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260212.mbx T R O U B L E D C O M P A N Y R E P O R T E R Thursday, February 12, 2026, Vol. 30, No. 43 Headlines 1115 STALLION: Case Summary & 10 Unsecured Creditors 200 ARPEGGIO: Todd Hennings Named Subchapter V Trustee 700 17TH STREET: Seeks Cash Collateral Access AETHON UNITED: Fitch Puts 'B' IDR on Watch Positive ALL IN GRADING: Case Summary & Eight Unsecured Creditors ALL-CITY TOWING: Gets Interim OK to Use Cash Collateral AMPLE INC: Committee Hires Dundon Advisers as Financial Advisor AMPLE INC: Committee Seeks to Hire Dykema Gossett as Co-Counsel ANNE GREGORY: Unsecured Creditors Will Get 20% of Claims in Plan ARCHBLOCK LLC: Case Summary & 30 Largest Unsecured Creditors ARIZONA HORSE: Hires May Potenza Baran & Gillespie as Counsel AVALON GLOBOCARE: Eliminates Majority Debt Through $2.6M Conversion AW FARMS: Gets Interim OK to Use Cash Collateral BAER & ASSOCIATES: Case Summary & 20 Largest Unsecured Creditors BB RESTAURANT: Seeks to Hire Keery McCue as Bankruptcy Counsel BEAN BROTHERS: Plan Exclusivity Period Extended to April 2 BEAUFORT MEMORIAL:S&P Affirms 'BB' LT Rating on 2024 Revenue Bonds BELL CANADA: S&P Rates Proposed Subordinated Notes 'BB+' BEYOND AIR: Four Key Proposals Approved at 2026 Annual Meeting BLACK PEARL: Fitch Assigns 'BB-(EXP)' LongTerm IDR, Outlook Stable BLACKROCK TCP: Fitch Lowers LongTerm IDR to 'BB', On Watch Negative BLEND COFFEE 1: Claims to be Paid From Available Cash and Income BLUE DUCK: Claims to be Paid from Continued Operations BLUE RIBBON: S&P Lowers ICR To 'D' on Credit Agreement Amendments BLUE STAR: Gets Interim OK to Use Cash Collateral BLUE STAR: Seeks Approval to Hire Larson & Zirzow as Legal Counsel BOACKPEARL SALON: Unsecureds to Get 100 Cents on Dollar in Plan BRIGHT MINDS: Todd Hennings Named Subchapter V Trustee BUDDY MAC: Seeks to Hire Scarborough Commercial as Estate Broker BURMAN'S TREE: Deborah Fish Named Subchapter V Trustee BURTON TRANSPORT: Unsecured Creditors to Split $60K over 60 Months CAPSTONE GREEN: Orin Hirschman, AIGH Capital Hold 9.9% Stake CARBON HEALTH: Gets Interim OK for DIP Loan From Future Solution CARBON HEALTH: Seeks to Hire Kroll as Claims and Noticing Agent CASEY CALAVERAS: Voluntary Chapter 11 Case Summary CENTER OF SPECIAL: Trustee Taps Ghiglieri & Company's as Consultant CHAMPION PARTY: Seeks to Hire Neeleman Law Group as Legal Counsel CHOICE ELECTRIC: Taps Martin Vejvoda and Associates as Accountant CIVITAS RESOURCES: Fitch Affirms & Then Withdraws BB+ LongTerm IDR CIVITAS RESOURCES: Moody's Withdraws 'Ba3' CFR on Debt Assumption CLAROS MORTGAGE: Secures $500MM Term Loan From HPS Investment CLEAR CHANNEL: S&P Places 'CCC+' ICR on CreditWatch Positive COAST GLOBAL: Voluntary Chapter 11 Case Summary COMMUNITY HEALTH: CHS Closes $623MM Clarksville Hospital JV Sale CPV VALLEY: Moody's Cuts Rating on Secured First Lien Debt to Ba3 CREAMY TREATS: Mark Sharf Named Subchapter V Trustee CUSTOMBILT FIREARMS: Case Summary & Largest Unsecured Creditors DM ELECTRICAL: Unsecureds Will Get 30.08% of Claims over 5 Years DON KEW: Unsecured Creditors Will Get 100% of Claims over 5 Years DOUBLE S SIGNS: Unsecureds Will Get 5.84% of Claims over 5 Years E.W. SCRIPPS: GAMCO Investors and Affiliates Hold 5.7% Stake EC CONSTRUCTION: Nathan Smith Named Subchapter V Trustee EDDIE BAUER: Case Summary & 30 Largest Unsecured Creditors ELDER CONTRACTING: Trustee Hires The Cross Law Firm as Counsel ELLAS KOUZINA: Gets Interim OK to Use Cash Collateral ENVERIC BIOSCIENCES: Intracoastal, 2 Others Hold 4.99% Equity Stake ESW MANUFACTURING: Taps Gerardo L. Santiago Puig as Legal Counsel FANATICS COLLECTIBLES: Moody's Withdraws 'Ba3' Corp. Family