ashley Kinder, Attorneys $350 per hour Paralegals $200 to 250 per hour Counsel $450 to 750 per hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Marc C Forsythe, Esq., a partner at Goe Forsythe & Hodges 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: Marc C. Forsythe, Esq. Reem J. Bello, Esq. Goe Forsythe & Hodges LLP 17701 Cowan, Lobby D, Suite 210 Irvine, CA 92614 Telephone: (949) 798-2460 Facsimile: (949) 955-9437 Email: mforsythe@goeforlaw.com rbello@goeforlaw.com About DFND Security, Inc. DFND Security Inc. is a California-headquartered cybersecurity and IT strategy firm that provides enterprise-level technology architecture, security solutions and talent sourcing for global corporations. It partners with organizations across North and South America, Europe and beyond, drawing on a team of former C-suite IT and security leaders with experience at Oracle, NetApp, Broadcom, Sony and Intuit. Through a flexible engagement model, DFND Security helps clients address complex IT and cybersecurity challenges at scale. DFND Security Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-12150) on August 1, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million. The Debtor is represented by Marc C. Forsythe, Esq. at GOE FORSYTHE & HODGES LLP. DIESEL DEVELOPMENT: Seeks to Hire Piatt Sotheby's as Realtor ------------------------------------------------------------ Diesel Development Systems, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Pennsylvania to employ Piatt Sotheby's International Realty as realtor. The firm will market and sell the real property of the Debtor located at 9043 Marshall Road, Cranberry Township, PA 16066. The firm will be paid at a broker's/realtor's fee in the amount of 3.5 percent of the gross purchase price of real property. As 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: Mikal Merlina, Piatt Sotheby's International Realty 260 Forbes Ave Suite 1525 Pittsburgh, PA 15222 Tel: (412) 471-4900 About Diesel Development Systems, LLC Diesel Development Systems, LLC operates the Diesel Sports Complex, a sports and training facility located in Cranberry Township, Pennsylvania. The Company owns the 9043 Marshall Road property, which features indoor and outdoor turf fields used for athletic training and recreational events. Diesel Development Systems is classified under the amusement and recreation industry and conducts business primarily in western Pennsylvania. Diesel Development Systems filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Pa. Case No. 25-22796) on Oct. 17, 2025, listing up to $10 million in both assets and liabilities. Brian C. Thompson, Esq., at Thompson Law Group, PC serves as the Debtor's counsel. EASTERN COLORADO: Claims to be Paid from Available Cash ------------------------------------------------------- Eastern Colorado Seeds, LLC and affiliates filed with the U.S. Bankruptcy Court for the U.S. Bankruptcy Court for the District of Colorado a Disclosure Statement for Joint Plan of Reorganization dated January 2, 2026. The Smiths formed Seeds in 2001 to produce and sell high quality seeds for sale to producers in farming and grazing operations and for reclamation. In 2006, the Smiths formed Pinnacol to acquire a grain processing facility located in Dumas, Texas. As of the Petition Date, Seeds, Farms, Pinnacol, and the Smiths, operated as a full-service seed distribution and production company, with a portfolio of quality grain, forage, reclamation, and specialty seeds to meet the many needs of today's producers. throughout the southwest, including in Colorado, Texas, Nebraska, New Mexico, and Arizona, among others (the "Business"). In 2018, the Debtors obtained loans for the Business financed in part by various real estate loans and revolving lines of credit with American AgCredit, FLCA ("AAC FLCA") and American AgCredit, PCA ("AAC PCA" and with AAC FLCA are "AAC"), both of which are part of the Farm Credit Administration system, in the approximate amount of $16,000,000, for which the Debtors are all jointly liable. The Debtors anticipated a loan commitment from a particular lender on the very day that AAC filed an action for the appointment of a receiver, without prior notice to Debtors. Debtors were communicating with AAC about the potential refinance and even permitted an AAC representative to communicate directly with the potential lender. Debtors continued to communicate with the potential lender but was informed the receivership would make a refinance loan impossible. Debtors then filed these bankruptcy cases. The ultimate purpose of the Plan is to preserve value for the creditors while continuing the Business and paying claims over time. Debtors' five-year cash flow projections (the "Projections"). While the Plan does not substantively consolidate the Debtors, the Projections reflect the intertwined nature of the Debtors' individual contributions to the Business and continue the pre-bankruptcy practice of: (1) Seeds paying the secured Business debts of Farms, Pinnacol, and the Smiths, (2) Seeds directly paying the planting, growing, harvesting, and other expenses of Farms, and (3) Farms upstreaming to Seeds cash Farms receives from government payments and sales of forage and hay. Class 5(a) consist of all Unsecured Claims against Seeds, including Claims arising from the rejection of executory contracts and/or unexpired leases, Deficiency Claims (the portion of a Claim that exceeds the value of the holder of the Claim's interest in property subject to a Lien), and any allegedly secured but unperfected Claims that are not otherwise dealt with in the Plan. General Unsecured Claims against Seeds total $18,023,082.61. Seeds Unsecured Claims shall share on a pro rata basis with the Farms Unsecured Creditors, the Pinnacol Unsecured Creditors, and the Smith Unsecured Creditors in Available Cash payable on each anniversary of the Initial Distribution Date for five years. The Claims in this class shall also share the True-Up Payment pro rata with the Farms Unsecured Creditors, the Pinnacol Unsecured Creditors, and the Smiths Unsecured Creditors. The True-Up Payment shall be payable on the fifth anniversary of the Initial Distribution Date. In the event of a refinancing, Debtors may prepay the True-Up Payment at a discount of 1% per month Any Allowed Claim in this class shall be deemed Disallowed in the other Unsecured Claim classes. Class 5(b) consist of all Unsecured Claims against Farms, including Claims arising from the rejection of executory contracts and/or unexpired leases, Deficiency Claims (the portion of a Claim that exceeds the value of the holder of the Claim's interest in property subject to a Lien), and any allegedly secured but unperfected Claims that are not otherwise dealt with in the Plan, but excluding Unsecured Claims provided for in other Unsecured Classes and Insider Claims. General Unsecured Claims against Farms total $18,572.70. Farms Unsecured Claims shall share on a pro rata basis with the Seeds Unsecured Creditors, the Pinnacol Unsecured Creditors, and the Smiths' Unsecured Creditors in Available Cash payable on each anniversary of the Initial Distribution Date for five years. The Farms Unsecured Claims shall not accrue interest. The Claims in this class shall also share the True-Up Payment pro rata Seeds with the Unsecured Creditors, the Pinnacol Unsecured Creditors, and the Smiths Unsecured Creditors. The True-Up Payment shall be payable on the fifth anniversary of the Initial Distribution Date. In the event of a refinancing, Debtors may prepay the True-Up Payment at a discount of 1% per month Any Allowed Claim in this class shall be deemed Disallowed in the other Unsecured Claim classes. Class 5(c) consist of all Unsecured Claims against the Smiths, including Claims arising from the rejection of executory contracts and/or unexpired leases, Deficiency Claims (the portion of a Claims that exceeds the value of the holder of the Claim's interest in property subject to a Lien), and any allegedly secured but unperfected Claims that are not otherwise dealt with in the Plan, but excluding Unsecured Claims provided for in other Unsecured Classes and Insider Claims. General Unsecured Claims against Seeds total $93,705.24. Pinnacol Unsecured Claims shall share on a pro rata basis with the Farms Unsecured Creditors, the Seed Unsecured Creditors, and the Smiths' Unsecured Creditors in Available Cash payable on each anniversary of the Initial Distribution Date for five years. The Seeds Unsecured Claims shall not accrue interest. The Claims in this class shall also share the True-Up Payment pro rata with the Seeds Unsecured Creditors, the Farms Unsecured Creditors, and the Smiths Unsecured Creditors. The True-Up Payment shall be payable on the fifth anniversary of the Initial Distribution Date. In the event of a refinancing, Debtors may prepay the True-Up Payment at a discount of 1% per month Any Allowed Claim in this class shall be deemed Disallowed in the other Unsecured Claim classes. Class 5(d) consist of all Unsecured Claims against Pinnacol, including Claims arising from the rejection of executory contracts and/or unexpired leases, Deficiency Claims (the portion of a Claim that exceeds the value of the holder of the Claim's interest in property subject to a Lien), and any allegedly secured but unperfected Claims that are not otherwise dealt with in the Plan, but excluding Unsecured Claims provided for in other Unsecured Classes and Insider Claims. General Unsecured Claims against Seeds total $109,037.95. Pinnacol Unsecured Claims shall share on a pro rata basis with the Farms Unsecured Creditors, the Seed Unsecured Creditors, and the Pinnacol Unsecured Creditors in Available Cash payable on each anniversary of the Initial Distribution Date for five years. The Seeds Unsecured Claims shall not accrue interest. The Claims in this class shall also share the True-Up Payment pro rata with the Seeds Unsecured Creditors, the Farms Unsecured Creditors, and the Pinnacol Unsecured Creditors. The True-Up Payment shall be payable on the fifth anniversary of the Initial Distribution Date. In the event of a refinancing, Debtors may prepay the True-Up Payment at a discount of 1% per month Any Allowed Claim in this class shall be deemed Disallowed in the other Unsecured Claim classes. On the Effective Date, title to all of Debtors' assets and property, including all claims, causes of actions and other interests, shall be vested in the respective Debtor, free and clear of any Liens and Claims, except as specifically identified in this Plan. The sources of funds for distributions under the Plan will come from the revenues generated from the sale of laser products described further below and as set forth in the Projections. A full-text copy of the Disclosure Statement dated January 2, 2026 is available at https://urlcurt.com/u?l=tSwaVe from PacerMonitor.com at no charge. Attorneys for ECS Farms, LLC, Clay and Christine Smith, and Pinnacol Holdings, LLC: Jeffrey A. Weinman, Esq. Jordan Factor, Esq. Katharine S. Sender, Esq. MICHAEL BEST & FRIEDRICH LLP 1600 Stout Street, Suite 1900 Denver, Colorado 80202 (303) 534-4499 Email: JWeinman@allenvellone.com JFactor@allen-vellone.com KSender@allen-vellone.com Attorneys for Eastern Colorado Seeds, LLC: Andrew D. Johnson, Esq. Alice A. White, Esq. Gabrielle G. Palmer, Esq. ONSAGER | FLETCHER | JOHNSON | PALMER LLC 600 17th Street, Suite 425 North Denver, Colorado 80202 Ph: (720) 457-7059 E-mail: ajohnson@OFJlaw.com awhite@OFJlaw.com gpalmer@OFJlaw.com About Eastern Colorado Seeds Eastern Colorado Seeds, LLC, is a full-service seed company offering a wide range of agricultural seeds, including grains, forages, reclamation seeds, and specialty products like pulses, millets, and sunflowers. With locations in Burlington, CO, Dumas, TX, and Clovis, NM, the company ensures efficient delivery and a consistent supply of high-quality products to its customers. The knowledgeable team at Eastern Colorado Seeds specializes in crop advisory, precision technology, and livestock nutrition. Eastern Colorado Seeds LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Col. Case No.: 25-10244) on January 15, 2025. In its petition, the Debtor estimated assets and liabilities between $10 million and $50 million each. Bankruptcy Judge Joseph G Rosania Jr. handles the case. The Debtor is represented by Andrew W. Johnson, Esq. at Onsager Fletcher Johnson LLC. ENTRADA RESTAURANT: Hires Spector & Cox PLLC as Counsel ------------------------------------------------------- Entrada Restaurant Partners, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas to employ Spector & Cox, PLLC as counsel. The firm's services include: a. providing legal advice with respect to their powers and duties as Debtor-in-possession; b. preparing and pursuing confirmation of a plan and approval of a disclosure statement to the extent required; c. preparing on behalf of the Debtor necessary applications, motions, answers, orders, reports and other legal papers; d. appearing in Court and protecting the interests of the Debtor before Court; and e. performing all other legal services for the Debtor which may be necessary and proper in these proceedings. The firm will be paid at these rates: Howard Marc Spector $435 per hour Sarah Cox $395 per hour Paralegals $150 per hour Prior to the filing of this case, the firm received the amount of $33,738 as a retainer for services rendered herein (inclusive of filing fees). In addition, the firm will seek reimbursement for its out-of-pocket expenses. Howard Marc Spector, Esq., a partner at Spector & Cox, 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: Howard Marc Spector, Esq. Spector & Cox, PLLC Banner Place 12770 Coit Road, Suite 850 Dallas, TX 75251 Tel: (214) 365-5377 Fax: (214) 237-3380 Email: hspector@spectorcox.com About Entrada Restaurant Partners, LLC Entrada Restaurant Partners LLC is a single-asset real estate entity with its principal assets located at 55 and 65 Tarragona, Westlake TX 76262. Entrada Restaurant Partners LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-44683) on December 1, 2025. In its petition, the Debtor reports estimated assets between $10 million and $50 million and estimated liabilities between $1 million and $10 million. The Debtor is represented by Howard Marc Spector, Esq. of SPECTOR & COX, PLLC. ENVIRO KLEEN: Unsecureds Will Get 100% of Claims in Plan -------------------------------------------------------- Enviro Kleen, Inc., filed with the U.S. Bankruptcy Court for the District of New Jersey an Amended Plan of Reorganization for Small Business dated December 31, 2025. The Debtor cleans and sanitizes the floors and food departments (meat, deli, fish, etc.) of various ShopRite grocery stores. The Debtor contracts with a third party who provide all workers for the services rendered, while the Debtor provides the necessary equipment and cleaning products. The NJDOL assessment that led to the Debtor's bankruptcy filing arose in late 2021, covering a period before that date. Thereafter, the Debtor terminated all its employees except for Mr. Malone and a handful of mostly part-time administrative personnel, and entered into contracts with third parties to provide the workforce used to clean and sanitize the stores, while the Debtor continued to supply the cleaning equipment and supplies. This modified business model has allowed the Debtor to avoid any further wage and hour issues, and to operate at a consistent profit based upon the negotiated difference between the payments made to the Debtor by the grocery stores and the Debtor's obligations to the third-party contractors. Operations are expected to continue to be profitable on that basis, and also as the Debtor obtains contracts with new stores, with whom Mr. Malone is regularly seeking opportunities. This Plan of reorganization of Enviro Kleen, Inc., proposes to pay all Allowed Administrative Expense Claims and all Allowed Priority Tax Claims in full on, or within one year of, the Effective Date of the Plan. The only other Class of Claims, Allowed General Unsecured Claims, will be paid a dividend of either (i) 40% on the Effective Date or (ii) 100% over a period of 49 months from the Effective Date. All Equity Interests in the Debtor will be retained by the current holder thereof. All existing contracts and leases will be assumed by the Reorganized Debtor, which will continue to operate in the ordinary course of business as it did immediately prior to the chapter 11 filing. All payments due under the plan will be paid from cash on hand and the cash flow of the Reorganized Debtor's operations. Class 1 consists of General Unsecured Claims. The allowed unsecured claims total $489,680.07. At Class member's option: * 40% payment on the Effective Date ($194,324); or * Quarterly payments: $30,000. Payments begin on the first day of the first full month after the Effective Date and payments end after 17 quarterly payments. This Class will receive a distribution of 100% of their allowed claims. Class 2 consists of Equity Interest Holders. All existing equity interests to be retained. The Plan payments will be funded by the Debtor's cash on hand and net income from operations. On Confirmation of the Plan, all property of the Debtor, tangible and intangible, including, without limitation, licenses, furniture, fixtures and equipment, will revert, free and clear of all Claims and Equitable Interests except as provided in the Plan, to the Debtor. The Debtor expects to have sufficient cash on hand to make the payments required on the Effective Date. A full-text copy of the Amended Plan dated December 31, 2025 is available at https://urlcurt.com/u?l=s8lSH2 from PacerMonitor.com at no charge. Counsel to the Debtor: Sam Della Fera, Jr., Esq. Chiesa Shahinian & Giantomasi PC 105 Eisenhower Parkway Roseland, New Jersey 07068 Tel: (973) 325-1500 Fax: (973) 325-1501 E-mail: sdellafera@csglaw.com About Enviro Kleen Enviro Kleen, Inc., cleans and sanitizes the floors and food departments (meat, deli, fish, etc.) of various ShopRite grocery stores. The Debtor filed Chapter 11 petition (Bankr. D.N.J. Case No. 23-18500) on Sept. 28, 2023, with up to $50,000 in assets and $500,001 to $1 million in liabilities. Judge John K. Sherwood oversees the case. Sam Della Fera, Jr., at Chiesa Shahinian & Giantomasi PC, is the Debtor's legal counsel. ESCEX STORM: Seeks Chapter 7 Bankruptcy in Georgia -------------------------------------------------- On January 2, 2026, EscEx Storm Restorations, LLC, sought Chapter 7 bankruptcy protection in the U.S. Bankruptcy Court for the Northern District of Georgia. The debtor reports liabilities of $100,001 to $1,000,000 owed to between 1 and 49 creditors, according to court filings. About EscEx Storm Restorations, LLC EscEx Storm Restorations, LLC is a storm restoration contractor headquartered in Georgia, providing post-disaster repair services to residential and commercial clients. Its service offerings include roofing replacement, water damage mitigation, and structural restoration, with operations concentrated in the Southeast. EscEx Storm Restorations, LLC filed a voluntary petition under Chapter 7 of the U.S. Bankruptcy Code on January 2, 2026 (Bankruptcy Case No. 26-50016). The petition reflects estimated assets and liabilities each ranging between $100,001 and $1,000,000. Honorable Bankruptcy Judge Jonathan W. Jordan handles the case. The Debtor is represented by Danny Coleman of Coleman Legal Group, LLC. FIRST BRANDS: At Risk of Forced Asset Sales w/o Cash Injection -------------------------------------------------------------- Steven Church of Bloomberg Law reports that First Brands Group Inc. faces a looming cash shortfall that could hit by the end of January 2026, potentially forcing the bankrupt auto-parts manufacturer to close some operations or sell other assets. The company is racing to secure additional financing to maintain business continuity. Attorney Sunny Singh told a federal judge Wednesday, January 7, 2026, that First Brands is negotiating with its current lenders to obtain funds sufficient to continue operations and pay for bankruptcy-related expenses. The case is First Brands Group LLC, No. 25-90399, in the U.S. Bankruptcy Court for the Southern District of Texas. About First Brands Group 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. FLEXSHOPPER INC: U.S. Trustee Appoints Creditors' Committee ----------------------------------------------------------- The U.S. Trustee for Region 3 appointed an official committee to represent unsecured creditors in the Chapter 11 cases of FlexShopper, Inc. and its affiliates. The committee members are: 1. Apollo Sales, LLC Attn: Daniel Schwartzstein 302 Main St. Millburn, NJ 07041 Phone: 973-912-8412 Email: danny@gothamsales.com 2. PayPossible Inc. Attn: Lawrence Crawford 445 Broad Hollow Rd., Ste. 25 Melville, NY 11747 Phone: 973-413-5813 Email: larry@paypossible.com 3. Mavis Tire Express Services TopCo Corp. Attn: Brett Forbes 100 Hillside Avenue White Plains, NY 10603 Phone: 914-984-2500, Ext. 5485 Email: bforbes@mavis.com Official creditors' committees serve as fiduciaries to the general population of creditors they represent. They may investigate the debtor's business and financial affairs. Committees have the right to employ legal counsel, accountants and financial advisors at a debtor's expense. About Flexshopper Inc. FlexShopper, Inc. provides consumer financing services focused on lease-to-own and lending products, enabling consumers to obtain durable goods such as electronics and home furnishings through its e-commerce marketplace. It operates as an intermediary by approving consumers through a proprietary underwriting model, purchasing goods from merchant and other supply partners, and leasing them to end users, while also offering consumer loan products through affiliated platforms and third-party arrangements. FlexShopper and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bank. D. Del., Lead Case No. 25-12254) on December 22, 2025. The Debtors reported $50 million to $100 million in estimated assets and $100 million to $500 million in estimated liabilities. The petitions were signed by Matthew Doheny as chief restructuring officer. The Honorable Bankruptcy Judge Laurie Selber Silverstein handles the cases. The Debtors tapped Morris, Nichols, Arsht & Tunnell LLP as counsel; Glassratner Advisory & Capital Group, LLC as financial advisor; Two Roads Advisors LLC as investment banker; and Epiq Corporate Restructuring LLC as claims and noticing agent. FLIPCAUSE INC: Atty. Gen. Seeks Chapter 11 Trustee Appointment -------------------------------------------------------------- Rob Bonta, the Attorney General of California, asked the U.S. Bankruptcy Court for the District of Delaware to appoint a trustee to take over the Chapter 11 case of Flipcause Inc. In a court filing, the Attorney General raised the need to appoint an independent trustee to manage the case, citing the company's ongoing mismanagement and commingling of funds, dishonesty, self-dealing, and potential fraud. The Attorney General cited that the testimony of Flipcause's current executive chairman insisting that the donations made to charitable clients belong instead to the company demonstrated the current leadership's unfitness to manage its remaining assets. This fact was further supported by the executive chairman's continued and self-serving assertion of the position even after being confronted with the contrary terms and conditions of Flipcause's own contracts. Mr. Bonta asserted that Flipcause continues to obfuscate the financial management practices of the business by refusing to account for the charitable assets or client funds that it holds. Flipcause cannot provide meaningful support for its sale valuation and, until filing the instant petition, took no remedial steps to prevent further indebtedness, the Attorney General said. The Attorney General further asserted that the company has demonstrated a complete inability to manage its funds and the charitable funds of its clients to such a degree that it shocks the conscience. The evidence presented thus far suggests no change in business practices, nor any concern or contrition for what appears to be diversion and dissipation of millions of dollars of donations Flipcause held in trust. If Flipcause is permitted to remain a debtor in possession, the evidence suggests the diversion will continue unabated. Mr. Bonta argued that if Flipcause remains in possession, there is a clear conflict of interest. The actions by Flipcause in the 90 days preceding this action raise concerns about fraudulent and self-dealing transfers and diversion of funds. Flipcause cannot be expected to investigate its own conduct. An impartial party, willing to review the entirety of Flipcause's actions which led up to the current situation, is the only way to ensure a thorough and equitable process, according to the Attorney General. Moreover, the Attorney General noted that many of Flipcause's charitable clients referred to as unsecured creditors in the petition have placed their faith in this bankruptcy process. The recovery most charitable clients are seeking may be minimal, but with a trustee in place, an orderly and equitable process can be implemented, the Attorney General further said. About Flipcause Inc. Flipcause Inc. is a technology company that provides a nonprofit fundraising platform and payment-processing services. The company's software enables small and medium-sized nonprofit organizations to manage online donations, donor engagement, and fundraising campaigns. Flipcause sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-12246) on December 19, 2025. In its petition, the Debtor listed between $10 million and $50 million in assets and liabilities. Honorable Bankruptcy Judge Thomas M. Horan handles the case. The Debtor is represented by Ronald S. Gellert, Esq., at Gellert Seitz Busenkell & Brown, LLC. FORDHAM FULTON: Seeks to Hire Northgate as Real Estate Advisor -------------------------------------------------------------- Fordham Fulton Realty Corp. seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to employ Northgate Real Estate Group as real estate advisor. The firm will market and sell the Debtor's real properties located at 480-490 East 188th Street, Bronx, New York 10458 (one building) and 530-540 East 169th Street, Bronx, New York 10458 (two contiguous buildings). The firm will be paid at these rates: (i) 4% buyer's premium with respect to sales to third parties; (ii) 2% commission on a credit bid by the Lender; and (iii) 1.5% commission on a bid made by any affiliates of the Debtor to the extent the same is deemed the successful purchaser. Ms. Corbin as 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: Greg Corbin Northgate Real Estate Group 1633 Broadway, 46th Floor, New York, NY 10019 About Fordham Fulton Realty Corp. Fordham Fulton Realty, Corp. owns two residential apartment buildings at 480-490 E. 188th St. and 530-530 E. 169th St., Bronx, NY, with a combined current value of $40 million, and provides services related to real estate, including property management, appraisal, and other support services. Fordham Fulton Realty, Corp. in Bronx, NY, sought relief under Chapter 11 of the Bankruptcy Code filed its voluntary petition for Chapter 11 protection (Bankr. E.D.N.Y. Case No. 25-45747) on Nov. 28, 2025, listing $52,801,506 in assets and $84,426,499 in liabilities. Karan Singh as vice president, signed the petition. Judge Elizabeth S Stong oversees the case. GOLDBERG WEPRIN FINKEL GOLDSTEIN LLP serve as the Debtor's legal counsel. FULLER'S SERVICE: Trustee Hires Fox Swibel Levin as Counsel ----------------------------------------------------------- N. Neville Reid, the Trustee for Fuller's Service Center Inc., seeks approval from the U.S. Bankruptcy Court for the Northern District of Illinois to employ Fox, Swibel, Levin & Carroll, LLP as general bankruptcy counsel. The firm's services include: a. identifying, collecting, and liquidating Estate assets; b. investigating and analyzing claims; c. communicating with any other professionals who may assist the Trustee in this bankruptcy case; and d. assisting the Trustee with any related litigation, including discovery, preparation for trial, settlement negotiations, trial, and any post-trial litigation including any appeals. The firm will be paid at these rates: N. Neville Reid $695 per hour Kenneth M. Thomas $495 per hour Anthony J. Kudron $475 per hour Eric B. Anderson $310 per hour Blair M. Henderson $305 per hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. N. Neville Reid, a partner at Fox, Swibel, Levin & Carroll, 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: N. Neville Reid, Esq. Fox Swibel Levin & Carroll LLP 200 West Madison Street, Suite 3000 Chicago, IL 60606 Telephone: (312) 224-1200 Facsimile: (312) 224-1201 About Fuller's Service Center Inc. Fuller's Service Center, Inc. is engaged in the business of car washing, auto repair and automotive maintenance from the leased premises located at 102 West Chicago Avenue, Hinsdale, Illinois and 101-109 West Chicago Avenue, Hinsdale, Illinois ("Leased Premises"). The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-01345) on January 29, 2025. In the petition signed by Douglas A. Fuller Jr., president, the Debtor disclosed up to $1 million in assets and up to $10 million in liabilities. David K. Welch, Esq., at Burke, Warren, MacKay & Serritella, P.C., is the Debtor's legal counsel. FULLER'S SERVICE: Trustee Seeks to Hire DP3 as Specialist --------------------------------------------------------- N. Neville Reid, the Trustee for Fuller's Service Center Inc., seeks approval from the U.S. Bankruptcy Court for the Northern District of Illinois to employ DP3 as specialist. The firm serve as the Trustee's IT specialist and will support IT stabilization, preservation, and operational support to the Debtor. Charlie Altenbach, principal of the firm, will be paid at the rate of $275 per hour. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Charlie Altenbach, a Principal at DP3, 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: Charlie Altenbach DP3 111 North Wabash Ave. Ste.100, Building #3414, Chicago, IL 60602 About Fuller's Service Center, Inc. Fuller's Service Center, Inc. is engaged in the business of car washing, auto repair and automotive maintenance from the leased premises located at 102 West Chicago Avenue, Hinsdale, Illinois and 101-109 West Chicago Avenue, Hinsdale, Illinois ("Leased Premises"). The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-01345) on January 29, 2025. In the petition signed by Douglas A. Fuller Jr., president, the Debtor disclosed up to $1 million in assets and up to $10 million in liabilities. David K. Welch, Esq., at Burke, Warren, MacKay & Serritella, P.C., is the Debtor's legal counsel. GENESIS HEALTHCARE: Gets Court Nod for New Chapter 11 Auction ------------------------------------------------------------- Clara Geoghegan of Law360 reports that a Texas bankruptcy judge ruled Wednesday, January 7, 2026, that Genesis Healthcare may conduct a new Chapter 11 auction backed by a revised stalking horse offer approaching $1 billion, reopening the sale process roughly one month after the court voided the results of an earlier auction. The ruling revives the company’s efforts to pursue a court-approved transaction. The decision allows Genesis to solicit new bids under updated procedures designed to address concerns raised during the prior auction. The nursing home operator remains in Chapter 11 as it works to restructure its operations and evaluate sale options intended to deliver the highest return for stakeholders, the report states. 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. GOL LINHAS: Appeals Court Voids Liability Releases in Ch. 11 Plan ----------------------------------------------------------------- Angelica Serrano-Roman of Bloomberg Law reports that Brazilian carrier Gol Linhas Aereas Inteligentes SA on Wednesday, January 7, 2026, appealed a federal court ruling that removed third-party liability releases from its Chapter 11 plan. The appeal challenges a December 1 decision by U.S. District Judge Denise Cote in the Southern District of New York, which relied on the Supreme Court's 2024 ruling in Harrington v. Purdue Pharma LP. Judge Cote said Gol's plan did not provide creditors with a meaningful opt-out mechanism and that consent to the releases could not be inferred. About Gol Linhas GOL Linhas Aereas Inteligentes S.A. provides scheduled and non-scheduled air transportation services for passengers and cargo; and maintenance services for aircraft and components in Brazil and internationally. The company offers Smiles, a frequent flyer program to approximately 20.5 million members, allowing clients to accumulate and redeem miles. It operates a fleet of 146 Boeing 737 aircraft with 674 daily flights. The company was founded in 2000 and is headquartered in Sao Paulo, Brazil. GOL Linhas Aereas Inteligentes S.A. and its affiliates and its subsidiaries voluntarily filed for Chapter 11 protection (Bankr. S.D.N.Y. Lead Case No. 24-10118) on Jan. 25, 2024. GOL Linhas estimated $1 billion to $10 billion in assets as of the bankruptcy filing. The Debtors tapped Milbank LLP as counsel, Seabury Securities LLC as restructuring advisor, financial advisor and investment banker, Alixpartners, LLP, as financial advisor, and Hughes Hubbard & Reed LLP as aviation related counsel. Kroll Restructuring Administration LLC is the Debtors' claims agent. HANSEN-MUELLER: Gets Extension to Access Cash Collateral -------------------------------------------------------- Hansen-Mueller, Inc. received another extension from the U.S. Bankruptcy Court for the District of Nebraska to use cash collateral. The court issued its third interim order authorizing the Debtor to use cash collateral through January 16 in accordance with its budget. A 15% variance is permitted on individual line items and on an aggregate weekly basis, except that no upward variance is allowed for the Debtor's professional fees. The Debtor formally acknowledges owing BMO Bank, N.A. more than $50.8 million in principal, plus a $2.5 million deficiency fee, and agrees that BMO's claims are valid, enforceable, and secured by first-priority liens on substantially all assets. It also waives the right to later challenge the legitimacy or enforceability of those liens, significantly strengthening BMO's secured position. As adequate protection against any diminution in collateral value, BMO and the pre-petition senior lenders will be granted first-priority replacement liens on substantially all post-petition assets (excluding Chapter 5 avoidance actions), along with superpriority administrative expense claims under section 507(b) that prime nearly all other claims. If an event of default occurs, BMO may terminate cash collateral use after a short notice period and seek emergency relief. Separately, the official committee of unsecured creditors retains limited investigation rights until January 30, including access to up to $50,000 of estate funds to investigate and potentially challenge BMO's liens. The Debtor must deliver weekly variance reports to BMO and the creditors' committee comparing actual receipts and disbursements against the budget and explaining any deviations. All cash collateral must be deposited into accounts maintained at BMO, and budget modifications require BMO's prior written consent. A final hearing is scheduled for January 13. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/VKGyW from PacerMonitor.com. BMO, as secured creditor, is represented by: Sam P. King, Esq. Croker Huck Law Firm 2120 South 72nd Street, Suite 1200 Omaha, NE 68124 Phone: (402) 391-6777 Fax: (402) 390-9221 sking@crokerlaw.com About Hansen-Mueller Co. Hansen-Mueller Co. is a nationwide agribusiness company headquartered in Omaha, Nebraska, engaged in grain merchandising and processing with a diversified platform spanning the central United States, including nine grain elevators, four port terminals, and an oats processing facility producing pet food and animal feeds in Toledo, Ohio. The Company operates four complementary business units -- Oat Trading, Wheat Merchandising, Cross-Country Trading, and a Houston Joint Venture -- and maintains grain trading offices in multiple states, supported by a private railcar fleet and multi-modal transportation network for domestic and international flows. Founded in 1979, Hansen-Mueller employs approximately 120 people across its operations in the U.S. and conducts business in 44 states and 24 countries, focusing on niche crops, international trade, and vertically integrated processing. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Neb. Case No. 25-81226) on November 17, 2025. In the petition signed by Michael Compton, chief restructuring officer, the Debtor disclosed up to $500 million in both assets and liabilities. Judge Thomas L. Saladino oversees the case. The Debtor tapped KOLEY JESSEN P.C., L.L.O. as legal counsel, SILVERMAN CONSULTING as restructuring advisor, MICHAEL G. COMPTON as chief restructuring officer and financial advisor, ASCENDANT CONSULTING PARTNERS, LLC as investment banker, and EPIQ BANKRUPTCY SOLUTIONS, LLC as notice, claims, and solicitation agent. HYUNDAE CAPITAL: Hires Havkin & Shrago as Insolvency Counsel ------------------------------------------------------------ Hyundae Capital Management, Inc. seeks approval from the U.S. Bankruptcy Court for the Central District of California to hire Havkin & Shrago, Attorneys at Law, as general insolvency counsel. The firm will provide these services: (a) represent the Debtor at its Initial Debtor Interview; (b) represent the Debtor at its meeting of creditors pursuant to Bankruptcy Code Section 341(a), or any continuance thereof; (c) represent the Debtor at all hearings before the United States Bankruptcy Court; (d) advise the Debtor regarding matters of bankruptcy law; (e) prepare on behalf of the Debtor all necessary legal papers; (f) advise the Debtor regarding matters of bankruptcy law; (g) represent the Debtor with regard to all contested matters; (h) represent the Debtor with regard to the preparation of a plan of reorganization and the negotiation and implementation of a plan of reorganization; (i) analyze any secured, priority, or general unsecured claims that have been filed in the Debtor's bankruptcy case; (j) negotiate with the Debtor's secured and unsecured creditors regarding the amount and payment of their claims; (k) object to claims as may be appropriate; and (l) perform all other legal services for the Debtor as may be necessary, other than adversary proceedings which would require a further written agreement. The firm will be paid at these hourly rates: Stella Havkin, Partner $585 David Jacob, Associate $395 Laura bach, Paralegal $175 In addition, the firm will seek reimbursement for expenses incurred. The firm received a pre-petition retainer in the sum of $20,000 from the Debtor. Ms. Havkin 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: Stella Havkin, Esq. Havkin & Shrago 21650 Oxnard Street, #1540 Woodland Hills, CA 91367 Telephone: (818) 999-1568 Facsimile: (818) 293-2414 About Hyundae Capital Management, Inc. Hyundae Capital Management, Inc. filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-19627) on October 29, 2025, listing $10,000,001 to $50 million in assets and $1,000,001 to $10 million in liabilities. Judge Sheri Bluebond presides over the case. Stella A Havkin, Esq. at Havkin & Shrago serves as the Debtor's counsel. IDEANOMICS INC: Judge to OK Ch. 11 Liquidation Plan After Changes ----------------------------------------------------------------- Rick Archer of Law360 reports that a Delaware bankruptcy judge said Thursday, January 8, 2026, that confirmation of Ideanomics Inc.'s Chapter 11 liquidation plan hinges on revisions to an injunction that would block certain future claims. The judge said the injunction must be more narrowly tailored and cannot extend beyond claims appropriately covered by the bankruptcy process. Aside from the injunction language, the court said it had no substantive objections to the plan. With a revised provision in place, the judge said he expects to approve the plan and allow the electric vehicle technology company to proceed with liquidation. About Ideanomics Inc. New York, N.Y.-based Ideanomics, Inc. is a global electric vehicle company that is focused on driving the adoption of electric commercial vehicles and associated sustainable energy consumption. It is made up of 5 subsidiaries including: VIA Motors, Solectrac, Treeletrik, Wave, and US Hybrid. Ideanomics Inc. and seven of its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 24-12728) on December 4, 2024. In its petition, the Debtor reports assets between $50 million and $100 million and liabilities ranging from $100 million to $500 million. Foley & Lardner LLP serves as the Debtors' general bankruptcy counsel and Ashby & Geddes, P.A. acts as the Debtors' Delaware co-counsel. The Debtors tapped Epiq Corporate Restructuring as noticing and claims agent. Riveron Management Services, LLC is the Debtors' CRO and financial advisor, and SSG Advisors, LLC, is the Debtors' investment banker and financial adviser. IDRIVE MOTORS: Seeks Chapter 7 Bankruptcy in Ohio ------------------------------------------------- On December 22, 2025, IDrive Motors, LLC filed for Chapter 7 protection in the U.S. Bankruptcy Court for the Northern District of Ohio. According to court filings, the debtor reports between $1 million and $10 million in debt owed to 1 to 49 creditors. About IDrive Motors, LLC IDrive Motors, LLC is a limited liability company. IDrive Motors, LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 25-15558) on December 22, 2025. In its petition, the debtor reports estimated assets between $0 and $100,000 and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Suzana Krstevski Koch handles the case. The debtor is represented by Troy Murphy, Esq., of Murphy Law Offices. IF YOU PLEASE: Claims to be Paid from Business Operations --------------------------------------------------------- If You Please LLC, filed with the U.S. Bankruptcy Court for the District of Arizona a Subchapter V Plan of Reorganization dated December 31, 2025. The Debtor is a business running a wholesale bakery and pastry kitchen, as well as a small café at the bakery. Krista and Tim Gordon are the owners of the Debtor. Mr. and Mrs. Gordon have owned the business since November of 2023. At the time of the bankruptcy filing, the Debtor faced problems including high interest hard money loans, UCC lien holds and a lawsuit in state court. By this Plan the Debtor is seeking to retain all of its personal property, and continue its business running a wholesale bakery and pastry kitchen as well as a small café at the bakery, as the Reorganized Debtor. In accordance with Section 365 of the Bankruptcy Code, the Debtor hereby assumes the executory contract and unexpired lease for 606 W. Southern Avenue, Tempe, Arizona 85282. The Debtor shall timely make all post-petition monthly rent payments. Further, the Debtor shall cure any defaults on or before the Effective Date and make all post petition payments. The treatment in this Plan is in full and complete satisfaction of the legal, contractual, and equitable rights (including any liens) that each entity holding a claim or an interest may have in or against the Debtor, the Estate, or their respective property. This treatment supersedes and replaces any agreements those entities may have in or against the Debtor, the Estate, or their respective property. Class Six shall consist of all Allowed General Unsecured Claims. Class Six will be paid the balance under the Plan, pro rata. Class Six is Impaired. Because certain of the Claims and Interests treated under the Plan are unknown or undetermined amounts, the amounts of Claims and Interests specified in the Plan reflect only the Debtor’s best estimate as of the date hereof. Plan Payments Month 1. The Debtor shall pay $5,939.92, to be distributed as follows: Evolve Bank & Trust - $2,034.58; Arizona Department of Revenue - $1,743.58; Dawn Food Products Inc. - $1,535.04; Centra Funding LLC - $289.22; and North Star Leasing - $337.50. Months 2 to 30. The Debtor shall pay $4,404.88 per month, to be distributed as follows: Evolve Bank & Trust - $2,034.58; Arizona Department of Revenue - $1,743.58; Centra Funding LLC - $289.22; and North Star Leasing - $337.50. Months 31 to 36. The Debtor shall pay $4,404.88 per month, to be distributed as follows: Evolve Bank & Trust - $2,034.58; Centra Funding LLC - $289.22; North Star Leasing - $337.50; and General Unsecured Creditors, pro rata - $1,743.58. Months 37 to 48. The Debtor shall pay $4,404.88 per month, to be distributed as follows: Evolve Bank & Trust - $2,034.58; and General Unsecured Creditors, pro rata - $2,370.30. Should this Case proceed to Confirmation under Section 1191(b) of the Bankruptcy Code, Debtor submits that this Plan does not discriminate unfairly and is fair and equitable with respect to each class of claims or interest that is impaired under, and has not accepted the Plan. The Debtor further submits that it will be able to make all payments under the Plan or there is a reasonable likelihood that the Debtor will be able to make all payments under the Plan. A full-text copy of the Plan of Reorganization dated December 31, 2025 is available at https://urlcurt.com/u?l=aItBFv from PacerMonitor.com at no charge. Counsel to the Debtor: Ronald J. Ellett, Esq. ELLETT LAW OFFICES, PC 2999 North 44th Street, Suite 330 Phoenix, AZ 85018 Telephone: (602) 235-9510 About If You Please LLC If You Please, LLC, doing business as Honeymoon Sweets European Bakery, operates a retail, wholesale, and catering bakery based in Tempe, Arizona. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ariz. Case No. 25-09405) on Oct. 2, 2025, listing up to $500,000 in assets and up to $10 million in liabilities. Krista Gordon, member, signed the petition. Judge Daniel P. Collins oversees the case. Ronald J. Ellett, Esq., at Ellett Law Offices, P.C., represents the Debtor as bankruptcy counsel. IMH DALLAS: Hires Law Office of Donald W. Reid as Counsel --------------------------------------------------------- IMH Dallas Arioso, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of California to employ the Law Office of Donald W. Reid as counsel. The firm will provide these services: a. prepare pleadings, applications and conduct examinations incidental to administration; b. advise the Debtor with respect to its rights, powers, duties and obligations as a debtor in possession in the administration of this case, the management of its financial affairs and the management of their income and property; c. advise and assist the Debtor with respect to compliance with the requirements of the Office of the United States Trustee; d. advise the Debtor regarding matters of bankruptcy law, including rights and remedies of Debtor with respect to its assets and with respect to claims of creditors and to communicate and negotiate with such creditors; e. advise and represent the Debtor in connection with all applications, motions or complaints for adequate protection, sequestration, relief from stays, appointment of a trustee or examiner and all other similar matters; f. develop the relationship of the status of the Debtor to the claims of creditors in these proceedings; g. advise and assist the Debtor in the formulation and presentation of a plan pursuant to Chapter 11 of the Bankruptcy Code and concerning any and all matters relating thereto; h. represent the Debtor in any necessary adversary proceedings; and i. perform any and all other legal services incident and necessary herein. The firm will be paid at these rates: Donald W. Reid, Esq. $500 per hour Anjanette Weiss, Paralegal $90 per hour The firm received an initial retainer of $16,738 from the Debtor. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Mr. Reid 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: Donald W. Reid, Esq. Law Office of Donald W. Reid PO Box 2227 Fallbrook, CA 92088 Telephone: (951) 777-2460 Email: don@donreidlaw.com About IMH Dallas Arioso, LLC IMH Dallas Arioso, LLC, doing business as Arioso Apartments & Townhomes, provides residential apartment and townhome rentals in Grand Prairie, Texas, offering one-, two-, and three-bedroom units with features such as open-concept layouts, wood-inspired flooring, and private patios or balconies. The community operates multiple on-site amenities including swimming pools, a fitness center, and outdoor barbecue and picnic areas set within landscaped grounds. It serves residents across the Grand Prairie area with convenient access to retail centers, parks, schools, and major employers. IMH Dallas Arioso, LLC in Carlsbad, CA, sought relief under Chapter 11 of the Bankruptcy Code filed its voluntary petition for Chapter 11 protection (Bankr. S.D. Cal. Case No. 25-05061) on Dec. 1, 2025, listing as much as $50 million to $100 million in both assets and liabilities. Ed Monce as CEO, signed the petition. Judge J. Barrett Marum oversees the case. LAW OFFICE OF DONALD W. REID serve as the Debtor's legal counsel. INTEGRATED ENDOSCOPY: Gets Extension to Access Cash Collateral -------------------------------------------------------------- The U.S. Bankruptcy Court for the Central District of California, Santa Ana Division, granted Integrated Endoscopy, Inc. interim authority to use cash collateral. The interim order authorized the Debtor to access cash collateral until February 1; the effective date of its Chapter 11 plan; or the dismissal or conversion of its bankruptcy case, whichever comes first. Cash collateral use must follow the budget, subject to a 10% variance per line item and in aggregate. As adequate protection against any diminution in value of secured creditors' interests in the cash collateral, the court granted replacement liens to all holders of perfected security interests in the Debtor's cash collateral. These replacement liens attach to the Debtor's post-petition assets, excluding avoidance action recoveries, and have the same validity, priority, and extent as the creditors' respective prepetition liens. The interim order is available at https://is.gd/vako1u from PacerMonitor.com. The secured creditors include Research Corporation Technologies, Inc., Knobbe Martens Olson & Bear LLP, and David Chou. Research Corporation Technologies is represented by: Jeffrey R. Gleit, Esq. Brett D. Goodman, Esq. ArentFox Schiff, LLP 1301 Avenue of the Americas, 42nd Floor New York, NY 10019 Telephone: 212.484.3900 Facsimile: 212.484.3990 jeffrey.gleit@afslaw.com brett.goodman@afslaw.com -- and -- Aram Ordubegian, Esq. Christopher K.S. Wong, Esq. ArentFox Schiff, LLP 555 West Fifth Street, 48th Floor Los Angeles, CA 90013-1065 Telephone: 213.629.7400 Facsimile: 213.629.7401 aram.ordubegian@afslaw.com christopher.wong@afslaw.com About Integrated Endoscopy Inc. Integrated Endoscopy Inc. develops wireless arthroscopic and single-use rigid endoscope technology for surgical applications. Headquartered in Irvine, California, the privately held Company was founded in 1996 following its acquisition of Micro Optics Development Engineering Labs' optical design assets and markets its Nuvis Single-Use Arthroscope with plans to extend into additional procedure-specific endoscopes. Its intellectual property portfolio includes 19 issued patents across the U.S., Europe, Japan, Australia, and Canada covering lens systems, LED lighting, and molded glass optics. Integrated Endoscopy sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Calif. Case No. 25-12121 on July 31, 2025. In its petition, the Debtor reported between $10 million and $50 million in assets and liabilities. Honorable Bankruptcy Judge Scott C. Clarkson handles the case. The Debtor is represented by Vanessa H. Haberbush, Esq., at Haberbush, LLP. JHB HOLDING: Seeks Chapter 11 Bankruptcy in Georgia --------------------------------------------------- On January 5, 2026, JHB Holding Co LLC filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Northern District of Georgia. According to court filings, the debtor reports between $1 million and $10 million in debt owed to 1 to 49 creditors. About JHB Holding Co LLC JHB Holding Co LLC is a limited liability company. JHB Holding Co LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-50200) 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 Paul Baisier handles the case. The debtor is represented by Gregory T. Bailey, Esq. of Gregory T. Bailey & Law Associates. KALEIDOSCOPE SCHOOL: Claims to be Paid from Business Operations --------------------------------------------------------------- Kaleidoscope School filed with the U.S. Bankruptcy Court for the Western District of Washington an Amended Plan of Reorganization dated January 2, 2026. The Debtor is a nonprofit educational institution founded in 1998 that operates in the Seattle, Washington area. The Debtor provides early-childhood education and before- and after-school care for families. The Debtor conducts its operations from its primary site at 2426 32nd Ave W, Suites 200, 200A, and 202, Seattle, WA 98199, and relies primarily on tuition and program fees, supplemented at times by contributions and grants. Day-to-day operations are overseen by the Debtor's executive leadership and staff of teachers and support personnel. On June 16, 2025, the Debtor filed a voluntary petition for relief under Chapter 11, Subchapter V of the Bankruptcy Code in the United States Bankruptcy Court for the Western District of Washington. Since filing, the Debtor has continued operating as a debtor in possession, obtained authority to use cash collateral, and filed an Application for Employment. The Debtor's reorganization efforts focus on maintaining going-concern operations at its primary campus, preserving services for families, and restructuring balance-sheet obligations through a Subchapter V plan. The Debtor's financial projections for 2025 through 2030 show that the Debtor will have projected disposable income of approximately $493,000 (pre-SBA; final Section 1191(d) of the Code figure will reflect deductions), not including payments to SBA. After accounting for Plan payments to SBA, the Debtor's projected disposable income is $455,000. The Plan will be supported by funds contributed by non-Debtors to the extent that the Debtor's operating income is insufficient to make all required Plan payments. The final Plan payment is expected to be paid on or around June 15, 2030. This Plan provides for two Classes of Claims. The Plan provides for the payment of Administrative Claims. The Plan also provides for payment on the Class 1 Secured Claim of the U.S. Small Business Administration from revenues generated from the Debtor's business operations which, in the Debtor's opinion, provides greater recovery than is likely if the Debtor's assets are liquidated. Accordingly, the Debtor believes that approval of the Plan is in the best interests of all Creditors. Class 2 consists of all Holders of Unsecured Claims. This Class is impaired. Class 2 Allowed General Unsecured Claims shall be paid, to the extent funds are available, from the Debtor's net income after payment of ordinary operating expenses, Plan required priority tax obligations, secured debt payments (including the Class 1 SBA Claim), and all other required Plan payments. Following the end of each full calendar year during the Plan term, beginning with the first full calendar year after the Effective Date, the Reorganized Debtor will determine, using its standard accounting books and records, whether there is positive net income for that year after the payments described in the preceding sentence. Within a reasonable time after the end of each such year, the Reorganized Debtor shall conduct an annual true up to bring distributions to Class 2 in line with the actual net income realized for that year. One hundred percent of such positive net income, if any, for that year, up to the aggregate amount of Allowed Class 2 Claims (currently estimated at approximately $946,677.40), shall be distributed to holders of Allowed Class 2 Claims on a pro rata basis, and no distribution shall be required or made for any year in which there is no such positive net income available for distribution. All distributions shall be made by the Reorganized Debtor, acting as its own disbursing agent. The Debtor will fund all payments required under this Plan through its business operations. To the extent that the Debtor's operating income is insufficient to make all required Plan payments, the Plan will be supported by funds contributed by its Director, Mary Pat Souku, in an amount sufficient to fund all required Plan payments. A full-text copy of the Amended Plan dated January 2, 2026 is available at https://urlcurt.com/u?l=A7rmhl from PacerMonitor.com at no charge. Counsel to the Debtor: Clyde Shavers, Esq. LYDA LAW FIRM, LLC 450 Alaskan Way South, Suite 200, Seattle, WA 98104 Telephone: (425) 394-6765 E-mail: clyde@lydagroup.com About Kaleidoscope School Kaleidoscope School is a nonprofit educational institution founded in 1998 that operates in the Seattle, Washington area. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Wash. Case No. 25-11658-TWD) on June 16, 2025. In the petition signed by Mary-Pat Soukup, director, the Debtor disclosed up to $50,000 in assets and up to $1 million in liabilities. Judge Timothy W. Dore oversees the case. Clyde Shavers, at Lyda Law Firm, is the Debtor's legal counsel. KIM ENGINEERING: Gets OK to Use Cash Collateral Until Jan. 31 ------------------------------------------------------------- Kim Engineering, Inc. received a one-month extension from the U.S. Bankruptcy Court for the District of Maryland, Greenbelt Division, to use cash collateral to fund operations. The court's interim order extended the Debtor's authority to use cash collateral from January 1 to 31 in accordance with its monthly budget (subject to a 10% variance), which projects total operational expenses of $558,771.96. As adequate protection, secured creditors, the Internal Revenue Service and the Maryland Tax Department, will receive monthly payments of $10,000 and $5,000, respectively. The IRS will also be granted a replacement lien on the Debtor's after-acquired property. Meanwhile, the Debtor was ordered to fully pay Prince George's County, Maryland, on its secured tax claims, including all accrued interest and penalties, upon confirmation of a Chapter 11 plan. Prince George's County holds a statutory first-priority lien on the Debtor's personal property. Kim Engineering's cash collateral consists of monthly operating income of approximately $574,361, recovered funds from a previously frozen PNC account ($145,200), post-petition receivables mistakenly deposited into an owner's personal account ($19,200.90), potential recoveries from UCC lien creditors' preference payments ($150,802), and withheld funds from Block, Inc. ($11,548). The only secured creditors identified are the IRS and the Comptroller of Maryland, with total outstanding tax liens exceeding $11 million, secured by virtually all of the Debtor's assets. However, because the total asset value is only approximately $6.2 million, these tax creditors are undersecured. Several other creditors have filed UCC-1 financing statements but due to their junior position, they are considered unsecured. About Kim Engineering Inc. Kim Engineering Inc. is a professional engineering services firm based in Laurel, Maryland. The Debtor sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Md. Case No. 25-16453) on July 15, 2025. In its petition, the Debtor reports estimated assets between $1 million and $50 million and estimated liabilities between $10 million and $50 million. Judge Lori S. Simpson oversees the case. The Debtor is represented by Weon G. Kim, Esq., at Weon G. Kim Law Office. KINDER ISLAND: Seeks to Hire Estelle Miller as Accountant --------------------------------------------------------- Kinder Island LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to employ Estelle Miller, a certified public accountant practicing in Bellmore, New York. Ms. Miller will provide these services: (a) gather and verify all pertinent information required to compile and prepare monthly operating reports; (b) prepare, review, and file monthly operating reports for the Debtor during the course of the bankruptcy case. Ms. Miller will bill at a rate of $300 per report. The Debtor has paid an initial retainer of $3,000 from Omni Build Inc, one of the Debtor's shareholders. Ms. Miller disclosed in a court filing that she is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The accountant can be reached at: Estelle Miller Certified Public Accountant 1620 Ocean Ave Suite 1A Brooklyn, NY 11230 Telephone: (347) 570-7002 E-mail: estellemillercpa@gmail.com About Kinder Island LLC Kinder Island LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-45123) on Oct. 23, 2025, listing under $1 million in assets and liabilities. Honorable Bankruptcy Judge Elizabeth S. Stong handles the case. The Debtor tapped the Law Offices of Alla Kachan, PC as counsel. KISH RENOVATIONS: Seeks Chapter 11 Bankruptcy in Georgia -------------------------------------------------------- On January 5, 2026, Kish Renovations, LLC filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Northern District of Georgia. According to court filings, the debtor reports between $100,001 and $1,000,000 in debt owed to 1 to 49 creditors. About Kish Renovations, LLC Kish Renovations, LLC is a residential and commercial remodeling company that provides renovation, repair, and construction services. The company specializes in property improvements, including interior and exterior upgrades, structural repairs, and custom design projects. Kish Renovations, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-50161) on January 5, 2026. In its petition, the debtor reports estimated assets of $0 to $100,000 and estimated liabilities of $100,001 to $1,000,000. LAVLONGE MICASA: Seeks Chapter 7 Bankruptcy in Georgia ------------------------------------------------------ On January 5, 2026, Lavlonge Micasa LLC filed for Chapter 7 protection in the U.S. Bankruptcy Court for the Northern District of Georgia. According to court filings, the debtor reports between $0 and $100,000 in debt owed to 1 to 49 creditors. About Lavlonge Micasa LLC Lavlonge Micasa LLC is a single asset real estate company. Lavlonge Micasa LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 26-50152) on January 5, 2026. In its petition, the debtor reports estimated assets of $0 to $100,000 and estimated liabilities of $0 to $100,000. Honorable Bankruptcy Judge Jonathan W. Jordan handles the case. LEROYS MEATS: Seeks Subchapter V Bankruptcy in Ohio --------------------------------------------------- On December 19, 2025, Leroys Meats, LLC, filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of Ohio. According to court filings, the debtor reports $1,175,612 in debt owed to 1 to 49 creditors. About Leroys Meats, LLC Leroys Meats, LLC, doing business as Ray Ray's Hog Pit, operates a family of stationary barbecue food trucks, trailers, and drive-thru restaurants across four locations in central Ohio, including Columbus, Westerville, Granville, and Franklinton. Founded in 2009 by chef James Anderson, the Company specializes in hardwood-smoked barbecue, offering pork, beef, and chicken prepared using traditional low-and-slow methods, along with catering and bulk pre-order services for events and holidays. Leroys Meats, LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-55609) on December 19, 2025. In its petition, the debtor reports total assets of $428,029 and total liabilities of $1,175,612. Honorable Bankruptcy Judge Tiffany Strelow Cobb handles the case. The debtor is represented by Sean Stone, Esq., of Tax Workout Group, P.A. M&M CUSTARD: Seeks to Hire Ong & Company as Accountant ------------------------------------------------------ M&M Custard, LLC seeks approval from the U.S. Bankruptcy Court for the District of Kansas to employ Ong & Company as accountant. The Debtors require an accounting firm's services to prepare its federal, state, and local corporate income tax returns, for the preparation and compilation of financial reports, accounting, bookkeeping, and consulting services as requested. The firm will be paid at $300 per hour, and a retainer of $10,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Mr. Ong 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: Nicholas Ong Ong & Company 9225 Indian Creek Pkwy Suite 100 Overland Park, KS 66210 Tel: (913) 451-0056 About M&M Custard, LLC M&M Custard LLC, doing business as Freddy's Frozen Custard & Steakburgers, operates 30+ franchise locations across six Midwestern and Southern U.S. states. Headquartered in Overland Park, Kansas, M&M Custard was founded in 2010, opened its first location in Jefferson City, Missouri in 2012, and has expanded into Missouri, Kansas, Illinois, southern Indiana, Kentucky, and Tennessee. The Debtor operates fast-casual restaurants specializing in steakburgers, hot dogs, and frozen custard, and manages its stores through individual subsidiary LLCs, collectively holding 41 store franchise license agreements with Freddy's. M&M Custard and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Kan. Lead Case No. 25-21650) on November 14, 2025. In its petition, M&M Custard reports estimated assets between $1 million and $10 million and estimated liabilities between $10 million and $50 million. The Debtors are represented by Colin N. Gotham, Esq., at Evans & Mullinix, P.A. MOTOS AMERICA: Seeks Chapter 11 Bankruptcy in Utah -------------------------------------------------- Daniel Kline of The Street reports that Salt Lake City-based motorcycle dealership group Motos America, Inc. filed for Chapter 11 bankruptcy on December 31, 2025, in the District of Utah. The company runs a network of 13 premium dealerships in multiple states, including California, Florida, and Oregon. Motos America's showrooms carry high-end European brands such as BMW Motorrad, Triumph, Ducati, Royal Enfield, and Vespa. The company was created through a reverse merger in late 2021 and expanded its operations in early 2024 with the purchase of New Start Financial, LLC, which provides in-house financing for retail customers, according to The Street. The Chapter 11 filing comes after the company reportedly suffered significant financial losses, including a $3 million deposit lost to Prime Capital Ventures in an alleged fraud case that also halted a planned $15 million credit facility, RK Consulting noted. Compounding the challenges, the SEC revoked Motos America’s securities registration in late 2024 due to missed financial filings. RK Consulting added that high inventory financing costs and an unsuccessful attempt to raise $12 million also contributed to the restructuring. According to Security Lawyers 101, SEC revocation halts trading and typically follows delinquency notices, giving the company ten days to respond before the registration is automatically revoked. About Motos America Inc. Motos America Inc. is a Salt Lake City, Utah-based motorcycle dealership group. Motos America Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Utah Case No. 25-27834) on December 31, 2025. In its petition, the Debtor reports estimated assets up to $100,000 and estimated liabilities between $10 million and $50 million. Honorable Bankruptcy Judge Peggy Hunt handles the case. The Debtor is represented by Russell S. Walker, Esq. of Pearson Butler, PLLC. MOTOS AMERICA: Seeks to Hire Pearson Butler LLC as Counsel ---------------------------------------------------------- Motos America, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Utah to employ Pearson Butler, LLC as counsel. The firm will provide these services: a. prepare on behalf of the Debtor any necessary motions, applications, answers, orders, reports, and papers as required by applicable bankruptcy or non-bankruptcy law, dictated by the demands of the case, or required by the Court, and to represent the Debtor in proceedings or hearings related thereto; b. provide advice to the Debtor with respect to their powers and duties as Debtor-in-possession in the continued conduct of their businesses; c. negotiate with the Debtor' creditors and other parties in interest in developing plans of reorganization, and taking any necessary steps to obtain confirmation of, and to implement such a plan; d. review, analyze, and advise the Debtor regarding claims or causes of action to be pursued on behalf of their estates; e. assist the Debtor in negotiations with various creditor constituencies regarding an exit, resolution, and payment of the creditors' claims herein; f. review and analyze the validity of the claims filed herein and advise the Debtor as to the filing of objections to claims; if necessary; g. provide continuing legal advice with respect to their bankruptcies, estates, litigation, avoidance actions, and miscellaneous other legal matters; and h. perform all other necessary legal services as may be prompted by the needs of the Debtor in its case. The firm will be paid at these rates: Attorneys $375 to $450 per hour Paraprofessionals $175 per hour On December 24, 2025, Pearson Butler received a retainer from the Debtor in the amount of $50,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Mr. Walker 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: Russell S. Walker, Esq. Pearson Butler, LLC 1802 W South Jordan Parkway, Ste 200 South Jordan, UT 84095 Telephone: (801) 495-4104 Email: russellw@pearsonbutler.com About Motos America, Inc. Motos America Inc. -- https://www.MotosAmerica.com -- is a premium European motorcycle dealership consolidation company and lifestyle brand. The Company purchases and operates powersports dealerships, with an emphasis on European luxury motorcycle brands. As of January 31, 2022, the Company had an accumulated deficit of $8,018,631, and net loss of $351,406 for the six months ended July 31, 2022. Losses have principally occurred as a result of the substantial resources required for general and administrative expenses associated with its operations. The continuation of the Company as a going concern is dependent upon the continued financial support from its stockholders or external financing. Management believes the existing stockholders will provide the additional cash to meet with the Company's obligations as they become due. However, there is no assurance that the Company will be successful in securing sufficient funds to sustain the operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern, the Company said in its Quarterly Report for the period ended Jan. 31, 2022. MURPHY OIL: Moody's Affirms Ba2 CFR & Cuts Unsecured Notes to Ba3 ----------------------------------------------------------------- Moody's Ratings downgraded Murphy Oil Corporation's (Murphy) senior unsecured notes rating to Ba3 from Ba2. Concurrently, Moody's affirmed Murphy's Ba2 Corporate Family Rating and Ba2-PD Probability of Default Rating, and maintained the stable outlook. Murphy's SGL-1 Speculative Grade Liquidity (SGL) rating remains unchanged. "Murphy's notes downgrade reflects the increased revolver that holds a structurally superior position in the capital structure compared to its notes, while Moody's expects the company's debt balances to continue rising in 2026," commented Amol Joshi, Moody's Ratings Vice President - Senior Credit Officer. "Murphy's diversified asset base provides capital allocation flexibility with an ability to generate meaningful free cash flow at more supportive oil prices, but credit metrics could be pressured if oil prices remain lower for an extended period." RATINGS RATIONALE Murphy's senior unsecured notes were downgraded to Ba3 from Ba2. Murphy's capital structure is comprised of the senior unsecured notes and an unsecured revolving credit facility. Moody's notes that the company's revolving credit facility benefits from upstream guarantees from the operating companies, structurally subordinating the senior notes to the claims under the credit facility. The company's revolver was meaningfully upsized to $2 billion in early January, from $1.35 billion previously. In addition, Murphy's higher capital spending has pressured free cash flow and increased revolver borrowings, and Moody's expects debt balances to further increase in Moody's 2026 base case. The combination of increased borrowing capacity and utilization, along with rising overall debt leverage, has resulted in the notes' downgrade to one notch below the Ba2 CFR. Murphy's Ba2 CFR reflects its diversified asset base with moderate debt balances and supportive financial policies. Murphy benefits from a diversified portfolio of onshore production from the Eagle Ford shale and Canada, while its offshore production is predominately in the US Gulf of America (US Gulf). Roughly 54% of production was liquids in the first nine months of 2025. There are higher exploration and regulatory risks associated with developing deep water US Gulf assets compared to onshore Eagle Ford shale and Canadian onshore assets. Some of the company's highest return investments have been in the US Gulf, which accounted for about 35% of the company's production volumes, but a much lower portion of its proved developed reserves. The onshore Canadian assets, that accounted for over 40% of production year-to-date 2025, are predominately natural gas and those assets would likely generate lower investment returns compared to the US Gulf assets. Moody's expects Murphy's debt balances to rise in 2026 at Moody's base case commodity price assumptions of $55/barrel WTI and $3.00 per MMBtu Henry Hub natural gas. The company's relatively high capital spending will cause free cash flow to be negative at Moody's price assumptions, although Moody's would expect the company to make some adjustments to capital spending in lower oil price scenarios. The SGL-1 Speculative Grade Liquidity Rating reflects Murphy's very good liquidity through mid-2027. The liquidity position is supported by cash balances of $426 million at September 30 and revolver availability. Murphy's now $2 billion unsecured revolving credit facility had $150 million of revolver borrowings at September 30. Moody's expects the company to remain well in compliance with its financial covenants (applicable while Murphy has a non-investment grade rating) – maximum consolidated leverage ratio of 3.25x and minimum consolidated interest coverage ratio of 2.5x. Murphy's next notes maturity is the $79 million of outstanding senior notes maturing in December 2027, with additional notes maturities in 2028-29. The revolver matures in January 2031 but will have a springing maturity date of June 01, 2027 if more than $50 million of the 2027 notes are outstanding at that time, which Moody's don't view as likely to occur. Murphy's stable outlook reflects the company's solid credit metrics with an ability to generate meaningful free cash flow at mid-cycle commodity prices. But the company's debt balances are rising, and credit metrics could be pressured if oil prices remain lower for an extended period while the company executes on its capital spending plans for 2026. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Murphy's ratings could be downgraded if production volumes decline meaningfully, retained cash flow (RCF) to debt falls below 30% or the leveraged full cycle ratio (LFCR) falls below 1.25x. The ratings could be upgraded if the company's production rises above 200,000 barrels of oil equivalent (boe) per day on a sustained basis and debt is reduced to $1 billion, while maintaining RCF to debt above 40% and achieving LFCR of around 2x in a mid-cycle environment. Murphy Oil Corporation, headquartered in Houston, Texas, is an independent E&P company with producing and/or exploration activities in the US and Canada, as well as in other countries including Vietnam, Côte d'Ivoire and Brunei. The principal methodology used in these ratings was Independent Exploration and Production published in December 2022. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. MURPHY OIL: S&P Downgrades ICR to 'BB', Outlook Stable ------------------------------------------------------ S&P Global Ratings lowered its issuer credit rating and unsecured debt ratings on U.S.-based oil and gas exploration and production company Murphy Oil Corp. to 'BB' from 'BB+'. S&P's '3' recovery rating on the unsecured debt is unchanged, indicating its expectation for meaningful (50%-70%; rounded estimate: capped at 65%) recovery in the event of a payment default. S&P said, "The stable outlook reflects our expectation that Murphy will maintain average funds from operations (FFO) to debt above 45% and leverage below 2x for the next two years. Although we do not expect the company to generate positive free operating cash flow (FOCF) this year, we anticipate meaningful cash flow generation in 2027 as Murphy's ongoing projects begin production. "We expect Murphy Oil Corp.'s credit measures will be materially below our expectations through 2027 due to higher capital spending and weak oil prices. "We expect credit measures to remain weak for the rating over the next two years. Based on our current oil and natural gas price deck assumptions, we expect FFO to debt to average 45%-50% over the next two years, below our downside trigger for the prior 'BB+' rating. As of third quarter-end 2025, the company reaffirmed its full-year capital expenditure (capex) guidance of $1.135 billion-$1.285 billion, including the Pioneer floating production, storage, and offloading vessel purchase completed in the first quarter. This should support average daily production (excluding the production from its non-controlling interests [NCIs]) of about 174,500-182,500 barrels of oil equivalent (boe) per day (55% liquids) in 2025. We anticipate similar capital spending and production in 2026, with production of 175,000-180,000 boe/d (excluding NCI), with volumes increasing in 2027 mostly due to the successful start of production at the Chinook well in the Gulf of Mexico, and start-up of the Lac Da Vang (LDV) development field offshore Vietnam. Murphy anticipates net oil production of 10,000-15,000 boe/d from Chinook in the second half of 2026, and 10,000-15,000 boe/d from LDV starting in late 2026. However, execution risks on these offshore projects, minimal hedging, and in our view, relatively limited flexibility to cut capex in a lower price environment heighten downside risk to our base case." Murphy's ongoing exploration program offers significant scale upside. It also carries substantial execution, timing, and cost risks. The company is actively pursuing high-impact offshore projects across Vietnam, the Gulf of Mexico, and Cote d'Ivoire. In Vietnam, the company successfully drilled an appraisal well for the larger Hai Su Vang discovery, which lifted the field's estimates of gross recoverable resources. The midpoint of the range is now near the upper end of the previously communicated 170 million barrels of oil equivale (boe) - 430 million boe, with the high end exceeding 430 million boe. Additionally, the company announced a discovery at the Lac Da Hong exploration well, reporting a gross resource potential of 30 million-60 million boe. Due to its proximity, Murphy will most likely develop it as a tie-back to the LDV development, where it anticipates first oil late this year. Murphy is also continuing its exploration program in Cote d'Ivoire where it holds a 90% working interest and is currently drilling a prospect with gross resource potential of 440 million-1 billion boe. It plans to drill two additional wells on separate blocks this year. Also, two upcoming Gulf of Mexico exploration wells could provide additional resources in Murphy's core operating area, with relatively lower risk given proximity to existing infrastructure. While, if successful, these projects could enhance Murphy's scale and geographic diversification over the next several years, they carry execution, timing, and cost-overrun risks, which may pressure cash flow timing and credit metrics beyond 2027. S&P said, "We expect distributions beyond its base dividend to remain paused for now. In 2024, Murphy accelerated its capital allocation framework, allowing for increased share repurchases tied to adjusted free cash flow (after base dividends, noncontrolling distributions, and acquisitions) before reaching its $1 billion debt target. Under this framework, Murphy allocates at least 50% of adjusted free cash flow to shareholder returns and the rest to debt reduction. During the first three quarters of 2025, the company repurchased $100 million worth of shares and paid about $140 million in dividends. Based on our cash flow estimates, we do not expect shareholder distributions beyond the base dividend over the next two years. While management remains committed to its $1 billion long-term debt target, we do not anticipate the company reach this goal over the next two years. "We anticipate Murphy's liquidity profile will remain adequate. At third quarter-end 2025, the company had approximately $150 million drawn on its $1.35 billion senior unsecured credit facility, along with $426 million cash and cash equivalents. On Jan. 2, 2026, it amended its credit agreement, upsizing its total commitments to $2 billion from $1.35 billion and extending its maturity to 2031 (from 2029). "The stable outlook reflects our expectation that Murphy will maintain average FFO to debt above 45% and leverage below 2x in the next two years. Although we do not expect the company to generate positive FOCF this year, we anticipate meaningful cash flow generation in 2027 as Murphy's ongoing projects begin production. We also assume Murphy will refrain from share buybacks amid sustained low oil prices. "We could lower ratings if Murphy's FFO to debt is well below 45% for a sustained period, which would most likely occur if crude oil and natural gas prices fall substantially below current market prices, and the company did not take further steps to reduce capital spending and/or shareholder distributions. "We could raise the rating if credit metrics improved, such that FFO to debt reaches 60% on a sustained basis which would most likely result from stronger‑than‑expected commodity prices and the successful, timely, and cost‑efficient execution of its development and exploration projects, supporting higher cash flow generation. Alternatively, we could raise the rating should the company's scale increase to be more in line with that of higher rated peers, while maintaining appropriate credit measures." NEO ASSETS: Case Summary & One Unsecured Creditor ------------------------------------------------- Debtor: NEO Assets, LLC 975 1st Street San Jose, CA 95110 Business Description: NEO Assets, LLC is a single-asset real estate company that owns and operates a four-story mixed-use property in San Jose, California, comprising 50 multifamily residential units above ground-floor commercial office space and an 85-stall parking garage. The property totals about 77,050 square feet on a roughly 43,515- square-foot site. Chapter 11 Petition Date: January 6, 2026 Court: United States Bankruptcy Court Northern District of California Case No.: 26-50015 Judge: Hon. Stephen L Johnson Debtor's Counsel: Arasto Farsad, Esq. FARSAD LAW OFFICE, P.C. 1625 The Alameda, Suite 525 San Jose, CA 95126 Tel: 408-641-9966 Email: Farsadlaw1@gmail.com Total Assets: $39,534,473 Total Liabilities: $23,507,881 The petition was signed by Lucy Cai as the Debtor's authorized representative. The Debtor identified American Express, at P.O. Box 981535, El Paso, Texas 79998-1535, as its sole unsecured creditor, with a $68,964 claim arising from a revolving credit card. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/FOPGUJY/NEO_Assets_LLC__canbke-26-50015__0001.0.pdf?mcid=tGE4TAMA NEW FORTRESS: Calamos Marks $706,699 Loan at 54% Off ---------------------------------------------------- Calamos Convertible Opportunities and Income Fund has marked its $706,699 loan extended to New Fortress Energy, Inc. to market at $325,082 or 46% of the outstanding amount, according to Calamos' Form N-CSRS for the semi-annual period ended October 31, 2025, filed with the U.S. Securities and Exchange Commission. Calamos is a participant in a 2025 Incremental Term Loan B Loan to New Fortress Energy, Inc. The loan accrues interest at a rate of 9.570% per annum. The loan matures on October 30, 2028. Calamos Convertible Opportunities and Income Fund, Calamos Convertible and High Income Fund, Calamos Strategic Total Return Fund, Calamos Dynamic Convertible and Income Fund, Calamos Global Dynamic Income Fund, Calamos Global Total Return Fund, and Calamos Long/Short Equity & Dynamic Income Trust were each organized as Delaware statutory trusts and are each registered under the Investment Company Act of 1940. Each Board of Trustees, including a majority of the Trustees who are not "interested persons" of each Fund, have designated Calamos Advisors LLC to perform fair valuation determinations related to all Funds' investments under the oversight of the Board. As "valuation designee" Calamos Advisors has adopted policies and procedures to guide the determination of the net asset value on any day on which each Fund's NAV is determined. Cliffwater Enhanced is led by John P. Calamos, Sr. as Principal Executive Officer, and Thomas E. Herman as Principal Financial Officer. The Company can be reach through: John P. Calamos, Sr. Calamos Convertible Opportunities and Income Fund 2020 Calamos Court Naperville, IL 60563-2787 Telephone: (630) 245-7200 About New Fortress Energy, Inc. New Fortress Energy Inc. operates as an integrated gas-to-power energy infrastructure company that provides energy and development services to end-users worldwide. The company operates in two segments, Terminals and Infrastructure, and Ships. NEW FORTRESS: Calamos Marks $869,879 Loan at 54% Off ---------------------------------------------------- Calamos Strategic Total Return Fund has marked its $869,879 loan extended to New Fortress Energy, Inc. to market at $400,144 or 46% of the outstanding amount, according to Calamos' Form N-CSRS for the semi-annual period ended October 31, 2025, filed with the U.S. Securities and Exchange Commission. Calamos is a participant in a 2025 Incremental Term Loan B to New Fortress Energy, Inc. The loan accrues interest at a rate of 9.570% per annum. The loan matures on October 30, 2028. Calamos Convertible Opportunities and Income Fund, Calamos Convertible and High Income Fund, Calamos Strategic Total Return Fund, Calamos Dynamic Convertible and Income Fund, Calamos Global Dynamic Income Fund, Calamos Global Total Return Fund, and Calamos Long/Short Equity & Dynamic Income Trust were each organized as Delaware statutory trusts and are each registered under the Investment Company Act of 1940. Each Board of Trustees, including a majority of the Trustees who are not "interested persons" of each Fund, have designated Calamos Advisors LLC to perform fair valuation determinations related to all Funds' investments under the oversight of the Board. As "valuation designee" Calamos Advisors has adopted policies and procedures to guide the determination of the net asset value on any day on which each Fund's NAV is determined. Cliffwater Enhanced is led by John P. Calamos, Sr. as Principal Executive Officer, and Thomas E. Herman as Principal Financial Officer. The Company can be reach through: John P. Calamos, Sr. Calamos Strategic Total Return Fund 2020 Calamos Court Naperville, IL 60563-2787 Telephone: (630) 245-7200 About New Fortress Energy, Inc. New Fortress Energy Inc. operates as an integrated gas-to-power energy infrastructure company that provides energy and development services to end-users worldwide. The company operates in two segments, Terminals and Infrastructure, and Ships. NEXTGEN SLEEP: U.S. Trustee Unable to Appoint Committee ------------------------------------------------------- The U.S. Trustee for Region 20 disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of Nextgen Sleep, LLC. About NextGen Sleep LLC NextGen Sleep, LLC provides in-home sleep study services and supplies CPAP equipment. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Okla. Case No. 25-13738) on December 1, 2025. In the petition signed by Karl Barreto, chief financial officer, the Debtor disclosed up to $500,000 in assets and up to $1 million in liabilities. Judge Janice D. Loyd oversees the case. Gary D Hammond, Esq., at Hammond Law Firm, represents the Debtor as legal counsel. NORDSTRAND ENGINEERING: Seeks to Hire Tran Singh LLP as Counsel --------------------------------------------------------------- Nordstrand Engineering Inc. seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ Tran Singh LLP as counsel. The firm will provide these services: i. analyzing the financial situation, and rendering advice and assistance to the Debtor; ii. advising the Debtor with respect to its rights, duties, and powers as a Debtor in this case; iii. representing the Debtor at all hearings and other proceedings; iv. preparing and filing of all appropriate petitions, schedules of assets and liabilities, statements of affairs, answers, motions and other legal papers as necessary to further the Debtor's interests and objectives; v. representing the Debtor at the meeting of creditors and such other services as may be required during the course of the bankruptcy proceedings; vi. rRepresenting the Debtor in all proceedings before the Court and in any other judicial or administrative proceeding where the rights of the Debtor may be litigated or otherwise affected; vii. preparing and filing of a Disclosure Statement and Chapter 11 Plan of Reorganization; viii. assisting the Debtor in analyzing the claims of the creditors and in negotiating with such creditors; and ix. assisting the Debtor in any matters relating to or arising out of the captioned case. The firm will be paid at these rates: Susan Tran Adams $550 per hour Brendon Singh $550 per hour Marissa Ellison $325 per hour The firm received from the Debtor a pre-petition retainer of $37,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. In addition, the firm will seek reimbursement for its out-of-pocket expenses. Mr. Singh 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: Susan Tran Adams, Esq. Brendon Singh, Esq. Tran Singh LLP 2502 La Branch Street Houston TX 77004 Tel: (832) 975-7300 Fax: (832) 975-7301 Email: stran@ts-llp.com bsingh@ts-llp.com About Nordstrand Engineering Inc. Nordstrand Engineering, Inc. operates as a Houston-based oil and gas operator that manages exploration, production and lease operations across multiple U.S. states. Nordstrand Engineering Inc. in Houston, TX, sought relief under Chapter 11 of the Bankruptcy Code filed its voluntary petition for Chapter 11 protection (Bankr. S.D. Tex. Case No. 25-37273) on Dec. 1, 2025, listing as much as $1 million to $10 million in both assets and liabilities. Linda Norstrand signed the petition as president, signed the petition. Judge Jeffrey P Norman oversees the case. TRAN SINGH, LLP serve as the Debtor's legal counsel. NORTHWEST WATERPROOFING: Gets Extension to Access Cash Collateral ----------------------------------------------------------------- Northwest Waterproofing, LLC received another extension from the U.S. Bankruptcy Court for the District of Oregon to use cash collateral to fund operations. The court issued a second interim order authorizing the Debtor to use cash collateral through January 31 strictly in accordance with the approved amended budget. The order reflects agreements reached among the Debtor, the Subchapter V trustee, the Office of the U.S. Trustee and secured creditors, including U.S. Bank, CAN Capital Inc. and Vox Funding, LLC. As adequate protection, the secured creditors will be granted replacement liens on post-petition collateral of the same type, validity, and priority as their pre-bankruptcy liens. In addition, the Debtor must maintain the collateral free of other liens and make monthly interest-only payments to U.S. Bank beginning this month, along with reimbursement of attorneys' fees and costs upon request. The Debtor also stipulated to the validity, priority, and enforceability of U.S. Bank's claims and liens and must establish a debtor-in-possession account at the bank. The court order is without prejudice to U.S. Bank's rights to seek additional or different adequate protection. The order required disputed Mortenson receivables to be placed in a segregated account and barred their use without further court approval. Northwest Waterproofing identifies three secured creditors with interests in substantially all assets: U.S. Bank, which filed a comprehensive UCC-1 financing statement in June 2024 and holds the senior lien; CAN Capital, which filed a junior UCC-1 in February 2025; and Vox Funding, another junior secured creditor that filed in April 2025 based on a future-receivables purchase agreement. These liens collectively encumber the Debtor's accounts, inventory, equipment, fixtures, deposit accounts, intangibles, and future proceeds. About Northwest Waterproofing LLC Northwest Waterproofing LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ore. Case No. 25-33899-thp11) on November 20, 2025. In the petition signed by Richard Dowers, owner, the Debtor disclosed up to $500,000 in assets and up to $1 million in liabilities. Judge Teresa H. Pearson oversees the case. Noah Bishop, Esq., at Bishop Bankruptcy Law, LLC, represents the Debtor as legal counsel. OAK GROVE: Seeks Chapter 11 Bankruptcy in Georgia ------------------------------------------------- On January 5, 2026, Oak Grove Stor-All, LLC filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Northern District of Georgia. According to court filings, the debtor reports between $100,001 and $1,000,000 in debt owed to 1 to 49 creditors. About Oak Grove Stor-All, LLC Oak Grove Stor-All, LLC is a limited liability company. Oak Grove Stor-All, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-20015) on January 5, 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 debtor is represented by Bethany Strain, Esq. of Jones & Walden LLC. OLIVER ARMS: U.S. Trustee Unable to Appoint Committee ----------------------------------------------------- The U.S. Trustee for Region 21 disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of Oliver Arms Apartments, LLC. About Oliver Arms Apartments Oliver Arms Apartments, LLC filed Chapter 11 petition (Bankr. N.D. Ga. Case No. 25-64023) on December 1, 2025, with up to $50,000 in assets and $100,001 to $500,000 in liabilities. Judge Sage M. Sigler oversees the case. The Debtor is represented by: William Rountree, Esq. Rountree, Leitman, Klein & Geer, LLC 2987 Clairmont Road Suite 350 Atlanta, GA 30329 404-584-1238 wrountree@rlkglaw.com OLIVER FORREST: U.S. Trustee Unable to Appoint Committee -------------------------------------------------------- The U.S. Trustee for Region 21 disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of Oliver Forrest Apartments, LLC. About Oliver Forrest Apartments Oliver Forrest Apartments, LLC filed Chapter 11 petition (Bankr. N.D. Ga. Case No. 25-64024) on December 1, 2025, listing up to $50,000 in assets and between $1 million and $10 million in liabilities. Judge Sage M. Sigler oversees the case. The Debtor is represented by: William Rountree, Esq. Rountree, Leitman, Klein & Geer, LLC 2987 Clairmont Road Suite 350 Atlanta, GA 30329 404-584-1238 wrountree@rlkglaw.com ONE GATEWAY: Case Summary & 14 Unsecured Creditors -------------------------------------------------- Debtor: One Gateway Blvd., LLC 1 E. Gateway Blvd. Savannah GA 31419 Business Description: One Gateway Blvd., LLC is a single-asset real estate company that owns and operates a hospitality property located at 1 East Gateway Boulevard in Savannah, Georgia, with operations focused on the ownership and management of a hotel property serving the local traveler accommodation market. Chapter 11 Petition Date: January 6, 2026 Court: United States Bankruptcy Court Southern District of Georgia Case No.: 26-40010 Debtor's Counsel: Jon Levis, Esq. LEVIS LAW FIRM, LLC Post Office Box 129 Swainsboro GA 30401 Tel: 478-237-7029 E-mail: levis@levislawfirmllc.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Mark Edwards as managing member. A full-text copy of the petition, which includes a list of the Debtor's 14 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/HDPP2NA/One_Gateway_Blvd_LLC__gasbke-26-40010__0001.0.pdf?mcid=tGE4TAMA OUT THE GATE: Hires Auction Advisors LLC as Brokers --------------------------------------------------- Out The Gate, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Delaware to employ Auction Advisors, LLC as brokers. The firm's services include: a. familiarizing themselves to the extent that Auction Advisors deems appropriate with the commercial, financial, operational, and legal circumstances of the Debtor; b. identifying and recommending potential buyers to the Debtor in connection with a Transaction (as defined in the Agreement); c. with the Debtor's assistance, creating written materials (e.g., a "teaser," confidential information memorandum, management presentation, form of nondisclosure agreement) to be used in presenting the Transaction opportunity to prospective buyers and capital sources; d. soliciting and reviewing proposals and making recommendations and advising the Debtor is negotiating proposals concerning a Transaction; e. assisting the Debtor in responding to due diligence review of interested parties with respect to a Transaction, including by managing a Virtual Data Room (the "VDR") and assisting the Debtor in organizing, populating, and maintaining the VDR; f. assisting the Debtor in soliciting and evaluating Transaction proposals; and g. assisting the Debtor and their other professional advisors in negotiating definitive documentation concerning a Transaction and otherwise assisting in the process of closing a Transaction; h. as necessary, to the extent a Transaction is consummated pursuant to the Bankruptcy Code: i. assisting with the preparation of motions related to a Transaction; ii. consulting with other retained parties, lenders, creditors' committee, and other parties in interest; iii. participating in Court hearings and providing expert advice and testimony in connection with hearings before the Court; and iv. performing other tasks as appropriate and as may reasonably be requested by the Debtor's management or counsel. The firm will be paid at these rates: a. For the services contemplated by this Agreement, Auction Advisors will be paid a fee ("Fee") equal to the higher of (i) $50,000, or (ii) 2% of the gross sale consideration realized upon the sale of the Assets or any portion thereof. The Fee shall be paid in cash, even in the event the winning bidder is a credit bidder. b. In the even the Fee is paid, Debtor will not be required to reimburse Auction Advisors the costs and expenses incurred in connection with the sale and marketing of the Assets. As 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: Oren Klein Auction Advisors LLC 1350 Avenue of the Americas 2nd Floor New York, NY 10019 Telephone: (800) 862-4348 About Out The Gate, Inc. Founded on February 8, 2021, Out The Gate, Inc. is a privately held gaming and entertainment company that offers electronic sports betting services in the United States. It operates licensed sportsbooks in Kentucky, New Jersey, and Ohio, providing wagering platforms under state-regulated gaming frameworks. Out The Gate sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-12023) on November 12, 2025. In its petition, the Debtor reported estimated assets of $1 million to $10 million and estimated liabilities between $50 million and $100 million. Honorable Bankruptcy Judge Karen B Owens handles the case. The Debtor is represented by Marc S. Casarino, Esq., at Kennedys CMK LLP. OUT THE GATE: Hires Eisner Advisory Group as Financial Advisor -------------------------------------------------------------- Out The Gate, Inc seeks approval from the U.S. Bankruptcy Court for the District of Delaware to employ Eisner Advisory Group, LLC as financial advisor. The firm's services include: a. analyzing the financial operations of the Debtor pre- and post- petition as necessary; b. assisting the Debtor in its analysis and preparation of monthly statements of operations to be submitted by the Debtor; c. analyzing the Debtor's budgets, cash flow projections, cash disbursements, restructuring programs, selling and general administrative expense structure and other reports or analyses; d. analyzing transactions with insiders, related and/or affiliated companies; and e. monitoring, participating in and consulting with the Debtor in regard to the marketing, and sale of any of the Debtor's assets as necessary Analyzing the financial ramifications of any proposed transactions for which the Debtor seeks Bankruptcy Court approval including, but not limited to, post-petition financing, sale of all or a portion of the Debtor's assets, management compensation and/or retention and severance plans. The firm will be paid at these rates: Partners / Directors $695 to 995 per hour Managers / Senior Managers $355 to 600 per hour Paraprofessionals / Staff $245 to 350 per hour The firm was paid a retainer in the amount of $25,000. In addition, the firm will seek reimbursement for its out-of-pocket expenses. Susannah Prill at Eisner Advisory Group, LLC, 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: Susannah Prill , CPA Eisner Advisory Group, LLC 111 Wood Avenue South Iselin, NJ 08830-2700 Tel: (732) 243-7990 About Out The Gate, Inc. Founded on February 8, 2021, Out The Gate, Inc. is a privately held gaming and entertainment company that offers electronic sports betting services in the United States. It operates licensed sportsbooks in Kentucky, New Jersey, and Ohio, providing wagering platforms under state-regulated gaming frameworks. Out The Gate sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-12023) on November 12, 2025. In its petition, the Debtor reported estimated assets of $1 million to $10 million and estimated liabilities between $50 million and $100 million. Honorable Bankruptcy Judge Karen B Owens handles the case. The Debtor is represented by Marc S. Casarino, Esq., at Kennedys CMK LLP. PAP-R PRODUCTS: Plan Exclusivity Period Extended to March 31 ------------------------------------------------------------ Judge Mary E. Lopinot of the U.S. Bankruptcy Court for the Southern District of Illinois extended Pap-R Products Company's exclusive periods to file a plan of reorganization and obtain acceptance thereof to March 31 and June 1, 2026, respectively. As shared by Troubled Company Reporter, the Debtor explains that its reorganization is proceeding at a pace consistent with the size of the case and the complex and difficult issues confronting Debtor. Debtor's landlord for its Martinsville plant has a contract to sell the property, which is expected to close no later than early January, 2026. The landlord is a related party, and the sale will reduce indebtedness for which Debtor is arguably responsible. In addition, Debtor is working to sell its Colorkraft assets, which would further reduce its expenses and the proceeds of which would reduce secured debt. The Debtor cites that initial efforts to sell the Colorkraft line of business were unsuccessful, and as a result Debtor is seeking court approval of an auction of such assets. Such an auction, if approved by this Court, would be expected to close in January, 2026. These transactions should close before February 28, 2026; each will benefit Debtor's estate and will form the basis for Debtor to file a plan of reorganization. The Debtor asserts that it does require additional time to formulate, finalize and file its chapter 11 plan provided that the transactions described close, although Debtor has made progress in laying the groundwork for a plan of reorganization. Debtor needs additional time to build a consensual plan, which will be the focus of discussions with its secured creditors and other interested parties. These discussions are progressing, but more time and resources will have to be devoted by the parties in furtherance thereof. Pap-R Products Company is represented by: Larry E. Parres, Esq. Lewis Rice LLC 600 Washington Ave., Suite 2500 St. Louis, MO 63101 Telephone: (314) 444-7600 Facsimile: (314) 612-7660 Email: lparres@lewisrice.com About Pap-R Products Company Founded in 1947, PAP-R Products specializes in a wide range of coin and currency wrapping solutions. The Company's product lineup includes flat coin wrappers, automatic coin rolls, currency bands, and specialized wraps for items such as napkins and canceled checks. All products are crafted from high-quality Kraft paper and adhere to ABA standards when applicable. The company also offers custom imprinting services for most products, excluding basic bill bands and storage boxes. Pap-R Products Company sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ill. Case No. 25-60040) on March 3, 2025, listing up to $50 million in both assets and liabilities. The petition was signed by Kenneth Scott Ware as president. Larry E. Parres, Esq., at Lewis Rice LLC, serves as the Debtor's counsel. PLATINUM BEAUTY: Gets Final OK to Use Cash Collateral ----------------------------------------------------- Platinum Beauty Bar and Spa, LLC received final approval from the U.S. Bankruptcy Court for the Middle District of Georgia, Macon Division, to use cash collateral. The court authorized the Debtor to use cash collateral from December 30, 2025, through confirmation of a Chapter 11 plan of reorganization or further court order. As adequate protection, Citizens Bank will receive a replacement lien on the Debtor's post-petition property that is similar to its pre-bankruptcy collateral. The replacement lien does not apply to Chapter 5 avoidance proceeds and is automatically valid and perfected as of the petition date. In addition, the court authorized the Debtor to continue its monthly payments of $13,461, plus escrow payments of $1,885.43. Platinum Beauty Bar and Spa, owned and managed by Rebecca Davis and her husband Don Davis, offers a range of luxury services at its Conyers, Georgia location. The spa business initially struggled due to renovation delays caused by supply chain issues and rising material costs. It finally opened in December 2022 after the owners depleted their savings to complete renovations. However, rising interest rates caused the Debtor's loan payments to double, leading to a default. The Debtor had previously filed Chapter 11 in 2023, confirmed a plan in March 2024, and made all required payments. That plan included interest-only payments and a lump-sum $800,000 payment, which was to come from the sale of the Davises' home. When the real estate market cooled, the home didn't sell as expected, causing a default on the lump sum. Despite efforts to refinance the loan including a near-closing with Carlyle Capital, the deal collapsed due to a zoning issue. Meanwhile, the property was appraised at $1.8 million, while the outstanding loan balance was approximately $1.37 million. The lender has since scheduled a foreclosure for August. To protect the business and property, the Debtor filed a new Chapter 11 case. The final order is available at https://is.gd/Zma1Uv from PacerMonitor.com. About Platinum Beauty Bar and Spa LLC Platinum Beauty Bar and Spa, LLC is a full-service spa in Conyers, Georgia. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Ga. Case No. 23-51222) on September 1, 2023. In the petition signed by Rebecca Davis, sole member, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Austin E. Carter oversees the case. William Rountree, Esq., at Rountree, Leitman, Klein & Geer, LLC, represents the Debtor as legal counsel. Citizens Bank, as lender, is represented by John A. Thomson, Jr., Esq., at Adams and Reese LLP. PRIMALEND CAPITAL: Prime Asset Sued CEO Over Loan Deals ------------------------------------------------------- Alex Wittenberg of Law360 reports that Prime Asset LLC, a lender to car dealerships, has sued PrimaLend Capital Partners and its CEO in Texas bankruptcy court, accusing them of steering Prime into transactions that left it burdened with excessive debt as part of an alleged scheme to artificially boost PrimaLend's own financial results. According to the complaint, Prime Asset alleges that PrimaLend structured and promoted financing arrangements that primarily benefited PrimaLend while exposing Prime to unsustainable leverage. The lawsuit claims the conduct ultimately contributed to Prime Asset’s financial distress and bankruptcy filing. 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. PROPEL TRUCKING: Unsecured Creditors to Split $291K over 60 Months ------------------------------------------------------------------ Propel Trucking, Inc. filed with the U.S. Bankruptcy Court for the Eastern District of Arkansas a Plan of Reorganization for Small Business dated December 31, 2025. The Debtor is an Arkansas business corporation in good standing. It is a going concern engaged in local, intrastate, and interstate trucking from its principal place of business in Russellville, Arkansas. The Plan Proponent's financial projections show that the Debtor will have projected disposable income of approximately $3,000.00 a month. The Debtor shall pay into the plan for 60 months. This Plan of Reorganization proposes to pay creditors of the Debtor from operation of the Debtor's business. Class 14 consists of Unsecured Non-Priority Claims. The claims of this class total approximately $797,000.00. This class will be paid in annual pro rata installments, and no interest will accrue on the claims of this class. Payment to this class will be made on the anniversary date of the effective date of this plan. Payments to Class 14 shall be pro rata. The annual funding for payments to his class of claims is $58,200.00 each year of the plan. The total pool for this class of claims is $291,000.00 and includes the payments for the best interests of creditors test. This class of claims is impaired. The Debtor has one equity security holder, Propel Holdings, Inc. The day-to-day management of the Debtor and its operations is provided by Marc Campbell, who will continue to manage the Debtor's business and shall be paid a salary. During the pendency of the confirmed plan, Propel Holdings shall receive no dividend or capital contribution on account of its equity until all payments under this Plan are made. The Debtor will continue to engage in the trucking business and any other lawful activities. A full-text copy of the Plan of Reorganization dated December 31, 2025 is available at https://urlcurt.com/u?l=FSayYE from PacerMonitor.com at no charge. The Debtor's Counsel: Stanley V. Bond, Esq. BOND LAW OFFICE 525 S. School Ave. Suite 100 Fayetteville, AR 72701 Tel: 479-444-0255 Fax: 479-235-2827 E-mail: attybond@me.com About Propel Trucking Inc. Propel Trucking, Inc., filed its voluntary petition for Chapter 11 protection (Bankr. E.D. Ark. Case No. 25-13396) on Oct. 2, 2025, listing up to $50,000 in assets and between $1 million and $10 million in liabilities. Judge Bianca M. Rucker oversees the case. Stanley V. Bond, Esq., is the Debtor's legal counsel. PSYCARE LLC: Seeks Subchapter V Bankruptcy in Georgia ----------------------------------------------------- On January 5, 2026, PsyCare LLC filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Northern District of Georgia. According to court filings, the debtor reports between $100,001 and $1,000,000 in debt owed to 1 to 49 creditors. About PsyCare LLC PsyCare LLC is a limited liability company. PsyCare LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-10022) on January 5, 2026. In its petition, the debtor reports estimated assets of $1 million to $10 million and estimated liabilities of $100,001 to $1,000,000. PYRAMID HOUSE: Hires Edwin M. Shorty Jr. & Associates as Counsel ---------------------------------------------------------------- Pyramid House LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Louisiana to employ Edwin M. Shorty, Jr. & Associates, A.P.L.C. as counsel. The firm will provide these services: a. provide legal advice with respect to the Debtor's powers and duties as debtor in possession in the continued management and operation of its businesses and properties; b. attend meetings with representatives of the Debtor's creditors and other parties in interest; c. take all necessary action to protect and preserve the estate of the Debtor; d. prepare on behalf of the Debtor motions, applications, answers, orders, reports, and papers necessary to the administration of the Debtor's estates; e. take any necessary action on behalf of the Debtor to obtain confirmation of its plan; f. appear before this Court to protect the interests of the Debtor before this Court; g. perform all other necessary legal services and provide all other necessary legal advice to the Debtor in connection with this chapter 11 case; h. represent the Debtor in connection with obtaining post-petition financing, if any; i. advise the Debtor concerning and assisting in the negotiation and documentation of financing agreements, cash collateral orders and related transactions; j. investigate the nature and validity of liens asserted against the property of the Debtor, and advising the Debtor concerning the enforceability of said liens; k. investigate and advise the Debtor concerning, and taking such action as may be necessary to collect, income and assets in accordance with applicable law, and the recovery of property for the benefit of the estates of the Debtor; l. advise and assist the Debtor in connection with any potential property dispositions; m. advise the Debtor concerning executory contract and unexpired lease assumptions, assignments and rejections and lease restructuring and recharacterizations; n. assist the Debtor in reviewing, estimating and resolving claims asserted against the estate; o. commence and conduct litigation necessary and appropriate to assert rights held by the Debtor, protect assets of the chapter 11 estate or otherwise further the goal of completing the successful reorganization of the Debtor; and p. perform all other legal services for the Debtor which may be necessary and proper in these proceedings. The firm will be paid at these rates: Edwin M. Shorty, Jr. $350 per hour Trendell Shorty $175 per hour Paralegals $85 per hour The firm received a retainer in the amount of $5,000 from the Debtor. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Edwin M. Shorty, Jr, a partner at Edwin M. Shorty, Jr. & Associates, 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: Edwin M. Shorty, Jr., Esq. Edwin M. Shorty, Jr. & Associates, A.P.L.C. 650 Poydras Street, Suite 2515 New Orleans, LA 70130 Tel: (504) 207-1370 About Pyramid House LLC Pyramid House LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. La. Case No. 25-12813) on November 19, 2025, listing between $1 million and $10 million in assets and between $500,001 and $1 million in liabilities. Judge Meredith S. Grabill presides over the case. Edwin M. Shorty, Jr., Esq. represents the Debtor as legal counsel. R.C. CONSTRUCTION: Unsecureds Will Get 20.73% over 5 Years ---------------------------------------------------------- R.C. Construction, LLC, filed with the U.S. Bankruptcy Court for the District of New Jersey a Combined Plan of Reorganization and Disclosure Statement dated January 4, 2026. The Debtor provides primarily residential construction services in New Jersey and, to some extent, in New York (the "Business"). The Debtor regularly engages independent contractors and subcontractors to work on its ongoing projects (collectively, the "Projects"). The Debtor is a limited liability company formed under the laws of the State of New Jersey in May 2014 (NJ Business Entity ID No. 0400662476). The Debtor is operated by its sole member Rui Da Silva Costa who oversees and manages the day-to-day operations of the Debtor and the Business. During the COVID pandemic, the Debtor took a loan with the U.S. Small Business Administration of approximately $140,000.00. The Debtor subsequently entered into several financial agreement including short term merchant cash advances (collectively, the "MCA Debts") primarily to maintain the Business' cash flow. The Debtor attempted to reduce the Business' operational costs however the Debtor fell behind on the MCA Debts. The financial issues and collection actions, including the state court actions above 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 Business and emerge from bankruptcy. Class 2 consists of General Unsecured Claims. The Debtor proposes to make five annual distributions on allowed general unsecured claims, commencing on July 15, 2026, totaling $273,073.00, representing a 20.73% pro rata distribution. The allowed unsecured claims total $1,317,053.09. The total amount of distributions is contingent on the amount of administrative and priority claims, and upon the allowance of disputed general unsecured claims. The Debtor is a limited liability company. Rui Da Silva Costa owns the Debtor's equity and shall retain his interests in the Debtor. The Plan provides for all the Debtor's assets to revest in the Debtor post-confirmation pursuant to Section 1141 of the Bankruptcy Code. The Debtor will implement the Plan by contributing its net disposable income to fund its Plan of Reorganization. On Confirmation of the Plan, all property of the Debtor, tangible and intangible, including, without limitation, licenses, furniture, fixtures and equipment, will revert, free and clear of all Claims and Equitable Interests except as provided in the Plan, to the Debtor. The Debtor expects to have sufficient cash on hand to make the payments required on the Effective Date. A full-text copy of the Combined Plan and Disclosure Statement dated January 4, 2026 is available at https://urlcurt.com/u?l=wprd2r 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 (973) 218-6877 About R.C. Construction LLC R.C. Construction, LLC, provides primarily residential construction services in New Jersey and, to some extent, in New York. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. N.J. Case No. 25-19241) on September 3, 2025. In the petition signed by Rui Da Silva Costa, managing member, the Debtor disclosed up to $50,000 in both assets and liabilities. Judge Stacey L. Meisel oversees the case. Melinda Middlebrooks, Esq., at Middlebrooks Shapiro, P.C., represents the Debtor as legal counsel. REDDEN-WOOD & ASSOCIATES: Hires Johnson Legal as Counsel -------------------------------------------------------- Redden-Wood & Associates, Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of West Virginia to employ Johnson Legal Services, PLLC as counsel. The firm will provide these services: -- assisting the Debtor in navigating the complexities of the Chapter 11 process; -- advising the Debtor on legal rights and obligations; -- preparing and filing necessary documents; -- filing adversary proceedings as necessary to reorganize; -- assisting in the formulation of a plan of reorganization; and -- rendering such other tasks that may be required during the pendency of the Chapter 11 case. The firm will be paid at these rates: Attorney $450 per hour Paraprofessionals $110 per hour The firm received a pre-petition payment of $6,000, including the $1,738 filing fee. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Mr. Johnson 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: Ryan W. Johnson, Esq. Johnson Legal Services, PLLC 1049 Market Street Wheeling, WV 26003 Tel: (304) 212-4950 Email: Johnson.legal.services.pllc@gmail.com About Redden-Wood & Associates, Inc. Redden-Wood & Associates, Inc., filed a Chapter 11 bankruptcy petition (Bankr. N.D.W. Va. Case No. 2:25-bk-00754) on Dec. 30, 2025. The Debtor hires Johnson Legal Services, PLLC as counsel. RENEWAL REALTY: Hires Marcus & Millichap as Real Estate Broker -------------------------------------------------------------- Renewal Realty, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Texas to employ Marcus & Millichap Real Estate Investment Services, Inc. as real estate broker. The firm will market and sell the Debtor's real property, an apartment complex located in Odessa, Texas. The firm will be paid a commission of 6 percent of the purchase price. As 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: Richard Robson Marcus & Millichap Real Estate Investment Services, Inc. 5001 Spring Valley Road Suite 1100 W Dallas, TX 75244 Office: (972) 755-5200 About Renewal Realty, LLC Renewal Realty, LLC in Ladera Ranch, CA, sought relief under Chapter 11 of the Bankruptcy Code filed its voluntary petition for Chapter 11 protection (Bankr. S.D. Tex. Case No. 25-35967) on Oct. 7, 2025, listing as much as $1 million to $10 million in both assets and liabilities. Gregory Walden as president and managing member, signed the petition. Judge Jeffrey P Norman oversees the case. TRAN SINGH, LLP serve as the Debtor's legal counsel. REUP GALAXY: Case Summary & 20 Largest Unsecured Creditors ---------------------------------------------------------- Three affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- ReUp Galaxy Holdings LLC 26-10037 ReUp Living 5900 Balcones Dr Austin, TX 78731-4257 ReUp Technologies Inc. 26-10038 ReUp Living 16192 Coastal Hwy Lewes, DE 19958-3608 ReUp Ops LLC 26-10039 ReUp Living 5900 Balcones Dr. Austin, TX 78731-4257 Business Description: ReUp Galaxy Holdings LLC, ReUp Technologies Inc., and ReUp Ops LLC are U.S.-based companies headquartered in Austin, Texas, operating under the ReUp Living brand in the home renovation and property enhancement sector, providing pre-listing residential renovation services designed to increase home sale value. The entities collectively manage, develop, and deliver ReUp Living services, including technology solutions, operational support, and franchise management across the U.S. market. Chapter 11 Petition Date: January 6, 2026 Court: United States Bankruptcy Court Western District of Texas Judge: Hon. Shad M Robinson Debtors' General Bankruptcy Counsel: David N Stern, Esq. BARRON & NEWBURGER, P.C. 7320 N. MoPac Expressway 400 Austin TX 78731 Tel: (512) 476-9103 x249 Email: dstern@bn-lawyers.com ReUp Galaxy Holdings' Total Assets: $0 ReUp Galaxy Holdings' Total Debts: $6,411,991 ReUp Technologies Inc.'s Total Assets: $108,019 ReUp Technologies Inc.'s Total Debts: $867,621 ReUp Ops LLC's Total Assets: $0 ReUp Ops LLC's Total Debts: $60,011 The petitions were signed by Ryan Sawchuk as president. Full-text copies of the petitions, which include lists of the Debtors' 20 largest unsecured creditors, are available for free on PacerMonitor at: https://www.pacermonitor.com/view/OHNLXIA/ReUp_Galaxy_Holdings_LLC__txwbke-26-10037__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/OQSPFTY/ReUp_Technologies_Inc__txwbke-26-10038__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/HU6O5EA/ReUp_Ops_LLC__txwbke-26-10039__0001.0.pdf?mcid=tGE4TAMA RHODIUM ENCORE: Board, Stakeholders Appeal Bankruptcy Fees ---------------------------------------------------------- Randi Love of Bloomberg Law reports that a board committee at bankrupt Bitcoin miner Rhodium Encore LLC has appealed an order approving $11.6 million in compensation for Lehotsky Keller Cohn LLP, which acted as special litigation counsel in the Chapter 11 case. The appeal was filed Wednesday, January 7, 2026, from a Dec. 24 ruling in the Southern District of Texas, with an ad hoc group of stakeholders known as the SAFE parties joining the challenge. The objectors are targeting fees that include more than $7 million approved in mid-December in connection with court approval of Rhodium’s plan to wind down operations, the report states. About Rhodium Encore Rhodium Encore LLC is a founder-led, Texas based, digital asset technology company utilizing proprietary tech to self-mine bitcoin. The Company creates innovative technologies with the goal of being the most sustainable and cost-efficient producer of bitcoin in the industry. Rhodium Encore sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 24-90448) on Aug. 24, 2024. In the petition filed by Michael Robinson, as co-CRO, Rhodium listed assets between $100 million and $500 million and estimated liabilities between $50 million and $100 million. Bankruptcy Judge Alfredo R. Perez oversees the case. The Debtor tapped QUINN EMANUEL URQUHART & SULLIVAN, LLP, as counsel, and PROVINCE as restructuring advisor. RP CAPITAL: To Sell Long Beach Property to Meaghan Ciotti for $700K ------------------------------------------------------------------- RP Capital Group, LLC, seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York, to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor is a limited liability company formed and existing under the laws of the state of New York. The Debtor has two members: (a) the Parker Hart Limited Partnership, managed by and through Cody Parker, holding a 51% percent interest in the Debtor; and Alan Richartz, Jr., holding a 49% percent interest in the Debtor. At its formation, Richartz was the managing member of the Debtor. By letter, dated June 3, 2024, Richartz was removed as the managing member of the Debtor due to a management failure pursuant to the Debtor's operating agreement and replaced by Parker. Since that time, Parker has managed the day-to-day operations of the Debtor and Richartz has remained out of communication with Parker regarding the Debtor for long stretches of time. The Debtor's Property is located at 48 Oregon Street, Long Beach, New York 11561. The Petition and Schedules reflect that: (a) the Debtor is the sole owner of the Real Property which the Debtor asserts has a fair market value of not less than $700,000; (b) the Real Property is encumbered by a mortgage in favor the PHLP of not less than $690,862.5; and (c) there is a proposed contract of sale between the Debtor and Meaghan Ciotti to purchase the Real Property for $700,000. Upon information and belief, and based on the title report ordered in connection with the Contract, no other liens, claims or encumbrances exist against the Real Property. In 2012, the Real Property was heavily damaged by Superstorm Sandy and since that time has remained in major disrepair. By stipulation of settlement, entered April 29, 2025, Debtor and Proposed Purchaser settled the Holdover Action by entering into the Contract for the Real Property. Thereafter, Proposed Purchaser: (a) added a co-purchaser, Eileen Ciotti, and (b) ordered a title search related to the Real Property. At that time, RAM Abstract Ltd. indicated that it would not insure title to the Real Property without the authority Richartz, notwithstanding his removal as managing member. Since the Contract was executed, Richartz has remained unresponsive to requests from PHLP and the Debtor regarding the Contract and sale of the Real Property, and, as such, the Debtor has been unable to close under the terms of the Contract. Debtor is concerned that if a closing does not happen in the immediate future, the Proposed Purchaser will lose her mortgage commitment and terminate the Contract. A sale of the Real Property under the terms of the Contract will satisfy any and all liens, claims or encumbrances against the Real Property, and create a surplus for the Debtor's estate. The Contract was entered into by the Debtor and the Proposed Purchaser in good faith as a result of an arm's length negotiation. The Debtor does not anticipate any creditors or interest holders to object to the proposed sale. The Sale reflects the Fair Market Value of the Real Property and avoids a potential foreclosure sale of the Real Property which would almost certainly result in a purchase price of substantially less than the Fair Market Value. The Proposed Purchase does not include brokers or brokers’ fees, increasing the amount available to the Debtor's estate. About RP Capital Group, LLC RP Capital Group LLC, classified as a Single Asset Real Estate entity under 11 U.S.C. Section 101(51B), owns a single-family home in Long Beach, New York, with an estimated value of $700,000. RP Capital Group sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 8-25-74769-ast) on December 11, 2025. At the time of the filing, the Debtor reported estimated assets of between $500,001 and $1 million and liabilities of between $1,000,001 and $10 million. Honorable Judge Alan S. Trust oversees the case. Macco & Corey, P.C. serves as the Debtor's legal counsel. SAI BHOLE-NATH: Hires HMP Advisory Holdings as Financial Advisor ---------------------------------------------------------------- SAI Bhole-Nath Hotels, Inc. and affiliates seek approval from the U.S. Bankruptcy Court for the Northern District of Texas to employ HMP Advisory Holdings, LLC d/b/a Harney Partners as financial advisor. The firm will provide financial advisory services to the Debtors. The firm received from the Debtor a retainer of $20,000. As 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: Jamie Chronister HMP Advisory Holdings, LLC d/b/a Harney Partners 2625 Cole Avenue, Suite 300 Dallas, TX 75204 Tel: (214) 501-0468 About SAI Bhole-Nath Hotels, Inc. Sai Bhole-Nath Hotels, Inc., a Georgia corporation founded in 2015 by Chetan "Chaz" Patel and Bhartiben "Bharti" Patel, operates the Baymont by Wyndham Lubbock - Downtown Civic Center in Lubbock, Texas. The 138-room limited-service hotel features an outdoor pool, business center, and parking, and was acquired in 2019 for approximately $4.8 million. Sai Krupa Hospitality, LLC, a Texas limited liability company formed in 2020 with Chetan Patel as manager, owns the La Quinta Inn by Wyndham and Conference Center San Angelo. The 173-room limited-service hotel, located near Angelo State University, includes a pool, meeting facilities, and daily breakfast, and was purchased in 2021 for approximately $4.8 million. Sai Krupa Hospitality, LLC and Sai Shyam Hotels, LLC, a Texas limited liability company formed in 2021 with Chetan Patel as manager, operates the Motel 6 San Angelo Texas. The 98-room limited-service hotel offers an outdoor pool, Wi-Fi, and guest laundry, and was acquired in 2021 for approximately $2.8 million. The Debtors sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Lead Case 25-50333) on December 1, 2025. At the time of the filing, Sai Bhole-Nath Hotels disclosed $4,301,544 in total assets and $2,999,222 in total liabilities. Ferguson Braswell Fraser Kubasta, PC represents the Debtor as legal counsel. SAKS GLOBAL: Creditors Alarmed by CEO Call as Trouble Deepened -------------------------------------------------------------- Jeannette Neumann, Reshmi Basu, and Eliza Ronalds-Hannon of Bloomberg News report that creditors of Saks Global Enterprises said they were taken aback during a recent call with executive chairman Richard Baker, who offered little in the way of actionable plans to address the retailer's financial troubles. According to people familiar with the call, Baker at points seemed to appeal to the lenders for suggestions on navigating the crisis rather than providing a roadmap. The approach did not reassure participants, who were already deeply concerned about the company's prospects and the potential for bankruptcy. 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. SAKS GLOBAL: S&P Downgrades ICR to 'SD' on Missed Interest Payment ------------------------------------------------------------------ S&P Global Ratings lowered its issuer credit rating on U.S.-based specialty retailer Saks Global Enterprises LLC to 'SD' (selective default) from 'CCC'. S&P expects to reassess our rating once Saks Global resolves its default. The downgrade reflects Saks Global's missed interest payment due Dec. 30, 2025. The default follows sustained weak operating performance due to ongoing liquidity deterioration and significant inventory challenges in the last three years. Overdue payments resulted in vendors withholding inventory, disrupting Saks Global's supply chain and leaving it with insufficient in-stock inventory to operate successfully. This led to a pronounced decline of 13% in pro forma revenue in the second quarter of 2025, significant margin pressures from sales deleverage, and a reported free operating cash flow (FOCF) deficit of $410 million on a year-to-date basis. S&P does not believe the company will make the payment within its 30-day grace period given its ongoing liquidity issues. Saks Global secured about $600 million in new funding from lenders during its latest debt restructuring concluded in August 2025, but it was insufficient to fully reestablish its inventory flow and achieve a meaningful operational turnaround. Its inability to monetize assets in a timely manner have exacerbated liquidity issues. In S&P's view, operational challenges, an FOCF deficit, and unsustainable capital structure have prevented Saks Global from fully realizing synergies from the acquisition of NMG Parent LLC (Neiman Marcus) completed in December 2024. S&P will reassess its rating on the company once Saks Global addresses the default and it has more information on its liquidity position. SHAW SERVICES: Unsecured Creditors to Split $70K over 5 Years ------------------------------------------------------------- Shaw Services LLC filed with the U.S. Bankruptcy Court for the Northern District of Mississippi an Amended Subchapter V Plan of Reorganization dated January 2, 2026. The Debtor is in the business of sub contractor on commercial construction jobs, general contracting, heavy concrete and site construction, utilities and grading. West Properties, LLC is owned by Kathy W. Clanton, wife to Bobby W. Clanton, President of Shaw Services, LLC. The Debtor owns a piece of property located at 163 E Van Doren Avenue in Holly Springs, MS that it is trying to rent out or may sell. Prior to the Debtor filing its Chapter 11, World Business Lenders, LLC initiated foreclosure proceedings on approximately 3 acres and the commercial building which is occupied by the Debtor, Shaw Services, LLC and owned by West Properties, LLC, which has also filed a voluntary petition for reorganization pursuant to Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the Northern District of Mississippi (the "Court") on April 24, 2025 as a Subchapter V Debtor. The Debtor currently has twelve contracts with Walmart to handle various projects. At least some of these projects are set to start in January. The Debtor has a large job starting in January in the Oxford area. In addition, the Debtor is seeking potential purchase for 163 Van Born Avenue property in Holly Bluff. It is estimated that after paying of Trustmark the Debtor will have approximately $100,000.00 to fund its plan. Class 7 consists of General Unsecured Claims. General, Unsecured Creditors will receive the Debtor's projected disposable income over the five-year life of the Plan. However, the Debtor must retain sufficient projected disposable income at the end of each Plan year so it can continue in operation. According to the Debtors projection the Debtor should have approximately $70,000.00 in disposable income to disburse pro rata to the unsecureds. These payments will begin one year from the effective date and continue for five years. Class 8 consists of Equity Security Holder. Equity Security Holders will receive nothing under this Amended Plan. They will retain their ownership. The Debtor believes that the Debtor will have enough cash on hand on the Effective Date of the Amended Plan to pay all the claims and expenses that are entitled to be paid on that date. A full-text copy of the Amended Plan dated January 2, 2026 is available at https://urlcurt.com/u?l=UQoxP5 from PacerMonitor.com at no charge. Shaw Services LLC is represented by: J. Walter Newman IV, Esq. Newman & Newman 601 Renaissance Way, Suite A Telephone: (601) 948-0586 Email: wnewman95@msn.com About Shaw Services Shaw Services LLC is a family-owned commercial construction company specializing in concrete and site work across Mississippi, Alabama, and Tennessee. Founded in 1997, the firm is licensed and bonded, and also offers pressure washing and roof coating services. Shaw Services LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Miss. Case No. 25-11621) on May 22, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. The Debtor is represented by J. Walter Newman, IV, Esq., at Newman & Newman. SIX FLAGS: Moody's Rates New Unsec. Notes Due 2032 'Caa1' --------------------------------------------------------- Moody's Ratings assigned a Caa1 rating to Six Flags Entertainment Corporation's (Six Flags) proposed senior unsecured notes due 2032. The company's other ratings, including the B2 corporate family rating, remain unchanged. The Ba3 senior secured notes' rating at the company's indirect subsidiary's Six Flags Theme Parks Inc. also remains unchanged. The outlooks for Six Flags and Six Flags Theme Parks Inc. remain stable. Six Flags plans to use the net proceeds from this offering, together with cash on hand, to redeem the $500 million 5.5% senior unsecured notes and $500 million 5.375% senior unsecured notes both due April 2027, to pay accrued and unpaid interest on the 2027 notes as well as fees and expenses in connection with this refinancing. Moody's views the proposed refinancing as a credit positive because it would extend debt maturities on a leverage-neutral basis with a modest increase in interest expense. RATINGS RATIONALE Six Flags' B2 CFR reflects its high leverage, seasonal operations that are exposed to exogenous events, including weather, geopolitics, regional economic downturns and accidents, the need for timely and consistent capital investment and sensitivity to macroeconomic trends impacting discretionary consumer spending. Six Flags competes for discretionary consumer spending with an increasingly wide variety of other leisure and entertainment activities though there is a noticeable trend among younger generations preferring experiences over material goods. The company's credit profile benefits from its scale as the largest regional amusement park operator in North America, diversified portfolio of entertainment properties with high barriers to entry and significant amounts of owned land and properties which provide the opportunity for future expansion or sources of liquidity if needed. Moody's views Six Flags' liquidity as adequate (SGL-3), supported by $71 million of cash and cash equivalents on the balance sheet as of the end of third quarter 2025 and $692 million of availability on the $850 million senior secured revolving credit facility (net of $112 million outstanding balance and $46 million in letter of credit). The revolver, which matures in 2029, is governed by a maximum first lien net leverage ratio of 5x with step downs to 4.75x by the end of 2026, and 4.5x by the end of 2027. Moody's expects the company to remain in compliance with revolver covenant requirements. The senior secured term loan B is covenant lite. Proforma for the proposed refinancing, Six Flags' next significant cash obligation is in January 2027, when a payment of approximately $355 million is due for the buyout of the Six Flags Over Georgia (SFOG) and White Water Atlanta limited partnership interests that the company currently does not own. Six Flags also has financial obligations under its partnership park arrangements related to SFOG and Six Flags Over Texas (SFOT) as the company is required to make annual distributions to partnership park investors. Earlier this week, Six Flags announced [1] that it would not exercise its contractual call option to acquire the remaining non-controlling partner interests in SFOT. Under the terms of the agreement, Six Flags was required to notify the partnership no later than December 31, 2025, regarding its intent to exercise the option, which would have resulted in a payment due in January 2028. The SFOT partnership agreement remains in effect through 2028 and enables Six Flags' partners to put some or all of their remaining interests to Six Flags during the annual put window in April 2026 and April 2027. Six Flags reports the value of SFOT redeemable non-controlling interest at $247 million on its balance sheet as of Q3 2025. Should the SFOT partners exercise their put option, Six Flags will be obligated to pay the partners in full through May 15 of that year. Moody's believes Six Flags has sufficient availability on its revolver to meet this cash requirement, if required. Moody's continues to view the SFOT redeemable non-controlling interest as a debt-like obligation. When calculating adjusted debt, Moody's include SFOT redeemable non-controlling interest and SFOG call option liability (together roughly $563 million as per balance sheet) in addition to $214 million in operating lease adjustments to the reported debt. Given the company's intent to divest non-performing parks that it considers non-core, there is limited visibility into its 2026 EBITDA and cash flow. On an organic basis, Moody's expects the pace of revenue declines to abate in 2026 to a low single digit percent rate from an approximate 7%-8% decline in 2025, and cash flow to improve helped in part by an anticipated 20% reduction in capex (or about $100 million) and cost reduction. Six Flags' management anticipates it is on track to achieve $180 million in merger cost synergies by the end of 2026, with a portion of that already realized, which should support EBITDA recovery in 2026. If completed as planned, asset sales proceeds will support liquidity but the timing is uncertain. The Caa1 rating on the proposed and existing senior unsecured notes reflects the instruments' junior position in the debt structure and Moody's assumptions that in a hypothetical default scenario the revolver will be 75% drawn. The Ba3 rating on the senior secured bank credit facilities at Six Flags and senior secured notes at Six Flags Theme Parks Inc. reflects the first priority lien on the assets of substantially all wholly owned domestic subsidiaries and the loss absorption cushion provided by the senior unsecured notes. The debt of the former issuers is cross guaranteed, making all the debt pari passu within each priority of claim and supported by all the same assets and operations. The stable outlook reflects Moody's expectations that Six Flags will maintain at least adequate liquidity over the next 12-18 months, will reduce costs and grow free cash flow. It also assumes that the company will successfully complete the proposed refinancing of the 2027 debt maturities. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING A downgrade could result if liquidity deteriorates, operating performance fails to improve such that Debt/EBITDA is expected to remain above 6.5x on a Moody's adjusted basis or FCF/Debt remains in the low- single digit percent range or below. The ratings could be upgraded if Six Flags returns to organic revenue and EBITDA growth and if Moody's expects Moody's adjusted Debt/EBITDA to be sustained below 5.5x and FCF/Debt to be sustained in the mid- to high- single digit percent rate, with good liquidity. The upgrade will require that Six Flags refinances 2027 senior unsecured notes well in advance of their maturity and addresses funding requirements for the committed partnership buyout liabilities. Six Flags Entertainment Corporation, with its headquarters in Charlotte, NC, owns and operates amusement parks, water parks, and hotels in the US, Canada, and Mexico. Following the merger of Six Flags and Cedar Fair on July 01, 2024, the company operates 41 North American theme and waterparks. The park portfolio features 30 locations, including properties in top demographic metro areas and three consolidated partnership parks - Six Flags over Texas (SFOT), Six Flags over Georgia (SFOG), and White-Water Atlanta. As of September 28, 2025, Six Flaghs owned approximately 32.1% and 55.4% of the Georgia limited partner interests and Texas limited partner interests, respectively. In addition, the company has international licensing and management agreements and operates one amusement park in Saudi Arabia. Net revenue on a combined basis, including full consolidation of the partnership parks, was approximately $3.14 billion as of LTM September 2025. The principal methodology used in this rating was Business and Consumer Services published in November 2021. SMART INVESTMENT: Hires Blake P. Fine as Professional Appraiser --------------------------------------------------------------- Smart Investment Holdings LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to hire Blake P. Fine as professional appraiser. The firm will render these services: a) give advice to the debtor with respect to its real estate financial condition and duties as a debtor-in-possession; b) advise the debtor with respect to present value, market opportunities and market conditions of the Debtor's real property; c) prepare an appraisal of the Debtor's real property; and d) assist counsel in protecting the interests of the Debtor. Mr. Fine charges $500 per hour for his services. The firm can be reached through: Blake P. Fine, MAI 3344 Peachtree Road Ne Atlanta, GA 30326 Phone: (404) 759-6868 Email: blake.fine@jll.com About Smart Investment Holdings LLC Smart Investment Holdings, LLC, a Miami-based limited liability company, filed Chapter 11 petition (Bankr. S.D. Fla. Case No. 25-21777) on October 6, 2025. In its petition, the Debtor reported estimated assets up to $50,000 and estimated liabilities between $1 million and $10 million. The Debtor is represented by David W. Langley, Esq. SMART INVESTMENT: Seeks to Hire David W. Langley as Legal Counsel ----------------------------------------------------------------- Smart Investment Holdings LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to hire David W. Langley, Attorney At Law, as its legal counsel. The firm will provide these services: a. give advice to the Debtor with respect to its powers and duties and the continued management of its business operations; b. advise the Debtor with respect to its responsibilities in complying with the U.S. Trustee's Operating Guidelines and Reporting Requirements and with the Rules of Court; c. prepare motions, pleadings, orders, applications, adversary proceedings, and other legal documents necessary in the administration of the Debtor's Chapter 11 case; d. protect the interest of the Debtor in all matters pending before the court; and e. represent the Debtor in negotiation with its creditors in the preparation of a Chapter 11 plan. The firm will be paid based upon its normal and usual hourly billing rates. It will also be reimbursed for reasonable out-of-pocket expenses incurred. David Langley, Esq., assured the court that his firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: David W. Langley, Esq. 8551 W. Sunrise Boulevard, Suite 303 Plantation, FL 33322 Tel: (954) 356-0450 Fax: (954) 356-0451 Email: dave@flalawyer.com About Smart Investment Holdings LLC Smart Investment Holdings, LLC, a Miami-based limited liability company, filed Chapter 11 petition (Bankr. S.D. Fla. Case No. 25-21777) on October 6, 2025. In its petition, the Debtor reported estimated assets up to $50,000 and estimated liabilities between $1 million and $10 million. The Debtor is represented by David W. Langley, Esq. SMART INVESTMENT: Unsecureds Will Get 10% of Claims over 36 Months ------------------------------------------------------------------ Smart Investment Holdings, LLC, filed with the U.S. Bankruptcy Court for the Southern District of Florida a Plan of Reorganization dated January 2, 2026. The Debtor is a Florida limited liability company formed on October 23, 2023. Since that time the Debtor has operated the Buckhead Estates Mobile Home Park, Bainbridge, Decatur County, in the State of Georgia. The Debtor owns and operates a mobile-home community, including the rental of mobile home lot, POH rentals, limited home sales, utility reimbursements, and ongoing maintenance. The Debtor's principal place of business is 851 NE 1st Ave, Miami, FL 33132. This Chapter 11 proceeding was filed to prevent a non-judicial sale of the Debtor's property and business and to stabilize operations and propose a Chapter 11 Plan so as to allow payment in full of secured claims with a distribution to unsecured creditors of the Debtor. This Plan of Reorganization proposes to pay creditors of the Debtor from the cash flow from operations with final payment to the secured creditor from the refinance or sale of the Debtor's real Property (the Property). This Plan provides for one class of secured claims, one class of priority claims and one class of unsecured claims. Unsecured creditors holding allowed claims will receive distributions, which the proponent of this Plan has valued at approximately ten cents on the dollar. This Plan also provides for the payment of administrative claims in full. Class 3 consists of General Unsecured Creditors. The Debtor owes unsecured creditors $113,321.40 and shall pay $314.78 per month for 36 months beginning on the effective date of this Plan, or the date on which such claim is allowed by a final non-appealable order which payments shall be distributed by the Debtor pro-rata to all approved unsecured claims resulting in a distribution of approximately 10%. This Class is impaired. The Holders of equity interests shall retain their existing interest in the Debtor. The Debtor contends that this Plan is feasible as the current rental income from the Property plus retained past rental funds will allow the Debtor to complete this Plan. A full-text copy of the Plan of Reorganization dated January 2, 2026 is available at https://urlcurt.com/u?l=6raLTr from PacerMonitor.com at no charge. Counsel to the Debtor: David W. Langley, Esq. 8551 W. Sunrise Blvd. Suite 303 Plantation, FL 33322 Telephone: 954-356-0450 Facsimile: 954-356-0451 E-mail: dave@flalawyer.com About Smart Investment Holdings Smart Investment Holdings, LLC, a Miami-based limited liability company, filed a Chapter 11 petition (Bankr. S.D. Fla. Case No. 25-21777) on Oct. 6, 2025. In its petition, the Debtor reported estimated assets up to $50,000 and estimated liabilities between $1 million and $10 million. The Debtor is represented by David W. Langley, Esq. SMILES AROUND: Seeks to Hire Estelle Miller as Accountant --------------------------------------------------------- Smiles Around Us II Inc., doing business as Smiles Around Us Academy, seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to employ Estelle Miller, a certified public accountant practicing in Bellmore, New York. Ms. Miller will provide these services: (a) gather and verify all pertinent information required to compile and prepare monthly operating reports; (b) prepare, review, and file monthly operating reports for the Debtor during the course of the bankruptcy case. Ms. Miller will bill at a rate of $300 per report. The Debtor has paid an initial retainer of $3,000 from Omni Build Inc, one of the Debtor's shareholders. Ms. Miller disclosed in a court filing that she is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The accountant can be reached at: Estelle Miller Certified Public Accountant 1620 Ocean Ave Suite 1A Brooklyn, NY 11230 Telephone: (347) 570-7002 E-mail: estellemillercpa@gmail.com About Smiles Around Us II Inc. Smiles Around Us II Inc., doing business as Smiles Around Us Academy, operates an early childhood education center in Staten Island, New York. The school offers 3K and Universal Pre-K (UPK) programs focused on social, emotional, linguistic, cognitive, and physical development through play-based and learner-centered instruction. It emphasizes individualized growth, family engagement, and collaborative learning environments to prepare children for continued academic success. Smiles Around Us II Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-45097) on October 22, 2025. In its petition, the Debtor reports total assets of $139,646 and total liabilities of $1,290,765. Honorable Bankruptcy Judge Elizabeth S. Stong handles the case. The Debtor is represented by the Law Offices of Alla Kachan, PC. STRATHCONA RESOURCES: Moody's Withdraws B1 CFR on Debt Repayment ---------------------------------------------------------------- Moody's Ratings withdrew Strathcona Resources Ltd.'s (Strathcona) B1 corporate family rating, B1-PD probability of default rating, B3 senior unsecured notes rating and SGL-3 speculative grade liquidity rating (SGL). Prior to the withdrawal, the outlook was stable. The rating action follows Strathcona's redemption of its US$500 million senior unsecured notes. RATINGS RATIONALE Moody's have withdrawn the ratings as a result of the repayment of the rated debt. Strathcona is a publicly-listed Alberta based oil and gas producer with producing assets located across Western Canada. The company operates across three core areas: Lloydminster, Lloydminster Conventional and Cold Lake. SUMMIT PROPERTIES: Moody's Withdraws 'Ba1' Corporate Family Rating ------------------------------------------------------------------ Moody's Ratings has withdrawn all ratings for Summit Properties Limited at issuer's request, including its Ba1 long term corporate family rating. At the time of the 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). COMPANY PROFILE Summit Properties Limited (Summit) is a private commercial real estate company, with a portfolio of around EUR1.6 billion as of June 2025, focused on US and German commercial and multifamily real estate. TASTE OF BELGIUM: Seeks Chapter 11 Bankruptcy in Ohio ----------------------------------------------------- Jeff Montgomery of Law360 reports that late Tuesday, January 6, 2026, Taste of Belgium Rookwood LLC sought protection under a streamlined Chapter 11 in an Ohio bankruptcy court, reporting approximately $156,000 in assets against $3 million in liabilities. The filing comes as the company works to shore up its three remaining sites. The bankruptcy allows the restaurant operator to continue operating while pursuing a lean restructuring process. Taste of Belgium Rookwood is using Chapter 11 to manage its obligations and stabilize its business. About Taste of Belgium Rookwood LLC Taste of Belgium Rookwood LLC is an Ohio-based restaurant operator affiliated with the Taste of Belgium dining brand. The company runs full-service restaurant locations offering Belgian-inspired cuisine, including waffles, brunch dishes, and specialty beverages. Taste of Belgium Rookwood LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ohio Case No. 26-10012) on January 6, 2026. In its petition, the Debtor reports estimated assets between $100,000 and $500,000 and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Beth A. Buchanan handles the case. The Debtor is represented by Eric W. Goering, Esq. TEKNATOOL USA: Gets Final OK to Use Cash Collateral --------------------------------------------------- Teknatool USA, Inc. received final approval from the U.S. Bankruptcy Court for the Middle District of Florida, Tampa Division, to use cash collateral. The final order signed by Judge Catherine Peek McEwen 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% percent for each line item; and additional amounts subject to approval by secured creditor, Pathward, National Association. As protection for the use of its cash collateral, Pathward and other secured creditors will be granted a post-petition lien on their collateral, with the same validity, priority and extent as their pre-bankruptcy lien. The final order is available at https://is.gd/qCBPmX from PacerMonitor.com. As of the petition date, Teknatool USA owed $3.5 million to Pathward on the SBA 7a loan. About Teknatool USA Inc. Teknatool USA Inc., a company in Seminole, Fla., offers a wide array of woodturning tools and accessories, including lathes and chucks, catering to both hobbyists and professionals in the woodworking community. Teknatool USA filed Chapter 11 petition (Bankr. M.D. Fla. Case No. 25-01248) on March 1, 2025. In its petition, the Debtor reported between $1 million and $10 million in both assets and liabilities. Judge Catherine Peek McEwen handles the case. Joel Aresty, Esq., at Joel M. Aresty, PA is the Debtor's legal counsel. Pathward N.A., as secured creditor, is represented by: James J. Webb, Esq. Mitrani, Rynor, Adamsky & Toland, P.A. 301 Arthur Godfrey Road, PH Miami Beach, FL 33140 Tel: (305) 358-0500 Fax: (305) 358-0550 jwebb@mitrani.com TESTAMATTA LLC: Voluntary Chapter 11 Case Summary ------------------------------------------------- Debtor: Testamatta, LLC 1000 Savage Court Suite 200 Longwood FL 32750 Chapter 11 Petition Date: January 6, 2026 Court: United States Bankruptcy Court Middle District of Florida Case No.: 26-00067 Judge: Hon. Grace E Robson Debtor's Counsel: Kenneth D. Herron, Jr., Esq. HERRON HILL LAW GROUP, PLLC P.O. Box 2127 Orlando FL 32802 Tel: 407-648-0058 Email: chip@herronhilllaw.com Estimated Assets: $0 to $50,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Antonio S. Lomoriello as manager. 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/D4Z34KQ/Testamatta_LLC__flmbke-26-00067__0001.0.pdf?mcid=tGE4TAMA THRILL INTERMEDIATE: Gets OK to Hire Force Ten Partners as Advisor ------------------------------------------------------------------ Thrill Intermediate LLC and its affiliates received approval from the U.S. Bankruptcy Court for the District of Nevada to employ Force Ten Partners, LLC as restructuring advisor. The firm will provide Jeremy Rosenthal as chief restructuring officer (CRO) and certain additional personnel to the Debtors. The CRO and additional personnel will provide these services: (a) prepare 13-week cash flow and variance reports; (b) support the modeling of various restructuring scenarios and long-term forecasts for the Debtors; (c) assist in negotiations with the Debtors' creditors and their efforts to manage assets and liabilities; (d) manage the restructuring affairs of the Debtors and provide periodic reports to the Board; (e) assist the Debtors and their professionals with executing their restructuring efforts; (f) evaluate and develop restructuring plans and other strategic alternatives for maximizing the value of the Debtors and their assets; (g) assist in connection with motions, responses, or other court activity as directed by legal counsel; and (h) prepare and offer declarations, reports, depositions, and testimony. The firm will be paid at these hourly rates: Partners $890 - $1,000 Managing Directors $595 - $795 Directors $425 - $580 Analysts $340 - $400 In addition, the firm will seek reimbursement for expenses incurred. Prior to the petition date, the firm received a retainer in the amount of $495,103.84 from the Debtors. Mr. Rosenthal 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: Jeremy Rosenthal Force Ten Partners, LLC 5271 California Suite 270 Irvine, CA 92617 Telephone: (949) 357-2360 A copy of the Court's Order dated December 31, 2025, is available at https://urlcurt.com/u?l=ucvb1f from PacerMonitor.com. About Thrill Intermediate LLC Thrill Intermediate, LLC, a Las Vegas-based holding company, through its direct and indirect wholly owned subsidiaries, creates and produces television content and has at times produced live entertainment events, most notably the MTV show Ridiculousness, a 30-minute studio clip show where host Rob Dyrdek and co-hosts comment on viral videos featuring stunts, mishaps, and everyday chaos, which constitutes roughly half of MTV's programming. The Company also manages subsidiaries involved in media production, digital marketing, event management, and intellectual property. Thrill Intermediate sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Nev. Case No. 25-15714) on September 28, 2025. In its petition, the Debtor reports estimated assets between $50 million and $100 million and estimated liabilities between $100 million and $500 million. Honorable Bankruptcy Judge Mike K. Nakagawa handles the case. The Debtor tapped Gregory E. Garman, Esq., at Garman Turner Gordon, LLP as counsel and Stretto, Inc. as claims, noticing, and solicitation agent. TLC MEDICAL: Court Extends Cash Collateral Access to March 24 ------------------------------------------------------------- TLC Medical Group, Inc. received another extension from the U.S. Bankruptcy Court for the Southern District of Florida, West Palm Beach Division, to use cash collateral. The court issued its 10th interim order authorizing the Debtor to use cash collateral from December 31, 2025, to March 24, 2026, solely to pay expenses set forth in the approved budget, as revised to include fees owed to the Office of the U.S. Trustee. The Debtor projects total operational expenses of 611,831.03 for the period from January to March. As adequate protection against any diminution in the value of their collateral, secured creditors will be granted replacement liens to the same extent, validity, perfection, and priority as their pre-bankruptcy liens, subject only to statutory U.S. Trustee fees and Clerk's filing fees. These replacement liens do not apply to proceeds from causes of action under Bankruptcy Code Sections 542 through 553. All parties reserve their rights to challenge liens, transactions, or cash collateral use. The authorization to use cash collateral remains subject to further court order, with a continued hearing scheduled for March 24. TLC Medical Group has several secured creditors with blanket liens on its assets: U.S. Small Business Administration (SBA), $366,752; SouthState Bank, $49,733.73; Kapitus LLC, $139,500; Banker's Health Care Group Association, $326,668; LG Funding LLC, $48,950 and QFS Capital LLC, $183,239. About TLC Medical Group Inc. TLC Medical Group, Inc. provides diagnosis and treatment of heart and circulatory disorders. It is based in Port St. Lucie, Fla. TLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 24-21588) on November 4, 2024, with total assets of $1,905,679 and total liabilities of $2,093,600. Anthony Lewis, president of TLC, signed the petition. Judge Mindy A. Mora handles the case. Susan D. Lasky, Esq., serves as the Debtor's legal counsel. Sandra Zervoudakis, M.S., LMHC, CAP is the patient care ombudsman appointed in the Debtor's case. TRB SUPPLY: Unsecureds to Get $1K per Month for 60 Months --------------------------------------------------------- TRB Supply Inc. filed with the U.S. Bankruptcy Court for the Northern District of Alabama a Subchapter V Plan of Reorganization dated January 2, 2026. The Debtor is an Alabama corporation which was formed in 1992 by Ray Banks. The Debtor's principal business office is located at 1223 County Road 50, Collinsville, Alabama 35961. The Debtor primarily does structural steel fabrication and manufacturing. For over 30 years, TRB Supply expanded from a small family business into a key player in the steel industry. TRB Supply has consistently fulfilled the market's need for steel fabrication services and has routinely and repeatedly driven construction with its steel and commercial construction experience. The Debtor has historically performed well financially, with its 2023 revenue achieving a gross profit of over $3.24 million. However, the Debtor's operations have over-relied on invoice-factoring and focused on short-term profitability instead of long-term growth. This combined with unfortunate macro-economic factors as well as the rising costs of raw materials have resulted in TRB Supply being unable to meet its financial obligations. This delinquency caused a dispute in payment and timing between TRB and one of its vendors which lead to a lawsuit being filed against TRB styled Commercial Collections Consultants, Inc, as assignee of Infra-Matals vs. TRB Supply Inc. et. al. Case No. 25-900159 pending in the Circuit Court for DeKalb County, Alabama. Ultimately, it was a combination of these factors that caused the Debtor to file for relief under Chapter 11 in order to preserve the "going concern" value of the company. Non-Priority Unsecured Claims are impaired. The total amount of unsecured claims is approximately $1,806,329.35. Holders of general unsecured claims without priority which are Allowed Claims as determined on or before confirmation of the Plan shall be paid on a Pro-rata distribution, from the Debtor's projected net income as required pursuant to Section 1191 of the Bankruptcy Code during the 5-year period beginning on the Effective Date of the Plan. Based upon the Debtor's current income and expenses including repayment of debt, it will pay allowed unsecured claim holders a pro-rata amount of $1,000.00 per month commencing on or before the 60th day from the Effective Date of the Plan for a period of 60 consecutive months. The Debtor submits all of its future net income, to the extent necessary to consummate this Chapter 11, Subchapter V plan by paying priority, secured and unsecured claims pursuant to the terms set out herein. The Debtor specifically reserves all future income necessary for its business operating expenses and for direct, long-term payment of allowed secured claims. A full-text copy of the Plan of Reorganization dated January 2, 2026 is available at https://urlcurt.com/u?l=AP9o80 from PacerMonitor.com at no charge. Counsel to the Debtor: Kevin D. Heard, Esq. Angela S. Ary, Esq. HEARD, ARY & DAURO, LLC 303 Williams Avenue, Suite 921 Huntsville, AL 35801 Phone: (256) 535-0817 Email: kheard@heardlaw.com aary@heardlaw.com About TRB Supply Inc. Based in Collinsville, Alabama, TRB Supply, Inc. provides structural steel fabrication and produces various steel products in the metal fabrication and manufacturing industry. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ala. Case No. 25-41170) on September 3, 2025, listing $795,624 in assets and $3,218,089 in liabilities. Judge James J. Robinson oversees the case. Kevin D. Heard, Esq., at Heard, Ary & Dauro, LLC, represents the Debtor as legal counsel. TRICOLOR AUTO: Court Orders Former CEO to Face Creditor Questions ----------------------------------------------------------------- Rick Archer of Law360 reports that the former CEO of bankrupt subprime car loan lender Tricolor Holdings must appear at a creditor meeting, a Texas bankruptcy judge ruled Wednesday, January 7, 2026, brushing aside claims that participation would compromise his defense in a fraud trial. The decision ensures creditors can proceed with questioning tied to the bankruptcy case. The judge emphasized that constitutional protections remain available but do not eliminate the obligation to attend. Tricolor continues its bankruptcy proceedings as creditors pursue answers regarding the company’s financial collapse. About Tricolor Auto Acceptance Tricolor Auto Acceptance is an Irving, Texas-based subprime auto lender. Tricolor Auto Acceptance, together with its parent Tricolor Auto Group and other affilites sought relief under Chapter 7 of the U.S. Bankruptcy Code(Bankr. N.D. Tex. Case No. 25-33497) on September 10, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 billion and $10 billion each. The Debtor is represented by Thomas Robert Califano, Esq. at Sidley Austin LLP. TRINSEO MATERIALS: Calamos Marks $722,367 Loan at 81% Off --------------------------------------------------------- Calamos Convertible Opportunities and Income Fund has marked its $722,367 loan extended to Trinseo Materials Operating SCA to market at $136,722 or 19% of the outstanding amount, according to Calamos' Form N-CSRS for the semi-annual period ended October 31, 2025, filed with the U.S. Securities and Exchange Commission. Calamos is a participant in a 2021 Term Loan B Loan to Trinseo Materials Operating SCA. The loan accrues interest at a rate of 6.961% per annum. The loan matures on May 3, 2028. Calamos Convertible Opportunities and Income Fund, Calamos Convertible and High Income Fund, Calamos Strategic Total Return Fund, Calamos Dynamic Convertible and Income Fund, Calamos Global Dynamic Income Fund, Calamos Global Total Return Fund, and Calamos Long/Short Equity & Dynamic Income Trust were each organized as Delaware statutory trusts and are each registered under the Investment Company Act of 1940. Each Board of Trustees, including a majority of the Trustees who are not "interested persons" of each Fund, have designated Calamos Advisors LLC to perform fair valuation determinations related to all Funds' investments under the oversight of the Board. As "valuation designee" Calamos Advisors has adopted policies and procedures to guide the determination of the net asset value on any day on which each Fund's NAV is determined. Cliffwater Enhanced is led by John P. Calamos, Sr. as Principal Executive Officer, and Thomas E. Herman as Principal Financial Officer. The Company can be reach through: John P. Calamos, Sr. Calamos Convertible Opportunities and Income Fund 2020 Calamos Court Naperville, IL 60563-2787 Telephone: (630) 245-7200 About Trinseo Materials Operating SCA Trinseo is a specialty material solutions provider that partners with companies to bring ideas to life in an imaginative, smart and sustainability-focused manner. TRINSEO MATERIALS: Calamos Marks $898,186 Loan at 81% Off --------------------------------------------------------- Calamos Strategic Total Return Fund has marked its $898,186 loan extended to Trinseo Materials Operating SCA to market at $170,000 or 19% of the outstanding amount, according to Calamos' Form N-CSRS for the semi-annual period ended October 31, 2025, filed with the U.S. Securities and Exchange Commission. Calamos is a participant in a 2021 Term Loan B to Trinseo Materials Operating SCA. The loan accrues interest at a rate of 6.961% per annum. The loan matures on May 03, 2028. Calamos Convertible Opportunities and Income Fund, Calamos Convertible and High Income Fund, Calamos Strategic Total Return Fund, Calamos Dynamic Convertible and Income Fund, Calamos Global Dynamic Income Fund, Calamos Global Total Return Fund, and Calamos Long/Short Equity & Dynamic Income Trust were each organized as Delaware statutory trusts and are each registered under the Investment Company Act of 1940. Each Board of Trustees, including a majority of the Trustees who are not "interested persons" of each Fund, have designated Calamos Advisors LLC to perform fair valuation determinations related to all Funds' investments under the oversight of the Board. As "valuation designee" Calamos Advisors has adopted policies and procedures to guide the determination of the net asset value on any day on which each Fund's NAV is determined. Cliffwater Enhanced is led by John P. Calamos, Sr. as Principal Executive Officer, and Thomas E. Herman as Principal Financial Officer. The Company can be reach through: John P. Calamos, Sr. Calamos Strategic Total Return Fund 2020 Calamos Court Naperville, IL 60563-2787 Telephone: (630) 245-7200 About Trinseo Materials Operating SCA Trinseo is a specialty material solutions provider that partners with companies to bring ideas to life in an imaginative, smart and sustainability-focused manner. TROUSDALE LIVING: Donna Smith Seeks Appointment of Examiner ----------------------------------------------------------- Donna Smith, as Personal Representative of the Estate of Mary Dooley, sought the appointment of an independent examiner in the Chapter 11 case of Trousdale Living Communities, Inc. Historically, Trousdale has operated a management company providing management services to a skilled nursing facility in Highlands County, Florida, known as Sebring Senior Living, Inc., doing business as The Palms of Sebring. On April 5, 2024, Ms. Smith initiated an action in the Circuit Court of the Tenth Judicial Circuit in and for Highlands County Florida on behalf of Mary Dooley who suffered an untimely death on June 26, 2022, as a result of the substandard care she received as a resident at the Sebring facility. In her motion, Ms. Smith asked the U.S. Bankruptcy Court for the Middle District of Tennessee to appoint an examiner to investigate the business, financial, and legal affairs of Trousdale. Ms. Smith claimed that the likelihood that this reorganization involves little more than a two-party dispute between her and Trousdale raises the specter of prejudicial forum shopping after Trousdale has been the subject of the Florida action for approximately 18 months, during which it may have drained all of its available assets. Ms. Smith asserted that the court should grant the examiner the expanded powers to select the successful bidder at the auction, and to manage the sale process through closing in light of Trousdale's unavoidable conflict of interest, and the irregularities apparent in its handling of the auction process. Accordingly, a relief granted pursuant to this motion should preserve the opportunity for a proposed examiner to have expanded duties should additional assets or causes of action be identified that could produce a benefit to the estate. Moreover, counsel for Ms. Smith concedes that pursuant to Bankruptcy Code Section 1181(a), the provisions of Bankruptcy Code Section 1104 do not apply to a case properly pending under Subchapter V; however, this reorganization is clearly misfiled. Ms. Smith will eminently file a separate motion objecting to Trousdale's Subchapter V designation under Bankruptcy Code Section 1182, on two obvious grounds. In the first instance, Bankruptcy Code Section 1182 removed any doubt that Subchapter V places a current debt limit for eligibility at $3,424,000 in aggregate, noncontingent, liquidated secured and unsecured debts. This cap reflects an adjustment that became effective on April 1, 2025: The augmented $7,500,000 cap applicable under the CARES Act expired of its own terms, such that there was a reversion to the original statutory base amount, subject to inflation adjustments. In the second instance, only a "small business debtor" is eligible for relief under Subchapter V, and this term is defined pursuant to Bankruptcy Code Section 101(51D). However, by the Debtor's own admissions, the Debtor does not fall within this definition. A copy of the motion is available for free at https://urlcurt.com/u?l=TpdScP from PacerMonitor.com. Counsel for Donna Smith, as Personal Representative of the Estate of Mary Dooley: Randall J. Phillips, Esq. Maginnis Howard 6842 Carnegie Blvd, Ste 100 Charlotte, NC 28211 Tel: (704) 376-1911 Fax: (704) 376-1921 rphillips@carolinalaw.com -and- John A. Anthony, Esq. Charles D. Preston, Esq. Anthony And Partners, PLLC 100 S. Ashley Drive, Suite 1600 Tampa, Florida 33602 Tel.: (813) 273 5616 Fax: (813) 221 4113 janthony@anthonyandpartners.com cpreston@anthonyandpartners.com cfosdick@anthonyandpartners.com mnicholson@anthonyandpartners.com About Trousdale Living Communities Inc. Trousdale Living Communities, Inc. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Tenn. Case No. 25-05332) on December 18, 2025, with up to $50,000 in assets and between $1 million and $10 million in liabilities. Judge Charles M. Walker presides over the case. Robert James Gonzales, Esq., at Emergelaw, PLC represents the Debtor as bankruptcy counsel. UPPER ROOM: Trustee Taps Kroll Restructuring as Account Agent ------------------------------------------------------------- Richard J. Corbi, Esq., the Chapter 11 operating trustee of the bankruptcy estate of Upper Room Baptist Church Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to employ Kroll Restructuring Administration LLC as account agent. The firm will render these services: (a) establish one or more sale accounts with financial institutions in the name of, and as agent for, the Trustee; (b) establish such accounts using the Debtor's tax identification number or Kroll's tax identification number with the Debtor or the Trustee as beneficiary thereof; (c) coordinate the receipt of funds into the sale accounts; and (d) make disbursements from the sale accounts as instructed by the Trustee and/or in accordance with the Bidding Procedures. The firm will receive a one-time flat fee of $2,500. Benjamin Steele, a managing director at Kroll, 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: Benjamin Steele Kroll Restructuring Administration LLC 180 Van Buren Street Brooklyn, New York About Upper Room Baptist Church Inc. Upper Room Baptist Church Inc. sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-40070) on Jan. 7, 2025, listing under $1 million in both assets and liabilities. VISTRA CORP: Moody's Affirms 'Ba1' CFR & Alters Outlook to Stable ----------------------------------------------------------------- Moody's Ratings affirmed Vistra Corp.'s (Vistra) ratings, including its Ba1 corporate family rating and Ba1-PD probability of default rating, and revised its outlook to stable from positive, following its proposal to acquire a 5.5 Gigawatt (GW) portfolio of generating assets from Cogentrix Finance Holdco I, LLC (Ba3 stable), a privately held unregulated power company. Vistra's SGL-1 speculative grade liquidity rating is unchanged. The affirmation included Vistra Operations Company LLC's (Vistra Operations) senior secured rating of Baa3 and senior unsecured rating of Ba2 and Palomino Funding Trust I's (Palomino) senior secured rating of Baa3. Moody's changed Vistra Operations and Palomino's outlooks to stable from positive, reflecting Vistra's stable outlook. This action does not affect the rating or outlook of Vistra Zero Operating Company, LLC (Vistra Zero, Ba2 negative). Vistra Zero, a wholly owned non-recourse subsidiary of Vistra, owns and operates a portfolio of renewable generation and battery storage assets. Governance considerations assessed under Moody's ESG framework were a key factor in the rating action. See below for a complete list of rating actions. A comprehensive review of all credit ratings for the respective issuer(s) has been conducted during a rating committee. RATINGS RATIONALE The change in Vistra's rating outlook to stable from positive primarily reflects the company's acquisitive appetite and financial policy following its announced proposal to acquire Cogentrix. The acquisition, which is expected to close in the mid-to-late 2026 delays the company's previously anticipated deleveraging plans. Moody's views the company's financial policy as a key Governance consideration under Moody's ESG framework. The affirmation of Vistra's Ba1 CFR reflects the company's large and diversified merchant power fleet, long term purchase power agreement for its Comanche nuclear plant, and its profitable and stable retail business. The power market is experiencing an upswing due to concerns about shortages during extreme weather events and supply is also expected to struggle to keep pace with growing demand, particularly as it relates to data centers. Vistra's generation portfolio spans all major unregulated US markets and includes a diverse mix of natural gas, coal, and nuclear assets. The company currently generates the majority of its EBITDA from Texas. According Moody's estimates, its Texas generation business accounts for about 35% of consolidated EBITDA and its retail segment contributes roughly 22% of consolidated EBITDA before taking into account earnings from proposed acquisitions. Vistra is the second-largest nuclear operator in the country, with 6.4 gigawatts (GW) of nuclear capacity. This nuclear capacity is particularly valuable in the current environment, benefiting from a government-supported price floor and is highly attractive to hyperscalers' need for data center power usage because it offers around-the-clock, emissions-free power. Outlook Vistra's stable outlook reflects its large and diverse business mix, robust free cash flow, and improving credit metrics. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Factors that Could Lead to an Upgrade A positive rating action could occur of Vistra successfully integrates acquired businesses while demonstrating that it could also maintain an investment grade profile, including a consistent track record of stronger balance sheet management and its FFO to debt at least 24% on a sustained basis. Factors that Could Lead to a Downgrade A negative rating action could occur if Vistra faces challenges in executing its deleveraging plan or adopts financial or strategic changes that weaken the positive trajectory. To maintain its current ratings, Vistra must sustain an FFO to debt ratio of at least 17%. Company Profile Vistra is the second largest independent power producer in the US. The company's generation fleet currently totals approximately 44 GW of generation capacity powered by a diverse portfolio, including natural gas, nuclear, coal, solar, and battery energy storage facilities. It is also one of the largest retail energy suppliers in the US, serving approximately 5 million residential, commercial, and industrial retail customers with electricity and natural gas. LIST OF AFFECTED RATINGS Issuer: Vistra Corp. Affirmations: LT Corporate Family Rating, Affirmed Ba1 Probability of Default Rating, Affirmed Ba1-PD Preferred Stock, Affirmed Ba3 Outlook Actions: Outlook, Changed To Stable From Positive Issuer: Vistra Operations Company LLC Affirmations: Senior Secured Bank Credit Facility, Affirmed Baa3 Senior Secured Regular Bond/Debenture, Affirmed Baa3 Senior Unsecured, Affirmed Ba2 Outlook Actions: Outlook, Changed To Stable From Positive Issuer: Palomino Funding Trust I Affirmations: Senior Secured, Affirmed Baa3 Outlook Actions: Outlook, Changed To Stable From Positive The principal methodology used in these ratings was Unregulated Utilities and Power Companies published in August 2025. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. VOICES OF FAITH: Seeks Chapter 11 Bankruptcy in Georgia ------------------------------------------------------- On January 2, 2026, Voices of Faith Ministries, Inc. filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Northern District of Georgia. According to court filings, the debtor reports between $10 million and $50 million in debt owed to between 1 and 49 creditors. About Voices of Faith Ministries, Inc. Voices of Faith Ministries, Inc. is a nonprofit organization established for religious and charitable purposes. The ministry provides faith-oriented programs and outreach services aimed at supporting spiritual development and community involvement, relying largely on donor support to sustain its operations. Voices of Faith Ministries, Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 26-50055) on January 2, 2026. In its petition, the debtor reported estimated assets ranging from $0 to $100,000 and estimated liabilities between $10 million and $50 million. Honorable Bankruptcy Judge Lisa Ritchey Craig handles the case. The Debtor is represented by Will B. Geer, Esq. of Rountree Leitman Klein & Geer LLC. VORNADO REALTY: Fitch Rates Proposed Sr. Unsecured Notes 'BB+' -------------------------------------------------------------- Fitch Ratings has assigned a 'BB+' rating to the proposed senior unsecured notes issued by Vornado Realty, LP, which is the operating subsidiary of office REIT Vornado Realty Trust (VNO; BB+/Positive). Fitch expects the proceeds will be used to repay the company's $400 million 2.15% senior unsecured notes due June 1, 2026 and for general corporate purposes. Key Rating Drivers Improving NYC Office Leasing Environment: Despite broader adoption of hybrid work since the pandemic, in-office work in New York City rebounded over the past year as employers implemented return to office (RTO) plans. This has strengthened office leasing conditions. Office visits recently exceeded pre-pandemic levels, which could support a stronger prospective recovery in leasing and rent growth. However, New York City's office space recovery remains muted on rent growth, although concessions appear to have stabilized. Since the pandemic, higher quality space, featuring modern amenities, sustainability features and transit-centric locations, has outperformed in leasing. This trend should benefit VNO and REITs in general. Solid Contingent Liquidity: New York City's superior commercial real estate (CRE) market has mitigated VNO's market concentration risk. New York City is the largest and most diverse office market in the U.S. and its CRE has contingent liquidity due to institutional lender and investor demand for quality. VNO's New York-centric portfolio is diversified by CRE type, as retail is about 20% of NOI (19% overall). Its interests in Chicago's THE MART and 555 California Street in San Francisco provide diversification and was 20% of office NOI at 2Q25. Fitch estimates VNO's gross unencumbered assets to unsecured debt (UA/UD) at about 2.8x (compared to 1.8x at the prior review), based on a direct capitalization approach of its annualized 2Q25 unencumbered NOI, using a 7.5% stressed, through-the-cycle capitalization rate. Fitch usually views 2.0x UA/UD coverage as the standard threshold for investment-grade REITs. On an unsecured debt net of cash basis, UA/UD is 6.6x at 2Q25 (compared to 2.7x at the prior review). VNO's UA/UD coverage is supported by high asset quality, less use of unsecured debt and strategy of placing higher loan-to-value ratios on encumbered properties. Expected Reduction in Leverage: VNO's REIT leverage (net debt/recurring operating EBITDA) was slightly above Fitch's sensitivities in 2024 at 8.3x, after the mid-7x range in the prior two years (7.6x in 2023; 7.5x in 2022). Fitch expects a renewed focus on debt repayment and dispositions, along with lease commencements from signed and expected leases, to reduce leverage and sustain below 7x starting in 2025, having come down to 6.6x at 2Q25. Fitch also expects further portfolio stabilization and incremental NOI from PENN 2 to drive further deleveraging, with leverage expected to be around the low-6x range by 2027. Better Quality Portfolio: VNO wholly owns and has interests in high-quality, primarily New York City office properties with above peer-average occupancy rates and rents with long-term leases to solid credit tenants. It owns and operates a large street retail portfolio in key, supply-constrained Manhattan shopping corridors. It generates 84% of its NOI from New York and 16% from select class A offices in Chicago and San Francisco at 2Q25. It has long weighted-average leases, minimizing rollover risk. Its tenant credit profile is strong with moderate concentration. Working Through Sizable Debt Maturities: VNO has a reasonably well-laddered maturity profile. Entering 2025, 92% of consolidated debt was scheduled to mature through 2028, but VNO has made considerable progress, addressing 21% of that amount through June 30, 2025 with paydowns and refinancings. Fitch expects VNO to recast the $800 million term loan and $1.25 billion revolving credit facilities due in 2027. Fitch views liquidity as sufficient to cover near-term maturities and expects VNO to refinance mortgages and allocate anticipated disposition proceeds and operating cash flow to the unsecured June 2026 maturity and other debt repayment. Complex Structure Reduces Visibility: VNO's business complexity remains above average despite streamlining efforts and increased financial reporting. VNO's active (re)development platform and considerable use of joint ventures (JVs) challenge cash flow forecasting and liquidity requirements. VNO has disposed of considerable non-core assets in recent years. This has included the sale of ownership stakes in shares of other publicly traded REITs, Lexington Realty Trust, Urban Edge Properties, Pennsylvania REIT and the spinoff of JBG Smith. Modest Development Risk: VNO has an active development pipeline. However, it has completed most of the capex on its current projects, lowering execution risk. The company's unfunded commitments totaled 0.3% of gross assets at June 30, 2025. The company has taken steps to manage its development risk, including using JV equity and lease-up of assets prior to construction completion. The company maintains adequate liquidity, underpinned by $1.2 billion of cash and $1.56 billion available under its committed $2.17 billion unsecured revolving credit facilities as of June 30, 2025. However, some of the cash is prospectively earmarked for redevelopment projects. Peer Analysis VNO owns and controls a concentrated portfolio comprising primarily high-quality office and street retail assets in Manhattan with strong access to institutional mortgage debt and private equity capital. VNO is a large and established REIT, well known to equity investors but less active in the public unsecured bond market, due to its greater acceptance and strategic use of secured mortgage debt. VNO's solid ratio of unencumbered assets to net unsecured debt and leverage provide additional credit protection. VNO's New York-focused portfolio benefits from stronger contingent liquidity from institutional lenders and investors than REIT peer Corporate Office Properties Trust, though leverage is higher. Manhattan's historical strength, economic diversity, relatively higher rents, and strong institutional demand mitigate this concentration risk. SL Green Realty Corp. (SLG) is VNO's closest peer given its predominantly New York City office focus. However, SLG historically had greater exposure to secondary/suburban assets and maintains a debt and preferred equity investment portfolio. Fitch assigns the IDRs of the parent REIT and subsidiary operating partnership on a consolidated basis, using the weak parent/strong subsidiary approach and open access and control factors, based on the entities operating as a single enterprise with strong legal and operational ties. Fitch applies 50% equity credit to the company's perpetual preferred securities given the cumulative nature of coupon deferral with settlement through a manner other than equity (cash). Certain metrics calculate leverage including preferred stock. Fitch's Key Rating-Case Assumptions -- Low single-digit organic growth increase in 2025, followed by low single digit decline in organic growth, which is driven by reduction in ongoing income from 770 Broadway after renewal of lease that include a large up front component. This is followed by low to mid-single digit organic growth in 2027, based on low single-digit rent spreads and recovering occupancy of about 150bp in 2027. -- VNO funds remaining Penn District redevelopment project costs; -- Fitch assumes the substantial proportion of PENN 2 delivery of NOI at the beginning of 2027; -- No incremental debt and equity issuance other than for refinancing secured mortgages. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade -- Fitch's expectation of REIT leverage (net debt to recurring operating EBITDA) sustaining above 8.0x; -- Fitch's expectation of UA/UD sustaining below 1.5x; -- Fitch will evaluate sensitivities and consider any revisions if there are any expectations of material and lasting changes to the cash flow profile and financeability of the assets; -- Fitch's expectation of a sustained liquidity coverage ratio below 1.0x. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade -- Fitch's expectation of REIT leverage (net debt to recurring operating EBITDA) sustaining below 7.0x; -- Fitch's expectation of more consistent leverage and financial flexibility; -- Fitch's expectation of UA/UD sustaining at or above 2.0x. Liquidity and Debt Structure VNO's sources of liquidity (cash, availability under its revolving credit facility and retained cash flow after dividends/distributions) cover its uses (pro rata debt maturities, recurring capex and non-discretionary development expenditures) by 1.7x for July 1, 2025 through Dec. 31, 2026. Fitch's liquidity analysis incorporates upcoming maturities, including 606 Broadway, 888 Seventh Avenue and One Park Avenue after accounting for recent refinancings of 4 Union Square South and Penn 11. This reflects VNO's good access to a variety of capital sources over time, which greatly mitigates refinancing risk in Fitch's view. VNO's liquidity coverage improves to 2.7x under a scenario where the company refinances 80% of maturing pro rata secured debt. In addition, this liquidity incorporates the assumption of VNO's funding of redevelopment costs and maintenance capital expenditures by the end of 2026. As of June 30, 2025, VNO had adequate availability under two separate revolvers totaling $2.17 billion. Since 3Q20, $575 million has been drawn on one of the two revolvers. Issuer Profile Vornado Realty Trust is a New York-based equity REIT primarily focused on Manhattan office properties, and, to a lesser extent, street retail properties. It owns, acquires, develops and manages assets, including select Class A offices in San Francisco and Chicago. WEST PROPERTIES: Claims to be Paid from Income ---------------------------------------------- West Properties, LLC, filed with the U.S. Bankruptcy Court for the Northern District of Mississippi an Amended Subchapter V Plan dated January 2, 2026. The Debtor is in the business of owning and leasing commercial real property, specifically to Shaw Services, LLC in North Mississippi. West is owned by Kathy Clanton and managed by Bobby Clanton. Prior to the Debtor filing its Chapter 11, World Business Lenders, LLC initiated foreclosure proceedings on approximately 2.77 acres and the commercial building which is occupied by Shaw Services, LLC and owned by West Properties, LLC. The Amended Plan divides the claims against and interests in the Debtor into various classes pursuant to Bankruptcy Code Section 1122. Class 4 consists of the Unsecured Claim of United States Fire Insurance Company. There is only one unsecured creditor in this case, which is United States Fire Insurance Company. The Debtor is a co indemnitor on a bond with Shaw Services, LLC and Perma Jack SE, LLC. Proof of Claim No. 2 on the claims docket reflects this claim. The Debtor intends to object to this claim as to amount. This claim will be paid in Shaw Services, LLC, Case No. 25-11621 JDW as an unsecured claim. Class 5 consists of Equity Security Holder. Equity Security Holders will retain their interest in the Debtor. The Closing date shall be sixty days after Confirmation of the Amended Plan, or at such other date as the Amended Plan or the order confirming the Amended Plan provides. The Effective Date of the Amended Plan shall be sixty days after the order confirming the Amended Plan becomes final and non-appealable. The Debtor believes that the Debtor will have enough cash on hand on the Effective Date of the Amended Plan to pay all the claims and expenses that are entitled to be paid on that date. The Debtor's Six Month Cash Flow is a projection by the Debtor that it will have sufficient income to fund the Amended Plan. A full-text copy of the Amended Plan dated January 2, 2026 is available at https://urlcurt.com/u?l=TM1JUX from PacerMonitor.com at no charge. West Properties LLC is represented by: J. Walter Newman IV, Esq. Newman & Newman 587 Highland Colony Parkway Ridgeland, MS 39157 Tel: (601) 948-0586 Email: wnewman95@msn.com About West Properties LLC West Properties LLC is a real estate company based in Holly Springs, Mississippi. West Properties LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Miss. Case No. 25-11305) on April 24, 2025. In its petition, the Debtor estimated assets between $500,000 and $1 million and estimated liabilities between $1 million and $10 million. Bankruptcy Judge Jason D. Woodard handles the case. The Debtor is represented by J. Walter Newman, IV, Esq. at NEWMAN & NEWMAN. WFL BUILDERS: Claims to be Paid from Business Operations -------------------------------------------------------- WFL Builders, LLC filed with the U.S. Bankruptcy Court for the Southern District of New York a Plan of Reorganization dated January 2, 2026. The Debtor was formed in 2008 and operates as a general contracting firm with approximately 95% of its business residential and 5% commercial. The Debtor is located in Poughkeepsie (Dutchess County), New York. As a result of litigation commenced by a subcontractor's employee in 2023, the Debtor's cash flow was greatly impacted. This subchapter V case under Chapter 11 of the Bankruptcy Code was filed to provide WFL Builders, LLC with an opportunity to dispute the claim of the litigant and file a Plan of Reorganization. The principal of the Debtor, Alfred Forrest, Jr., will continue to manage the Debtor's business and retain the 100% ownership interest in the Debtor post-confirmation. Class 3 consists of the interest of the principal of the Debtor, Alfred Forrest, Jr. The holder of the Class 3 interest shall retain his interest. The Debtor's Chapter 11 Plan will be implemented by revenues generated and received in the ordinary course and operation of the Debtor's business. The Debtor's projected revenues and expenses for the 3-year post-confirmation period. The Debtor is current with its lease obligations for the commercial space located at 8 Commerce Street, Poughkeepsie, New York. The Debtor intends to remain current on said obligations. A full-text copy of the Plan of Reorganization dated January 2, 2026 is available at https://urlcurt.com/u?l=FVJxi5 from PacerMonitor.com at no charge. Counsel to the Debtor: Andrea B. Malin, Esq. Michelle L. Trier, Esq. Genova, Malin & Trier LLP Hampton Business Center 1136 Route 9 Wappingers Falls, NY 12590 Tel: (845) 298-1600 About WFL Builders, LLC WFL Builders, LLC, operates as a general contracting firm with approximately 95% of its business residential and 5% commercial. The Debtor sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-36052) on Oct. 7, 2025, listing $100,001 to $500,000 in assets and up to $50,000 in liabilities. Judge Kyu Young Paek presides over the case. Michelle L Trier, at Genova, Malin & Trier, LLP, is the Debtor's counsel. WHITEHALL TRUST: Hires Dilworth Paxson LLP as Bankruptcy Counsel ---------------------------------------------------------------- Whitehall Trust seeks approval from the U.S. Bankruptcy Court for the Eastern District of Pennsylvania to hire Dilworth Paxson LLP as counsel. The firm will render these services: a) advise the Debtors of their rights, powers, and duties as debtors-in-possession; b) prepare on behalf of the Debtors or assist the Debtors in preparing all necessary pleadings, motions, applications, complaints, answers, responses, orders, United States Trustee reports, and other legal papers; c) advise the Debtors concerning, and assist in the negotiation and documentation of, the use of cash collateral and/or debtor-in-possession financing, debt restructuring and related transactions; d) review the nature and validity of agreements relating to the Debtors' business and advise the Debtors in connection therewith; e) review the nature and validity of liens, if any, asserted against the Debtors and advise as to the enforceability of such liens; f) advise the Debtors concerning the actions they might take to collect and recover property for the benefit of the estate; g) assist the Debtors in any matter involving contests with secured or unsecured creditors, including the claims reconciliation process; h) assist the Debtors in providing legal services required to prepare, negotiate and implement a plan or plans of reorganization; and i) perform all other legal services for the Debtors which may be necessary in the administration of case, other than those requiring specialized expertise for which special counsel, if necessary, may be employed. The firm will be paid at these rates: Lawrence McMichael $1,350 Anne Aaronson $745 Michelle Lee $650 Jack Small $420 Doris Mayberry $200 The firm received from the Debtor the amount of $125,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Michelle Lee, Esq., a partner at Dilworth Paxson 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: Michelle Lee, Esq. Dilworth Paxson LLP 1500 Market Street Suite 3500e Philadelphia, PA 19102 Phone: (267) 794-0225 Email: mlee@dilworthlaw.com About Whitehall Trust Whitehall Trust sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Pa. Case No. 25-15241) on Dec. 26, 2025, listing up to $50,000 in assets and $100,001 to $500,000 in liabilities. Judge Patricia M Mayer presides over the case. Michelle Lee, Esq. at Dilworth Paxson LLP serves as the Debtor's counsel. WHITEHALL TRUST: Hires Omni Agent as Claims and Noticing Agent -------------------------------------------------------------- Whitehall Trust seeks approval from the U.S. Bankruptcy Court for the Eastern District of Pennsylvania to hire Omni Agent Solutions, Inc. as claims and noticing agent. Omni will oversee the distribution of notices and will assist in the maintenance, processing, and docketing of proofs of claim filed in the Chapter 11 cases of the Debtors. Prior to the petition date, the Debtors provided Omni an advance payment in the amount of $10,000. Paul Deutch, an executive vice president at Omni, 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: Paul Deutch Omni Agent Solutions, Inc. 1120 Avenue of the Americas, 4th Floor New York, NY 10036 Telephone: (212) 302-3580 Facsimile: (212) 302-3820 About Whitehall Trust Whitehall Trust sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Pa. Case No. 25-15241) on Dec. 26, 2025, listing up to $50,000 in assets and $100,001 to $500,000 in liabilities. Judge Patricia M Mayer presides over the case. Michelle Lee, Esq. at Dilworth Paxson LLP serves as the Debtor's counsel. WILDFANG HOLDINGS: Unsecureds to be Paid in Full with Interest -------------------------------------------------------------- Wildfang Holdings LLC submitted a Second Amended Disclosure Statement describing Second Amended Plan of Reorganization dated January 2, 2026. The Debtor is an Oregon limited liability company owned by Kyle and Christina Wildfang (the "Wildfangs"). Debtor is a single asset real estate debtor, in the business of owning and operating the real property located at 770 Bertelsen Road, Eugene. Class 1 consists of the Secured Claim of Lane County Tax Assessor. The Class 1 Claim is secured by the Property. The Class 1 Claim will be paid in full from the sale of Debtor's real property, plus all accrued interest to the date of the sale. The sale shall occur by the Sale Deadline defined in Section 11.02. Class 3 consists of General Unsecured Creditors. Any allowed Class 3 Claims shall be paid in full, plus interest at the federal judgment rate, upon the sale of the Debtor's real property, with such sale to occur prior to the Sale Deadline defined in Section 12.01. This Class is impaired. Section 7.01 of the Plan describes how the Debtor shall fund the payments required by the Plan. That Section indicates that the Debtor shall generate the funds necessary to make the payments under the Plan by selling its real property or refinance to pay off all outstanding debts. The Debtor, creditors, and interest holders will take all actions and execute whatever documents are required under Oregon law, to release and reconvey their lien(s) upon the sale of the Debtor's real property and payment of their claims. As stated in Section 11.02, the sale or refinance of the Debtor's real property must occur within six months following the Effective Date (the "Sale Deadline"), but such deadline can be extended by 90 days if the real property is under contract for sale prior to the Sale Deadline. Until a sale or refinance occurs, Debtor shall continue leasing its real property to its affiliate, Jimmy Mac's, Inc. under the terms of a month-to-month verbal lease which requires the tenant to pay rent in the amount of $1,800 per month, and also requires the tenant to pay all