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260129.mbx T R O U B L E D C O M P A N Y R E P O R T E R Thursday, January 29, 2026, Vol. 30, No. 29 Headlines 1 SOURCE: Gets Final OK to Use Cash Collateral 10 SHEPHERDS: Voluntary Chapter 11 Case Summary 1226 EVERGREEN: Seeks Chapter 11 Bankruptcy in New York 126 HENRY: Salvatore LaMonica Named Subchapter V Trustee 15 & 23 VAN SICLEN: May 26 Chapter 11 Plan Filing Deadline 2 SCOTT LANE: Seeks Chapter 7 Bankruptcy in New York 22ND CENTURY: Implements Reverse Split to Restore Nasdaq Compliance 33RD RESTAURANT: Seeks Chapter 7 Bankruptcy in New York 72 S THOMAS PLACE: Seeks Chapter 11 Bankruptcy in Ohio 7452 N. WESTERN AVE: Matthew Brash Named Subchapter V Trustee 960 MANAGEMENT: Voluntary Chapter 11 Case Summary ACCENT COMFORT: Voluntary Chapter 11 Case Summary ADAPTHEALTH LLC: Moody's Ups CFR to Ba2 & Alters Outlook to Stable ADVENT TECHNOLOGIES: Nasdaq Finalizes Delisting Effective Feb. 2 AGZ PROPERTIES: Voluntary Chapter 11 Case Summary AI AQUA: Moody's Rates $5BB Upsized First Lien Term Loan 'B3' ALECTO HEALTHCARE: W. Homony Named Successor Subchapter V Trustee ALL SOD NURSERY: Gets Extension to Access Cash Collateral AM ROOFING: Seeks Subchapter V Bankruptcy in Ohio ANTHOLOGY INC: Advised by Haynes Boone in Chapter 11 Restructuring ANTHOLOGY INC: Expects to Emerge From Chapter 11 in Coming Weeks APEX TOOL: S&P Upgrades ICR to 'CCC+' on Extended Maturities AVALON GLOBOCARE: Terminates Merger Deal With YOOV Group AZURE BUILDERS: Court Extends Cash Collateral Access BELLAVIVA AT WHISPERING: Sun Terra OK'd as Leesburg Site Buyer BLACK SHEEP: Neema Varghese Named Subchapter V Trustee BLACK SHEEP: Seeks Chapter 11 Bankruptcy in Illinois BLACK SPOT: Gets Interim OK to Use Cash Collateral Until Feb. 14 BLACKBERRY LIMITED: BlackRock Holds 4.6% Equity Stake as of Dec. 31 BLACKHAWK NETWORK: Moody's Rates New Upsized Term Loan 'B2' BLACKHAWK NETWORK: S&P Affirms 'B' ICR on Dividend Recap BROOKDALE SENIOR: Antipodes Partners Holds 4.8% Equity Stake CAFE PASSE: Joseph Cotterman Named Subchapter V Trustee CHARIOT BUYER: $300MM Loan Add-on No Impact on Moody's 'B3' Rating CHF DOVER: S&P Affirms 'BB' Rating on 2018A/B Revenue Bonds CONTAINER GROUP: Section 341(a) Meeting of Creditors on February 4 CREATIVE CHANGE: Nicole Nigrelli Named Subchapter V Trustee CREATIVE CHANGE: Seeks Chapter 11 Bankruptcy in New Jersey CREATIVE FOODS: Seeks Chapter 11 Bankruptcy in Ohio CRUZ TEC: Ford Motor Credit Wins Bid for Automatic Stay Relief DARKPULSE INC: Majority Stockholder OKs Reduction of Shares to 20B DEENA P. CARVAJAL: Gets OK to Use Cash Collateral Until Feb. 12 DELANI CONSTRUCTION: Voluntary Chapter 11 Case Summary EG GROUP: Moody's Upgrades CFR to B2 & Alters Outlook to Stable EKSO BIONICS: Closes $5.3MM PIPE With Preferred Stock and Warrants EVOLUTION HOME: Seeks Chapter 7 Bankruptcy in Ohio EXAMWORKS BIDCO: Refinancing Deal No Impact on Moody's 'B2' CFR FAT BRANDS: Bondholders Oppose Cash Use, Wants CEO Ousted FAT BRANDS: Enters "Free Fall" Chapter 11 Bankruptcy FIRST BRANDS: Oaktree, Anchorage Step Into Bankruptcy Financing FLORIDA GLASS: Liable to Painters Pension Fund, 4th Cir. Says GAMESTOP CORP: Ryan Cohen Holds 9.2% of Class A Shares GENESIS HEALTHCARE: Fights Request to Appoint Bankruptcy Trustee GRADY'S HARDWARE: Unsecured Creditors to Split $22K in Plan GRAETTINGER-TERRIL COMMUNITY SCHOOL: S&P Cuts GO Bond Rating to BB+ HEXION INC: Moody's Affirms B3 CFR & Cuts 1st Lien Term Loan to B3 HIGHLAND CAPITAL: Daugherty Loses Bid to Stay Adversary Case IHN PODIATRY: Amy Denton Mayer Named Subchapter V Trustee INDICOR LLC: S&P Rates Repriced First-Lien Term Loans 'B' ISLAND GASTROENTEROLOGY: Gets Interim OK to Use Cash Collateral JADEX INC: Moody's Affirms 'B3' CFR & Alters Outlook to Negative JOSEPHINES RESTAURANT: Matthew Brash Named Subchapter V Trustee JUST LOGISTICS: Douglas Stanger Named Subchapter V Trustee JUST LOGISTICS: Seeks Chapter 11 Bankruptcy in New Jersey KEVIN D CHANEY: Kimberly Ross Clayson Named Subchapter V Trustee KOOL AIR: Jerrett McConnell Named Subchapter V Trustee KOOMBEA INC: Court Extends Cash Collateral Access to Feb. 2 KOSMOS ENERGY: BlackRock Portfolio Holds 1.7% Equity Stake KOSMOS ENERGY: S&P Downgrades ICR to 'CCC', Outlook Negative LANDERS DEVELOPMENT: Court OKs Benton Property Sale for $1.23MM LANGUAGE KIDS: Melissa Haselden Named Subchapter V Trustee LAREDO OIL: Reports Q2 Net Loss of $3.3MM, Flags Going Concern Risk LEARFIELD COMMUNICATIONS: Moody's Ups CFR to B2, Outlook Stable LLT MANAGEMENT: Special Master Addresses 702 Daubert Motions LOADED BARREL: Unsecureds to Get 0 Cents on Dollar in Plan LUMINAR TECHNOLOGIES: Gets OK for $142MM of Chapter 11 Asset Sales MAIN LINE: Unsecureds Will Get 4.04% of Claims over 3 Years MAMA BIRD'S: Kathleen O'Malley Named Subchapter V Trustee MAMBA PURCHASER: S&P Rates New $905MM First-Lien Term Loan 'B' MANNING LAND: Case Summary & One Unsecured Creditor MANTECH INTERNATIONAL: S&P Withdraws 'B+' Issuer Credit Rating MARQUIE GROUP: Excludes Mountain Brook Asset in GetGolf Transaction MARQUIE GROUP: Q2 Loss Widens to $2.3MM as Going Concern Persists MAWSON INFRASTRUCTURE: Endeavor Blockchain Widens Stake to 44.9% MAWSON INFRASTRUCTURE: Sues Endeavor Blockchain for 13D Violations MKS INC: Moody's Rates New Unsecured EUR Notes 'Ba2' MOOCHO INC: Case Summary & 30 Largest Unsecured Creditors MOUNTAIN REGIONAL: Gets Final OK to Use Cash Collateral NATIONWIDE TREE: Ruediger Mueller Named Subchapter V Trustee NEW FORTRESS: BlackRock Holds 9.8% Equity Stake as of Dec. 31 NINE ENERGY: S&P Lowers ICR to 'CCC-' on Deteriorating Liquidity NOR-WES INC: To Sell Aircraft to Richter Aviation & Ben Beaven OLGA T. GOLFINOPOULOS: Court Awards $15K Fees to Rabinowitz ONESKY FLIGHT: Moody's Rates New Secured 1st Lien Term Loan 'Ba3' OSMOSE UTILITIES: Moody's Alters Outlook on 'B3' CFR to Negative OWL VENICE: Gets Extension to Access Cash Collateral OXBOW CARBON: Moody's Affirms 'B1' CFR, Outlook Remains Stable PATHFINDER AUTO: Gets 60-Day Extension to Use Cash Collateral PERASO INC: Advances Talks With Mobix Labs on All-Stock Deal PLATINUM HEIGHTS: White Rock Intends to File Joint Plan PLURI INC: Receives Nasdaq Notice for MVLS Non-Compliance POLAR US: Moody's Upgrades CFR to B2 & Alters Outlook to Stable PRO MACH: S&P Affirms 'B' ICR on Incremental Add-On, Outlook Stable RACHE REALTY: Chapter 11 Plan Due on May 21 RESULTS PLUS: Jerrett McConnell Named Subchapter V Trustee RINCHEM COMPANY: Moody's Cuts CFR to Ca & Alters Outlook to Stable RIVULET ENTERTAINMENT: Posts $966,090 Net Loss in Q1 2026 RUBICON MECHANICAL: Gets Final OK to Use Cash Collateral RUNITONETIME LLC: Union Can't Challenge Sale of PokerCo Assets SAKS GLOBAL: GoldenTree Commits $200MM Chapter 11 Rescue Loan SAKS GLOBAL: Klestadt Winters Represents Consignor Creditors SANTA PAULA: To Sell Ventura Property to Fremont HGS for $1.45MM SCOOTER'S TRUCKING: Case Summary & 15 Unsecured Creditors SELECTIS HEALTH: Closes $13.2MM Sale of Two Ga. Nursing Facilities SHAMARI HAIR: Todd Hennings Named Subchapter V Trustee SHANNON WIND: Seeks Chapter 11 Bankruptcy in Texas SMILEDIRECTCLUB INC: Founders Want Bankruptcy Trustee Suit Tossed SOLANO HOME: Claims to be Paid from Business Operations STOLI GROUP: McGushin Gets OK to Withdraw as Bardstown Counsel SUPERIOR DEVELOPMENT: Seeks Chapter 7 Bankruptcy in New York TEHUM CARE: Ex-Affiliates, Insiders Missed Settlement Payments TELESCOPE PROPERTIES: Seeks to Sell Chaplin Property THERAPEUTICS MD: Switches Auditor After CRI Acquires BPB Assets THREEPIECEUS LLC: Gets Extension to Access Cash Collateral TONIX PHARMACEUTICALS: BlackRock Holds 6.7% Stake as of Dec. 31 TRAXX CONSTRUCTION: Court Extends Cash Collateral Access to Feb. 5 TURNER PAVING: Unsecureds to Split $178,500 over 5 Years VALINA RELAX: Jerrett McConnell Named Subchapter V Trustee VENUS CONCEPT: Plans Voluntary Nasdaq Delisting, SEC Deregistration VENUS CONCEPT: Wins Short-Term Liquidity Relief From Lenders VILLAGE HOMES: To Sell Eight Vacant Lots to Hark Homes VIVIANS RESTAURANT: Matthew Brash Named Subchapter V Trustee WEEKLEY HOMES: $75MM Notes Add-on No Impact on Moody's 'Ba2' CFR WELLPATH LLC: Wins Bid to Dismiss Donahue Civil Rights Lawsuit WEST 3RD HOLDINGS: Case Summary & 19 Unsecured Creditors WHITE ROCK: 2 Hospitals in Chapter 11 Amid Disputes With Ex-Owner WORKHORSE GROUP: Dismisses BPB, Appoints CRI as Auditor Post-Merger X2 PRODUCTION: Seeks Chapter 7 Bankruptcy in New York YS GARMENTS: Moody's Affirms Caa3 CFR & Rates New Secured Debt Caa3 ZEVH REALTY: Disclosure Statement Due on May 21 [^] Recent Small-Dollar & Individual Chapter 11 Filings ********* 1 SOURCE: Gets Final OK to Use Cash Collateral ---------------------------------------------- The U.S. Bankruptcy Court for the Southern District of Alabama entered a final order authorizing 1 Source, LLC to use cash collateral. Under the final order, signed by Judge Jerry Oldshue, the Debtor is authorized to use cash collateral in accordance with the budget, subject to a 10% variance. The Debtor may collect accounts receivable without interference. As adequate protection, ServisFirst Bank will be granted a replacement lien on the Debtor's post-petition receivables to the same extent, priority, and perfection status as it has in its valid pre-bankruptcy lien. This replacement lien is subordinate to certain administrative expenses, including court clerk expenses and post-petition professional fees of the Debtor's counsel and accountants. ServisFirst asserts a secured claim of approximately $885,000 based on two 2024 loans and claims perfected security interests in accounts receivable, inventory, and equipment, including assets of an affiliated entity, Gulf States Industrial Services. 1 Source sells, rents, and services heavy power equipment in Mobile County, Alabama. Declining industry conditions and the loss of a major dealership contract significantly reduced the Debtor's revenue in recent years. At filing, the Debtor held roughly $26,600 in cash and $84,500 in accounts receivable. The order does not determine the validity or amount of any liens or claims and preserves all parties' rights to later challenge or seek additional relief. A copy of the court's order and the Debtor's budget is available at https://urlcurt.com/u?l=1C1KiL from PacerMonitor.com. About 1 Source LLC 1 Source, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ala., Case No. 25-13269) on November 21, 2025, listing between $1 million and $10 million in assets and liabilities. Jodi Dubose serves as Subchapter V trustee. Judge Jerry C. Oldshue handles the case. Alexandra K. Garrett and Jason R. Watkins, Esq., at Silver Voit Garrett & Watkins, represent the Debtor as legal counsel. The Debtor tapped The Nomadic Accountant, LLC and KBA Group, PC as its accountants. 10 SHEPHERDS: Voluntary Chapter 11 Case Summary ----------------------------------------------- Debtor: 10 Shepherds LN Map LLC 10 Shepherds Ln, Port Washington, NY 11050 Business Description: 10 Shepherds LN MAP LLC owns a residential real estate property in Port Washington, New York, and is classified under NAICS 5313 for activities related to real estate. Chapter 11 Petition Date: January 27, 2026 Court: United States Bankruptcy Court Eastern District of of New York Case No.: 26-70355 Judge: Hon. Louis A Scarcella Debtor's Counsel: Karamvir Dahiya, Esq. DAHIYA LAW OFFICES LLC 111 John Street Suite 1860 New York, NY 10038 Tel: 212-766-8000 E-mail: karam@dahiya.law Estimated Assets: $0 to $50,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Thomas T Makkos as operating member. The Debtor has confirmed in the petition that it has no unsecured creditors. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/MMDV4UI/10_SHEPHERDS_LN_MAP_LLC__nyebke-26-70355__0001.0.pdf?mcid=tGE4TAMA 1226 EVERGREEN: Seeks Chapter 11 Bankruptcy in New York ------------------------------------------------------- On January 23, 2026, 1226 Evergreen Bapaz LLC filed for Chapter 11 protection in the Eastern District of New York. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 1-49 creditors. About 1226 Evergreen Bapaz LLC 1226 Evergreen Bapaz LLC is a limited liability company. 1226 Evergreen Bapaz LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-40341) on January 23, 2026. In its petition, the Debtor reports estimated assets in the range of $1 million to $10 million and estimated liabilities in the range of $1 million to $10 million. Honorable Bankruptcy Judge Elizabeth S. Stong handles the case. The Debtor is represented by Charles Wertman, Esq., of Law Offices of Charles Wertman P.C. 126 HENRY: Salvatore LaMonica Named Subchapter V Trustee -------------------------------------------------------- The U.S. Trustee for Region 2 appointed Salvatore LaMonica, Esq., at LaMonica Herbst & Maniscalco, LLP, as Subchapter V trustee for 126 Henry Street, Inc. Mr. LaMonica will be paid an hourly fee of $725 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. LaMonica declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Salvatore LaMonica, Esq. LaMonica Herbst & Maniscalco, LLP 3305 Jerusalem Avenue, Suite 201 Wantagh, NY 11793 Phone: (516) 826-6500 Email: sl@lhmlawfirm.com About 126 Henry Street Inc. 126 Henry Street, Inc. operates an auto repair business and owns the property at 126 Henry Street in Hempstead, New York, which it acquired in 2023. 126 Henry Street filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 26-70291) on January 21, 2026, with $1 million to $10 million in assets and $100,000 to $500,000 in liabilities. Clarence Murray, principal, signed the petition. Judge Sheryl P. Giugliano presides over the case. Kevin Nash, Esq., at Goldberg Weprin Finkel Goldstein, LLP represents the Debtor as bankruptcy counsel. 15 & 23 VAN SICLEN: May 26 Chapter 11 Plan Filing Deadline ---------------------------------------------------------- On January 23, 2026, 15 & 23 Van Siclen Ave Properties, LLC filed for Chapter 11 protection in the Eastern District of New York. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 1-49 creditors. The Chapter 11 Plan submission deadline is on May 26, 2026. About 15 & 23 Van Siclen Ave Properties, LLC 15 & 23 Van Siclen Ave Properties, LLC is a single asset real estate company. 15 & 23 Van Siclen Ave Properties, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-40335) on January 23, 2026. In its petition, the Debtor reports estimated assets of $1 million to $10 million and estimated liabilities in the same range. Honorable Bankruptcy Judge Elizabeth S. Stong handles the case. The Debtor is represented by Ilevu Yakubov, Esq., of Jacobs P.C. 2 SCOTT LANE: Seeks Chapter 7 Bankruptcy in New York ---------------------------------------------------- On January 23, 2026, 2 Scott Lane Corp. filed for Chapter 7 protection in the U.S. Bankruptcy Court for the Eastern District of New York. According to court filing, the Debtor reports between $0 and $100,000 in debt owed to 1–49 creditors. About 2 Scott Lane Corp. 2 Scott Lane Corp. is a New York-based company engaged in commercial and residential property management. 2 Scott Lane Corp. sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 26-70331) on January 23, 2026. In its petition, the Debtor reports estimated assets of $0–$100,000 and estimated liabilities of $0–$100,000. Honorable Bankruptcy Judge Sheryl P. Giugliano handles the case. 22ND CENTURY: Implements Reverse Split to Restore Nasdaq Compliance ------------------------------------------------------------------- 22nd Century Group, Inc. filed a Certificate of Amendment pursuant to Nevada Revised Statutes Section 78.209 with the Secretary of State of the State of Nevada on January 22, 2026, authorizing a 1-for-15 reverse stock split of the Company's issued and outstanding shares of common stock. Reason for the Reverse Stock Split: The Reverse Stock Split was effected solely to enable the Company to expeditiously restore compliance with the continued listing standard of NASDAQ Capital Market. Effects of the Reverse Stock Split: * Effective Date; Symbol; CUSIP Number: The Effective Date of the Reverse Stock Split is January 26, 2026, at 12:01 a.m. Eastern Time. In connection with the Reverse Stock Split, the Company's shares of common stock will continue to trade on NASDAQ under the symbol "XXII" but will trade under a new CUSIP Number, 90137F608. * Split Adjustment; No Fractional Shares: On the Effective Date, the total number of shares of the Company's common stock held by each stockholder will be converted automatically into the number of whole shares of common stock equal to the number of issued and outstanding shares of common stock held by such stockholder immediately prior to the Reverse Stock Split, divided by 15. No fractional shares will be issued, and no cash or other consideration will be paid. Instead, the Company will issue one whole share of the post-Reverse Stock Split common stock to any stockholder who otherwise would have received a fractional share as a result of the Reverse Stock Split. * Non-Certificated Shares; Certificated Shares: Stockholders who are holding their shares in electronic form at brokerage firms do not have to take any action as the effect of the Reverse Stock Split will automatically be reflected in their brokerage accounts. Stockholders holding paper certificates may (but are not required to) send the certificates to the Company's transfer agent at the address given below. The transfer agent will issue a new share certificate reflecting the terms of the Reverse Stock Split to each requesting stockholder. For further information, related costs and procedures before sending any certificates, Continental Stock Transfer & Trust Company may be reached at: ONE STATE STREET, 30th Floor New York, NY 10004 Phone: (917) 262-2378 * State Filing: The Reverse Stock Split was effected by the Company filing the Certificate pursuant to NRS Section 78.209 with the Secretary of State of the State of Nevada on January 22, 2026. A copy of the Certificate is attached hereto as Exhibit 3.1 and incorporated herein by reference. * Stockholder Approval Required: Under Nevada law, because the Reverse Stock Split did not proportionately reduce the authorized shares, Stockholder approval was required in accordance with NRS 78.2055. Under NRS 78.2055, "a corporation that desires to decrease the number of issued and outstanding shares of a class or series held by each stockholder of record at the effective date and time of the change without correspondingly decreasing the number of authorized shares of the same class or series may do so if: (a) The board of directors adopts a resolution setting forth the proposal to decrease the number of issued and outstanding shares of a class or series; and (b) The proposal is approved by the vote of stockholders holding a majority of the voting power of the affected class or series, or such greater proportion as may be provided in the articles of incorporation, regardless of limitations or restriction on the voting power of the affected class or series." The Reverse Stock Split complies with such requirements. * Capitalization: Prior to the Effective Date of the Certificate, the Company was authorized to issue 500,000,000 shares of common stock. As a result of the Reverse Stock Split, the Company will remain authorized to issue 500,000,000 shares of common stock. As of January 22, 2026 (immediately prior to the Effective Date), there were 7,652,661 shares of common stock outstanding. As a result of the Reverse Stock Split, there will be approximately 510,177 shares of common stock outstanding (subject to adjustment due to the effect of rounding fractional shares into whole shares). The Reverse Stock Split will not have any effect on the stated par value of the common stock. Each stockholder's percentage ownership interest in the Company and proportional voting power remains virtually unchanged as a result of the Reverse Stock Split, except for minor changes and adjustments that will result from rounding fractional shares into whole shares. All options, warrants and shares of Series A preferred Stock of the Company outstanding immediately prior to the Reverse Stock Split will be appropriately adjusted as a result of the Reverse Stock Split. A copy of the Certificate of Amendment is available at https://tinyurl.com/7j9fe3ve About 22nd Century Group Mocksville, N.C.-based 22nd Century Group, Inc. is a tobacco products company specializing in the sales and distribution of its proprietary reduced nicotine tobacco products, which have been authorized as Modified Risk Tobacco Products by the FDA. The company also provides contract manufacturing services for conventional combustible tobacco products for third-party brands. As of September 30, 2025, the Company had $32.37 million in total assets, $11.26 million in total liabilities, and $18.37 million in total shareholders' equity. Buffalo, New York-based Freed Maxick P.C., the Company's auditor since 2011, issued a "going concern" qualification in its report dated March 20, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024 citing that the Company has incurred significant losses and negative cash flows from operations since inception and expects to incur additional losses until such time that it can generate significant revenue and profit in its tobacco business. This raises substantial doubt about the Company's ability to continue as a going concern. 33RD RESTAURANT: Seeks Chapter 7 Bankruptcy in New York ------------------------------------------------------- On January 22, 2026, 33rd Restaurant Group Inc. filed for Chapter 7 protection in the U.S. Bankruptcy Court for the Eastern District of New York. According to court filing, the Debtor reports between $100,001 and $1,000,000 in debt owed to 1–49 creditors. About 33rd Restaurant Group Inc. 33rd Restaurant Group Inc. operates as a restaurant management company, overseeing dining establishments and related food services in New York. 33rd Restaurant Group Inc. sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 26-40310) on January 22, 2026. In its petition, the Debtor reports estimated assets of $0–$100,000 and estimated liabilities of $100,001–$1,000,000. Honorable Bankruptcy Judge Jil Mazer-Marino handles the case. The Debtor is represented by Emiliano Perez, Esq., of The Perez Law Group. 72 S THOMAS PLACE: Seeks Chapter 11 Bankruptcy in Ohio ------------------------------------------------------ On January 16, 2026, 72 S Thomas Place, LLC filed for Chapter 11 protection in the Northern District of Ohio. According to court filings, the debtor reports between $1 million and $10 million in debt owed to 1–49 creditors. About 72 S Thomas Place, LLC 72 S Thomas Place, LLC is a limited liability company. 72 S Thomas Place, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-50069) on January 16, 2026. In its petition, the debtor reports estimated assets of $0–$100,000 and estimated liabilities of $1 million–$10 million. Honorable Bankruptcy Judge Alan M. Koschik handles the case. The debtor is represented by Glenn E. Forbes, Esq., of Forbes Law LLC. 7452 N. WESTERN AVE: Matthew Brash Named Subchapter V Trustee ------------------------------------------------------------- The U.S. Trustee for Region 11 appointed Matthew Brash of Newpoint Advisors Corporation as Subchapter V trustee for 7452 N. Western Ave., Inc. Mr. Brash will be paid an hourly fee of $425 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Brash declared that he is a disinterested person according to section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Matthew Brash Newpoint Advisors Corporation 655 Deerfield Road, Suite 100-311 Deerfield, IL 60015 Tel: (847) 404-7845 About 7452 N. Western Ave. Inc. 7452 N. Western Ave., Inc., doing business as Candlelite Chicago, operates a full-service restaurant and bar at its location in Chicago, Illinois, offering food and beverage services including pizza, burgers, and comfort fare. The Debtor filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Ill. Case No. 26-00911) on January 20, 2026, with $50,000 to $100,000 in assets and $1 million to $10 million in liabilities. George P. Fowler, president, signed the petition. Judge Jacqueline P. Cox presides over the case. Scott R. Clar, Esq., at Crane, Simon, Clar & Goodman represents the Debtor as legal counsel. 960 MANAGEMENT: Voluntary Chapter 11 Case Summary ------------------------------------------------- Debtor: 960 Management Investments LLC 4917 Nolda St Houston, TX 77007 Business Description: 960 Management Investments LLC owns four residential properties located at 911, 913, 915, and 917 Thompson Street in Houston, Texas, with a combined appraised value of approximately $3.53 million. Chapter 11 Petition Date: January 27, 2026 Court: United States Bankruptcy Court Southern District of Texas Case No.: 26-30503 Judge: Hon. Eduardo V Rodriguez Debtor's Counsel: Elias Yazbeck, Esq. THE LAW OFFICE OF ELIAS M. YAZBECK, PLLC 4119 Montrose Blvd Suite 470 Houston TX 77006 Tel: (281) 755-7320 E-mail: elias@yazbecklaw.com Total Assets: $3,525,000 Total Liabilities: $2,643,750 The petition was signed by Michael Gadagbul as authorized representative of Grace and Son Group LLC, sole and managing member of 960 Management Investments LLC. The Debtor submitted a list of its 20 largest unsecured creditors, but no names were included in the filing. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/2DQ4WOQ/960_Management_Investments_LLC__txsbke-26-30503__0001.0.pdf?mcid=tGE4TAMA ACCENT COMFORT: Voluntary Chapter 11 Case Summary ------------------------------------------------- Debtor: Accent Comfort Services, LLC d/b/a Accent Heating and Cooling 9013 Perimeter Woods Drive, Suite G Charlotte, NC 28216 Business Description: Accent Comfort Services, LLC, doing business as Accent Heating and Cooling, provides residential and commercial heating, air conditioning, plumbing, electrical, ventilation, and remodeling services, including emergency response, in Charlotte, North Carolina, and parts of South Carolina. Founded in 2005, the Charlotte-based family business operates across multiple cities in both states, offering HVAC and related system maintenance and repair. Chapter 11 Petition Date: January 27, 2026 Court: United States Bankruptcy Court Western District of North Carolina Case No.: 26-30097 Judge: Hon. Laura T Beyer Debtor's Counsel: John C. Woodman, Esq. ESSEX RICHARDS PA 1701 South Boulevard Charlotte, NC 28203 Tel: (704) 377-4300 Fax: (704) 372-1357 E-mail: jwoodman@essexrichards.com Estimated Assets: $500,000 to $1 million Estimated Liabilities: $1 million to $10 million The petition was signed by Frank C. Celeste as officer. 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/4IEBX5Q/Accent_Comfort_Services_LLC__ncwbke-26-30097__0001.0.pdf?mcid=tGE4TAMA ADAPTHEALTH LLC: Moody's Ups CFR to Ba2 & Alters Outlook to Stable ------------------------------------------------------------------ Moody's Ratings upgraded the ratings of AdaptHealth, LLC (AdaptHealth), including the Corporate Family Rating to Ba2 from Ba3, the Probability of Default Rating to Ba2-PD from Ba3-PD and the company's senior unsecured notes rating to Ba3 from B1. The Speculative Grade Liquidity remains unchanged at SGL-1. At the same time, Moody's revised the outlook to stable from positive. The upgrade of AdaptHealth's ratings reflects Moody's expectations for the company to continue to exhibit modest organic growth following improved operating performance and execution of new contracts. AdaptHealth recently signed a five year contract to be the exclusive provider of home medical equipment (HME) for a national integrated delivery network (IDN). Moody's forecasts AdaptHealth will be able to improve margins due to operational initiatives and a change in product mix following the divestitures of some of its less profitable businesses. Moody's expects AdaptHealth to maintain very good liquidity to support its future growth prospects. Moody's anticipates that the company will continue to execute a growth strategy that relies somewhat on acquisitions but should be mostly funded with excess free cash flow. AdaptHealth has a strong track record of successful acquisition integration and synergy realization. The outlook is stable, Moody's expects AdaptHealth to maintain financial leverage around 2.5x with very good liquidity. Moody's also expects the company to maintain conservative financial policies. RATINGS RATIONALE AdaptHealth's Ba2 Corporate Family Rating reflects the company's meaningful scale in the provision of home healthcare equipment and related supplies in the United States with sales of around $3.3 billion (LTM September 2025). The company benefits from its focus on a broad range of patient needs including sleep, home medical equipment, diabetes and respiratory products, the majority of which relate to chronic medical conditions with high levels of recurring revenues. The rating is supported by the company's modest leverage at around 2.9x. Moody's expects debt/EBITDA to decline to around 2.5x over the next 12-18 months. The pace of deleveraging will depend on the company's appetite for future acquisitions and the pace at which the company ramps to service the new capitated contract with the national IDN. The SGL-1 Speculative Grade Liquidity rating reflects the company's very good liquidity profile. Cash levels stood at approximately $80 million as of September 30, 2025 and Moody's anticipates that the company will generate around $200 million of free cash flow in 2025. The company has a $300 million revolving credit facility (undrawn) that was extended through September 2029. There were $26.4 million of LOCs outstanding as of September 30, 2025. The company's secured term loan agreements are subject to maximum leverage and minimum interest coverage covenants which are not expected to be tested and have ample headroom. The company has limited alternative sources of liquidity as substantially all assets are pledged. AdaptHealth's unsecured notes are rated Ba3, one notch below the Ba2 Corporate Family Rating. The rating of the senior unsecured bonds reflects their structural subordination to the secured debt in the company's capital structure, comprised of a $300 million (unrated/undrawn) revolving credit facility expiring in 2029 and a $650 million (unrated) term loan maturing in September 2029. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Ratings could be upgraded if the company sustains debt/EBITDA below 2.0x while maintaining a good liquidity profile. Further diversification by payor, product and geography, increased scale, and improved free cash flow would also be positive credit factors that could support an upgrade. Ratings could be downgraded if the company's financial policies become more aggressive. Quantitatively, ratings could be downgraded if the company sustains debt/EBITDA above 3.0x or if liquidity erodes or the company's free cash flow generation weakens. Headquartered in Conshohocken, PA, AdaptHealth, LLC is a provider of home healthcare equipment and medical supplies to the home and related services in the United States. The Company operates under four reportable segments including sleep health, respiratory health, diabetes health, and wellness at home. The company's products cover a range of products to address chronic conditions such as sleep therapies, oxygen and related therapies in the home and other home medical devices. AdaptHealth services approximately 4.3 million patients annually in nearly all 50 states through a network of over 640 locations in 47 states. Revenues were around $3.3 billion as of LTM September 2025. The principal methodology used in these ratings was Business and Consumer Services published in November 2021. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. ADVENT TECHNOLOGIES: Nasdaq Finalizes Delisting Effective Feb. 2 ---------------------------------------------------------------- The Nasdaq Stock Market LLC (the Exchange) disclosed in a regulatory filing that it has determined to remove from listing the securities of Advent Technologies Holdings, Inc. effective at the opening of the trading session on February 2, 2026. Based on review of information provided by the Company, Nasdaq Staff determined that the Company no longer qualified for listing on the Exchange pursuant to Listing Rules 5550(b)(1), 5550(b)(2), and 5550(b)(3). The Company was notified of the Staff determination on August 18, 2025. On August 25, 2025 the Company exercised its right to appeal the Staff determination to the Listing Qualifications Hearings Panel (Panel) pursuant to Listing Rule 5815. On October 7, 2025, the hearing was held. On October 28, 2025 the Panel reached a decision and a Decision letter was issued on said date. On the same day, the Panel reached a decision and decided to suspend the Company from the Exchange. The Company security was suspended on October 30, 2025. The Staff determination to delist the Company securities became final on December 12, 2025. About Advent Technologies Headquartered in Livermore, Calif., Advent Technologies Holdings, Inc. is an advanced materials and technology development company operating in the fuel cell and hydrogen technology space. Advent develops, manufactures and assembles the critical components that determine the performance of hydrogen fuel cells and other energy systems. To date, Advent's principal operations have been to develop and manufacture Membrane Electrode Assembly (MEA), and fuel cell stacks and complete fuel cell systems for a range of customers in the stationary power, portable power, automotive, aviation, energy storage and sensor markets. The Woodlands, Texas-based M&K CPAS, PLLC, the Company's auditor since 2024, issued a "going concern" qualification in its report dated June 6, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024, citing that the Company has yet to achieve profitable operations, has negative cash flows from operating activities, and is dependent upon future issuances of equity or other financings to fund ongoing operations all of which raises substantial doubt about its ability to continue as a going concern. As of September 30, 2025, the Company had $6.7 million in total assets, against $24.5 million in total liabilities. AGZ PROPERTIES: Voluntary Chapter 11 Case Summary ------------------------------------------------- Debtor: AGZ Properties LLC 12240 Country Oaks Trl Chardon, OH 44024-9095 Business Description: AGZ Properties LLC owns two real estate properties located at 16 and 18 North Main Street and 20 North Main Street in Chagrin Falls, Ohio, with a combined appraised value of $1.73 million. Chapter 11 Petition Date: January 27, 2026 Court: United States Bankruptcy Court Northern District of Ohio Case No.: 26-10294 Judge: Hon. Jessica E Price Smith Debtor's Counsel: Anthony J. DeGirolamo, Esq. ANTHONY J. DEGIROLAMO, ATTORNEY AT LAW 3930 Fulton Dr., N.W. Ste. 100B Canton OH 44718 Tel: (330) 305-9700 Email: tony@ajdlaw7-11.com Total Assets: $1,855,000 Total Liabilities: $73,432 The petition was signed by Edward Marko, the trustee, in his capacity as president. The Debtor filed a list of its 20 largest unsecured creditors, but all entries were left blank. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/TXW36YQ/AGZ_Properties_LLC__ohnbke-26-10294__0001.0.pdf?mcid=tGE4TAMA AI AQUA: Moody's Rates $5BB Upsized First Lien Term Loan 'B3' ------------------------------------------------------------- Moody's Ratings assigned a B3 rating to AI Aqua Merger Sub, Inc.'s ("Culligan" or "the company") proposed $5,080 million upsized and repriced senior secured first lien term loan that matures in 2028. The company's existing ratings including the B3 Corporate Family Rating, B3-PD Probability of Default Rating, and B3 rating for its senior secured revolving credit facility are not affected. The positive outlook also remains unchanged. Moody's will withdraw the B3 rating on the existing senior secured first lien term loan when the transaction closes. Culligan will utilize the proceeds from the $250 million fungible add-on to repay the $214 million outstanding revolver balance as of December 31, 2025, add approximately $32 million of cash to the balance sheet for general corporate purposes, and cover transaction related fees. The transaction is net leverage neutral and results in only a modest increase in gross debt. The proposed financing is credit positive because it will further strengthen the company's already good liquidity, leaving the $580 million revolver fully undrawn upon completion. The transaction also increases cash on the balance sheet to approximately $137 million on a pro forma basis as of December 31, 2025. The repricing is expected to reduce annual interest expense by roughly $12 million, supporting improved free cash flow. The transaction does not affect the company's B3 CFR as debt-to-EBITDA leverage remains within Moody's expectations for the current rating. Nonetheless, Moody's expects leverage and free cash flow to improve over the next 12–18 months, supported by sustained organic revenue and EBITDA growth. Moody's adjusted leverage is projected to decline to around 6x in 2026, compared with an estimated 6.5x at year-end 2025. Free cash flow is expected to be positive in 2025 and increase further to a range of $60–$80 million in 2026. RATINGS RATIONALE Culligan's B3 CFR reflects financial risks associated with high financial leverage and an aggressive growth strategy. Integration costs from large acquisitions including Waterlogic Group Holdings Limited in October 2022 and Primo Europe in December 2023 have kept financial leverage elevated and constrained Culligan's ability to generate positive free cash flow. As the company moves past the large-scale integrations and focuses on smaller tuck-in acquisitions, growth in the earnings base should support the company consistently generating positive free cash flow. Moody's expects continued growth in revenue and EBITDA and improved earnings quality will result in positive free cash flow in 2025 with a further increase expected in 2026. Culligan's credit profile benefits from the company's large and growing scale, strong market position, good segment diversification, and high level of recurring revenue. The company's good geographic and product diversification helps to mitigate revenue and earnings volatility. Culligan also benefits from strong market positions in the residential and commercial drinking water markets with favorable long-term consumer demand trends driven by increased consumer focus on health and safety through clean water, the aging municipal water infrastructure, and consumer focus on sustainability including reducing plastic waste. The company also occasionally receives support from its financial sponsor through meaningful equity funding of acquisitions. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING The positive outlook reflects Moody's expectations that Culligan will continue to execute its strategy prudently, maintain good liquidity, and deliver on its commitment to strengthen credit metrics and improve free cash flow. A rating upgrade could occur if the company sustainably achieves organic revenue and EBITDA growth with a narrowing gap between reported US GAAP and management-adjusted results (particularly EBITDA). A rating upgrade will also require consistent and comfortably positive free cash flow generation, maintenance of good liquidity, debt-to-EBITDA sustained below 6.5x on Moody's adjusted basis, and financial strategies that support credit metrics at those levels. A rating downgrade could occur if the company's operating earnings weaken due to factors such as declining installations, pricing pressure or cost increases. Weak or negative free cash flow, EBITDA less capital spending-to-interest of less than 1.0x, a deterioration in liquidity or more aggressive financial policies could also lead to a downgrade. PRINCIPAL METHODOLOGY The principal methodology used in this rating was Business and Consumer Services published in November 2021. COMPANY PROFILE Headquartered in Rosemont, Illinois, AI Aqua Merger Sub, Inc. (dba Culligan) through its subsidiaries operates as a global producer and distributor of consumer water products and services to household, commercial drinking water, and commercial solutions end-markets. Since 2021, the company is majority owned by BDT & MSD Partners, and it does not publicly disclose its financial information. Culligan's revenue for the 12 months ended September 2025 was $3.3 billion. ALECTO HEALTHCARE: W. Homony Named Successor Subchapter V Trustee ----------------------------------------------------------------- The U.S. Trustee for Regions 3 and 9 appointed William Homony of Miller Coffey Tate, LLP as successor Subchapter V trustee in the Chapter 11 case of Alecto Healthcare Services, LLC. Mr. Homony will be paid an hourly fee of $450 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Homony declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: William A. Homony, CIRA Miller Coffey Tate, LLP 1628 John F. Kennedy Boulevard, Suite 950 Philadelphia, PA 19103 Telephone: (215) 561-0950 ext. 26 Fax: (215) 561-0330 Email: bhomony@mctllp.com About Alecto Healthcare Services Alecto Healthcare Services, LLC, is a provider of healthcare infrastructure services based in Glendale Calif. Alecto Healthcare Services filed a Chapter 11 petition (Bankr. D. Del. Case No. 23-10787) on June 16, 2023, with $1 million to $10 million in assets and $50 million to $100 million in liabilities. Jami Nimeroff, Esq., at Brown McGarry Nimeroff, LLC has been appointed as Subchapter V trustee. Judge J. Kate Stickles oversees the case. Jeffrey R. Waxman, Esq., and Brya M. Keilson, Esq., at Morris James, LLP are the Debtor's bankruptcy attorneys. ALL SOD NURSERY: Gets Extension to Access Cash Collateral --------------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Florida, Fort Myers Division, issued a third interim order authorizing All Sod Nursery, Inc. to use cash collateral. The third interim order signed by Judge Luis Ernesto Rivera II authorized the Debtor to use cash collateral to pay the amounts expressly authorized by the court, including Subchapter V trustee interim compensation; the expenses set forth in its budget; and additional amounts subject to approval by secured creditors. This authorization will continue until further order of the court. As adequate protection, secured creditors will be granted replacement liens, with the same priority as their pre-bankruptcy liens. All Sod Nursery must also maintain insurance, perform all obligations required of a debtor-in-possession, and give secured creditors access to records and premises upon notice. The order is without prejudice to lien challenges or future modification requests and is immediately effective without the Rule 6004(h) 14-day stay. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/geCVF from PacerMonitor.com. The next hearing is scheduled for February 11. All Sod Nursery has identified these creditors that may assert perfected, pre-bankruptcy security interests in the cash collateral: CashFloIt LLC, DME Capital LLC/Apollo Funding, and the U.S. Small Business Administration. These creditors perfected their security interests via UCC-1 financing statements in the Florida Secured Transaction Registry. The SBA claims it is owed $994,314.97. About All Sod Nursery Inc. All Sod Nursery Inc., a company based in Naples, Florida, supplies premium sod and plants for pickup or delivery in the local market. Established in 2012, this family-owned and operated business operates within the retail nursery and garden-supply industry, serving homeowners and commercial landscapers alike. All Sod Nursery filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-02172) on October 31, 2025, listing between $100,000 and $500,000 in assets and between $1 million and $10 million in liabilities. Miguel Cancio, president of All Sod Nursery, signed the petition. Judge Luis Ernesto Rivera II presides over the case. Michael Dal Lago, Esq., at Dal Lago Law represents the Debtor as bankruptcy counsel. AM ROOFING: Seeks Subchapter V Bankruptcy in Ohio ------------------------------------------------- On January 22, 2026, AM Roofing and Siding, 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 $100,001 and $1,000,000 in debt owed to 1–49 creditors. About AM Roofing and Siding, LLC AM Roofing and Siding, LLC is a construction services company engaged in roofing and exterior siding work. AM Roofing and Siding, LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-50317) on January 22, 2026. In its petition, the Debtor reports estimated assets of $100,001–$1,000,000 and estimated liabilities of $100,001–$1,000,000. Honorable Bankruptcy Judge Mina Nami Khorrami handles the case. The Debtor is represented by Steven J. Heimberger, Esq. of Roderick Linton Belfance LLP. ANTHOLOGY INC: Advised by Haynes Boone in Chapter 11 Restructuring ------------------------------------------------------------------ Haynes Boone said it served as co-counsel to Anthology, Inc., in connection with the company's Chapter 11 restructuring, which became effective on Jan. 23, 2026, following the entry of a confirmation order by the United States Bankruptcy Court for the Southern District of Texas. Anthology is a provider of education-technology solutions serving higher education institutions and educators worldwide. Anthology filed for Chapter 11 protection on Sept. 30, 2025, as part of a strategic reorganization designed to strengthen its finances and recapitalize its Teaching & Learning unit as a debt-free, stand-alone business. As part of the reorganization, Anthology signed agreements to sell its other business units, including Enterprise Operations, Lifecycle Engagement and Student Success. Partners Charles A. Beckham Jr., Charlie Jones and Arsalan Muhammad, Counsel Kourtney Lyda and Associate Re'Necia Sherald worked alongside lead counsel at Kirkland & Ellis LLP to guide Anthology through the proceedings. "We were pleased to support Anthology through this significant restructuring," said Beckham. "Through close collaboration across legal teams, Anthology has emerged as a stronger company and is well-positioned to deliver innovative and impactful solutions for customers and the students and institutions that they serve." Jones, who played a central role throughout the process, emphasized the importance of the company's long‑term vision. "This restructuring will not only help stabilize the business but also will create a clean foundation for sustainable growth," he said. "Anthology now has the clarity and capital structure to continue delivering value to its partners across education." Haynes Boone's Restructuring Practice Group delivers practical, business-minded solutions in high-stakes bankruptcies and distressed situations. With experience representing all sides of the docket, the firm's nationally recognized group serves as a seamless extension of in-house legal and financial teams. The lawyers handle complex out-of-court restructurings and Chapter 11 cases across industries including energy, technology, retail, healthcare and manufacturing. About Anthology Inc. Anthology Inc., headquartered in Boca Raton, Florida, provides education technology software and cloud-based services to higher-education institutions, governments, and businesses in more than 80 countries. Formed through the consolidation of Campus Management Corp., Campus Labs Inc., and iModules Software Inc., the Company offers platforms for teaching and learning, student information and enterprise planning, customer relationship management, and student success, along with tools for admissions, enrollment management, alumni engagement, and institutional effectiveness. It employs about 1,550 people in the United States and reported revenue of about $450 million in fiscal 2025. Anthology Inc. and 26 affiliated debtors commenced filing voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 25-90498) on Sept. 29, 2025, with deals to sell certain of their business units in two sale transactions and reorganizing the remainder of the business. The Debtors listed assets of $1 billion to $10 billion and estimated liabilities of $1 billion to $10 billion as of the bankruptcy filing. As of the Petition Date, the Debtors had funded debt obligations of $1.793 billion (inclusive of interest). Kirkland & Ellis LLP is serving as the Debtors' lead counsel. Haynes And Boone, LLP, is serving as the Debtors' co-counsel. FTI Consulting, Inc., is the Debtors' restructuring advisor. PJT Partners LP is the Debtors' investment banker. Stretto Inc. is the Debtors' claims, noticing, and solicitation agent. The ad hoc group of creditors holding a majority of the first-out term loans and second-out term loans -- led by Oaktree Capital Management, L.P. and Nexus Capital's Gateway HE Loans, LP –- is represented by Davis Polk & Wardwell LLP and Porter Hedges LLP. Lazard Freres & Co. LLC, is the senior lenders' financial advisor. Herbert Smith Freehills Kramer (US) LLP is serving as legal counsel to the Official Committee of Unsecured Creditors, and Vartabedian Hester & Haynes LLP is co-counsel to the Committee. AlixPartners, LLP, is the Committee's financial advisor. ANTHOLOGY INC: Expects to Emerge From Chapter 11 in Coming Weeks ---------------------------------------------------------------- Anthology, a software as a service ("SaaS") educational technology provider, announced Jan. 23, 2026, that the U.S. Bankruptcy Court for the Southern District of Texas has confirmed the Company's Chapter 11 Plan -- putting Anthology on track to successfully emerge from Chapter 11 in the coming weeks. Anthology has a clear path forward in implementing the final steps of its restructuring and strategic transformation and emerging as a stronger organization. Through the restructuring process, the Company has sharpened its focus on its core Teaching & Learning business (comprised of Blackboard, Ally, Illuminate, and Institutional Effectiveness), positioning it to be rebranded on a stand-alone, debt-free basis as Blackboard upon emergence to better support customers and deliver exceptional outcomes for students. As previously announced and as part of this transformation, the Company has successfully closed the sale of its Enterprise Operations business (comprised of Anthology Student, Finance & HCM, Student Verification, and Enterprise Ops Legacy) to Ellucian Company LLC and expects to close the sale of the Lifecycle Engagement business (comprised of Anthology Encompass, Reach, Engage, Advance) and the Student Success business to Encoura LLC at the end of the month, subject to customary closing conditions. "Through this process, we took thoughtful steps to strengthen our business and unlock the value of our solutions," said Bruce Dahlgren, Chief Executive Officer at Anthology. "I'm deeply grateful to our talented team for their focus and resilience, as well as our supporting lenders for their confidence and continued support in our business. We look forward to continuing our focus of maintaining the highest quality of service, reliability, and value for our customers. I am confident that our teammates transitioning to Ellucian and Encoura will continue to thrive and wish them nothing but the best in this next chapter." Anthology has continued to meet its obligations to stakeholders and remains focused on continuity and expects to complete the remaining steps of the restructuring process in the coming weeks. About Anthology Inc. Anthology Inc., headquartered in Boca Raton, Florida, provides education technology software and cloud-based services to higher-education institutions, governments, and businesses in more than 80 countries. Formed through the consolidation of Campus Management Corp., Campus Labs Inc., and iModules Software Inc., the Company offers platforms for teaching and learning, student information and enterprise planning, customer relationship management, and student success, along with tools for admissions, enrollment management, alumni engagement, and institutional effectiveness. It employs about 1,550 people in the United States and reported revenue of about $450 million in fiscal 2025. Anthology Inc. and 26 affiliated debtors commenced filing voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 25-90498) on Sept. 29, 2025, with deals to sell certain of their business units in two sale transactions and reorganizing the remainder of the business. The Debtors listed assets of $1 billion to $10 billion and estimated liabilities of $1 billion to $10 billion as of the bankruptcy filing. As of the Petition Date, the Debtors had funded debt obligations of $1.793 billion (inclusive of interest). Kirkland & Ellis LLP is serving as the Debtors' lead counsel. Haynes And Boone, LLP, is serving as the Debtors' co-counsel. FTI Consulting, Inc., is the Debtors' restructuring advisor. PJT Partners LP is the Debtors' investment banker. Stretto Inc. is the Debtors' claims, noticing, and solicitation agent. The ad hoc group of creditors holding a majority of the first-out term loans and second-out term loans -- led by Oaktree Capital Management, L.P. and Nexus