Rating FIREFLY NEUROSCIENCE: Windsor and Affiliates Hold 4.5% Stake FIRST QUANTUM: S&P Alters Outlook to Positive, Affirms 'B' LT ICR FLOOD SPECIALISTS: Unsecureds Will Get 100% over 5 Years FOUR DIRT: Case Summary & 20 Largest Unsecured Creditors GAAT HOLDINGS: Case Summary & 17 Unsecured Creditors GARNET HEALTH: S&P Lowers Bond Rating to 'B-', Outlook Negative GLOBAL BUSINESS: Fitch Affirms 'BB' IDR, Outlook Positive HILLENBRAND INC: S&P Downgrades ICR to 'B', Outlook Stable HILMORE LLC: Updates Several Disputed Claims Pay HOME TEAM: Leo Congeni Named Subchapter V Trustee HORIZON WEST: Seeks Approval to Hire BransonLaw as Legal Counsel HOWARD HUGHES: Fitch Affirms 'BB' IDR, Outlook Stable HOWARD HUGHES: Moody's Rates New Unsec. Notes Due 2032/2034 'Ba3' HUDSON VALLEY: Unsecureds to Get Share of Income for 5 Years INDY WHOLESALE: Voluntary Chapter 11 Case Summary INSPIRED HEALTHCARE: Seeks to Tap Epiq as Claims and Noticing Agent INSPIREMD INC: Aberdeen Group Holds 7.49% Equity Stake JIC CONTRACTING: Seeks to Hire Mark A. Berenato as Legal Counsel JJTA18 REAL: Seeks Approval to Tap BransonLaw as Bankruptcy Counsel KENNEDY CONSTRUCTION: Seeks to Extend Plan Exclusivity to Feb. 27 KENNISON STRATEGIC: Amends Secured Mortgage Claims Pay KID CITY: Seeks Approval to Tap Bruner Wright as Bankruptcy Counsel KITO CROSBY: S&P Affirms 'B' ICR on Acquisition by Columbus KRONOS WORLDWIDE: Moody's Cuts CFR to B2, Outlook Remains Negative L3DFX LLC: Matthew Brash of Newpoint Named Subchapter V Trustee LITHOTYPE COMPANY: Case Summary & 20 Largest Unsecured Creditors LUMEN TECHNOLOGIES: Completes $5.75B Sale of FTTH Biz to AT&T LUMINAR TECHNOLOGIES: Committee Taps Alvarez & Marsal as Advisor LUMINAR TECHNOLOGIES: Committee Taps Paul Hasting as Legal Counsel MAIN STREET: Amends Unsecureds & Secured Tax Claims Pay MARK D. BORNSTEIN: Andrew Layden Named Subchapter V Trustee MARYLAND HEALTH: Seeks to Extend Plan Exclusivity to June 5 MAWSON INFRASTRUCTURE: Adopts 1-Year Stockholder Rights Agreement MCDERMOTT ENTERPRISES: Taps Henkels & Baker as Bankruptcy Counsel MEADE PIPELINE: Fitch Affirms 'BB+' IDR, Outlook Stable MEXCOL GROUP: Case Summary & 10 Unsecured Creditors MONDORIVOLI LLC: Joli Lofstedt Named Subchapter V Trustee MOXADO INC: Salvatore LaMonica Named Subchapter V Trustee MULTI-COLOR CORP: Jones Day & Wollmuth Advise Cross-Holder Group MULTI-COLOR CORP: Milbank Represents 1L Lenders & Noteholders NINE ENERGY: Taps Epiq as Claims, Noticing and Solicitation Agent NOVA AT SUMMER: Seeks to Extend Plan Exclusivity to March 9 ONLINE STORES PA: Voluntary Chapter 11 Case Summary PARIS312 LLC: Unsecured Creditors to Split $150K over 60 Months PENN HILLS: S&P Affirms 'BB' Rating on 2021A-B Revenue Bonds PEOPLES HEALTHCARE: John Whaley Named Subchapter V Trustee PEOPLES HOMECARE: John Whaley Named Subchapter V Trustee PERFORMANCE FOOD: S&P Rates New $1.06BB Senior Unsecured Notes PLANET GREEN: Notes Unusual Trading Activity on NYSE POTOMAC ENERGY: S&P Affirms 'BB-' Rating on Term Loan on Add-On PROAMPAC PG: S&P Affirms 'B-' Issuer Credit Rating, Outlook Stable PULSE STAGE: Taps Collins Vella & Casello as Bankruptcy Counsel QUANTUM CORP: Welcomes William H. White as Chief Financial Officer RXO INC: S&P Assigns 'BB' Rating on Proposed Unsecured Notes S & H SYSTEMS: Court OKs DIP Loan From Corporate Billing S & H SYSTEMS: Seeks to Hire Keech Law Firm as Bankruptcy Counsel S EASTERN BLVD: Case Summary & Five Unsecured Creditors SAKS GLOBAL: Klestadt Winters Represents Richline Group et al. SCILEX HOLDING: Invests $47.5MM in Quantum Scan via Note, Stock SM ENERGY: Fitch Hikes LongTerm IDR to 'BB+', Outlook Stable SOUTHERN TREE: Baker Donelson Represents Zaxis