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260211.mbx T R O U B L E D C O M P A N Y R E P O R T E R Wednesday, February 11, 2026, Vol. 30, No. 42 Headlines 1ST CHOICE UTILITY: Case Summary & Seven Unsecured Creditors 1ST CHOICE UTILITY: Commences Chapter 11 Bankruptcy in Arkansas 3000 E. IMPERIAL: Hires Hilco Real Estate CA as Real Estate Broker 57 CONCRETE: Hires Texas Tax Group as State Tax Advisor 823 SUFFIELD: Hires William E. Jamison Jr. as Legal Counsel ACCESS OHIO: Hires The Global Accounting Solutions as Accountant AINOS INC: Taiwan Carbon Nano Technology Holds 13.62% Equity Stake ALACHUA GOVERNMENT: Gets $16MM Monkey Cell Royalties Sale Approval ALTICE USA: Apollo, BlackRock and Oaktree Seek Lawsuit Dismissal ALTISOURCE PORTFOLIO: The Vanguard Group Holds 5.05% Equity Stake AMC ENTERTAINMENT: UBS Group AG Reports 6.2% Beneficial Ownership AMPLE INC: Committee Hires Porzio Bromberg & Newman as Co-Counsel ANCARLO BROTHERS: Case Summary & One Unsecured Creditor ANGEL M DIAZ: Court Set to Hear Subchapter V Confirmation ARC FALCON I: S&P Affirms 'B' ICR on Acquisitions, Outlook Stable ARCHBLOCK LLC: Blockchain Firm Seeks Chapter 11 w/ Over $100MM Debt BEYOND MEAT: The Vanguard Group Holds 5.40% Equity Stake CARNETRINE INC: Seeks Chapter 7 Bankruptcy in New Jersey CARR'S PLUMBING: Case Summary & 20 Largest Unsecured Creditors CERTIFIED MECHANICAL: Seeks Chapter 7 Bankruptcy in Arkansas CONTRACT MANAGED: Lender Seeks to Terminate Cash Collateral Access DALLAS VENTURES: Katharine Battaia Clark Named Subchapter V Trustee DAY TRANSLATIONS: Gets Court OK to Pay Prepetition Compensation DCA OUTDOORS: Modifies Bidding Procedures for Indiana Asset Sale DEQSER LLC: Ordered to Return Trucks, Pay Post-Petition Expenses EAGLE-PICHER: Pafundi Loses Bid for Review of Malignancy Claim EDDIE BAUER: Seeks to Sell Retail Business at Auction EL DORADO GAS: Hood & Bolen Granted $43,580 in Admin Expenses EL SALTO RANCHES: Seeks Chapter 11 Bankruptcy in New Mexico EMPRESS LLC: Seeks to Hire Eric J. Gravel as Bankruptcy Counsel FAT BRANDS: White & Case Represents Axonic, Barclays FLYNN RESTAURANT: S&P Affirms 'B' ICR, Outlook Stable FOOD52 INC: American Kitchen Owner Wins Auction Bid FRANCESCA'S ACQUISITION: Picks Altar'd Owner as IP Lead Bidder FRANCESCA'S ACQUISITION: Seeks to Sell Retail Business at Auction FRED HAMILTON: Seeks to Hire Nguyen Law PLLC as Bankruptcy Counsel GEE AUTOMOTIVE: S&P Assigns 'B+' ICR, Outlook Stable IMERYS TALC: Insurers Launch Last Push Against Chapter 11 Plan INFINITE GROUP: Posts $284,300 Q1 2025 Loss, Warns of Cash Crunch INNOVATIVE DESIGNS: Posts $495K 2025 Profit Amid Going Concern Risk INTL TOWER HILL: Paulson & Co. Inc. Holds 38.1% Equity Stake J&B CONSTRUCTION: Case Summary & 13 Unsecured Creditors JACKSON COURT: Hires Crisafi Pryor & Farquhar as Accountant JIB FOODS: Commences Subchapter V Bankruptcy in California KIBITZ MANAGEMENT: Seeks Chapter 7 Bankruptcy in New Jersey KING'S ACADEMY: L. Todd Budgen Named Subchapter V Trustee KOOL AIR: Seeks to Hire William G. Haeberle CPA as Accountant LEGENDARY FIELD: Dundon, et al. Entitled to Defense Costs LUMINAR TECHNOLOGIES: Vanguard Group Ceases Beneficial Ownership MAKIIN LLC: HRO Wins Bid to Dismiss Chapter 11 Bankruptcy Case MANNING MECHANICAL: Case Summary & 20 Largest Unsecured Creditors MBIA INC: The Vanguard Group Holds 5.03% Stake as of Dec. 31, 2025 MEYER BURGER: Gets Addt'l $1.2MM DIP Loan Under Settlement Deal NEXT STEP HEALTHCARE: Court Placed 11 Nursing Homes in Receivership NICKLAUS COMPANIES: Nicklaus Fights Branding Rights Transfer NINE ENERGY: Hires Epiq Corporate as Claims and Noticing Agent OBSIDIAN HOLISTIC: Robert Handler Named Subchapter V Trustee OCUGEN INC: The Vanguard Group Holds 5.27% Stake as of Dec. 31 OFFICE PROPERTIES: Bankruptcy Court OKs $125MM A&R DIP Facility OKM TRANSPORTATION: Seeks Chapter 7 Bankruptcy in South Carolina PAT MCGRATH: Seeks to Hire Gordian Group LLC as Investment Banker PAT MCGRATH: Seeks to Hire Pack Law as Bankruptcy Counsel PDG PRESTIGE: DIP Lender Loses Challenge to Asset Sale PETER DAMON: Angela Shortall Named Subchapter V Trustee PIONEER HEALTH: Provident Fee Dispute Won't Proceed to Mediation POLAR POWER: Bard Associates Drops Below 5% Ownership Threshold PORKY'S LLC: Gets Interim OK to Use Cash Collateral PRIME CORE: Sues sFOX for $2.6MM Clawback in Chapter 11 PUBLISHERS CLEARING: Court Sustains Omnibus Claim Objections PURSE LADIES: Seeks Chapter 11 Bankruptcy in Florida RED RIVER: Court Tosses Love, et al. Class Action Lawsuit RM IMAGING: Files Emergency Bid to Use Cash Collateral ROBERT BEARDEN: Seeks Chapter 11 Bankruptcy in Tennessee RT ACQUISITION: Sugarloaf Can Proceed with Lawsuit S & H SYSTEMS: Seeks Chapter 11 Bankruptcy in Arkansas S&G HOSPITALITY: Court OKs Continued Access to Cash Collateral SAILORMEN INC: Popeyes Restaurants That Closed in Chapter 11 SB TRANSPORTATION: Initiates Chapter 11 Bankruptcy in Florida SCOOTER'S TRUCKING: Andrew Layden Named Subchapter V Trustee SEASHORE PROPERTIES: Wayne T.K. Mau's Appointment as Trustee OK'd SHAW WELLNESS: Seeks to Hire H&R Block Advisors as Accountant SJ ASSET: Leon Jones Named Subchapter V Trustee SLEEP QUARTERS: To Sell Waxahachie Property to RSDGP for $2.2MM SPAC RECOVERY: FS Credit Loses Bid to Dismiss Bankruptcy Case SPIN CITY USA: Commences Chapter 7 Bankruptcy in Florida SPLASH BEVERAGE: Sells 145,029 Shares Under ELOC for $98,170 STOMATCARE DSO: Seeks Chapter 11 Bankruptcy in Florida STORM TEAM: Hires Brian K. McMahon PA as Bankruptcy Counsel STRATEGIC IQ: Wins Bid to Set Aside Default Judgment SUITECENTRIC LLC: Court Tosses Claims Against Adam Baruh SUMMIT ACCESS: Gets Interim OK to Use Cash Collateral SUN COLOR: Frederic Schwieg Named Subchapter V Trustee SYAGRUS SYSTEMS: Unsecureds Will Get 10% of Claims over 5 Years SYNERGY MANUAL: Joli Lofstedt Named Subchapter V Trustee TALPHERA INC: Orin Hirschman and AIGH Affiliates Hold 9.8% THRASIO LLC: MoFo Secures a $65MM Settlement in Chapter 11 UNIVERSAL DESIGN: Jacksonville Property Sale to CD Properties OK'd URBAN-GRO: Stockholders OK Seven Proposals at Annual Meeting USA GYMNASTICS: Abuse Claimants Move to File State Court Lawsuit VANKIRK ELECTRIC: Mon Arc's Assumption of EMJ Contract Okayed VIABLE AMERICAN: Case Summary & Six Unsecured Creditors VICTORY CAPITAL: S&P Alters Outlook to Positive, Affirms 'BB' ICR WATCHTOWER FIREARMS: Podgurny et al. Lose Chapter 7 Conversion Bid WESTCOAST EVOLUTIONS: Taps Farsad Law Office as Bankruptcy Counsel WH INTERMEDIATE: S&P Affirms 'B' ICR on Lands' End Transaction WOLF LAKE: Case Summary & Two Unsecured Creditors YOUNG REALTY: Jerrett McConnell Named Subchapter V Trustee ********* 1ST CHOICE UTILITY: Case Summary & Seven Unsecured Creditors ------------------------------------------------------------ Debtor: 1st Choice Utility Construction, LLC 535 Enterprise Avenue Conway, AR 72032 Business Description: 1st Choice Utility Construction, LLC provides underground utility and telecommunications infrastructure construction services, including fiber optic installation, trenching, boring, excavation, and related site work. The Company operates from Conway, Arkansas, serving utility and communications projects. Chapter 11 Petition Date: February 4, 2026 Court: United States Bankruptcy Court Eastern District of Arkansas Case No.: 26-10397 Judge: Hon. Bianca M. Rucker Debtor's Counsel: Stanley V. Bond, Esq. BOND LAW OFFICE 525 S. School Ave. Suite 100 Fayetteville, AR 72701 Tel: 479-444-0255 Fax: 479-235-2827 E-mail: attybond@me.com Estimated Assets: $100,000 to $500,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Lacey McFadin as controller. A full-text copy of the petition, which includes a list of the Debtor's seven unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/CH2JTKQ/1st_Choice_Utility_Construction__arebke-26-10397__0001.0.pdf?mcid=tGE4TAMA 1ST CHOICE UTILITY: Commences Chapter 11 Bankruptcy in Arkansas --------------------------------------------------------------- On February 4, 2026, 1st Choice Utility Construction, LLC filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the Eastern District of Arkansas. According to court filings, the Debtor reports between $1 million and $10 million in debt owed to approximately 1–49 creditors. About 1st Choice Utility Construction, LLC 1st Choice Utility Construction, LLC is an Arkansas-based construction company specializing in utility infrastructure and related construction services. 1st Choice Utility Construction, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-10397) on February 4, 2026. In its petition, the Debtor reports estimated assets ranging from $100,001 to $1 million and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Bianca M. Rucker is presiding over the case. The Debtor is represented by Stanley V. Bond, Esq. 3000 E. IMPERIAL: Hires Hilco Real Estate CA as Real Estate Broker ------------------------------------------------------------------ 3000 E. Imperial, LLC seeks approval from the U.S. Bankruptcy Court for the Central District of California to employ Hilco Real Estate CA, Inc. as real estate broker. The Debtor needs a broker to market and sell its properties located at 3000 E. Imperial Hwy., Lynwood, Cal. and 2949 E. Imperial Hwy., Lynwood, Cal. The firm will receive a commission of 4 percent of the gross sale proceeds of the properties. Jeffrey Azuse, a real estate agent at Hilco Real Estate, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Jeffrey Azuse Hilco Real Estate, LLC 5 Revere Drive, Suite 320 Northbrook, IL 60062 Telephone: (847) 418-2703 Facsimile: (847) 897-0826 Email: jazuse@hilcoglobal.com About 3000 E. Imperial LLC 3000 E. Imperial LLC is a real estate holding company that manages commercial property in Buena Park, Calif. 3000 E. Imperial LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-11912) on July 14, 2025. In its petition, the Debtor estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Mark D. Houle handles the case. The Debtor is represented by Jeffrey I. Golden, Esq., at Golden Goodrich LLP. 57 CONCRETE: Hires Texas Tax Group as State Tax Advisor ------------------------------------------------------- 57 Concrete LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ Texas Tax Group Inc. as the Texas state tax advisor. The firm will serve as Texas state tax advisor in connection with the Debtor's Chapter 11 case. Such services will include, as applicable: tax research; record review and management; reconciliation conferences; independent audit review conferences; representation at audit exit conferences; development of audit redetermination strategies; preparation of statements of grounds; negotiation with Texas Comptroller personnel regarding determinations or redeterminations of sales and use tax liability; protest of audit results; and state tax training or instruction. TTG may also prepare expert analyses, reports, and testimony as necessary in connection with these matters. The firm's current hourly rates for audit defense and consulting services are: Lead Consultant $350 Tax Analyst $250 The firm received an initial retainer in the amount of $5,000. Dino Marcaccio, president of Texas Tax Group Inc., assured the court that the firm is a "disinterested person" within the meaning of Bankruptcy Code Sec. 101(14). The firm can be reached through: Dino Marcaccio Texas Tax Group Inc. 9950 Westpark Drive, Suite 430 Houston, TX 77063 Tel: (855) 892-8348 Email: Dino.Marcaccio@TexasTaxGroup.com About 57 Concrete LLC 57 Concrete LLC is a Texas-based concrete contracting company that provides concrete construction services for residential, commercial, and infrastructure projects. The company's operations typically include concrete pouring, finishing, and related site work for building and development projects across the region. 57 Concrete LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-90818) on December 19, 2025. In its petition, the debtor reported estimated assets ranging from $10 million to $50 million and estimated liabilities in the same range. Honorable Bankruptcy Judge Christopher M. Lopez is presiding over the case. The debtor is represented by Charles Michael Rubio, Esq., and Lenard M. Parkins, Esq., of Parkins & Rubio LLP. 823 SUFFIELD: Hires William E. Jamison Jr. as Legal Counsel ----------------------------------------------------------- 823 Suffield Square, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Illinois to employ William Jamison, Jr., Esq., an attorney practicing in Chicago, Ill., as counsel. The attorney will render these services: (a) give Debtor legal advice with respect to its powers and duties in the continued operation of its business; (b) assist the Debtor in the negotiation, formulation, drafting and confirmation of a plan of reorganization; (c) assist the Debtor in investigating and pursuing all rights and claims in connection with preserving the value of its assets and rehabilitating property of the estate; (d) take such action as may be necessary with respect to any claims that may be asserted against the Debtor and prepare such legal papers on its behalf that may be necessary in connection with this proceeding; and (e) perform all other legal services for the Debtor which may be required in connection with this proceeding. Mr. Jamison's hourly rate for legal work is $400. Mr. Jamison disclosed in a court filing that he is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The attorney can be reached at: William E. Jamison, Jr., Esq. 53 West Jackson Blvd., Suite #801 Chicago, IL 60604 Telephone: (312) 226-8500 About 823 Suffield Square LLC 823 Suffield Square LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-18489) on Dec. 2, 2025, listing up to $500,000 in assets and up to $1 million in liabilities. The Debtor is represented by William E. Jamison, Jr., Esq. ACCESS OHIO: Hires The Global Accounting Solutions as Accountant ---------------------------------------------------------------- Access Ohio, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Ohio to employ The Global Accounting Solutions Inc. as accountant. The firm will render these services: (a) advise and assist the Debtor with the monthly operating reports required by the United States Trustee; (b) advise and assist the Debtor with a plan of reorganization and the budgets and forecasts to support a plan (c) assist the Debtor with the preparation and filing of federal, state and local tax returns; (d) serve, if needed, as an expert witness in support of a plan of reorganization; and (e) perform any and all other accounting services as may be required that are in the best interest of the Debtor, the estate or its creditors. The firm will be paid at these proposed hourly rates: Murali Ramalingam, CPA, Principal $275 Smitha Shenoy, CPA, Manager $225 Pavan Edhala, CPA, Senior Accountant $180 Sairose Kotadia, CPA, Senior Accountant $180 Shweta Vermani, Accountant $125 Jennilee Cookman, Staff Accountant $92 In addition, the firm will seek reimbursement for expenses incurred. The firm received a total retainer of $205,000 one year prior to the petition date from the Debtor. Mr. Ramalingam disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Murali Ramalingam, CPA The Global Accounting Solutions Inc. 400 W. Wilson Bridge Rd., Suite 230 Wortington, OH 43085 Telephone: (614) 659-9999 About Access Ohio LLC Access Ohio, LLC provides outpatient behavioral healthcare services focused on mental health and addiction treatment through a physician-led, multidisciplinary model that includes counselors, nurses, and case managers. The company was founded in 2006 and is based in Columbus, Ohio. Access Ohio sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ohio Case No. 26-50089) on January 9, 2026. In the petition signed by John A. Johnson, manager, the Debtor disclosed up to $1 million in assets and up to $10 million in liabilities. Judge Tiffany Strelow Cobb oversees the case. The Debtor tapped Myron N. Terlecky, Esq., at Strip Hoppers Leithart McGrath & Terlecky Co., LPA as counsel and Murali Ramalingam, CPA, at The Global Accounting Solutions Inc. as accountant. AINOS INC: Taiwan Carbon Nano Technology Holds 13.62% Equity Stake ------------------------------------------------------------------ Taiwan Carbon Nano Technology Corporation, disclosed in a Schedule 13D (Amendment No. 2) filed with the U.S. Securities and Exchange Commission that as of January 28, 2026, it beneficially owns 989,925 shares of common stock -- directly held; subject to a voting agreement with Ainos KY requiring TCNT to vote such shares as directed by Ainos KY; reduced through sales including 46,000 shares on January 28, 2026 -- of Ainos, Inc.'s common stock, par value $0.01 per share, representing 13.62% of the 4,812,634 shares outstanding as of November 13, 2025, plus subsequent issuances including 950,000 vested special stock awards, 19,531 service fee shares, 323,846 at-the-market offering shares from December 5, 2025 to January 28, 2026, and 1,160,000 shares issued to ScentAI Inc. on December 30, 2025. Taiwan Carbon Nano Technology Corporation may be reached through: Chun-Hsien Tsai, Chairman and Chief Executive Officer 14F., No. 61, Sec. 4, New Taipei Boulevard Xinzhuang District New Taipei City 242, Taiwan Tel: 886-37-581999 A full-text copy of Taiwan Carbon Nano Technology Corporation's SEC report is available at: https://tinyurl.com/3ahapxj7 About Ainos Ainos, Inc. -- https://www.ainos.com/ -- is an artificial intelligence and healthcare company focused on the commercialization of proprietary scent digitization technology, AI-powered sensing solutions, point-of-care testing, and low-dose oral interferon therapeutics. The Company has incurred net operating losses since inception and has an accumulated deficit as of September 30, 2025 of $63,052,030 and expects to incur additional losses and negative operating cash flows for at least the next 12 months. The Company's ability to meet its obligations is dependent upon its ability to generate sufficient cash flows from operations and future financing transactions. Although management expects the Company will continue as a going concern, there is no assurance that management's plans will be successful since the availability and amount of such funding is not certain. Accordingly, substantial doubt exists about the Company's ability to continue as a going concern for at least 12 months. As of September 30, 2025, the Company had $22,679,340 in total assets, $212,634,391 in total liabilities, and $10,044,949 in total stockholders' equity. ALACHUA GOVERNMENT: Gets $16MM Monkey Cell Royalties Sale Approval ------------------------------------------------------------------ Ben Zigterman of Law360 Bankruptcy Authority reports that a Delaware bankruptcy judge approved a $16 million transaction Monday, February 6, 2026, allowing Alachua Government Services to sell its Tecfidera-related royalty rights to OrbiMed Advisors LLC. The deal transfers Alachua's entitlement to future royalty payments tied to the multiple sclerosis treatment, which is marketed by Biogen and derived from University of Florida research. The debtor said the sale followed extensive marketing efforts and produced the highest available value, according to report. Alachua filed for Chapter 11 earlier this year as it faced liquidity challenges. The company said proceeds from the sale will be used to support the reorganization process and address creditor claims, Law360 reports. About Alachua Government Services Inc. Alachua Government Services, Inc. is a pharmaceutical and medicine manufacturing company formerly known as Ology Bioservices. Based in Alachua, Florida, Alachua operates in the pharmaceutical manufacturing sector. Alachua sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-11289) on July 6, 2025. In its petition, the Debtor reports estimated assets between $50 million and $100 million and estimated liabilities between $100 million and $500 million. Judge J. Kate Stickles oversees the case. Richards, Layton & Finger, P.A. is Debtor's legal counsel. ALTICE USA: Apollo, BlackRock and Oaktree Seek Lawsuit Dismissal ---------------------------------------------------------------- Reshmi Basu and Steven Church of Bloomberg New report that Apollo Capital Management, BlackRock Financial Management and Oaktree Capital Management are urging a federal judge to toss a lawsuit brought by Altice USA Inc. alleging collusion among its lenders to block access to credit. The lenders said in a late-Friday, February 6, 2026, filing that Altice’s claims improperly target routine creditor coordination that occurs when borrowers seek to renegotiate debt. They pointed to prior rulings holding that such activity does not violate federal antitrust law. Altice USA, now known as Optimum Communications Inc., is attempting to "weaponize the antitrust laws" to gain negotiating advantage, the lenders argued. The complaint fails to allege unlawful conduct and should be dismissed in its entirety, they said. About Altice USA Inc. Altice USA, Inc. is an American cable television provider. Effective November 7, 2025, the Company will change its corporate name to Optimum Communications, Inc., pursuant to a Certificate of Amendment to the Company's Fourth Amended and Restated Certificate of Incorporation filed with the Delaware Secretary of State on November 5, 2025. As of September 30, 2025, the Company had $30.7 billion in total assets, $33 billion in total liabilities, and $2.2 billion in total stockholders' deficiency. * * * As reported by the TCR on May 17, 2024, S&P Global Ratings lowered all its ratings on Altice USA Inc. one notch, including the Company credit rating to 'CCC+', and removed them from Credit Watch, where it placed them with negative implications on May 2, 2024. The negative outlook reflects that S&P could lower its ratings if the company opts to pursue a debt restructuring over the next year. S&P said, "We believe Altice USA's capital structure is unsustainable. We believe the company is vulnerable to nonpayment long term and depends on favorable business, financial, and economic conditions to meet its financial obligations as they come due in 2027 and beyond. We believe it is more likely than not that Altice USA will enter into a distressed debt restructuring that we consider tantamount to default, or it could face bankruptcy long term." ALTISOURCE PORTFOLIO: The Vanguard Group Holds 5.05% Equity Stake ----------------------------------------------------------------- The Vanguard Group, disclosed in a Schedule 13G filed with the U.S. Securities and Exchange Commission that as of December 31, 2025, it beneficially owns 555,818.26 shares of common stock -- with shared voting power over 66,657.46 shares and shared dispositive power over all shares through its clients, including investment companies and managed accounts; holdings are in the form of warrants; following an internal realignment effective January 12, 2026, portfolio management and proxy voting are handled by certain subsidiaries/business divisions -- of Altisource Portfolio Solutions SA's common stock, representing 5.05% of the shares outstanding. On January 12, 2026, The Vanguard Group, Inc. went through an internal realignment. As of that date, The Vanguard Group, Inc. no longer performs portfolio management services or administers proxy voting. In accordance with SEC Release No. 34-39538 (January 12, 1998), The Vanguard Group, Inc. anticipates that certain subsidiaries or business divisions of subsidiaries of The Vanguard Group, Inc., that currently have, or are deemed to have, beneficial ownership with The Vanguard Group, Inc., will report beneficial ownership separately (on a disaggregated basis) from The Vanguard Group, Inc. in reliance on such release. These subsidiaries and/or business divisions pursue the same investment strategies as previously pursued by The Vanguard Group, Inc. prior to the realignment. The Vanguard Group may be reached through: Ashley Grim Head of Global Fund Administration 100 Vanguard Blvd. Malvern, PA 19355 Tel: 610-669-1000 A full-text copy of The Vanguard Group's SEC report is available at: https://tinyurl.com/5tr77zpt About Altisource Headquartered in Luxembourg, Altisource Portfolio Solutions S.A. -- https://www.Altisource.com/ -- is an integrated service provider and marketplace for the real estate and mortgage industries. Combining operational excellence with a suite of innovative services and technologies, Altisource helps solve the demands of the ever-changing markets it serves. As of September 30, 2025, the Company had $139.91 million in total assets, $243.38 million in total liabilities, and $103.47 million in total deficit. * * * In March 2025. S&P Global Ratings raised its Company credit rating on Altisource Portfolio Solutions S.A. to 'CCC+' from 'SD'. S&P said, "We also assigned our 'B' issue-level rating and '1' recovery rating to the new $12.5 million senior secured debt (super senior facility), 'CCC-' issue-level rating and '6' recovery rating to the new $160 million senior subordinated debt (new first lien loan), and withdrew our ratings on the company's exchanged senior secured term loan, which was rated 'D'. "The stable outlook reflects our expectation that over the next 12 months, while we expect Altisource to generate positive cash flow from operations, we believe its liquidity will remain constrained and the company will remain dependent on favorable financial and economic conditions to meet its financial commitments. AMC ENTERTAINMENT: UBS Group AG Reports 6.2% Beneficial Ownership ----------------------------------------------------------------- UBS Group AG disclosed in a Schedule 13G filed with the U.S. Securities and Exchange Commission that as of December 31, 2025, it beneficially owns 31,798,761 shares of Class A common stock (with shared voting power over 31,798,365 shares and shared dispositive power over all shares, held on behalf of clients through subsidiaries including UBS AG London Branch, UBS Europe SE, UBS Financial Services Inc., and UBS Securities LLC) of AMC Entertainment Holdings, Inc.'s Class A common stock, representing 6.2% of the shares outstanding. UBS Group AG may be reached through: Andrew Johnson, Director Bahnhofstrasse 45 PO Box CH-8021 Zurich, Switzerland Tel: 41-44-234-1111 A full-text copy of UBS Group AG's SEC report is available at: https://tinyurl.com/257555vr About AMC Entertainment AMC Entertainment Holdings, Inc., is engaged in the theatrical exhibition business. It operates through theatrical exhibition operations segment. It licenses first-run motion pictures from distributors owned by film production companies and from independent distributors. The Company also offers a range of food and beverage items, which include popcorn; soft drinks; candy; hotdogs; specialty drinks, including beers, wine and mixed drinks, and made to order hot foods, including menu choices, such as curly fries, chicken tenders and mozzarella sticks. As of September 30, 2025, the Company had $8,020.7 million in total assets, $9,798.2 in total liabilities, and $1,777.5 in total stockholders' deficit. * * * In October 2025, Moody's Ratings assigned Caa2 ratings to AMC Entertainment Holdings, Inc.'s new Senior Secured First-Lien Notes due 2029 (1.5 Notes). Moody's downgraded Muvico, LLC's (Muvico) Backed Senior Secured Second-lien Notes (Existing Exchangeable Notes) rating to Caa3 from Caa2. Moody's affirmed AMC's Caa2 Corporate Family Rating and Caa2-PD Probability of Default Rating, and all other instrument ratings including the B3 on the Senior Secured First-Lien Term Loan at AMC (AMC TL) which is co-borrower with Muvico, the B3 on the Backed Senior Secured First-Lien Notes rating at Odeon Finco PLC (Odeon) (Odeon Notes), the Caa3 rating on the Senior Secured First-Lien Notes (7.5% Notes) at AMC, and the Ca rating on the Senior Subordinated Notes (Sub Notes) of AMC. AMC's Speculative Grade Liquidity Rating (SGL) remains unchanged at SGL-4. The outlook for all issuers remains stable. In July, the Company announced [1] that it entered into a Transaction Support Agreement with key creditor groups, including certain holders of its 7.5% Notes, certain holders of Muvico Existing Exchangeable Notes, and certain lenders representing AMC's TL outstanding under its existing credit agreement. In connection with the agreement, (1) Muvico issued new $194 million (now with $154 million outstanding) 6.00%/8.00% Senior Secured Second-Lien Exchangeable Notes due 2030 (New Exchangeable Notes, unrated) which have a 1.25 lien claim on Muvico assets, effectively a second lien, and (2) AMC issued the 1.5 Notes comprised of approximately $267.0 million of incremental new money financing and an exchange of $590.0 million of 7.5% Notes for a total of approximately $857 million. These lenders have a 1.5 lien on Muvico assets, effectively third claim priority behind the New Exchangeable Notes at Muvico. As a result of the transaction, the 7.5% Notes (with a pro forma debt principal amount totaling approximately $360 million), which did not participate in the exchange for the 1.5 Notes, retained existing terms and conditions (e.g. notably, no lien on Muvico assets) and therefore have lower recovery prospects relative to the New Exchangeable Notes (which have a 1.25 lien on Muvico). In addition, Moody's rank the Existing Exchangeable Notes (with approximately $108 million outstanding) that did not participate in the exchange behind the New Exchangeable Notes and the 1.5 Notes due to a change in the definition of permitted liens to allow superior liens. Moody's expects the New Exchangeable Notes to be fully extinguished in the near term (in a stock exchange) when certain conditions are met (e.g. company stock price reaches a pre-determined level and noteholders elect to exchange). AMPLE INC: Committee Hires Porzio Bromberg & Newman as Co-Counsel ----------------------------------------------------------------- The official committee of unsecured creditors appointed in the Chapter 11 cases of Ample, Inc. and its affiliates seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ Porzio, Bromberg & Newman, PC as co-counsel. The firm's services include: (a) advise the committee with respect to its rights, duties, and powers under Bankruptcy Code section 1103; (b) assist the committee in connection with the Debtors' proposed sale of assets; (c) participate in in-person and telephonic meetings of the committee and subcommittees formed thereby, if any; (d) assist and advise the committee in its meetings and negotiations with the trustee and other parties-in-interest regarding these Chapter 11 cases; (e) assist the committee in analyzing the claims of the Debtors' creditors and their capital structure and in negotiating with holders of claims; (f) assist the committee in analyzing the Debtors' assets and liabilities; (g) assist the committee in its investigation of the acts, conduct, assets, liabilities, management, and financial conditions of the Debtors, their historic and ongoing operations of their business, and any other matters relevant to these Chapter 11 cases; (h) advise and represent the committee in connection with matters generally arising in these cases; (i) review and analyze all applications, motions, orders, statements of operations, and schedules filed with the court by the Debtors or third parties, advise the committee as to their propriety, and, after consultation with the committee, take appropriate action; (j) assist the committee in its analysis of, and negotiations with the Debtors or any third party related to, financing, asset disposition transactions, and compromises of controversies, review and determine their rights and obligations under leases and executory contracts, and assist, advise, and represent the committee in any manner relevant to the assumption and rejection of executory contracts and unexpired leases; (k) assist the committee in its analysis of, and negotiations with, the Debtors or any third party related to, the formulation, confirmation, and implementation of a Chapter 11 plan and all documentation related thereto; (l) assist, advise, and represent the committee in understanding its powers and duties under the Bankruptcy Code and the Bankruptcy Rules and in performing other services as are in the interests of those it represented; (m) assist and advise the committee with respect to communications with the general creditor body regarding significant matters in these Chapter 11 cases; (n) respond to inquiries from individual creditors as to the status of, and developments in, these Chapter 11 cases; (o) represent the committee at hearings and other proceedings before the court and other courts or tribunals, as appropriate; (p) review and analyze complaints, motions, applications, orders, and other pleadings filed with the court, and advise the committee with respect to formulating positions with respect, and filing responses, thereto; (q) assist the committee in its review and analysis of, and negotiations with the Debtors and their non-Debtor affiliates related to intercompany claims and transactions; (r) review and analyze third-party analyses and reports prepared in connection with the Debtors' potential claims and causes of action, advise the committee with respect to formulating positions thereon, and perform such other diligence and independent analysis as it may be requested; (s) advise the committee with respect to applicable federal and state regulatory issues, as such issues may arise in these Chapter 11 cases; (t) assist the committee in preparing pleadings and applications, and pursue or participate in adversary proceedings, contested matters, and administrative proceedings as may be necessary or appropriate in furtherance of the committee's duties; (u) take all necessary or appropriate actions as may be required in connection with the administration of the Debtors' estates; (v) perform such other legal services as may be required or are otherwise deemed to be in the interests of the committee in accordance with its powers and duties as set forth in the Bankruptcy Code, Bankruptcy Rules, Local Rules, or other applicable laws. The firm will be paid at these hourly rates: Rachel Parisi, Principal $975 Christopher Mazza, Principal $900 Kimberly Pageau, Counsel $825 Jenny Zhou, Associate $600 Erik Lascano, Associate $535 Maria Dermatis, Paralegal $475 Stuart Bavker, Associate $425 April Kernell, Paralegal $375 Robyn Heumming, Paralegal 4340 In addition, the firm will seek reimbursement for expenses incurred. Ms. Parisi disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Rachel A. Parisi, Esq. Porzio, Bromberg & Newman, PC 100 Southgate Parkway Morristown, NJ 07962 Telephone: (973) 538-4006 Email: RAParisi@pbnlaw.com About Ample Inc. Ample Inc. is an electric vehicle technology firm specializing in battery-swapping platforms and infrastructure. The company develops modular systems that allow EVs to replace batteries quickly, supporting continuous operation without lengthy charging intervals. Ample Inc. and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 25-90817) on Dec. 16, 2025. In its petition, Ample reports estimated assets between $10 million and $50 million and estimated liabilities between $50 million and $100 million. Honorable Bankruptcy Judge Christopher M. Lopez handles the cases. The Debtors are represented by Hugh Massey Ray, III, Esq., at Pillsbury Winthrop Shaw Pittman LLP. Twelve Bridge Capital, LLC, as DIP lender, is represented by Michael Fishel, Esq., at Fishel Law Group, in Houston, Texas. On Dec. 30, 2025, an official committee of unsecured creditors was appointed in these Chapter 11 cases. The committee tapped Porzio, Bromberg & Newman, PC and Dykema Gossett, PLLC as counsel and Dundon Advisers, LLC as financial advisor. ANCARLO BROTHERS: Case Summary & One Unsecured Creditor ------------------------------------------------------- Debtor: Ancarlo Brothers Inc. Road 866 KM 3.4 Sabana Seca Ward Toa Baja, PR 00950 Business Description: Ancarlo Brothers owns a 20,791.76-square-meter parcel of land located at Road 866, Km 3.4, Sabana Seca Ward, Toa Baja, PR, with a comparable sales value estimated at $1.43 million. Chapter 11 Petition Date: February 4, 2026 Court: United States Bankruptcy Court District of Puerto Rico Case No.: 26-00423 Debtor's Counsel: Noemi Landrau Rivera, Esq. LANDRAU RIVERA & ASSOC. PO Box 270219 San Juan, PR 00928 Tel: (787) 774-0224 Fax: (787) 793-1004 E-mail: nlandrau@landraulaw.com Total Assets: $1,433,490 Total Liabilities: $1,303,440 The petition was signed by Javier Eladio Lopez Quinones. The Debtor identified Juan A. Ortiz Martinez, PO Box 360764, San Juan, Puerto Rico 00936, as its only unsecured creditor, holding an unliquidated $1 claim related to a state court complaint. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/A5YKVLA/ANCARLO_BROTHERS_INC__prbke-26-00423__0001.0.pdf?mcid=tGE4TAMA ANGEL M DIAZ: Court Set to Hear Subchapter V Confirmation --------------------------------------------------------- Judge Enrique S. Lamoutte of the U.S. Bankruptcy Court for the District of Puerto Rico ordered that the hearing to confirm Angel M Diaz Rivera and Yvonne Suarez's Chapter 11 Subchapter V Plan scheduled for February 24, 2026, is continued without a date pending a decision on whether debtor's counsel has failed to disclose a conflict of interest, which is scheduled for an evidentiary hearing on April 6, 2026. A copy the Court's Order dated February 6, 2026, is available at https://urlcurt.com/u?l=uzvXHs from PacerMonitor.com. Angel M. Diaz Rivera and Yvonne Suarez filed for Chapter 11 bankruptcy protection (Bankr. D.P.R. Case No. 25-04610) on October 10, 2025, listing under $1 million in both assets and liabilities. The Debtor is represented by Jesus Batista Sanchez, Esq. ARC FALCON I: S&P Affirms 'B' ICR on Acquisitions, Outlook Stable ----------------------------------------------------------------- S&P Global Ratings affirmed its 'B' issuer credit rating on U.S.-based engineered products and specialty materials manufacturer ARC Falcon I Inc. (dba Arclin) and assigned its 'B' issue-level rating to its proposed secured debt. S&P said, "The stable outlook reflects our expectation for leverage below 6x and EBITDA margins above 22% pro forma for the acquisitions. "We expect Arclin's pro forma debt to EBITDA to remain below 6x. Its debt quantum will increase materially in 2026 but organic growth from both volume and price increases as well as contributions from acquisitions will keep debt to EBITDA down." This compares with S&P Global Ratings-adjusted leverage of 5.2x for the 12 months ended Sept. 30, 2025. The new debt includes a proposed $1.225 billion first-lien term loan due in 2033, $500 million USD euro-denominated first-lien term loan due in 2033, $1.5 billion senior secured notes due in 2032-2033, and $300 million note (seller Holdco PIK) from DuPont. The transaction includes a $550 million equity contribution: $325 million from DuPont and $225 million from financial sponsor TJC LP. The capital structure will also include a new $500 million revolving credit facility due in 2031 (undrawn at close). Arclin will use the proceeds to fund the acquisitions and repay outstanding amounts under its existing revolving credit facility, first and second-lien term loans, totaling close to $1.3 billion. S&P said, "The acquisitions will enhance Arclin's scale and diversity. The WVCO acquisition recently closed, and we expect the Aramids acquisition to close in the first quarter of 2026. Our updated view of the company's competitive position reflects strength in its niche markets and enhanced scale, with revenues more than doubling to $2.7 billion-$2.8 billion from about $1.1 billion for the trailing 12 months ended Sept. 30. We also incorporate its enhanced geographic, product, and end-market diversity." Pro forma for the Aramids acquisition, about 20% of revenues will come from Europe, the Middle East, and Africa, and 13% from Asia, compared with about 97% of revenues from the U.S. previously. Arclin's end markets were also historically tied to cyclical residential and nonresidential construction, but enhanced diversity now includes personal protection, tire and automotive, aerospace and defense, and electric infrastructure. Legacy Arclin has a strong market position in its two niche segments, with proprietary and patented products and chemical formulations that are difficult and costly to replicate. Similarly, DuPont's Aramids business includes well known global brands Kevlar and Nomex, high-performance synthetic protective fibers. The combined entity also has an expanded product and customer base, with the top 10 customers contributing less than 25% of sales, compared with 55% previously. S&P said, "We expect EBITDA margins to remain above average in the next 12 months. Arclin's EBITDA margin for the 12 months ended Sept. 30 was close to 22%, which we consider above average. Over the next 12-24 months, we expect EBITDA margins could increase to about 24% as the company benefits from integrating its high-margin acquisitions." Historically, Arclin has passed on higher input costs to customers with pass-through mechanisms built into contracts. The company also benefits from a highly variable cost structure and an ability to reduce costs, given that about 70% of cost of goods sold is variable pro forma for the acquisitions. The stable outlook on Arclin reflects S&P's expectation for leverage below 6x and EBITDA margins above 22% pro forma for the acquisitions. S&P could lower its rating if Arclin sustains debt to EBITDA above 6.5x over the next 12 months, which could occur if: -- Unforeseen challenges delay acquisition integration or macroeconomic conditions weaken such that EBITDA declines about 12%-15% from S&P's expectation; or -- The financial sponsor undertakes a more aggressive financial policy than S&P anticipates, including debt-funded acquisitions or dividends, increasing leverage, and we believe there is little prospect of recovery. S&P could raise its rating if: -- Acquisition integration is successful such that Arclin sustains EBITDA margins above 20% and leverage comfortably under 5x; and -- TJC LP commits to maintaining S&P Global Ratings-adjusted leverage below 5x. ARCHBLOCK LLC: Blockchain Firm Seeks Chapter 11 w/ Over $100MM Debt ------------------------------------------------------------------- Ben Zigterman of Law360 reports that Archblock LLC, a blockchain-focused financial technology firm, filed for Chapter 11 bankruptcy relief in the District of Delaware, listing liabilities exceeding $100 million and assets valued at less than $10 million, court records show. The filing initiates a court-supervised restructuring process designed to provide the company with breathing room while it negotiates with creditors and evaluates its financial options. Chapter 11 allows Archblock to remain operational during the proceedings, the report states. About Archblock LLC Archblock LLC is a financial technology company operating in the blockchain and digital asset space. The company develops and manages blockchain-based financial products and infrastructure designed to support digital currency and related financial services. Archblock LLC sought relief under Chapter 11 of the U.S. Bankruptcy Coode (Bankr. D. Del. Case No. 26-10152) on February 6, 2026. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $100 million and $500 million. The Debtor is represented by William E. Chipman, Jr., Esq. of Chipman Brown Cicero & Cole, LLP. BEYOND MEAT: The Vanguard Group Holds 5.40% Equity Stake -------------------------------------------------------- The Vanguard Group, disclosed in a Schedule 13G filed with the U.S. Securities and Exchange Commission that as of December 31, 2025, it beneficially owns 24,526,646 shares of common stock -- with shared voting power over 3,019,917 shares and shared dispositive power over all shares through its clients, including investment companies and managed accounts; following an internal realignment effective January 12, 2026, portfolio management and proxy voting are handled by certain subsidiaries/business divisions -- of Beyond Meat Inc's common stock, representing 5.40% of the shares outstanding. On January 12, 2026, The Vanguard Group, Inc. went through an internal realignment. As of that date, The Vanguard Group, Inc. no longer performs portfolio management services or administers proxy voting. In accordance with SEC Release No. 34-39538 (January 12, 1998), The Vanguard Group, Inc. anticipates that certain subsidiaries or business divisions of subsidiaries of The Vanguard Group, Inc., that currently have, or are deemed to have, beneficial ownership with The Vanguard Group, Inc., will report beneficial ownership separately (on a disaggregated basis) from The Vanguard Group, Inc. in reliance on such release. These subsidiaries and/or business divisions pursue the same investment strategies as previously pursued by The Vanguard Group, Inc. prior to the realignment. The Vanguard Group may be reached through: Ashley Grim Head of Global Fund Administration 100 Vanguard Blvd. Malvern, PA 19355 Tel: 610-669-1000 A full-text copy of The Vanguard Group's SEC report is available at: https://tinyurl.com/2n8ryx2z About Beyond Meat Beyond Meat, Inc. (NASDAQ: BYND) is a leading plant-based meat company offering a portfolio of revolutionary plant-based meats made from simple ingredients without GMOs, no added hormones or antibiotics, and 0mg of cholesterol per serving. Founded in 2009, Beyond Meat products are designed to have the same taste and texture as animal-based meat while being better for people and the planet. Beyond Meat's brand promise, Eat What You Love(R), represents a strong belief that there is a better way to feed our future and that the positive choices we all make, no matter how small, can have a great impact on our personal health and the health of our planet. By shifting from animal-based meat to plant-based protein, we can positively impact four growing global issues: human health, climate change, constraints on natural resources and animal welfare. As of September 27, 2025, the Company had $599.7 million in total assets, $1.4 billion in total liabilities, and $784.1 million in total stockholders' deficit. CARNETRINE INC: Seeks Chapter 7 Bankruptcy in New Jersey -------------------------------------------------------- On February 6, 2026, Carnetrine Inc. filed for Chapter 7 protection in the U.S. Bankruptcy Court for the District of New Jersey. According to court filings, the Debtor reports between $1 million and $10 million in debt owed to between 1 and 49 creditors. About Carnetrine Inc. Carnetrine Inc. sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 26-11393) on February 6, 2026. In its petition, the Debtor reports estimated assets ranging from $100,001 to $1 million and estimated liabilities between $1 million and $10 million. The Honorable Andrew B. Altenburg Jr. presides over the case. The Debtor is represented by Ira Deiches, Esq., of Deiches & Ferschmann. CARR'S PLUMBING: Case Summary & 20 Largest Unsecured Creditors -------------------------------------------------------------- Debtor: Carr's Plumbing and Maintenance, LLC d/b/a Carr's Plumbing & Maintenance, LLC 3815 W Douglas Wichita, KS 67213 Business Description: Carr's Plumbing and Maintenance, LLC provides plumbing, heating, ventilation, air conditioning, and maintenance services for residential and commercial customers in Wichita, Kansas. The company performs installation, repair, and maintenance services including plumbing system repairs, drain cleaning, water heater servicing, and HVAC system support. Chapter 11 Petition Date: February 4, 2026 Court: United States Bankruptcy Court District of Kansas Case No.: 26-10101 Judge: Hon. Mitchell L. Herren Debtor's Counsel: Mark J Lazzo, Esq. MARK J LAZZO PA 3500 N Rock Road Bldg 300 Suite B Wichita, KS 67030 Tel: (316) 263-6895 Fax: (316) 264-4704 E-mail: mark@lazzolaw.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Christopher Carr as managing member. A full-text copy of the petition, which includes a list of the Debtor's 20 largest unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/7ZBS2DY/Carrs_Plumbing_and_Maintenance__ksbke-26-10101__0001.0.pdf?mcid=tGE4TAMA CERTIFIED MECHANICAL: Seeks Chapter 7 Bankruptcy in Arkansas ------------------------------------------------------------ On February 6, 2026, Certified Mechanical Insulation, LLC initiated a voluntary Chapter 7 bankruptcy proceeding in the Eastern District of Arkansas. Court records show the Debtor lists liabilities estimated between $100,001 and $1 million, with 1–49 creditors. About Certified Mechanical Insulation, LLC Certified Mechanical Insulation, LLC specializes in mechanical and industrial insulation services, supporting energy, manufacturing, and commercial construction projects. The company sought protection under Chapter 7 of the U.S. Bankruptcy Code on February 6, 2026 (Bankr. Case No. 26-10427). The filing reflects estimated assets of $0 to $100,000 and estimated liabilities between $100,001 and $1 million. The case is assigned to Honorable Bankruptcy Judge Bianca M. Rucker. The Debtor is represented by John G. Phillips, Esq., of Lion Legal. CONTRACT MANAGED: Lender Seeks to Terminate Cash Collateral Access ------------------------------------------------------------------ Fifth Third Bank, National Association asks the U.S. Bankruptcy Court for the Western District of Kentucky to immediately terminate Contract Managed Services, LLC's use of cash collateral. The Debtor filed its bankruptcy petition on June 14, 2025, and shortly thereafter entered into an agreed cash collateral order and adequate protection order with Fifth Third Bank on July 28, 2025, acknowledging the bank's first-priority lien on all of its assets securing a $300,000 line of credit. The agreed order allowed the Debtor to use cash collateral solely according to a budget approved by the bank and prohibited unauthorized use without prior written consent or court approval. Fifth Third Bank asserts that the Debtor violated this order by receiving an insider loan of $6,000 in August 2025 to cover payroll, which was repaid without the bank's consent or court authorization. Additionally, the Debtor has failed to timely pay post-petition taxes as required under the agreed order, constituting ongoing defaults. Fifth Third Bank argues that these breaches triggered immediate termination provisions of the agreed Order, which mandate that any subsequent default requires the Debtor to immediately cease using cash collateral. Furthermore, the Debtor's repeated inability to meet post-petition obligations and adhere to the budgeted use of cash collateral indicates a continuing risk of loss to the bank's secured interests. Fifth Third Bank seeks immediate relief to protect its collateral, requesting that the court order the Debtor to stop using cash collateral and turn over any funds in its possession, while asserting that such relief is necessary to enforce the agreed order, safeguard the bank's secured interests, and prevent further diminution of estate assets. A court hearing is scheduled for February 19. A copy of the motion is available at https://urlcurt.com/u?l=kv0ORi from PacerMonitor.com. Fifth Third Bank is represented by: J. Alexander Gardner, Esq. Dinsmore & Shohl, LLP 101 S. 5th St., Ste. 2500 Louisville, KY 40202 Tel: (502) 540-2564 Fax: (5002) 585-2207 alex.gardner@dinsmore.com About Contract Managed Services LLC Contract Managed Services, LLC provides third-party logistics services including contract packaging, order fulfillment, warehousing, and distribution. Founded in 1996, the company now operates over 100,000 square feet of modern facilities in Louisville, Kentucky. It is privately owned and managed by professionals with decades of experience in packaging and distribution. Contract Managed Services sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Ky. Case No. 25-31420) on June 14, 2025. In its petition, the Debtor reported estimated assets between $500,000 and $1 million and estimated liabilities between $1 million and $10 million. Judge Joan A. Lloyd handles the case. The Debtor is represented by Charity S. Bird, Esq., at Kaplan Johnson Abate & Bird, LLP. DALLAS VENTURES: Katharine Battaia Clark Named Subchapter V Trustee ------------------------------------------------------------------- The U.S. Trustee for Region 6 appointed Katharine Battaia Clark of Thompson Coburn, LLP as Subchapter V trustee for Dallas Ventures Unlimited, Inc. Ms. Clark will be paid an hourly fee of $575 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Clark declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Katharine Battaia Clark Thompson Coburn, LLP 2100 Ross Avenue, Ste. 3200 Dallas, TX 75201 Office: 972-629-7100 Mobile: 214-557-9180 Fax: 972-629-7171 Email: kclark@thompsoncoburn.com About Dallas Ventures Unlimited Inc. Dallas Ventures Unlimited, Inc. is engaged in general business operations within the United States. Dallas Ventures Unlimited filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Texas Case No. 26-30232) on January 19, 2026, with between $100,001 and $500,000 in both assets and liabilities. Judge Scott W. Everett presides over the case. The Debtor's legal counsel is Kevin S. Wiley, Jr., Esq., at The Wiley Law Group, PLLC. DAY TRANSLATIONS: Gets Court OK to Pay Prepetition Compensation --------------------------------------------------------------- Judge Robert A. Colton of the U.S. Bankruptcy Court for the Middle District of Florida granted Day Translations Inc.'s Emergency Motion for Authorization to Pay Prepetition Compensation to Independent Contractors on an interim basis. The Debtor is authorized to pay the Prepetition Internal Contract Personnel Obligations in the gross amount of $21,405 on account of such obligations due to be paid on January 1, 2026. The Debtor is authorized to pay the Prepetition Internal Contract Personnel Obligations in the gross amount of $52,785 on account of such obligations due to be paid on January 15, 2026. The Debtor is authorized to pay the Prepetition Internal Contract Personnel Obligations in the gross amount not to exceed $15,000 on account of such obligations due to be paid on February 1, 2026. The Debtor is authorized to pay the Prepetition Translator and Interpreter Obligations in the gross amount not to exceed $24,325 through February 5, 2026. A copy of the Court's Order dated February 2, 2026, is available at https://urlcurt.com/u?l=G3VZba from PacerMonitor.com. About Day Translations Inc. Day Translations, Inc. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 26-00386) on January 19, 2026, with $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Matthew B. Hale, Esq., at Stichter, Riedel, Blain & Postler, represents the Debtor as legal counsel. DCA OUTDOORS: Modifies Bidding Procedures for Indiana Asset Sale ---------------------------------------------------------------- DCA Outdoors Inc. and its affiliates seek permission from the U.S. Bankruptcy Court for the Western District of Missouri, to modify the bid procedures in connection to the sale of nursery business at auction, free and clear of liens, claims, interests, and encumbrances. Debtors seek entry of an order modifying certain dates and deadlines in the Bid Procedures relating to the terms of the Indiana Assets. On February 20, 2025, lead debtor, DCA Outdoor, Inc., filed its voluntary bankruptcy petition under Chapter 11 of the Bankruptcy Code, and on February 21, 2025, the remaining jointly administered Debtors filed their respective voluntary bankruptcy petitions under Chapter 11 of the Bankruptcy Code. On March 10, 2025, the United States Trustee’s Office appointed the Official Committee of Unsecured Creditors in the above-referenced case. On September 11, 2025, this Court approved Debtors’ retention of Brent King as the chief executive officer and chief restructuring officer of the Debtors. On December 1, 2025, Debtors filed their Motion to Approve the sale of substantially all of their assets, and on December 11, 2025, the Court entered the Bid Procedures Order approving the relief sought in the Sale Motion. Pursuant to the Bid Procedures, Debtors seek to maximize the value of their Assets (including but not limited to First Tranche of Assets and the Second Tranche of Asses) for benefit of all of their stakeholders. The Bid Procedures contemplate an Auction, if required, for, among other assets, the Second Tranche of Assets, to commence on February 26, 2026, at 9:00 a.m. prevailing Central Time. Prior to such Auction, Debtors and their advisors, including Root Realty, LLC (Broker), will have already spent several months actively marketing the Second Tranche of Assets, including but not limited to the Assets owned by Debtors Brehob Nurseries, LLC, DCA Land Indiana, LLC, Utopian Plants Indiana, LLC, and Utopian Transport, LLC. Prior to and following entry of the Bid Procedures Order, Debtors and their advisors, including the CRO and the Broker, engaged in earnest, good faith, arms' length negotiations with multiple parties regarding the terms of a value-maximizing bid for, among other Assets, the Indiana Assets. Debtors' Bid Procedures establish a clear and open bidding process for the solicitation, receipt, and evaluation of third-party Bids for the Assets, including the Indiana Assets. Debtors seek certain modifications to the Bid Procedures for the Indiana Assets, including the dates and deadlines. Debtors are not, at this time, seeking to modify the Bid Procedures for any other Assets within the Second Tranche of Assets (or the Third Tranche of Assets) other than the Indiana Assets. -- Bid Deadline: Bid Procedures: February 19, 2026 at 5:00 p.m. prevailing Central Time. Requested Modification: February 13, 2026 at 5:00 p.m. prevailing Central Time. -- Auction (if necessary): Bid Procedures: February 26, 2026 at 9:30 a.m. prevailing Central Time. Requested Modification: February 16, 2026 at 9:30 a.m. prevailing Central Time. -- Deadline to Announce Successful Bids: Bid Procedures: Within twenty-four (24) hours after conclusion of the Auction. Requested Modification: None. -- Sale Hearing Objection Deadline: Bid Procedures: March 3, 2026 at 3:00 p.m. prevailing Central Time. Requested Modification: February 19, 2026 at 10:00 a.m. prevailing Central Time. -- Sale Hearing: Bid Procedures: March 5, 2026 at 1:30 p.m. prevailing Central Time. Requested Modification: February 20, 2026. -- Closing Deadline: Bid Procedures: March 31, 2026. Requested Modification: February 24, 2026. Modification of the Bid Procedures as set forth above is reasonable and are calculated to provide interested parties with as much notice as possible regarding the modifications. The Bid Deadline for the Second Tranche of Assets is February 19, 2026 and this deadline is being modified solely for the Indiana Assets by only six calendar days. The requested modifications to the Bid Procedures are designed to balance providing maximum notice to interested parties of such modifications while ensuring that Debtors are responsive to the feedback from actual and prospective bidders so that Debtors maximize the value of their Assets. The modifications are necessary due to the seasonality of the business operations conducted with the Indiana Assets and such bidder’s concerns regarding their ability to maximize the key spring season, including having sufficient post-closing time to prepare for such season, under the current timeline under the Bid Procedures for the Indiana Assets. The proposed modifications to the timeline are material to the actual and prospective bidders and the value being provided by under such bids to Seller. About DCA Outdoor Inc. Established in 2016, DCA Outdoor Inc. is a vertically integrated green industry organization headquartered in Kansas City, Missouri. DCA Outdoor connects various sectors -- including agricultural production, landscape distribution, retail, agritourism, and transportation -- through its family of brands. The DCA Outdoor family comprises several brands including Schwope Brothers Tree Farms, Utopian Plants, RIO, Anna Evergreen, Brehob Nurseries, KAT Landscape, Colonial Gardens, PlantRight, PlantRight Supply, and Utopian Transport. DCA Outdoor sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Miss. Case No. 25-50053) on February 20, 2025. In its petition, the Debtor reported up to $50,000 in assets and between $50 million and $100 million in liabilities. Honorable Bankruptcy Judge Cynthia A. Norton handles the case. The Debtor tapped Larry E. Parres, Esq., at Lewis Rice, LLC as legal counsel and Creative Planning, LLC and its affiliate BerganKDV as audit and tax professionals. Summit Investment Management LLC, as DIP lender, can be reached through Patrick Gilbert. DEQSER LLC: Ordered to Return Trucks, Pay Post-Petition Expenses ---------------------------------------------------------------- In the bankruptcy case of Deqser LLC, the U.S. Bankruptcy Court for the District of Delaware granted the motion of Hub Truck Rental Corp. to: (A) compel the return of trucks for which lease term has expired or grant relief from the automatic stay to permit repossession; (B) compel assumption or rejection of unexpired lease of personal property for certain extant trucks pursuant to 11 U.S.C. Section 365(d)(2); and (C) fix amount and direct immediate payment of expenses of administration for post-petition beneficial use of all trucks. The Debtor is directed to return the expired trucks to HUB within three (3) days following entry of this Order. The Debtor is directed to pay to HUB all past due and owing post-petition payments for the extant trucks within three days following entry of this Order. To the extent such payment is made, the Debtor is directed to make a motion to assume or reject the lease agreement for the extant trucks so that it is heard within 30 days following entry of this Order. HUB is granted an allowed expense of administration pursuant to section 503(b) of the Bankruptcy Code for post-petition use of all of HUB's trucks. The Debtor is directed to pay all post-petition payment amounts, including for the remaining truck, within three days following entry of this Order. A copy of the Court's Order dated January 26, 2026, is available at https://urlcurt.com/u?l=Z6TlZw from PacerMonitor.com. About Deqser LLC Deqser LLC is a business entity associated with Cooperative Laundry, a commercial laundry service based in Kearny, New Jersey. Operating from a state-of-the-art facility, the company supports the hospitality industry with advanced, eco-efficient laundry solutions. Deqser sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Del., Case No. 25-10687) on April 10, 2025. The Debtor reported estimated assets and estimated liabilities of $1 million to $10 million. The Hon. Craig T Goldblatt presides over the case. The Debtor's general bankruptcy counsel is Mayerson & Hartheimer, PLLC and its local bankruptcy counsel is Gellert Seitz Busenkell & Brown, LLC. The U.S. Trustee for Region 3 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. EAGLE-PICHER: Pafundi Loses Bid for Review of Malignancy Claim -------------------------------------------------------------- Judge Mina Nami Khorrami of the U.S. Bankruptcy Court for the Southern District of Ohio denied the motion filed by Ted Joseph Pafundi to allow review of a malignancy claim in the bankruptcy case of Eagle-Picher Industries, Inc. Ted Joseph Pafundi is the son of Joseph Pafundi who settled his non-malignancy claim in 2001 with the Eagle-Picher Trust. After the settlement, Mr. Pafundi was diagnosed with mesothelioma and he passed away in 2005. In a prior Motion, Ted Pafundi sought an order compelling the Trust to process his claim without regard for the releases under the Eagle-Picher bankruptcy-exit plan. The Prior Motion was denied by Judge Guy R. Humphrey after full consideration on April 28, 2025. Judge Humphrey, in considering the Prior Motion, first ruled that Ted Joseph Pafundi had failed to show standing. On the merits, the Court held that all the evidence available supports that Mr. Pafundi's claim was handled in an appropriate manner following the Trust's mandatory procedures and was processed similarly to thousands of other claims over the decades. Further, the Court held that the Release was valid. Ted Joseph Pafundi acknowledges the Prior Motion was denied after consideration by Judge Humphrey but asserts that the Court's Order did not address the validity of the full release. Ted Joseph Pafundi's motion before Judge Khorrami repeats the factual allegations of the Prior Motion, and it seeks identical relief -- for the Court to direct the Trust to consider a malignancy claim for Mr. Pafundi without regard for the Release. The Trust asserts that the Motion is barred by the doctrines of claim preclusion, issue preclusion, and the law of the case. The Court finds the present Motion and the Prior Motion advance the same arguments and are based on the same facts. The parties and their claims are all the same. Judge Khorrami explains, "While the Movant argues that the SJ Order did not address the validity of the Release, a simple review of the SJ Order guides the Court to the contrary conclusion. The SJ Order held that the Release was valid, that it barred the relief Movant sought, and that the Movant had failed to establish that the Trust and its trustees had done anything other than to observe their fiduciary duties to the Trust and strictly follow the mandatory procedures that govern the Trust. The Movant's disagreement with the SJ Order does not create an exception to preclusion. The remedy in such a situation is to appeal, not to refile the same claim, arguing that the first decision was wrong. The Motion is therefore barred by claim preclusion." A copy of the Court's Order dated February 3, 2026, is available at https://urlcurt.com/u?l=0gsspS from PacerMonitor.com. About EaglePicher Headquartered in Phoenix, Arizona, Eagle-Picher Incorporated -- http://www.eaglepicher.com/-- is a diversified manufacturer and marketer of innovative advanced technology and industrial products for space, defense, automotive, filtration, pharmaceutical, environmental and commercial applications worldwide. The company along with its affiliates and parent company, Eagle-Picher Holdings, Inc., filed for chapter 11 protection on April 11, 2005 (Bankr. S.D. Ohio Case No. 05-12601). The law firm of Squire, Sanders & Dempsey L.L.P, represented the Debtors in their restructuring efforts. Houlihan Lokey Howard & Zukin served as the Debtors' financial advisor. When the Debtors filed for protection from their creditors, they listed $535 million in consolidated assets and $730 in consolidated debts. The Company emerged from chapter 11 on Aug. 1, 2006, under its confirmed chapter 11 plan, and principally owned by affiliates of Angelo, Gordon & Company and Tennenbaum Capital Partners. EDDIE BAUER: Seeks to Sell Retail Business at Auction ----------------------------------------------------- Eddie Bauer LLC and its affiliates seek permission from the U.S. Bankruptcy Court for the District of New Jersey, to sell retail business at auction, free and clear of liens, claims, interests, and encumbrances. The Debtors commenced the chapter 11 cases to, among other things, identify a buyer or buyers for some or all of their remaining brick-and-mortar retail business, which comprises approximately 220 stores throughout the United States and Canada. To maximize value for all stakeholders, the Debtors seek to pursue and consummate one or more value-maximizing sale transactions involving all, substantially all, or any portion of their remaining retail operations and related assets. The Debtors and SOLIC Capital Advisors, LLC, the Debtors' proposed investment banker, began informal outreach to potential third-party purchasers in December 2025. On January 5, 2026, the Debtors, with the advice and assistance of SOLIC, launched a formal, comprehensive sale and marketing process for the Assets. The Debtors seek authority to continue the competitive Prepetition Sale Process on a postpetition basis in order to solicit and evaluate proposals to purchase discrete portions of the Debtors' assets. The Debtors seek to establish a schedule that provides sufficient time to finalize the Debtors' Prepetition Sale Process while also minimizing administrative expenses and business disruption as they work to complete these chapter 11 cases on an efficient and expeditious timeline. If approved, the Bidding Procedures will provide sufficient time for the Debtors to market the Assets, receive and evaluate Bids, and hold an Auction, if necessary, to determine the highest or otherwise best Bids for the Assets. The Bidding Procedures and the related relief requested in the Motion are in the best interests of the Debtors' estates and their stakeholders and will expedite resolution of these chapter 11 cases, reduce the expenses associated with administering these cases, and allow the Debtors to emerge as quickly and as smoothly as possible. The Debtor, as proposed foreign representative, will shortly commence an ancillary proceeding in Canada on behalf of the Debtors' estates under the Companies' Creditors Arrangement Act in the Ontario Superior Court of Justice in order to, among other things, protect the Debtor' assets and operations in Canada. The Debtors seek approval of the Bidding Procedures to establish an open process for the solicitation, receipt, and evaluation of bids in a fair, accessible, and expeditious manner. The timelines set forth in the Bidding Procedures are calculated to balance the need to provide adequate notice to parties in interest and any person or entity interested in purchasing the Assets with the Debtors' need to run an expeditious and efficient sale process, taking into account the robust Prepetition Sale Process they have already completed. The Debtors are seeking approval of the Bidding Procedures and the proposed sale schedule to establish a clear and open process for the solicitation, receipt, and evaluation of Bids on an efficient timeline that allows the Debtors to consummate one or more Sale Transactions. -- Stalking Horse Deadline: February 27, 2026, at 5:00 p.m., prevailing Eastern Time. -- Bid Deadline: March 3, 2026, at 5:00 p.m. prevailing Eastern Time -- Auction (if necessary): March 6, 2026, at 10:00 a.m. prevailing Eastern Time -- Sale Objection Deadline: March 9, 2026, at 5:00 p.m. prevailing Eastern Time -- Sale Hearing: March 12, 2026, or such other date as may be scheduled by the Court, at a time to be announced. The Debtors will utilize the time prior to, and after, entry of the Bidding Procedures Order to actively market the Assets to solicit higher or otherwise better Bids. The Auction, if needed, will be held on March 6, 2026, at 10:00 a.m., prevailing Eastern Time (or such other date as selected by the Debtors) at the offices of the Debtors' proposed co-counsel: Kirkland & Ellis LLP, 601 Lexington Avenue, New York, NY 10022. The Debtors respectfully submit that the proposed Bidding Procedures will encourage competitive bidding, are appropriate under the relevant standards governing auction proceedings in bankruptcy proceedings, and are consistent with the controlling legal standard in the Third Circuit. About Eddie Bauer LLC Eddie Bauer is an American outdoor recreation brand and chain store headquartered in Seattle, Washington. The company sells its merchandise via retail stores, outlet stores, online, and via telephone. Eddie Bauer sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 26-11422 (SLM)) on February 9, 2026. Judge Stacey L. Meisel presides over the case. Michael D. Sirota at Cole Schotz P.C. represents the Debtor as legal counsel. EL DORADO GAS: Hood & Bolen Granted $43,580 in Admin Expenses ------------------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of Mississippi granted the fifth interim application for compensation and reimbursement of necessary expenses filed by the law firm of Hood & Bolen, PLLC, attorneys for El Dorado Gas & Oil, Inc.'s Chapter 11 trustee. Hood & Bolen already filed four fee statements and has been paid fees subject to the 20% holdback totaling $33,648.00 plus expenses of $1,520.54. Hood & Bolen is currently owed a 20% holdback amount of $8,412.00 This is the fifth interim request for allowance of compensation for professional services rendered and expenses incurred in this proceeding. This request covers the period from September 1, 2025, through and including December 31, 2025. The firm is requesting payment of $42,060.00 in compensation and expenses of $1,520.54 for a total award request of $43,580.54. The Court finds Hood & Bolen's services rendered to the Chapter 11 trustee represent substantial services, were reasonable and necessary, and were actually rendered. Accordingly, Hood & Bolen is awarded an administrative expense pursuant to 11 U.S.C. Secs. 503(b)(4) and 507(a)(1) for interim compensation and expenses in the total amount of $43,580.54. The Chapter 11 Trustee, Dawn Ragan, is authorized to pay the 20% holdback amount of $8,412.00 as funds become available in the ordinary course. A copy of the Court's Order dated February 3, 2026, is available at https://urlcurt.com/u?l=1iKxhJ from PacerMonitor.com. Attorneys for Dawn Ragan, Chapter 11 Trustee: R. MICHAEL BOLEN, Esq. HOOD & BOLEN, PLLC 3770 HWY. 80 WEST JACKSON, MI 39209 Tel: (601)923-0788 Email: rmb@hoodbolen.com About El Dorado Gas & Oil and Hugoton Operating Company Hugoton Operating Company, Inc. filed a voluntary Chapter 11 petition (Bankr. S.D. Miss. Case No. 23-51139) on Aug. 14, 2023. El Dorado Gas & Oil, Inc., a company in Gulfport, Miss., filed Chapter 11 petition (Bankr. S.D. Miss. Case No. 23-51715) on Dec. 22, 2023, with $500 million to $1 billion in assets and $50 million to $100 million in liabilities. Thomas L. Swarek, president, signed the petition. On Feb. 22, 2024, Bluestone Natural Resources II - South Texas, LLC and World Aircraft, Inc. filed separate Chapter 11 petitions (Bankr. S.D. Miss. Case Nos. 24-50223 and 24-50224). On Jan. 12, 2024, the Court entered an order directing the appointment of a Chapter 11 trustee for Hugoton. On Jan. 22, 2024, the Court approved Dawn Ragan as the Chapter 11 trustee for Hugoton. On Jan. 31, 2024, the Court ordered the appointment of a Chapter 11 trustee for El Dorado. On Feb. 2, 2024, the Court approved Ms. Ragan as Chapter 11 trustee for El Dorado. No official committee of unsecured creditors has been established in any of the Debtor cases. Hugoton and El Dorado are both Arkansas corporations engaged in the exploration, production, and development of crude oil and natural gas properties. El Dorado is a lease holder and operator of oil and gas wells covering about 4,000 net acres in South Texas. El Dorado also owns a substantial amount of oil field equipment and owns real estate in multiple locations and states. Hugoton also owns oil and gas interests and operates wells in South Texas. Hugoton is 100% owned by El Dorado and El Dorado is 100% owned by Thomas Swarek. Bluestone is 100% owned by Hugoton. Bluestone owns oil and gas interests operated by the EDGO Debtors. World Aircraft is 100% owned by EDGO. World Aircraft owns various aircraft and equipment assets. Judge Katharine M Samson oversees the cases. Patrick Sheehan, Esq., at Sheehan & Ramsey, PLLC, represents debtors Bluestone Natural Resources II-South Texas, LLC and World Aircraft, Inc. R. Michael Bolen, Esq., at Hood & Bolen, PLLC; and Nancy Ribaudo, Esq., Katherine Hopkins, Esq., and Joseph Austin, Esq., at Kelly Hart & Hallman LLP, serve as counsel to Dawn Ragan, Chapter 11 Trustee for El Dorado Gas & Oil, Inc. and Hugoton Operating Company, Inc. EL SALTO RANCHES: Seeks Chapter 11 Bankruptcy in New Mexico ----------------------------------------------------------- On February 6, 2026, El Salto Ranches LLC filed for Chapter 11 protection in the U.S. Bankruptcy Court for the District of New Mexico. According to court filings, the debtor reports between $100,001 and $1,000,000 in debt owed to 1-49 creditors. About El Salto Ranches LLC El Salto Ranches LLC is a New Mexico-based agricultural and ranching company that owns and operates cattle ranches and related land holdings. The company provides livestock management, grazing services, and property maintenance across its New Mexico operations. El Salto Ranches LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-10147) on February 6, 2026. In its petition, the debtor reports estimated assets between $1 million and $10 million and liabilities between $100,001 and $1,000,000. Honorable Bankruptcy Judge Robert H. Jacobvitz handles the case. The debtor is represented by Christopher M. Gatton, Esq. of Gatton & Associates, P.C. EMPRESS LLC: Seeks to Hire Eric J. Gravel as Bankruptcy Counsel --------------------------------------------------------------- Empress, LLC, seeks approval from the U.S. Bankruptcy Court for the Northern District of California to employ Law Offices of Eric J. Gravel as legal counsel. The firm will render these services: (a) prepare and file the Debtor's schedules, statement of financial affairs and related documents occasioned by the filing of a Chapter 11 case; (b) appear with the Debtor at the first meeting of creditors; (c) prepare such orders as may be required; and (d) prepare a plan of reorganization and appearance at proceedings related to the confirmation of a plan of reorganization. Eric Gravel, Esq., the primary attorney at this representation, will be paid at his hourly rate of $450. The Debtor has agreed to pay an initial retainer fee of $17,500. Mr. Gravel disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Eric J. Gravel, Esq. Law Offices of Eric J. Gravel 1390 market St., Suite 200 San Francisco, CA 94102 Telephone: (650) 931-6000 Email: ctnotices@gmail.com About Empress, LLC Empress, LLC is a limited liability company. Empress, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Cal. Case No. 26-30058) on January 22, 2026. In its petition, the debtor reported estimated assets of $10 million to $50 million and estimated liabilities in the same range. The case is being handled by Honorable Bankruptcy Judge David R. Jones. The debtor is represented by Kristhy M. Peguero, Esq., of Jackson Walker LLP. The Law Offices of Eric J. Gravel represents the Debtor as legal counsel. FAT BRANDS: White & Case Represents Axonic, Barclays ---------------------------------------------------- In the Chapter 11 bankruptcy cases of Fat Brands Inc. and its debtor-affiliates, White & Case LLP filed with the United States Bankruptcy Court for the Southern District of Texas, Houston Division, a Verified Statement pursuant to Bankruptcy Rule 2019 to inform the Court it represents a group of funds or discretionary accounts that hold secured notes issued by certain special purpose financing subsidiaries of FAT Brands Inc. and Twin Hospitality Group Inc. According to the Verified Statement: 1. In 2025, the Ad Hoc Group retained White & Case LLP to represent their interests in connection with the Securitization Notes and related negotiations with the Debtors. 2. Each member of the Ad Hoc Group has indicated to Counsel that it holds disclosable economic interests, or acts as investment manager, advisor, or affiliate to funds and/or accounts that hold disclosable economic interests, in relation to the Debtors. 3. Nothing contained in this Statement is intended or shall be construed to constitute: (i) a waiver or release of any claims against or equity interests in the Debtors by any of the members of the Ad Hoc Group or any of their respective affiliates, (ii) an admission with respect to any fact or legal theory, or (iii) a limitation or waiver of any rights of any members of the Ad Hoc Group or any of their respective affiliates to assert, file, and/or amend any claim or proof of claim in accordance with applicable law and any orders entered in these Chapter 11 Cases. 4. Counsel reserves the right to amend or supplement this Statement as may be necessary in accordance with the requirements outlined in Bankruptcy Rule 2019. The names, addresses, nature, and amount of all disclosable economic interests of each present member of the Ad Hoc Group in relation to the Debtors, are: 1. Axonic Capital LLC 520 Madison Ave, 42nd Floor New York, NY 10022 FAT Notes: $11,374,000.00 Fazoli's Notes: $2,000,000.00 GFG Notes: $46,192,880.00 Twin Notes: $34,213,000.00 2. Barclays Capital, Inc 745 7th Ave New York, NY 10020 FAT Notes: $19,140,000.00 Fazoli's Notes: $1,000,000.00 GFG Notes: $99,920,000.00 Twin Notes: $19,918,000.00 3. Botticelli LLC 4001 Kennett Pike, Suite 302 Wilmington, Delaware 19807 FAT Notes: $14,054,000.00 GFG Notes: $62,539,000.00 Twin Notes: $114,128,000.00 4. Brigade Capital Management, LP 399 Park Ave, 16th Floor New York, NY 10022 FAT Notes: $39,684,000.00 Fazoli's Notes: $11,000,000.00 GFG Notes: $6,500,000.00 5. FFI Fund Ltd. 888 Boylston St., Suite 1500 Boston, MA 02199 Fazoli's Notes: $15,195,000.00 Twin Notes: $16,330,000.00 6. FYI Ltd. 888 Boylston St., Suite 1500 Boston, MA 02199 Fazoli's Notes: $2,954,000.00 Twin Notes: $3,220,000.00 7. Olifant Fund, Ltd. 888 Boylston St., Suite 1500 Boston, MA 02199 Fazoli's Notes: $2,954,000.00 Twin Notes: $3,450,000.00 8. River Canyon Fund Management LLC 2728 N Harwood St, 2nd Floor Dallas, TX 75201 Fazoli's Notes: $18,500,000.00 GFG Notes: $15,700,000.00 Twin Notes: $29,500,000.00 9. Taconic Capital Advisors L.P. 280 Park Avenue, 5th Floor New York, NY 10017 FAT Notes: $44,218,000.00 Fazol's Notes: $18,902,000.00 GFG Notes: $51,550,000.00 Twin Notes: $13,350,000.00 10. Venture Thirty-Three Holdings LLC 1209 Orange Street Wilmington, DE 19801 FAT Notes: $25,430,000.00 Fazoli's Notes: $35,225,000.00 GFG Notes: $112,022,000.00 Twin Notes: $99,891,000.00 The firms may be reached at: Charles R. Koster, Esq. WHITE & CASE LLP 609 Main Street, Suite 2900 Houston, TX 77002 Tel: (713) 496-9700 Email: charles.koster@whitecase.com - and - Andrew Zatz, Esq. Laura J. Garr, Esq. Ashley R. Chase, Esq. WHITE & CASE LLP 1221 Avenue of the Americas New York, NY 10020 Tel: (212) 819-8200 Email: azatz@whitecase.com lgarr@whitecase.com ashley.chase@whitecase.com - and - Brian Pfeiffer, Esq. Amanda Parra Criste, Esq. WHITE & CASE LLP 200 South Biscayne Boulevard, Suite 4900 Miami, FL 33131 Tel: (305) 371-2700 Email: brian.pfeiffer@whitecase.com aparracriste@whitecase.com - and - Jason N. Zakia, Esq. Adam T. Swingle, Esq. WHITE & CASE LLP 111 South Wacker Drive, Suite 5100 Chicago, IL 60606 Tel: (312) 881-5400 Email: jason.zakia@whitecase.com adam.swingle@whitecase.com About Fat Brands Inc. Fat Brands Inc. (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 the investment banker, and Huron Consulting Services LLC is serving as the financial advisor. Omni Agent Solutions, Inc., is serving as the 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 a certain series of notes. FLYNN RESTAURANT: S&P Affirms 'B' ICR, Outlook Stable ----------------------------------------------------- S&P Global Ratings affirmed its 'B' issuer credit rating on San Francisco-based franchised restaurant and gym operator Flynn Restaurant Group L.P. and 'B' issue-level ratings on its senior secured debt; the recovery rating remains '3', reflecting average (50%-70%; rounded estimate: 55%) recovery in a hypothetical default scenario. The stable outlook reflects S&P's expectation for Flynn to maintain steady operating performance despite a challenged quick service restaurant (QSR) backdrop and pro forma S&P Global Ratings-adjusted debt to EBITDA of about 6x over the next 12 months. Flynn Restaurant has announced its intention to acquire a leading Planet Fitness franchisee which will significantly increase its number of Planet Fitness locations. The company plans to fund the acquisition using a $400 million fungible add-on to its existing term loan B and a cash contribution of $268 million from cash held at the parent entity, Flynn Group LP. As part of the transaction, Flynn will also be increasing its revolver availability to $500 million from $400 million. S&P said, "We believe the acquisition will result in slightly improved credit metrics given the solid fundamentals of the Planet Fitness assets and the mix of cash and debt, offsetting Flynn's slightly weaker-than-expected recent performance. "We expect the proposed transaction to improve leverage and help sustain healthy cash flow. This is despite challenging conditions for QSRs and increased remodeling activity. Flynn announced its intention to acquire a leading Planet Fitness franchisee, which will significantly increase its total number of Planet Fitness clubs. The company intends to fund the $668 million acquisition using a $400 million fungible add-on to its existing term loan B and $268 million in cash, contributed from its parent, Flynn Group LP. We project improved pro forma operating margins, driven by the superior unit economics of Planet Fitness relative to Flynn's current restaurant portfolio. However, deteriorating macroeconomic conditions in the U.S. will likely constrain performance within Flynn's restaurant brands, particularly those ceding market share to peers, such as Pizza Hut and Wendy's. Despite our expectation for Taco Bell to continue to outperform the broader QSR sector, we believe the consolidated operations across its restaurant banners will slightly offset the Planet Fitness benefit to leverage. As a result, we forecast pro forma S&P Global Ratings-adjusted leverage of about 6x in 2026, a slight improvement from the 6.1x anticipated for 2025." Increased capital expenditures (driven by both discretionary build-outs and the integration of the new Planet Fitness locations) and higher cash interest expenses stemming from the proposed transaction put pressure on our cash-flow assumption. However, the additional EBITDA from the new Planet Fitness clubs outweigh these effects. As a result, excluding store expansions, S&P expects reported pro forma free operating cash flow (FOCF) of $60 million-$70 million in 2026, an improvement from $35 million-$40 million expected in 2025. S&P said, "Excluding the acquisition, we forecast positive sales growth of roughly 2%-3% annually while the company maintains relatively steady profitability over the next 12 months despite the challenging operating environment. Through the third quarter (ended September 2025), Flynn's year-to-date consolidated sales increased 8.9% from acquisitions, new unit developments, and modest same-store sales growth of 0.9% compared to the prior year. While third quarter year-to-date same-store sales demonstrated positive momentum, performance on a per-brand level has been uneven, with above-industry growth at Taco Bell and robust performance from the existing Planet Fitness portfolio offsetting weaker results at Panera, Pizza Hut, and Wendy's. We believe this trend could worsen in 2026, as the QSR sector will likely remain under pressure due to a worsening job market and elevated inflation. As such, our base-case forecast projects Flynn will generate organic revenue growth of roughly 2%-3% (total revenue growth of 6%-7% when including the new Planet Fitness assets), with comparable same-store sales increasing up to 1% in 2026. On the positive side, Flynn is increasing its restaurant portfolio, unit remodels, menu diversity, new-item innovations, and marketing efforts. On the other hand, softer customer spending will likely offset these growth drivers, with demand softening from more intense competition across restaurants and food prepared at home. "Organically, we expect some pressure on margins in 2026 stemming from a pressured demand environment and continued discounting. We anticipate that labor and commodity inflation will moderate in 2026, helping to support profitability. In 2026, we expect S&P Global Ratings-adjusted EBITDA margins of 13.5%-14% as the stronger margin profile of the new Planet Fitness assets offsets margin pressure in its existing restaurant portfolio. "We believe Flynn will maintain its aggressive growth strategy, likely using a combination of leverage and cash to fund its growth, consistent with historical trends. Over the last two years, Flynn has increased its store count by more than 220 locations. While this fast pace has enabled it to increase scale, its acquisitive strategy also raises integration risk. We anticipate Flynn will moderate its acquisitions to smaller and more selective opportunities over the next 12 months as it focuses on integrating and enhancing the operating performance of its diverse restaurant brands and new Planet Fitness locations. Furthermore, we believe its acquisitions will likely be skewed to its growing portfolio of Planet Fitness and 7Brew drive-through coffee locations, for which Flynn has entered a greenfield development agreement. We believe the addition of the Planet Fitness assets and continued build-out of this platform is generally positive and alleviates some sector-specific risk associated with its existing restaurant portfolio. Nonetheless, we continue to view Flynn's financial policy as aggressive, with debt-funded investments in new stores, dividends, and acquisitions to keep leverage high. "The stable outlook reflects our expectation for steady operating performance and S&P Global Ratings-adjusted debt to EBITDA of about 6x over the next 12 months." S&P could lower the rating on Flynn over the next year if: -- Its operating performance faces challenges due to slower same-store sales growth and a decline in profits amid heightened competition, sustaining S&P Global Ratings-adjusted leverage above 6.5x; or -- S&P expects the company to generate less than $50 million of FOCF, excluding expenditures related to store expansions or growth. S&P could raise the rating on Flynn over the next year if: -- S&P believes the company will maintain a less-aggressive financial policy such that it sustains S&P Global Ratings-adjusted leverage below 5x; and -- Operating performance is significantly stronger than S&P expects, leading to EBITDA margin improvement and meaningful FOCF. FOOD52 INC: American Kitchen Owner Wins Auction Bid --------------------------------------------------- Rick Archer of Law360 reports that Food52 Inc., an online retailer focused on cooking and home goods, informed a Delaware bankruptcy court that the owner of the America’s Test Kitchen brand emerged as the successful bidder for its core business operations. The sale is being pursued as part of Food52’s bankruptcy proceedings and is intended to maximize value for creditors. The company is expected to seek court approval of the transaction, with further information on the sale process to be addressed in subsequent filings, the report states. About Food52 Inc. Food52 Inc. is a Brooklyn-based cooking and home decor company. Food52 Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-12277) on December 29, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $10 million and $50 million. Honorable Bankruptcy Judge Laurie Selber Silverstein handles the case. The Debtor is represented by Michael R. Nestor, Esq., Brynna Gaffney, Esq., Andrew M. Lee, Esq., S. Alexander Faris, Esq., and Elizabeth Soper Justison, Esq. of Young Conaway Stargatt & Taylor. Kurtzman Carson Consultants, LLC, doing business as Verita Global, is the Debtor's claims and noticing agent. FRANCESCA'S ACQUISITION: Picks Altar'd Owner as IP Lead Bidder -------------------------------------------------------------- James Nani of Bloomberg Law reports that bankruptcy court filings show that Francesca's has chosen the owner of Altar'd State as the lead bidder for its intellectual property assets. Stand Out For Good Inc. has offered $7 million for the assets, according to a motion filed Monday, February 9, 2026, in the District of New Jersey. Francesca's Acquisition LLC, which is based in Houston, filed for Chapter 11 protection for the second time on February 5, 2026 week as it moves to shut down operations and liquidate. The company attributed its collapse to a combination of inflation, supply chain disruptions, unsuccessful brand investments, and a cyberattack in 2023 that forced a shutdown of internal systems, according to report. The proposed deal would allow Altar'd State's parent to act as stalking horse in a bankruptcy auction, setting a baseline bid for the retailer's intellectual property. Francesca's said the process is intended to generate competitive interest and deliver maximum recovery to creditors, the report relays. About Francesca's Acquisition LLC Francesca’s Acquisition LLC is a privately held retail enterprise that operates the francesca's and franki by francesca's boutique chains, headquartered in Houston, Texas. The company's boutiques offer a curated mix of women's fashion, accessories, jewelry, and lifestyle products, combining a boutique shopping experience with e‑commerce convenience. The business was relaunched under this entity after the francesca's brand was sold out of bankruptcy proceedings in 2021. Francesca's Acquisition LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 26-11312) on February 5, 2026. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million each. Honorable Bankruptcy Judge Mark Edward Hall handles the case. The Debtor is represented by Vincent J. Roldan, Esq., of Mandelbaum Salsburg PC. FRANCESCA'S ACQUISITION: Seeks to Sell Retail Business at Auction ----------------------------------------------------------------- Francesca's Acquisition LLC and its affiliates seek permission from the U.S Bankruptcy Court for the District of New Jersey, to sell Retail Assets, free and clear of liens, claims, interests, and encumbrances. The Debtors' Chapter 11 cases were commenced as a result of a generally difficult retail operating environment and the Debtors' acute liquidity crisis caused by an inability to secure anticipated funding for ongoing business operations in early January 2026. While the Debtors evaluated all options for continuing as a going concern, they took immediate steps to start liquidating inventory in an expeditious and value-maximizing manner. As a result, the Debtors made the difficult decision to commence store closing sales at each of their retail locations. The Debtors currently operate approximately 400 leased retail locations throughout the United States. In order to maximize the value of their assets and facilitate the Store Closing Sales, prior to the Petition Date, the Debtors sought the assistance of professionals with knowledge of the Debtor' operations and industry-specific expertise to help with such sales. As a result, the Debtors ultimately entered into the Consulting Agreement by and among Tiger Capital Group, LLC and SB360 Capital Partners, LLC. The Consultant has been working with the Debtors since approximately January 16, 2026 to help conduct the Store Closing Sales. In conjunction with the Store Closing Sales, the Debtors determined to establish a process to maximize their remaining assets, including, without limitation, the Debtors' intellectual property, leaseholds, and furniture fixtures and equipment. The Debtors employ Hilco IP Services, LLC to serve as their intellectual property consultant to conduct a sale process focused on the Debtors’ intellectual property and supporting assets. The Debtors intend for the sale and marketing process to continue post-petition and believe that such process is the best means to maximize the value of the Debtors' assets. Throughout the above process, the Debtors identified and negotiated with the Stalking Horse Bidder to serve as a potential stalking horse bidder. Throughout the course of these discussions, the Stalking Horse Bidder agreed to purchase the Debtors’ assets, subject to higher and better offers. Under the Stalking Horse Bid, the Stalking Horse Bidder has agreed to pay $7,000,000 in cash consideration. The Stalking Horse APA includes a provision for the payment of a break-up fee of $210,000 (representing 3.0% of the cash consideration of the Stalking Horse Bid)and reimbursement of the Stalking Horse Bidder’s actual, reasonable, documented out-of-pocket costs and expenses (including reasonable attorneys' fees and expenses, accounting fees and expenses, and due diligence costs) incurred by the Stalking Horse Bidder in connection with the negotiation, execution and performance of the Stalking Horse Agreement and the transactions contemplated thereby, in an amount not to exceed $150,000 payable to the Stalking Horse Bidder upon the Debtors' consummation of the Sale of the Assets to an alternative bidder. The Debtors believe the Sale under the terms of the Stalking Horse Bid presents the highest value for the Assets received to date from potential purchasers, is a fair market value, and will set a competitive floor for higher and better offers. The Debtors proposed sale timeline is also provided. https://urlcurt.com/u?l=3g8PeV The Debtors believe the Bidding Procedures will provide time for any potential bidder to put forth an actionable bid. The Debtors are making available relevant information to interested parties regarding the Debtors' businesses in a virtual data room, allowing potential bidders to conduct diligence on the Debtors' business and assets. To qualify and gain entry to the Auction, the aggregate consideration to be received by the Debtors from a bidder must equal or exceed $7,610,000, which is comprised of the cash purchase price being paid by the Stalking Horse Bidder, plus the Break-Up Fee, plus the maximum amount of the Expense Reimbursement, plus $250,000. At the commencement of the Auction, the Debtors will announce further minimum bidding increments, which the Debtors may modify at any point throughout the auction. The Debtors seek approval of The Fiduciary Valet Corp. as escrow agent. The Debtors further believe, and respectfully submit, that the terms of the Stalking Horse Bid are typical, customary, and reasonable under the circumstances, in the exercise of their business judgment. Further, the Debtors are proposing Bid Protections that promote the interests of the Debtors' estates to maximize value. About Francesca's Acquisition LLC Francesca's Acquisition LLC -- https://francescas.com/ -- is a specialty retailer operating more than 450 stores in the U.S. Francesca's Acquisition filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. N.J. Case Number: 26-11312 (MEH)) on February 4, 2026. Judge Mark Edward Hall presides over the case. Counsel for the Debtors Jeffrey M. Rosenthal, Esq., Vincent J. Roldan, Esq., and Katie F. Warren, Esq., at MANDELBAUM BARRETT PC, in Roseland, New Jersey. FRED HAMILTON: Seeks to Hire Nguyen Law PLLC as Bankruptcy Counsel ------------------------------------------------------------------ Fred Hamilton Contracting Inc. seeks approval from the U.S. Bankruptcy Court for the Western District of Texas to hire Nguyen Law, PLLC as bankruptcy counsel. The firm's services include: (a) assisting the Debtors in carrying out their duties under the Bankruptcy Code; (b) preparing and filing schedules, statements of financial affairs, and plans; (c) consulting with the United States Trustee, creditors, and other parties-in-interest regarding administration of the bankruptcy case; (d) representing the Debtors at United States Trustee interviews, meetings of creditors, confirmation hearings, and other contested bankruptcy matters; (e) assisting the Debtors in analyzing and appropriately treating any creditors' claims; and (f) performing other legal services and providing other legal advice to the Debtors as may be necessary. Nguyen Law, PLLC will perform legal services at its customary hourly rates. The hourly rate for An Nguyen is $400 per hour. The Debtors deposited a $6,738 retainer prior to the Petition Date. Nguyen Law, PLLC is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: An Nguyen, Esq. NGUYEN LAW, PLLC P.O. Box 150146 Austin, TX 78715-0146 Telephone: (512) 712-3484 E-mail: bankruptcy@anwinlaw.com About Fred Hamilton Contracting Inc. Fred Hamilton Contracting, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Texas Case No. 26-10001) on January 2, 2026, listing up to $50,000 in assets and up to $500,000 in liabilities. Alfred Emery III, vice president of Fred Hamilton Contracting, signed the petition. Judge Shad M. Robinson oversees the case. An Nguyen, Esq., at Nguyen Law, PLLC, represents the Debtor as bankruptcy counsel. GEE AUTOMOTIVE: S&P Assigns 'B+' ICR, Outlook Stable ---------------------------------------------------- S&P Global Ratings assigned its 'B+' issuer credit rating to automotive retailer Gee Automotive Holdings LLC (GAH). S&P said, "In addition, we assigned our 'B+' issue-level rating and '3' recovery rating (rounded estimate: 50%) to the proposed senior unsecured notes, indicating meaningful recovery for noteholders in a hypothetical default. "The stable outlook reflects our view that GAH's EBITDA margins will support the group's leverage remaining modestly above 5x and free operating cash flow (FOCF) to debt greater than 5% in our forecast period." GAH is a small automotive retailer relative to its rated peers, both in scale and geographic diversity. Pro forma for the company's planned acquisition of TCAG, S&P expects revenues of $3.8 billion, meaningfully less than that of its smallest rated U.S. auto retailer, Cougar JV Subsidiary LLC (dba Hudson Auto), which posted 2024 revenue of about $5.1 billion, and significantly less than publicly traded peers with revenues of $15 billion-$31 billion. Its sales are also concentrated in a few West Coast states across only 58 franchised dealerships, compared with its U.S. rated national peer group operating close to 200 stores on average. In addition, the company has somewhat higher concentrations with specific vehicle brands, namely Ford, Hyundai, and Honda. While S&P views these brands as having steady market share, GAH has lower exposure to the luxury market (less than 15% of sales) compared with most peers who maintain at least 30% exposure to luxury brands. S&P said, "We believe luxury customers are less price sensitive and tend to show brand loyalty and request regular vehicle maintenance, driving consistent parts and services (P&S) revenue. While purchasing from aspirational customers could erode somewhat, we believe luxury demand will remain less cyclical in a recession." GAH has a history of acquiring family-owned dealerships located in suburban and rural markets across the western United States. Since 2012, GAH has acquired 38 dealership locations. Typically, it acquires co-located dealerships as part of its strategy to establish local store density and centralize back-office functions to drive operational efficiencies. At the onset of acquiring these dealerships, its margins contract as the company implements its processes and technology and legacy costs from the previous owners are taken out. S&P expects similar results for the company's planned acquisition of TCAG. In the case of TCAG, margins are lower than GAH's legacy dealerships and will be slightly dilutive to overall margins in 2026 and 2027. S&P said, "Consistent with the application of our group rating methodology criteria, we consider the company's parent, Gee LLC, to be the group's parent and determine our group credit profile (GCP) at the level of the parent Gee LLC. We consider GAH to be a core subsidiary of its parent and contributes the majority of the group's revenue, profit, and cash flow. We include the additional real estate and finance subsidiary figures at the parent level in our analysis of the GCP and our overall leverage calculations. Overall, we do not see the creditworthiness of the parent as improving upon or affecting the stand-alone rating on GAH. "We forecast the group's leverage will remain slightly above 5x over the next couple of years as margins remain steady and GAH continues to engage in tuck-in mergers and acquisitions. We forecast S&P Global Ratings-adjusted EBITDA margins of 4.0%-4.5% in 2026-2027. We expect margins to initially fall toward 4% as the company integrates its large acquisition of lower-margin TCAG before gradually improving to 4.5% as some legacy seller costs are removed and transaction and integration costs lessen. "We forecast the group will generate FOCF to debt of at least 5% despite leverage slightly above 5x. Like other auto retailer groups, the P&S and finance and insurance businesses generate strong profitability, which should drive consistent cash flow. In addition, dealerships are not very capital intensive, and most of the working capital is funded with floor plan financing. We anticipate the majority of the group's cash flows will be paid as distributions to owners, which we expect will fluctuate based on profitability levels. "Our assessment incorporates GAH's participation in the fragmented and cyclical auto retailing industry. In our view, the high industry fragmentation contributes to competitive market conditions and generally low operating margins, particularly since GAH generates close to one-third of its gross profit from sales of new and used vehicles. Macroeconomic drivers for the automotive retailers--in particular, new-vehicle unit sales--include general economic conditions such as consumer confidence, personal discretionary spending, interest rates, fuel prices, unemployment rates, and consumer credit availability. We expect unemployment to increase in 2026, reducing auto sales despite somewhat lower interest rates. However, we believe GAH benefits from established relationships with desired automakers and recurring income from its P&S business." Electric vehicle (EV) penetration has stalled due to customer concerns over affordability, charging infrastructure, and range, as well as the removal of EV tax incentives. S&P said, "Nevertheless, we still believe that over the long term, vehicles will continue to electrify. Battery EVs remain a drag on profitability due to their higher days' supply, resulting in lower margins, but they still make up a small proportion of overall sales. We also believe electric cars require less P&S maintenance, which is a key profit center for dealerships, but on average, each servicing is more expensive." S&P said, "While this will be a long-term headwind, we believe GAH is well positioned relative to peers to adapt to the changing sales environment. The company should be better able to attract and retain EV technicians than smaller mom-and-pop dealerships. Furthermore, it has made growing its P&S business a key priority. "The stable outlook reflects our view that GAH's EBITDA margins will support the group's leverage remaining modestly above 5x and FOCF to debt greater than 5% in our forecast period. "We could lower our ratings on GAH if the group's FOCF to debt trends to below 5% for a sustained period. This could occur if margins deteriorate more than we forecast, possibly due to vehicle pricing intensity, or it faces cost challenges executing on its growth plans. "We could raise our ratings on GAH if the group can sustainably reduce S&P Global Ratings adjusted debt to EBITDA below 4x, its FOCF to debt is greater than 10%, and it commit to maintaining metrics at this level. We could also consider raising our rating if GAH's business risk characteristics, namely its operating scale, meaningfully improve to drive higher profitability