Capital's Gateway HE Loans, LP –- is represented by Davis Polk & Wardwell LLP and Porter Hedges LLP. Lazard Freres & Co. LLC, is the senior lenders' financial advisor. Herbert Smith Freehills Kramer (US) LLP is serving as legal counsel to the Official Committee of Unsecured Creditors, and Vartabedian Hester & Haynes LLP is co-counsel to the Committee. AlixPartners, LLP, is the Committee's financial advisor. APEX TOOL: S&P Upgrades ICR to 'CCC+' on Extended Maturities ------------------------------------------------------------ S&P Global Ratings raised its issuer credit rating on private U.S. tool manufacturer Apex Tool Group LLC to 'CCC+' from 'CCC' because of improved liquidity and expected increases in free cash flow. S&P also raised its ratings on Apex's debt to 'B' from 'B-' on its super-priority term loan and revolving credit facility ('1' recovery rating); 'CCC+' from 'CCC' on its tranche A-1 term loan ('4' recovery rating); and 'CCC-' from 'CC' on its tranche A-2, tranche B-1, legacy tranche B, legacy first-lien, and legacy second-lien term loans ('6' recovery rating). S&P said, "We also withdrew our ratings on the $125 million delayed-draw term loan and legacy tranche A term loans, which were repaid with proceeds from the November debt issuance. "The negative outlook reflects the possibility we could lower our ratings if near-term default risk increases such that we envision a specific scenario in the next 12 months." Apex recently extended its accounts receivables securitization facility, completing capital structure modifications it began in the fourth quarter of 2025. Refinancing Apex's accounts receivable facility improves its liquidity and maturity profile. With an infusion of new cash, a reduced borrowing balance on the cash flow revolver, and the removal of the accounts receivable facility from current liabilities, Apex's liquidity position has improved by about $200 million. The company has no debt maturities before 2028, when only the accounts receivable facility and $14 million China facility mature. S&P therefore expects management will be free to focus on improving operations over the next two to three years. S&P said, "We continue to view Apex's capital structure as unsustainable without material operational improvements. The recent transactions have significantly reduced the likelihood of a near-term default or distressed exchange. However, the company remains dependent upon favorable business, financial, and economic conditions to meet its longer-term financial obligations. The benefits of lower cash interest from the new capital structure are largely offset by the quantum of debt that is likely to increase from payment-in-kind (PIK) features in about 37% of gross debt. We expect this will rise to about 42% within two years. However, we view the PIK terms as not overly burdensome, as they lack a significant premium over market-based cash interest rates for similarly rated companies. These terms provide a reasonable chance to significantly improve operating performance and credit metrics before Apex must access the capital markets to refinance. "Apex will continue to face high interest expense, which will likely limit its ability to generate meaningful free operating cash flow (FOCF). While we expect this to turn positive in 2026, we project its noncash interest will be nearly twice its FOCF. Despite the marginally positive implications of reduced cash interest expense and extended maturities, the company's debt load is still substantial. We expect leverage to be above 11x for the next few years and find it likely that lenders will ultimately receive less than originally promised." Heightened competition, reduced sales volumes, and margin compression continue. Revenues have been flat to down over most of the last five to six years, while FOCF has been more consistently negative to break even, at best. S&P expects operating performance to improve somewhat in 2026 as Apex benefits from cost-cutting and portfolio rationalization efforts under way. For Apex's leverage to decline to a more sustainable level, it will likely need multiple years of revenue growth and margin expansion. The negative outlook reflects that S&P could lower its ratings if the near-term default risk increases such that we envision a specific scenario in the next 12 months. S&P could lower its rating on Apex if: -- Operating performance further declines such that S&P believes it cannot meet its debt obligations and likely to default within 12 months; or -- S&P expects another debt exchange or restructuring that it views as distressed. Although unlikely in the next 12 months, S&P could take a positive rating action on Apex if it: -- Consistently increases profits and sustains positive FOCF that lead S&P to view its capital structure as sustainable; and -- EBITDA interest coverage rises above 1.5x on a sustained basis. AVALON GLOBOCARE: Terminates Merger Deal With YOOV Group -------------------------------------------------------- Avalon GloboCare Corp., Nexus MergerSub Limited, a wholly owned subsidiary of Avalon organized in the British Virgin Islands, and YOOV Group Holding Limited, a British Virgin Islands company, have entered into a Mutual Termination and Release Agreement. The Termination Agreement terminates in its entirety, effective as of January 21, 2026, the Agreement and Plan of Merger dated March 7, 2025, by and among Avalon, Merger Sub and YOOV. Pursuant to the Termination Agreement, the parties mutually agreed that the Merger Agreement is of no further force or effect, except as expressly provided with respect to certain surviving provisions referenced in the Termination Agreement. The parties also agreed to irrevocably waive any termination fee, expense reimbursement or other payment that could have been payable in connection with the Merger Agreement, including any termination fee pursuant to Section 7.06 of the Merger Agreement, and acknowledged that no fee or expense reimbursement is payable by either party to the other. The Termination Agreement provides for a mutual release of claims by each party (and certain related persons) with respect to any claims arising from or relating to the Merger Agreement, the proposed merger and related negotiations, subject to customary exceptions for rights created by the Termination Agreement, rights under specified surviving provisions of the Merger Agreement, and claims based on fraud or intentional misrepresentation. The Termination Agreement further includes a mutual non-disparagement covenant for a period of three years from the effective date, subject to customary exceptions for truthful testimony, required regulatory communications, and good-faith rebuttals to prior public statements made in breach of such covenant. In addition, the Termination Agreement contains customary indemnification for breach, with reciprocal caps of $500,000 on indemnifiable losses, except that claims based on fraud or intentional misrepresentation are not subject to such cap. The Termination Agreement is governed by Delaware law and includes customary jurisdiction, venue, prevailing party fees, and miscellaneous provisions. A full text copy of the Termination Agreement is available at https://tinyurl.com/cmez4acv About Avalon Globocare Avalon Globocare Corp., based in Freehold, New Jersey, develops and markets precision diagnostic consumer products and cellular therapy intellectual property. The Company currently sells the KetoAir breathalyzer, a U.S. FDA-registered Class I medical device, and plans to expand its diagnostic applications. It also owns and manages commercial real estate at its headquarters. In an audit report dated March 31, 2025, M&K CPAS, PLLC issued a "going concern" qualification citing that the Company has yet to achieve profitable operations, has negative cash flows from operating activities, and is dependent upon future issuances of equity or other financings to fund ongoing operations, all of which raises substantial doubt about its ability to continue as a going concern. As of September 30, 2025, the Company had $9.1 million in total assets, $13.6 million in total liabilities, and $4.5 million in total deficit. AZURE BUILDERS: Court Extends Cash Collateral Access ---------------------------------------------------- Azure Builders, Inc. received second interim approval from the U.S. Bankruptcy Court for the Middle District of Florida, Fort Myers Division, to use cash collateral. The second interim order signed by Judge Luis Rivera II authorized the Debtor to use cash collateral to pay the amounts expressly authorized by the court, including subchapter V trustee interim compensation; the expenses set forth in the budget (plus an amount not to exceed 10% for each line item); and additional amounts subject to approval by secured creditors. This authorization will continue until further order of the court. As adequate protection for the Debtor's use of its cash collateral, secured creditors will be granted a perfected post-petition lien on their pre-bankruptcy collateral, with the same validity, priority and extent as their pre-bankruptcy liens. Azure Builders must maintain required insurance, provide access to records and premises, and comply with all debtor-in-possession obligations. The next hearing is scheduled for February 11. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/QRmES from PacerMonitor.com. Azure Builders scheduled three creditors which may have pre-bankruptcy secured claims against cash collateral: Always.bank, a Division of 22nd State Banking Company); BCA Capital Partners, LLC; and Forward Financing, LLC. The Debtor believes these creditors would assert their scheduled secured claims were based upon agreements so that their claims would constitute security interests. Always.bank and BCA filed UCC-1 financing statements, using the Debtor's former name, S & E Renovations, Inc., in the Florida Secured Transaction Registry. In November 2025, Always.bank filed a subsequent UCC-1 financing statement using the Debtor's current name. Forward did not perfect its secured claim against the cash collateral. About Azure Builders Inc. Azure Builders, Inc. provides residential and commercial construction services in Sarasota County, Florida, offering custom home building, commercial construction and renovation, project management, design-and-build solutions, property development, and renovation services. Founded in 2000, the Company has expanded from a small team into a full-service construction firm serving homeowners, businesses, and developers in the region. Azure Builders sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-02434) on December 6, 2025, with $125,697 in assets and $1,388,549 in liabilities. David Nicolosi, president of Azure Builders, signed the petition. Judge Luis Ernesto Rivera II oversees the case. Michael Dal Lago, Esq., at Dal Lago Law represents the Debtor as bankruptcy counsel. BELLAVIVA AT WHISPERING: Sun Terra OK'd as Leesburg Site Buyer -------------------------------------------------------------- James Wilkins of Orlando Sentinel reports that an Oviedo-based real estate firm, Sun Terra Communities, is moving to buy the proposed Whispering Hills development site in Leesburg out of bankruptcy court for $62 million. The property spans 1,088 acres and has been tied up in financial and legal challenges for several years. According to court records, Marsan Real Estate Group, through its entity Bellaviva at Whispering Hills LLC, filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Middle District of Florida in October 2025. The bankruptcy process is now being used to liquidate the asset. If the court approves the sale, Sun Terra would assume ownership of the large tract and potentially move forward with development plans that have been on hold. The transaction would also help bring the Chapter 11 case closer to resolution, the report states. About Bellaviva at Whispering Hills Bellaviva at Whispering Hills LLC, based in Orlando, Florida, develops and manages residential real estate, focusing on the Whispering Hills subdivision in Lake County. The Company is a single-asset real estate entity whose activities are concentrated on designing, building, and promoting residential properties in this development. Bellaviva at Whispering Hills sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-06655) on October 16, 2025. In its petition, the Debtor reports estimated assets between $50 million and $100 million and estimated liabilities between $10 million and $50 million. Judge Grace E. Robson oversees the case. The Debtor is represented by Stewart J. Subjinski, Esq., at Lippes Athias, LLP. BLACK SHEEP: Neema Varghese Named Subchapter V Trustee ------------------------------------------------------ The U.S. Trustee for Region 11 appointed Neema Varghese of NV Consulting Services as Subchapter V trustee for The Black Sheep, Inc. Ms. Varghese will be paid an hourly fee of $400 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Varghese declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Neema T. Varghese NV Consulting Services 701 Potomac, Ste. 100 Naperville, IL 60565 Tel: (630) 697-4402 Email: nvarghese@nvconsultingservices.com About The Black Sheep Inc. The Black Sheep, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 26-01105) on January 22, 2026, listing between $100,001 and $500,000 in assets and between $1 million and $10 million in liabilities. Adam P. Silverman, Esq., at Adelman & Gettleman, Ltd. represents the Debtor as legal counsel. BLACK SHEEP: Seeks Chapter 11 Bankruptcy in Illinois ---------------------------------------------------- On January 22, 2026, The Black Sheep, Inc. filed for Chapter 11 protection in the Northern District of Illinois. According to court filings, the debtor reports between $1 million and $10 million in debt owed to 100-199 creditors. About The Black Sheep, Inc. The Black Sheep, Inc., based in Illinois, operates as a marketing agency specializing in connecting brands with college students across the United States through services including market research, field marketing, influencer campaigns, and paid advertising. Founded in 2008 by Atish Doshi as a satirical college newspaper at the University of Illinois, the Company has expanded its network of student contributors and evolved its content to serve businesses and student housing properties nationwide. The Black Sheep, Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-01105) on January 22, 2026. In its petition, the debtor reports estimated assets of $100,001-$1,000,000 and estimated liabilities of $1 million-$10 million. Honorable Bankruptcy Judge Deborah L. Thorne handles the case. The debtor is represented by Tevin D. Bowens, Esq., of Adelman & Gettleman Ltd. BLACK SPOT: Gets Interim OK to Use Cash Collateral Until Feb. 14 ---------------------------------------------------------------- Black Spot, LLC received second interim approval from the U.S. Bankruptcy Court for the Southern District of New York to use cash collateral to fund operations. The court authorized the Debtor to use cash collateral through February 14, to pay the expenses set forth in its budget, subject to a 10% variance per line item. As adequate protection for any decrease in the value of its collateral, JPMorgan Chase Bank, N.A. will receive interim payments of $8,000 each -- one due this month and the other on February 10. As additional protection, JPMorgan Chase Bank will be granted a replacement lien on the Debtor's assets constituting the secured creditor's pre-bankruptcy collateral and assets acquired after the Debtor's Chapter 11 filing. The replacement lien does not apply to avoidance claims. In case the replacement lien proves inadequate, JPMorgan Chase Bank will be granted a superpriority administrative expense claims, subject to the fee carveout. A final hearing is scheduled for February 12. The interim order is available at https://shorturl.at/igGo4 from PacerMonitor.com. Black Spot filed for Subchapter V Chapter 11 relief on November 20 after experiencing a severe and unexpected decline in revenue. This downturn stemmed largely from the abrupt cancellation of a long-term production contract not set to expire until 2027, coupled with broader industry changes that shifted the nature of post-production marketing and reduced demand for the Debtor's services. As cash flow deteriorated, the Debtor fell behind on business obligations, including equipment loans and lines of credit, and ultimately turned to merchant cash advances, which became increasingly difficult to service. A UCC search confirmed JPMorgan Chase Bank as the senior secured creditor, with approximately $446,464 outstanding and an ongoing state court action for nonpayment. Several additional secured parties including Western Equipment Finance, Balboa Capital, NewCo, and First Citizens Bank hold liens, and multiple MCA providers appear to hold security interests that the Debtor may seek to avoid pursuant to recent case law, including J.P.R. Mechanical. The Debtor has prepared a budget through December 31, 2025, noting virtually no current cash but expected receivable collections of $141,800, though collection remains unpredictable. To reduce expenses, the Debtor has implemented significant cost-cutting, including staff reductions and eliminating its office lease. JPMorgan Chase Bank is represented by: Matthew G. Roseman, Esq. Cullen and Dykman, LLP 333 Earle Ovington Boulevard, 2nd Floor Uniondale, NY 11553 (516) 357-3700 mroseman@cullenllp.com About Black Spot LLC Black Spot, LLC is a New York-based full-service production agency that provides concept-to-completion media production, including writing, shooting, editing, mixing, and finishing projects for on-air, streaming, and digital platforms. The Company produces trailers, upfronts, live award shows, sizzles, campaigns, and behind-the-scenes content, operating from its own SoHo sound stage and on global locations. Black Spot also offers delivery services that optimize media for multiple platforms, including captioning, quality control, and distribution of over 500 spots per month. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S. D. N.Y. Case No. 25-12592) on November 19, 2025. In the petition signed by John Laskas, sole shareholder of Soapy Film, Inc., majority owner of the Debtor, the Debtor disclosed $159,401 in assets and $1,465,517 in liabilities. Judge Martin Glenn oversees the case. James J. Rufo, Esq., at The Law Office of James J. Rufo, represents the Debtor as bankruptcy counsel. BLACKBERRY LIMITED: BlackRock Holds 4.6% Equity Stake as of Dec. 31 ------------------------------------------------------------------- BlackRock, Inc., disclosed in a Schedule 13G (Amendment No. 1) filed with the U.S. Securities and Exchange Commission that as of December 31, 2025, it beneficially owns 27,321,726 shares of Blackberry Ltd's Common Stock, representing 4.6% of the shares outstanding. BlackRock, Inc. may be reached through: Spencer Fleming, Managing Director 50 Hudson Yards New York, NY 10001 Phone: (212) 810-5800 A full-text copy of BlackRock's SEC report is available at: https://tinyurl.com/yskwc77s About BlackBerry Headquartered in Waterloo, Canada, BlackBerry Limited provides intelligent security software solutions. As of November 30, 2025, the Company had $1.2 billion in total assets, $477.3 million in total liabilities, and $741.1 million in total stockholders' equity. * * * Egan-Jones Ratings Company on May 30, 2025, maintained its 'CCC' foreign currency and local currency senior unsecured ratings on debt issued by BlackBerry Limited. BLACKHAWK NETWORK: Moody's Rates New Upsized Term Loan 'B2' ----------------------------------------------------------- Moody's Ratings assigned a B2 rating to Blackhawk Network Holdings, Inc.'s ("Blackhawk") proposed repriced and upsized backed senior secured first lien term loan B due 2029. Blackhawk's existing ratings, including the B2 corporate family rating, and B2-PD probability of default rating, are not affected by this transaction. The outlook remains unchanged at stable. Blackhawk operates a payments network for physical and digital prepaid debit cards. Proceeds from the proposed $150 million term loan add-on will be used to fund a $150 million dividend distribution to the company's owners. In addition, the company expects to reduce the revolver and term loan applicable margin through a repricing. RATINGS RATIONALE Blackhawk's B2 CFR considers its high debt leverage, with debt/EBITDA of 6x (based on Moody's standard adjustments) for the LTM period ended September 06, 2025 and pro forma for the announced incremental debt. The rating also incorporates Blackhawk's concentrated business profile, focused on financial payments (primarily gift cards), with partner concentration risks in the retail industry, idiosyncratic risks to certain distribution partners and exposure to consumer discretionary spending that adds cyclicality to the credit profile. The physical gift card business is also subject to intense competition, so Moody's believes Blackhawk has limited pricing power. Other factors that influence the rating include significant seasonal swings in cash requirements that limits financial transparency, as well as potential event risk given the history of debt funded acquisitions and the recent announcement for a dividend distribution under concentrated ownership from equity sponsors. Blackhawk's ratings are supported by its leading market position as one of the largest third-party distributors of gift cards globally, as well as by its highly scalable and global processing network. Moody's expects Blackhawk's operating performance will continue to be supported by long-term contracts (3-7 years) with distribution partners and long-standing relationships with leading content providers across a variety of retail categories that will support channel diversity and moderate top line growth. The stable outlook reflects Blackhawk's good liquidity and Moody's expectations that demand for gift cards and incentive offers from corporates will be stable over the next 12-18 months. Moody's expects debt/EBITDA to remain below 6.5x despite the debt raise and decrease gradually towards 5x over the next 12-24 months, driven by mid-single digit revenue growth and some profit margin expansion as the proportion of revenue from the higher margin incentives business grows. The stable outlook also reflects Moody's expectations that the company will not pursue large debt-funded acquisitions or make further substantial distributions to equity holders until leverage is reduced. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING The ratings could be upgraded if Moody's expects: 1) continued earnings growth; 2) debt/EBITDA will remain under 4.5x; 3) EBITA/interest sustained above 2x; 4) balanced financial policies; and 5) good liquidity that covers seasonality. The ratings could be downgraded if: 1) long-term revenue growth or profit margins become pressured; 2) Moody's expects debt/EBITDA leverage will remain above 6.5x; 3) Moody's anticipates free cash flow/debt will decline to approaching 3%; 4) the company pursues or expands aggressive shareholder-friendly financial policies, including leveraging acquisitions; or 5) the liquidity position of the company deteriorates. The principal methodology used in this rating was Business and Consumer Services published in November 2021. Blackhawk Network Holdings, Inc. operates a physical and digital gift card as well as prepaid payments network. Based in Pleasanton, CA, and controlled by affiliates of private equity sponsors Silver Lake Partners and P2 Capital Partners since 2018, Blackhawk reported around $3.1 billion of revenue for the twelve months ended September 06, 2025. BLACKHAWK NETWORK: S&P Affirms 'B' ICR on Dividend Recap -------------------------------------------------------- S&P Global Ratings affirmed its 'B' issuer credit rating on payment services provider Blackhawk Network Holdings Inc. S&P assigned its 'B' issue-level rating and '3' recovery rating to the combined $2.02 billion term loan, which includes the replacement and incremental amounts. S&P said, "The stable outlook on Blackhawk reflects our expectation that organic growth will increase 2026 revenue approximately 7% and expand EBITDA margin as it benefits from an increased proportion of digital revenues and cost savings. Assuming no major leveraging transactions, we project Blackhawk will reduce leverage to the low-4x area by 2026." Blackhawk plans to pay a dividend to its financial sponsor, funded with an incremental $150 million first-lien term loan fungible with its proposed $1.9 billion replacement facility used to reprice its term loan B due in 2029. Even with the additional $150 million of debt, S&P projects adjusted leverage will remain in the low-4x area in 2026, improving from 5.1x at the end of 2025. S&P said, "The transaction will modestly increase leverage, consistent with our expectations. The debt repricing will likely lower the interest rate approximately 50 basis points (bps), modestly helping cash flow. Although the dividend recapitalization will increase leverage, Blackhawk is still well below what we typically expect for the rating. Blackhawk ended the third quarter of 2025 with S&P Global Ratings-adjusted trailing-12-months leverage of 5.2x, which will rise post-transaction to about 5.5x--comfortably below our 7.5x downside trigger. Nevertheless, given its financial sponsor ownership, we do not believe the company would necessarily sustain lower leverage. Blackhawk could pursue additional acquisitions or shareholder returns through incremental debt issuances, a strategy it previously employed to supplement organic growth, enter new markets, and bolster capabilities. Because our rating already reflects the potential for leveraging activity, the recently announced incremental debt raise is consistent with our expectations, and we believe Blackhawk remains comfortably below our 7.5x downgrade threshold. "Profitability improvements will support leverage reduction in 2026. We expect Blackhawk's 2026 EBITDA margin will rise to approximately 14% in 2026, up about 250 bps from 2025. The company will alleviate factors that constrained 2025, including write-offs and acquisition expenses. In the third quarter, it reported a loss of about $65 million after a write-off of receivables related to a fraudulent digital distributor. Given additional monitoring measures to prevent recurrence, we expect these costs to subside in 2026. Additionally, 2025 was impaired by additional acquisition expenses related to the integration of Tango Card--which it acquired in 2024--and we think these will also roll off in 2026. The low-variable-cost business model benefitting from economies of scale, and expansion in high-margin offerings also support margin improvement in 2026. Blackhawk increased revenue from its global incentives segment and providing original content, both of which generate higher margins. "Incorporating our expectation of EBITDA improvements and the incremental debt associated with the repricing, we project leverage to decline to 4.2x by 2026. We expect continued, albeit modest, EBITDA margin expansion into 2027, supported by the same underlying drivers." Blackhawk's positive trajectory is supported by robust demand and strategic initiatives. Preliminary adjusted operating revenue growth for 2025 was approximately 7.9% on positive results in both of Blackhawk's operating segments. Global Commerce increased revenue 6.2% year over year amid significant seasonality related to holiday gift card purchases. Its 2025 performance demonstrates the ability to effectively manage demand and inventory while capitalizing on increased gift card demand, particularly among price-conscious consumers seeking versatile and budget-friendly gift options. Meanwhile, the Global Incentives segment increased revenue 10.4% on higher organic volume as the company pushed for new business signings and expanded customers' volumes, as well as inorganic contribution from a prior acquisition. S&P said, "We expect revenue to improve about 5% in 2026, supported by new business signings, pipeline expansion, and higher-yield products, including original content. We think Blackhawk's value proposition will strengthen as the company expands its owned products and leverages technology to enhance customer experience. "The stable outlook on Blackhawk reflects our expectation that organic expansion will increase 2026 revenue approximately 5% and expand EBITDA margin as the company benefits from higher digital revenues and cost savings. Assuming no major leveraging transactions, we project Blackhawk would reduce leverage to the low-4x area by 2026." S&P could lower its rating on Blackhawk if: -- Operating performance deteriorates, possibly due to intensified competitive pressures or customer attrition; or -- It follows a more aggressive financial policy, including heightened acquisitions or shareholder returns such that it sustains leverage above 7.5x for a prolonged period. S&P could raise its rating on Blackhawk if it: -- Continues to gain scale or diversity by expanding its businesses outside the retail gift card and incentives markets, while financial sponsor ownership and aggressive financial policy still constrain our rating; or -- It goes public, the financial sponsor reduces its ownership stake, and S&P expects the company to sustain leverage below 5x. BROOKDALE SENIOR: Antipodes Partners Holds 4.8% Equity Stake ------------------------------------------------------------ Antipodes Partners Ltd. disclosed in a Schedule 13G (Amendment No. 1) filed with the U.S. Securities and Exchange Commission that as of December 31, 2025, it beneficially owns 11,428,834 shares of Brookdale Senior Living Inc.'s Common Stock, representing 4.8% of the shares outstanding. Antipodes Partners Ltd. may be reached through: Andrew Findlay, Managing Director Level 25, Australia Square Tower 264 George Street Sydney, Australia, NSW 2000 Tel: 612 8970 7705 A full-text copy of the SEC report is available at: https://tinyurl.com/bdea469t About Brookdale Senior Living Headquartered in Brentwood, Tenn., Brookdale Senior Living Inc. operates senior living facilities in the United States. As of September 30, 2025, the Company had $6.01 billion in total assets, $6.02 billion in total liabilities, and $5.3 million in total stockholders' deficit. * * * Egan-Jones Ratings Company on June 16, 2025, maintained its 'CC' foreign currency and local currency senior unsecured ratings on debt issued by Brookdale Senior Living Inc. CAFE PASSE: Joseph Cotterman Named Subchapter V Trustee ------------------------------------------------------- The U.S. Trustee for Region 14 appointed Joseph Cotterman as Subchapter V trustee for Cafe Passe, LLC. Mr. Cotterman will be paid an hourly fee of $500 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Cotterman declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Joseph E. Cotterman 5232 W. Oraibi Drive Glendale, AZ 85308 Telephone: 480-353-0540 Email: cottermail@cox.net About Cafe Passe LLC Cafe Passe, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Ariz. Case No. 26-00509) on January 18, 2026, with $100,001 to $500,000 in both assets and liabilities. Judge Scott H. Gan presides over the case. Charles R. Hyde, Esq., at the Law Offices of C.R. Hyde, PLC represents the Debtor as bankruptcy counsel. CHARIOT BUYER: $300MM Loan Add-on No Impact on Moody's 'B3' Rating ------------------------------------------------------------------ Moody's Ratings said that Chariot Buyer LLC's (Chamberlain Group, B3 stable) proposed $300 million add-on to its existing $3,305 million senior secured first lien term loan due September 2032 is credit negative since it will be used to fund a $400 million distribution to its shareholders. However, while the transaction is shareholder friendly, there is no rating impact. The proposed $400 million dividend distribution will be funded with the $300 million term loan add-on and $100 million of cash from the balance sheet. The added debt will result in leverage maintained at around 7.5x debt/EBITDA. Moody's expects leverage to remain at this level as Chamberlain will likely continue to offset EBITDA growth with transactions of this nature. The company's strong operating performance with healthy profit margins and solid interest coverage is an offsetting factor to its high leverage. In addition, Chamberlain maintains strong liquidity, which supports its credit quality. The $250 million cash revolver due January 2029 and the $125 million accounts receivable securitization facility due January 2029 remain undrawn. Balance sheet cash following the transaction is over $200 million and Moody's expects the company to maintain sufficient cash on hand to cover tax distributions. Chamberlain Group, headquartered in Oak Brook, IL, is a manufacturer of entryway and perimeter access control products and solutions in residential and commercial applications in markets around the world. Private equity firm Blackstone owns about 85% of Chamberlain, with The Duchossois Group remaining the minority equity owner with a 15% interest. Revenue was about $1.9 billion for the last 12 months ended September 2025. CHF DOVER: S&P Affirms 'BB' Rating on 2018A/B Revenue Bonds ----------------------------------------------------------- S&P Global Ratings affirmed its 'BB' long-term rating on Kent County, Del.'s series 2018A tax-exempt and 2018B taxable student housing and dining facility revenue bonds, issued for CHF Dover LLC, Ala. The outlook is stable. S&P said, "We analyzed the project's environmental, social, and governance credit factors pertaining to its market position and financial performance. We view the environmental, social, and governance risks as neutral considerations in our credit rating analysis. "The stable outlook reflects our expectation that the consistently solid occupancy and recent adjustments to pricing will likely ensure the project continues to meet the DSC covenant. It also reflects our view of the project meeting coverage since fiscal 2023 absent university support." Credit factors that could result in a negative rating action during the outlook period include sustained lower-than-budgeted project occupancy, weaker operating revenues that pressure DSC below covenanted levels requiring university support for the project, or the need to use reserve funds for debt service. S&P could consider a positive rating action if the project continues to record near full occupancy, annual DSC substantially exceeds the required 1.2x rate covenant absent university support, and reserves continue to grow materially. CONTAINER GROUP: Section 341(a) Meeting of Creditors on February 4 ------------------------------------------------------------------ On January 7, 2026, Container Group, LLC filed for Chapter 11 protection in the District of New Jersey Bankruptcy Court. According to court filing, the Debtor reports between $1,000,001 and $10,000,000 in debt owed to 1–49 creditors. A meeting of creditors under Section 341(a) to be held on February 4, 2026 at 02:00 PM at Telephonic. About Container Group, LLC Container Group, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D.N.J. Case No. 26-10163) on January 7, 2026. At the time of the filing, the Debtor had estimated assets of between $0 and $50,000 and liabilities of between $1,000,001 and $10 million. Judge Vincent F. Papalia oversees the case. McManimon, Scotland & Baumann, LLC is the Debtor's legal counsel. CREATIVE CHANGE: Nicole Nigrelli Named Subchapter V Trustee ----------------------------------------------------------- The U.S. Trustee for Regions 3 and 9 appointed Nicole Nigrelli, Esq., at Ciardi, Ciardi & Astin as Subchapter V trustee for Creative Change Counseling, Inc. Ms. Nigrelli will be paid an hourly fee of $475 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Nigrelli declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Nicole M. Nigrelli, Esq. Ciardi, Ciardi & Astin 1905 Spruce Street Philadelphia, PA 19103 Phone: (215) 557-3550 ext. 115 Email: nnigrelli@ciardilaw.com About Creative Change Counseling Inc. Creative Change Counseling, Inc. is a nonprofit behavioral healthcare provider offering integrated mental health services, substance use treatment, and innovative programs, including behavioral support, intensive in-community treatment, therapeutic recreational services, and restorative justice initiatives, across multiple locations in New Jersey, North Carolina, and Delaware. The Company's services are designed to empower individuals of all ages to discover their strengths, manage health-related or life challenges, and achieve personal development through skill-building, self-awareness, and structured therapeutic support. Creative Change Counseling sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. N.J. Case No. 26-10418-CMG) on January 15, 2026. At the time of the filing, Debtor had estimated assets of between $500,001 and $1 million and liabilities of between $1 million and $10 million. Judge Christine M. Gravelle oversees the case. The Debtor tapped Steven J. Abelson, Esq., at Abelson Law Offices as bankruptcy counsel and Richard Tumolo, CPA of Tumolo Tax Services, PLLC as accountant. CREATIVE CHANGE: Seeks Chapter 11 Bankruptcy in New Jersey ---------------------------------------------------------- On January 14, 2026, Creative Change Counseling, Inc. filed for Chapter 11 protection in the District of New Jersey Bankruptcy Court. According to court filing, the Debtor reports between $1MM and $10MM in debt owed to 1–49 creditors. About Creative Change Counseling, Inc. Creative Change Counseling, Inc. is a New Jersey-based counseling services provider offering mental health and therapeutic support services to individuals and families. Creative Change Counseling, Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-10418) on January 14, 2026. In its petition, the Debtor reports estimated assets in the range of $100,001–$1,000,000 and estimated liabilities in the range of $1MM–$10MM. Honorable Bankruptcy Judge Christine M. Gravelle handles the case. The Debtor is represented by Steven J. Abelson, Esq. of Abelson Law Offices. CREATIVE FOODS: Seeks Chapter 11 Bankruptcy in Ohio --------------------------------------------------- On January 14, 2025, Creative Foods LLC filed for Chapter 11 protection in the Southern District of Ohio. According to court filing, the Debtor reports between $10 million and $50 million in debt owed to 1-49 creditors. About Creative Foods LLC Creative Foods LLC is a privately held food company operating in Ohio. The company specializes in food production and distribution, serving retailers, restaurants, and other clients in the region. Creative Foods LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-50186) on January 14, 2025. In its petition, the Debtor reports estimated assets of $1 million to $10 million and estimated liabilities of $10 million to $50 million. Honorable Bankruptcy Judge Tiffany Strelow Cobb handles the case. The Debtor is represented by Andrew Dennis Rebholz, Esq. of Allen Stovall Neuman & Ashton LLP. CRUZ TEC: Ford Motor Credit Wins Bid for Automatic Stay Relief -------------------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of New York granted the motion of Ford Motor Credit Company LLC for relief from the automatic stay against personal property, a 2022 Ford Super Duty F-250 SRW and legally described as VIN No. 1FD7X2A61NEC19385 in the bankruptcy case of Cruz Tec Inc. Ford is granted relief from the automatic stay to pursue its state law remedies against the property, including foreclosure, repossession and/or eviction. Ford is also awarded attorneys fees in the amount of $500.00. A copy of the Court's Order dated January 22, 2026, is available at https://urlcurt.com/u?l=DHQY6l from PacerMonitor.com. About Cruz Tec Inc. Cruz Tec Inc., founded in 2001 and headquartered in Houston, Texas, is a trenchless utility contractor that provides engineering solutions including cured-in-place pipe (CIPP), pipe bursting, manhole rehabilitation, and protective coatings. The Company operates as a self-performing turnkey firm serving municipalities and utilities across Texas and the United States, with projects ranging in scale from small contracts to multi-million-dollar upgrades. Its work includes compliance-driven infrastructure rehabilitation, such as projects for the San Antonio Water System under a federal consent decree to repair and modernize sewer systems. Cruz Tec sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-35537) on Sept. 19, 2025. In its petition, the Debtor reports total assets of $2,392,423 and total debts of $3,174,040. Bankruptcy Judge Jeffrey P. Norman handles the case. The Debtor is represented by Robert C Lane, Esq., at The Lane Law Firm. DARKPULSE INC: Majority Stockholder OKs Reduction of Shares to 20B ------------------------------------------------------------------ DarkPulse, Inc. disclosed in a regulatory filing that Dennis O'Leary, a stockholder, approved an action by written consent. As of the Record Date, the Majority Stockholder held approximately 82.62% of the Company's voting rights. Pursuant to the Written Consent, the Majority Stockholder approved: Item 1. A proposal to amend the Company's Certificate of Incorporation to decrease the Company's authorized shares of common stock, par value $0.0001 per share, from 30,000,000,000 to 20,000,000,000. The Company has filed a preliminary Information Statement on Schedule 14C with the U.S. Securities and Exchange Commission with respect to the matters approved by the Majority Stockholder and, as soon as it may do so, will mail the definitive Information Statement on Schedule 14C to its stockholders of record as of the Record Date. The item approved will then be effective 20 days after the mailing. Further detail regarding each of the item approved can be found in the PRE 14C. About DarkPulse Inc. Houston, Texas-based DarkPulse, Inc. is a technology-security company incorporated in 1989 as Klever Marketing, Inc. Its wholly-owned subsidiary, DarkPulse Technologies Inc., originally started as a technology spinout from the University of New Brunswick, Fredericton, Canada. The Company's security and monitoring systems will initially be delivered in applications for border security, pipelines, the oil and gas industry, and mine safety. Current uses of fiber optic distributed sensor technology have been limited to quasi-static, long-term structural health monitoring due to the time required to obtain the data and its poor precision. The Company's patented BOTDA dark-pulse sensor technology allows for the monitoring of highly dynamic environments due to its greater resolution and accuracy. Lagos, Nigeria-based Boladale Lawal & Co., the Company's auditor since 2024, issued a "going concern" qualification in its report dated April 14, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company suffered an accumulated deficit of $71,259,677, net loss of $3,893,859 and a negative working capital of $17,160,706. The Company is dependent on obtaining additional working capital funding from the sale of equity and/or debt securities to execute its plans and continue operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of September 30, 2025, the Company had $2,033,461 in total assets, $20,262,215 in total liabilities, and $18,228,754 in total stockholders' deficit. DEENA P. CARVAJAL: Gets OK to Use Cash Collateral Until Feb. 12 --------------------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Orlando, Tampa Division granted Deena P. Carvajal Inc. second interim approval to use cash collateral. The second interim order signed by Judge Grace Robson authorized the Debtor to use cash collateral through February 12 to pay the amounts expressly authorized by the court, including payments to the U.S. trustee for quarterly fees; the expenses set forth in the budget (plus an amount not to exceed 10% for each line item); and additional amounts subject to approval by the U.S. Small Business Administration, a senior creditor. The Debtor projects total monthly operational expenses of $15,800. The SBA and other secured creditors will be provided with protection through post-petition replacement liens on the cash collateral, maintaining the same priority and validity as their pre-bankruptcy liens without the need for additional filings. As additional protection, Deena must keep its property insured and must fulfill all obligations as a debtor-in-possession. The next hearing is scheduled for February 12. The preliminary order is available at https://shorturl.at/g1J85 from PacerMonitor.com. About Deena P. Carvajal Inc. Deena P. Carvajal, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-07326) on November 12, 2025, listing up to $50,000 in assets and between $500,001 and $1 million in liabilities. L. Todd Budgen, Esq., a practicing attorney in Longwood, Fla., serves as Subchapter V trustee. Judge Grace E. Robson presides over the case. Jeffrey Ainsworth, Esq., at Bransonlaw, PLLC represents the Debtor as bankruptcy counsel. DELANI CONSTRUCTION: Voluntary Chapter 11 Case Summary ------------------------------------------------------ Debtor: Delani Construction LLC 26036 Countyfair Drive Monee, IL 60449 Business Description: Delani Construction LLC is a construction company based in Monee, Illinois, specializing in residential construction, including single-family homes, home additions, and remodeling. The firm operates locally as a general contractor, offering services such as framing, excavation, and site work. Chapter 11 Petition Date: January 27, 2026 Court: United States Bankruptcy Court Northern District of Illinois Case No.: 26-01384 Debtor's Counsel: Saulius Modestas, Esq. MODESTAS LAW OFFIES, P.C. 401 S. Frontage Rd., Suite C Burr Ridge, IL 60527-7115 Tel: 312-251-4460 Fax: 312-277-2586 E-mail: smodestas@modestaslaw.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Loren Flowers as managing member. The Debtor failed to attach a list of its 20 largest unsecured creditors to the petition. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/TFL7DDA/Delani_Construction_LLC__ilnbke-26-01384__0001.0.pdf?mcid=tGE4TAMA EG GROUP: Moody's Upgrades CFR to B2 & Alters Outlook to Stable --------------------------------------------------------------- Moody's Ratings has upgraded EG Group Limited's (EG, EG Group or the company) ratings, including its corporate family rating to B2 from B3, its probability of default rating to B2-PD from B3-PD. Concurrently, Moody's have upgraded the ratings on EG's backed senior secured bank credit facilities issued by its subsidiaries EG Finco Limited and EG America LLC and its senior secured notes ratings issued by EG Global Finance plc., to B2 from B3. The outlook has been changed to stable from positive for all entities. Moody's also assigned B2 ratings on the proposed backed senior secured bank credit facilities to be issued by its subsidiaries, consisting of a $1.8 billion backed senior secured first lien term loan due 2031 of EG America LLC, EUR1.525 billion backed senior secured first lien term loan due 2031 of EG Finco Limited, and a $1.285 billion backed senior secured first lien multicurrency revolving credit facility due 2031 of EG Finco Limited, with EG America LLC as a co-borrower. Proceeds of the proposed new credit facilities along with cash will be used to refinance the companies' existing credit facilities and pay fees and expenses related to the transaction. The company's existing credit facilities ratings will be withdrawn upon their repayment. The ratings upgrades reflect Moody's expectations that EG Group will reduce leverage to below 6.0x (on a Moody's-adjusted debt-to-EBITDA basis) and improve interest coverage over 1.25x within the next 12-18 months, supported by management's commitment to further debt reduction, organic growth and cost efficiencies, and as interest costs decline further as a result of the proposed refinancing transaction. The upgrades also reflect the company's governance profile, including improved independent board representation as well as the buildout of its management team, which has been focused on operational improvements, improved internal controls, store portfolio optimization and debt reduction. The proposed refinancing will also enhance EG Group's liquidity by increasing its revolver size by approximately $650 million. Moody's expects the revolver to be undrawn at close and for the EG to maintain good liquidity, which will also be supported by modest positive free cash flow after growth capital spending. The proposed refinancing transaction will also extend its debt maturity profile and further reduce interest costs. Moody's also expects proceeds from announced and any future asset sales to support debt reduction. The stable outlook reflects Moody's expectations that leverage will trend below 6.0x over the next 12-18 months, supported by management's commitment to deleveraging. The outlook also incorporates out view that for improvement in operational performance, supported by organic growth and cost efficiencies. Moody's also expects good liquidity to be maintained, including positive free cash flow. RATINGS RATIONALE EG's B2 CFR reflects its strong position as a global operator of multiple networks of petrol stations, convenience stores and foodservice outlets across the US and Europe, where it holds leading market positions. The sector benefits from broadly stable patterns because favorable trends in convenience shopping and foodservice largely offset gradually falling fuel demand due to increased vehicle fuel efficiency and rising electric vehicle (EV) penetration. Moody's expects leverage to decrease below 6x in the next 12-18 months from around 6.6x for the last twelve months ended September 2025. Following a challenging 2025, Moody's expects growth in 2026 to be supported by the company's focus on strategic initiatives including its store remodeling program, its rollout of a new foodservice concept for its stores, cost efficiencies, and as debt reduction is prioritized. Conversely, the CFR also reflects EG's high operating leverage due to the prevalence of the company owned, company operated (COCO) business model. EG's credit metrics are currently weak, with Moody's-adjusted debt-to-EBITDA of 6.6x, EBITDA-capex/interest expense around 1.0x and minimal free cash flow generation. However, Moody's expects its credit profile to improve over the next 12-18 months given Moody's expectations of improved operating performance, its commitment to using asset sales proceeds to reduce debt including the sale of its Italian operations in December 2025 and the announced sale of its Australian operations in August 2025, as well as lower interest costs. The rating also factors the challenging and uncertain macroeconomic conditions and a difficult consumer spending environment. Moody's also recognizes the longer term challenge the company faces to manage the transition to alternative fuel and the need to manage potential investment requirements. Marketing terms for the new credit facility (final terms may differ materially) include the following: Incremental pari passu debt capacity up to the greater of $838 million and 100.00% of Holdings' TTM Consolidated Adjusted EBITDA, plus unlimited amounts subject to 5.25x first lien net leverage ratio. There is an inside maturity sublimit up to the greater of (i) 75% of Closing Date EBITDA and (ii) 75% of TTM Consolidated Adjusted EBITDA. A "blocker" provision restricts the transfer of Material Intellectual Property to unrestricted subsidiaries. The credit agreement is expected to provide some limitations on up-tiering transactions, requiring 100% lender consent for amendments that subordinate the debt and liens unless such lenders can ratably participate in such priming debt. Asset sale proceeds may be used by the company to permanently repay springing debt or reinvest. Amounts up to 100% of unused capacity from the builder basket may be reallocated to incur debt. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if Moody's-adjusted gross Debt/EBITDA sustainably reduces below 5.25x and EBITDA–Capex/Interest expense exceeds 1.75x. An upgrade would also require broadly stable fuel volumes and margins, at least good liquidity, and conservative financial policies. The rating could be downgraded if operational improvements are not realized, financial policies do not prioritize debt reduction, or liquidity weakens for any reason including negative free cash flow for an extended period. Quantitatively, ratings could be downgraded if Moody's-adjusted Debt/EBITDA remains above 6.25x or Moody's-adjusted (EBITDA–Capex)/Interest expense remains below 1.25x. EG Group is a global retailer operating petrol stations, convenience stores and foodservice outlets in the US and Europe. Reported revenue for the twelve months ended September 2025 was around $22.8 billion. The group is in the process of moving its global headquarters to Charlotte, North Carolina from Blackburn, England. It is owned equally by funds managed by TDR Capital LLP and the two brothers who founded Euro Garages, Mohsin and Zuber Issa. LIST OF AFFECTED RATINGS Issuer: EG Group Limited Upgrades: LT Corporate Family Rating, Upgraded to B2 from B3 Probability of Default Rating, Upgraded to B2-PD from B3-PD Outlook Actions: Outlook, Changed To Stable From Positive Issuer: EG America LLC Upgrades: Backed Senior Secured Bank Credit Facility, Upgraded to B2 from B3 Assignments: Backed Senior Secured Bank Credit Facility, Assigned B2 Outlook Actions: Outlook, Changed To Stable From Positive Issuer: EG Finco Limited Upgrades: Backed Senior Secured Bank Credit Facility, Upgraded to B2 from B3 Assignments: Backed Senior Secured Bank Credit Facility, Assigned B2 Outlook Actions: Outlook, Changed To Stable From Positive Issuer: EG Global Finance plc. Upgrades: Senior Secured Regular Bond/Debenture, Upgraded to B2 from B3 Outlook Actions: Outlook, Changed To Stable From Positive The principal methodology used in these rating was Retail and Apparel published in September 2025. EG's CFR is two notches below the Ba3 scorecard-indicated outcome. The difference reflects the greater importance of the company's weaker credit metrics and need to further execute on credit metric improvement and consistent profit growth. EKSO BIONICS: Closes $5.3MM PIPE With Preferred Stock and Warrants ------------------------------------------------------------------ Ekso Bionics Holdings, Inc. entered into Securities Purchase Agreements with institutional and accredited investors, pursuant to which the Company agreed to issue and sell, in a private placement: (i) an aggregate of 5,852 shares of the Company's newly designated Series B Convertible Preferred Stock, with a par value $0.001 per share and stated value of $1,000 per share convertible into an aggregate of 711,922 shares of common stock of the Company, par value $0.001 per share at a conversion price of $8.22 per share, subject to certain customary adjustments, and (ii) warrants to purchase up to an aggregate of 355,960 shares of Common Stock at an exercise price of $8.22 per share of Common Stock. Pursuant to the Purchase Agreements and subject to limited exceptions, Purchasers may not transfer or execute any short sales involving the Series B Preferred Stock, Warrants, Conversion Shares and shares of Common Stock underlying the Warrants until the earlier of (x) six (6) months following the closing of the Private Placement and (y) two trading days after the Company consummates a change of control. The closing of the Private Placement took place on January 22, 2026. The net proceeds of the Private Placement are expected to be approximately $5.3 million, after deducting placement agent fees and expenses and other estimated offering expenses payable by the Company. The Company intends to use the net proceeds from the Private Placement for working capital and general corporate purposes. In connection with the closing of the Private Placement, the Company entered into a registration rights agreement, dated as of January 22, 2026, with each of the Purchasers, pursuant to which the Company agreed to prepare and file a registration statement with the Securities and Exchange Commission registering the resale of the Conversion Shares and shares of Common Stock underlying the Warrants by no later than June 1, 2026, and to use commercially reasonable efforts to have the registration statement declared effective as promptly as practical thereafter, and in any event no later than 30 days following the Filing Deadline or 60 days following the Filing Deadline in the event the SEC reviews such registration statement). Each Warrant is exercisable starting on July 22, 2026, subject to certain conditions set forth in the Warrants, including that the holder does not at the time of such exercise hold any shares of the Preferred Stock or the Common Stock into which such Preferred Stock had converted. The exercise price of the Warrants is subject to adjustment in the event of stock dividends, stock splits, stock combinations, reorganizations or similar events affecting the Common Stock. Subject to limited exceptions, a Warrant holder will not have the right to exercise any portion of such holder's Warrant if the holder (together with such holder's affiliates, and any persons acting as a group together with such holder or any of such holder's affiliates) would beneficially own a number of shares of Common Stock in excess of 9.99% (or 19.99% on an aggregate basis with all of the other Purchasers in the Private Placement) of the shares of Common Stock then outstanding and/or the then combined voting power of all of the Company's securities immediately after giving effect to such exercise. Lake Street Capital Markets, LLC served as the Company's exclusive placement agent in connection with the Private Placement. As compensation for the services provided by the Placement Agent, on January 22, 2026, in connection with the closing of the Private Placement, the Company paid the Placement Agent a cash fee equal to 6% of the aggregate gross proceeds raised in the Private Placement, or approximately $0.4 million, and issued in a concurrent private placement a warrant to purchase up to 14,238 shares of Common Stock, in substantially the same form as the Warrants. The Purchase Agreements contain customary representations, warranties and agreements by the Company, conditions to closing, indemnification obligations of the Company and the Purchasers, other obligations of the parties and termination provisions. The representations, warranties and covenants contained in the Purchase Agreements were made only for purposes of such agreement and as of specific dates, were solely for the benefit of the parties to such agreement and may be subject to limitations agreed upon by the contracting parties. Full text copies of the Purchase Agreements, the Warrants and the Registration Rights Agreement are available at https://tinyurl.com/4pfj2ehw, https://tinyurl.com/35msr85d, and https://tinyurl.com/r92xksvv Certificate of Designation: In connection with the Private Placement, on January 22, 2026, the Company filed a Certificate of Designation of the Powers, Preferences and Relative, Participating, Option and Other Restrictions of the Series B Preferred Stock to the Company's Restated Articles of Incorporation with the Secretary of State of the State of Nevada. The Series B Preferred Stock has the following rights, preferences, powers, privileges and restrictions, qualifications and limitations: * Voting: Except as otherwise required by law, holders of Series B Preferred Stock shall not be entitled to any separate voting rights and shall vote together with the holders of Common Stock on an as-converted basis. Each Holder of the Series B Preferred Stock shall not be entitled to have, on an as-converted basis and in the aggregate, together with votes attributable to any other voting securities beneficially owned by such holder and such holder's affiliates, a number of votes representing more than 19.99% of the then-combined voting power of all of the voting securities of the Company outstanding as of the time of such vote. * Duration and Conversion: The Series B Preferred Stock has no stated maturity and will remain outstanding indefinitely unless converted into Common Stock. The Series B Preferred Stock will be convertible into shares of Common Stock at a conversion price of $8.22 per share, subject to customary adjustments. Each share of Series B Preferred Stock shall be convertible into such number of shares of Common Stock that results from dividing the Stated Value by the Conversion Price. * Limitations on Conversion: Holders of Series B Preferred Stock are prohibited from converting shares of Series B Preferred Stock into shares of Common Stock if, as a result of such conversion, such holder, together with its affiliates, would beneficially own in excess of 9.99% of the then-combined voting power of all of the voting securities of the Company outstanding immediately after giving effect to such conversion. * Protective Provisions: For so long as any shares of Series B Preferred Stock are outstanding, the Company may not take any of the following actions without the affirmative vote of the holders of a majority of the then outstanding shares of the Series B Preferred Stock: (i) alter, waive or change adversely the powers, preferences or rights given to the Series B Preferred Stock or alter or amend the Certificate of Designation, (ii) authorize, create or issue any class of stock ranking as to dividends, redemption or distribution of assets upon a Liquidation (as defined in the Certificate of Designation) senior to, or otherwise pari passu with, the Series B Preferred Stock, (iii) increase or decrease the authorized number of shares of Series B Preferred Stock, or (iv) amend its articles of incorporation or bylaws or file any articles of amendment, certificate of designation, preferences, limitations and relative rights of any series of preferred stock in any manner that adversely affects any rights given to the Series B Preferred Stock regardless of whether any such action shall be by means of amendment to its articles of incorporation or by merger, consolidation or otherwise. * Redemption: The shares of Series B Preferred Stock are redeemable at the Company's or the holder's option at the Stated Value starting at the one-year anniversary of the closing of the Private Placement. The shares of Series B Preferred Stock are also redeemable at the holder's option at the Stated Value upon a Trading Failure (as defined in the Certificate of Designation), subject to certain exceptions. A full text copy of the Certificate of Designation is available at https://tinyurl.com/7xxnznvs About Ekso Bionics Holdings San Rafael, Calif.-based Ekso Bionics Holdings, Inc. designs, develops, and markets exoskeleton products to augment human strength, endurance, and mobility. San Francisco, Calif.-based WithumSmith+Brown PC, the Company's auditor since 2010, issued a 'going concern' qualification in its report dated March 3, 2025, citing that the Company has an accumulated deficit on December 31, 2024 and, since inception, has suffered significant operating losses and negative cash flows from operations. The Company expects to generate operating losses and negative operating cash flows in the future and will require additional funding to support the Company's planned operations which raises substantial doubt about its ability to continue as a going concern. As of September 30, 2025, the Company had $21.66 million in total assets, $11.98 million in total liabilities, and $9.68 million in total stockholders' equity. EVOLUTION HOME: Seeks Chapter 7 Bankruptcy in Ohio -------------------------------------------------- On January 19, 2026, Evolution Home Health, LLC, filed for Chapter 7 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 1–49 creditors. About Evolution Home Health, LLC Evolution Home Health, LLC operated as a home healthcare services provider, delivering in-home medical and supportive care to patients requiring assistance outside of institutional settings. Evolution Home Health, LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 26-50250) on January 19, 2026. In its petition, the Debtor reports estimated assets of $0–$100,000 and estimated liabilities of $1 million–$10 million. A Honorable Bankruptcy Judge Tiffany Strelow Cobb has been assigned to the case. The Debtor is represented by Sean Stone, Esq. EXAMWORKS BIDCO: Refinancing Deal No Impact on Moody's 'B2' CFR --------------------------------------------------------------- Moody's Ratings said that ExamWorks BidCo Inc.'s ("ExamWorks") ratings and outlook are not affected by the company's proposed refinancing transaction. The company's ratings include a B2 corporate family rating, B2-PD probability of default rating, and B2 ratings on the senior secured first lien credit facilities. The outlook remains unchanged at stable. On January 26, 2026, ExamWorks announced a refinancing transaction that extends all debt maturities in a leverage neutral transaction. Proceeds from the $2,439 million senior secured first lien term loan due 2033 will be used to fully repay amounts outstanding on the existing term loan due 2028 while the $250 million senior secured first lien revolving credit facility expiration will be extended to 2031 from 2028. Covenants, as proposed, are in line with the existing first lien credit agreement. Headquartered in Atlanta, GA, and Sarasota, FL, ExamWorks is a leading provider of independent medical examinations (IME), consisting of peer reviews, bill reviews, Medicare compliance services and IME-related services, operating out of more than 330 service centers across the United States, United Kingdom, Australia, and Canada. These services are provided to the insurance and legal industries, third-party administrators, self-insured parties and federal and state agencies. Examinations pertain largely to workers' compensation, automobile, disability and group health claims. The company is owned by financial sponsors CVC Capital Partners ("CVC"), Leonard Green & Partners, L.P. ("LGP") and GIC Private Limited ("GIC"). For the twelve months ended September 30, 2025 the company generated revenues of approximately $2.1 billion. FAT BRANDS: Bondholders Oppose Cash Use, Wants CEO Ousted --------------------------------------------------------- A group holding 85% of the $1.4 billion in bonds issued by FAT Brands Inc. is opposing the Company's use of cash collateral and wants a court-appointed trustee to replace the CEO while the company undergoes a Chapter 11 restructuring. The Ad Hoc Group of Securitization Noteholders, collectively holding approximately $990 million of the notes outstanding under the prepetition securitizations, say the Bankruptcy Court should bar the Company and its CEO from using the noteholders' cash collateral due to a "continuing wrongful conduct" by management. "The Debtors' severe financial distress and these non-consensual Chapter 11 Cases were caused by the systematic looting of company profits (substantially all of which are the Securitization Noteholders' cash collateral) for the personal benefit of the Debtors' CEO, Andrew Wiederhorn, and his family," Charles R. Koster of White & Case LLP, counsel of the Ad Hoc Group, said in court filings. "Mr. Wiederhorn is a convicted felon who, according to allegations made by the U.S. Department of Justice and SEC, recently engaged in a fraudulent scheme to strip the Debtors of approximately 40% of their revenues for his personal gain. Both the Debtors' public filings and the First Day Declaration admit that the Debtors misappropriated hundreds of millions of dollars of the Securitization Noteholders' cash collateral by systemically violating the carefully negotiated cash controls set forth in the Securitization Indentures." Consensual Chapter 11 Process In the lead-up to the filing of the chapter 11 cases, the Ad Hoc Group proposed a consensual chapter 11 process in which the Debtors would market and sell the Securitization Debtors -- funded by a DIP facility to be provided by members of the Ad Hoc Group -- that would either result in the repayment of the Securitization Notes or a credit bid by the Securitization Noteholders. This market test would determine the true value of the Debtors' assets and provide a fair recovery to equity if such excess value exists. The Ad Hoc Group delivered to the Debtors' managers its own transaction proposal on December 16, 2025, but the proposal largely went unanswered by the board. That term sheet proposed the Ad Hoc Group's funding of an efficient section 363 process for the Securitization Debtors' assets and required the Managers to appoint trustworthy independent directors and a Chief Restructuring Officer who would not report to Mr. Wiederhorn. Personal Piggy Bank The Ad Hoc Group wants a chapter 11 trustee to take over management, alleging that the Debtors are currently run by a CEO and controlling shareholder that treats these companies "as his personal piggy bank." Rather than engage with the Ad Hoc Group on its proposal, the Debtors' board -- which is controlled by Mr. Wiederhorn and stocked with his family members -- allowed Mr. Wiederhorn and the entities that manage the Securitization Debtors' restaurant operations to continue siphoning the Securitization Noteholders' cash collateral for their own benefit. This cash was used for, among other things: * Mr. Wiederhorn's legal expenses related to his alleged violations of civil and criminal laws and related settlement payments; * exorbitant dividends to the Wiederhorn family, totaling at least $17 million since 2021; * $1.1 million in bonuses and a near-doubling of salaries awarded to Mr. Wiederhorn's family on the eve of filing; and * Mr. Wiederhorn's personal expenses, including for private jets, jewelry, travel, and mortgage payments. The Debtors made these improper expenditures in violation of the Securitization Notes, their governing documents, and their management agreements. They admit this, saying that they had "no choice" but to turn to "self help." Misappropriating cash and willfully breaching credit and organizational documents is a violation of the fiduciary duties of the Debtors' officers and directors, Mr. Wiederhorn tells the Court. The Securitization Noteholders have filed with the Bankruptcy Court a motion seeking appointment of a chapter 11 trustee for the Securitization Debtors. Short on Cash "The reason these Debtors are short on cash is because Andrew Wiederhorn looted them to support himself and his family. Sadly, this is par for the course with Mr. Wiederhorn, who pled guilty to felony charges stemming from loans made to him -- and subsequently forgiven -- by a company he controlled. Wiederhorn was indicted for running the same scheme on these Debtors. While he may not have been criminally convicted this time, he nevertheless admitted to taking a $47 million loan from these Debtors that his hand-picked board then forgave. Not surprisingly, this type of conduct has led to a rash of litigation all caused by Mr. Wiederhorn's looting," the Ad Hoc Group said in court filings. The Ad Hoc Group cites four key facts that explain the true reason for the Debtors' lack of liquidity: * First, the Debtors employ Mr. Wiederhorn and eight members of his family. The total cost of salary, benefits, and consulting fees paid to Mr. Wiederhorn and his relatives totaled more than $22 million over the last two years. This includes $1.1 million in "bonuses" paid on the eve of bankruptcy. * Second, the Debtors have loaned Andrew Wiederhorn over $47 million that he has never repaid and distributed an additional $17 million in dividends to him and his family in the past five years. * Third, the Debtors have subsidized Mr. Wiederhorn's extravagant lifestyle. Between October 2017 and March 2021, the Debtors paid over $27 million on private jets, luxury vacations, jewelry and other personal expenses. * Fourth, a material portion of the $85.5 million in "litigation expenses" referred to in paragraph 99 of the First Day Declaration were fees paid to Mr. Wiederhorn's personal lawyers and for defending against charges for tax evasion, wire fraud, and felony firearm possession, among others. About FAT (Fresh. Authentic. Tasty.) Brands FAT Brands (NASDAQ: FAT) -- http://www.fatbrands.com/-- is a global franchising company that strategically acquires, markets, and develops fast casual, quick-service, casual dining, and polished casual dining concepts around the world. The Company currently owns 18 restaurant brands: Round Table Pizza, Fatburger, Marble Slab Creamery, Johnny Rockets, Fazoli's, Twin Peaks, Great American Cookies, Smokey Bones, Hot Dog on a Stick, Buffalo's Cafe & Express, Hurricane Grill & Wings, Pretzelmaker, Elevation Burger, Native Grill & Wings, Yalla Mediterranean and Ponderosa and Bonanza Steakhouses. FAT Brands franchises and owns over 2,200 units worldwide. Fat Brands Inc. and 181 subsidiaries sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 26-90126) on Jan. 26, 2026. In its petition, Fat Brands listed estimated assets and liabilities more than $1 billion. The Honorable Bankruptcy Judge Alfredo R. Perez handles the case. Latham & Watkins LLP is serving as legal counsel to the Company. GLC Advisors & Co., LLC is serving as investment banker, and Huron Consulting Services LLC is serving as financial advisor. Omni Agent Solutions, Inc., is serving as claims, noticing and solicitation agent. White & Case LLP is representing the Ad Hoc Group of Securitization Noteholders. Greenberg Traurig, LLP represents UMB Bank, National Association, solely in its capacity as Trustee to certain series of notes. FAT BRANDS: Enters "Free Fall" Chapter 11 Bankruptcy ---------------------------------------------------- FAT Brands Inc. said it has sought Chapter 11 protection without a pre-negotiated deal with creditors and without adequate financing from a prolonged Chapter 11 case. FAT Brands, a multi-brand restaurant company that includes 18 franchised or wholly owned restaurant brands, including Round Table Pizza and Fatburger, sent 182 entities into Chapter 11 bankruptcy while acknowledging that they have "extremely limited cash on hand and cannot continue to operate in chapter 11 without additional liquidity in the form of debtor-in-possession financing (whether through the WBS Ad Hoc Group or otherwise)." The acquisition of a large part of the Debtors' brands was financed through, and the Debtors' capital structure is primarily comprised of, fixed-rate securitization notes issued by five separate special-purpose financing subsidiaries of the Debtors in the total principal amount of approximately $1.4 billion. As of the Petition Date, approximately $1.45 billion of funded debt obligations remain outstanding, mostly on account of the securitization notes. John C. DiDonato, managing director at Huron Consulting Services LLC, who has been named as CRO of the Debtors, explains in court filings that starting in Summer 2025, the Debtors began engaging in discussions with an ad hoc group of the Securitization Noteholders (the "WBS Ad Hoc Group") represented by White & Case LLP and Houlihan Lokey Capital, Inc., to explore potential consensual transactions to address the Debtors' capital structure. In late 2025, the Debtors also began engaging in discussions with certain holders of the $159 million Resid Notes that are not part of the WBS Ad Hoc Group. Ultimately, however, the Debtors were unable to reach an agreement regarding a potential restructuring with the WBS Ad Hoc Group in advance of the bankruptcy filing. The Debtors acknowledge that their liquidity is "very constrained". As of the end of day on Jan. 23, 2026, the Debtors had $2.1 million of unrestricted cash on hand and approximately $19.9 million of cash held in restricted accounts not under the Debtors' control. "The Debtors are, thus, unable to continue operating their business in its current state or even think about investing in their brands and growing their franchises to generate cash to repay the Securitization Notes. The Debtors' capital structure is no longer sustainable," Mr. DiDonato said in the affidavit explaining the Chapter 11 filings. No DIP Financing FAT Brands said that since Summer 2025, it has had discussions with the WBS Ad Hoc Group regarding one or more potential transactions to address the Debtors' liquidity and capital structure challenges. In late 2025, the Debtors also began engaging in discussions with counsel to the Resid Noteholders. Ultimately, however, the Debtors were unable to reach an agreement regarding a potential restructuring ahead of the chapter 11 filing. The WBS Ad Hoc Group indicated that, absent a chapter 11 filing, it would direct (i) the issuance of a notice of foreclosure on the collateral securing the Securitization Notes, (ii) the termination of the Managers, and (iii) the exercise of control over the Debtors' deposit accounts. Prior to commencing the Chapter 11 cases, the Debtors ran a preliminary marketing process in search of financing. GLC Advisors & Co., LLC initially solicited proposals from over 27 potential lenders, with eight of these parties under non-disclosure agreement. To date, the Debtors have not received any actionable financing proposals. The Debtors received a debtor-in-possession proposal from the WBS Ad Hoc Group but, after review and discussion with the Advisors, the Debtors, in their business judgment, determined that the proposal and related restructuring terms were not actionable. The Debtors and their advisors intend to continue the process postpetition on an expedited timeline. As such, the Debtors must rely on cash collateral and future cash receipts in the initial phase of the Chapter 11 Cases; in fact, the Debtors' proposed cash collateral budget only contemplates four weeks of cash collateral use. The Debtors intend to use this initial period wisely and expeditiously, aware that the liquidity runway is limited and that the Debtors are cash constrained. Mediation With Ad Hoc Group Mr. DiDonato explains that although the Debtors are entering the Chapter 11 Cases without an agreed path forward, the Debtors intend to continue engaging with the WBS Ad Hoc Group and other key stakeholders, as appropriate, through formal mediation on an expedited timeline from the very outset of the Chapter 11 Cases. As part of the mediation and on a contemporaneous timeline, the Debtors will continue to seek financing from all parties (including the WBS Ad Hoc Group) for the Chapter 11 cases given that the cash collateral budget only contemplates four weeks of use and the Debtors cannot continue to operate in chapter 11 without additional liquidity. The Debtors encourage the WBS Ad Hoc Group to engage with the Debtors through consensual mediation quickly following the first day hearing. About FAT (Fresh. Authentic. Tasty.) Brands FAT Brands (NASDAQ: FAT) -- http://www.fatbrands.com/-- is a global franchising company that strategically acquires, markets, and develops fast casual, quick-service, casual dining, and polished casual dining concepts around the world. The Company currently owns 18 restaurant brands: Round Table Pizza, Fatburger, Marble Slab Creamery, Johnny Rockets, Fazoli's, Twin Peaks, Great American Cookies, Smokey Bones, Hot Dog on a Stick, Buffalo's Cafe & Express, Hurricane Grill & Wings, Pretzelmaker, Elevation Burger, Native Grill & Wings, Yalla Mediterranean and Ponderosa and Bonanza Steakhouses. FAT Brands franchises and owns over 2,200 units worldwide. Fat Brands Inc. and 181 subsidiaries sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 26-90126) on Jan. 26, 2026. In its petition, Fat Brands listed estimated assets and liabilities more than $1 billion. The Honorable Bankruptcy Judge Alfredo R. Perez handles the case. Latham & Watkins LLP is serving as legal counsel to the Company. GLC Advisors & Co., LLC is serving as investment banker, and Huron Consulting Services LLC is serving as financial advisor. Omni Agent Solutions, Inc., is serving as claims, noticing and solicitation agent. White & Case LLP is representing the Ad Hoc Group of Securitization Noteholders. Greenberg Traurig, LLP represents UMB Bank, National Association, solely in its capacity as Trustee to certain series of notes. FIRST BRANDS: Oaktree, Anchorage Step Into Bankruptcy Financing --------------------------------------------------------------- Reshmu Basu of Bloomberg News reports that Oaktree Capital Management and Anchorage Capital have emerged as buyers in the bankruptcy loan of First Brands Group, positioning themselves as negotiations over new capital for the struggling auto parts maker reach a critical stage. According to sources familiar with the situation, the firms purchased portions of First Brands' $1.1 billion debtor-in-possession facility, a superpriority loan that sits atop the repayment hierarchy. Their entry comes as the company seeks supplemental financing, warning creditors it will run out of cash by the end of January without additional support. Those talks have been complicated by creditor concerns over mounting professional fees and efforts to dismantle a network of factoring arrangements that restructuring advisers say inflated the company's debt burden. First Brands has said it may be forced to shutter operations or sell assets if funding isn’t secured, while the discounted trading price of the DIP loan signals expectations that new senior capital may be unavoidable, the report states. 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. FLORIDA GLASS: Liable to Painters Pension Fund, 4th Cir. Says ------------------------------------------------------------- In the appeal styled INTERNATIONAL PAINTERS AND ALLIED TRADES INDUSTRY PENSION FUND; TERRY NELSON, in his official capacity as a fiduciary, Plaintiffs – Appellees, v. FLORIDA GLASS OF TAMPA BAY, INC., a dissolved corporation; AMERICAN PRODUCTS, INC.; AMERICAN PRODUCTS PRODUCTION COMPANY OF PINELLAS COUNTY, INC.; API COMMERCIAL INSTALLATION, INC., a dissolved corporation; API COMMERCIAL ARCHITECTURAL PRODUCTS, INC., a dissolved corporation; CHARLES & THOMAS PROPERTIES, LLC; MURACO & MULLAN PROPERTIES, INC.; CERACLAD SOUTH, LLC, a dissolved limited liability company; JCM PROPERTIES, LLC; FENWALL, LLC; SPECIALTY METALS INSTALLATION, LLC, a dissolved limited liability company, Defendants – Appellants, No. 25-1312 (4th Cir.), Judges Harvie Wilkinson III, Barbara Milano Keenan and James Andrew Wynn of the United States Court of Appeals for the Fourth Circuit affirmed the grant of summary judgment by the United States District Court for the District of Maryland, at Baltimore, to the International Painters and Allied Trades Industry Pension Fund on the basis of its holding that a 2016 proof of claim was neither a notice and demand under 29 U.S.C. Sec. 1399(b)(1) nor an acceleration under 29 U.S.C. Sec. 1399(c)(5). Two statutes are at issue: the Employee Retirement Income Security Act of 1974 (ERISA) and the Multiemployer Pension Plan Amendments Act of 1980 (MPPAA). The charge, called "withdrawal liability," is the focus of this suit. International Painters is a multiemployer pension plan regulated by ERISA and the MPPAA. One of its contributing businesses used to be Florida Glass of Tampa Bay. Florida Glass, like most of International Painters' contributing businesses, operated in the building and construction industry. At some point in 2015, Florida Glass ceased having an obligation to contribute to International Painters because it stopped performing work that was covered by the plan's collective bargaining agreement. Then, in 2016, Florida Glass filed for Chapter 11 bankruptcy, and in 2017 its Chapter 11 reorganization proceedings were converted into Chapter 7 liquidation proceedings. The company closed up shop. On November 10, 2016, International Painters' lawyer submitted a proof of claim for withdrawal liability in Florida Glass's Chapter 11 proceedings. Doing so was his "standard practice" when one of the plan's contributing employers filed for bankruptcy. But because International Painters had not apparently determined whether Florida Glass had withdrawn from the plan -- a determination that would require investigating whether Florida Glass or another member of its control group had recently resumed construction work -- the lawyer labeled the proof of claim "contingent." Although the bankruptcy form said the claim was for $1,577,168, an attached document offered two "choices for payment": an interest-free "immediate payment" amount of $1,577,168 "OR" a series of 19 monthly interest-bearing payments that totaled $1,627,538. Neither the nature of the contingency nor the conflicting amounts were explained. Nevertheless, no one objected to the proof of claim, so it was deemed "allowed" by operation of bankruptcy law and the Chapter 7 Trustee proceeded to distribute $48,349 from the bankruptcy estate to International Painters. In the period that followed, International Painters auto-generated a list at the start of each year that identified which BCI businesses had not contributed to the plan during the preceding five years. In 2021, Florida Glass appeared on the list, so the plan began investigating. In 2022, the plan's trustees determined that Florida Glass and its control group had withdrawn in 2015 and voted to assess withdrawal liability of $1,577,168 on them. The trustees promptly sent out a notice and demand letter. Florida Glass and its control group contested the notice and demand in an initial request for review. But they did not seek arbitration within the 180 days that followed, which the MPPAA would have allowed them. Instead, they asked for arbitration 281 days later -- a date no one now contests was well outside the statutory window. This suit, filed on January 9, 2023, is International Painters' attempt to collect on the 2022 notice and demand it sent to Florida Glass and its control group. The defendants did not contest the fact and amount of their withdrawal liability nor seek to defend their belated attempt at arbitration. Instead, their entire case rested on the statute of limitations. They argued that the pension plan's contingent proof of claim in Florida Glass's bankruptcy was itself a notice and demand under 29 U.S.C. Sec. 1399(b)(1) and an acceleration under 29 U.S.C. Sec. 1399(c)(5), meaning the entire withdrawal liability bill came due on November 10, 2016. When the defendants did not immediately pay, the six-year statute of limitations began running, eventually expiring on November 10, 2022. The result: this suit, filed on January 9, 2023, was untimely. The district court rejected the defendants' statute of limitations defense in two alternate holdings. The court held that the 2016 proof of claim was neither a notice and demand nor an acceleration. The statute of limitations thus did not begin running until International Painters sent a notice and demand in 2022, rendering this suit timely. Alternatively, the district court held that even if the 2016 proof of claim was a notice, demand, and acceleration, the defendants had waived their ability to argue as much in court because they had failed to initiate arbitration. As a result, they could not establish the predicate facts necessary to make out a statute of limitations defense. The court proceeded to enter summary judgment in favor of International Painters and ordered the defendants to pay the withdrawal liability they owed (minus the $48,349 International Painters had already recovered via bankruptcy) plus interest, liquidated damages, attorney's fees, and costs. This appeal followed. This dispute presents two important questions for the circuit, both of which concern what happens when a multiemployer pension plan submits a proof of claim for withdrawal liability in the bankruptcy of a contributing employer. First, does the proof of claim operate as a notice and demand under 29 U.S.C. Sec. 1399(b)(1)? Second, does it operate as an acceleration under 29 U.S.C. Sec. 1399(c)(5)? The panel holds, "Because the 2016 proof of claim submitted by International Painters in Florida Glass's bankruptcy did not clearly satisfy the MPPAA's notice, demand, and acceleration provisions, the district court correctly held that it was nothing more than a proof of claim. For that reason, the proof of claim did not trigger the MPPAA's six-year statute of limitations, and this suit is timely. The defendants, having presented no arguments other than the time bar, must lose the suit." A copy of the Court's Opinion dated January 26, 2026, is available at https://urlcurt.com/u?l=aGvOKE Counsel for Appellants: Peter B. Siegal, Esq. Gregory J. Ossi, Esq. NORTON ROSE FULBRIGHT US LLP 799 9th Street NW, Suite 1000 Washington, DC 20001 Email: peter.siegal@www.nortonrosefulbright.com greg.ossi@nortonrosefulbright.com - and - Joseph E. Simmons, Esq. NORTON ROSE FULBRIGHT US LLP 2200 Ross Avenue, Suite 3600 Dallas, TX 75201-7932 Email: joseph.simmons@nortonrosefulbright.com Counsel for Appellees: Brian A. Pepicelli, Esq. Neil J. Gregorio, Esq. TUCKER ARENSBERG, PC One PPG Place, Suite 1500 Pittsburgh, PA 15222 Email: bpepicelli@tuckerlaw.com ngregorio@tuckerlaw.com About Florida Glass of Tampa Bay, Inc. Florida Glass of Tampa Bay, Inc., filed a Chapter 11 petition (Bankr. M.D. Fla. Case No. 16-06874), on Aug. 9, 2016. The petition was signed by Joseph Muraco, president. The Debtor was represented by Leon A. Williamson, Jr., Esq., at the Law Office of Leon A. Williamson, Jr., P.A. At the time of filing, the Debtor estimated assets at $1 million to $10 million and liabilities at $10 million to $50 million. A list of the Debtor's 20 largest unsecured creditors is available for free at http://bankrupt.com/misc/flmb16-06874.pdf The Office of the U.S. Trustee on Sept. 27, 2016, disclosed in a court filing that no official committee of unsecured creditors had been appointed in the Chapter 11 case of Florida Glass of Tampa Bay, Inc. On July 12, 2017, Florida Glass converted its bankruptcy to Chapter 7. Dawn Carapella was named the Chapter 7 Trustee. GAMESTOP CORP: Ryan Cohen Holds 9.2% of Class A Shares ------------------------------------------------------ Ryan Cohen disclosed in a Schedule 13D (Amendment No. 13) filed with the U.S. Securities and Exchange Commission that as of January 20, 2026, he beneficially owns 41,582,626 shares of GameStop Corp.'s Class A Common Stock (including 3,734,784 shares underlying warrants that may be exercised by the reporting person), representing 9.2% of shares outstanding, based on 448,009,480 shares outstanding as of December 5, 2025, as reported in the Company's Quarterly Report on Form 10-Q, plus the shares underlying the warrants. Ryan Cohen may be reached through: Ryan Nebel Olshan Frome Wolosky LLP 1325 Avenue of the Americas New York, NY 10019 Tel: 212-451-2300 A full-text copy of Ryan Cohen's SEC report is available at: https://tinyurl.com/2hpju5wb About GameStop Grapevine, Texas-based GameStop Corp. is a specialty retailer offering games and entertainment products through its E-Commerce platforms and thousands of stores. As of November 1, 2025, GameStop had $10.6 billion in total assets, $5.2 billion in total liabilities, and $5.3 billion in total stockholders' equity. * * * Egan-Jones Ratings Company on January 15, 2025, revised the foreign currency and local currency senior unsecured ratings on debt issued by GameStop Corporation to CCC- from CC. GENESIS HEALTHCARE: Fights Request to Appoint Bankruptcy Trustee ---------------------------------------------------------------- Alex Wolf of Bloomberg Law reports that Genesis Healthcare Inc. pushed back against a federal bid to install a trustee in its bankruptcy case, arguing that the request threatens to upend a court-approved sale and disrupt its restructuring momentum. The nursing home operator said the intervention would conflict with the goals of Chapter 11 and erode confidence in the process. In a filing Monday, January 26, 2026, Genesis said its Chapter 11 case has reached a pivotal point after securing approval for a nearly $1 billion transaction. The company warned that replacing management and advisers at this stage could stall the sale, diminish recoveries, and harm residents, staff, and other stakeholders. Addressing the Justice Department's December 2025 motion, Genesis argued that the U.S. Trustee relied on generalized concerns rather than evidence of current mismanagement or wrongdoing. The company said a trustee appointment is an extraordinary measure that isn't warranted given the progress already made under existing court supervision, the report relays. 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. GRADY'S HARDWARE: Unsecured Creditors to Split $22K in Plan ----------------------------------------------------------- Grady's Hardware Inc. filed with the U.S. Bankruptcy Court for the District of Minnesota a First Modified Plan of Reorganization for Small Business dated January 20, 2026. The Debtor is a Minnesota corporation formed in 2004. Its principal place of business and store location is 12325 Champlin Drive, Champlin, Minnesota 55316. The Debtor operates an ACE Hardware retail store. The Debtor also previously operated a retail hardware store in Monticello, Minnesota and Rockford, Minnesota, which stores closed in 2018 and 2023, respectively. Much of the unsecured debt is attributed to the operation of the closed stores. Going forward, the Debtor will continue operations at the store in Champlin, Minnesota. The Debtor believes that this proposed Plan ensures the long-term viability of the Debtor and its continued operations in Champlin, Minnesota. The Debtor's revenues increase significantly during the spring and summer months. This is due in part to the addition of a profitable garden center assembled in the store parking lot each spring and summer. Certain payments under the Plan reflect this seasonality, and increase in the spring and summer months of the Plan's duration. The Debtor's financial projections show that the Debtor will have sufficient revenue to make payments on the Plan. The final Plan payment is expected to be paid in March 2029. Class 2 consists of all Allowed unsecured claims against the Debtor that are not entitled to priority and are not classified elsewhere in this Plan. Pursuant to the Bankruptcy schedules and the filed proofs of claim, the Debtor believes the general unsecured claims total approximately $548,550. Holders of Allowed Class 2 claims shall receive their pro rata share of $22,000.00 to be paid and dispersed in August 2028. The payments shall be paid on a pro rata basis to each holder of an Allowed Class 2 claim. Class 3 consists of Equity Interest Holders. Equity Interest Holders are people who hold an ownership interest in the Debtor. The members of Class 3 are Shawn Grady, owning 51% and Michelle Grady, owning 49%. The Gradys shall retain their equity interest in the Debtor. All property of the Debtor and the estate is dealt with by this Plan; therefore, on the Effective Date, to the full extent authorized by section 1141(b) of the Bankruptcy Code, all property of the Debtor and the estate vests in the Reorganized Debtor and such property is free and clear of all liens, encumbrances, claims, and interests of creditors, including any notices of lis pendens, except to the extent the Plan explicitly provides that such liens, encumbrances, claims, or interests are retained. A full-text copy of the First Modified Plan dated January 20, 2026 is available at https://urlcurt.com/u?l=1L05Q8 from PacerMonitor.com at no charge. Attorney for the Debtor: SIELING LAW, PLLC Mary F. Sieling, Esq. 12800 Whitewater Dr, Ste. 100, #3201 Minnetonka, MN 55343 Phone: 612-325-1191 E-mail: mary@sielinglaw.com About Grady's Hardware Inc. Grady's Hardware, Inc. operates an ACE Hardware retail store. The Debtor sought protection under U.S. Bankruptcy Code (Bankr. D. Minn. Case No. 25-43090) on Sept. 22, 2025, listing up to $500,000 in assets and up to $1 million in liabilities. Shawn Grady, president and owner of About Grady's Hardware, signed the petition. Judge Mychal A. Bruggeman oversees the case. Mary Sieling, at Sieling Law, PLLC, is the Debtor's bankruptcy counsel. GRAETTINGER-TERRIL COMMUNITY SCHOOL: S&P Cuts GO Bond Rating to BB+ ------------------------------------------------------------------- S&P Global Ratings lowered its underlying rating (SPUR) on Graettinger-Terril Community School District (CSD), Iowa's general obligation (GO) bonds outstanding two notches to 'BB+' from 'BBB'. The outlook is stable. The downgrade reflects Graettinger-Terril CSD's fiscal 2025 operating deficit, which reversed recent progress in addressing negative reserves, as well as our expectation that liquidity could materially weaken in the near term due to recent draws on capital funds and what we consider deficiencies in the district's willingness and ability to make budgetary adjustments to balance the budget on a sustained basis. S&P said, "We view risk management, culture, and oversight risk as elevated given the district's slow response to budgetary imbalance and unwillingness to sufficiently raise the cash reserve levy and reduce spending, resulting in reserve and liquidity levels that severely curtail financial flexibility. We consider the declining local population as a social capital risk that could result in declining enrollment, limited economic growth prospects, and further financial challenges. Graettinger-Terril CSD is also exposed to physical risk given the local economy's reliance on agriculture and northwestern Iowa's long-term susceptibility to drought. "The stable outlook reflects our view that while operations will likely remain imbalanced, Graettinger-Terril CSD's access to external liquidity and capacity to increase the cash reserve levy will support rating stability through the two-year outlook period. "We could lower the rating if the district fails to make meaningful progress balancing its budget, resulting in further material reductions in liquidity and financial flexibility, or if enrollment declines persist beyond this year, leading to weakened financial results. "We could raise the rating if Graettinger-Terril CSD balances its budget in a manner that we believe is sustainable, supporting a material improvement in reserves." HEXION INC: Moody's Affirms B3 CFR & Cuts 1st Lien Term Loan to B3 ------------------------------------------------------------------ Moody's Ratings affirmed Hexion Inc.'s (Hexion) B3 Corporate Family Rating and B3-PD Probability of Default Rating. Moody's also downgraded the rating on its backed senior secured first lien term loan to B3 from B2 and affirmed the Caa2 rating on its senior secured second lien term loan. The outlook remains stable. RATINGS RATIONALE The affirmation of Hexion's B3 CFR with a stable outlook reflects Moody's views that, although the December 2025 sale of its US Gulf Coast formalin business modestly reduced the company's scale and end-market diversity and resulted in a slight increase in leverage, these effects are counterbalanced by solid operating performance in the core wood adhesives business, anticipated improvement in credit metrics in 2026, and adequate liquidity with no near-term maturities. On balance, these factors continue to support a credit profile consistent with the current rating. The downgrade of Hexion's first lien term loan reflects the predominance of first lien debt in the capital structure following the partial paydown of second lien debt with proceeds from the asset sale. The company repaid $300 million of debt ($150 million of each of the first and second lien debt), paid a dividend of $425 million to shareholders and added $40 million of cash to the balance sheet. In December 2025, Hexion completed the divestiture of its US Gulf Coast formalin business to Ancala. This business accounted for approximately 10% of Hexion's revenue and over 25% of its Moody's-adjusted EBITDA by Moody's estimates. The earnings of this business were very predictable and stable, and demonstrated stronger credit quality than its other operations in Moody's views. While the divestiture reduced scale and diversity, it was part of Hexion's strategic transformation to focus on innovation, growth markets, and sustainable cellulosic materials. Pro forma leverage increased to above 7.0x from the high 6.0x range, reflecting the loss of EBITDA from the divested operations, partially offset by debt reduction. Despite ongoing headwinds from a weak housing market, Moody's expects Hexion to achieve mid-single-digit EBITDA growth in 2026, driven by continued, though moderating, efficiency gains and procurement savings. Free cash flow is projected to remain around breakeven for the year, and with modestly higher EBITDA, leverage is expected to decline back to the high 6.0x range by year-end 2026. Hexion's credit profile is supported by its leading position in wood adhesives in North America, and the modest diversification benefits from the Versatics Acids and Derivative business, which is included in the Chemical Intermediates segment. Hexion's wood adhesive businesses, accounting for the majority of its sales and earnings, benefits from the contractual pass through of raw material costs and limited competition, which should provide a more stable stream of sales, earnings and operational cash flow than many other comparably rated peers in the chemical industry. The company's adequate liquidity continues to support its credit profile. Hexion's credit profile is constrained by its high exposure to housing and limited number of large customers in the North American engineered wood products industry. The rating also reflects the company's high leverage and limited free cash flow generation following the weak housing activities in North America. The stable outlook reflects Moody's expectations that Hexion's performance will modestly improve and its credit metrics will strengthen and remain consistent with its rating in the next 12 to 18 months. LIQUIDITY ANALYSIS The company maintains adequate liquidity. The company has a cash balance of $87 million pro forma the transaction. The company has $109 million available under their $240 million revolving credit facility. Moody's do not expect Hexion will need to draw additional funds from the revolver on yearly basis with its break-even level free cash flows in 2025. STRUCTURAL CONSIDERATIONS The B3 rating on the first lien term loan reflect their priority in the capital structure and the first lien on the non-ABL collateral at facilities in the US and two-thirds of the stock of the foreign entities, and a second lien on the ABL collateral. The Caa2 rating on the second lien term loan reflects its subordination to a substantial amount of first lien debt as well the limited value of the collateral package. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if Hexion's leverage falls below 6.0x and annualized free cash flow rises above $50 million on a sustained basis. The ratings could be downgraded if its free cash flow is persistently negative or liquidity availability is sustained below $60 million. ESG CONSIDERATIONS Environmental, social, and governance factors are important factors influencing Hexion's credit quality, but not a driver of the actions. Hexion's (CIS-4) score indicates that the rating is lower than it would have been if ESG risk exposures did not exist. The score mainly reflects its aggressive financial policy with tolerance for high financial leverage under private equity ownership and the exposure to environmental and social risks due to the use of fossil fuel derived raw materials and energy usage, and the toxic, hazardous or flammable nature of the products used and produced by the company. Hexion Inc., headquartered in Columbus, OH, is a chemical company with two main lines of business. Its main business is wood adhesive business where it is the largest producer in North America with similar operations in Brazil, Australia and New Zealand. The second business is Versatic Acids and Derivatives, which is used in a wide variety of applications, including construction materials and architectural and automobile coatings. Pro forma the sale of its US Gulf Coast formalin business, Hexion's annual revenue is about $1.6 billion. The principal methodology used in these ratings was Chemicals published in October 2023. 