Financial et al. SOUTHERN TREE: Kelley Law Represents UniFi and Stellify STILL HOPES: Fitch Affirms 'BB' IDR, Outlook Stable SUPERIOR INDUSTRIES: S&P Upgrades ICR to 'CCC-' on Debt Exchange SWEETWATER BORROWER: Moody's Rates New First Lien Loans 'B2' TAWR PROPERTY: Case Summary & Six Unsecured Creditors TECH READY: Seeks to Tap Frederic P. Schwieg as Bankruptcy Counsel TISDALE INVESTMENTS: Todd Hennings Named Subchapter V Trustee TKC HOLDINGS: S&P Rates New $1BB Sr. Secured First-Lien Notes 'B-' TONIX PHARMACEUTICALS: The Vanguard Group Holds 5.02% Equity Stake TRANSDIGM INC: S&P Rates Proposed Senior Secured Term Loan 'BB-' TRANSOCEAN LTD: S&P Places 'CCC+' ICR on CreditWatch Positive U4RIC INVESTMENTS: Seeks to Tap Nick Tortorelli as Estate Broker UNITED AIRLINES: Fitch Assigns 'BB+' Rating on Sr. Unsecured Notes VELOCITY COMMERCIAL: Fitch Rates $500MM 9.375% Unsec. Notes 'B' VOICES OF FAITH: Hires Rountree Leitman Klein & Geer as Counsel VON ROHR: Seeks Court OK to Hire Bederson LLP as Accountant WATERFRONT RESORT: Lender Seeks Chapter 11 Trustee Appointment WHIRLPOOL CORP: Moody's Cuts CFR to 'Ba2', Outlook Remains Negative WHITEHALL TRUST: Hires Hoegen & Associates as Special Counsel WHITEHALL TRUST: Seeks Approval to Hire Lukens & Wolf as Appraiser WMB HOLDINGS: Moody's Raises CFR to Ba3 & Alters Outlook to Stable ZHU ELITE: Scott Seidel Named Subchapter V Trustee ZHU ELITE: Seeks Approval to Hire CM Law as Bankruptcy Counsel ZOMANO CAFES: Seeks to Tap Latham Luna Eden & Beaudine as Counsel [] Fitch Affirms 10 NA Diversified Midstream Issuer's Ratings [] Fitch Affirms Ratings on 11 North American Technology Companies [] Fitch Affirms Ratings on 7 NA Food Retails & Restaurant Cos. [] Fitch Affirms Ratings on Five Lodging Companies [] Jean Chung Joins SEDA Experts as Managing Director [^] Recent Small-Dollar & Individual Chapter 11 Filings ********* 1115 STALLION: Case Summary & 10 Unsecured Creditors ---------------------------------------------------- Debtor: 1115 Stallion LLC 2101 Vista Parkway Suite 284 West Palm Beach, FL 33411 Business Description: 1115 Stallion LLC owns real estate properties in Haverhill, Florida and West Palm Beach, Florida, holding fee simple ownership interests in multiple parcels with total value of $2.85 million supported by appraisals and comparable sales. Chapter 11 Petition Date: February 4, 2026 Court: United States Bankruptcy Court Southern District of Florida Case No.: 26-11459 Judge: Hon. Mindy A Mora Debtor's Counsel: Inger Garcia, Esq. FLORIDA LITIGATION GROUP 7040 Seminole Pratt Whitney road, #25, Box 43 Loxahatchee, FL 33470 Tel: (954) 394-7461 E-mail: Serviceimglaw@yahoo.com Total Assets: $2,850,000 Total Liabilities: $2,248,306 The petition was signed by Garfield Stephenson as managing member. A full-text copy of the petition, which includes a list of the Debtor's 10 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/55UVYRA/1115_Stallion_LLC__flsbke-26-11459__0002.0.pdf?mcid=tGE4TAMA 200 ARPEGGIO: Todd Hennings Named Subchapter V Trustee ------------------------------------------------------ The Acting U.S. Trustee for Region 21 appointed Todd Hennings, Esq., at Macey, Wilensky & Hennings, LLP as Subchapter V trustee for 200 Arpeggio Way, LLC. Mr. Hennings will be paid an hourly fee of $450 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Hennings declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Todd E. Hennings, Esq. Macey, Wilensky & Hennings, LLP 5500 Interstate North Parkway, Suite 435 Sandy Springs, GA 30328 Phone: (404) 584-1222 Email: info@joneswalden.com About 200 Arpeggio Way LLC 200 Arpeggio Way, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Ga. Case No. 26-51499) on February 3, 2026, with $500,001 to $1 million in both assets and liabilities. Judge Barbara Ellis-Monro presides over the case. Paul Reece Marr, Esq., at Paul Reece Marr, PC represents the Debtor as legal counsel. 