that supports debt to EBITDA below 5x and FOCF to debt above 5%." IMERYS TALC: Insurers Launch Last Push Against Chapter 11 Plan -------------------------------------------------------------- Emlyn Cameron of Law360 reports that debtors Imerys Talc America Inc. and Cyprus Mines Corp. returned to Delaware bankruptcy court Friday, February 6, 2026, to counter objections from insurers challenging their joint Chapter 11 plan, particularly over foreign tort claims that prevented plan confirmation last April. The hearing served as the final stage for legal arguments on the matter, with both debtors and insurers emphasizing the implications for claim distribution and litigation exposure. A court decision on the plan's viability is expected shortly, the report states. About Imerys Talc America Imerys Talc America, Inc. and its subsidiaries -- https://www.imerys-performance-additives.com/ -- are in the business of mining, processing, selling and distributing talc. Its talc operations include talc mines, plants and distribution facilities located in Montana (Yellowstone, Sappington, and Three Forks); Vermont (Argonaut and Ludlow); Texas (Houston); and Ontario, Canada (Timmins, Penhorwood, and Foleyet). It also utilizes offices located in San Jose, Calif., and Roswell, Ga. Imerys Talc America and its subsidiaries, Imerys Talc Vermont, Inc., and Imerys Talc Canada Inc., sought Chapter 11 protection (Bankr. D. Del. Lead Case No. 19-10289) on Feb. 13, 2019. TheDebtors were estimated to have $100 million to $500 million in assets and $50 million to $100 million in liabilities as of the bankruptcy filing. Judge Laurie Selber Silverstein oversees the cases. The Debtors tapped Richards, Layton & Finger, P.A., and Latham & Watkins LLP as their legal counsel, Alvarez & Marsal North America, LLC as financial advisor, and CohnReznick LLP as restructuring advisor. Prime Clerk, LLC, is the claims agent. The U.S. Trustee for Region 3 appointed an official committee of tort claimants in the Debtors' Chapter 11 cases. The tort claimants' committee is represented by Robinson & Cole, LLP. INFINITE GROUP: Posts $284,300 Q1 2025 Loss, Warns of Cash Crunch ----------------------------------------------------------------- Infinite Group, Inc. filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q to the U.S. Securities and Exchange Commission for the period ended March 31, 2025. The Company reported net losses of $284,300 and $459,529 for the three months ended March 31, 2025 and 2024, respectively, and stockholders' deficiencies of $10,477,788 and $10,193,488 at March 31, 2025 and December 31, 2024, respectively. The Company has a working capital deficit of approximately $9.1 million at March 31, 2025. Additionally, the Company has recurring losses from operations and has limited cash resources to fund its operations. For the three months ended March 31, 2025 and 2024, respectively, the Company reported a gross profit of $749,213 and $607,085. Management Efforts The Company's mission is to drive shareholder value by developing and bringing to market automated, cost-effective, and innovative cybersecurity technologies. The Company's strategy is to build its business by designing, developing, and marketing IT security-based products and solutions that fill technology gaps in cybersecurity. The Company's goal is to increase sales and generate cash flow from operations on a consistent basis. The Company's business plans require improving the results of its operations in future periods. To address its financial challenges, the Company has renegotiated the terms of certain obligations, using operational cash flow to pay down balances and extending terms, and has obtained and may continue to seek additional financing through debt or equity issuances. The Company plans to issue stock, restructure certain debt obligations and anticipates significant growth of business, although there can be no assurance that such plans will be successfully implemented or that such growth will be achieved. The Company believes the capital resources generated by operations, together with cash available under its factoring line of credit and from additional related party and third-party loans, if available, may provide sources to fund its ongoing operations and to support the internal growth of the Company although there can be no assurance that such resources will be sufficient or that additional financing will be available on acceptable terms or at all... The Company may need to extend existing debt agreements in order to provide resources for other purposes. If the Company experiences significant growth in its sales, it may require to increase its financing line, finance additional accounts receivable, or obtain additional working capital from other sources to support its sales growth. The Company plans to continue to evaluate alternatives which may include continuing to renegotiate the terms of other notes, seeking conversion of the notes to shares of common stock and seeking additional funds to repay the notes, although there can be no assurance that noteholders will agree to such conversions or that additional funds will be available... The Company continues to evaluate repayment of its remaining notes payable based on its cash flow. As a result, there is substantial doubt about the Company's ability to continue as a going concern for a period of at least the next 12 months. A full text copy of the Company's Report is available at https://tinyurl.com/u29rpxcx About Infinite Group Headquartered in Pittsford, New York, Infinite Group, Inc. is a developer of cybersecurity software and related cybersecurity consulting, advisory, and managed information security services. The Company principally sells software and services through indirect channels such as Managed Service Providers, Managed Security Services Providers, agents and distributors and government contractors, whom the Company refers to collectively as its channel partners. As of March 31, 2025, the Company had $1,184,447 in total assets, $11,662,235 in total liabilities, and $10,477,788 in total stockholders' deficiency. Rochester, New York-based Freed Maxick P.C., the Company's auditor since at least 1995, issued a "going concern" qualification in its report dated October 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 suffered recurring losses from operations, has negative working capital, and has total liabilities in excess of its total assets. This raises substantial doubt about the Company's ability to continue as a going concern. INNOVATIVE DESIGNS: Posts $495K 2025 Profit Amid Going Concern Risk ------------------------------------------------------------------- Innovative Designs, Inc. filed with the U.S. Securities and Exchange Commission its Annual Report on Form 10-K for the fiscal year ended October 31, 2025. For the fiscal year ended October 31, 2025, the Company reported net income of $494,703, compared to net income of $96,923 for the year ended October 31, 2024. Revenues increased to $2,765,149 in 2025 from $1,382,415 in 2024. The Company also reported positive cash flows from operations of $459,847 in 2025, compared to negative cash flow of $(201,668) in 2024. Despite these positive results, the Company has an accumulated deficit of $(10,045,330). These factors raise substantial doubt regarding the Company's ability to continue as a going concern within the next 12 months. Accordingly, Asesoria Global, S.A., the Company's auditor based in Guatemala City, Guatemala, issued a 'going concern' qualification in its report dated February 29, 2026, attached in the Company's Form 10-K Report for the fiscal year ended October 31, 2025. The report cited that the Company has an accumulated deficit and other conditions that raise substantial doubt about its ability to continue as a going concern for a period of one year from the date the financial statements are issued. Management Plans Management plans to fund operations through sales, sales of Company stock, and borrowings from private parties. During the fiscal year ended October 31, 2025, the Company funded operations from revenues and the private sales of its common stock and the stock issuance for services, which helped the cash flows. The Company received a total of $42,000 from the sale of stock. The Company will continue to fund operations from revenues, private borrowings and the sale of common stock until it are able to produce sales sufficient to cover the cost structure or to secure commercial lending arrangements. Operational Updates On July 12, 2015, the Company reached an agreement with Ketut Jaya to purchase machinery and equipment utilized to produce the INSULTEX material. The purchase price is $700,000 and to be made in four installments. * The first installment of $300,000 is to be made at the execution of the agreement. * The second installment of $200,000 is to be made when the machinery and equipment is ready to be shipped to the United States. * The third installment of $100,000 is to be made once the machinery and equipment is producing INSULTEX, and * the fourth and final installment of $100,000 is to be made after the first commercial production run of INSULTEX is completed. As of October 31, 2016, the Company has made payments of $600,000. In addition to the final payments, the Company will have to have the equipment and machines installed and ensure that the machine can be operated in compliance with environmental regulations. The Company has not made an estimate of the costs required for bringing the machine into compliance, but it is considered to be substantial. "Given the expected time and cost of bringing the equipment into production mode and our current financial condition we are unable to estimate when we will be able to do so," the Company explained. "We also must purchase new quality control testing equipment for use in testing Insultex. The testing equipment is finished, and we are in discussions with the vendor regarding certain charges. Once we take delivery of the equipment it will have to go through a certification process. Once the testing equipment is certified, we intend to begin the process of having Insultex certified by ICC Evaluation Services, LLC. ICC-ES certifies, among other items, building materials and products of which our House Wrap falls under. The reason we need to have ICC-ES certification is that we believe in order to get large orders for House Wrap ICC-ES certification will be required. The other component part of the House Wrap produced by a third party is ICC-Es certified. Getting ICC-ES certification is costly and time consuming. "During the period we paid $10,396 on our loans. Short Term: We funded our operations with revenues from sales, private sales of our common stock and from a legal settlement. "The Company intends to repay these debt obligations with funds it generates from revenues, from the possible sale of its securities, either debt or equity, from advances from our stockholders or others. Because we cannot currently access commercial lending facilities, should we not be able to continue to obtain funding from these sources should our revenues decrease, our operations would be severely affected as we would not be able to fund our purchase orders to our suppliers for finished goods. The Company continues to pay its creditors when payments are due." Long Term: The Company will continue to fund operations from revenues, borrowings and the possible sale of its securities. Should the Company not be able to continue to rely on these sources its operations would be severely affected as it would not be able to fund its purchase orders to its suppliers for finished goods. A full text copy of the Company's report is available at https://tinyurl.com/2tr6cuvh About Innovative Designs Headquartered in Pittsburgh, Pennsylvania, Innovative Designs, Inc., operates in two separate business segments: a house wrap for the building construction industry and cold weather clothing. Both of the Company's segment lines use products made from Insultex, which is a low-density polyethylene semi-crystalline, closed cell foam in which the cells are totally evacuated, with buoyancy, scent block, and thermal resistant properties. The Company also offers a product that helps restore the waterproof character of the outer side of its Arctic Armor clothing. In addition, the Company offers cold weather headgear and base insulation clothing product. As of October 31, 2025, the Company had $2,212,017 in total assets, $152,438 in total liabilities, and $2,059,579 in total stockholders' equity. INTL TOWER HILL: Paulson & Co. Inc. Holds 38.1% Equity Stake ------------------------------------------------------------ Paulson & Co. Inc., disclosed in a Schedule 13D (Amendment No. 6) filed with the U.S. Securities and Exchange Commission that as of January 28, 2026, it beneficially owns 99,573,038 common shares -- acquired through a block trade of 9,813,650 shares on January 28 at $2.22 per share and a private placement of 1,501,982 additional shares on January 29 at $2.22 per share using available capital of managed funds; total consideration approximately $45 million -- of International Tower Hill MINES LTD's common shares, no par value, representing 38.1% of the 261,077,473 shares outstanding, after closing of the public offering, concurrent private placement, and issuance of additional shares pursuant to the Upsize Subscription Agreement. Paulson & Co. Inc. may be reached through: Christopher P. Davis, Esq. 500 Fifth Avenue New York, NY 10110 Tel: (212) 986-6000 A full-text copy of Paulson & Co. Inc.'s SEC report is available at: https://tinyurl.com/bddvbah9 About International Tower Hill Mines International Tower Hill Mines Ltd. consists of ITH and its wholly-owned subsidiaries Tower Hill Mines, Inc. (an Alaska corporation), Tower Hill Mines (US) LLC (a Colorado limited liability company), and Livengood Placers, Inc. (a Nevada corporation). The Company is in the business of acquiring, exploring and evaluating mineral properties, and either joint venturing or developing these properties further or disposing of them when the evaluation is completed. As at September 30, 2025, the Company had working capital of $2,176,414 compared to working capital of $959,703 at December 31, 2024. The Company expects that it will operate at a loss for the foreseeable future but believes the current cash and cash equivalents will be sufficient to cover the anticipated 2025 work plan at the Livengood Gold Project. As of September 30, 2025, the Company had $57,859,441 in total assets, $300,438 in total liabilities, and $57,559,003 in total stockholders' equity. As at November 6, 2025, management believes that the Company will need to secure additional financing in order to have sufficient financial resources to maintain its operations for the next 12 months. As a result, there is substantial doubt about its ability to continue as a going concern. J&B CONSTRUCTION: Case Summary & 13 Unsecured Creditors ------------------------------------------------------- Debtor: J&B Construction Services USA Inc. 260 Peachtree Street NW Suite 2200 Atlanta, GA 30303 Business Description: J&B Construction Services USA Inc provides staffing and janitorial services to construction companies and government clients operating in Georgia and Florida. Chapter 11 Petition Date: February 4, 2026 Court: United States Bankruptcy Court Northern District of Georgia Case No.: 26-51575 Debtor's Counsel: Adam E. Ekbom, Esq. JONES & WALDEN LLC 699 Piedmont Avenue NE Atlanta, GA 30308 Tel: 404-564-9300 E-mail: info@joneswalden.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Sharna Barnes as CEO. A full-text copy of the petition, which includes a list of the Debtor's 13 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/IX6HNVQ/JB_Construction_Services_USA__ganbke-26-51575__0001.0.pdf?mcid=tGE4TAMA JACKSON COURT: Hires Crisafi Pryor & Farquhar as Accountant ----------------------------------------------------------- Jackson Court City Share Owners Association seeks approval from the U.S. Bankruptcy Court for the Northern District of California to employ Crisafi, Pryor & Farquhar, Inc. as accountants. The firm's services include: (a) preparing a tax return for 2025; (b) preparing a final tax return; and (c) effecting a corporate dissolution of the Debtor. The accountants would provide the services for a flat fee of $10,000. David Pryor, an accountant with Crisafi, Pryor & Farquhar, Inc., assured the court that the firm is a "disinterested person" within the meaning of 11 U.S.C. 101(14). The firm can be reached through: David Pryorto, CPA Crisafi, Pryor & Farquhar, Inc. 1650 Borel Pl. Ste 120 San Mateo, CA 94402 Phone: (650) 697-2727 About Jackson Court City Share Owners Association Based in San Francisco, Jackson Court City Share Owners Association operates as a property owners association. Jackson Court City Share Owners Association sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Cal. Case No. 25-30010) on January 8, 2025. In its petition, the Debtor reported estimated assets between $1 million and $10 million and estimated liabilities between $100,000 and $500,000. Judge Hannah L. Blumenstiel handles the case. The Debtor tapped Michael St. James, Esq., at St. James Law, PC as bankruptcy counsel and Bruce M. Boyd, Esq., at Lee, Hong, Degerman, Kang & Waimey as corporate counsel. JIB FOODS: Commences Subchapter V Bankruptcy in California ---------------------------------------------------------- edhat reports that JIB Foods Inc., the Sacramento-based operator of Pete's Restaurant & Brewhouse, has entered Chapter 11 bankruptcy through a voluntary filing in the Eastern District of California, seeking to reorganize its financial affairs while remaining operational. The petition was filed on February 4, 2026, and assigned Case No. 2:26-bk-20624. According to court filings, the company reported estimated assets between $1 million and $10 million and liabilities in the same range. The filing lists one to 49 creditors and indicates that funds are expected to be available for distribution to unsecured creditors after administrative expenses. The debtor is proceeding under Subchapter V of Chapter 11 and is classified as a small business debtor. Downey Brand LLP is serving as bankruptcy counsel, and Inderdeep Bassi is identified as both CEO and CFO. The petition lists the company's principal address as 2100 Arden Way, Suite 123, Sacramento, according to edhat. Founded in 1987, Pete’s Restaurant & Brewhouse began as a neighborhood pizza restaurant before expanding into a regional casual dining brand. The Arden Way location serves as the company's flagship restaurant and includes a large dining area, outdoor patio seating, a full-service bar, and dedicated private event space, the report states. About JIB Foods Inc. JIB Foods Inc., based in Sacramento, California, operates in the foodservice industry, managing multiple restaurants under the brand Pete's Restaurant & Brewhouse and providing full-service dining and beverage operations across Northern California. JIB Foods Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Cal. Case No. 26-20624) on February 4, 2026. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. The case is overseen by Honorable Bankruptcy Judge Christopher D Jaime. The Debtor is represented by Galen M. Gentry, Esq. of DOWNEY BRAND LLP. KIBITZ MANAGEMENT: Seeks Chapter 7 Bankruptcy in New Jersey ----------------------------------------------------------- On February 6, 2026, Kibitz Management, Inc. filed for Chapter 7 bankruptcy protection in the U.S. Bankruptcy Court for the District of New Jersey. According to court filings, the Debtor reports between $100,001 and $1 million in debt owed to approximately 1–49 creditors. About Kibitz Management, Inc. Kibitz Management, Inc. is a New Jersey-based management company providing administrative and operational services to affiliated businesses. Kibitz Management, Inc. sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 26-11358) on February 6, 2026. In its petition, the Debtor reports estimated assets ranging from $0 to $100,000 and estimated liabilities between $100,001 and $1 million. Honorable Bankruptcy Judge handles the case. The Debtor is represented by David A. Kasen, Esq., of Kasen & Kasen. KING'S ACADEMY: L. Todd Budgen Named Subchapter V Trustee --------------------------------------------------------- The Acting U.S. Trustee for Region 21 appointed L. Todd Budgen, Esq., a practicing attorney in Longwood, Fla., as Subchapter V trustee for The King's Academy of West Orlando, Inc. Mr. Budgen will be paid an hourly fee of $400 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Budgen declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: L. Todd Budgen, Esq. P.O. Box 520546 Longwood, FL 32752 Tel: (407) 232-9118 Email: Todd@C11Trustee.com About The King's Academy of West Orlando Inc. The King's Academy of West Orlando, Inc. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 26-00557) on January 28, 2026, listing assets of up to $50,000 and liabilities of $500,001 to $1 million. Jeffrey Ainsworth, Esq., at Bransonlaw ,PLLC represents the Debtor as bankruptcy counsel. KOOL AIR: Seeks to Hire William G. Haeberle CPA as Accountant ------------------------------------------------------------- Kool Air, LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of Florida to hire William G. Haeberle, CPA, LLC. The Debtor requires an accountant to prepare its monthly operating reports and provide other services. The firm will be paid $300 per month for the monthly operating reports and a retainer fee of $2,000. As disclosed in court filings, William G. Haeberle, CPA is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. The firm can be reached through: William G. Haeberle, CPA William G. Haeberle, CPA, LLC 4446-1A Hendricks Ave. #245 Jacksonville, FL 32207 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. LEGENDARY FIELD: Dundon, et al. Entitled to Defense Costs --------------------------------------------------------- Chief Judge Craig A. Gargotta of the U.S. Bankruptcy Court for the Western District of Texas denied the motion of Randolph N. Osherow, Chapter 7 Trustee for the bankruptcy estates of Legendary Field Exhibits, LLC, et al., to alter, amend, or correct judgment to adjudge and award costs in the adversary proceeding captioned as RANDOLPH N. OSHEROW, Chapter 7 Trustee for the Bankruptcy Estates Of Legendary Field Exhibits, LLC, et al., Plaintiff, v. THOMAS DUNDON, JOHN ZUTTER, and DUNDON CAPITAL PARTNERS, LLC, Defendants, ADV. NO. 22-05078-CAG (Bankr. W.D. Tex.). On November 25, 2025, the Court entered its Memorandum Opinion and Order regarding Plaintiff's First Amended Complaint. At the end of its 199-page Memorandum Opinion, after a thorough analysis of the Chapter 7 Trustee's multiple claims, and after the Court's application of Delaware, Texas, and federal laws, the Court ordered that Defendants may request their attorney's fees and costs as permitted under Fed. R. Bankr. P. 7054 and Local Rule 7054-1. The Chapter 7 Trustee now moves the Court to reconsider its decision awarding Defendants costs, as the prevailing party under Fed. R. Bankr. P. 7054(b)(1). The Trustee argues that the Court incorrectly awarded costs to Defendants, despite prevailing on his fiduciary duty claim and objection to Dundon and DCP's proofs of claims totaling more than $70 million. Defendants contend that they are the prevailing party because they achieved overwhelming success in the litigation, and the Trustee's technical or nominal result does not confer prevailing party status. According to the Court, the Trustee obtained only limited, technical relief. The Trustee has not shown entitlement to prevailing-party status or any basis to disturb the Court's prior determination. The Trustee argues that if he is not the prevailing party, neither are Defendants. While the Court agrees with the Trustee's contention that courts must take a "practical" view of the litigation as a whole to determine prevailing-party status, this approach does not aid the Trustee's position, according to Judge Gargotta. The litigation resulted in the Trustee's failure to establish actual damages or obtain meaningful relief on the central issues presented at trial. Defendants fulfilled their primary objective in rebuffing the Trustee's claims. The practical assessment the Trustee urges the Court to employ reinforces its decision. Therefore, the Court concludes Defendant is the prevailing party in this case. The Trustee argues that the Court did not discuss costs or demonstrate how it considered awarding or apportioning costs to Defendants. Judge Gargotta explains the decision to award costs under Bankruptcy Rule 7054(b) is wholly within this Court's discretion. The Court finds that neither party acted in bad faith. At this juncture, the Court recounts the Trustee has not objected to Defendants' Bill of Costs, asserting they are unnecessary or impermissible under 28 U.S.C. Sec. 1920. The Trustee also argues that the estate cannot afford the award of costs. Although the Court recognizes that the estate may not afford Defendants' costs, it does not believe that the inability to afford costs outweighs the paramount reason to provide at least partial indemnification to Defendants for expenses incurred in establishing their defense. The Court, exercising its discretion, awarded costs to the prevailing party in this case. The Trustee has not demonstrated a manifest error of law or fact in the Court's discretionary determination of awarding costs. Having evaluated the case as a whole, the Court determined that Defendants were the prevailing party. According to Judge Gargotta, the Trustee has not demonstrated a manifest error of law or fact regarding the Court's determination that the Trustee was not the prevailing party. A copy of the Court's Order dated February 2, 2026, is available at https://urlcurt.com/u?l=bGZxDc About Legendary Field Exhibitions LLC Legendary Field Exhibitions LLC operated football teams in various cities throughout the United States, including in Salt Lake City, under the name "Alliance of American Football". Legendary Field Exhibitions LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. W.D. Tex. Case No. 19-50900) on April 17, 2019. The Honorable Bankruptcy Judge Craig A. Gargotta handles the case. Randolph N Osherow in San Antonio has been appointed as Chapter 7 Trustee. He is represented by lawyers at Thompson Coburn LLP. LUMINAR TECHNOLOGIES: Vanguard Group Ceases Beneficial Ownership ---------------------------------------------------------------- The Vanguard Group, disclosed in a Schedule 13G (Amendment No. 6) filed with the U.S. Securities and Exchange Commission that as of December 31, 2025, it no longer beneficially owns shares of Luminar Technologies Inc's common stock. On January 12, 2026, The Vanguard Group, Inc. went through an internal realignment. As of that date, The Vanguard Group, Inc. no longer performs portfolio management services or administers proxy voting. In accordance with SEC Release No. 34-39538 (January 12, 1998), The Vanguard Group, Inc. anticipates that certain subsidiaries or business divisions of subsidiaries of The Vanguard Group, Inc., that currently have, or are deemed to have, beneficial ownership with The Vanguard Group, Inc., will report beneficial ownership separately (on a disaggregated basis) from The Vanguard Group, Inc. in reliance on such release. These subsidiaries and/or business divisions pursue the same investment strategies as previously pursued by The Vanguard Group, Inc. prior to the realignment. The Vanguard Group may be reached through: Ashley Grim Head of Global Fund Administration 100 Vanguard Blvd. Malvern, PA 19355 Tel: 610-669-1000 A full-text copy of The Vanguard Group's SEC report is available at: https://tinyurl.com/9xe676wx 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. MAKIIN LLC: HRO Wins Bid to Dismiss Chapter 11 Bankruptcy Case -------------------------------------------------------------- Chief Judge Eduardo V. Rodriguez of the U.S. Bankruptcy Court for the Southern District of Texas granted HRO Property Owner LP's motion to dismiss the Chapter 11 bankruptcy case of Makiin LLC, which was jointly administered under the Chapter 11 case of Kin Dee, LLC, case no. 25-32199. The Court held that the motion is meritorious and establishes just cause for the relief granted. A copy of the Court's Order dated January 26, 2026, is available at https://urlcurt.com/u?l=kAiPE7 from PacerMonitor.com. About Kin Dee LLC Kin Dee, LLC manages and operates Thai restaurants at two leased locations. Kin Dee sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Lead Case No. 25-32199) on April 23, 2025. In its petition, the Debtor reported assets of $30,301 and liabilities of $1,168,956. Judge Eduardo V. Rodriguez handles the case. The Debtor is represented by Robert C. Lane, Esq., and A. Zachary Casas, Esq., at The Lane Law Firm, PLLC. MANNING MECHANICAL: Case Summary & 20 Largest Unsecured Creditors ----------------------------------------------------------------- Debtor: Manning Mechanical, LLC 8800 W. McNichols Detroit, MI 48221 Business Description: Manning Mechanical, LLC, founded in 2015 and based in the Greater Detroit area, provides residential and commercial heating, ventilation, and air conditioning (HVAC) services specializing in hydronic (boiler) piping. The company installs and maintains boilers, radiators, heating and cooling systems, hot water systems, and mini split units, and offers a membership program, "The Comfort Club," for loyal residential customers. Chapter 11 Petition Date: February 4, 2026 Court: United States Bankruptcy Court Eastern District of Michigan Case No.: 26-41173 Judge: Hon. Thomas J Tucker Debtor's Counsel: Elliot G. Crowder, Esq. STEVENSON & BULLOCK, PLC 26100 American Drive, Suite 500 Southfield, MI 48034 Tel: (248) 354-7906 E-mail: ecrowder@sbplclaw.com Estimated Assets: $500,000 to $1 million Estimated Liabilities: $1 million to $10 million The petition was signed by Carlin Manning as managing member. 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/RLNKZFA/Manning_Mechanical_LLC__miebke-26-41173__0003.0.pdf?mcid=tGE4TAMA A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/RAAR2DI/Manning_Mechanical_LLC__miebke-26-41173__0001.0.pdf?mcid=tGE4TAMA MBIA INC: The Vanguard Group Holds 5.03% Stake as of Dec. 31, 2025 ------------------------------------------------------------------ The Vanguard Group, disclosed in a Schedule 13G filed with the U.S. Securities and Exchange Commission that as of December 31, 2025, it beneficially owns 2,541,234 shares of common stock -- with shared dispositive power over all shares and shared voting power over 303,576 shares through its clients, including investment companies and managed accounts; following an internal realignment effective January 12, 2026, portfolio management and proxy voting are handled by certain subsidiaries/business divisions -- of MBIA Inc's common stock, representing 5.03% of the shares outstanding. On January 12, 2026, The Vanguard Group, Inc. went through an internal realignment. As of that date, The Vanguard Group, Inc. no longer performs portfolio management services or administers proxy voting. In accordance with SEC Release No. 34-39538 (January 12, 1998), The Vanguard Group, Inc. anticipates that certain subsidiaries or business divisions of subsidiaries of The Vanguard Group, Inc., that currently have, or are deemed to have, beneficial ownership with The Vanguard Group, Inc., will report beneficial ownership separately (on a disaggregated basis) from The Vanguard Group, Inc. in reliance on such release. These subsidiaries and/or business divisions pursue the same investment strategies as previously pursued by The Vanguard Group, Inc. prior to the realignment. The Vanguard Group may be reached through: Ashley Grim Head of Global Fund Administration 100 Vanguard Blvd. Malvern, PA 19355 Tel: 610-669-1000 A full-text copy of The Vanguard Group's SEC report is available at: https://tinyurl.com/tdm83scs About MBIA Inc. Headquartered in Purchase, Harrison, New York, MBIA Inc. provides financial guarantee insurance and other forms of credit protection. As of September 30, 2025, the Company had $2.06 billion in total assets, $4.23 billion in total liabilities, and $2.17 billion in total deficit. * * * Egan-Jones Ratings Company on June 4, 2025, maintained its 'CCC-' foreign currency and local currency senior unsecured ratings on debt issued by MBIA Inc. MEYER BURGER: Gets Addt'l $1.2MM DIP Loan Under Settlement Deal --------------------------------------------------------------- Meyer Burger (Holding) Corp. and its affiliates won court approval for a settlement deal allowing them to obtain $1.2 million in additional debtor-in-possession (DIP) financing. Judge Craig Goldblatt of the U.S. Bankruptcy Court for the District of Delaware approved the deal, which resolves disputes over the extent, validity, and priority of DIP liens held by GLAS USA, LLC and the DIP lenders as well as secured liens held by GLAS USA and the pre-bankruptcy lenders. The agreement also establishes a framework for confirming a Chapter 11 plan and facilitating an orderly wind-down of the companies' bankruptcy estates. Under the deal, the DIP lenders agreed to provide up to $600,000 in additional new money DIP loans as "settlement funds" for drafting, prosecuting, and confirming a Chapter 11 plan, and up to $600,000 in additional funds to cover other costs incurred prior to plan confirmation. Any unused funds from the plan-related budget will flow into a litigation trust, which will be created to pursue potential claims for the benefit of all creditors. In addition, any savings from fees incurred by the official unsecured creditors committee's bankruptcy professionals under the approved budget will be added to the litigation trust for distribution to holders of allowed unsecured claims, excluding intercompany claims and deficiency claims of the lenders. The litigation trust will be managed by a trustee selected by the lenders with consultation rights for the unsecured creditors' committee and will have authority to retain professionals in consultation with an oversight committee composed of representatives from both the lenders and the unsecured creditors' committee. The litigation trustee, with oversight, will reconcile, object to, and settle all unsecured claims, subject to approval for high-value settlements and the exercise of reasonable business judgment. The settlement agreement outlines the structure of a plan, which must comply with the Bankruptcy Code, be acceptable in form and substance to the companies, lenders and the committee, and include key provisions regarding the treatment of claims and oversight of the litigation trust. Under the plan, all claims and causes of action will be assigned to the litigation trust, except claims against independent directors, Alex Zyngier and Richard Miller, who will receive releases and exculpations. The committee will refrain from pursuing challenges against the lenders and will waive any remaining challenge period. The settlement agreement also specifies the priority and allocation of distributions from recoveries. Net proceeds will first satisfy new money DIP obligations in full, followed by repayment of roll-up DIP obligations, with portions shared with unsecured creditors according to a defined formula. Allowed secured claims of the lenders will be paid next, with remaining recoveries allocated to unsecured creditors and intercompany claims as specified. Moreover, the settlement agreement establishes procedures to resolve alleged claims by WARN claimants, either through good-faith negotiation or court estimation, with any recoveries limited solely to funds allocated to unsecured creditors under the plan. All parties to the settlement deal agree to support confirmation of the plan and refrain from filing objections based on priority, timing or other related grounds. A copy of the court order is available at https://is.gd/0P7lhu from PacerMonitor.com. As previously reported, the court, under its final DIP order entered on July 17, 2025, authorized the companies to enter into a DIP credit agreement providing a delayed-draw term loan facility of up to $9.214 million, comprised of both new money loans and substantial roll-ups of pre bankruptcy secured debt. The facility included a fixed roll-up of $4.83 million of pre-bankruptcy secured obligations into DIP obligations, plus a dollar-for-dollar roll-up of additional pre-bankruptcy debt each time new DIP funds were drawn. The final DIP order granted the DIP lenders and the pre-bankruptcy secured lenders superpriority administrative expense claims and priming liens on substantially all assets, subject to a standard carveout. The final DIP order also set and extended the challenge period for lien disputes, which was ultimately waived as part of the settlement, in exchange for releases in favor of the lenders and binding stipulations validating the pre-bankruptcy and DIP liens. About Meyer Burger (Holding) Corp. Meyer Burger (Holding) Corp. is an industrial manufacturer of solar cells and solar modules. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-11217-CTG) on June 25, 2025. In the petition signed by Justin D. Pugh, chief restructuring officer, the Debtor disclosed up to $500 million in assets and up to $1 billion in liabilities. Judge Craig T. Goldblatt oversees the case. Paul N. Heath, Esq., at Richards, Layton & Finger, P.A., represents the Debtor as legal counsel. The U.S. Trustee for Region 3 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. The committee is represented by Fox Rothschild, LLP. GLAS USA LLC, as DIP lender, is represented by: John W. Weiss, Esq. Pashman Stein Walder Hayden, P.C. 824 North Market Street, Suite 800 Wilmington, DE 19801 Telephone: (302) 592-6496 Facsimile: (201) 488-5556 Email: jweiss@pashmanstein.com -- and -- William Hao, Esq Alston & Bird LLP 90 Park Avenue New York, New York 10016 Telephone: (212) 210-9400 Facsimile: (212) 210-9444 Email: William.Hao@alston.com -- and -- Anna Nolan, Esq. Alston & Bird LLP 6th Floor, 3 Noble Street London, EC2V 7EE United Kingdom Telephone: +44 20 8161 4000 Email: anna.nolan@alston.com NEXT STEP HEALTHCARE: Court Placed 11 Nursing Homes in Receivership ------------------------------------------------------------------- Grace Ferguson of The New Bedford Light reports that 11 Massachusetts nursing homes operated by Next Step Healthcare have been placed into receivership after court filings revealed millions of dollars in unpaid rent and mounting financial distress. The action followed a lawsuit by the company's landlord, which is seeking nearly $15 million in back rent and fees, while a lender separately claimed more than $3 million in unpaid obligations. The landlord companies, tied to Cuarzo Healthcare, warned the court that Next Step's financial problems posed a risk to resident safety. A Middlesex County judge granted the request to appoint a receiver, and a temporary management company took over operations, the report states. Resident advocates said receivership can help ensure continuity of care, but stressed the need for regulatory oversight. Advocacy groups pointed to Next Step's history of citations and enforcement actions as a reason for heightened concern. Financial audits referenced in court filings found substantial doubt about Next Step's ability to continue operating, with liabilities outweighing assets by a wide margin. Several facilities have been flagged for serious deficiencies, and regulators have previously cited the chain for understaffing, substandard care, and labor violations, according to report. The nursing homes placed in receivership are: * Dexter House HealthCare, Malden * The Elmhurst HealthCare, Melrose * Fitchburg HealthCare, Fitchburg * Garden Place HealthCare, Attleboro * The Hermitage HealthCare, Worcester * Melrose HealthCare, Melrose * Norwood HealthCare, Norwood * Oakhill HealthCare, Middleboro * Plymouth Harborside HealthCare, Plymouth * Wedgemere HealthCare, Taunton * West Newton HealthCare, West Newton About Next Step Healthcare Next Step Healthcare is a Massachusetts-based provider of skilled nursing and long-term care services that operates multiple nursing home facilities across the state. The company’s facilities offer post-acute rehabilitation, long-term care and other supportive services for elderly and medically vulnerable residents, with a focus on personalized care environments. Next Step Healthcare, which operates 14 nursing homes in Massachusetts, has had 11 of its facilities placed into receivership after facing millions in unpaid debts, including nearly $15 million in rent and fees and more than $3 million owed to a lender. The landlord, tied to Cuarzo Healthcare, warned the court that the company's financial struggles posed risks to resident safety. A judge in Middlesex County appointed an independent management company to take over operations, ensuring the homes continue to function while the financial and legal matters are resolved. NICKLAUS COMPANIES: Nicklaus Fights Branding Rights Transfer ------------------------------------------------------------ Alex Wolf of Bloomberg Law reports that golf legend Jack Nicklaus has challenged attempts to transfer rights to his name, image, and likeness as part of a Chapter 11 sale of a bankrupt golf services company. According to Nicklaus, his prior agreement with the company is no longer in effect and cannot be assigned to a new owner. In a February 6, 2026 filing with the U.S. Bankruptcy Court for the District of Delaware, Nicklaus stated that Nicklaus Cos. lacks a consent agreement from its namesake provider, making any assignment of the contract in a Chapter 11 sale invalid. The filing emphasizes the limits of contract assignability under bankruptcy law. The issue stems from a New York state court ruling last 2025, which found that Nicklaus had granted the company certain rights to use his intellectual property. The current bankruptcy proceedings have brought the enforceability and transferability of those rights into question as potential buyers evaluate the company's assets, the report states. About Nicklaus Companies LLC Nicklaus Companies LLC, also known as Golden Bear Financial Services, is a worldwide golf enterprise established to uphold and expand the legacy of golf icon Jack Nicklaus. It operates across several areas of the industry, including golf course design, branded products, licensing, and overall brand management. Its goal is to provide high-quality golf experiences and products that reflect the Nicklaus name's global reputation for excellence, innovation, and integrity. Nicklaus Companies LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-12088) on November 21, 2025. In its petition, the Debtor reports estimated assets between $10 million and $50 million and estimated liabilities between $500 million and $1 billion. Honorable Bankruptcy Judge Craig T. Goldblatt handles the case. The Debtor is represented by Zachary I. Shapiro, Esq. of Richards, Layton & Finger, P.A. NINE ENERGY: Hires Epiq Corporate as Claims and Noticing Agent -------------------------------------------------------------- Nine Energy Service, Inc. and its affiliates seek approval from the U.S. Bankruptcy Court for the Southern District of Texas to hire Epiq Corporate Restructuring, LLC as claims and noticing agent. Epiq will oversee the distribution of notices and will assist in the maintenance, processing, and docketing of proofs of claim filed in the Chapter 11 cases of the Debtors. Before the petition date, the Debtors provided Epiq a retainer in the amount of $50,000. Kathryn Tran, a consulting director at Epiq, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Kathryn Tran Epiq Corporate Restructuring, LLC 122 East, 42nd Street, 18th Floor New York, NY 10168 About Nine Energy Service Nine is a leading oilfield services business that supplies cutting edge solutions for unconventional oil and gas resource extraction and development across North America and abroad. Nine's culture is driven by an intense focus on performance and wellsite execution as well as a commitment to forward-leaning technologies that aid the development of smarter, customized applications that drive efficiencies and reduced emissions for customers. Nine is headquartered in Houston, Texas with operational reach that extends across all major onshore basins in the United States and Canada. On the Web: http://www.nineenergyservice.com/ Nine Energy Service, Inc., and its subsidiaries sought Chapter 11 protection (Bankr. S.D. Tex. Lead Case No. 26-90295) on Feb. 1, 2026. Nine is advised in this matter by Kirkland & Ellis LLP and Kane Russell Coleman Logan PC as legal counsel, Moelis & Company as investment banker and FTI Consulting as financial and communications advisors. Epiq is the claims agent. Certain noteholders under the Company's senior secured notes indenture are advised by Milbank LLP as legal counsel and Houlihan Lokey as investment banker. White Oak Commercial Finance, LLC, as DIP Agent, is advised by Paul Hastings LLP as legal counsel and Blake, Cassels & Graydon LLP, as Canadian counsel. OBSIDIAN HOLISTIC: Robert Handler Named Subchapter V Trustee ------------------------------------------------------------ The U.S. Trustee for Region 11 appointed Robert Handler of Commercial Recovery Associates, LLC as Subchapter V trustee for Obsidian Holistic Services, LLC. Mr. Handler will be paid an hourly fee of $450 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Handler declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Robert P. Handler Commercial Recovery Associates, LLC 205 West Wacker Drive, Suite 918 Chicago, IL 60606 Tel: (312) 845-5001 x221 Email: rhandler@com-rec.com About Obsidian Holistic Services LLC Obsidian Holistic Services, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Ill. Case No. 26-01874) on January 31, 2026, listing assets of up to $50,000 and liabilities of $100,001 to $500,000. Judge Daniel R. Fine presides over the case. Edmund G. Urban, III, Esq., at Urban & Burt, Ltd. represents the Debtor as legal counsel. OCUGEN INC: The Vanguard Group Holds 5.27% Stake as of Dec. 31 -------------------------------------------------------------- The Vanguard Group, disclosed in a Schedule 13G filed with the U.S. Securities and Exchange Commission that as of December 31, 2025, it beneficially owns 16,475,562 shares of common stock -- with shared dispositive power over all shares and shared voting power over 1,981,345 shares through its clients, including investment companies and managed accounts; following an internal realignment effective January 12, 2026, portfolio management and proxy voting are handled by certain subsidiaries/business divisions -- of Ocugen Inc.'s common stock, representing 5.27% of the shares outstanding. On January 12, 2026, The Vanguard Group, Inc. went through an internal realignment. As of that date, The Vanguard Group, Inc. no longer performs portfolio management services or administers proxy voting. In accordance with SEC Release No. 34-39538 (January 12, 1998), The Vanguard Group, Inc. anticipates that certain subsidiaries or business divisions of subsidiaries of The Vanguard Group, Inc., that currently have, or are deemed to have, beneficial ownership with The Vanguard Group, Inc., will report beneficial ownership separately (on a disaggregated basis) from The Vanguard Group, Inc. in reliance on such release. These subsidiaries and/or business divisions pursue the same investment strategies as previously pursued by The Vanguard Group, Inc. prior to the realignment. The Vanguard Group may be reached through: Ashley Grim Head of Global Fund Administration 100 Vanguard Blvd. Malvern, PA 19355 Tel: 610-669-1000 A full-text copy of The Vanguard Group's SEC report is available at: https://tinyurl.com/brnjde8n About Ocugen Inc. Malvern, Pa.-based Ocugen, Inc. is a biotechnology company focused on discovering, developing, and commercializing novel gene and cell therapies, biologics, and vaccines that improve health and offer hope for patients across the globe. The Company's technology pipeline includes: Modifier Gene Therapy Platform, Novel Biologic Therapy for Retinal Diseases, Regenerative Medicine Cell Therapy Platform, and Inhaled Mucosal Vaccine Platform. Philadelphia, Pennsylvania-based PricewaterhouseCoopers LLP, the Company's auditor since 2024, issued a "going concern" qualification in its report dated March 5, 2025. The report highlighted that the Company has incurred recurring net losses since inception that raise substantial doubt about its ability to continue as a going concern. As of September 30, 2025, the Company had $57.6 million in total assets, $54.1 million in total liabilities, and $3.5 million in total stockholders' equity. OFFICE PROPERTIES: Bankruptcy Court OKs $125MM A&R DIP Facility --------------------------------------------------------------- Office Properties Income Trust disclosed in a regulatory filing that on February 4, 2026, the U.S. Bankruptcy Court for the Southern District of Texas entered the Final Order Pursuant to Sections 105, 361, 362, 363, and 364 of the Bankruptcy Code and Rules 2002, 4001, 6004, and 9014 of the Federal Rules of Bankruptcy Procedure (I) Authorizing the Debtors to Use Cash Collateral and Obtain Secured Postpetition Financing; (II) Granting Liens and Superpriority Administrative Claims; (III) Providing Adequate Protection; (IV) Granting Related Relief, allowing OPI to enter into an amended and restated secured debtor-in-possession term loan credit agreement with lenders party thereto from time to time and Acquiom Agency Services LLC, as administrative agent and collateral agent. The A&R DIP Credit Agreement provides for a multiple draw secured debtor-in-possession term loan facility in an aggregate principal amount of up to $125.0 million, of which: (a) $10.0 million was made available to the Borrower and drawn in full on November 6, 2025 following entry of the Interim Order Pursuant to Sections 105, 361, 362, 363, and 364 of the Bankruptcy Code and Rules 2002, 4001, 6004, and 9014 of the Federal Rules of Bankruptcy Procedure (I) Authorizing the Debtors to Use Cash Collateral and Obtain Secured Postpetition Financing; (II) Granting Liens and Superpriority Administrative Claims; (III) Providing Adequate Protection; (IV) Scheduling a Final Hearing; and (V) Granting Related Relief [Docket No. 150]; (b) $75.0 million shall be made available in two draws as follows: (i) an initial draw in a principal amount of approximately $64.3 million, which shall be made available and drawn in full immediately following entry of the Final DIP Order, and (ii) a subsequent draw in a principal amount of approximately $10.7 million, which shall be made available and drawn in full promptly following the satisfaction of certain conditions precedent related to syndication procedures; and (c) $40.0 million which shall be made available on or about April 3, 2026 (or earlier, to the extent necessary for administrative or operational purposes), in each case subject to customary conditions precedent, milestones and variances, as set forth in the A&R DIP Credit Agreement. The DIP Facility matures on the earliest to occur of: (a) May 4, 2026; provided that (x) such date shall be automatically extended by 30 calendar days if, as of May 4, 2026, the Bankruptcy Court has not issued a ruling with respect to either the adversary proceeding commenced by the Debtors against UMB Bank, National Association on November 2, 2025 or confirmation of the Debtors' proposed chapter 11 plan of reorganization, and (y) such date may be further extended by certain holders of OPI's 9.000% Senior Secured Notes due September 2029; (b) the effective date of the Plan on the terms set forth in the RSA; (c) the consummation of any sale or other disposition of all or substantially all of the assets of the Debtors pursuant to section 363 of the Bankruptcy Code; and (d) the date of acceleration or termination of the DIP Facility following the occurrence of an event of default thereunder. Notwithstanding the foregoing, if a Plan on the terms set forth in the RSA is not confirmed by the maturity date for any reason, the maturity date shall instead be July 2, 2026. Under the A&R DIP Credit Agreement, the exit fee has been reduced from 5.75% to 4.50% of the principal amount of each DIP Loan and the upfront fee may be paid in either: (a) cash at 2.25% of the commitments or (b) common equity of the reorganized Borrower in an aggregate amount equal to 3.60% of the commitments. The Borrower may prepay any DIP Loan, in whole or in part, at any time; provided that, upon any voluntary prepayment of any DIP Loan, any right or option of the Borrower to equitize such DIP Loan in accordance with the RSA shall automatically and irrevocably terminate and be forfeited. In the event of a voluntary prepayment, the Borrower shall pay to the Agent, for the ratable account of each lender, in cash a prepayment premium equal to 1.0% multiplied by the sum of the principal amount of the DIP Loans that are being repaid at such time. The Borrower also agrees to pay in cash to the Agent, for the ratable account of each lender, a commitment fee in an aggregate amount equal to 0.75% per annum times the actual daily amount of the aggregate undrawn Tranche B Term Loan commitments. The DIP Facility contains customary conditions precedent, representations and warranties, affirmative and negative covenants, milestones for the Chapter 11 Cases, events of default, and other terms and conditions customary for financings of this type. The DIP Facility obligations are entitled to superpriority administrative expense claims and secured by first-priority liens on certain of the Debtors' unencumbered assets and junior-priority liens on certain of the Debtors' encumbered assets, subject to the terms of the Final DIP Order. A full text copy of the A&R DIP Credit Agreement is available at https://tinyurl.com/3d3pvjap About Office Properties Income (OPI) Trust Office Properties Income (OPI) Trust is a national REIT focused on owning and leasing office properties to high-credit-quality tenants in markets throughout the United States. OPI's property portfolio consists of 124 wholly owned properties located in 29 states and the District of Columbia, containing approximately 17.2 million rentable square feet. As of June 30, 2025, approximately 59% of OPI's revenues were from investment-grade-rated tenants. In 2024, OPI was named an Energy Star(R) Partner of the Year for the seventh consecutive year. OPI is managed by The RMR Group (Nasdaq: RMR), a leading U.S. alternative asset management company with approximately $39 billion in assets under management as of September 30, 2025, and more than 35 years of institutional experience in buying, selling, financing, and operating commercial real estate. OPI is headquartered in Newton, Massachusetts. Office Properties Income Trust and 72 affiliates filed separate petitions for Chapter 11 bankruptcy protection (Bankr. S.D. Texas Lead Case No. 25-90530) on October 30, 2025, before the Hon. Christopher M Lopez. As of Sept. 30, 2025, Office Properties Income Trust has $3,501,385,950 in total assets and$2,501,583,119 in total liabilities. The petitions were signed by John R. Castellano, their chief restructuring officer. Lawyers at Latham & Watkins LLP and Hunton Andrews Kurth LLP serve as the Debtors' counsel. Moelis & Company serves as the Debtors' investment banker and AlixPartners LLP as their restructuring advisors. Kroll Restructuring Administration LLC serves as the Debtors' claims, noticing & solicitation agent. White & Case LLP represents an ad hoc group of noteholders holding 90% senior secured notes due in September 2029 with an aggregate outstanding principal amount of $567,429,000. Milbank LLP and Porter Hedges LLP represent an ad hoc group of secured noteholders holding 3.25% senior secured notes due in 2027. Paul, Weiss, Rifkind, Wharton & Garrison LLP and Munsch Hardt Kopf & Harr, P.C. represent an ad hoc group of secured noteholders holding (a) 90% senior secured notes due in March 2029; (b) 90% senior secured notes due 2029; (c) 3.25% senior secured notes due 2027 and (d) a short position in OPI's common equity interests. Acquiom Agency Services, LLC, is the DIP agent and is represented by White & Case LLP. The U.S. Trustee for Region 7 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. The committee tapped Willkie Farr & Gallagher, LLP as legal counsel and Alvarez & Marsal North America, LLC as financial advisor. OKM TRANSPORTATION: Seeks Chapter 7 Bankruptcy in South Carolina ---------------------------------------------------------------- OKM Transportation LLC filed a voluntary petition for Chapter 7 bankruptcy relief on February 1, 2026, in the U.S. Bankruptcy Court for the District of South Carolina. The filing reflects total debt between $100,001 and $1,000,000, owed to 1–49 creditors. About OKM Transportation LLC OKM Transportation LLC is a privately owned transportation-focused limited liability company. The Debtor sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 26-00469) on February 1, 2026. In its petition, OKM Transportation LLC disclosed estimated assets of $0–$100,000 and estimated liabilities ranging from $100,001 to $1,000,000. Honorable Chief Bankruptcy Judge Helen E. Burris handles the matter. The Debtor is represented by Robert A. Pohl, Esq. of Pohl, P.A. PAT MCGRATH: Seeks to Hire Gordian Group LLC as Investment Banker ----------------------------------------------------------------- Pat McGrath Cosmetics LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to hire Gordian Group, LLC as investment banker. The firm will render these services: a. advise and assist the Debtor with the general formulation and evaluation of various options for effecting one or more possible Financial Transactions; b. advise and assist the Debtor in preparing an information packet for distribution to potential third parties to assist in the valuation of a Financial Transaction, it being specifically agreed that (i) such information packet shall be based entirely upon information supplied by the Debtor, (ii) the Debtor shall be solely responsible for the accuracy and completeness of such information and (iii) other than as contemplated by this paragraph, such information shall not be used, reproduced, disseminated, quoted or referred to at any time, in any manner or for any purpose, except with Gordian's prior written consent; c. advise and assist the Debtor regarding any potential merger or sale of any of the Debtors or their securities, assets or businesses, including identifying and, to the extent agreed by the Debtor, contacting potential parties for any such merger or sale; d. advise and assist the Debtor in raising new or replacement debt or equity capital (or other investment or financing including DIP Financing) for the Debtors, including identifying and, to the extent agreed by the Debtor, contacting potential parties to any such investment or financing; e. advise and assist the Debtor regarding any potential restructuring, amendment, extension, conversion, exchange, compromise, repayment, retirement, assumption, refinancing or other modification or satisfaction of the Debtors' indebtedness and/or obligations; f. assist in preparing, for review and approval by the Debtor, proposals to creditors, equity holders and other parties-in-interest in connection with any possible Financial Transaction; g. assist with the structuring and implementation of any Financial Transaction, including evaluating proposals from, and participating in negotiations with, third parties regarding such Financial Transaction; h. assist with making presentations to the Debtor's Board of Directors regarding any potential Financial Transaction, its participating parties and/or other financial issues related thereto; and i. render such other financial advisory and investment banking services as may be mutually agreed upon by Gordian and the Debtor. The firm will receive the compensation as follows: a. $50,000 payable upon execution of this Agreement (the "Upfront Fee"); plus b. Monthly fees of $50,000 per month (collectively, the "Monthly Fees"), it being understood and agreed that the first Monthly Fee shall be due one month after the date this Agreement is signed by the parties hereto, with subsequent Monthly Fees due every month thereafter; it being further understood and agreed that 50% of aggregate Upfront and Monthly Fees paid in excess of $150,000 shall be credited (but not more than once) against any subsequent Transaction Fees (the "Fee Credit"); provided such Fee Credit shall not apply in a M&A Transaction; plus c. In connection with the consummation of each Financial Transaction, fees ("Transaction Fees") payable concurrently with and as a condition to consummation of such Financial Transaction, consisting of 5% of Aggregate Consideration. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. As disclosed in the court filings, Gordian is "disinterested" as such term is defined in section 101(14) of the Bankruptcy Code. The firm can be reached at: Kevin P. McGee Gordian Group, LLC 126 East 56th Street New York, NY 10022 Tel: (212) 486-3600 About Pat McGrath Cosmetics LLC Pat McGrath Cosmetics LLC offers cosmetic products. Pat McGrath Cosmetics LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 26-10772) on January 22, 2026. In its petition, the debtor reports estimated assets of $50 million-$100 million and estimated liabilities of $50 million $100 million. Honorable Bankruptcy Judge Laurel M. Isicoff handles the case. The debtor is represented by Jessey J. Krehl, Esq. PAT MCGRATH: Seeks to Hire Pack Law as Bankruptcy Counsel --------------------------------------------------------- Pat McGrath Cosmetics LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to hire Pack Law to handle the bankruptcy proceedings. Pack Law's hourly rates for the primary lawyers assisting with this matter range from $450 to $850, and paraprofessional assistance is provided at $300 hourly. Pack Law received a retainer in the amount of $200,000. Joseph Pack, Esq., a partner at Pack Law, P.A., disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Joseph A. Pack, Esq. Pack Law, P.A. 51 NE 24th St., Suite 108 Miami, FL 33137 Tel: (305) 916-4500 Email: joe@packlaw.com About Pat McGrath Cosmetics LLC Pat McGrath Cosmetics LLC offers cosmetic products. Pat McGrath Cosmetics LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 26-10772) on January 22, 2026. In its petition, the debtor reports estimated assets of $50 million-$100 million and estimated liabilities of $50 million $100 million. Honorable Bankruptcy Judge Laurel M. Isicoff handles the case. The debtor is represented by Jessey J. Krehl, Esq. PDG PRESTIGE: DIP Lender Loses Challenge to Asset Sale ------------------------------------------------------ Judge Christopher G. Bradley of the U.S. Bankruptcy Court for the Western District of Texas granted the motion of FSLRO 510 South Telshor, Las Cruces, LLC and LPC Retail, LLC for summary judgment in the adversary proceeding captioned as LEGALIST DIP GP, LLC; PDG PRESTIGE, INC., Plaintiffs, v. MICHAEL DIXSON; MESILLA VALLEY VENTURES, LLC; MICHAEL DIXSON TRUST; CHRISTINA DIXSON; WEYCER KAPLAN, PULASKI & ZUBER, P.C.; FSLRO 510 SOUTH TELSHOR LAS CRUCES, LLC; LPC RETAIL, LLC; THE GATEWAY VENTURES, LLC; ENTRADA DEVELOPMENT, LLC, Defendants, Adv. No. 23-03004-cgb (Bankr. W.D. Tex.). Legalist DIP GP, LLC and PDG Prestige Inc. filed a third amended complaint, adding claims against FSLRO 510 South Telshor, Las Cruces, LLC and LPC Retail, LLC. Generally, the claims against the Defendants stem from the Plaintiffs' allegation that various parties conspired with PDG's president, Michael Dixson, to sell estate property outside of the Court's supervision by transferring an asset, Lot 1A, to Mesilla Valley Ventures, LLC, another entity controlled by Dixson, for no consideration. The Plaintiffs further allege that this conspiracy led to Dixson's fraudulent use of the sale proceeds, which violated the terms of the Court's order authorizing PDG to obtain DIP financing from Legalist. The specific claims at issue in this case are for: (1) willful violation of the automatic stay under 11 U.S.C. Sec. 362; (2) unauthorized post-petition transfers in violation of 11 U.S.C. Sec. 549; (3) unauthorized sale of estate property; and (4) revocation of the confirmation order. The Defendants seek a summary judgment that the Plaintiffs should take nothing by way of their claims against the Defendants. According to Judge Bradley, the Purchase and Sale Agreement entered into by LPC and Mesilla Valley for Lot 1A did not violate the automatic stay for several reasons. Judge Bradley explains, "First, at the time the PSA was executed, the non-debtor entity Mesilla Valley had no interest in Lot 1A and had no authority to transfer the property to the Defendants. Second, even if the contract had been between PDG and the Defendants, it explicitly and appropriately makes the sale contingent on bankruptcy approval or confirmation of a chapter 11 plan. Third, Lot 1A was not transferred to Mesilla Valley until after confirmation -- in other words, after the property had re-vested in the Reorganized Debtor and the stay no longer protected the property. As there was no stay in place at the time Lot 1A was transferred, the Defendants could not have violated the automatic stay." According to the Court, the PSA in itself did not transfer Lot 1A because the transfer was contingent on approval by the bankruptcy court, either through a sale motion or confirmation of a chapter 11 plan. By the time the transfer occurred, the plan had been confirmed and Lot 1A had been revested in the Reorganized Debtor and was no longer property of the estate. In addition, the transfer was expressly authorized by the confirmed plan. For these reasons, section 549 offers no support to the Plaintiffs' contention that the transfer should be avoided. The Court also finds the chapter 11 plan expressly authorized the sale of Lot 1A, therefore a sale motion under Sec. 363 was not required. In addition, because the property had re-vested in the Reorganized Debtor post-confirmation, the property was no longer property of the estate and a sale motion under section 363 was not required to sell the property. The confirmation order in this case was entered on March 31, 2022 and this adversary proceeding seeking revocation of the confirmation was not filed until over a year later on June 16, 2023. Thus, the Court concludes the request to revoke the confirmation order is untimely under the express terms of the statute. A copy of the Court's Opinion and Order dated February 2, 2026, is available at https://urlcurt.com/u?l=sIVRhk About PDG Prestige PDG Prestige, Inc., a real estate developer in El Paso, Texas, sought protection under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Tex. Case No. 21-30107) on Feb. 15, 2021. Michael Dixson, president, signed the petition. At the time of the filing, the Debtor estimated assets of between $1 million and $10 million and liabilities of the same range. Weycer Kaplan Pulaski & Zuber, P.C., was the Debtor's legal counsel. The case was converted to Chapter 7 on July 13, 2023. Ronald E. Ingalls is the Chapter 7 trustee. PETER DAMON: Angela Shortall Named Subchapter V Trustee ------------------------------------------------------- The Acting U.S. Trustee for Region 4 appointed Angela Shortall of 3Cubed Advisory Services, LLC, as Subchapter V trustee for Peter Damon Group, LLC. Ms. Shortall will be paid an hourly fee of $525 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Shortall declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Angela L. Shortall 3Cubed Advisory Services, LLC 111 S. Calvert St., Suite 1400 Baltimore, MD 21202 Phone: 410-783-6385 About Peter Damon Group LLC Peter Damon Group, LLC filed Chapter 11 petition (Bankr. E.D. Va. Case No. 26-10221) on January 29, 2026, with $50,001 to $100,000 in assets and $500,001 to $1 million in liabilities. Jonathan Baird Vivona, Esq., at Vivona Pandurangi, PLC represents the Debtor as legal counsel. PIONEER HEALTH: Provident Fee Dispute Won't Proceed to Mediation ---------------------------------------------------------------- Chief Judge Colm F. Connolly of the U.S. District Court for the District of Delaware accepted the recommendation from Magistrate Judge Christopher J. Burke that the appeal styled PROVIDENT HEALTHCARE PARTNERS, LLC, Appellant, v. PIONEER HEALTH SYSTEMS, LLC, Appellee, Civil Action No. 25-I550-CFC (D. Del.) be withdrawn from the mandatory referral for mediation and proceed through the appellate process of this court in accordance with the following schedule: 1. Appellant's brief in support of the appeal is due on or before February 11, 2026. 2. Appellee's brief in opposition to the appeal is due on or before March 27, 2026. 3. Appellant's reply brief is due on or before April 24, 2026. Provident Healthcare Partners, LLC is an investment bank. Provident filed a fee application seeking approximately $500,000 for advisory services rendered between September 2024 and May 2025. Pioneer objected to the fee, arguing that under their agreement, a fee was only earned if Provident helped close a sale. Pioneer contended that it resolved its financial issues via a subordination agreement with creditors rather than a sale, making the fees "entirely unearned and contrary to the express terms of the parties' engagement". Here is the converted text from the image you provided: Counsel to Provident Healthcare Partners, LLC: Matthew G. Summers, Esq. Margaret A. Vesper, Esq. Erin L. Williamson, Esq. BALLARD SPAHR LLP 919 N. Market Street, 11th Floor Wilmington, DE 19801-3034 Telephone: (302) 252-4428 Facsimile: (302) 252-4466 Email: summersm@ballardspahr.com vesperm@ballardspahr.com williamsonE@ballardspahr.com - and - Richard G. Baldwin, Esq. NYSTROM BECKMAN & PARIS, L.L.P. One Marina Park Drive, 15th Floor Boston, MA 02210 Telephone: (617) 778-9115 Email: rbaldwin@nbparis.com A copy the Court's Order dated February 4, 2026, is available at https://urlcurt.com/u?l=BS4hsT from PacerMonitor.com. About Pioneer Health Systems, LLC Pioneer Health Systems, LLC, is the parent company for the following brands: Surgical Hospital of Oklahoma, L.L.C. (SHO), Direct Orthopedic Care (DOC), and Integrated Care Technologies (ICT). Combined, this model allows Pioneer to offer a complete vertical orthopedic healthcare system. The Debtor filed a Chapter 11 petition (Bankr. D. Del. Case No. 24-10279) on Feb. 21, 2024, with $1 million to $10 million in both assets and liabilities. Colin Chenault, chief financial officer, signed the petition. Judge J. Kate Stickles oversees the case. Alessandra Glorioso, Esq., at Dorsey & Whitney (Delaware), LLP, is the Debtor's legal counsel. POLAR POWER: Bard Associates Drops Below 5% Ownership Threshold --------------------------------------------------------------- Bard Associates Inc., disclosed in a Schedule 13G (Amendment No. 3) filed with the U.S. Securities and Exchange Commission that as of January 12, 2026, it beneficially owns 2,928 shares of common stock -- with shared dispositive power; ownership of 5 percent or less of a class -- of Polar Power, Inc.'s common stock, representing 0.1% of the class. Bard Associates Inc. may be reached through: Michael Demaray, President 233 South Wacker Drive Suite 4400 Chicago, IL 60606 312-782-9600 A full-text copy of Bard Associates Inc.'s SEC report is available at: https://tinyurl.com/39axs2x2 About Polar Power, Inc. Headquartered in Gardena, California, Polar Power, Inc. -- http://www.polarpower.com-- designs, manufactures, and sells DC power generators, renewable energy and cooling systems for applications primarily in the telecommunications market and, to a lesser extent, in other markets, including military, electric vehicle charging, marine and industrial. The Company is continuously diversifying its customer base and are selling its products into non-telecommunication markets and applications at an increasing rate. In its report dated March 31, 2025, the Company's auditor Weinberg & Company, P.A., issued a "going concern" qualification citing that during the year ended Dec. 31, 2024, the Company incurred a net loss and incurred negative operating cash flows. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of September 30, 2025, the Company had $12.3 million in total assets, $9.4 million in total liabilities, and $2.9 million in total stockholders' equity. PORKY'S LLC: Gets Interim OK to Use Cash Collateral --------------------------------------------------- Porky's, LLC received interim approval from the U.S. Bankruptcy Court for the Western District of Pennsylvania to use cash collateral. The court authorized immediate use of cash collateral to fund the Debtor's operations in accordance with its budget. This authorization will remain until further court order. As of the petition date, the Debtor's cash and other assets were encumbered by a continuing security interest held by the U.S. Small Business Administration under a loan, with lien rights also extended to include all cash collateral. The Debtor identifies additional creditors that may have a potential interest in cash collateral but it believes these creditors are unsecured because the SBA's first-lien claim exceeds the value of the Debtor's assets. The SBA's pre-bankruptcy liens will remain in effect post-petition but will not exceed their value as of the start of the Debtor's Chapter 11 case. Replacement liens will be granted only to the extent of any diminution in the SBA's interest in the pre-bankruptcy collateral. Post-petition collateral specifically excludes Chapter 5 causes of action and their proceeds and any recoveries under Section 506(c) of the Bankruptcy Code. Meanwhile, replacement liens will be granted to Specialty Capital on the Debtor's post-petition cash collateral and proceeds thereof (excluding the Debtor's rights under Sections 544, 545, 546, 547, 548, 549, and 550 of the Bankruptcy Code), with the same priority and extent as its pre-bankruptcy liens pending a determination of the validity and priority of the SBA's interest. A final hearing is set for March 12. Responses are due by March 5. The interim order is available at https://is.gd/qpba6E from PacerMonitor.com. About Porky's LLC Porky’s, LLC is a Pennsylvania limited liability company operating a single-location restaurant and bar. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Pa. Case No. 26-20222) on January 26, 2026. In the petition signed by Nicholas Weiss, financial manager, the Debtor disclosed up to $500,000 in both assets and liabilities. Joanna D. Studeny, Esq., at Tucker Arensberg, P.C., represents the Debtor as legal counsel. PRIME CORE: Sues sFOX for $2.6MM Clawback in Chapter 11 ------------------------------------------------------- Hilary Russ of Law360 reports that the post-bankruptcy litigation trust for crypto custodian Prime Core Technologies Inc. has launched an adversary proceeding against sFox Inc., alleging the stablecoin platform received $2.6 million in preferential payments prior to the Chapter 11 filing. The trust argues the transfers were made within the statutory preference window and allowed sFox to receive more than it would have in a liquidation scenario. The action seeks to return the funds to the bankruptcy estate for redistribution to creditors. About Prime Core Technologies Inc. Prime Core Technologies, Inc., was founded in 2016 by Scott Purcell as a trust and custodial services company with respect to fiat currency and other more traditional assets, with its primary product being college savings trusts. Following the emergence and exponential growth of the blockchain and cryptocurrency industry, the Company recalibrated its focus away from providing more traditional fiat currency custodial services and towards providing custodial services for cryptocurrency and other digital assets. Eventually, the Company emerged as a market leader, providing a unique bundle of products and services that remain unparalleled in the industry. Prime Core Technologies, Inc., and three of its affiliates sought Chapter 11 bankruptcy protection (Bankr. D.N.J. Lead Case No. 23-11161) on Aug. 16, 2023. The petitions were signed by Jor Law as interim chief executive officer. The Hon. J. Kate Stickle presides over the Debtors' cases. The Debtors listed $50 million to $100 million in estimated assets and $100 million to $500 million estimated liabilities. McDermott Will & Emery LLP serves as counsel to the Debtors. The Debtors' financial advisor is M3 Advisory Partners, LP; their investment banker is Galaxy Digital Partners LLC; and their claims and noticing agent is Stretto. PUBLISHERS CLEARING: Court Sustains Omnibus Claim Objections ------------------------------------------------------------ Chief Judge Martin Glenn of the U.S. Bankruptcy Court for the Southern District of New York sustained the omnibus claim objections filed by debtor 382 Channel Drive LLC, f/k/a Publishers Clearing House LLC. Pending before the Court are the first, second, and third omnibus objections of the Debtor for the entry of orders disallowing and expunging certain claims from its claims register. The Court finds the Debtor has met its burden for establishing a prima facie case for rejecting each of the respective creditor claims for which a response was received. A. Claims for Which Responses Were Filed 1. Aloysius Agada - 247 (the "Agada Claim") The Debtor objects to the Agada Claim as unliquidated due to a failure to contain adequate supporting documentation to verify the claim and as late filed. The information and documents provided to the Court by Mr. Agada are insufficient to prove by a preponderance of the evidence that he is the rightful winner of the $20 million prize in question. Therefore, the Court sustains the Debtor's objection to the Agada Claim. 2. The Gonzales Claim - 236 (the "Gonzales Claim") The Debtor objects to the Gonzales Claim as both unsupported by the Debtor's books and records and for being late filed. According to the Debtor, their books reflect a $1.07 obligation to Ms. Gonzales for a refund check, not the $54 million that Ms. Gonzales claims. It appears that Ms. Gonzales was victim of a scam, with the individual claiming to be with PCH almost certainly not being associated with the Debtor. Given that Ms. Gonzales has not provided the court any additional information supporting her claim aside from these messages, the Court cannot find that she has met her burden of proof. As such the Court sustains the Debtor's objection to the Gonzales Claim. 3. Ga Lagbara - 136, 194, and 212 (the "Lagbara Claims") The Debtor objects to the Lagbara Claims as both unsupported by the Debtor's books and records and, for one of the Dr. Lagbara claims, as being late filed. According to the Debtor Dr. Lagbara's sole claim is worth $5.00, not the $1 billion that Dr. Lagbara initially filed his claims for. Other than claiming ownership of the tokens, Dr. Lagbara does not establish additional support for his claims. Therefore, the Debtor's objections regarding the Lagbara Claims are sustained. 4. Marquise Latrel Nelson - 59 (the "Nelson Claim") The Debtor objects to the Nelson Claim as unsecured and not reflected in the Debtor's books and records. Mr. Nelson does not contest that the Debtor's records do not indicate an obligation to Mr. Nelson. It appears that he is claiming that the Debtor defrauded him through making false promises in the marketing materials sent to him. Mr. Nelson has failed to show that the Debtor made a materially false representation in the promotional materials he has appended to his response. Therefore, he has failed to meet his burden of proof and the Debtor's objection is sustained. B. Claims for Which no Response was Filed The Debtor has sufficiently refuted the remaining claims referenced in the Omnibus Objections. A copy of the Court's Memorandum Opinion dated February 4, 2026, is available at https://urlcurt.com/u?l=uu7B6g from PacerMonitor.com. Attorneys for 382 Channel Drive LLC: Tracy L. Klestadt, Esq. Lauren C. Kiss, Esq. Stephanie R. Sweeney, Esq. Andrew Brown, Esq. KLESTADT WINTERS JURELLER SOUTHARD & STEVENS, LLP 200 West 41st Street, 17th Floor New York, NY 10036-7203 Email: tklestadt@klestadt.com lkiss@klestadt.com ssweeney@klestadt.com abrown@klestadt.com Attorney for Marquise Latrel Nelson: Morgan A Berry, Esq. BERRY LAW & ACCOUNTING 625 Clay Street Arkadelphia, AR 71923 About Publishers Clearing House Publishers Clearing House LLC is a direct-to-consumer company offering free-to-play digital entertainment. Through its PCH/Media division, PCH helps brands and advertisers connect with qualified, responsive audiences across its extensive chance-to-win gaming platforms. PCH has evolved into a multi-channel media company, combining digital entertainment, direct-to-consumer marketing, and commerce to create compelling experiences for users and brands alike. Publishers Clearing House filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-10694) on April 9, 2025. The case is pending before the Honorable Martin Glenn. Klestadt Winters Jureller Southard & Stevens, LLP is serving as legal advisor, William H. Henrich and Laurence Sax from Getzler Henrich & Associates LLC are serving as co-chief restructuring officers, SSG Capital Advisors, LLC, is serving as investment banker, and C Street Advisory Group is serving as strategic communications advisor to the Company. Omni Agent Solutions is the claims agent. On April 24, 2025, the Office of the United States Trustee for the Southern District of New York appointed an official committee of unsecured creditors appointed in this Chapter 11 case. The committee tapped Rimon PC as counsel. PURSE LADIES: Seeks Chapter 11 Bankruptcy in Florida ---------------------------------------------------- On February 6, 2026, The Purse Ladies Holdings, LLC filed for Chapter 11 protection in the Middle District of Florida. According to court filings, the debtor reports between $100 million and $500 million in debt owed to 1-49 creditors. About The Purse Ladies Holdings, LLC The Purse Ladies Holdings, LLC is a Florida-based retail holding company specializing in handbags, accessories, and related fashion merchandise. The company manages multiple brands and retail outlets under its corporate umbrella. The Purse Ladies Holdings, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-00523) on February 6, 2026. In its petition, the debtor reports estimated assets between $0 and $100,000 and estimated liabilities of $100 million to $500 million. Honorable Chief Judge Jacob A. Brown handles the case. The debtor is represented by Thomas C. Adam, Esq. of Adam Law Group, P.A. RED RIVER: Court Tosses Love, et al. Class Action Lawsuit --------------------------------------------------------- Judge Michael A. Shipp of the U.S. District Court for the District of New Jersey granted the motion of Red River Talc, LLC, Johnson & Johnson, Johnson & Johnson Holdco (NA), LLC, Janssen Pharmaceuticals, Inc., and Kenvue Inc. to dismiss the amended complaint filed by Rebecca Love, D.D.S., Sharon Murphy, William A. Henry, Alishia Gayle Davis, and Brandi Carl in the class action lawsuit captioned as REBECCA LOVE, D.D.S., et al., individually and on behalf of a proposed class, Plaintiffs, v. RED RIVER TALC, LLC f/k/a LLT MANAGEMENT LLC f/k/a LTL MANAGEMENT, LLC, et al., Defendants, Case No. 24-cv-06320 (D.N.J.). The Plaintiffs' claims are dismissed without prejudice. This action arises out of the long-running multidistrict litigation captioned In re Johnson & Johnson Talcum Powder Products Marketing, Sales Practices and Products Liability Litigation. In October 2021, while the Talc Litigation was pending, J&J executed a divisional merger under Texas law, pursuant to which its subsidiary, Johnson & Johnson Consumer, Inc. ("Old JJCI"), was split into two new entities: LTL Management, LLC ("LTL") and New JJCI. In practical effect, the Divisive Merger allowed J&J to assign its liabilities connected to the Talc Litigation to LTL, while all other liabilities and assets were assigned to New JJCI. Shortly after the Divisive Merger, LTL filed for Chapter 11 bankruptcy (the "First Bankruptcy Action"), triggering an automatic stay of the Talc Litigation. J&J then transferred its consumer health business out of New JJCI and into Janssen, a J&J subsidiary that served as New JJCI's corporate parent. The Third Circuit ultimately reversed the Bankruptcy Court for the District of New Jersey, holding that the First Bankruptcy Action was not filed in good faith because LTL was not in financial distress. Following that ruling, LTL expressed concerns regarding the viability of a funding agreement it had with J&J, and abandoned the agreement, releasing J&J and First HoldCo (a successor to New JJCI) from their guarantees and obligations to satisfy claims against LTL. This release allegedly put LTL in financial distress and caused it to refile for bankruptcy (the "Second Bankruptcy Action") less than three hours after the dismissal of the First Bankruptcy Action. LTL subsequently entered a new funding agreement, pursuant to which First HoldCo was to cover LTL's liabilities. The Second Bankruptcy Action, however, was similarly dismissed due to LTL's lack of imminent and immediate financial distress. In May 2024, J&J announced plans for a third bankruptcy, this time as a prepackaged bankruptcy plan to be filed by a new corporate entity, Red River. The prepackaged Chapter 11 plan, as amended, proposed to pay approximately $9 billion to resolve all current and future ovarian and other gynecological-cancer claims. On March 31, 2025, the Bankruptcy Court for the Southern District of Texas denied the Third Bankruptcy Action, citing voting and solicitation irregularities, and finding it was in the best interest of Red River, its estate, J&J, and creditors to dismiss the case for cause. On May 22, 2024, Plaintiffs filed the instant action and moved for a temporary restraining order and preliminary injunction to prevent Defendants from pursuing a new bankruptcy filing. The Court denied Plaintiffs' motion for lack of standing and found that the claims were not ripe for adjudication. Plaintiffs filed an Amended Complaint, alleging that Defendants' various corporate restructurings constitute fraudulent transfers, as they were undertaken to hinder, delay, and/or defraud tort victims by precluding recovery against J&J and its operating subsidiaries. Defendants move to dismiss the Amended Complaint under Rule 12(b)(6) for lack of standing and for failure to state a claim. Plaintiffs contend that they were harmed by Defendants' fraudulent transfers because Defendants' bad-faith Chapter 11 bankruptcy filings triggered repeated stays in the Talc Litigation, which resulted in Plaintiffs losing the time value of any money that could have been paid as a judgment. The Court, however, finds Plaintiffs' asserted injury is insufficient to confer Article standing. As an initial matter, Plaintiffs fail to cite any authority holding that a delay in litigation -- whether caused by a bankruptcy stay or otherwise -- constitutes a cognizable injury for the purposes of Article III standing. According to the Court, even assuming protracted litigation due to a bankruptcy stay could constitute a cognizable injury, Plaintiffs' alleged harm is too speculative to confer standing. Plaintiffs generally allege that Defendants have shorted Plaintiffs of their ultimate recoveries in order to hoard Defendants' corporate free cash flow by the time value of money. Plaintiffs, however, do not quantify such harm, nor can the Court plausibly infer any actual harm as a result of Defendants' conduct. The Court notes that Plaintiffs' theory of injury is fundamentally incompatible with the structure and purposes of the Bankruptcy Code. Accepting Plaintiffs' theory that delays attributable to routine bankruptcy stays constitute an Article III injury would improperly circumvent that framework and undermine the comprehensive and carefully calibrated regulatory scheme governing bankruptcy proceedings. No court has endorsed such a theory, and the Court declines to do so in this case. Because Plaintiffs fail to plausibly allege even a "trifle of injury" stemming from Defendants' alleged conduct, this Court lacks Jurisdiction to reach the merits of Plaintiffs' claims. A copy of the Court's Memorandum Opinion dated January 29, 2026, is available at https://urlcurt.com/u?l=BHpc59 from PacerMonitor.com. About J&J Talc Units LLT Management, LLC (formerly known as LTL Management LLC) was a subsidiary of Johnson & Johnson that was formed to manage and defend thousands of talc-related claims and oversee the operations of Royalty A&M. Royalty A&M owns a portfolio of royalty revenue streams, including royalty revenue streams based on third-party sales of LACTAID, MYLANTA/MYLICON and ROGAINE products. LTL Management first filed a petition for Chapter 11 protection (Bankr. W.D.N.C. Case No. 21-30589) on Oct. 14, 2021. The case was transferred to New Jersey (Bankr. D.N.J. Case No. 21-30589) on Nov. 16, 2021. The Hon. Michael B. Kaplan is the case judge. At the time of the filing, the Debtor was estimated to have $1 billion to $10 billion in both assets and liabilities. In the 2021 case, LTL Management tapped Jones Day and Rayburn Cooper & Durham, P.A., as bankruptcy counsel; King & Spalding, LLP and Shook, Hardy & Bacon LLP as special counsel; McCarter & English, LLP as litigation consultant; Bates White, LLC as financial consultant; and AlixPartners, LLP as restructuring advisor. Epiq Corporate Restructuring, LLC, served as the claims agent. On Dec. 24, 2021, the U.S. Trustee for Regions 3 and 9 reconstituted the talc claimants' committee and appointed two separate committees: (i) the official committee of talc claimants I, which represents ovarian cancer claimants, and (ii) the official committee of talc claimants II, which represents mesothelioma claimants. The official committee of talc claimants I tapped Genova Burns LLC, Brown Rudnick LLP, Otterbourg PC and Parkins Lee & Rubio LLP as its legal counsel. Meanwhile, the official committee of talc claimants II is represented by the law firms of Cooley LLP, Bailey Glasser LLP, Waldrep Wall Babcock & Bailey PLLC, Massey & Gail LLP, and Sherman Silverstein Kohl Rose & Podolsky P.A. Re-Filing of Chapter 11 Petition On Jan. 30, 2023, a panel of the Third Circuit issued an opinion directing this Court to dismiss the 2021 Chapter 11 Case on the basis that it was not filed in good faith. Although the Third Circuit panel recognized that the Debtor "inherited massive liabilities" and faced "thousands" of future claims, it concluded that the Debtor was not in financial distress before the filing. On March 22, 2023, the Third Circuit entered an order denying the Debtor's petition for rehearing. The Third Circuit entered an order denying LTL's stay motion on March 31, 2023, and, on the dame day, issued its mandate directing the Bankruptcy Court to dismiss the 2021 Chapter 11 Case. The Bankruptcy Court entered an order dismissing the 2021 Case on April 4, 2023. Johnson & Johnson on April 4, 2023, announced that its subsidiary LTL Management LLC (LTL) has re-filed for voluntary Chapter 11 bankruptcy protection (Bankr. D.N.J. Case No. 23-12825) to obtain approval of a reorganization plan that will equitably and efficiently resolve all claims arising from cosmetic talc litigation against the Company and its affiliates in North America. In the new filing, J&J said it has agreed to contribute up to a present value of $8.9 billion, payable over 25 years, to resolve all the current and future talc claims, which is an increase of $6.9 billion over the $2 billion previously committed in connection with LTL's initial bankruptcy filing in October 2021. LTL also has secured commitments from over 60,000 current claimants to support a global resolution on these terms. In August 2023, U.S. Bankruptcy Judge Michael Kaplan in Trenton, New Jersey, ruled that the second bankruptcy case should be dismissed. 3rd Try In May 2024, J&J announced its subsidiary LLT Management LLC is soliciting support for a consensual prepackaged bankruptcy plan to resolve its talc-related liabilities. Under the terms of the plan, a trust would be funded with over $5.4 billion in the first three years and more than $8 billion over the course of 25 years, which J&J calculates to have a net present value of $6.475 billion. If the Plan is accepted by at least 75% of voters, a bankruptcy was to be filed under the case name In re Red River Talc LLC. Epiq Corporate Restructuring, LLC is serving as balloting and solicitation agent for LLT. On Sept. 20, 2024, Red River Talc LLC filed a Chapter 11 bankruptcy petition (Bankr. S.D. Tex. Case No. 24-90505). Porter Hedges LLP and Jones Day serve as counsel in the new Chapter 11 case. Epiq is the claims agent. Paul Hastings LLP is counsel to the Ad Hoc Committee of Supporting Counsel. Randi S. Ellis is the proposed prepetition legal representative of future claimants. RM IMAGING: Files Emergency Bid to Use Cash Collateral ------------------------------------------------------ RM Imaging, Inc. asks the U.S. Bankruptcy Court for the Southern District of Florida for authority to use cash collateral and provide adequate protection. The Debtor intends to use cash collateral in accordance with a short-term operating budget through April to pay ordinary and necessary business expenses, with flexibility to exceed individual budget line items by up to 10% (or in the aggregate by 10%). The Debtor argues that without access to cash collateral it will suffer immediate and irreparable harm and be forced to shut down, destroying its going-concern value. To provide adequate protection, the Debtor proposes granting the U.S. Small Business Administration, New Lane Finance Company, and ODK Capital LLC replacement liens on post-petition accounts receivable to the same extent and priority as their pre-petition interests but excluding avoidance actions and assets they did not previously encumber. RM Imaging filed its petition on February 2 and is operating as a debtor-in-possession from its facility at 1799 S. Federal Highway in Boca Raton, Florida. Founded in 1994, the Debtor was forced into bankruptcy by cash-flow problems caused by declining patient volume, delays in radiologists' report turnaround—which are required before billing insurers—and a lawsuit by a creditor, all of which disrupted reimbursements and the ability to service debt. The Debtor claims that its tangible asset base is limited due to the age of its imaging equipment, estimating equipment and supplies at roughly $30,000 and accounts receivable at about $25,000 to $30,000. It identifies three creditors with perfected UCC liens that claim interests in its cash collateral: the SBA (approximately $136,713 owed), New Lane Finance (about $36,723), and ODK Capital (about $123,536). A copy of the motion is available at https://urlcurt.com/u?l=VPbsfk from PacerMonitor.com. About RM Imaging Inc. RM Imaging, Inc. operates a medical diagnostic center. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 26-11368) on February 2, 2026. In the petition signed by Rachel Magro, president, the Debtor disclosed up to $100,000 in assets and up to $500,000 in liabilities. Brian S. Behar, Esq., at Behar, Gutt & Glazer PA, represents the Debtor as legal counsel. ROBERT BEARDEN: Seeks Chapter 11 Bankruptcy in Tennessee -------------------------------------------------------- Daniel Kline of The Street reports that Robert Bearden, Inc., doing business as Robert Bearden Trucking, filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code, according to filings reviewed through PacerMonitor. The case was filed on January 26, 2026. The bankruptcy case, No. 3:26-bk-00325, is pending in the U.S. Bankruptcy Court for the Middle District of Tennessee in Nashville and has been assigned to Judge Charles M. Walker, according to BKAlerts.com. As a Chapter 11 debtor, the company will continue operating as a debtor in possession while it works to reorganize its finances and develop a plan to address creditor obligations. The filing indicates the restructuring process is intended to allow the business to remain operational during the case, the report states. Court records show the company listed between one and 49 creditors and reported estimated assets and liabilities ranging from $0 to $50,000, reflecting minimal disclosed values. Industry postings also indicated that drivers were notified of the bankruptcy and instructed to return equipment at certain terminals, including locations in Mobile, Alabama, and Valdosta, Georgia, according to IndexBox. About Robert Bearden Inc. Robert Bearden, Inc., doing business as Robert Bearden Trucking, is a Nashville-based trucking and logistics company serving the southeastern United States. The company provides freight transportation, dispatch, and support services, operating multiple terminals, including locations in Mobile, Alabama, and Valdosta, Georgia. Robert Bearden sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Tenn. Case No. 26-00325) on January 26, 2026. In its petition, the Debtor reports estimated assets and liabilities in the range of $0 to $50,000. Honorable Bankruptcy Judge Charles M. Walker handles the case. RT ACQUISITION: Sugarloaf Can Proceed with Lawsuit -------------------------------------------------- Chief Judge Suzanne H. Bauknight of the U.S. Bankruptcy Court for the Eastern District of Tennessee granted Sugarloaf Holdings, LLC's motion for relief from stay in the bankruptcy case of RT Acquisition & Investments LLC. The Court denied the Debtor's: (1) motion to estimate claim of Sugarloaf; and (2) motion to mediate the estimation of the claim of Sugarloaf. Adjudication of the Debtor's claim objection filed on December 18, 2025, is stayed pending resolution of issues by the Circuit Court for Knox County, Tennessee, in Sugarloaf Holdings, LLC v. RT Acquisition & Investments, LLC, et al., Case No. 210023. Sugarloaf must file a status report with the Court every 180 days until the state-court action is concluded. A copy the Court's Order dated February 5, 2026, is available at https://urlcurt.com/u?l=IWT9tX from PacerMonitor.com. About RT Acquisition & Investments LLC RT Acquisition & Investments LLC is a real estate investment firm based in Knoxville, Tennessee. The Company focuses on acquiring and managing properties primarily in the Knoxville area. RT Acquisition & Investments LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Tenn. Case No. 25-30974) on May 20, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $10 million and $50 million. Honorable Bankruptcy Judge Suzanne H. Bauknight handles the case. The Debtors are represented by Richard Collins, Esq., at COLLINS LAW PLLC. S & H SYSTEMS: Seeks Chapter 11 Bankruptcy in Arkansas ------------------------------------------------------ On February 2, 2026, S & H Systems Inc. filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the Eastern District of Arkansas. Court filings show the debtor reports between $50 million and $100 million in liabilities owed to approximately 100–199 creditors. About S & H Systems Inc. S & H Systems Inc. is an Arkansas-based systems and services provider offering operational, technical, and infrastructure solutions to commercial and industrial clients. S & H Systems Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-10365) on February 2, 2026. The petition lists estimated assets ranging from $10 million to $50 million and estimated liabilities of $50 million to $100 million. The case is assigned to Honorable Bankruptcy Judge Phyllis M. Jones. The debtor is represented by Kevin P. Keech, Esq., of Keech Law Firm, P.A. S&G HOSPITALITY: Court OKs Continued Access to Cash Collateral -------------------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of Ohio issued a bridge order authorizing S&G Hospitality, Inc. and affiliated debtors to continue using cash collateral. Under the bridge order, the Debtors are authorized to make expenditures pursuant to the amounts specified in week 9 of the budget until either a hearing is held on the request to extend the usage of cash collateral through April 30, or an order is entered by the court regarding the merits of that request. The Debtors may also make expenditures over and above those amounts to the extent that they were budgeted, but not spent, under the prior budgets. The Debtors previously obtained multiple interim and final orders permitting the use of cash collateral and providing adequate protection to purported secured creditors, particularly RSS COMM2015-PC1-OH BL, LLC, through a series of stipulated extension orders covering various periods since 2023. On January 16, the Debtors shared a proposed budget with RSS, covering the extension period through April 30 but RSS has not yet approved, rejected, or provided comments on the budget. Because the Debtors' prior authority to use cash collateral expired on January 31, they filed an emergency motion to use cash collateral. The Debtors requested two forms of relief: a bridge order maintaining the status quo until a hearing on the requested extension, and a proposed extension order approving the budget and extending cash collateral usage through April 30 while providing adequate protection to purported secured creditors. The Debtors offered adequate protection in the form of monthly cash payments, superpriority claims under 11 U.S.C. section 507, and liens on other assets to safeguard against diminution of the secured creditors' interests. The Debtors also asked to remove a prior limitation preventing them from paying GGG Partners LLC -- retained as financial advisors for plan confirmation, from cash collateral -- arguing that this restriction is unnecessary and impedes proper plan-related services. The bridge order is available at https://is.gd/tA0DMw from PacerMonitor.com. About S&G Hospitality Inc. S&G Hospitality, Inc. operates a series of hotels under national franchise systems in Central Ohio. S&G Hospitality filed Chapter 11 petition (Bankr. S.D. Ohio Case No. 23-52859) on August 18, 2023, listing up to $10 million in assets and up to $1 million in liabilities. Abijit Vasani, president of S&G Hospitality, signed the petition. Judge Mina Nami Khorrami oversees the case. The Debtor is represented by David Alan Beck, Esq. at Carpenter Lipps & Leland, LLP. SAILORMEN INC: Popeyes Restaurants That Closed in Chapter 11 ------------------------------------------------------------ David J. Neal of Miami Herald reports that seventeen Popeyes Louisiana Kitchen restaurants in Florida and Georgia shut down in January 2026 after their franchise owner, Sailormen Inc., filed for Chapter 11 bankruptcy, reducing access to the fast-food chain’s popular chicken offerings in those states. The Kendall-based company operates about 130 Popeyes locations, and the closures, outlined in a January 26, 2026 court filing, represent roughly 13% of its portfolio. Sailormen filed for bankruptcy protection on January 15, 2026, the report states. According to the filing, Sailormen believes eliminating the underperforming locations will generate annual cost savings exceeding $1 million, primarily through reduced administrative and restaurant-level expenses. Stores that shut down on January 19, 20, or 22 are listed in the filing in alphabetical order of city: * 2729 S.E. Hwy. 70, Arcadia, Florida * 3319 Altama Ave., Brunswick, Georgia * 1124 N. Young Blvd., Chiefland, Florida * 175 South Hwy. 17, East Palatka, Florida * 1601 South U.S. 1, Fort Pierce, Florida * 68 West Coffee St., Hazlehurst, Georgia * 200 Green Wy., Keystone Heights, Florida * 1833 Kings Rd., Jacksonville, Florida * 649 S. McDuff Ave., Jacksonville, Florida * 401 N. First St., Jesup, Georgia * 2005 Ohio Ave. North, Live Oak, Florida * 27730 U.S. 27, Leesburg, Florida * 812 S. Sixth St., Macclenny, Florida * 2015 North Wickham Rd., Melbourne, Florida * 5156 S. Dale Mabry Hwy., Tampa, Florida * 2106 Memorial Dr., Waycross, Georgia * 1610 S. Georgia Pkwy. West, Waycross, Georgia About Sailormen Inc. Sailormen Inc. is a leading franchisee of Popeyes Louisiana Kitchen restaurants. Sailormen Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 26-10451) on January 15, 2026. In its petition, the Debtor reports estimated assets between $100 million and $500 million and $342 million in liabilities. Honorable Bankruptcy Judge Robert A. Mark handles the case. The Debtor is represented by Bradley S. Shraiberg, Esq. SB TRANSPORTATION: Initiates Chapter 11 Bankruptcy in Florida ------------------------------------------------------------- On February 6, 2026, SB Transportation Service Inc. filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Middle District of Florida. According to court filings, the debtor reports between $100,001 and $1,000,000 in debt owed to 1-49 creditors. About SB Transportation Service Inc. SB Transportation Service Inc. is a Florida-based transportation and logistics company providing freight and delivery services across regional and interstate routes. The company offers trucking, shipment management, and logistical coordination for commercial clients. SB Transportation Service Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-00835) on February 6, 2026. In its petition, the debtor reports estimated assets between $0 and $100,000 and liabilities between $100,001 and $1,000,000. The debtor is represented by Jeffrey Ainsworth, Esq., of Bransonlaw PLLC. SCOOTER'S TRUCKING: Andrew Layden Named Subchapter V Trustee ------------------------------------------------------------ The Acting U.S. Trustee for Region 21 appointed Andrew Layden as Subchapter V trustee for Scooter's Trucking Services, Inc. Mr. Layden 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. Layden declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Andrew Layden 200 S. Orange Avenue, Suite 2300 Orlando, FL 32801 Telephone: 407-649-4000 Email: alayden@bakerlaw.com About Scooter's Trucking Services Inc. Scooter's Trucking Services, Inc. is a Florida-based transportation company providing commercial trucking and freight services to regional customers. Scooter's Trucking Services sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 26-00510) on January 27, 2026, with between $1 million and $10 million in both assets and liabilities. Judge Tiffany P. Geyer handles the case. The Debtor is represented by Scott W. Spradley, Esq., at the Law Offices of Scott W. Spradley, P.A. SEASHORE PROPERTIES: Wayne T.K. Mau's Appointment as Trustee OK'd ----------------------------------------------------------------- Judge Robert Faris of the U.S. Bankruptcy Court for the District of Hawaii approved the appointment of Wayne T.K. Mau as Chapter 11 trustee for Seashore Properties, LLC. Mr. Mau was appointed on February 2 by the U.S. Trustee for Region 15, the Justice Department's bankruptcy watchdog overseeing the company's Chapter 11 case. The appointment followed a court order granting the motion filed by Hawaii State Federal Credit Union to appoint an