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. HIGHLAND CAPITAL: Daugherty Loses Bid to Stay Adversary Case ------------------------------------------------------------ The U.S. Bankruptcy Court for the Northern District of Texas denied Patrick Hagaman Daugherty's motion for stay of the adversary proceeding captioned as Highland Capital Management, L.P., Plaintiff, v. Patrick Hagaman Daugherty, Defendant, Adversary No. 25-03055 (Bankr. N.D. Tex.) pending appeal of the Court's Order: (A) denying Patrick Daugherty's Motion to Dismiss; and (B) granting Highland Capital Management, L.P.'s Cross Motion for Relief from a Final Order Pursuant to Bankruptcy Rule 9024. The Claimant Trust was created on the effective date of the plan. The Court approved a settlement between Highland and Daugherty. As part of the settlement, Daugherty retained a contingent, unliquidated claim (the "Reserved Claim") against the bankruptcy estate related to Highland's 2008 tax return which remains under audit by the Internal Revenue Service. Highland and Daugherty agreed, as part of the settlement, to stay any litigation concerning the Reserved Claim until the IRS completed its audit. Unfortunately, the IRS audit does not appear to be complete, and completion does not appear to be on the horizon before the August 11, 2026, dissolution of the Claimant Trust. For this reason, Highland filed its complaint seeking to disallow Daugherty's Reserved Claim, to estimate Daugherty's Reserved Claim under 11 U.S.C. Sec. 502, and, to the extent the Reserved Claim is allowed, to subordinate the Reserved Claim pursuant to 11 U.S.C. Sec. 510(b). Because the settlement agreement provided for a stay of any litigation regarding the Reserved Claim, Daugherty filed his Motion to Dismiss this adversary proceeding under Rule 12(b)(6). With its objection to the Motion to Dismiss, Highland moved for relief (the "Cross Motion") from the Court's order approving the settlement agreement pursuant to Rule 9024 of the Federal Rules of Bankruptcy Procedure. The Cross Motion asked the Court to strike from the settlement agreement the language preventing litigation of the Reserved Claim. After considering the Motion to Dismiss and Highland's Cross Motion, the Court entered its order (the "Settlement Modification Order") denying the Motion to Dismiss, granting the Cross Motion, and striking the litigation stay language in the settlement agreement. On September 19, 2025, Daugherty filed his Notice of Appeal. Pursuant to the Notice of Appeal, Daugherty appealed only the Court's Stay Modification Order "to the extent it granted relief under Rule 60(b)." On September 26, 2025, Daugherty filed the Stay Motion seeking to stay this adversary proceeding pending Daugherty's appeal of the Settlement Modification Order. Highland argues that Daugherty cannot meet his burden to prove a likelihood of success on the merits for two reasons: (1) the Settlement Modification Order is interlocutory, and Daugherty failed to acquire leave to appeal an interlocutory order; and (2) Daugherty cannot show that the Court abused its discretion in granting the Cross Motion pursuant to Rule 60(b). The Court agrees with Highland that Daugherty failed to meet his burden to prove a likelihood of success on the merits. Though Daugherty asserts modifying settlement agreements is disfavored, he failed to demonstrate how the Court abused its discretion when it balanced the Claimant Trust's impending dissolution deadline with the settlement agreement's litigation stay provision and determined to strike the litigation stay provision. Further, Daugherty failed to establish how the Court's order striking the litigation stay provision constitutes a serious legal question. The Court finds that Daugherty will not be irreparably harmed if the stay is not granted. Highland set aside approximately $2.7 million to pay the Reserved Claim if it is allowed. Thus, funds are available to pay Daugherty. The Court also finds Daugherty failed to show a lack of substantial harm to non-moving parties if the stay is granted. The Court concludes Daugherty failed to meet his burden to prove he is entitled to a stay pending appeal of the Settlement Modification Order. A copy of the Court's Memorandum Opinion and Order dated January 26, 2026, is available at https://urlcurt.com/u?l=tjNNZf from PacerMonitor.com. About Highland Capital Management Highland Capital Management, LP was founded by James Dondero and Mark Okada in Dallas in 1993. Highland Capital is the world's largest non-bank buyer of leveraged loans in 2007. It also manages collateralized loan obligations. In March 2007, it raised $1 billion to buy distressed loans. Collateralized loan obligations are created by bundling together loans and repackaging them into new securities. Highland Capital Management sought Chapter 11 protection (Bank. D. Del. Case No. 19-12239) on Oct. 16, 2019. On Dec. 4, 2019, the case was transferred to the U.S. Bankruptcy Court for the Northern District of Texas and was assigned a new case number (Bank. N.D. Tex. Case No. 19-34054). Judge Stacey G. Jernigan is the case judge. At the time of the filing, Highland had between $100 million and $500 million in both assets and liabilities. The Debtor tapped Pachulski Stang Ziehl & Jones LLP as bankruptcy counsel, Foley & Lardner LLP as special Texas counsel, and Teneo Capital, LLC as litigation advisor. Kurtzman Carson Consultants, LLC, is the claims and noticing agent. The U.S. Trustee for Region 6 appointed a committee of unsecured creditors on Oct. 29, 2019. The committee tapped Sidley Austin LLP and Young Conaway Stargatt & Taylor LLP as bankruptcy counsel, and FTI Consulting, Inc. as financial advisor. IHN PODIATRY: Amy Denton Mayer Named Subchapter V Trustee --------------------------------------------------------- The Acting U.S. Trustee for Region 21 appointed Amy Denton Mayer of Stichter Riedel Blain & Postler, P.A. as Subchapter V trustee for IHN Podiatry Services, PLLC. Ms. Mayer will be paid an hourly fee of $400 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Mayer declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Amy Denton Mayer Stichter Riedel Blain & Postler P.A. 110 East Madison Street, Suite 200 Tampa, FL 33602 Phone: (813)229-0144 Email: amayer@subvtrustee.com About IHN Podiatry Services PLLC IHN Podiatry Services, PLLC, operating as Bedside Wound Care, provides in-home wound care services to patients in Lakeland, Florida, and surrounding areas, specializing in chronic wounds, post-surgical wounds, and diabetic foot ulcers. The Company offers wound assessment, debridement, and foot and ankle care, delivering personalized treatment plans tailored to individual patient needs. Its services aim to improve healing outcomes, reduce complications, and enhance patient convenience by bringing professional wound care directly to the home. IHN Podiatry Services filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 26-00384) on January 19, 2026, with $677,110 in assets and $6,267,151 in liabilities. John P. Ebsworth, business manager, signed the petition. Erik Johanson, Esq., at Erik Johanson, PLLC represents the Debtor as legal counsel. INDICOR LLC: S&P Rates Repriced First-Lien Term Loans 'B' --------------------------------------------------------- S&P Global Ratings assigned its 'B' issue-level rating and '3' recovery rating to Indicor LLC's proposed repriced $1.448 billion and EUR491 million first-lien term loans due 2029. The '3' recovery rating indicates S&P's expectation for meaningful (50%-70%; rounded estimate: 50%) recovery in the event of a default. S&P expects the transaction, if completed as proposed, will reduce the cost of debt on Indicor's dollar-denominated tranche by 25 basis points (bps) from SOFR+275 bps and the cost of debt on its euro-denominated tranche by at least 25 bps from EURIBOR+350 bps. Therefore, S&P expects the repricing will provide the company with interest cost savings of at least $5 million annually. S&P said, "All our existing ratings on Indicor, including the 'B' issuer credit rating and our 'B' issue-level and '3' recovery rating on its $300 million revolving credit facility (undrawn), are unchanged. The stable outlook reflects our view that the company will continue to demonstrate a good operating performance and generate positive free operating cash flow while pursuing growth opportunities, reducing its S&P Global Ratings-adjusted debt to EBITDA to the high-5x area over the next 12 months." Issue Ratings--Recovery Analysis Key analytical factors -- S&P simulated default scenario contemplates a default occurring in 2029 due to a significant decline in demand for Indicor's products, particularly in its aftermarket business, stemming from a weak macroeconomic environment. These factors materially reduce the company's revenue and compress its margins, eventually leading to a payment default. -- S&P values Indicor on a going-concern basis using a 5.5x multiple of our projected emergence EBITDA of about $218 million. The 5.5x multiple reflects the company's moderate scale and scope of operations, as well as its above-average margin profile. Simulated default assumptions -- Year of default: 2029 -- EBITDA at emergence: $218 million -- EBITDA multiple: 5.5x -- Revolving credit facility will be 85% drawn at default -- Jurisdiction: U.S Simplified waterfall -- Net enterprise value at default (after 5% administrative costs): $1,140 million -- Valuation split (obligors/nonobligors): 60%/40% -- Total value available to first-lien debt: $1,140 million -- Total first-lien debt claims: $2,279 million --Recovery expectations: 50%-70% (rounded estimate: 50%) Note: All debt amounts include six months of prepetition interest. ISLAND GASTROENTEROLOGY: Gets Interim OK to Use Cash Collateral --------------------------------------------------------------- The U.S. Bankruptcy Court for the Eastern District of New York entered an interim order authorizing Island Gastroenterology Consultants, P.C. to use cash collateral to fund operations. Under the interim order, the Debtor is authorized to use cash collateral to fund ordinary-course operating expenses, including payroll, taxes, utilities, insurance, maintenance, and repairs, in accordance with its budget. The Debtor said it lacks sufficient unencumbered funds to continue operations and requires immediate access to cash collateral to maintain its medical practice and work toward reorganization. As adequate protection, Link Medical Services, PLLC will be granted first-priority replacement liens while Dr. Mariwalla will be granted second-priority replacement liens. In addition, both lenders will receive superpriority administrative expense claims equal to the amount of cash collateral used, subject to lien validity. The order is immediately effective and modifies the automatic stay as necessary. A final hearing is scheduled for February 12, with objections due by February 5. About Island Gastroenterology Consultants, P.C. Island Gastroenterology Consultants, P.C. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 26-70198) on January 14, 2026, listing between $1 million and $10 million in both assets and liabilities. The petition was signed by Raj Mariwalla, M.D. as director. Judge Sheryl P. Giugliano oversees the case. The Debtor is represented by: Sean C. Southard, Esq. Klestadt Winters Jureller Southard & Stevens, LLP Tel: 212-972-3000 Email: ssouthard@klestadt.com Andrew Charles Brown Klestadt Winters Jureller Southard & Stevens, LLP Tel: 212-972-3000 Email: abrown@klestadt.com JADEX INC: Moody's Affirms 'B3' CFR & Alters Outlook to Negative ---------------------------------------------------------------- Moody's Ratings affirmed Jadex Inc.'s ("Jadex") corporate family rating at B3 and probability of default rating at B3-PD. At the same time, Moody's affirmed the B3 rating on the backed senior secured first lien credit facilities. The outlook was changed to negative from stable. The negative outlook reflects Jadex's high leverage that Moody's expects to remain above 10x debt/EBITDA through 2026 as the company works to replace lost volumes in its Artazn business after sales of the US penny to the US Mint ended in early 2025. The B3 ratings affirmation reflects Moody's expectations that Jadex will maintain adequate liquidity over the next 12-18 months, and Moody's views that the Artazn business will experience a significant recovery in 2027 if the company can secure an opportunity to produce a low-cost Nickel for the US Mint in the next few months. RATINGS RATIONALE Jadex's B3 CFR reflects its moderate scale, high leverage, and low margin profile, especially as it navigates the lost volumes to the US Mint. Execution risk and timing risk is high as the company seeks to secure a new contract with US Mint for the production of a low-cost Nickel in order to replace the lost US penny business following the halt of US penny production, which historically represented about two-thirds of Artazn revenue. However, this new contract will likely not provide any revenue support before 2027. But if the company can enter into this new contract, Moody's expects debt/EBITDA to return to around 7x, interest coverage to above 1x in 2027 and at least break-even free cash flow generation. The rating is also constrained by a portion of the business exposed to industrial sectors, which have more cyclical characteristics. Offsetting these factors are the company's diversified business mix serving primarily relatively stable end markets, including consumer products, food and healthcare. The rating also reflects Jadex's extensive material science capabilities, enabling the company to provide exclusive customer solutions across its portfolio, which create stickiness with customers and some barriers to entry. Moody's expects Jadex to maintain adequate liquidity over the next 12-18 months supported by $52 million of cash on the balance sheet as of September 30, 2025, and no borrowings on its $60 million revolving credit facility expiring November 2027. Moody's do not forecast any revolver borrowings over the next year despite the operational headwinds the company faces as it looks to replace the US penny volume. Moody's expects moderately negative free cash flow generation in 2026. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if there is a sustainable improvement in credit metrics and cash flow while maintaining less aggressive financial policies. Specifically, debt/EBITDA below 5.5x, EBITDA/interest above 3.0x, and free cash flow/debt maintained above 3.0%. The rating could be downgraded if there is a deterioration in credit metrics or liquidity. Specifically, if debt/EBITDA is sustained above 6.5x, EBITDA/interest is maintained below 2.0x, free cash flow turns negative, or if there is limited visibility for a new contract with the US Mint to replace lost coinage volumes. Jadex Inc., headquartered in Greenville, SC, is a manufacturer of rigid and flexible plastic packaging and zinc and steel-based products. Jadex is a portfolio company of One Rock Capital Partners LLC. The principal methodology used in these ratings was Packaging Manufacturers: Metal, Glass and Plastic Containers published in December 2025. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. JOSEPHINES RESTAURANT: Matthew Brash Named Subchapter V Trustee --------------------------------------------------------------- The U.S. Trustee for Region 11 appointed Matthew Brash of Newpoint Advisors Corporation as Subchapter V trustee for Josephines Restaurant, Inc. Mr. Brash will be paid an hourly fee of $425 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Brash declared that he is a disinterested person according to section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Matthew Brash Newpoint Advisors Corporation 655 Deerfield Road, Suite 100-311 Deerfield, IL 60015 Tel: (847) 404-7845 About Josephines Restaurant Inc. Josephines Restaurant, Inc. operates the restaurants La Rosa Pizza and Tick Tock Tacos in Skokie, Illinois, providing casual dining services. La Rosa Pizza serves Italian and American cuisine, including pizzas, pastas, salads, and sandwiches, while Tick Tock Tacos focuses on Mexican-style dishes such as tacos, burritos, and quesadillas. Both establishments offer catering services and operate from the same location. Josephines Restaurant filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Ill. Case No. 26-00909) on January 20, 2026, with $50,000 to $100,000 in assets and $500,000 to $1 million in liabilities. George P. Fowler, president, signed the petition. Scott R. Clar, Esq., at Crane, Simon, Clar & Goodman represents the Debtor as legal counsel. JUST LOGISTICS: Douglas Stanger Named Subchapter V Trustee ---------------------------------------------------------- The U.S. Trustee for Regions 3 and 9 appointed Douglas Stanger, Esq., at Flaster, Greenberg, PC as Subchapter V trustee for Just Logistics Group, Inc. Mr. Stanger will be paid an hourly fee of $475 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Stanger declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Douglas S. Stanger, Esq. Flaster, Greenberg, PC 646 Ocean Heights Avenue Linwood, NJ 08221 Phone: (609) 645-1881 Doug.stanger@flastergreenberg.com About Just Logistics Group Inc. Just Logistics Group, Inc. provides third-party logistics and transportation services, including warehousing, distribution, inventory management, order fulfillment, and freight transportation. It operates from Dayton, New Jersey, serving customers across the United States. Just Logistics Group sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 26-10036) on January 4, 2026, with $1 million to $10 million in assets and liabilities. Michael Caracappa, president of Just Logistics Group, signed the petition. Joseph Casello, Esq., at Collins Vella & Casello represents the Debtor as legal counsel. JUST LOGISTICS: Seeks Chapter 11 Bankruptcy in New Jersey --------------------------------------------------------- On January 4, 2026, Just Logistics Group, Inc. filed for Chapter 11 protection in the U.S. Bankruptcy Court for the District of New Jersey. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 50–99 creditors. About Just Logistics Group, Inc. Just Logistics Group, Inc. is a transportation and logistics company providing freight and supply chain solutions across multiple regions. Just Logistics Group, Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-10036) on January 4, 2026. In its petition, the Debtor reports estimated assets of $1 million–$10 million and estimated liabilities of $1 million–$10 million. Honorable Bankruptcy Judge Christine M. Gravelle handles the case. The Debtor is represented by Joseph Casello, Esq., of Collins, Vella & Casello. KEVIN D CHANEY: Kimberly Ross Clayson Named Subchapter V Trustee ---------------------------------------------------------------- The U.S. Trustee for Regions 3 and 9 appointed Kimberly Ross Clayson, Esq., as Subchapter V trustee for Kevin D. Chaney & Company, Inc. Ms. Clayson, an attorney at Taft Stettinius & Hollister, LLP, will be paid an hourly fee of $400 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Clayson declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Kimberly Ross Clayson, Esq. Taft Stettinius & Hollister, LLP 27777 Franklin Rd., Ste. 2500 Southfield, MI 48034 Phone: (248) 727.1635 Email: kclayson@taftlaw.com About Kevin D. Chaney & Company Inc. Kevin D. Chaney & Company, Inc. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. E.D. Mich. Case No. 26-40451) on January 18, 2026, with $0 to $50,000 in assets and $100,001 to $500,000 in liabilities. Judge Thomas J. Tucker presides over the case. Robert N. Bassel, Esq., at Robert Bassel, Attorney At Law represents the Debtor as bankruptcy counsel. KOOL AIR: Jerrett McConnell Named Subchapter V Trustee ------------------------------------------------------ The Acting U.S. Trustee for Region 21 appointed Jerrett McConnell, Esq., at McConnell Law Group, P.A. as Subchapter V trustee for Kool Air, LLC. Mr. McConnell will be paid an hourly fee of $400 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. McConnell declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Jerrett M. McConnell, Esq. McConnell Law Group, P.A. 6100 Greenland Rd., Unit 603 Jacksonville, FL 32258 Phone: (904) 570-9180 info@mcconnelllawgroup.com About Kool Air LLC Kool Air, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 26-00175) on January 16, 2026, with $100,001 to $500,000 in assets and liabilities. Bryan K. Mickler, Esq., at Mickler & Mickler represents the Debtor as legal counsel. KOOMBEA INC: Court Extends Cash Collateral Access to Feb. 2 ----------------------------------------------------------- Koombea Inc. received another extension from the U.S. Bankruptcy Court for the Middle District of Florida, Fort Myers Division, to use cash collateral. The court issued a third interim order extending the Debtor's authority to use cash collateral until February 2. As adequate protection for the Debtor's use of their cash collateral, secured creditors are granted perfected post-petition replacement liens against the Debtor's post-petition assets to the same extent and with the same validity and priority as their prepetition liens. The next hearing is set for February 2. The interim order is available at https://urlcurt.com/u?l=RlI9ga from PacerMonitor.com. About Koombea Inc. Koombea Inc., a company based in Miami, Florida, is a digital product development company that designs and develops mobile and web applications for startups and established enterprises, leveraging custom Agile methodologies and artificial intelligence to enhance innovation, efficiency, and digital presence. Koombea filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-02556) on December 22, 2025, listing between $500,001 and $1 million in assets and between $1 million and $10 million in liabilities. Judge Luis Ernesto Rivera II presides over the case. Michael R. Dal Lago, Esq. represents the Debtor as legal counsel. KOSMOS ENERGY: BlackRock Portfolio Holds 1.7% Equity Stake ---------------------------------------------------------- BlackRock Portfolio Management LLC, disclosed in a Schedule 13G (Amendment No. 2) filed with the U.S. Securities and Exchange Commission that as of December 31, 2025, it beneficially owns 8,291,480 shares of Kosmos Energy Ltd's Common Stock, representing 1.7% of the shares outstanding. BlackRock Portfolio Management LLC may be reached through: Spencer Fleming, Managing Director 50 Hudson Yards New York, NY 10001 Phone: (212) 810-5800 A full-text copy of BlackRock Portfolio Management LLC's SEC report is available at: https://tinyurl.com/7u859bpv About Kosmos Energy Ltd. Kosmos Energy Ltd. is a Dallas, Texas based publicly traded exploration and production company with the main producing assets offshore West Africa, as well as assets in the US Gulf of America. As of September 30, 2025, the Company had $5.09 billion in total assets, $4.19 billion in total liabilities, and $898.78 million in total stockholders' equity. * * * In December 2025, Fitch Ratings has downgraded Kosmos Energy Ltd.'s Long-Term Issuer Default Rating (IDR) and senior unsecured ratings to 'CCC+' from 'B-' and removed them from Rating Watch Negative (RWN). The Recovery Rating is 'RR4'. The downgrade reflects increasing risk that Kosmos is unlikely to meet its financial covenants under the reserve-based lending (RBL) facility in its March 2026 test. Failure to meet financial covenants under the RBL facility constitutes an event of default. Fitch said, "We cannot fully rule out lender acceleration even though we consider it to be unlikely. We also believe refinancing risk is still significant for Kosmos despite its recently signed secured debt funding." KOSMOS ENERGY: S&P Downgrades ICR to 'CCC', Outlook Negative ------------------------------------------------------------ S&P Global Ratings lowered its issuer credit rating on Kosmos Energy GTA Holdings to 'CCC' from 'CCC+'. S&P said, "At the same time, we lowered our issue-level rating on Kosmos' unsecured debt to 'CCC' from 'CCC+'. The '4' recovery rating is unchanged and indicates our expectation for average (30%-50%; rounded estimate: 35%) recovery of principal to creditors in the event of a payment default. "The negative outlook reflects our view that Kosmos' continued free cash flow deficits and weakening liquidity profile could lead to a payment default or distressed debt restructuring within the next 12 months." On Jan. 12, 2025, Kosmos Energy, a subsidiary of Kosmos Energy Ltd. (Kosmos), a Dallas‑based oil and gas exploration and production (E&P) company, announced an offering of $350 million of 11.25% senior secured notes due 2031 in the Nordic bond market. It plans to use proceeds to fund the tender offer on its senior unsecured notes due 2027, repay borrowings on its credit facility, and for general corporate purposes. Additionally, earlier this month, Kosmos redeemed the remaining $100 million of its 2026 notes. While these transactions ease near‑term liquidity pressures, Kosmos' elevated leverage and limited headroom under its reserve-based lending (RBL) facility (which begins to amortize in 2027) increase the risk of a debt restructuring that S&P could consider distressed. S&P said, "The downgrade reflects the increased likelihood of debt restructuring that we could consider a distressed transaction. Kosmos reduced near‑term maturity risk through announced tender and refinancing actions. The company intends to use the proceeds of the secured Nordic notes to fund the tender offer for up to $250 million of its 7.750% senior unsecured notes due 2027, repay borrowings under its RBL facility, and for general corporate purposes. Separately, earlier this month, Kosmos redeemed the remaining $100 million of its $250 million 7.125% senior unsecured notes due April 2026 using proceeds from the second tranche of the Gulf of Mexico (GoM) term loan. However, we believe downside risk remains elevated. We estimate the company could breach its debt service coverage ratio in March 2026 or in September 2026 unless it secures an additional waiver from its RBL lenders, which would result in the accelerated maturity of its RBL ($1.125 billion outstanding as of Sept. 30, 2025). "The RBL agreement requires Kosmos to maintain a net leverage ratio below 3.5x. In July 2025, the company secured a waiver from its lenders and amended its debt covenant, increasing the leverage threshold to 4.0x for the September 2025 test and 4.25x for the March 2026 test. As of Sept. 30, 2025, Kosmos' reported net leverage reached 4.6x, measured as net debt to last‑12‑months EBITDAX (and not including lender adjustments to the ratio). If Kosmos breaches the leverage covenant, it has a 45-day cure period to address the issue through prepayment, equity contribution, or other corrective actions. The company developed a mitigation plan that, if executed as intended, would allow it to comply with this covenant in March 2026 and September 2026. The plan includes reductions in operating expenditures in Ghana, lower general and administrative costs, potential monetization of existing hedges, and other strategic transactions, including asset sales. We believe there is heightened risk of the company not fully achieving its mitigation plan in time to avoid a covenant breach. However, the company has stated it would seek a waiver if required prior to any covenant‑testing date, with the next test scheduled for March 31, 2026." If Kosmos cannot implement its mitigation plan or obtain a timely waiver or amendment, a covenant breach would constitute an event of default. In such event, RBL lenders could accelerate the maturity of outstanding obligations, cancel undrawn commitments, and potentially reduce the borrowing base, further constraining liquidity. As of Sept. 30, 2025, the company had $1.125 billion drawn on its $1.35 billion RBL credit facility due December 2029. S&P notes that a default under the RBL could also trigger cross‑default provisions under Kosmos' unsecured senior notes and its senior secured GoM term loan and the secured Nordic notes. Kosmos also faces an increased risk of a borrowing base reduction if oil prices decline further, as redeterminations are based on lenders' internal commodity price assumptions, which could be lowered. At the same time, the company has substantial debt service requirements due in 2026 and 2027, driven primarily by scheduled amortization under the GoM term loan starting this year and amortization under the RBL facility starting in 2027. S&P said, "Given our expectation of negative free operating cash flow over this period, we believe the company may be unable to meet its debt obligations. These factors materially increase the likelihood of a distressed debt restructuring over the next 12 months, which could involve providing its lenders with less compensation than they were originally promised on their debt. Additionally, the company's debt is trading at distressed levels, which could incentivize it to undertake a below par debt repurchase, which we would likely view as tantamount to a default. As a result, we lowered our issuer- and issue-level ratings to 'CCC' from 'CCC+'." Kosmos' progress in addressing its near-term maturities has not improved its long-term credit profile. In October 2025, Kosmos entered into a senior secured term loan facility for up to $250 million to repay its 7.125% senior unsecured notes due April 2026. The facility, secured by the company's GoM assets, has a four-year maturity from the closing date and is structured in two tranches. The initial $150 million tranche was funded in October 2025, with the remaining $100 million available through April 1, 2026. Kosmos used the proceeds from the initial tranche to redeem $150 million of the 2026 notes in October 2025 and redeemed the remaining balance earlier this month. However, Kosmos faces scheduled amortization on its secured term loan, which we estimate at $54 million in 2026, $71 million in both 2027 and 2028, and $54 million in 2029. The company's subsidiary, Kosmos Energy GTA Holdings, recently announced the offering of $350 million of 11.25% senior secured notes (GTA notes; secured against its GTA assets) in the Nordic bond market. The company intends to use proceeds to fund the tender for up to $250 million of its 7.750% senior unsecured notes due 2027, repay a portion of the borrowings under its RBL, and for general corporate purposes. S&P said, "We believe the refinancing transaction and proposed tender, even if completed as intended, do not meaningfully reduce the company's underlying debt burden and are insufficient to materially improve Kosmos' credit profile in the current market environment. On a pro forma basis for these transactions, Kosmos has $100 million of 7.750% senior unsecured notes due May 2027, $400 million of its 7.50% senior notes due 2028, with about $1.5 billion of debt maturing in subsequent years. In addition, as of Sept. 30, 2025, the company had approximately $1.125 billion drawn on its $1.35 billion RBL facility, which matures in December 2029 and begins amortizing in 2027, with approximately $83 million due in 2027, $417 million in 2028, and $625 million in 2029. "We believe compliance with the next 18‑month liquidity test could be challenging. The RBL facility includes a springing maturity provision applicable to all notes maturing through 2029. This provision stipulates that if Kosmos fails to refinance the relevant notes or demonstrate full repayment capacity through an 18-month liquidity test, the RBL maturity will accelerate to six months prior to the applicable bond maturity. While Kosmos has passed the liquidity tests for its 2026 and 2027 notes, it remains subject to ongoing twelve-month liquidity tests in March and September and must pass the 18-month test related to its 2028 notes in September 2026. During its September 2026 test, Kosmos will have to demonstrate it has sufficient liquidity and expected cash flow generation to cover all obligations coming due over the 18-month period through March 2028. Given our expectation of continued negative free cash flow generation under our current commodity price assumptions, we believe there is a heightened risk that Kosmos may fail to meet future liquidity tests, which could further pressure its already constrained liquidity profile. However, we note that the company is evaluating non‑core asset sales as a potential mitigating action." S&P expects higher production levels in 2026, driven primarily by the ramp‑up of the Greater Tortue Ahmeyim (GTA) project and increased output from the Jubilee field in Ghana. Net production from the GTA liquefied natural gas (LNG) project offshore Mauritania and Senegal, in which Kosmos holds a 27% interest, averaged approximately 11,400 barrels of oil equivalent per day (boe/d) (about 6.8 LNG gross cargoes lifted) in the third quarter of 2025. In the fourth quarter of 2025, the project delivered 8.2 LNG cargoes, and in December 2025 reached a peak production rate of 3 million tonnes per annum (mtpa). In 2025, Kosmos and its partners lifted a total of 18.5 LNG cargoes and one condensate cargo, and the company expects LNG liftings to nearly double in 2026 as the project continues to ramp up. Kosmos has a long-term offtake contract with BP Gas marketing for 2.45 mtpa until 2033, with pricing linked to Brent crude oil. While current project economics remain weak, Kosmos and its partners are working to boost throughput by debottlenecking the floating production, storage and offloading (FPSO) vessel and evaluating opportunities to sell pipeline gas onshore, most likely in Senegal. However, S&P estimates that the initial expansion - adding approximately 200 million cubic feet equivalent per day of gross incremental gas capacity - can be completed at relatively limited cost. Any further expansion would require incremental capital expenditure and a formal final investment decision (FID), which Kosmos expects to reach this year. As of Sept. 30, 2025, the GTA project generated negative EBITDA of approximately $169 million on a last‑12‑month basis. Although Kosmos expects brownfield expansion and incremental market‑priced volumes to support EBITDA over time, based on our current commodity price assumptions, S&P does not expect the project to generate material cash flow in the near term. The company and its partners are also pursuing operating cost reductions to improve project returns. Additionally, our base case does not include, over the forecast period, receivables due from the national oil companies of Senegal and Mauritania related to certain development expenses carried historically on this project. As of Sept. 30, 2025, Kosmos has accumulated approximately $356 million in principal and $75 million in accrued interest. In Ghana, following the recent completion of a second producing well, Kosmos expects to bring five additional wells online in the Jubilee field in 2026, each contributing more than 10,000 boe/d in gross production. Overall, S&P expects Kosmos' total net production to average 70,000-80,000 boe/d this year, up from about 65,000 boe/d in 2025. S&P said, "The negative outlook reflects our view that Kosmos' continued free cash flow deficits and weakening liquidity profile could lead to a payment default or distressed debt restructuring within the next 12 months. "We could lower our rating on Kosmos if a default, including distressed exchange, appears inevitable within the next six months. This would most likely occur if the company is unable to secure a waiver from its RBL lenders or if the company's liquidity profile deteriorates further. "We could revise our rating if Kosmos' operating performance improves and free cash flow shortfalls are curtailed such that the company can maintain sufficient liquidity and we no longer envision a default or distressed exchange within the next 12 months." LANDERS DEVELOPMENT: Court OKs Benton Property Sale for $1.23MM --------------------------------------------------------------- The U.S. Bankruptcy Court for the Eastern District of Arkansas, Little Rock Division, has granted Landers Development LLC, to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor's Property is located at 6718 & 6720 Alcoa Rd. Benton, AR 72015. The Court has authorized the Debtor to sell the Property to undisclosed Buyer in the purchase price of $1,230,000. The sale of the real property shall be free and clear of all mortgages, liens, claims, and interests of any kind, but the liens of Partners Bank shall attach to the sale proceeds to the extent of the amounts owed on the loans secured by the real property, specifically the 6610 Loan and the 6615 Loan, as defined in the Limited Objection. The Debtor, via its counsel, will provide Partners Bank a closing statement at least seven days prior to closing. To the extent the sale of the property will not pay in full Partners Bank's notes secured by the real property, Partners Bank agrees to accept the net proceeds, less reasonable closing costs, from the sale. The parties acknowledge Partners has the right to approve any costs, fees, or charges assessed on the sale at closing. Partners shall be paid the net proceeds directly at closing without any further approval or order of the court. The parties acknowledge and agree that Partners Bank reserves its rights to pursue the borrower, Landers Holdings, LLC, and any guarantor(s) of the relevant loans in the event a balance is owed on the 6610 Loan and 6615 Loan after the property is sold. About Landers Development LLC Landers Development, LLC, a company in Benton, Arkansas, provides residential and commercial construction services, including home building and housing development, primarily within the state. Landers Development sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Ark. Case No. 25-13827) on October 31, 2025. In the petition signed by Nick Landers, member, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Phyllis M. Jones oversees the case. Jennifer Lancaster, Esq., at Lancaster & Lancaster Law Firm, represents the Debtor as bankruptcy counsel. LANGUAGE KIDS: Melissa Haselden Named Subchapter V Trustee ---------------------------------------------------------- The U.S. Trustee for Region 7 appointed Melissa Haselden, Esq., at Haselden Farrow, PLLC as Subchapter V trustee for Language Kids Houston, LLC. Ms. Haselden will be paid an hourly fee of $625 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Haselden declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Melissa A. Haselden, Esq. Haselden Farrow, PLLC 700 Milam, Suite 1300 Pennzoil Place Houston, TX 77002 Telephone: (832) 819-1149 Facsimile: (866) 405-6038 mhaselden@haseldenfarrow.com About Language Kids Houston, LLC Language Kids Houston, LLC, a Texas-based limited liability company, filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Texas Case No. 26-30176) on January 7, 2026. In its petition, the Debtor reports assets ranging from $0 to $100,000 and liabilities ranging from $1 million to $10 million. Judge Eduardo V. Rodriguez presides over the case. The Debtor is represented by Reese W. Baker, Esq., at Baker & Associates. LAREDO OIL: Reports Q2 Net Loss of $3.3MM, Flags Going Concern Risk ------------------------------------------------------------------- Laredo Oil, Inc. filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net loss of $3,311,114 for the three months ended November 30, 2025, compared to a net loss of $815,720 for the three months ended November 30, 2024. For the six months ended November 30, 2025, the Company reported a net loss of $4,263,188, compared to a net loss of $1,284,972 for the same period in 2024. Total revenues for the three months ended November 30, 2025 and 2024, were $1,598 and $1,640, respectively. For the six months ended November 30, 2025 and 2024, the Company had total revenues of $3,141 and $7,688, respectively. As of November 30, 2025, the Company had $1,704,607 in total assets, $14,968,097 in total liabilities, and $13,263,490 million in total stockholders' deficit. The Company has routinely incurred losses since inception, resulting in an accumulated deficit, and historically was dependent on one customer for its revenue. As of November 30, 2025, the Company had $30,168,557 in accumulated deficit. There is no assurance that in the future any financing will be available to meet the Company's needs. This situation raises substantial doubt about the Company's ability to continue as a going concern within one year of the issuance date of these consolidated financial statements. The Company's management has undertaken steps as part of a plan to improve operations with the goal of sustaining operations for the next twelve months and beyond. These steps include an ongoing effort to: (a) controlling overhead and expenses; (b) raising equity funds for general corporate purposes; and (c) raising funds through notes payable and convertible debt to expand and fund property acquisitions exploration and development as well as maintaining operations. The Company has worked to attract and retain key personnel with significant experience in the industry while still controlling costs by having several of its experienced personnel cover a wider range of responsibilities to manage the Company's headcount. There can be no assurance that the Company can successfully accomplish these steps, and it is uncertain that the Company will achieve a profitable level of operations and obtain additional financing. Furthermore, there can be no assurance that any additional financing will be available to the Company on satisfactory terms and conditions, if at all. A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/3ehfjbm9 About Laredo Oil Inc. Austin, Texas-based Laredo Oil, Inc. is an oil exploration and production company that focuses on acquiring and exploring mineral properties to identify and develop oil reserves. Since 2009, it has specialized in acquiring mature oil fields and recovering stranded oil reserves through enhanced oil recovery techniques. From 2011 to 2020, the company provided management services to Stranded Oil Resources Corporation, overseeing the acquisition and operation of mature oil fields in exchange for management fees and reimbursements. The Woodlands, Texas-based M&K CPAS, PLLC, the Company's auditor since 2024, issued a "going concern" qualification in its report dated September 15, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended May 31, 2025, citing that the Company has yet to achieve profitable operations, has negative cash flows from operating activities, and is dependent upon future issuances of equity or other financing to fund ongoing operations, all of which raises substantial doubt about its ability to continue as a going concern. LEARFIELD COMMUNICATIONS: Moody's Ups CFR to B2, Outlook Stable --------------------------------------------------------------- Moody's Ratings upgraded Learfield Communications, LLC's (Learfield) Corporate Family Rating to B2 from B3, Probability of Default Rating to B2-PD from B3-PD and the backed senior secured first lien bank credit facilities ratings to B2 from B3. The outlook was changed to stable from positive. The ratings upgrade reflects Learfield's continued revenue growth, expanding profitability, and disciplined financial management. The company has sustained Moody's adjusted financial leverage in the mid-3x range (or mid to high 4x range after reducing EBITDA by estimated amortization of media rights) while generating free cash flow to debt above 10% (or 4-5% after reducing free cash flow by the purchase of intangible assets) over the past four quarters, demonstrating both stable operating performance and improved financial flexibility. Moody's expects ongoing strengthening of Learfield's credit fundamentals, supported by its ability to navigate the evolving collegiate athletics landscape. Recent renewals of multimedia rights (MMR) contracts with major collegiate partners exhibit the company's strategic discipline in contract renegotiation. Moody's expectations incorporates low single-digit revenue growth and modestly improving EBITDA margins, driving debt to EBITDA toward the low-3x range (low-4x range after reducing EBITDA by estimated amortization of media rights) and free cash flow to debt into the low teens range (3%-4% after purchase of intangible assets) over the next 12-18 months. The improving credit metrics better position the company to operate in the highly competitive college multimedia rights industry. RATINGS RATIONALE The B2 CFR reflects Learfield's exposure to competition within the college multimedia rights industry, the potential for higher multimedia rights fees, moderate but improving financial leverage, and exposure to cyclical advertising demand. The collegiate sports landscape continues to evolve, and colleges may demand higher guaranteed multimedia rights payments as the value of multimedia rights rises alongside increasing costs associated with college athletics. Increasing competition for collegiate sports rights also poses a risk to contract renewals and EBITDA margin durability over time. Moody's adjusted debt to EBITDA improved to 3.5x in the LTM period ending September (Q1 FY 2026) from 3.6x in the LTM June 2025 (FY 2025), driven by effective cost management and profit expansion. After reducing EBITDA by the estimated amortization of media rights, leverage improved to 4.4x from 4.6x during the same period. Adjusted EBITDA margin has expanded to low teens percentage in LTM Q1 FY 2026, supported by the renegotiation of several multimedia rights contracts on more favorable terms, the exit of unprofitable contracts, improved inventory pricing, and cost reductions. Additionally, changes in the regulatory environment, including the recent approval of commercial sponsor logos on college uniforms may provide incremental revenue opportunities that could further support credit improvement over time. Despite the increase in profits, Moody's expects the growth of free cash flow after the purchase of intangible assets to remain limited due to capitalized upfront payments associated with renewing long term multimedia rights contracts with major colleges in FY 2026. Learfield benefits from its significant scale in the college multimedia rights industry. The strong and highly engaged fan base for college sports, combined with the relatively underpenetrated nature of collegiate media rights compared with professional sports, are positive and will support higher sponsorship revenue over time. Learfield also operates with long contract periods with its collegiate multimedia rights partners and has a substantial base of pre-sold advertising inventory which improves revenue visibility. While the multimedia rights business segment remains the core component of operations, Learfield is also focused on strengthening its licensing and collegiate ticketing business. Moody's expects Learfield to maintain good liquidity over the next 12-18 months supported by cash holdings of $149 million (including restricted cash of $36 million) as of Q1 FY 2026, Moody's expectations for free cash flow (before purchases of intangible assets) of approximately $75 million in the next 12 months, and access to an undrawn $125 million revolving credit facility. Operating cash flow is seasonal quarter over quarter due to the rights fee payments concentrated in Q2 (ending in December) and Q4 (ending in June). The company's cash uses include annual interest expense of approximately $45-$50 million, the mandatory 1% amortization per annum on the first lien term loan equivalent to $5.6 million, capital expenditures of $40 million and working capital needs. The senior secured first lien revolving credit facility and senior secured first lien term loans are each rated B2, the same as the B2 CFR due to all first lien debt in the capital structure. Moody's assumes a 50% mean family recovery rate in the event of default given lack of financial maintenance covenants in the secured credit facility. Learfield's ESG Credit Impact Score is CIS-4 mainly driven by the company's exposure to governance risks. Although the company has a history of operating with elevated leverage and completed a debt restructuring back in 2023, the company has shown a track record of improving operating performance and liquidity. Learfield is owned largely by former debt holders which are likely to pursue an exit of their ownership position over time. The stable outlook reflects Moody's expectations that Learfield will continue to achieve organic revenue and profit growth, resulting in sustained leverage in the low-3x (low-4x after reducing EBITDA by estimated media rights amortization) and free cash flow to debt in the low teens range (3-4% after purchase of intangible assets) over the next 12-18 months. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if Learfield demonstrates a track record of continued positive organic revenue growth and expanding profitability along with an expectation of Moody's adjusted leverage after reducing EBITDA by estimated media rights amortization maintained at low-4x on a sustained basis and free cash flow to debt after purchase of intangibles in the high single digits. A good liquidity position with meaningful revolver availability, a sustainable long term capital structure, and prudent financial policies with a commitment to maintain conservative credit metrics would also be required. The ratings could be downgraded if Moody's adjusted leverage remains above 5.5x after reducing EBITDA by estimated media rights amorization or free cash flow to debt after purchase of intangibles is sustained in the low single digits due to lost multimedia rights contracts or overall weak operating performance. A deteriorating liquidity position could also lead to negative ratings pressure. Learfield Communications, LLC (dba Learfield) is an operator in the collegiate sports multimedia rights and marketing industry with partnerships with approximately 200 premier collegiate athletic organizations. In September 2023, a debt restructuring was completed with former debt holders. The company is headquartered in Dallas, Texas with satellite sales offices located on or near college campuses across the country. The company reported consolidated revenue of $1.31 billion as of LTM Q1 FY 2026. The principal methodology used in these ratings was Business and Consumer Services published in November 2021. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. LLT MANAGEMENT: Special Master Addresses 702 Daubert Motions ------------------------------------------------------------ Special Master Hon. Freda L. Wolfson (ret.) of the United States District Court for the District of New Jersey issued her report and recommendation on multiple Daubert motions filed by the parties in the multidistrict litigation styled IN RE: JOHNSON & JOHNSON TALCUM POWDER PRODUCTS MARKETING, SALES PRACTICES, AND PRODUCTS LIABILITY LITIGATION, MDL No. 2738 (D.N.J.) This multidistrict litigation consists of thousands of lawsuits filed by individual consumers, represented by the Plaintiffs' Steering Committee, who claim that prolonged perineal use of Johnson & Johnson's talcum powder products causes ovarian cancer. As part of coordinated pretrial proceedings, Plaintiffs and the moving defendants -- Johnson & Johnson and LLT Management, LLC, and now known as Red River Talc, LLC -- have filed multiple Daubert motions. Pursuant to Federal Rule of Civil Procedure 53(a), the Court appointed Hon. Freda L. Wolfson (ret.) as the Special Master for the limited purpose of addressing the parties' Federal Rule of Evidence 702 Daubert-related motions. The parties filed a total of 17 motions challenging the admissibility of expert testimony. Starting in October 2016, the U.S. Judicial Panel on Multidistrict Litigation ("JPML") began transferring all federal actions involving talc-related ovarian cancer to the U.S. District Court for the District of New Jersey for coordinated pretrial proceedings. Since its inception, tens of thousands of cases have been filed in the MDL. According to the JPML, as of January 5, 2026, this litigation has over 67,000 actions now pending, with additional short form complaints filed on a daily basis, making this the largest pending MDL in the United States by a significant margin. After years of discovery in this MDL, in 2019, the parties proffered experts on various scientific issues related to general causation and the testing of talcum powder for asbestos and other contaminants. Each side moved to exclude the testimony of certain of the other side's experts. It is undisputed that Defendants used talc sourced from mines in Italy, the United States (specifically, Vermont) and China for its Johnson's Baby Powder and Shower to Shower products. Daubert Motions The parties have collectively filed a total of 17 Rule 702 motions, which generally fall into four (sometimes overlapping) categories: (1) general causation; (2) contamination and testing; (3) specific causation; and (4) corporate knowledge, safety, regulatory compliance, and marketing. The parties seek to exclude, in whole or in part, the testimony of at least 39 experts. Specifically, Plaintiffs have filed the following nine motions: 1. Motion to Exclude the Geology Opinions of Drs. Mary Poulton and Laura Webb (ECF No. 32996); 2. Motion to Exclude the Opinions of Dr. Kathleen Sutcliffe (ECF No. 32998); 3. Motion to Exclude the Opinions of Drs. Michael Finan, Cheryl Saenz, and Kevin Holcomb (ECF No. 32999); 4. Motion to Exclude the Opinions of Dr. Jennifer Permuth (ECF No. 33001); 5. Motion to Exclude the Opinions of Drs. Juan Felix and Teri Longacre (ECF No. 33002); 6. Motion to Exclude the Asbestos Testing Opinions of Matthew S. Sanchez, Ph.D., Ann G. Wylie, Ph.D. and Shu-Chun Su, Ph.D. (ECF No. 33006); 7. Motion to Exclude the Opinions of Dr. Analisa DiFeo (ECF No. 33010); 8. Motion to Exclude the Opinions of Dr. John Kornak (ECF No. 33011); and 9. Motion to Exclude the Opinions of Defense Expert Witness Dr. Jeff Boyd (ECF No. 33060). Defendants have filed the following eight motions: 1. Motion to Exclude the Opinions of Drs. David Kessler, Laura Plunkett, William Sage and George Newman (ECF No. 33000); 2. Motion to Exclude the Specific Causation Opinions Offered by Dr. Judith Wolf (ECF No. 33003); 3. Motion to Exclude the Opinions of Dr. John Godleski (ECF No. 33004); 4. Motion to Exclude Plaintiffs' Experts' Opinions Regarding Alleged Heavy Metals and Fragrances in Johnson's Baby Powder and Shower to Shower (ECF No. 33005); 5. Motion to Exclude the Opinions of Dr. Daniel Clarke-Pearson (ECF No. 33007); 6. Motion to Exclude Plaintiffs' Experts' General Causation Opinions (ECF No. 33008); 7. Motion to Exclude Plaintiffs' Experts' Asbestos-Related Opinions (ECF No. 33012); and 8. Motion to Exclude Plaintiffs' Experts' Opinions Regarding Biological Plausibility/Mechanism (ECF No. 33013). After the bankruptcy stay terminated and this MDL resumed, the parties urged, and the Court agreed, that the Rule 702 motions should be decided in an expeditious manner so that the first bellwether trial can be conducted in Carter Judkins v. Johnson & Johnson, et al., No. 3:19-cv-12430-MAS-RLS. The sum total of what Defendants seek to exclude is the Plaintiffs' experts' opinions that asbestos can cause ovarian cancer. The Special Master recommends that the Court grant in part and deny in part Defendants' Motion to Exclude Plaintiffs' Experts' Opinions Regarding Biological Plausibility/Mechanism. Plaintiffs' experts' opinions regarding the plausibility of upward migration, as well as the association between talcum powder and inflammation and oxidative stress, and association between chronic inflammation and oxidative stress and ovarian carcinogenesis, are largely admissible by a preponderance of the evidence. She recommends that the Court exclude Plaintiffs' experts' migration-via-inhalation theory and macrophage-inhibition theory, as they respectively fail to satisfy the preponderance standard under Rule 702 as amended. Because Plaintiffs' experts failed to substantiate their opinions on heavy metal, the Special Master recommends that the Court grant Defendants' motion to exclude Plaintiffs' causation experts' opinions that heavy metals contribute to the toxicity and/or carcinogenicity of Defendants' products. The Special Master finds that Defendants have established by a preponderance of the evidence the admissibility of the genetics-related general causation conclusions of Drs. Saenz, Holcomb, Finan, DiFeo, and Permuth. At this stage, she is not deciding the admissibility of these experts' genetics-related specific causation opinions. Accordingly, she recommends that the Court deny the portions of Plaintiffs' motions premised on the inadmissibility of genetics-related general causation opinions, but limit their opinions on unidentified genetic mutations, yet-to-be-discovered genetic mutations, and/or VUS to being possible, not inevitable, causes. The Special Master recommends that the Court grant in part and deny in part Plaintiffs' motion to exclude the expert testimony of Dr. Boyd. She recommends that the Court deny Plaintiffs' motion to exclude Dr. Poulton. The Special Master recommends that the Court grant in part and deny in part Defendants' Motion to Exclude the Opinions of Drs. Kessler, Plunkett, Sage, and Newman. A copy of the Court's Report and Recommendation dated January 22, 2026, is available at https://urlcurt.com/u?l=ZYU326 About J&J Talc Units LLT Management, LLC (formerly known as LTL Management LLC) was a subsidiary of Johnson & Johnson that was formed to manage and defend thousands of talc-related claims and oversee the operations of Royalty A&M. Royalty A&M owns a portfolio of royalty revenue streams, including royalty revenue streams based on third-party sales of LACTAID, MYLANTA/MYLICON and ROGAINE products. LTL Management first filed a petition for Chapter 11 protection (Bankr. W.D.N.C. Case No. 21-30589) on Oct. 14, 2021. The case was transferred to New Jersey (Bankr. D.N.J. Case No. 21-30589) on Nov. 16, 2021. The Hon. Michael B. Kaplan is the case judge. At the time of the filing, the Debtor was estimated to have $1 billion to $10 billion in both assets and liabilities. In the 2021 case, LTL Management tapped Jones Day and Rayburn Cooper & Durham, P.A., as bankruptcy counsel; King & Spalding, LLP and Shook, Hardy & Bacon LLP as special counsel; McCarter & English, LLP as litigation consultant; Bates White, LLC as financial consultant; and AlixPartners, LLP as restructuring advisor. Epiq Corporate Restructuring, LLC, served as the claims agent. On Dec. 24, 2021, the U.S. Trustee for Regions 3 and 9 reconstituted the talc claimants' committee and appointed two separate committees: (i) the official committee of talc claimants I, which represents ovarian cancer claimants, and (ii) the official committee of talc claimants II, which represents mesothelioma claimants. The official committee of talc claimants I tapped Genova Burns LLC, Brown Rudnick LLP, Otterbourg PC and Parkins Lee & Rubio LLP as its legal counsel. Meanwhile, the official committee of talc claimants II is represented by the law firms of Cooley LLP, Bailey Glasser LLP, Waldrep Wall Babcock & Bailey PLLC, Massey & Gail LLP, and Sherman Silverstein Kohl Rose & Podolsky P.A. Re-Filing of Chapter 11 Petition On Jan. 30, 2023, a panel of the Third Circuit issued an opinion directing this Court to dismiss the 2021 Chapter 11 Case on the basis that it was not filed in good faith. Although the Third Circuit panel recognized that the Debtor "inherited massive liabilities" and faced "thousands" of future claims, it concluded that the Debtor was not in financial distress before the filing. On March 22, 2023, the Third Circuit entered an order denying the Debtor's petition for rehearing. The Third Circuit entered an order denying LTL's stay motion on March 31, 2023, and, on the dame day, issued its mandate directing the Bankruptcy Court to dismiss the 2021 Chapter 11 Case. The Bankruptcy Court entered an order dismissing the 2021 Case on April 4, 2023. Johnson & Johnson on April 4, 2023, announced that its subsidiary LTL Management LLC (LTL) has re-filed for voluntary Chapter 11 bankruptcy protection (Bankr. D.N.J. Case No. 23-12825) to obtain approval of a reorganization plan that will equitably and efficiently resolve all claims arising from cosmetic talc litigation against the Company and its affiliates in North America. In the new filing, J&J said it has agreed to contribute up to a present value of $8.9 billion, payable over 25 years, to resolve all the current and future talc claims, which is an increase of $6.9 billion over the $2 billion previously committed in connection with LTL's initial bankruptcy filing in October 2021. LTL also has secured commitments from over 60,000 current claimants to support a global resolution on these terms. In August 2023, U.S. Bankruptcy Judge Michael Kaplan in Trenton, New Jersey, ruled that the second bankruptcy case should be dismissed. 3rd Try In May 2024, J&J announced its subsidiary LLT Management LLC is soliciting support for a consensual prepackaged bankruptcy plan to resolve its talc-related liabilities. Under the terms of the plan, a trust would be funded with over $5.4 billion in the first three years and more than $8 billion over the course of 25 years, which J&J calculates to have a net present value of $6.475 billion. Claimants must cast their vote to accept or reject the Plan by 4:00 p.m. (Central Time) on July 26, 2024. A solicitation package may be requested at www.OfficialTalcClaims.com or by calling 1-888-431-4056. If the Plan is accepted by at least 75% of voters, a bankruptcy may be filed under the case name In re: Red River Talc LLC in a bankruptcy court in Texas or in the bankruptcy court of another jurisdiction. Epiq Corporate Restructuring, LLC is serving as balloting and solicitation agent for LLT. On Sept. 20, 2024, Red River Talc LLC filed a Chapter 11 bankruptcy petition (Bankr. S.D. Tex. Case No. 24-90505). Porter Hedges LLP and Jones Day serve as counsel in the new Chapter 11 case. Epiq is the claims agent. Paul Hastings LLP is counsel to the Ad Hoc Committee of Supporting Counsel. Randi S. Ellis is the proposed prepetition legal representative of future claimants. LOADED BARREL: Unsecureds to Get 0 Cents on Dollar in Plan ---------------------------------------------------------- Loaded Barrel, LLC filed with the U.S. Bankruptcy Court for the Northern District of California a Plan of Reorganization for Small Business dated January 20, 2026. The Debtor is a California Limited Liability Company that was formed in May of 2016 by founding members Robert Watkins, Matthew Inlow, James Holt and PJ Ivey for the purpose of owning and operating a restaurant and bar in Cotati, California that was opened for business in November of 2016. In 2022 Debtor opened a restaurant/bar in Windsor and acquired Civilization Brewing in Santa Rosa. Debtor did not recover from a 2024 fire at the Cotati location and neither the Windsor location nor Civilization Brewing were successful. The Cotati, Windsor and Civilization Brewing operations were closed in 2025. The Debtor's financial projections show that the Debtor will have projected disposable income $227,580. The final Plan payment is expected to be paid on April 15, 2031, which is anticipated to be 60 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 0 cents on the dollar. This Plan also provides for the payment of administrative and priority claims. Class 2 consists of All Non-Priority Unsecured claims. The Debtor estimates the Class 2 claimants will be paid nothing under the Plan. However, if the Priority Tax claimants are paid in full in less than the 60 month projected term of the Plan, the payments that are being made to the Priority Tax claimants will be directed to the non-priority unsecured claims pro rata, with payments to commence the first month after the full payment of the Priority Tax claimants. Payments will continue monthly through the 60th month after the Effective Date. This Class is impaired. The Debtor will continue to operate its business at 446 B Street and will fund the Plan from the profits earned from the business. Robert Watkins, Matthew Inlow and James Holt will continue to manage the affairs of the Debtor without change in current salaries. A full-text copy of the Plan of Reorganization dated January 20, 2026 is available at https://urlcurt.com/u?l=MQDNIL from PacerMonitor.com at no charge. The Debtor's Counsel: Michael C. Fallon, Esq. LAW OFFICE OF MICHAEL C. FALLON 100 E Street, Suite 219 Santa Rosa, CA 95404 Tel: (707) 546-6770 Fax: (707) 546-5775 E-mail: mcfallon@fallonlaw.net About Loaded Barrel Loaded Barrel LLC, doing business as Flagship Taproom, operates a restaurant and taproom at 446 B Street in Santa Rosa, California. The establishment offers a range of craft beers and casual pub-style food in a local dining setting. Loaded Barrel sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Cal. Case No. 25-10689) on Oct. 28, 2025. In its petition, the Debtor reported total assets of $209,649 and total liabilities of $1,740,875. Judge: William J. Lafferty oversees the case. The Debtor is represented by Michael C. Fallon, Esq., at the Law Office of Michael C. Fallon. LUMINAR TECHNOLOGIES: Gets OK for $142MM of Chapter 11 Asset Sales ------------------------------------------------------------------ Vince Sullivan of Law360 Bankruptcy Authority reports that a Texas bankruptcy court has approved bankrupt autonomous vehicle tech maker Luminar Technologies' plan to sell two core assets, a move expected to bring $142.54 million into the Chapter 11 estate. The rulings allow Luminar to move ahead with the transactions as part of its broader restructuring strategy under Chapter 11. Creditors and potential bidders had raised concerns about aspects of the sale process, but the court ultimately determined that the asset dispositions were properly designed to maximize value. With court approval secured, the sales will proceed, bolstering the estate's cash position as Luminar navigates its bankruptcy proceedings, the report states. About Luminar Technologies Inc. Luminar Technologies Inc. is an automotive lidar manufacturer. Luminar Technologies Inc. and affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 25-90808) on December 15, 2025. In its petition, Luminar reported estimated assets between $100 million and $500 million and estimated liabilities between $500 million and $1 billion. Luminar is represented by Ronit J. Berkovich, Esq., and Stephanie Nicole Morrison, Esq., at Weil, Gotshal & Manges LLP. The Company engaged Jefferies LLC, as investment banking advisers, and Portage Point Partners, LLC's Triple P TRS, LLC as restructuring advisor and to provide interim management services for the Company. Omni Agent Solutions, Inc. serves as the claims and noticing agent. Quantum Computing Inc., the proposed buyer for the Debtors' assets, is represented by Marty Korman, Esq., and Mark Holloway, Esq., and Catherine Riley Tzipori, Esq., at Wilson Sonsini Goodrich & Rosati Professional Corporation, in Palo Alto, California. Ropes & Gray, LLP, serves as legal advisors and Ducera Partners LLC, acts as investment banker for the holders of Floating Rate Senior Secured Notes due 2028; 9.0% Convertible Second Lien Senior Secured Notes due 2030 -- Series 1 Notes -- and 11.5% Convertible Second Lien Senior Secured Notes due 2030 -- Series 2 Notes. GLAS Trust Company LLC, serves as Trustee and Collateral Agent for both the 1L and 2L Notes. MAIN LINE: Unsecureds Will Get 4.04% of Claims over 3 Years ----------------------------------------------------------- Main Line Expo, Inc. ("MLE") filed with the U.S. Bankruptcy Court for the Eastern District of Pennsylvania a Plan of Reorganization for Small Business dated January 20, 2026. The Debtor was founded in 1991 by Patricia Gallagher as a Pennsylvania-based, family-owned, tradeshow service contractor. Over more than three decades, the company has provided turnkey exposition and event-production services for regional and national clients. In July 2023, MLE produced a large-scale convention for the Telugu Association of North America ("TANA") at the Pennsylvania Convention Center. TANA's failure to pay for labor and materials precipitated a significant cash-flow strain for the Debtor. Because MLE was contractually obligated to advance payments to Elliott-Lewis Convention Services LLC (the labor vendor for the Pennsylvania Convention Center), TANA's nonpayment left MLE responsible for six-figure pass-through debts, late-fee accruals, and ultimately led to a suspension of MLE's access rights to the Pennsylvania Convention Center. MLE filed suit against TANA in the Philadelphia Court of Common Pleas in January 2024, which was later removed to the Eastern District of Pennsylvania (Case No. 24- 1030-MKC) (the "TANA Litigation") and is still ongoing. MLE's loss of access rights to the Pennsylvania Convention Center hindered MLE's ability to produce income from event services. With mounting debts and an inability to service them, and facing eviction from its commercial leasehold, the Debtor was forced to file a chapter 11 case to stabilize its finances, retain its employees, preserve vendor and client relationships, and maximize its revenue for the benefit of creditors. This Plan effects the Debtor's reorganizational goals, providing benefits for the Debtor's creditors, employees, and clients. Pursuant to Section 1191 of the Bankruptcy Code, the Debtor intends to fund its Plan payments from its disposable income, as more fully described in Subpart C below, as well as from any proceeds recovered from the TANA Litigation. General unsecured creditors holding allowed claims will receive distributions, based on the Debtor's projected disposable income, which the proponent of this Plan has valued at approximately 4.04 cents on the dollar. Additional distributions may also be made to general unsecured creditors if the Debtor prevails and recovers on its claims in the TANA Litigation. This Plan also provides for the payment in full of administrative and secured claims. Class 3 consists of all general unsecured claims. Holders of allowed general unsecured claims shall be paid pro rata from the Debtor's disposable income during the Plan, as set forth in the Projections. Based on the Projections, the Debtor shall make three distributions to Class 3 claimants: $10,000.00 in May 2027, $10,000.00 in May 2028, and $13,056.04 in March 2029. The payments to be made to Class 3 total $33,056.04, representing a payment of approximately 4.04% for each allowed Class 3 claim based upon the scheduled and filed Class 3 claims in the aggregate amount of $818,672.92. In addition, should the Debtor successfully prosecute its claims against Telugu Association of North America in the TANA Litigation, the net proceeds of such litigation (less payments to Class 2B and Class 2C) shall be paid pro rata to Class 3 claimants, in accord with the TANA Litigation Waterfall. The treatment and consideration to be received by holders of Class 3 claims shall be in full settlement, satisfaction, release and discharge of their respective claims. This Class is impaired. Class 4 consists of holders of equity interests in the Debtor, which holders will retain those interests. The Plan begins on the Effective Date (anticipated April 1, 2026) and concludes after three years on March 31, 2029 (the "Plan Period"). The Debtor will fund its payments under the Plan primarily from its disposable income received in the Plan Period. In addition, the Debtor will continue to prosecute the TANA Litigation for the benefits of creditors, and will pay the net proceeds of such litigation (recovery less attorneys' fees and costs of the litigation), if and as recovered, to creditors in accord with the TANA Litigation Waterfall. A full-text copy of the Plan of Reorganization dated January 20, 2026 is available at https://urlcurt.com/u?l=JfjKuZ from PacerMonitor.com at no charge. Counsel to the Debtor: SMITH KANE HOLMAN, LLC Nicholas M. Engel, Esq. David B. Smith, Esq. 112 Moores Road, Suite 300 Malvern, PA 19355 Tel: (610) 407-7216 Fax: (610) 407-7218 Email: nengel@skhlaw.com About Main Line Expo Inc. Main Line Expo, Inc. was founded in 1991 by Patricia Gallagher as a Pennsylvania-based, family-owned, tradeshow service contractor. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Pa. Case No. 25-14225) on Oct. 19, 2025, with $500,001 to $1 million in assets and liabilities. Judge Derek J. Baker presides over the case. Nicholas M. Engel, Esq., at Smith Kane Holman, LLC, represents the Debtor as legal counsel. MAMA BIRD'S: Kathleen O'Malley Named Subchapter V Trustee --------------------------------------------------------- Brian Behr, the U.S. Bankruptcy Administrator for the Eastern District of North Carolina, appointed Kathleen O'Malley as Subchapter V trustee for Mama Bird's Cookies N Cream, LLC. Ms. O'Malley will be paid an hourly fee of $375 for her services. Ms. O'Malley disclosed in a court filing that she does not have an interest materially adverse to Mama Bird's' estate, creditors and equity security holders. About Mama Bird's Cookies N Cream Mama Bird's Cookies N Cream, LLC, doing business as Mama Bird's Ice Cream, produces handcrafted ice cream and baked goods from its locations in Holy Springs and Apex, North Carolina, offering a range of rotating flavors that highlight traditional recipes with unique twists. The company emphasizes scratch-made desserts, including gluten-free options, and serves customers through its physical locations and a mobile unit. Its operations focus on creating a community-oriented environment, catering to local consumers and families seeking artisanal frozen treats. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. N.C. Case No. 26-00272) on January 20, 2026, with $321,096 in assets and $1,044,349 in liabilities. Lesley Richmond, managing member, signed the petition. Judge David M. Warren presides over the case. Laurie B. Biggs, Esq., at Biggs Law Firm, PLLC represents the Debtor as bankruptcy counsel. MAMBA PURCHASER: S&P Rates New $905MM First-Lien Term Loan 'B' -------------------------------------------------------------- S&P Global Ratings assigned its 'B' issue-level rating and '3' recovery rating to Mamba Purchaser Inc.'s proposed $905 million first-lien term loan maturing October 2031. The '3' recovery rating indicates its expectation for meaningful (50%-70%; rounded estimate: 50%) recovery in the event of default. The new issuance is part of a repricing of the company's $905 million first-lien term loan. Our other ratings on Mamba are unchanged, including the 'B' issuer credit rating and stable outlook. The transaction will be leverage neutral. Mamba will benefit from a modest reduction in annual cash interest payments. S&P said, "Our ratings on Mamba reflect the discretionary and out-of-pocket nature of the company's concierge health care services and its modest scale, which we view as weaknesses relative to similarly rated health care services peers. Our ratings also reflect its financial-sponsor ownership and our expectation that its S&P Global Ratings-adjusted leverage will remain above 5x over the next several years." This is partially offset by the company's position as the largest provider of concierge health care services in the U.S., the absence of reimbursement risk from government and commercial payors, and our expectation for robust (high-single-digit percent) annual revenue growth, driven by a steady rise in member patients and annual price increases, as well as a growing number of employed physicians. S&P also expects relatively stable EBITDA margins as operating leverage is likely to be offset by an increase in marketing and infrastructure to support continued growth. Issue Ratings--Recovery Analysis Key analytical factors -- Mamba's capital structure comprises a $70 million revolver due in August 2030 and a $905 million first-lien term loan due in October 2031. -- S&P's simulated default considers a sharp economic downturn and a significant loss of members or physician partners. -- S&P said, "We assume that in a default scenario, the revolver will be 85% drawn. Given its market-leading position and the continued demand for its services, we believe Mamba would remain a viable business and, therefore, would reorganize rather than liquidate following a payment default." -- S&P values the company on a going-concern basis using a 5.5x multiple of its projected emergence EBITDA, consistent with our treatment of similar peers. Simulated default assumptions -- Year of default: 2029 -- EBITDA at emergence: $91 million -- Implied enterprise value multiple: 5.5x Simplified waterfall -- Net emergence value (after 5% administrative costs): $474 million -- Valuation split (obligors/nonobligors): 100%/0% -- Collateral value available to first-lien lenders: $474 million -- First-lien debt: $944 million --Recovery expectations: 50%-70% (rounded estimate: 50%) All debt amounts include six months of prepetition interest. MANNING LAND: Case Summary & One Unsecured Creditor --------------------------------------------------- Debtor: Manning Land Company, LLC 9531 Beverly Road Pico Rivera, CA 90660 Business Description: Manning Land Company, LLC is a single-asset real estate company that owns and leases a multi-purpose property in Pico Rivera, California. Chapter 11 Petition Date: January 27, 2026 Court: United States Bankruptcy Court Central District of California Case No.: 26-10731 Judge: Hon. Vincent P. Zurzolo Debtor's Counsel: Lewis R Landau, Esq. LEWIS R. LANDAU ATTORNEY AT LAW 22287 Mulholland Hwy., #318 Calabasas CA 91302 Tel: (888) 822-4340 Fax: (747) 204-2299 E-mail: Lew@Landaunet.com Estimated Assets: $10 million to $50 million Estimated Liabilities: $10 million to $50 million The petition was signed by Salvatore Anthony DiMaria as managing member. The Debtor listed Producers Livestock Marketing, P.O. Box 105, Salina, Utah 84654, as its only unsecured creditor, holding a $1.28 million trade debt claim. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/EDB6W2Q/Manning_Land_Company_LLC_a_California__cacbke-26-10731__0001.0.pdf?mcid=tGE4TAMA MANTECH INTERNATIONAL: S&P Withdraws 'B+' Issuer Credit Rating -------------------------------------------------------------- S&P Global Ratings withdrew all of its ratings on ManTech International Corp., including the 'B+' issuer credit rating and 'B+' issue-level rating on its senior secured debt. The rating withdrawal was at the company's request following the company suspending its efforts to pursue their proposed $2.15 billion transaction to be allocated toward refinancing their existing capital structure. The outlook was stable at the time of withdrawal. MARQUIE GROUP: Excludes Mountain Brook Asset in GetGolf Transaction ------------------------------------------------------------------- The Marquie Group, Inc., on October 20, 2025, entered into a Purchase Agreement with Marc Angell and Jacquie Angell and GetGolf.com, as amended on December 8, 2025, pursuant to which the Buyer agreed to acquire voting control of the Company. On January 19, 2026, the Company, the Sellers, and the Buyer entered into a Second Amended and Restated Purchase Agreement, which amends and restates the prior agreement in its entirety. The Second Amended Purchase Agreement reflects, among other things: (i) the formal exclusion of the Mountain Brook Golf Course from the transaction for several reasons, including the inability to arrive at mutually acceptable terms previously contemplated with respect to that asset; and (ii) the recharacterization of certain payments to Marc Angell as purchase price consideration rather than compensation for services. The Company's transaction with GetGolf.com originally contemplated the inclusion of the Mountain Brook Golf Course as part of the assets to be acquired. The inclusion of that asset was subject to several items, including, but not limited to, the Buyer obtaining additional third-party financing on mutually acceptable terms. The exclusion of the Mountain Brook Golf Course represents a material change to the assets originally contemplated in the transaction and reduces the scale of the transaction as originally announced. Except as described, the material terms of the transaction remain substantially consistent with those previously disclosed. The Company continues to proceed with the transaction as amended. About Marquie Group Inc. The Marquie Group, Inc. -- www.themarquiegroup.com -- is a publicly traded company engaged in media, wellness, and consumer lifestyle products, recently entering into the golf and hospitality industry through the acquisition of GETGOLF and its wholly owned subsidiaries, Mountain Brook Golf Club, Apache Creek, and Stand-by-Golf. Lagos, Nigeria-based Olayinka Oyebola & Co., the Company's auditor since 2022, issued a "going concern" qualification in its report dated Aug. 29, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended May 31, 2025, citing that the Company suffered an accumulated deficit of $(14,863,486), net loss of $(165,456). These matters raise substantial doubt about the Company's ability to continue as a going concern. As of November 30, 2025, the Company had $2,859,714 in total assets, $6,878,915 in total liabilities, and $4,019,201 million in total stockholders' deficit. MARQUIE GROUP: Q2 Loss Widens to $2.3MM as Going Concern Persists ----------------------------------------------------------------- The Marquie Group, Inc. filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q for the quarterly period ended November 30, 2025. The audited report includes a clear warning: "Without additional revenues, working capital loans, or equity investment, there is substantial doubt as to our ability to continue operations." The Marquie Group stated, "As of November 30, 2025, our primary source of liquidity consisted of $81,317 in cash and cash equivalents. We hold our cash reserves in a major United States bank. Since inception, we have financed our operations through a combination of short and long-term loans, and through the private placement of our common stock." "We have sustained significant net losses which have resulted in negative working capital and an accumulated deficit at November 30, 2025 of $6,554,438 and $20,382,265, respectively, which raises doubt about our ability to continue as a going concern." For the three months ended November 30, 2025, the Company reported a net loss of $2,289,822, compared to a net loss of $155,374 for the same period in 2024. The Company generated a net loss for the six months ended November 30, 2025 of $4,570,328, compared to a net loss of $360,318 for the same period in 2024. Total revenues for the three months ended November 30, 2025 and 2024, were $15,200 and $nil, respectively. For the six months ended November 30, 2025 and 2024, the Company had total revenues of $ 27,120 and $nil, respectively. "We believe these conditions have resulted from the inherent risks associated with small public companies. Such risks include, but are not limited to, the ability to: (i) generate revenues and sales of our products and services at levels sufficient to cover our costs and provide a return for investors, (ii) attract additional capital in order to finance growth, and (iii) successfully compete with other comparable companies having financial, production and marketing resources significantly greater than those of the Company. "We believe that our capital resources are insufficient for ongoing operations, with minimal current cash reserves, particularly given the resources necessary to expand our multi-media entertainment business. We will likely require considerable amounts of financing to make any significant advancement in our business strategy. "There is presently no agreement in place that will guarantee financing for our Company, and we cannot assure you that we will be able to raise any additional funds, or that such funds will be available on acceptable terms. Funds raised through future equity financing will likely be substantially dilutive to current shareholders. Lack of additional funds will materially affect our Company and our business and may cause us to substantially curtail or even cease operations. Consequently, you could incur a loss of your entire investment in the Company." As of November 30, 2025, the Company had $2,859,714 in total assets, $6,878,915 in total liabilities, and $4,019,201 in total stockholders' deficit. A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/3nru9mf2 About Marquie Group Inc. The Marquie Group, Inc. -- www.themarquiegroup.com -- is a publicly traded company engaged in media, wellness, and consumer lifestyle products, recently entering into the golf and hospitality industry through the acquisition of GETGOLF and its wholly owned subsidiaries, Mountain Brook Golf Club, Apache Creek, and Stand-by-Golf. Lagos, Nigeria-based Olayinka Oyebola & Co., the Company's auditor since 2022, issued a "going concern" qualification in its report dated Aug. 29, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended May 31, 2025, citing that the Company suffered an accumulated deficit of $(14,863,486), net loss of $(165,456). These matters raise substantial doubt about the Company's ability to continue as a going concern. MAWSON INFRASTRUCTURE: Endeavor Blockchain Widens Stake to 44.9% ---------------------------------------------------------------- Endeavor Blockchain, LLC, along with Joshua Kilgore, Cody Smith, and PM Squared, LLC as joint filers, disclosed in a Schedule 13D (Amendment No. 3) filed with the U.S. Securities and Exchange Commission that as of November 24, 2025, the Reporting Persons collectively beneficially own 1,485,297 shares of Mawson Infrastructure Group Inc.'s Common Stock ($0.001 par value) as of January 21, 2026, representing 44.9% of the Common Stock outstanding (based on 3,304,639 shares outstanding as of December 17, 2025, as reported in the Company's filings, post 1-for-20 reverse stock split effective November 20, 2025. Breakdown of individual beneficial ownership as reported: * Endeavor Blockchain, LLC: 1,400,000 shares (42.4%) * Joshua Kilgore: 8,000 shares (0.2%) * Cody Smith: 75,000 shares (2.3%) * PM Squared, LLC: 2,297 shares (0.1%) Endeavor Blockchain, LLC may be reached through: Joshua Kilgore, Managing Member 5701 Euper Lane, Ste A Fort Smith, AR 72903 Tel: 479-420-8957 -- or -- Cam C. Hoang Dorsey & Whitney LLP 50 S. Sixth Street, Suite 1500 Minneapolis, MN 55402 Tel: 612-492-6109 A full-text copy of the Reporting Persons' SEC report is available at: https://tinyurl.com/mv6enrvr About Mawson Infrastructure Group Mawson is a U.S.-based technology company that designs, builds, and operates next-generation digital infrastructure platforms. Previously, Mawson Infrastructure Group's creditors filed a Chapter 11 involuntary petition against the company (Bankr. D. Del. Case No. 24-12726) on Dec. 4, 2024. The petitioning creditors include W Capital Advisors Pty Ltd, Marshall Investments MIG Pty Ltd, and Rayra Pty Ltd. On November 4th, 2025, the United States Bankruptcy Court for the District of Delaware issued a written Order formalizing its ruling from the bench on October 21, 2025, dismissing with prejudice the involuntary bankruptcy petition filed against Mawson. The Order enables Mawson to pursue attorneys' fees and costs, any damages proximately caused by the involuntary petition, and potentially punitive damages against the petitioning creditors. Boston, Massachusetts-based Wolf & Company, P.C., the Company's auditor since 2023, issued a "going concern" qualification in its report dated March 28, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024, citing that the Company has incurred net losses since its inception, and had negative working capital and will need additional funding to continue operations. This raises substantial doubt about the Company's ability to continue as a going concern. As of September 30, 2025, the Company had $52 million in total assets, $61.4 million in total liabilities, and $9.4 million in total stockholders' deficit. MAWSON INFRASTRUCTURE: Sues Endeavor Blockchain for 13D Violations ------------------------------------------------------------------ Mawson Infrastructure Group Inc. disclosed in a regulatory filing that it filed a Complaint for Violation of Securities Laws, as well as a Motion for Expedited Injunctive Relief, in the United States District Court for the District of Delaware against Endeavor Blockchain, LLC, Joshua Kilgore, PM Squared, LLC, Cody Smith, and Phil Stanley asserting violation of Sections 13(d) and 10(b) of the Securities Exchange Act of 1934 and Rules 13d-1 and 10b-5 of the Securities and Exchange Commission with regard to the Defendants' filing of an inaccurate, false, and misleading Schedule 13D and two amendments thereto. The complaint alleges, among other matters, that: (i) the Defendants acquired shares of the Company's common stock in multiple transactions, without timely filing a required Schedule 13D disclosing such purchases and (ii) the Schedule 13D filings failed to disclose the Defendants' intent to effect a change in control of the Company through a partial tender offer for the Company's common stock at $10.00 per share and a subsequent PIPE offering of convertible preferred stock. The Company seeks declaratory judgment as to the Defendants' violation of federal securities laws and SEC rules, as well as injunctive relief that includes, among other things, enjoining the Defendants from further trading in the Company's stock and from proceeding with a tender offer to acquire the Company's stock, ordering the Defendants to divest themselves of the Company's stock and ordering the Defendants to make corrected Schedule 13D filings. About Mawson Infrastructure Group Mawson is a U.S.-based technology company that designs, builds, and operates next-generation digital infrastructure platforms. Previously, Mawson Infrastructure Group's creditors filed a Chapter 11 involuntary petition against the company (Bankr. D. Del. Case No. 24-12726) on Dec. 4, 2024. The petitioning creditors include W Capital Advisors Pty Ltd, Marshall Investments MIG Pty Ltd, and Rayra Pty Ltd. On November 4th, 2025, the United States Bankruptcy Court for the District of Delaware issued a written Order formalizing its ruling from the bench on October 21, 2025, dismissing with prejudice the involuntary bankruptcy petition filed against Mawson. The Order enables Mawson to pursue attorneys' fees and costs, any damages proximately caused by the involuntary petition, and potentially punitive damages against the petitioning creditors. Boston, Massachusetts-based Wolf & Company, P.C., the Company's auditor since 2023, issued a "going concern" qualification in its report dated March 28, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024, citing that the Company has incurred net losses since its inception, and had negative working capital and will need additional funding to continue operations. This raises substantial doubt about the Company's ability to continue as a going concern. As of September 30, 2025, the Company had $52 million in total assets, $61.4 million in total liabilities, and $9.4 million in total stockholders' deficit. MKS INC: Moody's Rates New Unsecured EUR Notes 'Ba2' ---------------------------------------------------- Moody's Ratings affirmed MKS Inc.'s (MKS) Ba2 corporate family rating and Ba2-PD probability of default rating. Moody's assigned a Ba2 senior unsecured rating to MKS's proposed senior unsecured euro denominated notes. Moody's also affirmed MKS's senior secured bank credit facility ratings at Ba1. The speculative grade liquidity rating (SGL) remains unchanged at SGL-1. The outlook remains stable. MKS intends to use the net proceeds of the proposed senior unsecured notes to pay down a portion of its existing USD term loan B. The affirmation of the CFR reflects MKS's credit profile amid challenging market conditions and elevated but improving financial leverage as a result of ongoing voluntary debt repayment during a severe industry downturn and following a prior acquisition that pressured the company's credit protection metrics. RATINGS RATIONALE MKS's Ba2 CFR reflects the company's broad portfolio, installed base, solid profitability, and low capital intensity, which supports its free cash flow (FCF) generation and credit profile. However, the company's financial leverage still remains high due to its 2022 acquisition of Atotech Limited and weak market conditions that significantly delayed the company's planned deleveraging. MKS has directed excess free cash flow towards debt repayment reducing debt/EBITDA (Moody's adjusted) to low-5x at September 30, 2025. Moody's expects leverage to decline to below 5x in 2026 based on mid-single digit revenue growth at around current margins. The SGL rating of SGL-1 reflects MKS's very good liquidity, which is supported by consistent FCF generation and a large cash balance. Moody's expects that MKS will generate annual FCF (Moody's adjusted) of around $350 million or higher over the next 12 to 18 months and that the company's cash balance will likely remain above $500 million. Given the expected FCF generation and sizable cash balance, Moody's expects that the newly proposed upsized revolver will remain undrawn. The term loans do not contain financial maintenance covenants while the revolver as proposed contains a springing covenant if more than 35% of the facility is drawn. The instrument level ratings reflect the mix of secured and unsecured debt in the capital structure, and the instruments' ranking in the capital structure. The company's senior secured credit facilities are rated Ba1, one notch above the CFR, reflecting their senior ranking with respect to the proposed senior unsecured notes and the senior unsecured convertible notes (unrated). Additionally, while the company intends to use proceeds of the proposed senior unsecured notes to partially pay down its term loan, Moody's views it likely that the company will continue to maintain a material mix of senior secured debt in the future. The proposed senior unsecured notes are rated Ba2, in line with the CFR and structurally senior to the convertible notes given they benefit from subsidiary guarantees that the convertible senior notes do not possess. The stable outlook reflects Moody's expectations that debt/EBITDA (Moody's adjusted) will improve to below 5x and FCF to debt (Moody's adjusted) will be maintained at mid- to high-single digits percent, respectively, over the next 12 to 18 months. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if the revenue growth is expected to be sustained at least in the mid-single digit percentage range, EBITDA margin (Moody's adjusted) rises to the mid-20% range, and the company substantially reduces funded debt such that debt/EBITDA (Moody's adjusted) is expected to be maintained below 4x for most of an industry cycle. The ratings could be downgraded if revenue declines are expected to continue, EBITDA margin (Moody's adjusted) declines below 20% and if debt/EBITDA (Moody's adjusted) is expected to be maintained above 5x for most of an industry cycle. MKS makes instruments, subsystems, and process control systems that measure, monitor, analyze, power, and control critical parameters of advanced manufacturing processes. MKS also makes plating chemistries, equipment, and related software used in the manufacture of printed circuit boards and a variety of consumer and industrial products. The principal methodology used in these ratings was Manufacturing published in September 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. MOOCHO INC: Case Summary & 30 Largest Unsecured Creditors --------------------------------------------------------- Debtor: Moocho Inc. 1815 Purdy Ave Miami Beach, FL 33139 Chapter 11 Petition Date: January 26, 2026 Court: United States Bankruptcy Court Southern District of Florida Case No.: 26-10911 Debtor's Counsel: Thomas Zeichman, Esq. BEIGHLEY MYRICK UDELL LYNNE AND ZEICHMAN 2385 NW Executive Center Drive Suite 300 Boca Raton, FL 33431 Tel: (561) 549-9036 Email: tzeichman@bmulaw.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $0 to $50,000 The petition was signed by Luis Parra as authorized representative. 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/EDOZMZI/MOOCHO_INC__flsbke-26-10911__0003.0.pdf?mcid=tGE4TAMA A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/Q3N4AHI/MOOCHO_INC__flsbke-26-10911__0001.0.pdf?mcid=tGE4TAMA MOUNTAIN REGIONAL: Gets Final OK to Use Cash Collateral ------------------------------------------------------- The U.S. Bankruptcy Court for the District of Utah, Central Division entered a final order authorizing Mountain Regional Equipment Solutions, LLC and MRES Holdings, LLC to use cash collateral. The court authorized the Debtors to use cash collateral through April 26 to pay the expenses set forth in their budget. The Debtors may modify the line items by no more than 10% of the total budget and may carry over any unused budgeted amount. As adequate protection for any diminution in the value of their collateral, affected creditors -- Convergent Capital Partners IV, L.P., Hillcrest Bank, N.A., and Rand Capital Corporation -- will be granted replacement liens, matching the extent, validity, and priority of their pre-bankruptcy liens. The replacement liens do not apply to avoidance actions and related causes of action. The final order preserves all parties' rights to challenge liens, claims, or seek stay relief. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/7NeRs from PacerMonitor.com. Convergent, as secured creditor, is represented by: James M. Jorissen, Esq. Taft Stettinius & Hollister, LLP 2200 IDS Center 80 South Eighth Street Minneapolis, MN 55402 Telephone: (612) 977-8400 Facsimile: (612) 977-8650 jjorissen@taftlaw.com -and- Connor D. Hicks, Esq. Taft Stettinius & Hollister LLP 301 E 4th Street, Suite 2800 Cincinnati, OH 45202 Telephone: (513) 357-8752 Facsimile: (513) 381-0205 cdhicks@taftlaw.com -and- Jeremy C. Sink, Esq. Justin R. Pitcher, Esq. Kirton McConkie KeyBank Tower 36 S. State St., Suite 1900 Salt Lake City, UT 84111 Telephone: (801) 328-3600 Facsimile: (801) 321-4893 jsink@kmclaw.com jpitcher@kmclaw.com About Mountain Regional Equipment Solutions LLC Mountain Regional Equipment Solutions, LLC supplies and services automated lubrication systems, safety systems, and maintenance products used in heavy mobile equipment and industrial machinery. It serves customers across construction, mining, transportation, agriculture, and industrial markets, with operations based in Salt Lake City, Utah. Mountain Regional Equipment Solutions sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Utah Case No. 25-27678) on December 19, 2025, listing between $1 million and $10 million in assets and between $10 million and $50 million in liabilities. Todd Miceli, manager, signed the petition. Jeffrey L. Trousdale, Esq., at Cohne Kinghorn, P.C., represents the Debtor as legal counsel. NATIONWIDE TREE: Ruediger Mueller Named Subchapter V Trustee ------------------------------------------------------------ The Acting U.S. Trustee for Region 21 appointed Ruediger Mueller of TCMI, Inc. as Subchapter V trustee for Nationwide Tree Service, LLC. Mr. Mueller will be paid an hourly fee of $400 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Mueller declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Ruediger Mueller TCMI, Inc. 1112 Watson Court Reunion, FL 34747 Telephone: (678) 863-0473 Facsimile: (407) 540-9306 Email: truste@tcmius.com About Nationwide Tree Service LLC Nationwide Tree Service, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 26-00450) on January 21, 2026, listing up to $50,000 in assets and liabilities. Buddy D. Ford, Esq., at Ford & Semach, P.A. represents the Debtor as legal counsel. NEW FORTRESS: BlackRock Holds 9.8% Equity Stake as of Dec. 31 ------------------------------------------------------------- BlackRock, Inc., disclosed in a Schedule 13G (Amendment No. 1) filed with the U.S. Securities and Exchange Commission that as of December 31, 2025, it beneficially owns 27,907,624 shares of New Fortress Energy Inc.'s Common Stock, representing 9.8% of the shares outstanding. BlackRock, Inc. may be reached through: Spencer Fleming, Managing Director 50 Hudson Yards New York, NY 10001 Phone: (212) 810-5800 A full-text copy of BlackRock's SEC report is available at: https://tinyurl.com/art9cvy7 About New Fortress Energy Inc. New Fortress Energy Inc., a Delaware corporation, is a global energy infrastructure company founded to help address energy poverty and accelerate the world's transition to reliable, affordable and clean energy. The Company owns and operates natural gas and liquefied natural gas infrastructure, ships and logistics assets to rapidly deliver turnkey energy solutions to global markets. The Company has liquefaction, regasification and power generation operations in the United States, Jamaica, Brazil and Mexico. The Company has marine operations with vessels operating under time charters and in the spot market globally. As of September 30, 2025, the Company had $11.9 billion in total assets, $10.8 billion in total liabilities, and a total stockholders' equity of $1.1 billion. * * * In November 2025, S&P Global Ratings lowered its issuer credit rating on New Fortress Energy Inc. (NFE) to 'SD' (selective default) from 'CCC'. At the same time, S&P lowered its issue level rating on NFE's 12% senior secured notes due 2029 to 'D' from 'CCC-'. The downgrade reflects NFE's decision to enter into a forbearance agreement. S&P will reevaluate its ratings on NFE before the end of November as more information becomes available. The Company has initiated a process to evaluate its strategic alternatives to improve its capital structure. It has retained Houlihan Lokey Capital, Inc. as financial advisor and Skadden, Arps, Slate, Meagher & Flom LLP as legal advisor to assist it in this evaluation. The Company, along with its advisors, is considering all options available, including asset sales, capital raising, debt amendments and refinancing transactions, and other strategic transactions that seek to provide additional liquidity and relief from acceleration under its debt agreements. As part of this process, the Company is engaging in discussions with various existing stakeholders and potential investors. There are inherent uncertainties as the outcome of these negotiations and potential transactions are outside management's control, and therefore there are no assurances that management will be successful in these negotiations and that any of these potential transactions will occur. In addition, there can be no assurances that these transactions will sufficiently improve the Company's liquidity or that the Company will otherwise realize the anticipated benefits. Moreover, if the Company fails to obtain amendments and forbearance, the Company may be required or compelled to pursue additional restructuring initiatives to preserve value and optionality, including possible out-of-court restructurings, or in-court relief, which could have a material and adverse impact on the Company's stockholders. NINE ENERGY: S&P Lowers ICR to 'CCC-' on Deteriorating Liquidity ---------------------------------------------------------------- S&P Global Ratings lowered its issuer credit rating on Nine Energy Services Inc. to 'CCC-' from 'CCC+' and its issue-level rating on its $300 million secured notes due in 2028 to 'CCC-' from 'CCC+'. The '3' recovery rating is unchanged. The negative outlook reflects Nine's deteriorating liquidity and elevated default risk over the next six months. S&P said, "We expect lower North American oilfield activity in 2026 to negatively impact revenue and margins for Nine Energy Services Inc., leading to a free cash flow deficit and deteriorating liquidity. "Within the next six months, we believe it is likely the company will miss an interest payment or complete a debt exchange or restructuring that we view as distressed. "The downgrade to 'CCC-' reflects our view that lower US oilfield activity in 2026 will negatively impact liquidity. Although Nine's bonds don't mature until February 2028, we project an interest coverage shortfall based on our forecast 2026 reported EBITDA of $30 million against approximately $45 million interest expense, paid semiannually in February and August. Liquidity as of Sept. 30, 2025, was about $30 million, consisting of $14 million in unrestricted cash and about $25 million availability on its asset-based lending facility (ABL; $63.3 million drawn). However, we believe Nine could draw only $15 million after adjusting for the minimum $10 million availability requirement related to a springing 1.1x fixed-charged coverage ratio covenant. If subject to the covenant, we do not expect Nine would be in compliance. "We expect a free cash flow deficit of $25 million-$30 million due to weaker services pricing, as competition for oilfield services increases due to lower overall activity along with exploration and production (E&P) consolidation. Given the limited cash position and lack of forecast free cash flow, we assess liquidity as weak and that Nine will likely miss an interest payment or complete a debt exchange or restructuring transaction that we view as distressed over approximately the next six months." U.S. land oilfield activity remains a key driver. Nine generates most of its revenue (about 95%) across the major U.S. basins, and its operations are dependent on more volatile drilling and completions (D&C) activity rather than production. The company's small scale, about $45 million of reported EBITDA in 2025, also limits pricing power versus larger peers. While Nine's cementing segment (36% of revenue) requires specialization and offers some margin protection, we view the remaining businesses (completion tools, coiled tubing, and wireline) as more exposed to general activity. Early in 2026, rig counts were down 13% and frac spreads down 15% from soft performance a year ago. S&P said, "Our hydrocarbon price deck assumes lower commodity prices, including West Texas Intermediate (WTI) crude oil at $55 per barrel in 2026 and $60 in 2027, and disciplined E&P spending will reduce U.S. activity. For Nine, we expect this will reduce revenue and drop EBITDA margins to about 9% from our estimate of 11% in 2025." Nine's bonds currently trade well below par. The company's $300 million, 13% senior secured notes due in 2028 are trading at about 23 cents on the dollar, heightening the possibility Nine will consider a debt repurchase or restructuring that S&P would view as distressed. In addition, it is at risk of being delisted from the New York Stock Exchange because its shares have been trading below $1 since June. S&P said, "The negative outlook reflects Nine's deteriorating liquidity and the elevated risk that it will miss an interest payment or execute a debt exchange or restructuring that we view as distressed over the next six months. "We could lower our rating if we expect default to be a virtual certainty, most likely if Nine announces it will miss an interest payment or an intention to undertake an exchange offer or similar restructuring that we consider distressed. "While unlikely, we could raise our rating if Nine generates positive free cash flow and materially improves liquidity." NOR-WES INC: To Sell Aircraft to Richter Aviation & Ben Beaven -------------------------------------------------------------- Nor-Wes Inc. seeks permission from the U.S. Bankruptcy Court for the Western District of Louisiana, Shreveport Division, to sell certain aircraft, free and clear of liens, claims, interest, and encumbrances. The assets proposed to be sold pursuant to the Motion consist of two specialized agricultural aircraft previously utilized in the Debtor's aerial application operations, namely: (i) a Thrush T660, Registration No. N710NW, equipped with a Pratt & Whitney PT6A-65AG engine; and (ii) an Air Tractor AT-502XP, Registration No. N502XP, equipped with a Pratt & Whitney PT6A-140AG engine. Each Aircraft constitutes a significant asset of the bankruptcy estate but is no longer essential to the Debtor's ongoing operations in light of the Debtor's decision to significantly downsize its business and monetize non-core assets through an orderly Chapter 11 process. The Debtor has negotiated arm's-length purchase agreements for the sale of the Aircraft. The Debtor has negotiated, at arm's length, a proposed purchase agreement with Richter Aviation, Inc., 6168 Maxwell-Colusa Highway, Maxwell, California 95955, for the sale of one Thrush T660 agricultural aircraft, Registration No. N710NW, equipped with a Pratt & Whitney PT6A-65AG engine and associated equipment, for a purchase price of $1,450,000.00. The T660 Aircraft is to be sold and delivered free and clear of all liens, claims, encumbrances, and interests, with such liens to attach to the net sale proceeds in the same validity, priority, and extent as they attached to the aircraft. The sale contemplates delivery of the aircraft on an "as is, where is" basis following completion of a January 2026 annual inspection and a completed hot-section inspection, with customary allocation of inspection and repair costs as provided in the Purchase Agreement. The transaction will be closed through escrow with Kim Thompson AeroSpace Reports, with escrow fees to be shared equally by buyer and seller. The broker has confirmed that the buyer’s financing has been approved and that the buyer is ready, willing, and able to consummate the transaction. The buyer will place its deposit into escrow 48 hours after receiving the bank's or court's letter of approval. Absent any appeal or stay of the Sale Order, the closing shall occur and be completed within 25 days after the Sale Order becomes final and effective. The Debtor submits that the proposed transaction was negotiated in good faith, reflects fair market value, and is in the best interests of the estate and its creditors. The Debtor has likewise negotiated, at arm’s length, a proposed purchase agreement with Ben Beaven – Low Altitude Applications LLC, 26033 Burrsville Rd, Denton, MD 21629, for the sale of one Air Tractor AT-502XP agricultural aircraft, Registration No. N502XP, equipped with a Pratt & Whitney PT6A-140AG engine and associated equipment, for a purchase price of $765,000.00. The AT-502XP Aircraft is to be sold and delivered free and clear of all liens, claims, encumbrances, and interests, with such liens to attach to the net sale proceeds in the same validity, priority, and extent as they attached to the aircraft. The sale contemplates delivery of the aircraft on an "as is, where is" basis, subject to customary pre-closing inspections and adjustments as provided in the Purchase Agreement. The transaction will be closed through escrow on terms consistent with the T660 sale. The broker has confirmed that the buyer's financing has been approved and that the buyer is ready, willing, and able to consummate the transaction. The buyer will place its deposit into escrow 48 hours after receiving the bank's or court's letter of approval. Absent any appeal or stay of the Sale Order, the closing shall occur and be completed within 25 days after the Sale Order becomes final and effective. The Debtor submits that the proposed transaction was negotiated in good faith, reflects fair market value, and is in the best interests of the estate and its creditors. Delta Bank holds valid, effective and first-ranking liens on BOTH Aircraft. The Debtor believes that Delta Bank is the only creditor that has a valid lien on the AT-502XP Aircraft. Mid-Continent Aircraft purports to hold a lien on the T660 Aircraft for repairs and an inspection. Previously, the Debtor engaged in communication with representatives of MidContinent Aircraft regarding a sale of that Aircraft, and to the extent required, the Debtor believes Mid-Continent Aircraft will consent to the sale of the T660 Aircraft. The Debtor believes that the Proposed Sales protect the interests of Delta Bank and MidContinent Aircraft while avoiding the risk of value deterioration associated with delay. The decision to sell the Aircraft pursuant to the Purchase Agreements represents a sound exercise of the Debtor's reasonable business judgment. The agricultural aircraft market is highly specialized and seasonal. The Debtor has been advised that the strongest demand for such aircraft occurs during the early portion of the calendar year. Delay in consummating the Proposed Sales risks the loss of the proposed purchasers and could materially diminish recoveries for creditors. The Proposed Sales will generate substantial proceeds for ultimate benefit of the estate, reduce ongoing maintenance, insurance, and storage costs, and allow the Debtor to proceed expeditiously with liquidation efforts and downsizing its operations. About Nor-Wes Inc. Nor-Wes, Inc., based in Shreveport, Louisiana, provides aerial application and aviation services for the agricultural sector, including crop dusting, and operates aircraft maintenance and management across several U.S. states for commercial agricultural customers. Nor-Wes, Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-11534) on December 19, 2025. In its petition, the Debtor reports estimated assets between $10 million and $50 million and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge John S. Hodge handles the case. The Debtor is represented by Robert W. Raley, Esq. OLGA T. GOLFINOPOULOS: Court Awards $15K Fees to Rabinowitz ----------------------------------------------------------- In the adversary proceeding captioned as OLGA T. GOLFINOPOULOS and O.T.G. LIMITED PARTNERSHIP, Plaintiffs, v. HM ADVISORS LP, CALEB WALSH, and JOHN DOE AND JANE DOE NOS. 1 THROUGH 5 INDIVIDUALLY AND IN THEIR OFFICIAL CAPACITIES, Defendant, Adv. Pro. No. 25-01193 (Bankr. D.N.J.), the Hon. Vincent F. Papalia of the U.S. Bankruptcy Court for the District of New Jersey awarded sanctions against Defendants' Counsel and in favor of Plaintiffs' Counsel in the amount of $15,027.50 and in favor of the Mediator in the amount of $2,700.00. This matter is before the Court pursuant to its December 8, 2025 Order: (I) Granting Defendant Caleb Walsh's Motion to Vacate Default on Conditions; (II) Denying as Moot Plaintiff's Cross-Motion for Entry of Default Judgment; and (III) Granting Related Relief Based on the failure of Defendants' Counsel, Sergei Orel, Esq. of Ibrahim Ahmed Law Group, P.C., to attend a scheduled mediation session, a pre-trial conference and a hearing on Defendants' Counsel's own motion to Vacate the Entry of Default in this matter, the December 8, 2025 Order awarded sanctions against Defendants' Counsel, the Ibrahim Ahmed Law Group. P.C., and in favor of Plaintiffs' Counsel, Rabinowitz, Lubetkin & Tully, LLC, and the Mediator, Sam Della Fera, Jr., as follows: (i) Plaintiffs' attorneys' fees and expenses in applying for Entry of Default; (ii) Plaintiffs' attorneys' fees and expenses in appearing at the Hearing on December 2, 2025, at which Defendants' Counsel failed to appear, even though it was the hearing date for Defendant Caleb Walsh's Motion; (iii) Plaintiffs' attorneys' fees and expenses incurred in connection with Defendant's failure to appear at court-ordered mediation and related correspondence prepared by Plaintiffs' attorneys in attempting to reschedule mediation, but not the preparation of Plaintiffs' Counsels' mediation statement; and (iv) fees and expenses of the Mediator incurred in connection with Defendant's failure to appear at court-ordered mediation and the related correspondence in attempting to reschedule mediation, and the Mediator's attendance at the hearing on December 2, 2025. Plaintiffs' Counsel timely filed a Certification seeking recovery of fees in the amount of $18,095.00. The Mediator timely filed a Certification seeking recovery of fees in the amount of $2,700.00. Defendants' Counsel opposed the fee award sought by Plaintiffs' Counsel and the Mediator in a general and conclusory fashion, arguing that the services for which sanctions are sought beyond the limited categories set forth in the December 8, 2025 Order, and even more generally, that the fees must be reasonable, necessary and non-duplicative, compensatory and not punitive, and consistent with due process and fundamental fairness. The Court finds that although Defendants' Counsel has completely failed to carry his burden, the Court's independent duty to review any such award requires the reduction of the fees sought by Plaintiffs' Counsel in certain respects. The Court will deduct from the award the fees for services related to Plaintiffs' Cross-Motion for Entry of Default Judgment. Based on the Court's review, these entries total $3,067.50. The Court finds that the Mediator's fees are within the scope of the December 8, 2025 Order and are reasonable and appropriate in all respects. Therefore, the fees requested by the Mediator will be awarded in full. A copy of the Court's Opinion dated January 27, 2026, is available at https://urlcurt.com/u?l=dOpe1l from PacerMonitor.com. Counsel to Plaintiffs: Jonathan I. Rabinowitz, Esq. Barry J. Roy, Esq. RABINOWITZ, LUBETKIN & TULLY, LLC 293 Eisenhower Parkway, Suite 100 Livingston, NJ 07039 Email: jrabinowitz@rltlawfirm.com broy@rltlawfirm.com Counsel to Defendants: Sergei Orel, Esq. IBRAHIM AHMED LAW GROUP P.C. 4105 US-1 South, Suite 2 Monmouth Junction, NJ 08853 Email: s.orel@ibrahimalaw.com Olga T. Golfinopoulos filed for Chapter 11 bankruptcy protection (Bankr. D.N.J. Case No. 23-21211) on December 1, 2023. ONESKY FLIGHT: Moody's Rates New Secured 1st Lien Term Loan 'Ba3' ----------------------------------------------------------------- Moody's Ratings affirmed the ratings of OneSky Flight, LLC and Flexjet, Inc. (combined herein as "Flexjet") and assigned a Ba3 rating to the planned senior secured first lien term loan B being raised by OneSky Flight, LLC. Flexjet, Inc.'s ratings that Moody's affirmed include its B1 corporate family rating and its B1-PD probability of default rating. Moody's also affirmed OneSky Flight, LLC's senior unsecured notes rating at B3. The outlook for both companies remains stable. Proceeds from the planned $500 million 7-year senior secured term loan B and $75 million of cash proceeds from the recent settlement with Honeywell will be used to refinance about $125 million of existing debt, pre-fund capex related to its private terminal expansion and the G700 program, and pay fees and expenses. Flexjet recently settled litigation with Honeywell related to a dispute regarding its engine maintenance service agreement. As a part of the settlement, among other things, Flexjet will receive a $375 million cash payment and additional maintenance credits and future contract pricing terms valued at approximately $725 million. The affirmation reflects Moody's forecasts that Flexjet will maintain debt/EBITDA between 3.5x and 4.0x with funds from operations plus interest expense/interest expense of around 4.0x over the next 12 to 18 months. Moody's also forecasts that after generating free cash flow in excess of $100 million in 2026 as the company benefits from a year of lower capex, free cash flow will return to negative in 2027 as its capex spend accelerates. This capex spend, including investments in additional private terminals and the new G700 program, will drive additional earnings in the years to come. These investments differentiate Flexjet from other private aviation companies, and along with improving demand for private aviation from a growing pool of ultra-high net worth individuals in the US, provide support for Moody's forecasts of mid- to high-single digit revenue growth over the next two years. RATINGS RATIONALE Flexjet's B1 CFR reflects its leading competitive standing within the fragmented private aviation industry, underpinned by the company's broad brand portfolio, a well-established #2 market position (in terms of US private aviation market flight hours), non-unionized pilot relationships, and high customer retention rates from a diversified customer base that will help provide a continued base of demand. While there are low barriers to entry in the private charter segment of this industry, there are high barriers to achieving the scale comparable to Flexjet's fleet of approximately 325 aircraft and the company's in-house maintenance capabilities. The company's long-term contracted nature of its fractional sales and leases business also provides additional credit support. The company's rating is constrained by the cyclical nature of private aviation and its private equity ownership (private equity maintains 25% ownership of the company's common equity). Aircraft capex requirements will pressure free cash flow in periods of softening demand and are a constraint on the rating. However, Moody's notes that this risk is partially mitigated by the company's purchase agreements that contain flexibility around the purchase of aircraft. The company has a modest level of maintenance capex that is largely passed through to its customers in the form of management fees. The stable outlook reflects the company's adequate liquidity and Moody's views that earnings growth will enable FlexJet to sustain its debt/EBITDA between 3.5x and 4.0x over the next 12-18 months. Flexjet will have adequate liquidity with cash of about $730 million, pro forma for the transaction, and about $550 million of availability under its two facilities at transaction close. The company has a $250 million revolving credit facility that expires in June 2028 and a $300 million 4-year warehouse facility with a two-year availability period and two-year term out period. Free cash flow after total capex will be negative in 2025 before turning positive in 2026. However, Moody's expects higher capex requirements will turn free cash flow negative again in 2027. The company's term loan will require a maximum loan-to-value of 70% and its revolving credit facility requires the company to maintain fixed charge coverage of 1.25x. Moody's expects Flexjet to be able to comfortably comply with these covenants. The senior secured first lien term loan B is rated Ba3, one notch above the CFR. The up notching reflects the application of Moody's Loss Given Default for Speculative-Grade Companies methodology (LGD Methodology) and the significant amount of senior unsecured debt in the capital structure. The senior unsecured notes are rated B3, two notches below the CFR, due to the amount of senior secured claims ahead of them in the capital structure. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Ratings could be upgraded if debt/EBITDA is sustained around 4.0x and the company generates positive free cash flow such that free cash flow/debt is sustained around 5%. Ratings could be downgraded if there is a meaningful decline in demand for private aviation. Further, future debt-funded distributions to shareholders and an ownership structure more skewed towards private equity ownership could also exert downward rating pressure. Ratings could also be downgraded if debt/EBITDA is sustained above 5.0x or if the company is unable to generate positive free cash flow. Headquartered in Cleveland, OH, Flexjet, Inc. is a full-service global business aviation provider that serves corporations and ultra high-net worth individuals. The company offers a range of services that include fractional aircraft sales, fractional aircraft leasing, prepaid jet cards, on-demand charter and aircraft management. Flexjet completes most of its maintenance and repair services in the United States and Europe with its wholly-owned maintenance facilities and staff. The company owned and managed fleet consists of about 325 aircraft as of September 2025, including light cabin, mid/super-mid, large cabin/ultra-long-range and helicopters. The company is majority-owned by management, while Eldridge Industries, as well as other co-investors, own approximately 25% of the company. The company generated revenue of approximately $3.1 billion for the 12 months ended September 30, 2025. The principal methodology used in these ratings was Business and Consumer Services published in November 2021. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. OSMOSE UTILITIES: Moody's Alters Outlook on 'B3' CFR to Negative ---------------------------------------------------------------- Moody's Ratings has changed the outlook of Osmose Utilities Services, Inc. (Osmose) to negative from stable. Concurrently, Moody's affirmed the company's B3 corporate family rating, B3-PD probability of default rating and B2 ratings on the senior secured first lien credit facilities. Osmose provides inspection, maintenance, and restoration services to transmission and distribution infrastructure. The change in outlook to negative reflects the company's weakening operating performance, particularly in its legacy Wood segment, including reduced volumes and the loss of a telecom customer. The outlook also incorporates the company's persistently high financial leverage and weaker liquidity, as evidenced by limited free cash flow and reliance on the revolving credit facility. Additionally, the negative outlook reflects Moody's expectations that Osmose could potentially continue to pursue growth through debt-funded acquisitions. While acquiring companies at low multiples could offer some deleveraging benefits, this strategy is likely to sustain pressure on the company's already weak credit profile. RATINGS RATIONALE The B3 CFR reflects Osmose's very high financial leverage, with debt/EBITDA around 8x pro forma for the Centillion Solutions, Inc. (Centillion) acquisition, along with the company's modest revenue scale and niche operating scope. Operating performance weakened further in the first half of 2025, driven by the loss of a telecom customer at year-end 2024 and the transition from first-cycle to second-cycle inspections at a major utility customer, following a period of soft volumes in 2024 across the Wood and Technical Services segments. Moody's expects Osmose, with incremental EBITDA from the recent Centillion acquisition, to reduce leverage toward the mid-7x level and achieve a modest improvement in free cash flow, supported by a shift in the company's product mix toward more profitable segments. Any further weakening in credit metrics or deterioration in liquidity—such as sustained negative free cash flow or the $100 million revolving credit facility (expiring June 2027) entering its final year without extension—would pressure the credit profile. All forecast metrics are calculated based on Moody's views and include Moody's standard adjustments unless stated otherwise. Osmose's rating benefits from positive industry trends, including increasing regulatory requirements, an aging infrastructure, and a growing reliance on outsourced utility pole maintenance and repair services. Rising loads from electrification and more frequent climate-driven weather events are driving recurring, non-discretionary utility spending, though these tailwinds could be tempered by broader utility capital expenditure cycles. These dynamics, along with Osmose's leading market position, national footprint, long-term contracts, and high customer retention, continue to support its credit profile. Moody's expects the company to resume organic revenue growth in the low to mid-single digits and to improve adjusted EBITDA margins above 20%, now bolstered by higher-margin contributions from recent acquisitions. PINE Intermediate Holding, LLC, a holding company, is the issuer of the audited financial statements and parent company of Osmose Utilities Services, Inc., which is the primary borrower under the bank loans. The B2 senior secured first lien credit facilities rating, including a $100 million revolving credit facility expiring in June 2027 and an $878 million (as of September 30, 2025) term loan due in June 2028, is one notch above the B3 corporate family rating (CFR). This reflects the priority lien with respect to substantially all assets of the company relative to the $220 million senior secured second lien term loan due in 2029 (unrated). A reduction in the proportion of second-lien debt in the capital structure could result in a downgrade of the first-lien instrument rating as the loss absorption benefit in the event of default diminishes. The negative outlook reflects Moody's expectations of limited free cash flow generation and high financial leverage, with debt/EBITDA expected to remain above 7x in 2026. The outlook could be revised to stable if Osmose improves its operations, reduces leverage below 7x, and strengthens its liquidity profile. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Given the negative outlook, a rating upgrade over the next 12-18 months is unlikely. The ratings could be upgraded if Osmose demonstrates stable organic revenue and earnings growth, with debt/EBITDA sustained below 6x, free cash flow/debt in a mid-single-digit percentage range and maintains balanced financial strategies. The ratings could be downgraded if the company demonstrates lower than anticipated revenue growth or profitability rates due to weaker operating performance. The ratings could also be downgraded if the company's debt/EBITDA remains above 7x, or liquidity is diminished, including negative free cash flow. The principal methodology used in these ratings was Business and Consumer Services published in November 2021. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. Osmose, based in Atlanta, GA, provides utility pole and transmission tower inspection, treatment, and restoration services to investor-owned utilities, cooperatives, municipalities, and telecommunication utility providers. The company also provides engineering services, underground vault inspection and repair, and other ancillary services. The company is controlled by an affiliate of private equity sponsor EQT Partners. Osmose generated approximately $695 million for the twelve months ended September 30, 2025. OWL VENICE: Gets Extension to Access Cash Collateral ---------------------------------------------------- OWL Venice, LLC received another extension from the U.S. Bankruptcy Court for the Central District of California, Los Angeles Division, to use cash collateral to fund operations. The court extended the Debtor's authority to use cash collateral until March 31; the effective date of a confirmed Chapter 11 plan; or upon entry of an order denying confirmation of the plan, whichever comes first. The court approved the use of cash collateral on the same terms previously authorized in earlier cash collateral orders entered on September 15 and November 6, 2025. Continued use is subject to compliance with the budget submitted on December 17, 2025, which governs the Debtor's operating expenses. The order authorized the Debtor to carry over budgeted funds that are not used in one week to a later week. A copy of the order is available at https://is.gd/yVQeXz from PacerMonitor.com. About OWL Venice LLC OWL Venice, LLC, doing business as OWL Venice, offers handcrafted broth elixirs, organic skincare products, and multi-day gut health cleanse programs across Los Angeles County. It also provides health coaching as an additional wellness service. OWL Venice sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Calif. Case No. 25-16451) on July 29, 2025. In its petition, the Debtor reported up to $50,000 in assets and between $1 million and $10 million in liabilities. Honorable Bankruptcy Judge Sheri Bluebond handles the case. The Debtor is represented by Giovanni Orantes, Esq., at The Orantes Law Firm, A.P.C. OXBOW CARBON: Moody's Affirms 'B1' CFR, Outlook Remains Stable -------------------------------------------------------------- Moody's Ratings affirmed all of Oxbow Carbon LLC's ("Oxbow") ratings including its B1 corporate family rating, B1-PD probability of default rating, and the B1 ratings on its $325 million senior secured first lien revolving credit facility, $225 million senior secured first lien term loan A and $350 million senior secured first lien term loan B. The ratings outlook remains stable. RATINGS RATIONALE The rating affirmation reflects Moody's expectations that Oxbow's operating performance and credit metrics will remain relatively stable over the next 12-18 months. This will result in the company maintaining a credit profile that continues to support its B1 corporate family rating. Oxbow's rating reflects its moderate leverage and global position in the production and sale of calcined petroleum coke (CPC) and the marketing and distribution of fuel-grade petcoke (FGP), as well as the high industry barriers to entry and its good liquidity. Oxbow's rating considers its limited scale versus higher rated entities and its reliance on the cyclical steel, aluminum, cement and other industrial end-markets and its exposure to product pricing and raw material cost volatility which leads to significant earnings variability. Oxbow's rating is also constrained by its inconsistent free cash flow due to consistent shareholder dividends and its limited business diversification given its reliance on the production and sale of CPC and the marketing and distribution of FGP. Oxbow's operating performance materially improved in 2025 from recently depressed levels. This was the result of subsiding competitive pricing pressure which led to improved product pricing as the company consumed lower priced raw material inventories. Moody's believes the stronger earnings were tempered by investments in working capital, spending on capital projects and the ongoing payment of shareholder dividends leading to moderate free cash flow. The company likely used a portion of this FCF along with revolver borrowings to fund its required term loan amortization and cash flow sweep payments. Moody's believes the higher earnings and debt repayments resulted in the company's adjusted leverage ratio (debt/EBITDA) declining below 3.0x and interest coverage (EBIT/Interest) rising to around 4.5x as of December 2025. These metrics support the B1 corporate family rating and are expected to remain relatively stable in 2026, assuming similar economic growth and relatively stable demand from the company's key aluminum, steel, cement and utilities end markets. The company's ability to generate free cash flow will continue to be tempered by dividend payments and will be contingent on its plans for funding investments in pollution control and power generating equipment in the US and growth projects overseas, which may result in additional borrowings. Oxbow had $88.2 million of cash and $304.6 million of borrowing availability under its $325 million revolving credit facility as of September 2025. The company's operating cash flows should be sufficient to fund term loan amortization payments and maintenance capital expenditures in 2026 but may not cover other capital investments. Nevertheless, the company should maintain a good liquidity profile. Moody's expects the company to remain in compliance with the revolver and term loan A financial covenants which include a minimum consolidated interest coverage ratio of 2.5x and a maximum net leverage ratio of 4.5x, subject to material acquisition step-up to 5.0x. The term loan B does not have any financial covenants. The B1 ratings on the first-lien senior secured revolver and term loans are in line with the B1 CFR, as it accounts for the preponderance of debt in the capital structure. Collateral includes substantially all assets of the company and the stock of subsidiaries. The stable outlook reflects Moody's views that Oxbow will continue to maintain credit metrics and a leverage profile commensurate with a B1 rating even during weak commodity price cycles. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS An upgrade would be considered if the company consistently generates positive free cash flow, reduces gross debt such that it is able to sustain leverage below 3.0x in an adverse market environment and retained cash flow above 20% of net debt. The ratings could be downgraded if liquidity deteriorates or if leverage is sustained above 4.0x. The principal methodology used in these ratings was Steel published in September 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. Headquartered in West Palm Beach, Florida, Oxbow Carbon LLC (Oxbow) is a major producer and supplier of calcined petroleum coke (CPC) and is among the world's largest distributors of carbon-based fuels including fuel grade petcoke (FGP). Oxbow also serves as a provider of marketing, bulk commodity storage, distribution and logistics services for other carbon products. Revenue for the LTM period ended September 30, 2025, was about $1.5 billion. Oxbow is a private company controlled by William I. Koch, with private equity and strategic investors comprising the remaining shareholders. The company does not publicly disclose financial information. PATHFINDER AUTO: Gets 60-Day Extension to Use Cash Collateral ------------------------------------------------------------- Pathfinder Auto Recovery, LLC received another extension from the U.S. Bankruptcy Court for the Eastern District of Virginia, Norfolk Division, to use cash collateral to fund its operations. At the January 27 hearing, the court granted the Debtor a 60-day extension and set a final hearing for March 24. The Debtor was initially allowed to access cash collateral under the court's January 22 interim order. This interim order approved limited use of cash collateral to pay outstanding insurance premiums of approximately $7,000, and payroll obligations of approximately $30,000 due this month. The U.S. Small Business Administration holds a blanket security interest in all of the Debtor's assets, including cash and proceeds, securing repayment of an Economic Injury Disaster Loan originally issued in 2021 and later increased to approximately $1.99 million. About Pathfinder Auto Recovery, LLC Pathfinder Auto Recovery, LLC, a Purple Heart Veteran-Owned business based in Portsmouth, Virginia, provides vehicle repossession and asset recovery services, including skip tracing, involuntary repossession, and asset location. It serves lenders nationwide and operates 24 hours a day, focusing on locating and recovering collateral. Pathfinder Auto Recovery sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-70131) on January 19, 2026. In its petition, the Debtor reported between $1 million and $10 million in both assets and liabilities. The Debtor is represented by Paul A. Driscoll, Esq., at Zemanian Law Group. PERASO INC: Advances Talks With Mobix Labs on All-Stock Deal ------------------------------------------------------------ Peraso Inc. disclosed in a regulatory filing that it continues to engage in discussions with Mobix Labs, Inc. regarding a potential strategic transaction and are conducting customary, confidential diligence. As previously disclosed, on October 30, 2025, the Company entered into a mutual confidentiality agreement with Mobix Labs in connection with the potential strategic transaction. Mobix Labs has delivered to the Company a non-binding indication of interest contemplating a potential all-stock transaction at a premium to the Company's trading price, subject to further diligence, negotiation, and the execution of definitive documentation. No agreement has been reached regarding transaction structure, consideration, timing, or other material terms. About Peraso Inc. Headquartered in San Jose, California, Peraso Inc. -- https://www.perasoinc.com -- is a pioneer in high-performance 60 GHz unlicensed and 5G mmWave wireless technology, offering chipsets, antenna modules, software and IP. Peraso supports a variety of applications, including fixed wireless access, immersive video and factory automation. In addition, Peraso's solutions for data and telecom networks focus on Accelerating Data Intelligence and Multi-Access Edge Computing, providing end-to-end solutions from the edge to the centralized core and into the cloud. In its report dated March 28, 2025, the Company's auditor, Weinberg & Company, issued a "going concern" qualification, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that during the year ended Dec. 31, 2024, the Company incurred a net loss and utilized cash in operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of September 30, 2025, the Company had $6.2 million in total assets, $2.6 million in total liabilities, and $3.6 million in total stockholders' equity. PLATINUM HEIGHTS: White Rock Intends to File Joint Plan ------------------------------------------------------- Affiliates of Platinum Heights, LP -- White Rock Medical Center LLC, et al. -- followed Platinum Heights in Chapter 11 bankruptcy and said that they intend to file a joint plan with Platinum Heights. While Platinum Heights is an affiliate of the White Rock Debtors, the White Rock Debtors are not seeking to jointly administer these cases with Platinum Heights' case. The capital structures of the Debtors and Platinum Heights vary with different secured lenders and general unsecured creditors. The Debtors believe that jointly administering these cases with Platinum Heights would also lead to unnecessary complication. Platinum Heights has been in chapter 11 for nearly a year, and in that time the governmental and non-governmental bar dates have already passed, the 341(a) meeting of creditors has been held, Platinum Heights filed a disclosure statement for a plan of reorganization that was confirmed but not consummated, and there are outstanding issues with an unaffiliated minority member of Platinum Heights. Notwithstanding the decision to not jointly administer the cases, the White Rock Debtors and Platinum Heights believe that a joint plan or reorganization to address all of their outstanding liabilities is in the best interest of the White Rock Debtors and Platinum Heights, and likely the only viable path forward after Platinum Heights' plan of reorganization was not consummated. About Platinum Heights LP Platinum Heights, LP, owns Heights Hospital operating in Houston Texas. Platinum Heights filed a Chapter 11 petition (Bankr. S.D. Tex. Case No. 25-90012) on Feb. 20, 2025, listing between $50 million and $100 million in both assets and liabilities. Judge Alfredo R. Perez oversees the case. Omar Jesus Alaniz, Esq., at Reed Smith, LLP is the Debtor's legal counsel. B1 Bank, as secured lender, is represented by Michael P. Menton, and Danika L. Lopez, at SettlePou. PLURI INC: Receives Nasdaq Notice for MVLS Non-Compliance --------------------------------------------------------- Pluri Inc. disclosed in a regulatory filing that it received a written notice from the Listing Qualifications Department of The Nasdaq Stock Market LLC indicating that the Company is not in compliance with Nasdaq Listing Rule 5550(b)(2), which requires the Company to maintain a minimum of $35 million in Market Value of Listed Securities for continued listing on The Nasdaq Capital Market, nor is it in compliance with either of the alternative listing standards, including having stockholders' equity of at least $2.5 million or net income of $500,000 from continuing operations in the most recently completed fiscal year, or in two of the three most recently completed fiscal years. The Notice has no immediate effect on the listing or trading of the Company's common shares, which will continue to trade on The Nasdaq Capital Market under the symbol "PLUR". Pursuant to the Notice, and in accordance with Nasdaq Listing Rule 5810(c)(3)(C), the Company has been provided with an initial period of 180 calendar days, until July 20, 2026, to regain compliance with the MVLS Requirement. Nasdaq indicated that if, at any time during the Compliance Period, the Company's MVLS closes at $35 million or more for a minimum of 10 consecutive business days (unless Nasdaq, in its discretion, requires a longer period, but generally no more than 20 consecutive business days), Nasdaq will provide a written confirmation that the Company has regained compliance and the matter will be closed. In the event the Company does not regain compliance within the Compliance Period, the Company expects that Nasdaq will provide written notification that the Company's securities are subject to delisting. At that time, the Company may be eligible to appeal any delisting determination to a Nasdaq Hearings Panel. The hearing request would stay any suspension or delisting action pending the conclusion of the hearing process and the expiration of any additional extension period granted by the panel following the hearing. The Company is evaluating options to regain compliance with the MVLS Requirement and intends to take appropriate actions to regain compliance; however, there can be no assurance that the Company will be able to regain compliance with all applicable requirements or maintain compliance thereafter. About Pluri Inc. Haifa, Israel-based Pluri Inc. is a biotechnology company, leveraging proprietary cell expansion platform to develop scalable, cell-based solutions across the healthcare, food, and agriculture sectors. Haifa, Israel-based Kesselman & Kesselman, the Company's auditor since 2021, issued a "going concern" qualification in its report dated September 17, 2025, attached to the Company's Annual Report on Form 10-K for the year ended June 30, 2025, citing that the Company has incurred recurring losses and negative cash flows from operating activities and has an accumulated deficit as of June 30, 2025 and the loan received from European Investment Bank is due on June 1, 2026. These circumstances raise substantial doubt about its ability to continue as a going concern. As of September 30, 2025, the Company had $33.7 million in total assets, $39.3 million in total liabilities, and $5.6 million in total deficit. POLAR US: Moody's Upgrades CFR to B2 & Alters Outlook to Stable --------------------------------------------------------------- Moody's Ratings upgraded Polar US Borrower, LLC's (dba SI Group) Corporate Family Rating to B2 from C and the probability of default rating to B2-PD/LD from C-PD/LD. Moody's also upgraded the rating of its senior secured first lien revolving credit facility to B1 from Caa3, and assigned Caa1 rating to the new senior secured convertible term loan issued by SK Mohawk Holdings, SCS, the holding company. The outlook of Polar US Borrower, LLC was changed to stable from negative and the outlook of SK Mohawk Holdings, SCS is stable. The C ratings of Polar US Borrower, LLC's existing senior secured first lien second out term loan B1, senior secured first lien third out term loan B2, and backed senior unsecured notes have been withdrawn as they were converted to equity or expunged in SI Group's exchange and recapitalization transaction. Governance considerations under Moody's ESG framework were a key driver of the rating action. Moody's revised SI Group's ESG Credit Impact Score (CIS) to CIS-4 from CIS-5 to reflect the change in its Governance Issuer Profile Score (IPS), which was changed to G-4 from G-5. RATINGS RATIONALE The rating action follows SI Group's December 2025 exchange and recapitalization transaction, which materially reduced balance-sheet debt and improved liquidity. As part of the transaction, all existing first lien term loan and senior unsecured note lenders—approximately $1.7 billion, or about 80% of total debt—exchanged their holdings for pro rata equity interests, significantly lowering the company's debt burden. The first lien revolver lenders also amended the credit agreement and maintained the $218 million commitment and existing maturity. In addition, SI Group received new capital from existing term loan lenders, structured as a new $165 million convertible term loan issued by the holding company, SK Mohawk Holdings, SCS, which strengthened liquidity. Following the transaction, a group of former creditors now holds majority of the equity, while prior equity investors retain a substantially reduced ownership. SI Group's B2 CFR reflects its still-weak profitability and constrained free cash flow generation amid a challenging operating environment, partially offset by significant improvements in its capital structure and adequate liquidity. The company continues to face operational headwinds, including the loss of its largest customer contract in late 2025. Moody's expects soft end-market demand and intense competition to pressure sales volumes and keep margins near current low levels through 2026. However, following the substantial debt reduction achieved through the recent exchange and recapitalization transaction, Moody's anticipates a meaningful improvement in leverage, with Moody's-adjusted debt/EBITDA declining to the mid-4.0x range at the operating company (OpCo) and mid-6.0x including convertible debt at the holding company (HoldCo) in 2026, down from over 20.0x prior to the recapitalization. While free cash flow will likely remain moderately negative in 2026 as SI Group executes initiatives to stabilize volumes and capture cost savings from restructuring and global footprint optimization, Moody's expects EBITDA improvement to support further deleveraging to the mid-3.0x range at OpCo and mid-5.0x at HoldCo, with breakeven free cash flow anticipated in 2027. While not incorporated into Moody's base case, any conversion of the convertible term loan to equity starting in late 2026 could further enhance leverage metrics and improve free cash flow generation at the HoldCo level. SI Group's credit profile is challenged by aggressive competition from Asia that has compressed margins for the majority of its additives and chemicals. The B2 CFR reflects Moody's expectations that margins and volumes will remain constrained, but that the company will be able to generate a modest level of free cash flow, excluding the extraordinary costs related to the recapitalization and costs reductions. The company credit profile reflects its diversified end market exposure, serving a broad range of industries despite some concentration in cyclical sectors such as automotive, construction, and industrials. In addition, the increase in liquidity following the exchange and recapitalization transaction further underpins the credit profile. RATINGS OUTLOOK The stable outlook reflects Moody's expectations that SI Group will gradually improve performance and achieve breakeven free cash flows while maintaining adequate liquidity over the next 12 to 18 months. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Moody's could downgrade SI Group's rating if OpCo leverage remains above 4.5x and the company cannot consistently generate free cash flow, if liquidity materially deteriorates or if the company pursues a sizable shareholder distribution. Also if total leverage, including convertible debt, remains above 6.5x, Moody's could consider a lower rating. Conversely, an upgrade could occur if SI Group sustains total leverage, including convertible debt, below 5.0x, delivers consistent revenue and free cash flow growth, and if the sponsors demonstrate a commitment to more conservative financial policies. LIQUIDITY ANALYSIS SI Group's liquidity is adequate, including a total of about $160 million of balance sheet cash and availability under its $218 million revolver as of December 31, 2025, which should be sufficient to cover company's cash needs in the next 12 months. STRUCTURAL CONSIDERATIONS SI Group's debt capital structure includes a B1-rated $218 million first-lien revolving credit facility maturing in August 2028. The one-notch uplift from the CFR reflects its senior priority within the capital structure relative to other non-debt liabilities. The facility is subject to a maximum leverage covenant of 2.5x on revolver drawings, and Moody's expects the company to remain in compliance. Additionally, SI Group's ultimate holding company, SK Mohawk Holdings, SCS, has issued a new $165 million convertible term loan rated Caa1, two notches below the corporate family rating (CFR). Because SI Group's CFR applies at the operating company (OpCo) restricted group level, the holding company (HoldCo) debt sits outside the corporate family and is supported solely by its equity interest in the OpCo. Moody's views the convertible debt at the HoldCo akin to preferred stock with the structural subordination to the obligations at Polar US Borrower. The convertible term loan also does not include any financial maintenance covenants. ESG CONSIDERATIONS The revision of SI Group's CIS score to 4 from 5 reflects the corresponding improvement in its governance IPS to 4 from 5, driven by the improved yet still weak leverage metrics and the continued negative free cash flow following the exchange and recapitalization transaction. The environmental and social IPS scores remain unchanged, reflecting the company's exposure to physical climate risks at its Gulf Coast facilities and the inherent health and safety risks associated with chemical manufacturing. SI Group manufactures performance additives and specialty chemicals used in polymers, rubber, lubricants, fuels, adhesives, surfactants, and other chemical applications, serving a diverse set of end markets including automotive, construction, and energy. The company generated revenue of approximately $1.4 billion for the last twelve months ended September 30, 2025. Following the December 2025 exchange and recapitalization transaction, SI Group is now majority owned by a group of investors. The principal methodology used in these ratings was Chemicals published in October 2023. 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. PRO MACH: S&P Affirms 'B' ICR on Incremental Add-On, Outlook Stable ------------------------------------------------------------------- S&P Global Ratings affirmed all its ratings on processing and packaging machinery manufacturer and aftermarket products and services provider Pro Mach Group Inc., including its 'B' issuer credit rating and 'B' issue-level rating on its first-lien credit facilities. The '3' recovery rating is unchanged. The stable outlook reflects S&P's view that Pro Mach will maintain S&P Global Ratings-adjusted leverage below 7x during the next 12 months even as it pursues modest tuck-in acquisitions. Pro Mach Group Inc.'s incremental $350 million first-lien term loan add-on will increase its leverage, but in line with S&P's expectations. S&P said, "We continue to believe Pro Mach's S&P Global Ratings-adjusted debt-leverage will settle at about 5x. We expect EBITDA expansion will drive deleveraging as the company successfully integrates its acquired targets. Nonetheless, we believe Pro Mach's use of debt to fund its growth by acquisition strategy and shareholder returns will keep leverage in the 5x-6x range through the cycle--in line with our 'B' issuer credit rating. "The incremental $350 million add-on first-lien term loan will increase leverage to the mid-5x area. This is in line with other 'B' rated peers. Our expectation for pro forma leverage in the mid-5x area provides adequate cushion under the current rating. Given the company's financial-sponsor ownership, we do not net balance sheet cash against outstanding debt. "Solid end-market tailwinds support stable demand in 2026. We believe favorable dynamics in the food and beverage end markets will continue in 2026. Similarly, there is less uncertainty around U.S. trade policy in our view, supporting improving capital investments for food and beverage manufacturers. As such, we expect new equipment volume to improve across the fiscal year following a lull in 2025. Together, these factors should drive organic earnings expansion. Full-year contributions from recently concluded merger and acquisition (M&A) activities should also support favorable top-line revenue and earnings growth across the next 12 months. "Free cash flow generation will remain healthy across 2026. Pro forma for the transaction, we expect Pro Mach will continue to generate meaningful cash surplus--driven by continued strong operating performance. Its business model requires modest capital expenditure (capex) of roughly 2% of annual revenues, and our base-case forecast contemplates modest working capital outflows due to high (above 50%) aftermarket mix. We expect cash interest expense of approximately $160 million in 2026, given our view of lower benchmark rates relative to 2025 levels. "We continue to believe the company's free operating (FOCF) to debt will be in the high-single-digit percent area during normal cycles and in the mid- to low-single-digit percent area during weaker cycles, mainly because of increased working capital needs to support higher aftermarket mix. "Pro Mach continues to develop its aftermarket capabilities. The acquisition of AmHolt in the first quarter of 2026--using a combination of internally generated cash and revolver draw--improves the company's recurring revenue to new equipment revenue mix. We anticipate equal revenue contributions (50%-50% proportion) during periods of normal demand and slightly higher aftermarket mix during softer demand periods. We continue to view Pro Mach's strong aftermarket presence as a credit positive and this is reflected in our assessment of the company's overall competitiveness. AmHolt is a supplier of aftermarket parts for food and beverage processing and packaging equipment. This acquisition adds three brands--American Holt, DMA Solution, and Pride Engineering--to Pro Mach's portfolio of brands. "The stable outlook on Pro Mach reflects our view that its S&P Global Ratings-adjusted leverage will remain below 7x over the next 12 months, even as the company pursues growth by acquisition." S&P could lower its rating on Pro Mach if: -- S&P Global Ratings-adjusted leverage increases above 7x and remains there without clear prospects for improvements; or -- The company records consistent FOCF deficits. While unlikely over the next 12 months, S&P could raise its rating on Pro Mach if: -- S&P Global Ratings-adjusted leverage improves below 5x; and -- Its owners commit to maintaining such leverage, including while pursuing M&A and shareholder returns. RACHE REALTY: Chapter 11 Plan Due on May 21 ------------------------------------------- On January 21, 2026, Rache Realty LLC filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Eastern District of New York. According to court filings, the debtor reports between $1 million and $10 million in debt owed to 1–49 creditors. The deadline to submit the Chapter 11 plan is on May 21, 2026. About Rache Realty LLC Rache Realty LLC is a real estate company that holds and manages property interests in New York. Rache Realty LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 26-40288) on January 21, 2026. In its petition, the debtor reports estimated assets and estimated liabilities in the range of $1 million to $10 million. The case is assigned to Honorable Bankruptcy Judge Jil Mazer-Marino. The debtor is represented by Kevin J. Nash, Esq. of Goldberg Weprin Finkel Goldstein LLP. RESULTS PLUS: Jerrett McConnell Named Subchapter V Trustee ---------------------------------------------------------- The Acting U.S. Trustee for Region 21 appointed Jerrett McConnell, Esq., at McConnell Law Group, P.A. as Subchapter V trustee for Results Plus Partners, LLC. Mr. McConnell will be paid an hourly fee of $400 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. McConnell declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Jerrett M. McConnell, Esq. McConnell Law Group, P.A. 6100 Greenland Rd., Unit 603 Jacksonville, FL 32258 Phone: (904) 570-9180 info@mcconnelllawgroup.com About Results Plus Partners LLC Results Plus Partners, LLC is a business consulting and professional services firm. Results Plus Partners filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 26-00115) on January 13, 2026. In its petition, the Debtor listed between $100,001 to $500,000 in assets and liabilities. Judge Jacob A. Brown presides over the case. RINCHEM COMPANY: Moody's Cuts CFR to Ca & Alters Outlook to Stable ------------------------------------------------------------------ Moody's Ratings has downgraded Rinchem Company, LLC's ("Rinchem") Corporate Family Rating to Ca from Caa1, Probability of Default Rating to Ca-PD from Caa1-PD and the ratings on the company's senior secured first lien term loan B, senior secured first lien term loan, and senior secured first lien revolving credit facility to Ca from Caa1. The outlook has been changed to stable from negative. RATINGS RATIONALE The rating downgrade reflects Rinchem's weak earnings, high debt leverage, inadequate liquidity and a deterioration in the expected recovery rate on its outstanding debt. The company continues to face business challenges, as the semiconductor market outside of the high end AI chips remains in a weak state and one of its major customers is restructuring business and delaying new growth projects. Adjusted debt/EBITDA exceeded 10x based on Moody's calculations including lease adjustments and excluding expected cost savings and new contracts. Rinchem's EBITDA was insufficient to cover interest payments and capital expenditures. This has resulted in a deterioration in its liquidity profile and an acceleration in financial restructuring. The Ca rating on the first lien credit facilities reflects the expected low recovery on the company's $343 million outstanding debt. The stable outlook reflects Moody's expectations that the company will complete a financial restructuring to reduce debt and improve liquidity. ESG CONSIDERATIONS Rinchem's credit impact score of CIS-5 mainly reflects the very high corporate governance risks including a financial restructuring. Limited financial disclosure as a private company also weighs on governance score. The company faces environmental and social risks such as the handling of hazardous specialty chemicals and gases in its warehouses and during transportation. The construction of new chip factories in the US signals long-term growth potential; however, more sophisticated risk management is required given the company's relatively small scale, business concentration among a few large semiconductor clients, and its expansion of warehouse and logistics operations. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Moody's could downgrade the ratings, if the company's liquidity deteriorates. Failure to grow its earnings, stem cash consumption and lower debt leverage could also result in a downgrade. Moody's could upgrade the ratings, if the company improves earnings and cash flow generation, and reduces its debt leverage. A larger business scale, broader customer base and business diversity would also be supportive to the ratings. Rinchem is a specialized supply chain solutions provider to semiconductor manufacturing, pharmaceuticals and biotechnology. It warehouses and transports high-value, high purity chemicals and specialty gases for the complex semiconductor manufacturing process. The company is owned by investment vehicles affiliated with Stonepeak Infrastructure Partners. The principal methodology used in these ratings was Chemicals published in October 2023. The Ca rating is two notches below the Caa2 scorecard indicated outcome. The two notch-differential reflects Rinchem's high debt-leverage, inadequate liquidity position, and deteriorating recovery rate on its outstanding debt. RIVULET ENTERTAINMENT: Posts $966,090 Net Loss in Q1 2026 --------------------------------------------------------- Rivulet Entertainment, Inc. filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q for the quarterly period ending September 30, 2025. Liquidity and Capital Resources: The Company had notes payable, which were used to fund its film production, totaling approximately $20 million as of September 30, 2025. Further, the Company still has a $3.5 million outstanding balance to Rivulet Media, inc. stemming from the merger transaction. The Company will incur significant capital costs as it continues to produce feature length films. In order to continue to produce films, the Company will need to raise funds through additional borrowings until such time as our operating revenues from the sale of films are sufficient to meet its cost structure, and ultimately provide profitable operations. There is no assurance the Company will be successful in raising additional capital or achieving profitable operations. Going Concern: The Company had cash of $41,724 as of September 30, 2025, negative working capital of approximately $25 million and accumulated deficit of approximately $11.9 million. Further, during the three months ended September 30, 2025, the Company incurred a net loss of $966,090, compared to a net loss of $603,364 for the same period in 2024, and cash flow provided by operations of $937,703 for the three months ended September 30, 2025. As such, the Company concluded that there is substantial doubt about its ability to continue as a going concern. Management efforts: The Company hopes to mitigate the conditions or events that raise substantial doubt about its ability to continue as a going concern through its future sales of movie rights and future capital raises. A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/2wbmchen About Rivulet Entertainment Rivulet Entertainment, Inc. is an independent studio engaged in the production, distribution and marketing of star driven commercial feature-length films, television series and mini-series, and television movies, from initial creative development through principal photography, postproduction, distribution and ancillary sales. The Company also provides music production. As of September 30, 2025, the Company had $18,338,415 in total assets, $25,805,778 in total liabilities, and $7,467,363 in total shareholders' deficit. Tampa, Fla.-based Victor Astra Audit & Advisory, LLC, the Company's auditor since 2024, issued a "going concern" qualification in its report dated October 15, 2025, attached to the Company's Annual Report on Form 10-K for the year ended June 30, 2025, citing that the Company has incurred net losses and negative cash flow from operations. These factors raise substantial doubt about the Company's ability to continue as a going concern. RUBICON MECHANICAL: Gets Final OK to Use Cash Collateral -------------------------------------------------------- The U.S. Bankruptcy Court for the District of Nevada entered a final order granting Rubicon Mechanical, LLC approval to use the cash collateral of secured creditors, Itria Ventures, LLC and Fundbox. Under the final order, the Debtor is authorized to use cash collateral to fund operations in accordance with its budget, with flexibility to spend up to 115% of each budget line item. The order expressly preserves the Debtor's rights to contest the validity, extent, or enforceability of any party's alleged interest in the cash collateral, notwithstanding the approval of its use. A copy of the final order and the Debtor's budget is available at https://shorturl.at/qfLEb from PacerMonitor.com. Prior to its Chapter 11 filing, Rubicon took out merchant cash advance loans from Fundbox and Itria, which may be secured by its financial assets, including cash. This cash constitutes the secured creditors' cash collateral. The Debtor believes that both creditors are adequately protected by virtue of the following: (i) the creditors' cash collateral will be used to maintain and operate the business; (ii) the value of the creditors' collateral is not decreasing; and (iii) the creditors will have a replacement lien on any post-petition cash. About Rubicon Mechanical LLC Rubicon Mechanical, LLC operates a diesel mechanic business in Winnemucca focused on servicing mining vehicles and equipment. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Nev. Case No. 25-51188) on December 16, 2025. In the petition signed by Brownen Anderson, manager, the Debtor disclosed up to $500,000 in assets and up to $1 million in liabilities. Judge Hilary L. Barnes oversees the case. Kevin A. Darby, Esq., at Darby Law Practice Ltd, represents the Debtor as legal counsel. RUNITONETIME LLC: Union Can't Challenge Sale of PokerCo Assets -------------------------------------------------------------- Judge Alfredo R. Perez of the U.S. Bankruptcy Court for the Southern District of Texas denied the motion of International Brotherhood of Teamsters, Local 117 for reconsideration of the Court's Order approving the sale of the PokerCo assets free and clear of liens, claims, interests, and encumbrances. The "PokerCo" assets refers to the Washington card rooms commonly known as Aces Poker Lakewood, Aces Poker Mountlake Terrace, Caribbean Casino and Caribbean Cardroom. As of the petition date, the Debtors have approximately 2,900 employees and 1,250 of those employees are represented by the Teamsters Local Union Nos. 38, 117, 750 and 839. Further, approximately 350 workers are currently employed at the PokerCo facilities and of that number, approximately 220 employees are unionized employees represented by Local 117. The Debtors' relationship with Local 117 is reflected in a collective bargaining agreement that ends February 28, 2027. On September 19, 2025, the Debtors held an auction for the PokerCo assets, and Maverick Gaming LLC was determined to have been the successful bidder with a bid of $28 million in total cash and non-cash consideration. On September 24, 2025, the Court held the sale hearing for the PokerCo assets. At the conclusion of the hearing, the Court entered an order approving the PokerCo sale. On October 8, 2025, Local 117 filed their Motion for Reconsideration. Local 117 alleges it did not object to the sale because it did not know the Debtors and Maverick Gaming were seeking a determination on successorship at the sale hearing. Local 117 seeks the Court's reconsideration of the Sale Order, and that in doing so, it strike Paragraph I of the Order. Local 117 argues that the Sale Order contained clear errors of law. In its motion, it first contends the Court exceeded its jurisdiction by ruling on successorship under the National Labor Relations Act. Local 117 further alleges that the Court erred in finding that Maverick Gaming is not an alter ego of the Debtors because it did not conduct a factual analysis. Lastly, Local 117 argues that denying its motion would cause manifest injustice because it would contravene public policy and 11 U.S.C. Sec. 1113. The Debtors and Maverick Gaming object to Local 117's Motion. The Debtors and Maverick Gaming argue Local 117 waived its ability to object because it received sufficient notice of the sale and hearing. The Court finds it has jurisdiction in this proceeding as it is a core proceeding which the Court can consider under 28 U.S.C. Secs. 157(b)(2)(A) and (N). Given that the Court had authority to approve the sale of the PokerCo assets and enter the Sale Order, the question then becomes whether the Court had authority to approve the sale free and clear of successor liability. The Court finds that it has jurisdiction to approve a Sale Order free and clear of successor liability as it did in this case. The Court's determination that Maverick Gaming is not an "alter-ego" or "successor in interest" of the Debtors or their estate -- and that the sale is "free and clear" of such claims -- is permitted under Sec. 363. Because the Court granted a substantive right provided by the Bankruptcy Code under Sec. 363(f), the Court finds that it had jurisdiction to approve the sale "free and clear of any interest in such property." Therefore, the Sale Order did not contain a clear error of law. Further, because the Union had notice and an opportunity to object, denying the motion will not result in a manifest injustice. Because there is no basis to grant such "extraordinary" relief, the Union's Motion for Reconsideration is denied. A copy of the Court's Memorandum Opinion dated January 26, 2026, is available at https://urlcurt.com/u?l=lmyqaR from PacerMonitor.com. About RunItOneTime LLC RunItOneTime LLC, formerly known as Maverick Gaming LLC, headquartered in Kirkland, Washington, is a regional casino and cardroom operator across Washington State, Nevada, and Colorado. The company operates a portfolio of 31 properties, with 1,800 slot machines, 350 table games, 1,020 hotel rooms, and 30 restaurants. Maverick was founded in 2017 by Eric Persson and Justin Beltram, who hold over 70% ownership in the company. RunItOneTime LLC and 67 affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-90191) on July 14, 2025. In its petition, RunItOneTime estimated assets and liabilities between $100 million and $500 million each. Judge Alfredo R. Perez oversees the cases. The Debtors tapped Latham & Watkins LLP as counsel; and Hunton Andrews Kurth LLP, as bankruptcy co-counsel. The Debtors also engaged GLC Advisors & Co., LLC and GLC Securities, LLC, as investment banker, and Triple P TRS, LLC as financial advisor. The Debtors' tax advisor is KPMG LLP. SAKS GLOBAL: GoldenTree Commits $200MM Chapter 11 Rescue Loan ------------------------------------------------------------- Reshmi Basu of Bloomberg News reports that GoldenTree Asset Management plans to buy a significant slice of Saks Global Enterprises' $1 billion bankruptcy loan, signaling confidence that the storied department store operator can survive its Chapter 11 restructuring. The firm, led by founder Steve Tananbaum, has committed about $200 million to the debtor-in-possession financing, people familiar with the transaction said. The loan sits at the top of the repayment hierarchy and is expected to be finalized in the coming days as court approvals progress. GoldenTree's participation highlights renewed appetite among hedge funds and alternative asset managers for high-priority bankruptcy lending, particularly where lenders see a viable turnaround. Saks is using the financing to maintain operations while negotiating with creditors and reassessing its business strategy, the report relays. About Saks Global Enterprises LLC Saks Global is the largest multi-brand luxury retailer in the world, comprising Saks Fifth Avenue, Neiman Marcus, Bergdorf Goodman, Saks OFF 5TH, Last Call and Horchow. Its retail portfolio includes 70 full-line luxury locations, additional off-price locations and five distinct e-commerce experiences. With talented colleagues focused on delivering on our strategic vision, The Art of You, Saks Global is redefining luxury shopping by offering each customer a personalized experience that is unmistakably their own. By leveraging the most comprehensive luxury customer data platform in North America, cutting-edge technology, and strong partnerships with the world's most esteemed brands, Saks Global is shaping the future of luxury retail. Saks Global Properties & Investments includes Saks Fifth Avenue and Neiman Marcus flagship properties and represents nearly 13 million square feet of prime U.S. real estate holdings and investments in luxury markets. On Jan. 13, 2026, and Jan. 14, 2026, Saks Global Enterprises LLC and 112 affiliated debtors filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 26-90103). The jointly administered cases are pending before the Honorable Alfredo R. Perez. Willkie Farr & Gallagher LLP and Haynes and Boone, LLP are serving as legal counsel, PJT Partners LP is serving as investment banker, Berkeley Research Group is serving as financial advisor, and C Street Advisory Group is serving as strategic communications advisor to the Company. Stretto is the claim agent. Paul, Weiss, Rifkind, Wharton & Garrison LLP is serving as legal counsel, Lazard Freres & Co, LLC is serving as investment banker, FTI Consulting, Inc. is serving as financial advisor, and Kekst CNC is serving as a strategic communications advisor to the Ad Hoc Group. SAKS GLOBAL: Klestadt Winters Represents Consignor Creditors ------------------------------------------------------------ In the Chapter 11 bankruptcy cases of Saks Global Enterprises LLC, and its debtor-affiliates, Klestadt Winters Jureller Southard & Stevens, LLP filed with the United States Bankruptcy Court for the Southern District of Texas, Houston Division, a Verified Statement pursuant to Bankruptcy Rule 2019. According to the Verified Statement, Klestadt currently represents the following creditors and parties-in-interest in the Chapter 11 cases of Saks Global Enterprises, et al.: (a) B.H. Multi Com Corp. 15 West 46th St, 6th Fl New York, NY 10036 B.H. Multi Com is a creditor of one or more of the Debtors and a consignor of certain consigned goods. B.H. Multi Com holds pre- and post-petition claims against the Debtors in an aggregate amount of not less than $6,656,812.00. Moreover, B.H. Multi Com believes the Debtors currently remain in possession of consigned merchandise with an aggregate consignment price of approximately $11,147,120.00. (b) B.H. Multi Color Corp. 15 West 46th St, 6th Fl New York, NY 10036 B.H. Multi Color is a creditor of one or more of the Debtors and a consignor of certain consigned goods. B.H. Multi Color holds pre- and post-petition claims against the Debtors in an aggregate amount of not less than $2,259,097.00. Moreover, B.H. Multi Color believes that the Debtors currently remain in possession of consigned merchandise with an aggregate consignment price of approximately $4,933,645.00. (c) Richline Group, Inc. 1385 Broadway, 12th Floor New York, NY 10018 Richline is a creditor of one or more of the Debtors and a consignor of certain consigned goods. It holds pre- and post-petition claims against the Debtors in an aggregate amount of not less than $6,066,392.00, inclusive of claims related to consignment merchandise currently at the Debtors. (d) Unique Designs, Inc. 425 Meadowlands Parkway Seacaucus, NJ 07094 Unique Designs is a creditor of one or more of the Debtors and a consignor of certain consigned goods. It holds pre- and post-petition claims against the Debtors in an aggregate amount of not less than $7,100,000.00. Claims related to consignment merchandise currently total approximately $15 million. (e) Zwilling J.A. Henckels LLC 270 Marble Avenue Pleasantville, NY 10570 Zwilling is a creditor of one or more of the Debtors. It holds pre-petition claims against the Debtors in an aggregate amount of not less than approximately $2 million. The amounts are estimates based on currently available information and subject to further reconciliation. According to the Verified Statement, Klestadt has been asked by B.H. Multi Com, B.H. Multi Color, Richline, Unique Designs, and Zwilling to provide legal representation in the Chapter 11 Cases. Klestadt does not presently own, nor has it previously owned, any claims against, or interests in, the Debtors. Klestadt says nothing contained in this Statement is intended or should be construed to constitute: (a) a waiver or release of any claims filed or to be filed against the Debtors held by B.H. Multi Com, B.H. Multi Color, Richline, Unique Designs, and Zwilling or (b) an admission with respect to any fact or legal theory. Nothing herein should be construed as a limitation upon, or waiver of, any rights of B.H. Multi Com, B.H. Multi Color, Richline, Unique Designs, and Zwilling to assert, file and/or amend any proof of claim in accordance with applicable law and any orders entered in the Chapter 11 Cases. Klestadt reserves the right to revise, supplement and/or amend this verified statement as may be appropriate or necessary. Counsel to B.H. Multi Com, B.H. Multi Color, Richline, Unique Designs, and Zwilling: Kevin B. Collins, Esq. Ian R. Winters, Esq. Brendan M. Scott, Esq. Stephanie R. Sweeney, Esq. Kevin B. Collins, Esq. KLESTADT WINTERS JURELLER SOUTHARD & STEVENS, LLP 200 West 41st Street, 17th Floor New York, NY 10036-7023 Tel: (212) 972-3000 Fax: (212) 972-2245 Email: iwinters@klestadt.com bscott@klestadt.com ssweeney@klestadt.com kcollins@klestadt.com About Saks Global Enterprises LLC Saks Global Enterprises LLC Saks Global is the largest multi-brand luxury retailer in the world, comprising Saks Fifth Avenue, Neiman Marcus, Bergdorf Goodman, Saks OFF 5TH, Last Call and Horchow. Its retail portfolio includes 70 full-line luxury locations, additional off-price locations and five distinct e-commerce experiences. With talented colleagues focused on delivering on our strategic vision, The Art of You, Saks Global is redefining luxury shopping by offering each customer a personalized experience that is unmistakably their own. By leveraging the most comprehensive luxury customer data platform in North America, cutting-edge technology, and strong partnerships with the world's most esteemed brands, Saks Global is shaping the future of luxury retail. Saks Global Properties & Investments includes Saks Fifth Avenue and Neiman Marcus flagship properties and represents nearly 13 million square feet of prime U.S. real estate holdings and investments in luxury markets. On Jan. 13, 2026, and Jan. 14, 2026, Saks Global Enterprises LLC and 112 affiliated debtors filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 26-90103). The jointly administered cases are pending before the Honorable Alfredo R. Perez. Willkie Farr & Gallagher LLP and Haynes and Boone, LLP are serving as legal counsel, PJT Partners LP is serving as investment banker, Berkeley Research Group is serving as financial advisor, and C Street Advisory Group is serving as strategic communications advisor to the Company. Stretto is the claim agent. Paul, Weiss, Rifkind, Wharton & Garrison LLP is serving as legal counsel, Lazard Freres & Co, LLC is serving as investment banker, FTI Consulting, Inc. is serving as financial advisor, and Kekst CNC is serving as a strategic communications advisor to the Ad Hoc Group. SANTA PAULA: To Sell Ventura Property to Fremont HGS for $1.45MM ---------------------------------------------------------------- Santa Paula Hay & Grain and Ranches seeks approval from the U.S. Bankruptcy Court for the Central District of California, Northern Division, to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor's Property is located at 0 Stockton Road, Moorpark, Ventura, CA 93021. The Debtor is an agricultural producer whose principal office is in Fillmore, California. The Debtor's plan to emerge from the bankruptcy is to sell some of its land and personal property assets in sales and fund a plan with recoveries from pending litigation. The Debtor has found a buyer for the Property by Fremont HGS LLC with the purchase price of $1,450,000. The prompt sale of the Property is necessary to allow to maximize the value of Property, and to facilitate a prompt reorganization by Debtor, as well as provide the Debtor the needed funds to pay some of its secured creditors and starting reducing its liabilities. The Debtor asserts that the best means for it to obtain the most favorable recovery from the Sale of the Property is to present Buyer as the initial offer to purchase and then allow overbidding for the Property at a hearing on the Motion to Sell. The Debtor believes that the Court's approval of the sale is in the best interest of the Debtor's creditors. The offer to purchase the Property made by Buyer represents the highest or otherwise best offer received by the Debtor. The Debtor will continue to market the Sale of the Property with Gwyn Goodman Realty Inc. as the broker. The broker has actively listed the Property for sale since September 16, 2023. Since that time, the Broker and Debtor have reduced the listing price for the Property multiple times. There has been interest in the Property, but no reasonable offers until Buyer made the current offer. The offer to purchase the Property by Buyer is subject to a higher and better offer being made at the hearing on the Motion by any other party wishing to purchase the Property. The Buyer has deposited $40,950 with escrow. The purchase of the Property includes all water rights and allocations associated with WMID holder 1125, per the judgment and the wind machines and diesel tanks on the Property. The Buyer takes the position that the wind machines and diesel tanks are fixtures on the Property. The wind machines and diesel tanks on the Property have no liens attached to them, so Debtor does not dispute the characterization for purpose of the Motion. The Debtor has the right to harvest and sell all crops produced by the Property until the close of escrow. The Debtor also seeks authorization for the distribution of the sales proceeds to Ventura County Treasurer and Tax Collector, Gwyn Goodman Realty Inc., Fuller Falls Mutual Water Company, Community West Bank, Employment Development Department, and Internal Revenue Service. About Santa Paula Hay & Grain and Ranches Santa Paula Hay & Grain and Ranches specializes in providing a variety of hay and grain products to meet the needs of farmers and animal owners. The Company offers high-quality feed options for livestock and pets. Santa Paula Hay & Grain and Ranches sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-10314) on March 12, 2025. In its petition, the Debtor reports estimated assets between $100 million and $500 million and between $10 million and $50 million. Honorable Bankruptcy Judge Ronald A. Clifford III handles the case. The Debtor is represented by Reed Olmstead, Esq. SCOOTER'S TRUCKING: Case Summary & 15 Unsecured Creditors --------------------------------------------------------- Debtor: Scooter's Trucking Services, Inc. 3506 Bruton Road Plant City, FL 33565 Business Description: Scooter's Trucking Services Inc, a Florida- based corporation in Plant City, operates in the trucking and freight transportation industry. Chapter 11 Petition Date: January 27, 2026 Court: United States Bankruptcy Court Middle District of Florida Case No.: 26-00510 Debtor's Counsel: Scott W. Spradley, Esq. THE LAW OFFICES OF SCOTT W. SPRADLEY P.O. Box 1 301 S. Central Avenue Flagler Beach, FL 32136 Tel: 386-693-4935 Email: scott@flaglerbeachlaw.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Scott Donaldson as president. A full-text copy of the petition, which includes a list of the Debtor's 15 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/WPOTTGQ/Scooters_Trucking_Services_Inc__flmbke-26-00510__0001.0.pdf?mcid=tGE4TAMA SELECTIS HEALTH: Closes $13.2MM Sale of Two Ga. Nursing Facilities ------------------------------------------------------------------ Selectis Health, Inc. disclosed in a regulatory filing that its wholly-owned subsidiaries, ATL/WARR, LLC and PROVIDENCE HR, LLC, each a Georgia limited liability company, consummated a definitive Purchase and Sale Agreement with GA SNF SPARTA GA, LLC and GA SNF WARRENTON GA, LLC, both limited liability companies. Pursuant to the PSA, each Seller agreed to sell substantially all of the real and personal property owned by each, namely the skilled nursing facilities located at: (i) 60 Providence Street, Sparta, Georgia, 31087, upon which is located that certain 71-bed skilled nursing facility commonly known as "Providence of Sparta Health and Rehabilitation", and (ii) 813 Atlanta Highway, Warrenton, Georgia, 30828, upon which is located that certain 110-bed skilled nursing facility commonly known as "Warrenton Health and Rehabilitation". The purchase price to be paid by Purchaser for the two Facilities under the PSA. was an aggregate of $13.175 million, subject to certain prorations, holdbacks and adjustments customary in transactions of this nature. The Purchaser had a balance of $1.3 million of escrow established at closing, which may be released to Sellers in the future unless Purchaser asserts claims for indemnity under the PSA. The Sellers retained the right to pursue and collect amounts from tenants relating to pre-closing periods (including amounts relating to pre-closing periods that have been deferred and are to be repaid by tenants sometime after the closing date). Shortly after closing, the Company used a substantial portion of the net proceeds to pay in full certain transaction costs, an existing facility mortgage, existing note obligations, an existing contractual obligation and other miscellaneous expenses. The Company expects to use the balance for working capital. Concurrently with the consummation of the PSA, the controlled lease operators of the Facilities consummated an Operations Transfer Agreement with controlled subsidiaries of the Purchasers under which all assets and operations of Old Operators were transferred to New Operators. No additional or separate consideration was paid by New Operators for the assets and operations so assigned. A full text copy of the unaudited pro forma condensed consolidated financial information of the Company, together with the related notes thereto, giving effect to the consummation of the Disposition, the repayment of the mortgage loan using a portion of the net proceeds received in connection with the Disposition and the return of a previously received deposit on the assets sold, is available at https://tinyurl.com/2mwcxbpp About Selectis Health Headquartered in Greenwood Village, Colo., Selectis Health, Inc. owns and operates, through wholly-owned subsidiaries, Assisted Living Facilities, Independent Living Facilities, and Skilled Nursing Facilities across the South and Southeastern portions of the US. In 2019, the Company shifted from leasing long-term care facilities to third-party, independent operators towards an owner operator model. New York, N.Y.-based WithumSmith+Brown, PC, the Company's auditor since 2024, issued a "going concern" qualification in its report dated April 15, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has a significant working capital deficiency, has incurred significant losses from operations, has accumulated deficits and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of September 30, 2025, the Company had $33.3 million in total assets, $38.9 million in total liabilities, and a total stockholders' deficit of $5.6 million. SHAMARI HAIR: Todd Hennings Named Subchapter V Trustee ------------------------------------------------------ The Acting U.S. Trustee for Region 21 appointed Todd Hennings, Esq., at Macey, Wilensky & Hennings, LLP as Subchapter V trustee for Shamari Hair Salon, Inc. Mr. Hennings will be paid an hourly fee of $450 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Hennings declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Todd E. Hennings, Esq. Macey, Wilensky & Hennings, LLP 5500 Interstate North Parkway, Suite 435 Sandy Springs, GA 30328 Phone: (404) 584-1222 Email: info@joneswalden.com About Shamari Hair Salon Inc. Shamari Hair Salon, Inc. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Ga. Case No. 26-50753) on January 18, 2026, listing up to $50,000 in assets and between $50,001 and $100,000 in liabilities. Judge Jonathan W. Jordan presides over the case. Paul Reece Marr, Esq., at Paul Reece Marr, PC represents the Debtor as legal counsel. SHANNON WIND: Seeks Chapter 11 Bankruptcy in Texas -------------------------------------------------- A wind farm operator in North Texas has sought Chapter 11 bankruptcy protection, citing roughly $108 million in debt and a long‑running dispute with a hedging partner that dates back to the February 2021 winter storm. According to the filing, the severe weather event upended the farm’s production and hedging results, setting off financial disagreements with its contractual counterparty. The hedging partner later installed new leadership at the company as part of efforts to address the fallout from their conflict, the Chapter 11 petition states. The bankruptcy filing is aimed at enabling the wind farm owner to restructure its debts while contending with the lingering effects of that dispute on its business. About Shannon Wind, LLC Shannon Wind LLC develops and owns the Shannon Wind project, a utility-scale wind farm in Clay County, Texas, generating approximately 204 megawatts of electricity from wind turbines. The Company manages construction, commercial operations, and overall project oversight for the renewable energy facility. Shannon Wind, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex.Case No. 26-90124) on January 25, 2026. In its petition, the Debtor reports estimated assets and liabilities between $100 million and $500 million. Honorable Bankruptcy Judge Alfredo R. Perez handles the case. The Debtor is represented by Jarrod B. Martin, Esq. of BRADLEY ARANT BOULT CUMMINGS LLP. The Debtor's financial advisor is ACCORDION PARTNERS, LLC, its investment banker is NOMURA SECURITIES INTERNATIONAL, INC., its valuator is KPMG LLP. The Debtor's notices, claims, solicitation and balloting agent and administrative advisor is KURTZMAN CARSON CONSULTANTS, LLC d/b/a VERITA GLOBAL. SMILEDIRECTCLUB INC: Founders Want Bankruptcy Trustee Suit Tossed ----------------------------------------------------------------- Randi Love of Bloomberg Law reports that shuttered dental alignment company SmileDirectClub Inc.’s founders and senior executives asked a bankruptcy court to dismiss a lawsuit brought by the company's liquidating trustee, arguing that many of the claims are untimely or legally deficient. In a motion filed Monday, January 26, 2026, the defendants said the complaint relies on generalized accusations rather than specific facts showing that any officer or director breached fiduciary duties. The filing criticizes the trustee's allegations as a collection of vague assertions that fail to meet pleading standards. Liquidating trustee Allison Byman has accused founders JORDAN KATZMAN and ALEX FENKELL, along with CEO DAVID KATZMAN, of enriching themselves while allegedly downplaying serious medical and regulatory risks tied to SmileDirectClub's orthodontic products ahead of the company's Chapter 11 bankruptcy, the report states. About SmileDirectClub Inc. SmileDirectClub, Inc. (Nasdaq: SDC) -- http://www.SmileDirectClub.com/-- is an oral care company and creator of the first medtech platform for teeth straightening. Through its cutting-edge telehealth technology and vertically integrated model, SmileDirectClub is revolutionizing the oral care industry. Its mission is to democratize access to a smile each and every person loves by making it affordable and convenient for everyone. SmileDirectClub is headquartered in Nashville, Tennessee. SmileDirectClub and its affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Lead Case No. 23-90786) on Sept. 29, 2023. In the petition signed by its chief financial officer, Troy Crawford, SmileDirectClub disclosed $498,712,000 in assets and $1,051,823,000 in liabilities. Judge Christopher M. Lopez oversees the cases. The Debtors tapped Kirkland & Ellis LLP and Kirkland & Ellis International, LLP as general bankruptcy counsel; Jackson Walker, LLP, as local bankruptcy counsel; Centerview Partners, LLC as financial advisor and investment banker; FTI Consulting, Inc., as restructuring advisor; and Kroll Restructuring Administration, LLC, as notice and claims agent. SOLANO HOME: Claims to be Paid from Business Operations ------------------------------------------------------- Solano Home Solutions LLC filed with the U.S. Bankruptcy Court for the Eastern District of California a Disclosure Statement describing Plan of Reorganization dated January 20, 2026. The Debtor is a California Corporation, organized in Thornton, CA, under the leadership of Caroline M. Hegarty, whom is the president and sole 100% shareholder. When the subject property was marketed to Solano Home Solutions, the Seller did not disclose that he had removed so much dirt, which was sold on the market, that a "sink hole" developed and continues to sink and destroy the surrounding land structure, which is the subject of pending state court litigation for "Fraud", in the Superior Court of CA, San Joaquin County. In this instance, after Debtor purchased the Subject Property and started noticing the growing "sink hole" swallowing up the land, by 2020, the Covid Pandemic hit which caused upheaval and severe financial hardship, causing a series of events that caused Solano to fall behind on property taxes in the amount of approximately $165,656.95 ("Pre-petition Taxes"). Based on these Pre-petition Taxes, the secured Creditor, the Benders began foreclosure proceedings of the subject real property asserting arrears of $109,000.00. The Debtor's financial projections show that the Debtor will have an aggregate monthly average cash flow, after paying operating expenses and post-confirmation obligations to pay the secured claims and pay 100% to all creditors. Class 4 consists of General Unsecured Claims. Each holder of a Class 4 Unsecured Claim will be paid monthly dividends beginning July 7, 2026. This Class is impaired. Class 5 consists of Equity Security Holders of the Debtor. Each holder of a Class 5 Claim will be paid in full, in cash, upon the later of the effective date of this Plan, or the date on which such claim is allowed by a final non-appealable order. All equity security holders of the Debtor will retain their security through the duration and completion of the Plan. During the pendency of this case, Debtor's gross operating income averaged approximately $10,087.05 per month with expenses averaging $9,084.50 with an average cash balance of $4,323.70 per month. The Budget provides that Debtor will have sufficient cash flow from business operations to pay the proposed Plan payments and will have a surplus after providing for all payments each month. During this case, Debtor has been making adequate protection payments the Benders. The proposed Plan provides for an increase totaling $10,980.00, of which Debtor will off-set this amount from the increased revenue from the new Air BnB operation. Debtor has streamlined and reduced their costs as well to increase the Gross Sales and to secure sufficient funds as necessary. A full-text copy of the Disclosure Statement dated January 20, 2026 is available at https://urlcurt.com/u?l=sXiejT from PacerMonitor.com at no charge. Counsel to the Debtor: Peter G. Macaluso, Esq. Law Offices of Peter G. Macaluso 7230 South Land Park Drive #127 Sacramento, CA 95831 Telephone: (916) 392-6591 Facsimile: (916) 392-6590 About Solano Home Solutions LLC Solano Home Solutions, LLC is a real estate company classified as a single-asset real estate Debtor. Solano Home Solutions sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Calif. Case No. 25-22931) on June 12, 2025. In its petition, the Debtor reported between $1 million and $10 million in assets and liabilities. Honorable Bankruptcy Judge Christopher D. Jaime handles the case. The Debtor is represented by Peter G. Macaluso, Esq., at the Law Office of Peter G. Macaluso. STOLI GROUP: McGushin Gets OK to Withdraw as Bardstown Counsel -------------------------------------------------------------- Judge Scott W. Everett of the U.S. Bankruptcy Court for the Northern District of Texas granted the Bardstown Bourbon Company's motion for withdrawal of Casey McGushin as its counsel of record in the bankruptcy case of Stoli Group (USA), LLC. The Court finds that the law firms of Gray Reed and Kirkland & Ellis LLP/Kirkland & Ellis International LLP will remain, through other attorneys, as counsel of record in this case. A copy of the Court's Order dated January 26, 2026, is available at https://urlcurt.com/u?l=mnVufw from PacerMonitor.com. Co-Counsel to Bardstown Bourbon Company: Jason S. Brookner, Esq. Aaron M. Kaufman, Esq. Amber M. Carson, Esq. GRAY REED 1601 Elm Street, Suite 4600 Dallas, TX 75201 Telephone: (214) 954-4135 Facsimile: (214) 953-1332 Email: jbrookner@grayreed.com akaufman@grayreed.com -and- acarson@grayreed.com - and - Matthew C. Fagen, Esq. KIRKLAND & ELLIS LLP KIRKLAND & ELLIS INTERNATIONAL LLP 601 Lexington Avenue New York, NY 10022 Telephone: (212) 446-4800 Facsimile: (212) 446-4900 Email: matthew.fagen@kirkland.com About Stoli Group (USA) LLC Stoli Group (USA), LLC is a producer, manager, and distributor of a global portfolio of spirits and wines. Stoli Group (USA) and Kentucky Owl, LLC filed Chapter 11 petitions (Bankr. N.D. Texas Lead Case No. 24-80146) on November 27, 2024. At the time of the filing, Stoli Group (USA) reported $100 million to $500 million in assets and $10 million to $50 million in liabilities while Kentucky Owl reported $50 million to $100 million in assets and $50,000,001 to $100 million in liabilities. Judge Scott W. Everett handles the cases. Holland N. O'Neil, Esq., at Foley & Lardner, LLP is the Debtor's legal counsel. SUPERIOR DEVELOPMENT: Seeks Chapter 7 Bankruptcy in New York ------------------------------------------------------------ On January 23, 2026, Superior Development Group Inc. filed for Chapter 7 protection in the U.S. Bankruptcy Court for the Eastern District of New York. According to court filing, the Debtor reports between $100,001 and $1,000,000 in debt owed to 1–49 creditors. About Superior Development Group Inc. Superior Development Group Inc. is a New York-based company engaged in real estate development and property management activities. Superior Development Group Inc. sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 26-70342) on January 23, 2026. In its petition, the Debtor reports estimated assets of $0–$100,000 and estimated liabilities of $100,001–$1,000,000. Honorable Bankruptcy Judge Alan S. Trust handles the case. TEHUM CARE: Ex-Affiliates, Insiders Missed Settlement Payments -------------------------------------------------------------- James Nani of Bloomberg Law reports that former insiders and related entities of bankrupt prison medical contractor Tehum Care Services Inc., including YESCare CORP., are accused of defaulting on settlement obligations designed to compensate creditors and inmate claimants. The trusts administering those settlements said in a Monday, January 26, 2026, court filing that the insiders failed to make five required monthly payments of $1.5 million, funds earmarked for unsecured creditors and those asserting personal injury and wrongful death claims. The notice was filed in the Southern District of Texas bankruptcy court. The missed payments could trigger a return to active litigation against the former executives and affiliates, exposing them to claims from incarcerated individuals and their families who allege injury or death linked to medical treatment provided while Tehum operated prison health contracts, the report states. About Tehum Care Services Tehum Care Services Inc., doing business as Corizon Health Services Inc., is a privately held prison healthcare contractor in the United States. It is based in Brentwood, Tenn. Tehum Care Services filed a petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Case No. 23-90086) on Feb. 13, 2023. In the petition filed by Russell A. Perry, as chief restructuring officer, the Debtor reported assets between $1 million and $10 million and liabilities between $10 million and $50 million. Judge Christopher M. Lopez oversees the case. The Debtor tapped Gray Reed & McGraw, LLP as bankruptcy counsel; Bradley Arant Boult Cummings, LLP, as special litigation counsel; and Ankura Consulting Group, LLC, as financial advisor. Russell A. Perry, senior managing director at Ankura, serves as the Debtor's chief restructuring officer. Kurtzman Carson Consultants, LLC, is the claims, noticing and solicitation agent. The U.S. Trustee for Region 7 appointed an official committee to represent unsecured creditors in the Debtor's Chapter 11 case. Stinson, LLP and Dundon Advisers, LLC, serve as the committee's legal counsel and financial advisor, respectively. TELESCOPE PROPERTIES: Seeks to Sell Chaplin Property ---------------------------------------------------- Telescope Properties, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Michigan, to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor's Property is located at 16708 Chaplin Ave, Encino, California 91436. The Chaplin Property is one of only two remaining real estate assets of the estate. The Debtor has completed extensive rehabilitation and cosmetic improvements to maximize value, including replacement of the staircase glass enclosure, professional staging, gutter work, garage door replacement, and driveway repairs. The Debtor retains Sandlot Homes/Amanda Lockwood to market the Chaplin Property. The Chaplin Property has been actively marketed since May 7, 2025 through the Multiple Listing Service and other customary channels, and has been shown to numerous prospective purchasers. The Debtor has received multiple offers. The highest current offer is $2,000,000. Based on the Broker’s analysis of recent comparable sales and the property's improved condition, the Debtor believes a minimum sale price of $2,194,000 is achievable and is necessary to ensure full payment of liens and customary closing costs. The Debtor seeks authority to sell the Chaplin Property to the highest and best purchaser for gross consideration of not less than $2,194,000, in an arm's-length transaction, on customary residential real estate terms, and not subject to a financing contingency. Although the Debtor has not yet received an executed purchase agreement at or above the Minimum Price, the Debtor requests advance approval of the Sale at the Minimum Price to eliminate delay once a qualified offer is received. The Debtor continues to incur ongoing carrying costs (including taxes, insurance, utilities, and maintenance) and faces market risk if the closing process is extended. The Debtor will pay ordinary closing costs and all lienholders of record at closing from sale proceeds pursuant to the attached final closing statement and payoff statements. The Debtor's business involves acquiring, rehabilitating, and reselling residential properties, and selling the Chaplin Property is consistent with that business model. The Chaplin Property has been extensively marketed by a court-approved broker, and the Minimum Price is supported by market data and the property’s condition. The Sale will maximize value and facilitate distributions and/or plan confirmation. Any lienholder and other party asserting an interest in the Chaplin Property will be adequately protected because such interests will attach to the sale proceeds in the same validity, extent, and priority as they existed immediately prior to closing, subject to any claims, defenses, and objections the Debtor or other parties in interest may have. The Debtor will only consummate a Sale with a purchaser that negotiates at arm's length and in good faith. About Telescope Properties, LLC The Debtor is a Single Asset Real Estate (as defined in 11 U.S.C. Section 101(51B)). Telescope Properties, LLC in Flint, MI, filed its voluntary petition for Chapter 11 protection (Bankr. E.D. Mich. Case No. 24-30425) on March 6, 2024, listing $1 million to $10 million in assets and $500,000 to $1 million in liabilities. Shabi Jafri as principal, signed the petition. Judge Joel D. Applebaum oversees the case. Robert N. Bassel, Esq. serve as the Debtor's legal counsel. THERAPEUTICS MD: Switches Auditor After CRI Acquires BPB Assets --------------------------------------------------------------- TherapeuticsMD, Inc. disclosed in a regulatory filing that the Audit Committee of the Board of Directors approved the appointment of Carr, Riggs & Ingram, L.L.C. as the Company's independent registered public accounting firm, effective immediately. In connection therewith, Berkowitz Pollack Brant Advisors + CPAs, the Company's prior independent registered public accounting firm, ceased serving as independent registered public accounting firm as a result of a transaction pursuant to which CRI acquired certain assets related to the capital markets practice of BPB. BPB's audit reports on the Company's consolidated financial statements for each of the fiscal years ended December 31, 2024 and December 31, 2023 did not contain an adverse opinion or a disclaimer of opinion, nor was it qualified or modified as to uncertainty, audit scope or accounting principles, except that BPB's reports on the Company's financial statements as of and for the fiscal years ended December 31, 2024 and December 31, 2023 included an explanatory paragraph describing the uncertainty of the Company's ability to continue as a going concern. During the Company's fiscal years ended December 31, 2025 and December 31, 2024 through the date of dismissal: (1) there were no "disagreements" (as defined in Item 304(a)(1)(iv) of Regulation S-K and the related instructions to Item 304) with BPB on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which disagreements, if not resolved to the satisfaction of BPB, would have caused BPB to make reference to the subject matter of such disagreements in connection with its reports on the financial statements for such periods, and (2) there were no "reportable events" (as defined in Item 304(a)(1)(v) of Regulation S-K). The Company provided BPB with a copy of the Report on Form 8-K prior to its filing with the Securities and Exchange Commission and requested that BPB furnish the Company with a letter addressed to the SEC stating whether BPB agrees with the statements made by the Company in this Report and, if not, stating the respects, if any, in which BPB does not agree with such statements. A full text copy of the letter is available at https://tinyurl.com/mw8prhkp During the years ended December 31, 2025 and December 31, 2024 and through the date of their appointment, neither the Company nor anyone acting on its behalf consulted with CRI regarding: (i) the application of accounting principles to a specified transaction, either completed or proposed, or the type of audit opinion that might be rendered on the Company's financial statements, and neither a written report nor oral advice was provided to the Company that CRI concluded was an important factor considered by the Company in reaching a decision as to the accounting, auditing or financial reporting issue; or (ii) any matter that was either the subject of a "disagreement" within the meaning of Item 304(a)(1)(iv) of Regulation S-K and the related instructions to Item 304 or a "reportable event" within the meaning of Item 304(a)(1)(v) of Regulation S-K. About TherapeuticsMD Inc. TherapeuticsMD Inc. was previously a women's healthcare Company with a mission of creating and commercializing innovative products to support the lifespan of women from pregnancy prevention through menopause. In December 2022, the Company changed its business to become a pharmaceutical royalty Company, primarily collecting royalties from its licensees. The Company is no longer engaging in research and development or commercial operations. West Palm Beach, Fla.-based Berkowitz Pollack Brant, Advisors + CPAs, the Company's auditor since 2023, issued a "going concern" qualification in its report dated March 27, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company's recent change in operations and negative cash flow position along with other conditions, raise substantial doubt about the Company's ability to continue as a going concern. As of September 30, 2025, the Company had $38.7 million in total assets, $11.2 million in total liabilities, and $27.4 million in total stockholders' equity. THREEPIECEUS LLC: Gets Extension to Access Cash Collateral ---------------------------------------------------------- Threepieceus, LLC received another extension from the U.S. Bankruptcy Court for the Middle District of Florida, Tampa Division, to use cash collateral. The court issued its fifth interim order authorizing the Debtor to use cash collateral for U.S. trustee quarterly fees and other court-approved payments; the budgeted expenses, plus up to a 10% variance per line item, and additional amounts with approval from secured creditors, effective until further court order. Any spending outside the budget is not automatically deemed unauthorized but may trigger remedies for secured creditors. As adequate protection, U.S. Bank and other secured creditors will receive post-petition replacement liens matching their pre-bankruptcy lien priority. Additionally, U.S. Bank will receive $2,000 in monthly payments starting this month. The fifth interim order required Threepieceus to meet all debtor-in-possession obligations, maintain required insurance, and provide access to business records. The order is available at https://is.gd/Frxojy from PacerMonitor.com. The other secured creditors aside from U.S. Bank are U.S. Bank Equipment Finance and the U.S. Small Business Administration. The Debtor owes U.S. Bank and the SBA $5,000 and $756,984.31, respectively. The Debtor estimates that the collective claims of the secured creditors are secured by $21,598.13 in cash, $16,550.54 in collectible accounts receivables, and $157,415 in inventory. U.S. Bank is represented by: Mark E. Steiner, Esq. Liebler Gonzalez & Portuondo Courthouse Tower - 25th Floor 44 West Flagler Street Miami, FL 33130 Tel: (305) 379-0400 mes@lgplaw.com About Threepieceus LLC Threepieceus, LLC is a Florida-based company that designs and sells custom wheels and automotive accessories, operating an online storenat its Largo headquarters. The Company offers a range of products including rims, wheel and tire packages, and accessories from brands such as Work, CCW, SSR, and Fuel Forged. Threepieceus, LLC sought relief under Chapter 11 of the Bankruptcy Code filed its voluntary petition for Chapter 11 protection (Bankr. M.D. Fla. Case No. 25-07261) on October 1, 2025, listing $270,753 in assets and $1,395,402 in liabilities. Jake Owens, manager, signed the petition. Judge Roberta A. Colton oversees the case. Ford & Semach, P.A. serves as the Debtor's legal counsel. U.S. Bank, N.A., as secured creditor, is represented by: Mark E. Steiner, Esq. Liebler Gonzalez & Portuondo Courthouse Tower - 25th Floor 44 West Flagler Street Miami, FL 33130 Tel: (305) 379-0400 mes@lgplaw.com TONIX PHARMACEUTICALS: BlackRock Holds 6.7% Stake as of Dec. 31 --------------------------------------------------------------- BlackRock, Inc., disclosed in a Schedule 13G (Amendment No. 1) filed with the U.S. Securities and Exchange Commission that as of December 31, 2025, it beneficially owns 854,579 shares of Tonix Pharmaceuticals Holding Corp.'s Common Stock, representing 6.7% of the shares outstanding. BlackRock, Inc. may be reached through: Spencer Fleming, Managing Director 50 Hudson Yards New York, NY 10001 Phone: (212) 810-5800 A full-text copy of BlackRock's SEC report is available at: https://tinyurl.com/art9cvy7 About Tonix Pharmaceuticals Chatham, N.J.