700 17TH STREET: Seeks Cash Collateral Access --------------------------------------------- Transwestern Property Company SW GP, L.L.C., in its capacity as court-appointed receiver and custodian of 700 17th Street, LLC, asks the U.S. Bankruptcy Court for the District of Colorado for allowance and immediate payment of its pre-petition claim as a priority administrative expense and authority to use cash collateral to fund that payment. The Receiver was appointed by a Colorado state court in July 2024 to take control of and operate the office property at 700 17th Street in Denver and managed the building for more than fourteen months before the Chapter 11 filing on September 24, 2025, working to increase occupancy and bring tenant accounts current. After the bankruptcy filing, the court entered an Agreed Order in December 2025 excusing the Receiver from turnover and authorizing it to remain in possession and continue operating the Property, while expressly recognizing that the Receiver's pre-petition claim could be entitled to priority payment. The Receiver now seeks approval of a $10,012 pre-petition claim consisting of $2,000 in receiver compensation for September 2025, $5,817 in payroll expenses for property employees, and $2,194 in receiver's counsel fees, all incurred in preserving and operating the Property for the benefit of the estate. The Receiver argues that these amounts qualify as actual and necessary custodian expenses and professional fees, warranting priority administrative status and immediate payment. It further requests authority to use the Property's rental income, which is cash collateral subject to the lender's lien, to pay the claim, asserting that adequate protection exists because the payment is modest relative to the Property's value and the Receiver's continued management preserves and enhances the lender's collateral. Alternatively, the Receiver contends it qualifies as a critical vendor under the doctrine of necessity because it operates the Debtor's sole asset and cannot reasonably continue performing its essential duties without payment for past services. A copy of the motion is available at https://urlcurt.com/u?l=s8Zjnv from PacerMonitor.com. About 700 17th Street LLC 700 17th Street LLC is a single asset real estate company in Denver, Colo. 700 17th Street sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Colo. Case. No. 25-16173) on September 24, 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 Kimberley H. Tyson handles the case. The Debtor tapped Jeffrey A. Weinman, Esq., at Michael Best & Friedrich, LLP as legal counsel. Gregoy Garvin, Acting U.S. Trustee for Region 19, appointed an official committee to represent unsecured creditors in the Debtor's Chapter 11 case. Transwestern Property Company SW GP, L.L.C., as receiver and custodian, is represented by: Brian T. Ray, Esq. HATCH RAY OLSEN CONANT LLC 730 17th Street, Suite 200 Denver, CO 80202 Telephone: (303) 298-1800 Email: bray@hatchlawyers.com AETHON UNITED: Fitch Puts 'B' IDR on Watch Positive --------------------------------------------------- Fitch Ratings has placed Aethon United BR LP's (Aethon) Issuer Default Rating (IDR) and unsecured issue ratings on Rating Watch Positive (RWP). Aethon's ratings reflect its vertically integrated unit economics, contiguous positions in the Haynesville Basin and moderate leverage at 1.7x. While the company's FCF was negative in 2023 and 2024, Fitch expects a return to positive FCF in 