independent trustee to take over Seashore's bankruptcy case. HSFCU, a secured creditor, sought appointment of a trustee to investigate alleged pre-bankruptcy transfers within one year of the Chapter 11 filing to Michael Baskin or non-debtor entities he owns and controls. HSFCU demanded an investigation into the transfers, asserting that most lack supporting documentation. "As the ultimate beneficiary of these transfers, Baskin cannot be the person to decide whether such claims should be prosecuted," HSFCU said in the court filing. HSFCU is represented by: Jonathan W.Y. Lai, Esq. Thomas H. Yee, Esq. Watanabe Ing, LLP A Limited Liability Law Partnership First Hawaiian Center 999 Bishop Street, Suite 1250 Honolulu, HI 96813 Telephone: (808) 544-8300 Facsimile: (808) 544-8399 jlai@wik.com; tyee@wik.com About Seashore Properties Seashore Properties, LLC, doing business as Paia Inn, operates a boutique hotel located at 93 Hana Highway in Paia on the island of Maui, Hawaii. The inn provides upscale lodging accommodations that blend contemporary amenities with local design elements, offering rooms and suites equipped with modern conveniences such as private baths, Wi-Fi, and air conditioning. Situated in Maui's North Shore beach town, the property serves both leisure and business travelers seeking personalized hospitality and proximity to local dining, shopping, and coastal attractions. Seashore Properties filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Hawaii Case No. 25-00952) on October 24, 2025, with between $10 million and $50 million in both assets and liabilities. Judge Robert J. Faris presides over the case. Chuck C. Choi, Esq., at Choi & Ito represents the Debtor as legal counsel. SHAW WELLNESS: Seeks to Hire H&R Block Advisors as Accountant ------------------------------------------------------------- Shaw Wellness Clinics, P.C. seeks approval from the U.S. Bankruptcy Court for the Western District of Pennsylvania to hire H&R Block Advisors as accountant. The firm will provide tax preparation and financial reporting advice to the Debtor. The firm will be paid at its standard hourly rates. Krista Henney, CPA, an accountant at H&R Block Advisors, assured the court that the firm does not represent any interest adverse to the Debtors' estate, the Debtor or creditors of the estate and is a disinterested person within the meaning of 11 U.S.C. Section 101. The firm can be reached through: Krista Henney H&R Block Advisors Norman Centre 1 1720 Washington Road Pittsburgh, PA 15241 Phone: 412-833-4410 About Shaw Wellness Clinics, P.C. Shaw Wellness Clinics, P.C. filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Pa. Case No. 26-20193) on January 22, 2026, listing $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Edgardo D Santillan, Esq. at Santillan Law, P.C. serves as the Debtor's counsel. SJ ASSET: Leon Jones Named Subchapter V Trustee ----------------------------------------------- The Acting U.S. Trustee for Region 21 appointed Leon Jones, Esq., at Jones & Walden, LLC, as Subchapter V trustee for SJ Asset Holdings, LLC. Mr. Jones will be paid an hourly fee of $500 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Jones declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Leon S. Jones, Esq. Jones & Walden, LLC 699 Piedmont Ave. NE Atlanta, GA 30308 Phone: (404) 564-9300 ljones@joneswalden.com About SJ Asset Holdings LLC SJ Asset Holdings, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 26-51273) on January 30, 2026, with $1,000,001 to $10 million in assets and liabilities. Judge Jeffery W. Cavender presides over the case. SLEEP QUARTERS: To Sell Waxahachie Property to RSDGP for $2.2MM --------------------------------------------------------------- Sleep Quarters Plus Inc. seeks permission from the U.S. Bankruptcy Court for the U.S. Bankruptcy Court for the Northern District of Texas Dallas Division, to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor's Property that is up for sale is the1.37 acres of improved real property located at 500 N. Highway 77, in Waxahachie, Texas. The Debtor requests the Court to enter an order authorizing the sale of the Property free and clear of all liens and encumbrances, and that such liens, claims and encumbrances attach to the sales proceeds. All property taxes will be paid at closing, along with the debt to Citizens National Bank. The title company will also pay at closing reasonable and necessary closing costs of sale, and any broker's commission allowed by the Court. The sale should pay 100% to all creditors having liens on the Property being sold. The Debtor intends to sell the Property to RSDGP, LLC or its nominee in the purchase price of $2,250,000.00. The Debtor has thoroughly marketed the Property for sale by advertising, placing a sign on the property, and negotiating with prospective buyers. About Sleep Quarters Plus Inc. Sleep Quarters Plus, Inc. specializes in the retail distribution of mattresses, bedding essentials, and bedroom furnishings. Based in Texas, the company offers an assortment of sleep-related products through its retail outlets, catering to customers looking for value-oriented and quality bedding options. Sleep Quarters Plus filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Texas Case No. 25-34803) on December 2, 2025. In its petition, the Debtor reported $1 million to $10 million in both assets and liabilities. Honorable Bankruptcy Judge Scott W. Everett handles the case. The Debtor is represented by Joyce W. Lindauer, Esq., at Joyce W. Lindauer Attorney, PLLC. SPAC RECOVERY: FS Credit Loses Bid to Dismiss Bankruptcy Case ------------------------------------------------------------- Judge John P. Mastando III of the U.S. Bankruptcy Court for the Southern District of New York denied the motion of FS Credit Opportunities Corp. seeking dismissal of SPAC Recovery Co.'s bankruptcy case pursuant to 11 U.S.C. Sec. 1112(b). FS Credit is an unsecured creditor of the Debtor. The Debtor is a special purpose acquisition company ("SPAC") incorporated under Delaware law. On September 26, 2025, the Debtor commenced this case by filing a voluntary petition for Chapter 11 relief in this District. At the time of its petition, the Debtor was a plaintiff in an action pending in the Supreme Court of the State of New York, New York County, against defendants FS Credit, Nomura, and related parties, seeking $53.7 million in compensatory damages and $537 million in punitive damages for alleged breach of fiduciary duty arising from the defendants' conduct in the Debtor's failed deSPAC transaction. The petition stayed FS Credit's efforts to enforce a $990,368.90 judgment entered by the New York Court in a separate litigation arising from the Debtor's default on a promissory note (originally held by the acquisition target, Blackstone Products, as of the petition date) (the "Blackstone Judgment"). According to the Debtor's schedules, the Debtor's only significant asset consists of the $53.7 million breach of fiduciary duty claim asserted against FS Credit and related parties in the New York Litigation. FS Credit argues that the Debtor filed this case in bad faith because the case allegedly serves no valid bankruptcy purpose and there is no reasonable likelihood that the Debtor can successfully reorganize. The Debtor filed an opposition, contending that dismissal would be contrary to the best interests of all creditors and the estate -- particularly because only Nomura Securities International, Inc. joined FS Credit's Motion. FS Credit argues that the Debtor commenced this case primarily as a litigation tactic to forestall FS Credit from enforcing adverse state-court judgments, while continuing to prosecute its own claims against FS Credit, Nomura, and related parties for the benefit of certain insiders. FS Credit argues that the case is objectively futile due to the Debtor's lack of ongoing operations and the fact that the Debtor's principal asset is a litigation claim, the Court is unpersuaded. FS Credit claims that bad faith is manifest because the Debtor's lack of meaningful operations and assets shows that the Debtor is a shell entity that exists solely to litigate. The Debtor objects, arguing that FS Credit has failed to establish either subjective bad faith or objective futility. The Court finds that FS Credit has not established objective futility. According to the Court, although the Debtor's petition had the effect of staying enforcement of the Blackstone Judgment, the record does not support a finding that the Debtor commenced this case solely to obtain an improper tactical advantage in the New York Litigation. Rather, the record reflects that the Debtor filed bankruptcy for legitimate reasons independent of tactical delay -- including the preservation and prosecution of the estate's only material asset, the Debtor's litigation claims. Considering the totality of the circumstances, the Court finds that dismissal is not in the best interests of creditors and the estate. While the Debtor's purported inability to confirm a plan consistent with Sec. 1129(a)(10) may be probative of objective futility, the Court disagrees with FS Credit's claim that the debtor has no reasonable possibility of emerging from Chapter 11. According to Judge Mastando, "Here, the Debtor has identified a realistic path to reorganization. The Debtor points to examples in which Chapter 11 debtors whose primary estate assets were litigation claims proceeded through Chapter 11, confirmed a plan establishing a litigation vehicle, and pursued recoveries for creditors." The Court concludes that FS Credit has failed to demonstrate "cause" for dismissal under 11 U.S.C. Sec. 1112(b) based on allegations of bad faith. Judge Mastando explains, "The record indicates that the estate's only significant asset is the Debtor's litigation claims, and the continuation of this Chapter 11 case is necessary to prosecute and preserve those claims for the benefit of the estate. Thus, dismissing the case at this juncture would materially jeopardize the only plausible source of recovery available to creditors generally, while conferring a disproportionate benefit on the movants who seek to resume individualized collection efforts in state court." A copy the Court's Memorandum Opinion and Order dated February 6, 2026, is available at https://urlcurt.com/u?l=xWYkCD from PacerMonitor.com. About SPAC Recovery Co. SPAC Recovery Co., formerly known as Ackrell SPAC Partners I Co., is a Delaware-based special purpose acquisition company created to raise capital and pursue a merger, share exchange, asset acquisition, or similar business combination. The Company originally targeted investments in the consumer goods sector and entered into a proposed combination with North Atlantic Imports LLC, doing business as Blackstone Products, before the deal was terminated in 2022. It now operates under the name SPAC Recovery and is focused on litigation and recovery efforts connected to its prior activities. SPAC Recovery sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-12109) on September 26, 2025. In its petition, the Debtor reported total assets of $57,306,134 and total liabilities of $9,469,770. Honorable Bankruptcy Judge John P. Mastando III handles the case. The Debtor is represented by Michael H. Traison, Esq., at Cullen and Dykman, LLP. SPV LIT Fund, LLC, as DIP lender, is represented by: Michael Smiley, Esq. Samantha Espino, Esq. The Underwood Law Firm 500 S. Taylor, Suite 1200 Amarillo, TX 79101 mike.Smiley@uwlaw.com samantha.espino@uwlaw.com SPIN CITY USA: Commences Chapter 7 Bankruptcy in Florida -------------------------------------------------------- On February 6, 2026, Spin City USA Inc. filed for Chapter 7 protection in the U.S. Bankruptcy Court for the Middle District of Florida. According to court filings, the debtor reports between $100,001 and $1,000,000 in debt owed to 1-49 creditors. About Spin City USA Inc. Spin City USA Inc. is a U.S.-based entertainment and amusement business, operating indoor family entertainment centers that offer games, rides, and recreational activities. The company primarily serves local communities in Florida and neighboring states. Spin City USA Inc. sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 26-00508) on February 6, 2026. In its petition, the debtor reports estimated assets between $100,001 and $1,000,000 and liabilities in the same range. Honorable Bankruptcy Judge Jacob A. Brown handles the case. SPLASH BEVERAGE: Sells 145,029 Shares Under ELOC for $98,170 ------------------------------------------------------------ Splash Beverage Group, Inc. disclosed in a regulatory filing that it sold a total of 145,029 shares of common stock for total gross proceeds of $98,170 under the Common Stock Purchase Agreement and Registration Rights Agreement dated September 19, 2025 (collectively, the "ELOC Agreement"). Pursuant to the ELOC Agreement, the Company has the right, but not the obligation, subject to the terms and conditions set forth therein, to direct the Investor to purchase shares from the Company from time to time, with proceeds not to exceed $35,000,000. Sales under the ELOC Agreement are subject to a sale limit of 19.99% of the outstanding shares of the Company's Common Stock prior to shareholder approval in accordance with the rules of NYSE American. Investors are also subject to a beneficial ownership limitation, which limits their ownership of more than 4.99% of outstanding shares of the Company's Common Stock. The transactions contemplated by the ELOC Agreement are subject to the Company registering the Investor's resale of the shares on a Registration Statement on Form S-1 to be filed with the Securities and Exchange Commission. A full text of copy of the ELOC Agreement is available at https://tinyurl.com/6v8pj5re Conversion of Convertible Promissory Notes: On October 27, 2025, November 25, 2025, and December 11, 2025, the Company issued a total of 360,648 shares of common stock upon the conversion of a total of $200,000 of convertible notes. The sales made under the ELOC Agreement were exempt from registration under Section 4(a)(2) of the Securities Act of 1933 and Rule 506(b) promulgated thereunder. The conversions of the convertible notes were exempt from registration under 3(a)(9) of the Securities Act of 1933. About Splash Beverage Group Fort Lauderdale, Florida-based Splash Beverage Group, Inc. is a portfolio company specializing in managing multiple brands across various growth segments within the consumer beverage industry. The Company focuses on incubating and acquiring brands with the aim of accelerating them to higher volumes and increased sales revenue. Encino, Calif.-based Rose, Snyder & Jacobs LLP, the Company's auditor since 2023, issued a "going concern" qualification dated July 11, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024. The report indicated that the Company has suffered recurring losses from operations and has an accumulated deficit and a working capital deficiency that raise substantial doubt about its ability to continue as a going concern. As of September 30, 2025, the Company had $22,489,297 in total assets, $15,711,745 in total liabilities, and $6,777,552 in total stockholders' equity. STOMATCARE DSO: Seeks Chapter 11 Bankruptcy in Florida ------------------------------------------------------ On February 5, 2026, StomatCare DSO, LLC filed for Chapter 11 protection in the Southern District of Florida. According to court filings, the debtor reports between $1 million and $10 million in debt owed to 1-49 creditors. About StomatCare DSO, LLC StomatCare DSO, LLC is a Florida-based dental service organization providing administrative, operational, and financial support to dental practices. The company helps streamline practice management, billing, staffing, and other business operations for its network of dental offices. StomatCare DSO, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-11476) on February 5, 2026. In its petition, the debtor reports estimated assets of $1 million to $10 million and estimated liabilities of $1 million to $10 million. Honorable Corali Lopez-Castro handles the case. The debtor is represented by John E. Page, Esq. of Shraiberg Page, P.A. STORM TEAM: Hires Brian K. McMahon PA as Bankruptcy Counsel ----------------------------------------------------------- Storm Team Construction, Inc. seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to hire Brian K. McMahon, PA as counsel. The firm will render these services: (a) advise the Debtor with respect to its powers and duties; (b) advise the Debtor with respect to its responsibilities in complying with the U.S. Trustee's Operating Guidelines and Reporting Requirements and with the rules of the court; (c) perform legal documents necessary in the administration of the case; (d) protect the interest of the Debtor in all matters pending before the court; (e) represent the Debtor in negotiation with its creditors in the preparation of a plan. Brian McMahon, Esq., the primary attorney in this representation, will be paid at his hourly rate of $450 plus reimbursement. The firm received a retainer in the amount of $7,000. Mr. McMahon disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Bryan K. McMahon, Esq. Brian K. McMahon, PA 1401 Forum Way, Suite 730 West Palm Beach, FL 33401 Telephone: (561) 478-2500 Facsimile: (561) 478-3111 Email: brian@bkmbankruptcy.com About Storm Team Construction Inc. Storm Team Construction, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 26-10886) on January 25, 2026, listing between $100,001 and $500,000 in assets and between $1 million and $10 million in liabilities. Judge Mindy A. Mora presides over the case. Brian K. McMahon, Esq. represents the Debtor as legal counsel. STRATEGIC IQ: Wins Bid to Set Aside Default Judgment ---------------------------------------------------- Judge Thomas J. Tucker of the U.S. Bankruptcy Court for the Eastern District of Michigan granted the motion of Strategic iQ, Kenneth Dowd, and David Pavlov to set aside default in the adversary proceeding captioned as DONYATI LLC, Plaintiff, vs. STRATEGIC iQ LLC, et al., Defendants, Adv. No. 24-4446 (Bankr. E.D. Mich.). The Plaintiff's motion for a default judgment is denied. The Plaintiff's request for costs and attorney fees made in response to the motion is denied. The telephonic final pretrial conference, currently scheduled for February 23, 2026 at 9:00 a.m., is adjourned to March 9, 2026 at 9:00 a.m. Donyati is a Florida limited liability corporation with its principal place of business in the State of Florida. The Debtor filed its chapter 11 case on March 2, 2022, solely to stay litigation stemming from Defendants Dowd and Pavlov's theft of intellectual property and customers from Donyati, Dowd and Pavlov's former employer, in violation of the Michigan Uniform Trade Secrets Act. The Debtors' founders -- Dowd and Pavlov -- were also Respondents in an arbitration proceeding pending in the American Arbitration Association wherein Donyati alleged that Dowd and Pavlov breached employment agreements by misappropriating Donyati's trade secrets and soliciting Donyati's customers and contractors. A copy of the Plaintiff's First Amended Complaint dated October 31, 2025 is available at https://urlcurt.com/u?l=k27k4b from PacerMonitor.com. A copy the Court's Order dated February 4, 2026, is available at https://urlcurt.com/u?l=bKXs8q from PacerMonitor.com. About Strategic iQ Strategic iQ, LLC, filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. E.D. Mich. Case No. 22-41595) on March 2, 2022, listing up to $500,000 in both assets and liabilities. Charles M. Mouranie serves as the Subchapter V trustee. Judge Thomas J. Tucker oversees the case. The Debtor tapped Robert N. Bassel, Esq., a practicing attorney in Clinton, Mich., as bankruptcy counsel. Dennis M. Pousak, P.C., and Aloia Law serve as special counsels. SUITECENTRIC LLC: Court Tosses Claims Against Adam Baruh -------------------------------------------------------- The U.S. Bankruptcy Court for the Western District of Washington granted Adam Baruh's motion to dismiss the claims against him in the adversary proceeding captioned as PAUL SEIBERT, Plaintiff, v. ADAM BARUH and SUITECENTRIC, LLC, Defendants, Adversary No. 25-01114-TWD (Bankr. W.D. Wash.). In his motion to dismiss, Baruh argues a Settlement Agreement dated February 16, 2024, was executed between Paul Seibert and SuiteCentric LLC. Baruh signed the Settlement Agreement solely in his capacity as Managing Member of SuiteCentric LLC. The Settlement Agreement contains no personal guarantee from Baruh. Baruh contends he is not personally liable for SuiteCentric's corporate obligations under the Settlement Agreement. On October 17, 2025, Baruh filed a Chapter 13 bankruptcy petition in the United States Bankruptcy Court for the Northern District of California (Case No. 25-51611). The automatic stay under 11 U.S.C. Sec. 362(a) became effective upon filing and remains in effect. This adversary proceeding was filed on November 22, 2025 -- after Baruh's Chapter 13 bankruptcy filing. Baruh argues the automatic stay prohibits the commencement or continuation of judicial proceedings against him personally. Accordingly, this adversary proceeding against Baruh individually violates the automatic stay and must be dismissed as to him. A copy of Adam Baruh's Motion to Dismiss dated January 8, 2026, is available at https://urlcurt.com/u?l=LKu32E from PacerMonitor.com. A copy the Court's Order dated February 6, 2026, is available at https://urlcurt.com/u?l=Ai1FSN from PacerMonitor.com. About SuiteCentric LLC SuiteCentric LLC is an Oracle NetSuite Solution Provider and member of NetSuite's Commerce Agency Program, delivers Enterprise Resource Planning (ERP), Customer Relationship Management (CRM), SuiteCommerce Advanced, and related business module solutions. The Company provides implementation, support, customization, and development services, specializing in SuiteCommerce Advanced and ERP, and offers the SuiteAscent + SuiteSuccess bundle for small businesses. SuiteCentric serves clients across wholesale and distribution, retail and e-commerce, construction, health and beauty, manufacturing, software, apparel, food and beverage, and other industries. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Wash. Case No. 25-12449) on September 3, 2025. In the petition signed by Adam Baruh, managing member, the Debtor disclosed $354,739 in assets and $1,455,558 in liabilities. Judge Timothy W. Dore oversees the case. Thomas D. Neeleman, Esq., at Neeleman Law Group, P.C., represents the Debtor as bankruptcy counsel. SUMMIT ACCESS: Gets Interim OK to Use Cash Collateral ----------------------------------------------------- Summit Access, LLC got the green light from the U.S. Bankruptcy Court for the Northern District of Georgia to use cash collateral. The court issued an interim order authorizing the Debtor to use cash collateral consistent with its budget from February 6 until the final hearing set for February 24. The budget projects total operating expenses of approximately $28,069 and total monthly income of about $29,028 from rents and fees. As adequate protection, lender KDM Summit Access, LLC will be granted a replacement lien on all property acquired by the Debtor after the petition date that is similar to its pre-bankruptcy collateral. Summit Access requires the use of cash collateral to continue operating its 28-unit apartment complex in Atlanta while it reorganizes under Chapter 11. The Debtor filed bankruptcy to preserve equity in the property and restructure debt, particularly in light of a secured loan held by KDM, which asserts a lien on the rents and income from the property. The outstanding balance on that loan is approximately $3.55 million, and the Debtor believes KDM is the only creditor asserting an interest in its cash collateral, which consists primarily of rental income. The interim order is available at https://is.gd/deBbU8 from PacerMonitor.com. KDM Summit Access, as lender, is represented by: Sean C. Kulka, Esq. Arnall Golden Gregory, LLP 171 17th Street NW, Suite 2100 Atlanta, GA 30363-1031 Telephone: (404) 873-8682 Fax: (404) 873-8121 sean.kulka@agg.com About Summit Access LLC Summit Access, LLC owns the apartment property at 2510–2540 Peachtree Circle, NE, Atlanta, with 19 of 28 units currently occupied and all units move-in ready. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 26-51439) on February 2, 2026. In the petition signed by Romaia Karlsen, sole member, the Debtor disclosed up to $10 million in both assets and liabilities. Will Geer, Esq., at Rountree, Leitman, Klein & Geer, LLC, represents the Debtor as legal counsel. SUN COLOR: Frederic Schwieg Named Subchapter V Trustee ------------------------------------------------------ The U.S. Trustee for Regions 3 and 9 appointed Frederic Schwieg, Esq., at Schwieg Law, as Subchapter V trustee for Sun Color Corporation. Mr. Schwieg will be paid an hourly fee of $370 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Schwieg declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Frederic P. Schwieg, Esq. Schwieg Law 2705 Gibson Drive Rocky River, OH 44116-1815 Phone: (440) 499-4506 Email: fschwieg@schwieglaw.com About Sun Color Corporation Sun Color Corporation, founded in 1999, develops and produces high-temperature transparent additives and thermoplastics for the paints, coatings, inks, adhesives, electronics, photonics, automotive, aerospace, defense, and medical industries. The Company's patented technologies, including HTLT Transparent Composite Thermoplastic Additives, enhance the performance of base thermoplastic resins such as polycarbonate, polyimide, polyetherimide, polysulfone, and polyphenylsulfone. Headquartered in North Canton, Ohio, Suncolor focuses on creating eco-efficient, solution-oriented materials for high-performance and specialty applications across multiple industrial sectors. Sun Color sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ohio Case No. 26-60112) on January 30, 2026, listing assets of up to $50,000 and liabilities of between $1 million and $10 million. David Smetana, president of Sun Color, signed the petition. Judge Tiiara NA Patton presides over the case. Steven J. Heimberger, Esq., at Roderick Linton Belfance, LLP represents the Debtor as legal counsel. SYAGRUS SYSTEMS: Unsecureds Will Get 10% of Claims over 5 Years --------------------------------------------------------------- Syagrus Systems, LLC filed with the U.S. Bankruptcy Court for the District of Minnesota a Disclosure Statement describing Plan of Reorganization dated January 30, 2026. The Debtor is a Minnesota Limited liability company that is engaged in the business of manufacturing semiconductor chips. The company was first organized in 2005. The company is owned by John Koch (78%), Tom Koch (5%) and Jeff Miller (17%) The Debtor's manufacturing and administrative facilities are located at: 4370 Round Lake Road W, in Arden Hills, Ramsey County, Minnesota 55112. Prior to the commencement of this case the Debtor has taken substantial steps to restructure its business and to further a meaningful reorganization. Most critically, the Debtor has abandoned the toolings business. The Debtor terminated employees who were engaged in the toolings business, and negotiated with its landlord for the surrender of the leased premises that were used in the toolings business. The Debtor has retained the toolings manufacturing equipment, as it can be used in the remaining business operations. The Debtor has been able to eliminate the overhead costs of the toolings business and refocus its efforts primarily on the semiconductor chip manufacturing business; while simultaneously staunching the losses that it had been sustaining in the toolings business. The Debtor believes that the semiconductor chip manufacturing business, standing on its own, is profitable; can sustain the company's operations going forward and generate sufficient income to support the Debtor's obligations under the Plan. Stemming the losses in the toolings business and reducing overhead costs were significant steps towards an effective reorganization. The Plan provides for payments to creditors from its future operating income. The Plan has a five-year term and proposes to pay the priority and secured claims in full and to pay general unsecured creditors 10% of the allowed amount of their claims. Class 4 consists of General Unsecured Claims. Class 4 claims consists of all pre-petition, unclassified non-priority claims including the unsecured non-priority portion of any tax claim (if any), and the unsecured portion of any otherwise secured claims where the claim has been reduced to the current market value of the property pledged as collateral. Class 4 claims will also include the allowed unsecured portion of the claims of secured creditors. Class 4 Claims are estimated to be $1,700,000. Class 4 claims consists of all pre-petition, unclassified non priority claims including the unsecured non-priority portion of any tax claim (if any), and the unsecured portion of any otherwise secured claims where the claim has been reduced to the current market value of the property pledged as collateral in accordance with Section 506 of the Bankruptcy Code. Class 4 claims will also include the allowed unsecured portion of the claims of secured creditors. Class 4 Claims are estimated to be $1,700,000. Members of the Debtor shall retain their member interests; provided however that the Debtor shall not make any distributions of profit until and unless Holders of Class 4 Claims have received all of the distributions provided for under the Plan. On the Effective Date, the Debtor shall be re-vested with title to all property of the bankruptcy estate. The Debtor shall continue to conduct its operations in the ordinary course. The Debtor shall fund distributions out of income from operations. The Debtor intends to refinance in order to fund the balloon payments due at the end of the term of the Plan. The Debtor has no current financing commitment for this refinancing. However, given the Debtor's operating history and banking relationships; and with four years of post-confirmation operating history, the Debtor anticipates that it will be able to refinance. A full-text copy of the Disclosure Statement dated January 30, 2026 is available at https://urlcurt.com/u?l=Uej3nR from PacerMonitor.com at no charge. The Debtor's Counsel: Joseph Dicker, Esq. JOSEPH W DICKER PA 1406 West Lake Street Suite 209 Minneapolis, MN 55408 Tel: (612) 827-5941 E-mail: joe@joedickerlaw.com About Syagrus Systems, LLC Syagrus Systems, LLC provides silicon wafer backend processing services and die-sorting equipment manufacturing. Based in the Twin Cities of Minneapolis and St. Paul, Minnesota, the company offers capabilities such as ultra-thin wafer backgrinding, dicing, wafer bonding, and die sorting, as well as support for engineering runs and multi-die wafers. Syagrus Systems sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr.Â D. Minn. Case No. 25-31901) on June 19, 2025. In its petition, the Debtor reported total assets of $476,000 and total liabilities of $4,502,535. Judge William J. Fisher handles the case. Joseph Dicker, Esq., at Joseph W. Dicker, PA, is the Debtor's legal counsel. North Star Bank, as secured creditor, is represented by: Jacob B. Sellers, Esq. Greenstein Sellers, PLLC 121 South 8th Street, Suite 1450 Minneapolis, MN 55402 Telephone: (612) 345-7492 E-mail: jacob@greensteinsellers.com SYNERGY MANUAL: Joli Lofstedt Named Subchapter V Trustee -------------------------------------------------------- The Acting U.S. Trustee for Region 19 appointed Joli Lofstedt, Esq., as Subchapter V trustee for Synergy Manual Physical Therapy, P.C. Ms. Lofstedt, a practicing attorney in Louisville, Colo., 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. Lofstedt declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Joli A. Lofstedt, Esq. P.O. Box 270561 Louisville, CO 80027 Phone: (303) 476-6915 Fax: (303) 604-2964 Email: joli@jaltrustee.com About Synergy Manual Physical Therapy P.C. Synergy Manual Physical Therapy, P.C. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Colo. Case No. 26-10569) on January 30, 2026, with $100,001 to $500,000 in both assets and liabilities. Judge Joseph G. Rosania Jr. presides over the case. Jeffrey S. Brinen, Esq., at Kutner Brinen Dickey Riley, P.C. represents the Debtor as legal counsel. TALPHERA INC: Orin Hirschman and AIGH Affiliates Hold 9.8% ---------------------------------------------------------- AIGH Capital Management LLC and Orin Hirschman, disclosed in a Schedule 13G (Amendment No. 1) filed with the U.S. Securities and Exchange Commission that as of December 31, 2025, they beneficially own 4,661,502 shares of common stock -- with sole voting and dispositive power; excludes rights to purchase an additional 5,454,545 shares in a second close not currently purchasable due to beneficial ownership limitations; held through AIGH Investment Partners, L.P., WVP Emerging Manager Onshore Fund, LLC - AIGH Series, AIGH Investment Partners, L.L.C., and directly/indirectly by Mr. Hirschman and family -- of Talphera, Inc.'s common stock, $0.001 par value per share, representing 9.8% of the shares outstanding. AIGH Capital Management LLC may be reached through: Orin Hirschman, Managing Member 6006 Berkeley Avenue Baltimore, MD 21209 A full-text copy of AIGH Capital Management LLC's SEC report is available at: https://tinyurl.com/2u5hawvx About Talphera Headquartered in San Mateo, California, Talphera, Inc. -- www.talphera.com -- is a specialty pharmaceutical company focused on the development and commercialization of innovative therapies for use in medically supervised settings. Talphera's lead product candidate, Niyad, is a lyophilized formulation of nafamostat and is currently being studied under an investigational device exemption (IDE) as an anticoagulant for the extracorporeal circuit, and has received Breakthrough Device Designation status from the U.S. Food and Drug Administration (FDA). Walnut Creek, Calif.