-based Tonix Pharmaceuticals Holding Corp., through its wholly owned subsidiary Tonix Pharmaceuticals, Inc., is a fully integrated biopharmaceutical company focused on developing and commercializing therapeutics to treat and prevent human disease and alleviate suffering. As of September 30, 2025, the Company had $252.4 million in total assets, $21.3 million in total liabilities, and $231.1 million in total stockholders' equity. Iselin, N.J.-based EisnerAmper LLP, the Company's auditor since 2023, issued a "going concern" qualification in its report dated March 18, 2025, citing that the Company has continuing losses and negative cash flows from operating activities that raise substantial doubt about its ability to continue as a going concern. TRAXX CONSTRUCTION: Court Extends Cash Collateral Access to Feb. 5 ------------------------------------------------------------------ Traxx Construction, Inc. got the green light from the U.S. Bankruptcy Court for the Central District of California, Los Angeles Division, to use cash collateral. The court approved the Debtor's interim use of cash collateral through February 5, solely to pay expenses necessary to continue business operations and in accordance with its budget. As adequate protection, the Debtor must continue making monthly payments of $6,000 to the U.S. Small Business Administration and grant the agency a replacement lien on post-petition assets, with the same priority as its pre-bankruptcy lien. A final hearing is scheduled for February 5. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/t0srS from PacerMonitor.com. Traxx's assets include three vacant land parcels in Lake Havasu City, Arizona, valued at about $699,000, and roughly $1.23 million in personal property, for total assets of approximately $1.93 million as of the petition date, excluding $2 million in receivables. Meanwhile, secured claims exceed $5.59 million, according to the Debtor's bankruptcy schedules. About Traxx Construction Inc. Traxx Construction Inc. operates in the construction and engineering sector, delivering services for residential, commercial, and industrial projects. Its offerings include project planning, general contracting, site development, and infrastructure construction. Traxx Construction Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-20463) on November 21, 2025. In its petition, the Debtor reports estimated assets and estimated liabilities of $1 million-$10 million each. Judge Julia W. Brand oversees the case. The Debtor is represented by Michael Jay Berger, Esq TURNER PAVING: Unsecureds to Split $178,500 over 5 Years -------------------------------------------------------- Turner Paving & Construction, Inc., submitted a First Amended Plan of Reorganization dated January 20, 2026. The Debtor's income is derived from its ongoing construction operations, which will be used to fund this first amended plan of reorganization. R. Scott Turner, the sole owner and principal of the Debtor, is proposed to remain in this capacity following confirmation of the Plan, and the Debtor is to remain in legal existence. The Debtor's financial projections show that the Debtor will have projected disposable income of $35,700 per year, or $178,500 over five years. The Debtor will deposit the $178,500 in projected disposable income by making monthly payments in accordance with the payment schedule. The payment schedule begins with $2,000 per month on the Effective Date, and this amount will gradually increase to $3,500 (monthly) payments beginning in March 2029 (resulting in an average payment of $2,975 per month over the course of this Plan's payment schedule) (such payments, the "Plan Payments"). The Plan Payments will be paid to Class 3 creditors on a pro rata basis. In no event shall holders of claims be entitled to more than their pro rata share of the Plan Payments. Further, no holder shall be entitled to receive more the total value of their allowed claim, if any, as may be determined by the Court. The final Plan Payment may be made as late as March 31, 2031 (the exact date may change depending on the Effective Date, which is anticipated to be on or around March 1, 2026). Non-priority unsecured creditors holding allowed claims will receive pro rata distributions of the Plan Payments. The total amount of these distributions over the course of the Plan's five year payment period shall be $178,500. Class 3 consists of all non-priority unsecured claims. Each holder of a Class 3 non priority unsecured claim shall be entitled to monthly payments representing their pro rata share of the Plan Payments (with such Plan Payments being funded on a monthly basis from the Debtor's disposable income in accordance with the payment schedule, beginning with monthly payments of $2,000 as of the Effective Date and continuing for a period of 5 years from the Effective Date). For the avoidance of doubt, these Plan Payments shall be the exclusive source of recovery for Class 3 holders, and no Class 3 holder shall be entitled to amounts greater than their pro rata share of the Plan Payments. In addition, the allowance and treatment of the Class 3 claim of the ACT Entities is consensually governed by Section 5.04 of this Plan and the mediated settlement agreement. The Debtor shall have the exclusive right, in its sole and absolute discretion, to purchase the claim of the ACT Entities in accordance with the terms of this Plan. If such right is exercised, no further Plan Payments on account of that claim will be required. The Plan will be funded by future business income of the Debtor over a span of five years in accordance with the Code. R. Scott Turner, the sole owner and principal of the Debtor, shall remain in this capacity following confirmation of the Plan, and the Debtor is to remain in legal existence. A full-text copy of the First Amended Plan dated January 20, 2026 is available at https://urlcurt.com/u?l=exedLO from PacerMonitor.com at no charge. Counsel to the Debtor: LEWIS BRISBOIS BISGAARD & SMITH Bennett G. Fisher, Esq. 24 Greenway Plaza, Suite 1400 Houston, Texas 77046 713.659.6767 | Telephone 346.241.4095 | Direct 713.759.6830 | Fax Email: bennett.fisher@lewisbrisbois.com About Turner Paving & Construction Turner Paving & Construction, Inc., is a construction company that serves as general contractor for property owners and developers to provide excavation, concrete paving, and site preparation services. The Debtor sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-32996) on May 29, 2025. At the time of the filing, the Debtor estimated assets of between $500,001 to $1 million and liabilities of between $500,001 to $1 million. Judge Jeffrey P. Norman oversees the case. Lewis Brisbois Bisgaard & Smith LLP is Debtor's legal counsel. VALINA RELAX: Jerrett McConnell Named Subchapter V Trustee ---------------------------------------------------------- The Acting U.S. Trustee for Region 21 appointed Jerrett McConnell, Esq., at McConnell Law Group, P.A. as Subchapter V trustee for Valina Relax, Inc. Mr. McConnell will be paid an hourly fee of $400 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. McConnell declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Jerrett M. McConnell, Esq. McConnell Law Group, P.A. 6100 Greenland Rd., Unit 603 Jacksonville, FL 32258 Phone: (904) 570-9180 info@mcconnelllawgroup.com About Valina Relax Inc. Valina Relax, Inc. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 26-00187) on January 17, 2026. Judge Jacob A. Brown presides over the case. Rehan N. Khawaja, Esq., at the Law Offices of Rehan N. Khawaja represents the Debtor as bankruptcy counsel. VENUS CONCEPT: Plans Voluntary Nasdaq Delisting, SEC Deregistration ------------------------------------------------------------------- Venus Concept, Inc. disclosed in a regulatory filing that the Board of Directors approved a plan to voluntarily delist the Company's common stock from the Nasdaq Capital Market, suspend its duty to file periodic reports and other information with the U.S. Securities and Exchange Commission, and terminate its registration of common stock under U.S. federal securities laws. The Company is in compliance with applicable Nasdaq listing requirements, but the Company's Board of Directors has concluded the resources required to continue its reporting obligations with the SEC are greater than the benefits received by the Company and its shareholders on account of the Nasdaq listing. The Company has notified Nasdaq of its intent to voluntarily delist and deregister its common stock. The Company intends to file a Notification of Removal from Listing and/or Registration on Form 25 with the SEC on or about January 30, 2026, to effect the voluntary withdrawal of the listing of its securities from Nasdaq and the deregistration of its securities under Section 12(b) of the Securities and Exchange Act of 1934, as amended. The Company anticipates that the delisting from Nasdaq and deregistration under Section 12(b) of its securities will become effective on or about February 6, 2026, at which time trading on Nasdaq will cease. Following the effectiveness of the Form 25, the Company intends to file a Form 15 with the SEC on or about February 9, 2026, to suspend its reporting obligations under Section 15(d) of the Exchange Act, at which time the Company anticipates that its obligation to file periodic reports under the Exchange Act, including annual, quarterly and current reports on Form 10-K, Form 10-Q and Form 8-K, respectively, will be suspended, and that all requirements associated with being an Exchange Act-registered company, including the requirement to file current and periodic reports, will terminate permanently 90 days thereafter. Commenting in the Decision, Rajiv De Silva, Chief Executive Officer, said: "The Board of Directors, after thorough evaluation, has determined this action is in the best interests of the Company and its shareholders. We believe the reduced costs for compliance will help facilitate the Company's ability to continue to execute our turnaround plan. Venus will continue to work together with Madryn Asset Management to position Venus for sustained, long-term financial success." About Venus Concept Toronto, Ontario-based Venus Concept Inc. is an innovative global medical technology company that develops, commercializes, and delivers minimally invasive and non-invasive medical aesthetic and hair restoration technologies and related services. The Company's systems have been designed on cost-effective, proprietary, and flexible platforms that enable the Company to expand beyond the aesthetic industry's traditional markets of dermatology and plastic surgery, and into non-traditional markets, including family medicine and general practitioners and aesthetic medical spas. Mississauga, Canada-based MNP LLP, the Company's auditor since 2019, issued a "going concern" qualification in its report dated March 31, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has reported recurring net losses and negative cash flows from operations, which raises substantial doubt about its ability to continue as a going concern. As of September 30, 2025, the Company had $61.6 million in total assets, $58.5 million in total liabilities, and $2.7 million in total stockholders' equity. VENUS CONCEPT: Wins Short-Term Liquidity Relief From Lenders ------------------------------------------------------------ Venus Concept Inc. disclosed in a regulatory filing that the Company and its wholly-owned subsidiaries, Venus Concept USA, Inc., Venus Concept Canada Corp., and Venus Concept Ltd., entered into a Consent Agreement with Madryn Health Partners, LP and Madryn Health Partners (Cayman Master), LP. The Consent Agreement granted relief under the Loan and Security Agreement (Main Street Priority Loan), dated December 8, 2020, among the Lenders and Venus USA, as borrower, such that: (i) certain minimum liquidity requirements under the MSLP Loan Agreement are waived through January 31, 2026. A full text copy of the Consent Agreement is available at https://tinyurl.com/mwa7syut Twenty Fourth Bridge Loan Amendment: Furthermore, on January 14, 2026, the Loan Parties entered into a Twenty Fourth Bridge Loan Amendment Agreement with the Lenders. The Twenty Fourth Bridge Loan Amendment amended that certain Loan and Security Agreement, dated April 23, 2024, among Venus USA, as borrower, the Company, Venus Canada and Venus Israel, as guarantors, and the Lenders, as lenders, such that: (i) the maturity date of the Bridge Loan is extended from January 14, 2026 to January 31, 2026, and (ii) certain minimum liquidity requirements under Loan and Security Agreement are waived through January 31, 2026. A full text copy of the Twenty Fourth Bridge Loan Amendment is available at https://tinyurl.com/ypama3wd About Venus Concept Toronto, Ontario-based Venus Concept Inc. is an innovative global medical technology company that develops, commercializes, and delivers minimally invasive and non-invasive medical aesthetic and hair restoration technologies and related services. The Company's systems have been designed on cost-effective, proprietary, and flexible platforms that enable the Company to expand beyond the aesthetic industry's traditional markets of dermatology and plastic surgery, and into non-traditional markets, including family medicine and general practitioners and aesthetic medical spas. Mississauga, Canada-based MNP LLP, the Company's auditor since 2019, issued a "going concern" qualification in its report dated March 31, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has reported recurring net losses and negative cash flows from operations, which raises substantial doubt about its ability to continue as a going concern. As of September 30, 2025, the Company had $61.6 million in total assets, $58.5 million in total liabilities, and $2.7 million in total stockholders' equity. VILLAGE HOMES: To Sell Eight Vacant Lots to Hark Homes ------------------------------------------------------ The U.S. Bankruptcy Court for the Northern District of Texas, Fort Worth Division, has granted Village Homes LP, to sell eight vacant lots, free and clear of liens, claims, interests, and encumbrances. The Debtor is a Texas limited partnership formed in 1996. The Debto's general partner is DH Management, Inc., a Texas corporation, which holds a 1% general partner interest. The Debtor has two limited partners: Michael Dike and James R. Harris. The Debtor is engaged in the construction of single-family homes, acquisition of single-family residential lots and options to acquire lots, and in the marketing and sale of the completed homes. The Debtor's properties are located in various subdivisions in Tarrant and Parker Counties, Texas. The Debtor has in its portfolio approximately 117 single family real property lots. Some of those Lots have completed Single-Family Homes on them, some have homes under construction, but the majority are vacant Lots. The Court has approved the HH Contract One and Two with Hark Homes for, free and clear of VilHom's interest. The HH Contract One with a combined sales price of $560,000 are: -- 404 Wingtail Drive; -- 406 Wingtail Drive; -- 821 Mallard; and -- 221 Blackbird. while the HH Contract Two with the combined purchased price of $565,000 are comprised of: -- 211 Blackbird; -- 213 Blackbird; -- 132 Kingfisher; and -- 434 Wingtail. Overview of the terms and conditions of both contracts are also provided. https://urlcurt.com/u?l=I9qaiH Each of the HH Contract One Lots and HH Contract Two Lots sold pursuant to the HH Contract One and HH Contract Two shall be sold free and clear of all rights, claims, and interest, if any, of VilHom, including all rights, claims, and interests (if any) pursuant to the Contract or the Lis Pendens. Hark Homes LLC is not an "insider" of the Debtor. Hark Homes LLC is purchasing the HH Contract One Lots and the HH Contract Two Lots in good faith and is a good faith purchaser within the meaning of section 363(m) of the Bankruptcy Code, and is therefore entitled to the full protection of that provision. About Village Homes for Fort Worth Village Homes for Fort Worth was established in 1996 and has grown into a trusted homebuilder in Fort Worth, Texas, known for its inspired designs and dedication to quality. With almost three decades of experience, the company has fulfilled the dreams of over 1,500 homeowners while collaborating closely with the region's top architects, craftsmen, and vendors. KC 117 LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D.Tex. Case No. 25-43782-mxm) on October 1, 2025. Jeff P. Prostok at Vartabedian Hester & Haynes LLP, represents as legal counsel of the Debtor. VIVIANS RESTAURANT: Matthew Brash Named Subchapter V Trustee ------------------------------------------------------------ The U.S. Trustee for Region 11 appointed Matthew Brash of Newpoint Advisors Corporation as Subchapter V trustee for Vivians Restaurant Inc. Mr. Brash will be paid an hourly fee of $425 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Brash declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Matthew Brash Newpoint Advisors Corporation 655 Deerfield Road, Suite 100-311 Deerfield, IL 60015 Tel: (847) 404-7845 About Vivians Restaurant Inc. Vivians Restaurant Inc. operates Bluestone restaurant in Evanston, Illinois, specializing in classic American comfort food with a menu that includes appetizers, bowls, sides, pizzas, desserts, a kid's menu, and beverages, as well as family meal options. The Company also provides catering and reservation services, serving local customers in a casual dining setting. Vivians Restaurant sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 26-00919) on January 20, 2026, with $100,000 to $500,000 in assets and $1 million to $10 million in liabilities. George P. Fowler, president of Vivians Restaurant, signed the petition. Judge Michael B. Slade presides over the case. Scott R. Clar, Esq., at Crane, Simon, Clar & Goodman represents the Debtor as legal counsel. WEEKLEY HOMES: $75MM Notes Add-on No Impact on Moody's 'Ba2' CFR ---------------------------------------------------------------- Moody's Ratings said that Weekley Homes, LLC's (Weekley Homes) Ba2 corporate family rating and Ba2-PD probability of default rating are not affected by the proposed $75 million add-on to the company's $400 million senior unsecured notes due 2034, which are rated Ba2. The outlook remains unchanged at stable. The company's proposed $75 million add-on, which will increase the size of the existing senior unsecured notes to $475 million, will be used to enhance liquidity and fund working capital as it continues its growth initiatives. The ratings and stable outlook are supported by Moody's expectations that Weekley Homes will benefit from revenue growth in 2026 as it continues to open communities across key markets despite soft market conditions. Moody's expects leverage to increase to above 40% debt to book capitalization as a result of the increased debt, but to remain below 45%. Moody's also expects the company will maintain a conservative approach to its financial policy moving forward. The Ba2 CFR reflects the effectiveness of Weekley Homes' asset-light strategy, a model that minimizes impairment risk stemming from prolonged land exposure. Moody's ratings assessment also factors in the company's broad product offering and price point diversification as well as robust credit indicators, such as gross operating margin, low debt levels and high interest coverage. These positive aspects are counterbalanced by the company's substantial focus on the Texas market, which made up approximately 40% of revenue for the 12 months ended September 30, 2025. Lastly, the rating acknowledges the homebuilding industry's inherent cost pressures, including land, labor, and materials. Increased use of incentives will continue to pressure gross margins in 2026, which Moody's expects could decline to around 20% in 2026 from 25% for the last 12 months period ending September 30, 2025. Furthermore, it also considers the industry's cyclicality, which can result in protracted revenue declines in a downturn. Moody's expects Weekley Homes to maintain good liquidity over the next 12 to 18 months despite expected negative free cash flow through 2026 as the company continues its land investment to support future growth while also navigating a soft demand environment. Moody's expects the company to comfortably cover its capital needs with cash on balance sheet, which will be $344 million pro forma September 30, 2025. The company's $550 million senior unsecured revolver expiring November 2028 will also be undrawn after the transaction closes. Established in 1976 and headquartered in Houston, TX, Weekley Homes, LLC is one of the largest private homebuilders in the US, constructing entry level, first move-up, second move-up, and custom homes. Owned entirely by the Weekley family, senior management, a charitable trust and an Employee Stock Ownership Plan (ESOP), the company has a presence in 20 metropolitan areas across 12 states. For the 12 months ended September 30, 2025, the company generated approximately $3.6 billion in revenue and $312 million in net income. WELLPATH LLC: Wins Bid to Dismiss Donahue Civil Rights Lawsuit -------------------------------------------------------------- Chief Judge Matthew W. Brann of the U.S. District Court for the Middle District of Pennsylvania granted the motion to dismiss filed by Wellpath LLC and other defendants in the case captioned as KELLY B. DONAHUE, Plaintiff, v. WELLPATH LLC, et al., Defendant, Case No. 24-cv-00513 (M.D. Pa.) In early 2024, plaintiff Kelly B. Donahue filed the instant Section 1983 civil rights lawsuit in the District Court. His claims sound in Eighth Amendment deliberate indifference to serious medical needs. In addition to suing Wellpath, LLC (Wellpath), Donahue sues multiple medical providers at SCI Frackville, including Nicole Boguslaw, Megan Delpais, Donald O'Brien, William Knappenberger, Kacie Harris, Crystal Ewaskiwicz, and Cynthia Gronski. Of these providers, Boguslaw, Delpais, O'Brien, and Harris are current or former employees of Wellpath. Wellpath filed for Chapter 11 Bankruptcy in November 2024. Pursuant to the automatic stay entered in the bankruptcy proceedings, the District Court stayed and administratively closed the instant case. Following the bankruptcy court lifting the automatic stay, the Court reopened this case and directed the parties to refile any motions that were previously terminated due to the stay and administrative closure. As part of that motion practice, defendants Wellpath, Boguslaw, Delpais, O'Brien, and Harris sought dismissal of all claims against them pursuant to the Chapter 11 bankruptcy proceedings and confirmed Chapter 11 Plan. More specifically, Wellpath asserted that all pre-petition claims against it (the Debtor) were discharged in bankruptcy. And Boguslaw, Delpais, O'Brien, and Harris maintained that Donahue had failed to affirmatively opt out of the Plan's Third-Party Release, thus enjoining Donahue from pursuing any pre-petition claims against them in this Section 1983 lawsuit. Without any evidence that Donahue has opted out of Wellpath's Chapter 11 Plan's Third-Party Release or otherwise attempted to protect his rights in the bankruptcy proceedings after learning of the opt-out requirement, the District Court cannot entertain Donahue's pre-petition claims against current or former employees of Wellpath and they must be dismissed. The District Court finds Donahue's claims against Wellpath regarding his medical treatment at SCI Frackville arose prior to the November 11, 2024 petition date, and therefore he is permanently enjoined from pursuing claims against Wellpath as part of this civil lawsuit. Any claim against Wellpath, consequently, will be dismissed without prejudice to Donahue's right to pursue appropriate relief through the bankruptcy court. A copy of the Court's Order dated January 22, 2026, is available at https://urlcurt.com/u?l=wbCURa About Wellpath Holdings Wellpath Holdings, Inc., formerly known as CCS-CMGC Holdings, Inc., is a provider of medical and mental healthcare in jails, prisons, and inpatient and residential treatment facilities. Wellpath Holdings and its affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Lead Case No. 24-90533) on Nov. 11, 2024. Timothy Dragelin, chief restructuring officer and chief financial officer, signed the petitions. At the time of the filing, the Debtors reported $1 billion to $10 billion in assets and liabilities. Judge Alfredo R. Perez oversees the cases. The Debtors tapped Marcus A. Helt, Esq., at McDermott Will & Emery, LLP, as bankruptcy counsel; FTI Consulting, Inc., as financial advisor; and Lazard Freres & Co., LLC and MTS Partners, LP as investment banker. The Bankruptcy Court confirmed the chapter 11 plan on May 1, 2025. WEST 3RD HOLDINGS: Case Summary & 19 Unsecured Creditors -------------------------------------------------------- Debtor: West 3rd Holdings, LLC d/b/a IL Giglio 1761 Yardley-Langhorne Road Morrisville, PA 19067 Business Description: West 3rd Holdings, LLC, doing business as IL Giglio, operates an Italian restaurant specializing in Tuscan and regional cuisine in New York, New York. Chapter 11 Petition Date: January 27, 2026 Court: United States Bankruptcy Court Eastern District of Pennsylvania Case No.: 26-10329 Judge: Hon. Derek J Baker Debtor's Counsel: Albert A. Ciardi, III, Esq. CIARDI CIARDI & ASTIN 1905 Spruce Street Philadelphia, PA 19103 Tel: 215-557-3550 Estimated Assets: $100,000 to $500,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Lydia Katcoff as authorized representative of the Debtor. A copy of the Debtor's list of its 19 unsecured creditors is available for free on PacerMonitor at: https://www.pacermonitor.com/view/YEAUVCI/WEST_3rd_HOLDINGS_LLC__paebke-26-10329__0002.0.pdf?mcid=tGE4TAMA A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/3QOVRUQ/WEST_3rd_HOLDINGS_LLC__paebke-26-10329__0001.0.pdf?mcid=tGE4TAMA WHITE ROCK: 2 Hospitals in Chapter 11 Amid Disputes With Ex-Owner ----------------------------------------------------------------- White Rock Medical Center LLC, and its affiliates, owners of White Rock Medical Center ("WRMC") operating in Dallas, Texas, and Heights Hospital operating in Houston, have filed for Chapter 11 bankruptcy due to a dispute with previous owner Pipeline Health System Holdings, LLC. Debtor Heights Healthcare of Texas, LLC (HHT) is a special purpose entity created for the purchase of White Rock and WRMC. WRMC is a 218-bed community-based "safety-net" hospital that provides critical healthcare services to the residents of east Dallas and its patients are primarily minority, elderly and indigent persons. Debtor White Rock also manages the day-to-day operations at Heights Hospital and interfaces with the tenants. Heights Hospital and the real estate upon which it is situated is owned by affiliate Platinum Heights, LP ("PH"). PH is currently a debtor in possession before the Court under Case Number 25-90012. While PH is an affiliate of the Debtors, the Debtors are not seeking to jointly administer these cases with PH's case. Dispute With Pipeline Pursuant to a Membership Interest Purchase Agreement (the "MIPA") effective as of Sept. 20, 2023, HHT acquired all of the outstanding membership interests of White Rock, which was then named Pipeline East Dallas, LLC, for the purchase price of $9,000,000. HHT paid $3,600,000 of the purchase price at the closing of the MIPA in October 2023. The remaining balance was to be paid via an installment payment of $2,400,000 and in accordance with the terms of a $3,000,000 promissory note. As of the Petition Date, the Debtors estimate that the outstanding Pipeline obligations are approximately $5,370,000. "Pipeline's malicious behavior is one of the main reasons -- perhaps the reason -- why the Debtors were forced to seek chapter 11 relief," Rashid Syed, COO of the Debtors, explains in court filings. Among other things, the Debtors claim that representations by Pipeline at the time of the acquisition (regarding WRMC's books and records, accounts receivables, balance sheets and tax liabilities) were incredibly deficient. Further, prior to closing the transaction, Pipeline stopped paying certain vendors and employees -- facts not disclosed to the Debtors. As a result, immediately after closing, vendors refused to continue to do business with WRMC while other vendors would only do business with WRMC on a COD basis. Throwing more fuel on the fire, in December 2023, two months after closing the MIPA transaction, Pipeline began threatening to cease providing services under the TSA in 30 days if HHT did not immediately become current on outstanding obligations. Moreover, Pipeline was also restricting HHT's access to WRMC's servers, which Pipeline had not turned over. These restrictions not only complicated the Debtors' ability to care for patients, but also severely limited their ability to collect on accounts receivables. On May 31, 2024, Pipeline abruptly revoked the Debtors' Cerner EHR (electronic health records) access with just 24 hours' notice, which effectively severed WRMC access to all digital clinical records, billing infrastructure, and patient scheduling systems. Pipeline's actions caused the Debtors to limit services offered by North Houston (which directly led to the chapter 11 proceedings of PH) as well as White Rock and WRMC. The Debtors reasonably believe that they cannot continue to operate on their razor thin margin while dealing with the interference from Pipeline and its attempts to unwind the WRMC sale. The Debtors believe that a reorganization transaction in chapter 11 will be in the best interest of the Debtors and their estates, the vulnerable community they serve and who rely on the Debtors for medical services, and the Debtors' various creditors. Proposed Restructuring Transactions Prior to filing the chapter 11 cases, the Debtors undertook a thorough analysis of their ongoing liabilities, creditor relationships and potential avenues for monetization to determine the most optimal resolution of the Debtors' liabilities. Coupled with the unconsummated plan of reorganization of PH, the Debtors and PH determined it was in the best interest of the Debtors' estates for a joint plan of reorganization that addressed the liabilities of both the Debtors and PH. The Debtors were approached by REILS, a creditor of both the Debtors and PH who expressed interest in a new transaction and an integrated plan for the Debtors and PH. As part of the proposed restructuring transaction, a REILS affiliate will serve as plan sponsor and either it or an entity of its designation will purchase the assets of the Debtors and PH through a plan sale process. This REILS affiliate will also provide the Debtors with a debtor in possession financing facility to allow the Debtors to operate while in chapter 11. This joint plan will provide for a comprehensive resolution of the secured claims, unsecured claims, administrative expenses and operational liabilities of both the Debtors and PH. The Debtors believe that this new plan of reorganization is now the only viable path to resolve their liabilities. About White Rock Medical Center White Rock Medical Center LLC and its affiliates are the owner/operators of two hospitals: White Rock Medical Center ("WRMC") operating in Dallas, Texas and Heights Hospital operating in Houston Texas. White Rock Medical Center LLC and 6 its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 26-90115) on Jan. 20 and Jan. 21, 2026. In its petition, White Rock estimated assets ranging from $10 million to $50 million and liabilities between $50 million and $100 million. The Honorable Bankruptcy Judge Christopher M. Lopez handles the case. White Rock tapped Reed Smith LLP as counsel, and HMP Advisory Holdings, LLC, doing business as Harney Partners, as financial advisor. Epiq Corporate Restructuring, LLC, is the claims agent. WORKHORSE GROUP: Dismisses BPB, Appoints CRI as Auditor Post-Merger ------------------------------------------------------------------- Workhorse Group Inc. disclosed in a regulatory filing that on December 15, 2025, the Company completed its previously announced merger transaction in accordance with the terms and conditions of the Agreement and Plan of Merger, dated as of August 15, 2025, by and among Workhorse, Omaha Intermediate 2, Inc., a wholly owned subsidiary of Workhorse, Omaha Intermediate, Inc., a wholly owned subsidiary of Intermediate Parent, Omaha Merger Subsidiary, Inc., a wholly owned subsidiary of Intermediate, and Motiv Power Systems, Inc., a privately-held Delaware corporation, pursuant to which Merger Subsidiary merged with and into Motiv, with Motiv surviving as a wholly owned subsidiary of the Company. For accounting purposes, the Merger was treated as a reverse acquisition and, as such, the historical financial statements of the accounting acquirer, Motiv, which were audited by CBIZ CPAs P.C., become the historical consolidated financial statements of the Company. Changes in the Company's Certifying Accountant: Berkowitz Pollack Brant Advisors + CPAs, LLP served as the Company's independent registered public accounting firm prior to completion of the Merger and CBIZ served as Motiv's independent registered public accounting firm prior to the Merger. The Company has been notified that Carr, Riggs & Ingram, L.L.C. acquired, effective as of January 1, 2026, certain assets related to the capital markets practice of BPB. On January 21, 2026, the Audit Committee of the Board of Directors of the Company simultaneously dismissed BPB as the Company's independent registered accounting firm and approved the appointment of CRI as the Company's new independent registered public accounting firm, effective immediately. BPB's audit report on the Company's consolidated financial statements for the fiscal year ended December 31, 2024 (the only year for which BPB issued a report on the Company's consolidated financial statements) contained no adverse opinion or disclaimer of opinion and was not qualified or modified as to uncertainty, audit scope, or accounting principles, except that the report on the financial statements of the Company for the fiscal year ended December 31, 2024 included an explanatory paragraph indicating that there was substantial doubt as to the Company's ability to continue as a going concern. During the fiscal years ended December 31, 2024 and 2025 and the subsequent interim period through the date of this Current Report on Form 8-K, there were: (i) no disagreements with BPB on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure, which disagreements if not resolved to the satisfaction of BPB would have caused them to make reference thereto in connection with their report on the consolidated financial statements for the year ended December 31, 2024 and (ii) no reportable events (as defined in Item 304(a)(1)(v) of Regulation S-K), except that, as originally reported in the Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2024 and Quarterly Report on Form 10-Q for the quarter and interim period ended September 30, 2024, there were material weaknesses in the Company's internal control over financial reporting relating to the Company's: (i) review of third-party valuation deliverables regarding its convertible debt and warrant liability and (ii) failure to timely issue finalized quarterly reports for two consecutive quarters due to the turnover of key accounting positions within the Company's finance organization and the ability of Company accounting personnel to identify, evaluate and address technical accounting and disclosure issues on a timely basis, respectively. The material weaknesses did not result in any material misstatements to the Company's condensed interim consolidated financial statements. The material weaknesses remain unremediated. The Audit Committee has discussed these matters with BPB and has authorized BPB to respond fully to any inquiries of the Company's successor independent registered public accounting firm concerning these material weaknesses. During the fiscal years ended December 31, 2024 and 2025 and the subsequent interim period through the date of this Current Report on Form 8-K, the Company did not consult with CRI with regard to: (a) the application of accounting principles to a specified transaction, either completed or proposed, or the type of audit opinion that might be rendered on the Company's financial statements, and no written report was provided to the Company or oral advice provided to the Company by CRI that CRI concluded was an important factor considered by the Company in reaching a decision as to any accounting, auditing or financial reporting issue, or (b) any matter that was subject to any disagreement (as defined in Item 304(a)(1)(iv) of Regulation S-K and the related instructions thereto) or a reportable event (as defined in Item 304(a)(1)(v) of Regulation S-K). The Company has requested that BPB furnish it with a letter addressed to the SEC stating whether or not it agrees with the statements. A copy of such letter, is available at https://tinyurl.com/3c5z5mt7 About Workhorse Group Workhorse Group Inc. -- http://www.workhorse.com-- is an American technology company with a vision to pioneer the transition to zero-emission commercial vehicles. The Company designs, develops, manufactures and sells fully electric ground and air-based electric vehicles. New York, N.Y.-based Berkowitz Pollack Brant Advisors + CPAs, the Company's auditor since 2024, issued a "going concern" qualification in its report dated March 31, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has incurred a net loss of $101.8 million and used $47.6 million of cash in operating activities during the year ended December 31, 2024, and as of December 31, 2024 the Company had total working capital of $8.2 million, including $4.1 million of cash and cash equivalents, and an accumulated deficit of $853.4 million. These conditions, along with the other matters, raise substantial doubt about the Company's ability to continue as a going concern. As of September 30, 2025, the Company had $116.7 million in total assets, $84.7 million in total liabilities, and $32.1 million in total stockholders' equity. X2 PRODUCTION: Seeks Chapter 7 Bankruptcy in New York ----------------------------------------------------- On January 22, 2026, X2 Production, LLC filed for Chapter 7 protection in the U.S. Bankruptcy Court for the Southern District of New York. According to court filing, the Debtor reports between $0 and $100,000 in debt owed to 1–49 creditors. About X2 Production, LLC X2 Production, LLC is a New York-based company specializing in media production and related services. X2 Production, LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 26-10127) on January 22, 2026. In its petition, the Debtor reports estimated assets of $0–$100,000 and estimated liabilities of $0–$100,000. Honorable Bankruptcy Judge David S. Jones handles the case. The Debtor is represented by Robert M. Fox, Esq. YS GARMENTS: Moody's Affirms Caa3 CFR & Rates New Secured Debt Caa3 ------------------------------------------------------------------- Moody's Ratings affirmed YS Garments, LLC's (dba "Next Level Apparel") corporate family rating at Caa3. Concurrently, Next Level Apparel's Probability of Default Rating was downgraded to D-PD from Caa3-PD to reflect Moody's views that its recent bank credit facility financing was a distressed exchange under Moody's definitions. Moody's will upgrade the PDR to Caa3-PD from D-PD in three business days. Moody's also assigned a Caa3 rating to the backed senior secured bank credit facility (including a term loan and revolving credit facility) due August 2027. Moody's withdrew the Caa3 ratings on the existing backed senior secured credit facilities. The outlook remains negative. The actions reflect governance considerations including Moody's views that the company's bank credit facility financing was a distressed exchange. The new financing extends its senior secured revolver maturity (originally February 2026) and term loan maturity (originally August 2026) each to August 2027 and also includes the ability to 'pay-in-kind' (PIK) interest on the revolver and term loan and waive term loan amortization for 2026. The actions also reflect the company's currently depressed EBITDA levels and currently unsustainable capital structure as well as its weak liquidity. Despite its recent $20 million capital infusion by its shareholders, Moody's expects continued risk to its financial performance and cash flow given the challenging operating environment. Moody's estimates the company to have limited cushion against its minimum liquidity covenant absent performance stabilization and working capital benefit. Moody's projects Moody's-adjusted leverage to remain extremely high at 8.0x-9.0x and for Moody's adjusted EBITA/interest coverage to be well below 1.0x for the next 12-18 months (note the company is not subject to a leverage covenant till September 2027). The company remains exposed to tariffs given its dependence on imported product from Central America, which is somewhat mitigated by Next Level Apparel's high use of US cotton. Although the company may extend its senior secured credit facility maturity to August 2028 subject to meeting various conditions including covenant compliance, it is uncertain whether the company will be able to meet these requirements. RATINGS RATIONALE Next Level Apparel's Caa3 CFR reflects its high leverage and weak interest coverage following a period of sustained financial performance weakness as well as its near dated capital structure. The company also has small revenue scale and narrow product focus relative to the global apparel industry. The rating also reflects its high concentration of sales with two large distributor customers which can cause significant volatility in performance. Governance is a key rating factor, particularly Next Level Apparel's financial strategies under private equity ownership which has resulted in a high debt load and its recent distressed exchange. The rating is supported by Next Level Apparel's well-recognized position within premium blanks and the limited fashion risk of its product. Consideration is also given to the shift in consumer preference towards higher quality basic apparel designs, fabric, and fit and Next Level Apparel's asset-light and fully outsourced production model which in previous stable operating environments have allowed for strong profit margins that were consistent with many premium apparel brands. The negative outlook reflects the company's weak liquidity, including its near term maturities, as well as its depressed revenue and EBITDA levels which have led to a currently unsustainable capital structure. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if the company demonstrates positive free cash flow generation and sustained improvement in revenue and EBITDA performance. Ratings could also be upgraded if the company addresses its capital structure maturities in a timely fashion at par and has at least adequate liquidity. The ratings could be downgraded should the probability of default increase for any reason or recovery expectations are reduced. Headquartered in Torrance, California, YS Garments, LLC's (dba "Next Level Apparel") designs and provides branded active wear to the premium basic segment of the US wholesale wearables promotional products industry. Private equity firm Blue Point Capital Partners acquired a majority stake in the company in August 2018. The principal methodology used in these ratings was Retail and Apparel published in September 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. ZEVH REALTY: Disclosure Statement Due on May 21 ----------------------------------------------- On January 21, 2026, Zevh Realty LLC filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Eastern District of New York. According to court filings, the Debtor reports between $1 million and $10 million in debt owed to 1–49 creditors. The deadline to submit the disclosure statement is May 21, 2026. About Zevh Realty LLC Zevh Realty LLC is a single asset real estate company. Zevh Realty LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 26-40287) on January 21, 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 Jil Mazer-Marino handles the case. The Debtor is represented by Kevin J. Nash, Esq., of Goldberg Weprin Finkel Goldstein LLP. [^] Recent Small-Dollar & Individual Chapter 11 Filings ------------------------------------------------------- In re Valina Relax, Inc. Bankr. M.D. Fla. Case No. 26-00187 Chapter 11 Petition filed January 17, 2026 See https://www.pacermonitor.com/view/FX46X6Q/Valina_Relax_Inc__flmbke-26-00187__0001.0.pdf?mcid=tGE4TAMA represented by: Rehan N. Khawaja, Esq. BANKRUPTCY LAW OFFICES OF REHAN N. KHAWAJA E-mail: khawaja@fla-bankruptcy.com In re AMB Vending LLC Bankr. E.D.N.Y. Case No. 26-40237 Chapter 11 Petition filed January 17, 2026 See https://www.pacermonitor.com/view/PE7V2GI/AMB_Vending_LLC__nyebke-26-40237__0001.0.pdf?mcid=tGE4TAMA represented by: Robert A. Stumpf, Esq. ROBERT A. STUMPF ESQ Email: robstumpfesq@gmail.com In re Cafe Passe, LLC Bankr. D. Ariz. Case No. 26-00509 Chapter 11 Petition filed January 18, 2026 See https://www.pacermonitor.com/view/LT3KTJA/Cafe_Passe_LLC__azbke-26-00509__0001.0.pdf?mcid=tGE4TAMA represented by: Charles Richard Hyde, Esq. THE LAW OFFICES OF C.R. HYDE, PLC In re Shamari Hair Salon, Inc. Bankr. N.D. Ga. 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Case No. 26-10597 Chapter 11 Petition filed January 19, 2026 represented by: Aubrey Rudd, Esq. In re Steven Lee Hargis, Jr and Christina Lynn Hargis Bankr. D. Minn. Case No. 26-30176 Chapter 11 Petition filed January 19, 2026 represented by: John Lamey, Esq. In re Realtech Realty, Inc. Bankr. D. Nev. Case No. 26-10303 Chapter 11 Petition filed January 19, 2026 See https://www.pacermonitor.com/view/DDCR5OI/REALTECH_REALTY_INC__nvbke-26-10303__0001.0.pdf?mcid=tGE4TAMA represented by: David A. Riggi, Esq. RIGGI LAW FIRM E-mail: riggilaw@gmail.com In re First Friends Child Developement Center LLC Bankr. D.N.J. Case No. 26-10561 Chapter 11 Petition filed January 19, 2026 See https://www.pacermonitor.com/view/CJ4IOHI/First_Friends_Child_Developement__njbke-26-10561__0001.0.pdf?mcid=tGE4TAMA represented by: Andre L. Kydala, Esq. LAW FIRM OF ANDRE L. KYDALA E-mail: kydalalaw@aim.com In re Home Stay Comfort Care LLC Bankr. W.D. Pa. Case No. 26-20160 Chapter 11 Petition filed January 19, 2026 See https://www.pacermonitor.com/view/FM6NWNI/Home_Stay_Comfort_Care_LLC__pawbke-26-20160__0001.0.pdf?mcid=tGE4TAMA represented by: Christopher M. Frye, Esq. STEIDL & STEINBERG, P.C. E-mail: chris.frye@steidl-steinberg.com In re Dallas Ventures Unlimited Inc Bankr. N.D. Tex. Case No. 26-30232 Chapter 11 Petition filed January 19, 2026 See https://www.pacermonitor.com/view/OCNQQEA/Dallas_Ventures_Unlimited_Inc__txnbke-26-30232__0001.0.pdf?mcid=tGE4TAMA represented by: Kevin S. Wiley, Sr., Esq. THE WILEY LAW GROUP, PLLC E-mail: kwiley@wileylawgroup.com In re Sedillo Realty LLC Bankr. D. Ariz. Case No. 26-00534 Chapter 11 Petition filed January 20, 2026 See https://www.pacermonitor.com/view/A346O5Q/Sedillo_Realty_LLC__azbke-26-00534__0001.0.pdf?mcid=tGE4TAMA represented by: Lamar Hawkins, Esq. GUIDANT LAW PLC E-mail: lamar@guidant.law In re Adonai Congregate Living, Inc. Bankr. C.D. Cal. Case No. 26-10098 Chapter 11 Petition filed January 20, 2026 See https://www.pacermonitor.com/view/GCQRM5I/Adonai_Congregate_Living_Inc__cacbke-26-10098__0001.0.pdf?mcid=tGE4TAMA represented by: Neil C. Evans, Esq. LAW OFFICES OF NEIL C. EVANS E-mail: evanstnt@aol.com In re PhoneIC, Inc. Bankr. N.D. Cal. Case No. 26-30051 Chapter 11 Petition filed January 20, 2026 See https://www.pacermonitor.com/view/VZXWTTQ/PhoneIC_Inc__canbke-26-30051__0001.0.pdf?mcid=tGE4TAMA represented by: Brent D. Meyer, Esq. MEYER LAW GROUP, LLP E-mail: brent@meyerllp.com In re Darryl Culbreth Bankr. M.D. Fla. Case No. 26-00360 Chapter 11 Petition filed January 20, 2026 See https://www.pacermonitor.com/view/T2KL6FY/Darryl_Culbreth__flmbke-26-00360__0001.0.pdf?mcid=tGE4TAMA represented by: Arvind Mahendru, Esq. E-mail: amtrustee@gmail.com In re Zip Ship, Inc Bankr. N.D. Ga. 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Case No. 26-20385 Chapter 11 Petition filed January 20, 2026 See https://www.pacermonitor.com/view/6RJGHVA/Thrifty_Cooling__Heating_dba__tnwbke-26-20385__0001.0.pdf?mcid=tGE4TAMA represented by: Curtis Johnson, Esq. JOHNSON and JOHNSON PC E-mail: cjohnson@johnsonandjohnsonattys.com In re Noor Esthetique & Wellness Center, PLLC Bankr. E.D. Va. Case No. 26-10157 Chapter 11 Petition filed January 22, 2026 See https://www.pacermonitor.com/view/SXJYUEQ/Noor_Esthetique__Wellness_Center__vaebke-26-10157__0001.0.pdf?mcid=tGE4TAMA represented by: Martin C. Conway, Esq. CONWAY LAW GROUP, PC E-mail: martinecf@conwaylegal.com In re Evie Pei-Fang Jeang Bankr. C.D. Cal. Case No. 26-10612 Chapter 11 Petition filed January 23, 2026 In re FuKim LLC Bankr. C.D. Cal. Case No. 26-10175 Chapter 11 Petition filed January 23, 2026 See https://www.pacermonitor.com/view/R323Z3I/FuKim_LLC__cacbke-26-10175__0001.0.pdf?mcid=tGE4TAMA represented by: Joon M Khang, Esq. KHANG & KHANG LLP E-mail: joon@khanglaw.com In re Zara Rezai Bankr. C.D. Cal. Case No. 26-10186 Chapter 11 Petition filed January 23, 2026 In re Mark Lavoe Pickens Bankr. C.D. Cal. Case No. 26-10193 Chapter 11 Petition filed January 23, 2026 represented by: Thomas Ure, Esq. In re Adult Home Health Care LLC Bankr. S.D. Cal. Case No. 26-00188 Chapter 11 Petition filed January 23, 2026 See https://www.pacermonitor.com/view/J7PPGBY/Adult_Home_Health_Care_LLC__casbke-26-00188__0001.0.pdf?mcid=tGE4TAMA represented by: Donald Reid, Esq. LAW OFFICE OF DONALD W. REID E-mail: don@donreidlaw.com In re Stratto, LLC Bankr. S.D. Cal. Case No. 26-00177 Chapter 11 Petition filed January 23, 2026 See https://www.pacermonitor.com/view/JKQB4CI/Stratto_llc__casbke-26-00177__0001.0.pdf?mcid=tGE4TAMA represented by: Stephen L. Burton, Esq. STEPHEN L. BURTON E-mail: steveburtonlaw@aol.com In re Sonquist LLC Bankr. D. Colo. Case No. 26-10402 Chapter 11 Petition filed January 23, 2026 See https://www.pacermonitor.com/view/2E5Q6HQ/Sonquist_LLC__cobke-26-10402__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Courtesy Screening, Inc. Bankr. M.D. Fla. Case No. 26-00277 Chapter 11 Petition filed January 23, 2026 See https://www.pacermonitor.com/view/BP4QAZI/Courtesy_Screening_Inc__flmbke-26-00277__0001.0.pdf?mcid=tGE4TAMA represented by: Scott A. Stichter, Esq. STICHTER, RIEDEL, BLAIN & POSTLER, P.A. E-mail: sstichter@srbp.com In re Claudio A Costa, II Bankr. S.D. Fla. Case No. 26-10840 Chapter 11 Petition filed January 23, 2026 represented by: Susan Lasky, Esq. In re Claudio A Costa, II Bankr. S.D. Fla. Case No. 26-10840 Chapter 11 Petition filed January 23, 2026 represented by: Susan Lasky, Esq. In re Troy Loupe Bankr. N.D. Ga. Case No. 26-51006 Chapter 11 Petition filed January 23, 2026 represented by: Shayna Steinfeld, Esq. In re M&O LLC Bankr. D. Kan. Case No. 26-20080 Chapter 11 Petition filed January 23, 2026 See https://www.pacermonitor.com/view/43PHTVA/MO_LLC__ksbke-26-20080__0001.0.pdf?mcid=tGE4TAMA represented by: Robert Hammeke, Esq. DENTONS US LLP E-mail: robert.hammeke@dentons.com In re Gordon G. Phillips, Jr and Stacia A. Phillips Bankr. D. Mont. Case No. 26-20018 Chapter 11 Petition filed January 23, 2026 represented by: James Patten, Esq. In re Lazy T Firearms, LLC Bankr. D. Neb. Case No. 26-40071 Chapter 11 Petition filed January 23, 2026 See https://www.pacermonitor.com/view/7T3DT4Y/Lazy_T_Firearms_LLC__nebke-26-40071__0001.0.pdf?mcid=tGE4TAMA represented by: Galen E. Stehlik, Esq. STEHLIK LAW FIRM, P.C., L.L.O. E-mail: galen.stehlik@stehliklawfirm.com In re 7220 Main Road East Marion LLC Bankr. E.D.N.Y. Case No. 26-70324 Chapter 11 Petition filed January 23, 2026 See https://www.pacermonitor.com/view/JYTXSQI/7220_Main_Road_East_Marion_LLC__nyebke-26-70324__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Jonathan Keith Stoudmire Bankr. E.D.N.C. Case No. 26-00330 Chapter 11 Petition filed January 23, 2026 represented by: Laurie Biggs, Esq. In re Jonathan Keith Stoudmire Bankr. E.D.N.C. Case No. 26-00330 Chapter 11 Petition filed January 23, 2026 represented by: Laurie Biggs, Esq. In re Alexander Cade Enterprises, Inc Bankr. W.D. Tex. Case No. 26-10110 Chapter 11 Petition filed January 23, 2026 See https://www.pacermonitor.com/view/2EH4DGA/Alexander_Cade_Enterprises_Inc__txwbke-26-10110__0001.0.pdf?mcid=tGE4TAMA represented by: Robert C Lane, Esq. THE LANE LAW FIRM E-mail: notifications@lanelaw.com In re Next Day Custom Tees, LLC Bankr. W.D. Tex. Case No. 26-50161 Chapter 11 Petition filed January 23, 2026 See https://www.pacermonitor.com/view/2C6XZWQ/Next_Day_Custom_Tees_LLC__txwbke-26-50161__0001.0.pdf?mcid=tGE4TAMA represented by: Frances A. Smith, Esq. OFFIT KURMAN, PC E-mail: frances.smith@offitkurman.com ********* 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. 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