2025. The Rating Watch Positive reflects the increase in scale and profitability from combining the Aethon United and Aethon III assets into Adamas Energy, which will be a wholly owned subsidiary of Mitsubishi. It also reflects the possible uplift from Mitsubishi Corp.'s ownership even though Fitch does not expect Mitsubishi to guarantee the debt at Aethon. Fitch expects to resolve the RWP upon the close of the transaction and greater clarity around the final structure which may take longer than six months. Key Rating Drivers Credit Positive Transaction: The proposed transaction involves combining the Aethon United BR LP and Aethon III assets, which would approximately double the company's scale and EBITDA generating capacity. These factors, along with the low leverage at both Aethon entities strengthens Aethon United's standalone credit profile. Fitch does not expect Mitsubishi Corp. to guarantee the debt of Adamas Energy, the wholly-owned subsidiary to which the Aethon assets will transition. Mitsubishi is a large, diversified company which generated $124.6 billion and $5.6 billion of revenue and EBITDA, respectively, in its fiscal year ended March 31., 2025 and maintains EBITDA leverage around 3x. The supportive ownership by a strong parent may result in uplift to the standalone credit profile. Return to Positive FCF: In 2023 and 2024, Aethon's FCF was more negative than Fitch anticipated, primarily due to increased capex and subdued commodity prices. Fitch expects Aethon will return to positive FCF generation throughout the remainder of the rating horizon due to improved pricing, decreased capex and strong hedging. Fitch expects the company will allocate positive FCF towards revolver repayment. Low Leverage, RBL Reliance Declining: Aethon's EBITDA leverage declined to 1.7x at the end of September 2025 from 2.3x at the end of 2024. With guidance indicating flattish production and lower capital spending, Fitch forecasts positive FCF and leverage remaining below 2.0x. Reserve-based lending (RBL) use rose to 64% as of YE 2024 but has declined to 41% by then end of Sept. 30, 2025. Strong Hedging Program: Aethon's robust hedging program underpins its commitment to predictable cash flows and supports its conservative credit stance. Fitch estimates that the company has hedged 74% at $3.14 per thousand cubic feet (mcf), 56% at $3.28/mcf, 21% at $3.20/mcf and 8% at $2.75/mcf of annual production in the remainder of 2025 through 2028, respectively. Its hedging strategy focuses on forward-development production for two years and extends coverage for up to six years of proved developed production. Low-Cost Gas Production Profile: Aethon's two largely contiguous core positions in the Haynesville Basin within northwest Louisiana and East Texas are supported by its own treatment facilities and pipeline transportation investments. Established infrastructure in the basin and proximity to Henry Hub and rising liquified natural gas demand destinations help support strong realized gas prices and reduces basis risk. Fitch expects Aethon to develop and manage its inventory of northwest Louisiana drilling locations, which are in the more established portion of the Haynesville, balance by its East Texas acreage, which is in a more developing area of the Haynesville. Midstream Integration: Aethon's integration into midstream operations encompasses extensive pipeline infrastructure and compression capabilities, along with multiple amine treating facilities. Its midstream integration has fortified margins. In 3Q25, Aethon generated an additional $0.40 of EBITDA per thousand cubic feet equivalent (mcfe) from midstream operations, which was in line with historical