-based BPM LLP, the Company's auditor since 2023, issued a "going concern" qualification in its report dated March 31, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has suffered recurring operating losses and negative cash flows from operating activities since inception and expects to continue to incur operating losses and negative cash flows in the future. These matters raise substantial doubt about its ability to continue as a going concern. As of September 30, 2025, the Company had $30.7 million in total assets, $11.6 million in total liabilities, and $19.2 million in total stockholders' deficit. THRASIO LLC: MoFo Secures a $65MM Settlement in Chapter 11 ---------------------------------------------------------- Morrison Foerster obtained a $65 million settlement on behalf of the Thrasio Legacy Trust, a litigation trust formed as part of Thrasio's Chapter 11 bankruptcy cases. The settlement proceeds will be distributed to former creditors, resulting in a significantly improved recovery. Initially, Thrasio sought confirmation of a Chapter 11 plan that would have provided unsecured creditors with just $250,000. After MoFo was selected to represent the Official Committee of Unsecured Creditors, the firm undertook a comprehensive investigation that uncovered valuable unencumbered claims belonging to the bankruptcy estate. Those claims were preserved through a revised plan, and MoFo continued its work post-confirmation. On behalf of the Trust, the firm later filed a sweeping 73-page lawsuit asserting 26 causes of action against 11 defendants, including former executives of Thrasio. Following multiple rounds of motion practice and mediation, the parties agreed to resolve the litigation for $65 million. The litigation effort was led by MoFo partners Doug Mannal, Theresa Foudy, and Bryan Kotliar, supported by Jamie Levitt, Alexander Lawrence, and a team of associates. About Thrasio Thrasio -- https://www.thrasio.com/ -- specializes in buying Amazon third-party private label businesses. Its portfolio includes Angry Orange pet odor eliminators and stain removers, Wise Owl Outfitters camping and outdoor gear, and more than 200 other Amazon and ecommerce brands. Thrasio was co-founded in 2018 by Joshua Silberstein. Thrasio has significant overseas operations and partnerships across the world, including in the United Kingdom, Germany, and China. Thrasio Holdings, Inc. and several affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Lead Case No. 24-11840) on Feb. 28, 2024, with $1 billion to $10 billion in assets and $500 million to $1 billion in liabilities. Josh Burke, the Debtors' chief financial officer, signed the petitions. Judge Christine M. Gravelle oversees the cases. The Debtors tapped Kirkland & Ellis, LLP, Kirkland & Ellis International, LLP and Cole Schotz, P.C. as bankruptcy counsels; Katten Muchin Rosenman LLP as special counsel; Centerview Partners, LLC as investment banker; AlixPartners, LLP as financial advisor; and KPMG LLP as tax consultant. Kurtzman Carson Consultants, LLC is the Debtors' claims and noticing agent and administrative advisor. An ad hoc group of first lien lenders retained Gibson, Dunn & Crutcher, LLP as legal counsel and Sills Cummis & Gross PC as New Jersey counsel. ArentFox Schiff, LLP serves as counsel to Wilmington Savings Fund Society, FSB, the DIP agent. The prepetition first lien agent, Royal Bank of Canada, is represented by Simpson Thacher & Bartlett, LLP. On March 12, 2024, the Office of the United States Trustee for Region 3 and Region 9 appointed an official committee of unsecured creditors in these Chapter 11 cases. The committee tapped Morrison & Foerster LLP and Kelley Drye & Warren LLP as counsel and Province, LLC as financial advisor. UNIVERSAL DESIGN: Jacksonville Property Sale to CD Properties OK'd ------------------------------------------------------------------ The U.S. Bankruptcy Court for the Middle District of Florida, Jacksonville Division, has permitted Universal Design Solutions LLC to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor's Property is located at 11555 Central Parkway #1002, Jacksonville, FL 32224. The Court has authorized the Debtor to sell the Property to CD Properties LLC in the purchase price of $275,000. The Debtor is authorized and directed to consummate the Sale, and any escrow agent, closing agent, or title insurance company is authorized and directed to accept and rely upon the Order and to close the Sale and issue a policy of title insurance insuring that the Buyer takes title to the Property free and clear of all liens, claims, encumbrances, and interests, without the need for any further consent, joinder, or lien release from any lienholder or other party in interest. TD Bank, N.A. will have an allowed unsecured claim for the balance of its claim no. 4 after applying the sale proceeds and the funds in the Restricted Account. Debtor shall provide a final closing statement via email to counsel for TD Bank, NA, Esther McKean, esther.mckean@akerman.com, at least 24 hours in advance of the closing. About Universal Design Solutions Universal Design Solutions, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-01970) with $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Judge Hon. Jason A Burgess oversees the case. Thomas C. Adam, Esq., at Adam Law Group, P.A. is the Debtor's bankruptcy counsel. TD Bank, N.A., as lender, is represented by Amanda Klopp, Esq., at Akerman LLP, in West Palm Beach, Florida. URBAN-GRO: Stockholders OK Seven Proposals at Annual Meeting ------------------------------------------------------------ urban-gro, Inc. held its 2025 Annual Meeting of Stockholders. Of the Company's 14,802,789 shares of common stock issued and outstanding and eligible to vote as of the record date of December 12, 2025, a quorum of 8,273,664 shares, or approximately 55.9% of the eligible shares, were represented at the Annual Meeting either in person or by proxy. No broker non-votes were received. The matters voted upon at the Annual Meeting and the final results of such voting are: Proposal 1 - Election of Directors Each of the director nominees were elected as directors for a one-year term, such term to continue until the annual meeting of stockholders in 2026 and until such directors' successors are duly elected and qualified. Due to the plurality election, votes could only be cast in favor of or withheld from the nominee and thus votes against were not applicable. The results of the election were as follows: 1. Anita Britt * Votes for: 7,541,002 * Votes withheld: 732,662 2. David Hsu * Votes for: 7,469,383 * Votes withheld: 804,281 3. James R. Lowe * Votes for: 7,469,641 * Votes withheld: 804,023 4. Sonia Lo * Votes for: 7,474,619 * Votes withheld: 799,045 5. Bradley J. Nattrass * Votes for: 7,474,272 * Votes withheld: 799,392 Proposal 2 – Approval of Plan Amendment The shareholders of the Company approved an amendment to the Company's 2021 Omnibus Stock Incentive Plan to increase the number of shares authorized for issuance under the 2021 Plan by 5,000,000 and to increase the individual award limit. A copy of the 2021 Plan, as amended to reflect the Plan Amendment, is available at https://tinyurl.com/yc6848j4 The results of the vote were as follows: * Votes For: 7,074,010 * Votes Against: 1,040,591 * Votes Abstained: 159,063 Proposal 3 – Ratification of Auditor The appointment of Sadler, Gibb & Associates, LLC to serve as the Company's independent registered public accounting firm for the year ended December 31, 2025 was ratified. The results of the vote were as follows: * Votes For: 7,961,967 * Votes Against: 291,407 * Votes Abstained: 20,290 Proposal 4 – Non-Binding Advisory Approval of Executive Compensation The compensation of the Company's named executive officers as disclosed in the Proxy Statement was approved on a non-binding, advisory basis. The results of the vote were as follows: * Votes For: 7,532,157 * Votes Against: 656,324 * Votes Abstained: 85,183 Proposal 5 – Approval of Reverse Stock Split Authority The amendment to the Company's Amended and Restated Certificate of Incorporation to effect a reverse stock split of the shares of the Company's common stock at a ratio of not less than 1-for-2 and not greater than 1-for-25, with the exact ratio of, effective time of and decision to implement the reverse stock split to be determined by the Board of Directors, was approved. The results of the vote were as follows: * Votes For: 7,973,361 * Votes Against: 299,858 * Votes Abstained: 445 Proposal 6 – Approval of Charter Amendment for Increase in Authorized Common Stock The amendment to the Company's Amended and Restated Certificate of Incorporation to increase the number of authorized shares of common stock to 200,000,000, was approved. The results of the vote were as follows: * Votes For: 7,599,713 * Votes Against: 593,665 * Votes Abstained: 80,286 Proposal 7 – Approval of Adjournment of Annual Meeting The proposal to adjourn the Annual Meeting, if necessary, in order to solicit additional proxies if there are not sufficient shares to be voted in favor of any of the foregoing proposals at the time of the Annual Meeting was approved. The results of the vote were as follows: * Votes For: 7,507,991 * Votes Against: 740,792 * Votes Abstained: 24,881 Because Proposals 1 through 6 were approved, no such adjournment was deemed necessary. About urban-gro, INC. urban-gro, Inc. (Nasdaq: UGRO) -- www.urban-gro.com -- is an integrated professional services and Design-Build firm. The Company offers value-added architectural, engineering, and construction management solutions to the Controlled Environment Agriculture, industrial, healthcare, and other commercial sectors. Innovation, collaboration, and creativity drive its team to provide exceptional customer experiences. With offices across North America and in Europe, the Company delivers Your Vision - Built. Draper, Utah–based Sadler, Gibb & Associates, LLC, the Company's auditor since 2024, issued a "going concern" qualification in its report dated January 16, 2026, attached to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024, citing that the Company has suffered recurring losses from operations and has a net capital deficiency that raise substantial doubt about its ability to continue as a going concern. As of December 31, 2024, the Company had total assets of $19.5 million, $44.1 million in total liabilities, and $24.6 million in total stockholders' deficit. USA GYMNASTICS: Abuse Claimants Move to File State Court Lawsuit ---------------------------------------------------------------- Randi Love of Bloomberg Law reports that Hailey Gear and Finley Weldon have contested USA Gymnastics' efforts to dismiss their state court lawsuits, asserting they did not get adequate notice of the bankruptcy claims bar date. The objection was filed February 6, 2026 in the Southern District of Indiana Bankruptcy Court. The organization's Chapter 11 plan, approved in 2021, resolved claims related to widespread abuse by former team doctor Larry Nassar. The plan included a $380 million settlement and was supported by nearly 500 abuse survivors who voted in favor, according to report. The claimants maintain that their alleged abuse by former coach Sean Gardner occurred during the bankruptcy proceedings and that they should be allowed to pursue lawsuits in Iowa. They argue that USAG’s filings fail to show that abuse victims or other known creditors received actual notice of the April 2019 claims bar date, the report relays. Gear and Weldon said they only received notice of a court hearing via email and never received the bankruptcy plan documents. The filing details Gardner's multi-year abuse, starting when Gear was 12 and Weldon 11. Taft Stettinius & Hollister LLP and Pryor Cashman LLP represent the claimants, while Jenner & Block LLP handles USA Gymnastics' defense. About USA Gymnastics USA Gymnastics -- https://www.usagym.org/ -- is a not-for-profit organization incorporated in Texas. Based in Indianapolis, Indiana, USAG's organization encompasses six disciplines: women's gymnastics, men's gymnastics, trampoline and tumbling, rhythmic gymnastics, acrobatic gymnastics, and group gymnastics. USAG provides educational opportunities for coaches and judges, as well as gymnastics club owners and administrators, and sanctions approximately 4,000 competitions and events throughout the United States annually. More than 200,000 athletes, professionals, and clubs are members of USAG. USAG sets the rules and policies that govern the sport of gymnastics in the United States, including selecting and training the United States gymnastics teams for the Olympics and World Championships. As of the Petition Date, USAG employs 53 individuals, nearly all of whom work for USAG full time. USA Gymnastics sought Chapter 11 protection (Bankr. S.D. Ind. Case No. 18-09108) on Dec. 5, 2018. USAG estimated $50 million to $100 million in assets and the same range of liabilities as of the bankruptcy filing. The Hon. Robyn L. Moberly is the case judge. USAG tapped JENNER & BLOCK LLP as counsel; ALFERS GC CONSULTING, LLC and SCRAMBLE SYSTEMS, LLC, as business consulting services providers; and OMNI Management Group, Inc., as claims agent. VANKIRK ELECTRIC: Mon Arc's Assumption of EMJ Contract Okayed ------------------------------------------------------------- Chief Judge Austin E. Carter of the U.S. Bankruptcy Court for the Middle District of Georgia authorized Debtor Mon Arc Group, Inc.'s assumption of executory contract with EMJ Construction, LLC. The Court found that the relief requested in the motion is in the best interests of the Debtor's estate and of its creditors. Fifth Third Bank's objection is overruled. The Debtor's assumption of the contract effective as of the date of this Order is approved. Mon Arc Group, Inc. is an affiliate of Vankirk Electric, Inc. A copy the Court's Consent Order dated January 28, 2026, is available at https://urlcurt.com/u?l=t4RAih from PacerMonitor.com. About Vankirk Electric Inc. Vankirk Electric, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Ga. Case No. 25-30511) on September 19, 2025, listing up to $100 million in assets and liabilities. Loren Wesley Vankirk, chief executive officer, signed the petition. Judge Austin E. Carter oversees the case. David L. Bury, Jr., Esq., at Stone & Baxter, LLP, is the Debtor's legal counsel. Fifth Third Bank, N.A., as secured creditor, is represented by John A. Thomson, Jr., Esq., at Adams & Reese, LLP, in Atlanta, Georgia. VIABLE AMERICAN: Case Summary & Six Unsecured Creditors ------------------------------------------------------- Debtor: Viable American, L.L.C American Car Dealers American Metal RecyclingNE Trade Car Parts American Metal Recycling 5001 S 16th St Lincoln, NE 68512 Business Description: Viable American, L.L.C., operating under trade names including American Car Dealers, American Metal RecyclingNE, Trade Car Parts, and American Metal Recycling, is a Nebraska-based company engaged in automotive sales, auto parts trading, and metal recycling. Chapter 11 Petition Date: February 4, 2026 Court: United States Bankruptcy Court District of Nebraska Case No.: 26-40123 Judge: Hon. Brian S Kruse Debtor's Counsel: Patrick R. Turner, Esq. TURNER LEGAL GROUP, LLC 9375 Burt Street #200 Omaha, NE 68114 Tel: 402-690-3675 E-mail: pturner@turnerlegalomaha.com Total Assets: $155,908 Total Liabilities: $1,753,371 The petition was signed by Ali Mohammad in his capacities as authorized representative and manager. A full-text copy of the petition, which includes a list of the Debtor's six unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/DS3MMRQ/Viable_American_LLC__nebke-26-40123__0001.0.pdf?mcid=tGE4TAMA VICTORY CAPITAL: S&P Alters Outlook to Positive, Affirms 'BB' ICR ----------------------------------------------------------------- S&P Global Ratings revised its outlook on Victory Capital Holdings Inc. to positive from stable and affirmed its 'BB' issuer credit rating on the company and 'BB' issue rating on the company's senior secured debt. The positive outlook indicates that S&P could raise the ratings if Victory operates with leverage below 3.0x over the next 12 months while maintaining more tempered use of leverage for future acquisitions, minimal net outflows, stable AUM growth, and adequate liquidity. Victory had significant growth in assets under management (AUM) in 2025, primarily driven by accretive acquisitions. Victory has maintained S&P Global Ratings adjusted leverage below 3.0x over the last few years, bolstered by the company's all-equity acquisition of Amundi U.S. S&P revised its recovery rating on the company's senior secured debt to '3' (rounded estimate: 60%) from '4' (rounded estimate: 45%) based on additional EBITDA acquired from the Amundi transaction without incurring additional debt. S&P Global Ratings expects Victory Capital Holdings to maintain leverage below 3.0x over the next 12 months. Victory reduced its debt by funding major acquisition with equity rather than debt, using operating cash flow for contingent payments, refinancing rather than expanding debt, and solid operating performance leading to improved EBITDA as AUM has grown and scaled. Consequently, leverage has remained below 3x for the last few years. S&P said, "While we expect the company to maintain leverage at the current levels, a large debt-funded acquisition could disrupt favorable leverage trends. Historically, Victory's leverage has been volatile from merger and acquisition (M&A) activity, but we think the company can pursue future transactions with more tempered leverage. For RTM Sept. 30, 2025, S&P adjusted leverage, measured by debt to EBITDA, was 2.1x, 2.3x at year end 2024, a decrease from 2.9x at year end 2023. As of Dec. 31, 2025, the company reported total debt of $983 million under the term loan due 2032. Our calculation of debt includes contingent considerations from acquisitions and lease liabilities. We net 10% of cash in our calculation of debt. Our calculation of EBITDA does not add back restructuring and debt issuance charges." Victory has grown AUM largely through M&A and has maintained leverage below 3.0 over the last few years, due in part to the all-equity Amundi U.S. transaction. Victory's growth has been largely driven by increasing EBITDA due to acquisitions. The company entered into a strategic partnership with Amundi that was an all-equity transaction. The acquisition, which closed in April 2025, led to Victory's expansion in non-U.S. markets, with enhanced distribution throughout Europe and other global regions. As of year-end 2025, total AUM reached $313.8 billion, an 82.5% increase year over year. This substantial increase was primarily driven by the addition of $114 billion of AUM from the Amundi U.S. acquisition (rebranded as Pioneer Investments) and market appreciation, partially offset by $4.4 billion in net outflows over the year. As of year-end 2025, Victory achieved $97 million of net cost synergies associated with the Amundi transaction, with the remaining $13 million to be realized by end of 2026, which should support the company's above-average EBITDA margin. The company has witnessed net outflows in recent years, in line with the industry trend. This shift is partly due to the industry-wide trend of investor AUM moving towards lower-fee passive products, which continues to pressure active asset managers like Victory. However, S&P also considers that increasing market volatility could create opportunities for active managers to outperform compared with passive indexing. Victory's net outflows persist, but remain manageable in our view, as gross inflows have strengthened during 2025. Net outflows totaled $4.5 billion for 2025, driven by client withdrawals from U.S. equity strategies, especially mid-cap and small cap, with mutual funds being the most affected investment vehicle. This follows net outflows of $7.4 billion in 2024, $5.6 billion in 2023, and $2.5 billion in 2022. The positive outlook reflects S&P Global Rating's expectation that Victory will operate with leverage, as measured by debt to EBITDA, below 3.0x over the next 12 months, while maintaining a prudent financial policy regarding potential acquisitions, minimal net outflows, modest AUM growth, and adequate liquidity. S&P said, "We could revise the outlook to stable if we expect leverage in the 3.0x-4.0x range on a sustained basis, either because of net outflows, a decline in AUM, or a drop in margins. A debt-funded acquisition could also lead us to revise the outlook to stable if we believe it could lead to leverage above 3.0x. "We could raise the ratings in the next 12 months if leverage is below 3.0x on a sustained basis while maintaining modest AUM growth and stable EBITDA margin." WATCHTOWER FIREARMS: Podgurny et al. Lose Chapter 7 Conversion Bid ------------------------------------------------------------------ Judge Mark X. Mullin of the U.S. Bankruptcy Court for the Northern District of Texas denied without prejudice the motion filed by Dion Podgurny, F-1 Firearms, LLC, and PFT Texas, LLC -- Podgurny Parties -- to convert the chapter 11 bankruptcy case of Watchtower Firearms LLC to one under chapter 7 of the Bankruptcy Code pursuant to Sec. 1112(b). The objections by the Debtor and the Official Committee of Unsecured Creditors to the Motion to Convert are sustained. The Debtor was formed to acquire the assets and firearm-manufacturing business from F-1 Firearms, LLC, which is owned by Mr. Podgurny. At or about that same time, in April 2023, the Debtor signed a Commercial Lease with PFT Texas, LLC, which is also owned by Mr. Podgurny. Under the Commercial Lease, the Debtor leased certain premises from which F1 Firearms, and then Debtor, conducted the firearm-manufacturing business. Within a year after the Debtor acquired the business from F-1 Firearms and executed the Commercial Lease with Landlord, the parties began filing lawsuits against one another for various alleged claims and causes of action, including defamation, business disparagement, breach of contract, tortious interference, and a multitude of issues concerning the Commercial Lease and the Lease Premises. In its Motion to Convert, the Podgurny Parties contend: * the Debtor has sold its assets and ceased operations while sustaining huge losses and depleting its cash position. * In sum, the administration of the estate has yielded a huge postpetition operating loss of $4.6 million, while depleting the Debtor's available cash after the sale of the assets, and an estate which may be administratively insolvent. * There is no prospect of any rehabilitation of the Debtor's business. Therefore, the Podgurny Parties contend the Debtor's case should be converted to a case under Chapter 7 under Sec. 1112(a)(1) and (b)(4)(A). The Court finds and concludes that the Podgurny Parties failed to establish, by a preponderance of the evidence, that the Debtor and its estate has suffered substantial or continuing loss to or diminution of the estate sufficient to establish cause under Sec. 1112(b)(4)(A). Because the Podgurny Parties failed to establish that the Debtor has suffered substantial or continuing loss to or diminution of the estate, the Court need not analyze or determine if Debtor has a reasonable likelihood of rehabilitation under Sec. 1112(b)(4)(A). The Court finds and concludes that the Podgurny Parties failed to establish cause as defined in Sec. 1112(b)(4)(M). Because the Podgurny Parties failed to establish cause under Sec. 1112(b)(4), the Court need not convert the Debtor's case under Sec. 1112(b)(1). But even if the Podgurny Parties had established cause (other than under Sec. 1112(b)(4(A)), the Debtor has satisfied, if necessary, by a preponderance of evidence, the Sec. 1112(b)(2) exception to Sec. 1112(b)(1). The record establishes and the Court so finds that unusual circumstances exist to support a finding that it is not in the best interest of creditors to convert Debtor's case at this time. The Court finds that unusual circumstances exist due to the undeniable hostile and litigious disputes between Debtor and the Podgurny Parties. The Debtor contends that its primary remaining assets are its claims against the Podgurny Parties, and its Amended Plan will have the funding necessary to prosecute the estate's claims against the Podgurny Parties for the benefit of the Debtor's unsecured creditors. The Creditors' Committee agrees. Also, no other creditor or party-in-interest support the Podgurny Parties' Motion to Convert. The Court also finds and concludes that the record established that Debtor has a reasonable likelihood that a plan will be confirmed. Therefore, the Court finds and concludes that, if necessary, Sec. 1112(b)(2) has been satisfied, consequently, the Motion to Dismiss must be denied. A copy of the Court's Order dated January 29, 2026, is available at https://urlcurt.com/u?l=6010z7 from PacerMonitor.com. About Watchtower Firearms LLC Watchtower Firearms LLC is a veteran-owned company offering a diverse range of firearms, including custom rifles, special edition rifles, and handguns. The Company serves military, law enforcement, hunting, and personal use markets. In addition to firearms, it provides suppressors, components, and specialized gear tailored to meet the needs of its customers. Watchtower Firearms LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-40684) on Feb. 27, 2025. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million each. Judge Mark X. Mullin oversees the case. Joseph Acosta, Esq., at CONDON TOBIN, is the Debtor's counsel. WESTCOAST EVOLUTIONS: Taps Farsad Law Office as Bankruptcy Counsel ------------------------------------------------------------------ WestCoast Evolutions, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of California to hire Farsad Law Office, P.C. as its general bankruptcy counsel. The firm's services include: a. advising the Debtor on bankruptcy duties, strategy, and compliance; b. preparing and filing schedules, statements, pleadings, and the reorganization plan; c. representing the Debtor at hearings, in negotiations with creditors, and before the U.S. Trustee; d. drafting and responding to motions, objections, and applications as required. The firm's hourly rates are: Arasto Farsad (Partner) $400/hour Nancy Weng (Partner) $400/hour Paralegals $150/hour In addition, the firm will seek reimbursement for expenses incurred. The firm received a total retainer of $31,738 from the Debtor. Mr. Farsad disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Arasto Farsad, Esq. Farsad Law Office, P.C. 1625 The Alameda, Suite 525 San Jose, CA 95126 Telephone: (408) 641-9966 Facsimile: (408) 866-7334 Email: af@farsadlaw.com About WestCoast Evolutions LLC WestCoast Evolutions, LLC is a veteran-owned business, provides automotive customization and protection services in Sacramento, Elk Grove, West Sacramento, and Gold River, California, specializing in window tinting, vehicle wraps, paint protection films and coatings, audio and electronics installations, and safety and security enhancements. WestCoast Evolutions sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Cal. Case No. 26-20120) on January 11, 2026, listing $131,174 in total assets and $1,476,218 in total liabilities. Paolo A. Melendez, chief executive officer of WestCoast Evolutions, signed the petition. Judge Christopher M. Klein oversees the case. Arasto Farsad, Esq., at Farsad Law Office, P.C., represents the Debtor as bankruptcy counsel. WH INTERMEDIATE: S&P Affirms 'B' ICR on Lands' End Transaction -------------------------------------------------------------- S&P Global Ratings affirmed its 'B' issuer credit rating on U.S.-based WH Intermediate LLC (WHP Global). S&P said, "At the same time, we affirmed our 'B' issue-level ratings on the company's existing $175 million revolver due 2030, $1.325 billion first-lien term loan due 2032, and now $250 million incremental add-on term loan. The recovery rating remains '3' based on our revised recovery analysis, indicating our expectation for meaningful recovery (50%-70%; rounded estimate: 55%) in the event of a default." The stable outlook reflects the company will continue to grow EBITDA as it successfully manages and develops its acquired brands, maintains high margins of at least 70%, and generates consistent cash flow. WHP Global announced its acquisition of a controlling 50% stake in an intellectual property joint venture with Lands' End, a digital-led basics apparel brand. The company plans to fund the transaction with revolver borrowings, balance sheet cash, and a $250 million incremental add-on term loan fungible to its existing $1.325 billion first-lien term loan due 2032. S&P said, "We expect pro forma leverage to remain about 6x at transaction close and stay in the high-5x area over the next 12 months due to WHP's acquisitive debt-funded growth strategy. "We expect leverage of around 6x in 2026 due to WHP's acquisitive debt-funded growth strategy. S&P Global Ratings-adjusted leverage was low-6x, pro forma for completed acquisitions, its preferred equity redemption in October 2025, and last-12-month results. We believe the Lands' End transaction will effectively be leverage neutral as incremental EBITDA will largely offset the impact to its credit metrics from the incremental $250 million of debt to fund the transaction. Combined with about 2%-3% of organic growth from its existing brand portfolio, this should allow leverage to decline to high-5x in the remainder of 2026. "The incremental debt reinforces the company's aggressive financial policies, which include an acquisitive growth strategy. WHP Global has taken on an additional $355 million of face-value debt since its February 2025 refinancing to fund its acquisition of Vera Wang, Lands' End, and other future M&A activity. This contributes to our expectation that WHP will continue raising debt while pursuing potential acquisitions (which we estimate about $300 million of annual spend). "We incorporate WHP's $75 million preferred equity (pro forma for its October 2025 partial redemption) as debt in our adjusted calculation, given the instrument's optional redemption feature. The company used this equity to fund its acquisition of the remaining interest in the Express brand and its investment in the related PHOENIX Retail LLC joint venture in June 2024. Without including the preferred equity as debt, WHP's leverage would be high-5x." The addition of Lands' End to WHP's brand portfolio reinforces its quickly growing scale. Lands' End is a digital-led basics apparel brand with most of its sales in the U.S. The brand was founded in 1963 and focuses on e-commerce (about 90% of sales are done online) and operates 24 stand-alone retail stores primarily in outlet centers. Under the terms of the transaction, WHP will acquire a controlling 50% stake in a new joint venture (JV) consisting of Lands' End intellectual property and assets for $300 million. Lands' End will also have a 50% stake and retains operational control of its existing direct-to-consumer and business-to-business (B2B) segments while WHP will lead licensing strategy and brand expansion. The proceeds will fully repay Lands' End's outstanding term loan and the company will remain a public company following transaction close. The acquisition will be one of WHP's largest to date and will help diversify its portfolio of licensed brands, increasing WHP's pro forma royalty revenue to over $400 million in 2026 based on our expectation for at least $50 million of guaranteed minimum royalties in addition to existing Lands' End licensing revenue in the new joint venture. The transaction highlights WHP's focus on expanding its portfolio and licenses. Its underlying brand portfolio now includes over 14 global brands with over $8 billion in annual retail sales, with annual reported revenue growth of over 30% for the last two years, depending on the size and pace of acquisitions. However, S&P notes that the company's overall size remains small relative to its direct competitor, Authentic Brands Group. WHP's asset-lite business model allows good cash flow generation, predictable revenue streams, and EBITDA margins near 70%. WHP remains a consistent cash flow generator due to low capital expenditure (capex), with approximately $37 million of reported free operating cash flow (FOCF) as of the 12 months ended September 2025. The company paid $32 million in prepayment premiums associated with its February 2025 refinancing, and S&P forecasts at least $70 million of FOCF in 2026 after lapping this effect. This cash flow also supports its liquidity position, consisting of about $185 million of cash and $115 million of availability under its $175 million revolving credit facility, pro forma for the Lands' End transaction and October 2025 preferred equity redemption. Furthermore, the asset-lite business model requires minimal working capital and operating expenses while ensuring predictable revenue streams through guaranteed minimum royalties from its owned brands in exchange for licensing rights. As a result, WHP typically sees high S&P Global Ratings-adjusted EBITDA margins of about 75% given that its licensees hold all the inventory and assume other risks normally associated with traditional retail. S&P continues to forecast EBITDA margins will be at least 70% through the next two years due to continued organic growth and future brand acquisitions. The stable outlook reflects S&P's view that the company will successfully manage and develop its acquired brands, and we expect leverage will remain above 5x in the long term due to its acquisitive debt-funded growth strategy and financial-sponsor ownership. S&P could lower its ratings if leverage increases and remains above 7x. This could occur if WHP Global: -- Adopts an increasingly aggressive financial policy by funding large, debt-financed acquisitions or dividends; or -- Cannot generate expected levels of royalty income due to difficulties in integrating recent acquisitions, or if underperformance at its licenses impairs their ability to pay guaranteed minimum royalties. Although unlikely over the next 12 months given WHP Global's financial-sponsor ownership and its strategy of augmenting growth through acquisitions, S&P could raise its ratings if: -- The company reduces and sustains leverage below 5x due to organic growth and repaying debt with cash flows; and -- The company demonstrates a commitment to a financial policy consistent with maintaining leverage below 5x. WOLF LAKE: Case Summary & Two Unsecured Creditors ------------------------------------------------- Debtor: Wolf Lake Development LLC 61 North Oak Street Brevard, NC 28712 Chapter 11 Petition Date: February 4, 2026 Court: United States Bankruptcy Court Western District of North Carolina Case No.: 26-10031 Judge: Hon. George R Hodges Debtor's Counsel: Richard S. Wright, Esq. MOON WRIGHT & HOUSTON, PLLC 212 N. McDowell Street, Suite 200 Charlotte, NC 28204 Tel: 704-944-6560 Fax: 704-944-0380 E-mail: rwright@mwhattorneys.com Estimated Assets: $500,000 to $1 million Estimated Liabilities: $1 million to $10 million The petition was signed by Jaime Lopez as member-manager. A full-text copy of the petition, which includes a list of the Debtor's two unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/A5OLFHA/Wolf_Lake_Development_LLC__ncwbke-26-10031__0001.0.pdf?mcid=tGE4TAMA YOUNG REALTY: 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 Young Realty, 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 Young Realty LLC Young Realty, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 26-00437) on February 1, 2026, with $100,001 to $500,000 in both assets and liabilities. Judge Jacob A. Brown presides over the case. Bryan K. Mickler, Esq., at Mickler & Mickler represents the Debtor as legal counsel. ********* On Thursdays, the TCR delivers a list of recently filed Chapter 11 cases involving less than $1,000,000 in assets and liabilities delivered to nation's bankruptcy courts. The list includes links to freely downloadable images of these small-dollar petitions in Acrobat PDF format. Each Friday's edition of the TCR includes a review about a book of interest to troubled company professionals. All titles are available at your local bookstore or through Amazon.com. Go to http://www.bankrupt.com/books/to order any title today. Monthly Operating Reports are summarized in every Saturday edition of the TCR. The Sunday TCR delivers securitization rating news from the week then-ending. TCR subscribers have free access to our on-line news archive. Point your Web browser to http://TCRresources.bankrupt.com/and use the e-mail address to which your TCR is delivered to login. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter is a daily newsletter co-published by Bankruptcy Creditors Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Philadelphia, Pa., USA. Randy Antoni, Jhonas Dampog, Marites Claro, Joy Agravante, Rousel Elaine Tumanda, Joel Anthony G. Lopez, Psyche A. Castillon, Ivy B. Magdadaro, Carlo Fernandez, Christopher G. Patalinghug, and Peter A. Chapman, Editors. Copyright 2026. All rights reserved. ISSN: 1520-9474. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The single-user TCR subscription rate is $1,400 for six months or $2,350 for twelve months, delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are $25 each per half-year or $50 annually. For subscription information, contact Peter A. Chapman at 215-945-7000. *** End of Transmission ***