property taxes, insurance costs, and maintenance expenses. In the event of any default by the tenant that is not cured within 10 days from the date Debtor provides written notice of default, Debtor would be entitled to exercise self-help remedies to lock the leased premises, assert a landlord's lien against the assets located on the leased premises. A full-text copy of the Second Amended Disclosure Statement dated January 2, 2026 is available at https://urlcurt.com/u?l=Ht4sgJ from PacerMonitor.com at no charge. Counsel to the Debtor: Nicholas J. Henderson, Esq. Elevate Law Group 6000 Meadows Road, Suite 450 Lake Oswego, OR 97035 Tel: (503) 417-0500 Fax: (503) 417-0501 E-mail: nick@elevatelawpdx.com About Wildfang Holdings LLC Wildfang Holdings, LLC, is a single-asset real estate company that owns and leases a commercial restaurant and bar property located in Eugene, Oregon. Wildfang Holdings sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ore. Case No. 25-61981) on July 16, 2025. In its petition, the Debtor reported total assets of $1,600,000 and total liabilities of $786,313. Bankruptcy Judge Thomas M. Renn handles the case. The Debtor is represented by Nicholas J. Henderson, Esq., at Elevate Law Group. WIN REAL ESTATE: Seeks Chapter 7 Bankruptcy in Georgia ------------------------------------------------------ On January 5, 2026, Win Real Estate Group Enterprises, LLC filed for Chapter 7 protection in the U.S. Bankruptcy Court for the Northern District of Georgia. According to court filings, the debtor reports between $100,001 and $1,000,000 in debt owed to 1 to 49 creditors. About Win Real Estate Group Enterprises, LLC Win Real Estate Group Enterprises, LLC is a real estate investment and management company that develops, acquires, and manages commercial and residential properties. Win Real Estate Group Enterprises, LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 26-50190) on January 5, 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. Honorable Bankruptcy Judge Jonathan W. Jordan handles the case. The debtor is represented by Milton D. Jones, Esq. WOLFSPEED INC: Securities Class Suit Transferred to District Court ------------------------------------------------------------------ Vince Sullivan of Law360 reports that the investor lawsuits accusing Wolfspeed Inc. of misrepresenting its financial projections were transferred Wednesday, January 7, 2026, to federal court in North Carolina following an order from a New York judge overseeing the consolidated securities class action. In directing the move, the judge said the case has stronger ties to North Carolina, where the company is based and where much of the underlying conduct is alleged to have occurred. The transfer is expected to streamline further proceedings. About Wolfspeed Inc. Wolfspeed, Inc. (NYSE:WOLF) is an innovator of wide bandgap semiconductors, focused on silicon carbide materials and devices for power applications. Its product families include silicon carbide materials and power devices targeted for various applications such as electric vehicles, fast charging and renewable energy and storage. On June 30, 2025, Wolfspeed, Inc. and Wolfspeed Texas, LLC each filed petitions seeking relief under chapter 11 of the United States Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 25-90163), with Judge Christopher M. Lopez presiding. The Debtors sought Chapter 11 protection after reaching a deal with lenders on a debt-for-equity plan that would reduce debt by $4.6 billion. Latham & Watkins LLP and Hunton Andrews Kurth LLP are serving as legal counsel to Wolfspeed, Perella Weinberg Partners is serving as financial advisor and FTI Consulting is serving as restructuring advisor. Epiq is the claims agent. Paul, Weiss, Rifkind, Wharton & Garrison LLP is serving as legal counsel to the senior secured noteholders and Moelis & Company is serving as the senior secured noteholders' financial advisor. Kirkland & Ellis LLP is serving as legal counsel to Renesas Electronics Corporation, PJT Partners is serving as its financial advisor, and BofA Securities is serving as its structuring advisor. Ropes & Gray LLP is serving as legal counsel to the convertible debtholders and Ducera Partners is serving as financial advisor to the convertible debtholders. WOODLAND PLACE: To Sell Pensacola Property to Nashbuilt for $1.5MM ------------------------------------------------------------------ Woodland Place Apartments, LLC, seeks approval from the U.S. Bankruptcy Court for the Northern District of Florida, Pensacola Division, to sell substantially all Assets, free and clear of liens, claims, interests, and encumbrances. The Debtor filed its voluntary petition for relief under chapter 11 of title 11 of the United States Code on February 1, 2024. The Debtor is a Florida limited liability company established on or about September 30, 2019. The Debtor owns approximately 10.18 acres of partially developed property located at 8221 Pittman Avenue in Pensacola, Florida 32534. At the Debtor's request, the deadlines were extended for 30 days through and including July 17, 2024, and July 24, 2024, respectively. The Property was aggressively marketed by NAI Brokers for over four months. NAI is a respected and established commercial and industrial real estate brokerage firm serving the Northwest Florida region since 1983. As a result of such marketing efforts, performed by seasoned senior commercial advisors at NAI, the Debtor received three offers for the sale of the Property by the bid deadline. All three bidders participated in the Auction. P&M Realco, LLC, a Florida limited liability company, P&M submitted a bid of $2,160,000 as a credit bid. This bid exceeded the second highest bid by $600,000; the Debtor accepted the P&M offer. On July 23, 2024, EMJ Construction LLC requested the court to prohibit P&M from credit bidding or in the alternative limit, the amount of P&M's credit bid. Rather than pursue the credit bid, the Debtor and its owners then decided to monetize the Property through a sale to potential purchaser Blackrain Partners, LLC. However, the effort failed to materialize. Continuing its efforts to sell the Property, the Debtor filed an Expedited Motion to Sell the Property to Martins Acquisition LLC and was approved on August 8, 2025. However, due to circumstances beyond the Debtor's control, the sale was not executed. The Debtor seeks to sell the Property to Nashbuilt Inc. The lienholders of the Property are ServisFirst Bank, EMJ Construction LLC, and Site & Utility. The purchase price of the Property is $1,507,000.00, with a deposit of 25,000. The Debtor's Property shall be sold, transferred and conveyed by the Debtor to the Purchaser at Closing free and clear of all Encumbrances. The Debtor requests an expedited hearing on the Motion be set on or before January 16, 2026. About Woodland Place Apartments LLC Woodland Place Apartments, LLC is a single asset real estate debtor (as defined in 11 U.S.C. Section 101(51B)). The company is based in Pensacola, Fla. Woodland Place Apartments filed Chapter 11 petition (Bankr. N.D. Fla. Case No. 24-30073) on February 1, 2024, with $1 million to $10 million in both assets and liabilities. Judge Jerry C. Oldshue, Jr. oversees the case. Edward J. Peterson, III, Esq. at Johnson Pope Bokor Ruppel & Burns, LLP represents the Debtor as legal counsel. ZHL SERVICES: U.S. Trustee Unable to Appoint Committee ------------------------------------------------------ The U.S. Trustee for Region 21, until further notice, will not appoint an official committee of unsecured creditors in the Chapter 11 case of ZHL Services, LLC, according to court dockets. About ZHL Services LLC ZHL Services, LLC provides land-clearing, demolition, excavation, utility, and septic services for industrial, commercial, and residential projects in North Florida. The Company operates as a locally owned contractor that has expanded from grade-work origins to a broader range of site-development services. It is recognized as a Jacksonville Small and Emerging Business. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-04182) on November 13, 2025. In the petition signed by Haley Lundy, manager, the Debtor disclosed $2,264,846 in assets and $3,965,913 in liabilities. Judge Jacob A. Brown oversees the case. The Debtor tapped Bryan K. Mickler, Esq., at the Law Offices of Mickler & Mickler, LLP, as bankruptcy counsel, and William Haeberle, a certified public accountant practicing in Florida. [] Alena Thomas Joins Paul Weiss's Finance Group in New York ------------------------------------------------------------ Paul, Weiss, Rifkind, Wharton & Garrison LLP announced that Alena Thomas has joined the firm in New York as a partner in the Finance Group within the Corporate Department. Ms. Thomas advises private equity sponsors, corporate borrowers and lenders on a wide range of leveraged finance transactions. She joins the firm following the arrival late last year of fellow Finance Group partners Nicholas Schwartz, Mark Adler and Julie Ann Lamm. "We are delighted to welcome Alena, a talented finance advisor, to our partnership," said Paul, Weiss Chairman Brad S. Karp. "Her arrival will further enhance our ability to provide sophisticated financing counsel to our clients on their most significant transactions." "Alena has represented major private equity firms and their portfolio companies in financing numerous acquisitions in recent years, and we are thrilled to have her on our team," said Scott A. Barshay, chair of the Paul, Weiss Corporate Department. Ms. Thomas represents private equity firms and their portfolio companies in a wide range of financing transactions, including acquisition financings, cross-border transactions, debt restructurings and complex liability management transactions. She also has substantial expertise in arranging tailored financing structures, including first-lien, second-lien, unitranche, asset-based, recurring-revenue, back-leverage and high-yield financings. Ms. Thomas received a LL.B., with honors, from the London School of Economics and Political Science. She is admitted to practice in New York. The Paul, Weiss global Finance Group is one of the most dynamic practices in the industry, advising borrowers, investors and lenders on every type of complex financing instrument in the market. The group's work encompasses borrower and sponsor-side leveraged financings, award-winning securitizations and complex derivatives transactions across a broad array of structures. About Paul, Weiss Paul, Weiss, Rifkind, Wharton & Garrison LLP is a premier firm of more than 1,000 lawyers with diverse backgrounds, personalities, ideas and interests who provide innovative and effective solutions to our clients' most complex legal and business challenges. The firm represents many of the world's largest and most important public and private corporations, asset managers and financial institutions, as well as clients in need of pro bono assistance. [] Capstone Partners Completes Acquisition of TM Capital -------------------------------------------------------- Capstone Partners, a leading middle market investment banking firm and subsidiary of Huntington Bancshares Incorporated (NASDAQ: HBAN), recently completed the acquisition of TM Capital and additional strategic practice groups from Janney Montgomery Scott LLC. Representing roughly 40-percent headcount growth for the Company, the acquisition solidifies Capstone's position in the U.S. middle market as a top-10 investment banking firm and amplifies its focus on serving a growing list of private equity clients. TM Capital brings Capstone a cohort of highly valued private equity clients, new industry and sector coverage areas, a broader geographic reach, and enhanced market presence. With over 75% of their deals involving financial sponsors, TM Capital's PE clients will benefit from access to Capstone's platform of broader private equity solutions offerings, including buy-side advisory, debt advisory, business diligence/Quality-of-Earnings (QofE), valuation and fairness opinions, and access to one of the largest pipelines of privately owned businesses in the industry. "This is a perfect combination of two exceptional firms that have known and respected each other for quite some time -- it is a tailored fit for our organizations," commented John Ferrara, Founder & President of Capstone Partners. "For the past five-plus years, we have been strategically expanding our offerings to better serve the private equity market and joining forces with TM Capital will accelerate our growth trajectory in this critical arena. We are thrilled to embrace their talented leadership team, all of whom will remain in their roles and become integral members of our executive circle. Together, we will drive greater value for our private equity clients." Colleagues from Janney's Corporate Finance industry teams in Infrastructure and Technology, including Fintech, will also join Capstone. The combination of Janney's practice groups and TM Capital's M&A advisory business will specifically bolster Capstone's industry depth in its Technology, Healthcare, Business Services, Consumer, and Industrials practices. Janney's corporate advisory group will join Capstone to establish a Founder & Family-Owned Advisory group, which is expected to provide proprietary bolt-on opportunities to private equity portfolio businesses. The deal will establish a deeper presence in key markets such Atlanta, Boston, Chicago and New York, and take Capstone to sixteen specialized industry sector teams. "Our organization couldn't be more excited about this combination. We are bringing together two like-minded, high-performing organizations intent on redefining the middle market investment banking landscape. We see the M&A environment poised to really accelerate in 2026 and beyond – together, TM, Capstone and Huntington are optimally positioned to capitalize on this market momentum," said Jarrad Zalkin, Managing Director and Head of TM Capital. "We've long known and esteemed Capstone and its people. In fact, we explored a combination in 2023 until market dislocations led us to pause those discussions. KKR's acquisition of Janney in late 2024 presented us with an opportunity to revisit a partnership with Capstone and Huntington, and they moved with resolve to make it happen, bringing us back to where we initially intended to be," added Jim Grien, Vice Chairman of Investment Banking and one of TM Capital's founders. TM Capital will continue to operate under its existing brand for the time being, and all of its professionals have been retained by Capstone Partners. Collectively, the firm will consist of approximately 300 professionals, representative of 250-300 capital markets transactions at any point in time. "This transaction is a key part of our aggressive growth investments in Huntington's capital markets capabilities," said Matt Milcetich, Executive Managing Director of Huntington Capital Markets. "Fueled by a strong cultural fit with our colleagues, we are extremely optimistic about enhancing our collective opportunity with our clients, particularly following the sponsor coverage and leveraged finance build in 2025 at Huntington. We all are excited about the closing of the acquisition and focused now on integrating quickly to maintain our momentum into 2026." The transaction closed in December 2025 following receipt of required regulatory approval and satisfaction of customary closing conditions. Terms of the agreement were not disclosed. About Capstone Partners Capstone Partners is one of the largest and most active investment banking firms in the U.S. For over 20 years, Capstone has been a trusted advisor to leading middle market companies, offering a fully integrated range of investment banking and financial advisory services uniquely tailored to help owners, investors, and creditors through each stage of the company's lifecycle. Capstone's services include M&A advisory, debt and equity placement, corporate restructuring, special situations, valuation and fairness opinions, and financial advisory services. Headquartered in Boston, the firm has 175+ professionals in multiple offices across the U.S. With 12 dedicated industry groups, Capstone delivers sector-specific expertise through large, cross-functional teams. Capstone Partners is a subsidiary of Huntington Bancshares Incorporated (NASDAQ: HBAN). For more information, visit capstonepartners.com. About TM Capital, A Division of Capstone Partners TM Capital, now part of Capstone Partners, is the client-first investment banking team advising industry-leading companies across North America. TM Capital professionals share a relentless commitment to engineering extraordinary outcomes with an unmatched standard of client care. Over the last three decades, the firm has completed nearly 450 transactions with a combined value of $30 billion. With offices in Atlanta, Boston and New York, TM Capital's mission critical capabilities include complex mergers and acquisitions; debt and equity financings; minority and majority recapitalizations; restructurings; and board advisory services. For more information, please visit tmcapital.com. About Huntington Bancshares Huntington Bancshares Incorporated is a $223 billion asset regional bank holding company headquartered in Columbus, Ohio. Founded in 1866, The Huntington National Bank and its affiliates provide consumers, small and middle‐market businesses, corporations, municipalities, and other organizations with a comprehensive suite of banking, payments, wealth management, and risk management products and services. Huntington operates more than 1,000 branches in 14 states, with certain businesses operating in extended geographies. [] David H. Kaufman Joins Blank Rome's Bankruptcy Group in N.Y. --------------------------------------------------------------- Blank Rome LLP announced that David H. Kaufman has joined the firm's New York office as senior counsel in the Finance, Restructuring, and Bankruptcy group. Mr. Kaufman will also be a member of the Financial Services and Energy industry teams, drawing from extensive experience in U.S. derivatives, financial, and energy matters. He focuses his practice on the commodity, equity, fixed income, and credit derivative markets, along with a strong emphasis on structuring credit extension transactions. He joins Blank Rome from Morrison & Foerster LLP. "We are thrilled to welcome David to our New York office and national finance practice," said Grant S. Palmer, Blank Rome's Chair and Managing Partner. "David's deep experience with structured commodity and derivatives transactions, combined with his knowledge of margin lending and distressed finance, strengthens our ability to deliver innovative, market-driven solutions for clients navigating complex financial and regulatory challenges. David's arrival underscores our commitment to expanding capabilities that matter most to our clients." In the commodities space, Mr. Kaufman's practice spans transactional and regulatory work, including structured physical commodity deals that serve to provide credit to commercial entities, commodities-based revolving and term loan facilities, and documentation for bespoke swaps, options, and other derivatives often using International Swaps and Derivatives Association ("ISDA") and other industry forms. This work often involves the Commodity Exchange Act and the regulatory administration of the Commodity Futures Trading Commission ("CFTC"), as well as other agencies and frameworks like the Federal Energy Regulatory Commission, the Office of Foreign Assets Control, the Electric Reliability Council of Texas, and the California Air Resources Board. On the equity side, Mr. Kaufman advises on a wide range of capital markets and derivative transactions, from margin loans secured by public or private securities to call spreads and capped calls executed in connection with convertible note offerings. His additional capabilities include accelerated share repurchase and other share buyback transactions, at-the-market offerings for public companies, registered forward transactions, and equity monetization or hedging transactions, frequently leveraging ISDA-based documentation. "David's arrival reflects Blank Rome's ongoing commitment to attracting top talent that can provide clients with sophisticated solutions in today's dynamic markets," said Lawrence F. Flick, vice chair and chair of the Financial Services industry team. "His hands-on work with sophisticated assets in the derivatives market, together with his background in capital market and structured credit transactions, makes him an outstanding addition to our group. We are excited about the collaborative opportunities his practice creates and the value it will bring to clients across industries." Beyond derivatives, Mr. Kaufman has deep experience in structured credit transactions that use special purpose vehicle structures, as well as insolvency and restructuring matters across industries, including energy and telecommunications. Recent engagements include complex Chapter 11 proceedings and innovative financing structures for global asset managers. This breadth of experience positions Mr. Kaufman to deliver sophisticated solutions for clients navigating today's financial landscape. "Blank Rome's national platform and strong culture make it a perfect fit for my practice," said Mr. Kaufman. "I'm excited to join colleagues I know and respect, including David Kronenberg, and to collaborate in an area where relatively few practitioners operate. The firm's strong presence in markets important to my practice like Houston and Chicago, together with its leading energy and project finance teams, creates meaningful opportunities to work across disciplines to provide exceptional client service. These strengths naturally complement my work in structured credit transactions and derivatives, and I look forward to contributing to the firm's continued growth." In addition to his legal practice, Mr. Kaufman is deeply committed to public service and professional engagement. He serves as chairman of the board for Concrete Safaris, a youth development nonprofit in East Harlem, and is a member of the Lawyers Advisory Council for the NYC Urban Debate League. He is also an active member of the International Institute of Strategic Studies, a London-based foreign policy group with a strong U.S. presence, and he has participated in a wide range of pro bono initiatives throughout his career. Mr. Kaufman earned his J.D. from Harvard Law School and his B.A. from the University of Rochester. About Blank Rome Blank Rome -- http://www.blankrome.com-- is an Am Law 100 firm with 16 offices and 800 attorneys and principals who provide comprehensive legal and advocacy services to clients operating in the United States and around the world. Our professionals have built a reputation for their leading knowledge and experience across a spectrum of industries and are recognized for their commitment to pro bono work in their communities. [] Two Attorneys Join Katten's London Restructuring Practice ------------------------------------------------------------ Katten Muchin Rosenman UK LLP announced that James Davison and Victoria Procter have joined the firm's Restructuring practice as partner and counsel respectively in London. "It is our privilege and pleasure to ring in the start of 2026 with the addition of two highly respected appointments in our London office," said Steven Reisman, global chair of the Katten Restructuring practice. "James and Victoria bring wonderful skills and exceptional restructuring and insolvency experience that fit well with Katten's practical, client- focused approach to complex corporate restructuring issues that arise, not just in London but in the US, the EU and internationally." Mr. Davison is a solution-focused attorney whose broad practice encompasses debtor and creditor side mandates, with an emphasis on corporate rescue and turnaround to maximize value for stakeholders. Often leading high-profile cross-border restructurings across a range of sectors, he regularly advises boards, management teams, private equity sponsors, lenders and other investors on accelerated M&A, capital structure resets, workouts and contingency planning. Mr. Davison is recognized as being at the forefront in the development and use of the Restructuring Plan, a relatively new tool that can rescue a company in financial difficulty without the need for a formal insolvency. He has successfully advised several clients in this area in recent years, leading to industry awards. Ms. Procter and Mr. Davison worked together on a number of complex mandates in their previous roles, at a firm ranked in the Top 10 of the Global Restructuring Review 30. Ms. Procter's significant experience in non-contentious financial and corporate restructuring, turnaround and insolvency matters has resulted in an impressive roster of clients that includes insolvency practitioners, receivers, clearing banks and other financial institutions as well as corporate debtors, their directors, shareholders and other stakeholders with regard to financially distressed and insolvency situations. Together, Mr. Davison and Ms. Procter bring extensive experience in a broad spectrum of sectors including financial services, hospitality & leisure, travel, retail, consumer goods, industrials, manufacturing and energy. Commenting on the recent appointments, London Managing Partner Christopher Hitchins said: "We are delighted to welcome James and Victoria, whose wide-ranging skills, particularly in financial services, retail, and hospitality and leisure, will be hugely beneficial to our international client base. Together, their impressive approach to complex, cross-border matters will serve to strengthen the core advice we already provide our clients." Mr. Davison added: "Katten's restructuring practice is formidable, particularly across the key markets in the US. The firm has a strong client base, a well-established London office and an increasingly global outlook. These elements create an optimal environment in which to grow and develop a premium restructuring business in Europe. It is an honor to be given the opportunity to do so." Katten Muchin Rosenman UK LLP is the London affiliate of Katten Muchin Rosenman LLP, a full-service law firm with approximately 700 attorneys in locations across the United States and in Asia. The London team has a wide range of experience covering asset management, corporate and commercial, finance, financial services and regulatory, joint ventures, mergers and acquisitions, real estate, litigation, intellectual property, data privacy, employment and tax. The firm's London lawyers work seamlessly with colleagues in other offices located in centers of finance, including Chicago, Dallas, Los Angeles, New York, Shanghai and Washington, DC. They offer skilled, integrated legal advice, and are particularly well-placed to service the needs of clients undertaking transatlantic business. For more information, visit katten.com. ********* Monday's edition of the TCR delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR editor holds some position in the issuers public debt and equity securities about which we report. Each Tuesday edition of the TCR contains a list of companies with insolvent balance sheets whose shares trade higher than $3 per share in public markets. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. On Thursdays, the TCR delivers a list of recently filed Chapter 11 cases involving less than $1,000,000 in assets and liabilities delivered to nation's bankruptcy courts. The list includes links to freely downloadable images of these small-dollar petitions in Acrobat PDF format. Each Friday's edition of the TCR includes a review about a book of interest to troubled company professionals. All titles are available at your local bookstore or through Amazon.com. Go to http://www.bankrupt.com/books/to order any title today. Monthly Operating Reports are summarized in every Saturday edition of the TCR. The Sunday TCR delivers securitization rating news from the week then-ending. TCR subscribers have free access to our on-line news archive. Point your Web browser to http://TCRresources.bankrupt.com/and use the e-mail address to which your TCR is delivered to login. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter is a daily newsletter co-published by Bankruptcy Creditors Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Philadelphia, Pa., USA. Randy Antoni, Jhonas Dampog, Marites Claro, Joy Agravante, Rousel Elaine Tumanda, Joel Anthony G. Lopez, Psyche A. Castillon, Ivy B. Magdadaro, Carlo Fernandez, Christopher G. Patalinghug, and Peter A. Chapman, Editors. Copyright 2026. All rights reserved. ISSN: 1520-9474. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The single-user TCR subscription rate is $1,400 for six months or $2,350 for twelve months, delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are $25 each per half-year or $50 annually. For subscription information, contact Peter A. Chapman at 215-945-7000. *** End of Transmission ***