uplift. Peer Analysis Aethon's 'B' Issuer Default Rating and Stable Outlook reflect its smaller size, with production of 867 million cubic feet equivalent per day (MMcfe/d) in 3Q25, compared with gas peers Ascent Resources Utica Holdings, LLC (Ascent; BB-/Positive) at 2,247 MMcfe/d,, Gulfport Energy Corporation (Gulfport; B+/Stable) at 1,120 MMcfe/d and CNX Resources Corporation (CNX; BB+/Stable) at 1,753 MMcfe/d. For 3Q25, Fitch-estimated Aethon's levered cash netbacks were $1.43/mcfe. Separately from the upstream segment, Aethon generated additional midstream EBITDA that would equate to another $0.40/mcfe. Peer netbacks range from $1.30/mcf for Ascent, $1.61/mcfe for Gulfport and $1.24/mcfe for CNX. Aethon's EBITDA leverage was 1.7x at September 30 ,2025, which is in line with other 'B' rated peers. Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bb, Moderate), Sector Characteristics (bbb, Lower), Market and Competitive Positioning (bb-, Moderate), Diversification and Asset Quality (b, Moderate), Company Operational Characteristics (bb-, Moderate), Profitability (b-, Higher), Financial Structure (a+, Lower), and Financial Flexibility (bbb, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 10% weight for the historical year 2024, 10% for the forecast year 2025, 10% for the forecast year 2026, 15% for the forecast year 2027 and 55% for the forecast year 2028. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'aa-' results in no adjustment. - The SCP is 'b'. Recovery Analysis The recovery analysis assumes that Aethon would be reorganized as a going-concern (GC) in bankruptcy rather than liquidated. Fitch has assumed a 10% administrative claim. The GC EBITDA estimate reflects Fitch's view of a sustainable, post-reorganization EBITDA level upon which Fitch based the enterprise valuation (EV), reflecting the decline from current pricing levels to stressed levels and then a partial recovery coming out of a troughed pricing environment. An EV multiple of 3.5x EBITDA is applied to the GC EBITDA to calculate a post-reorganization enterprise value. The choice of this multiple considered the following factors: - The historical bankruptcy case study exit multiples for peer companies ranged from 2.8x to 7.0x, with an average of 5.2x and a median of 5.4x; - The multiple considers 2021 transactions in the Haynesville Basin such as Southwestern Energy Company's (Southwestern) acquisition of Indigo Natural Resources LLC at an approximated 3.85x forward multiple, Southwestern's acquisition of GEP Haynesville at a 2.9x forward multiple as well as Chesapeake Energy Corp.'s acquisition of Vine Energy Inc. at an approximate 4x multiple; - The GC EBITDA estimate is $10 million higher than last year to keep in line with Fitch's EBITDA at stress pricing. The liquidation estimate reflects Fitch's view of the value of balance sheet assets that can be realized in sale or liquidation processes conducted during a bankruptcy or insolvency proceeding and distributed to creditors. Fitch considers valuations such as SEC PV-10 and mergers and acquisitions transactions metrics for each basin including multiples for production per flowing barrel, proved reserves valuation, value per acre and value per drilling location. The revolver is senior to the senior unsecured bonds in the waterfall and is 90% drawn. The allocation of value in the liability waterfall results in a Recovery Rating corresponding to 'RR3' for the senior unsecured debt. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Sustained RBL utilization over 70%; - Failure to realize expected production and capital efficiency gains resulting in lower-than-expected unit economics and sustained negative FCF; - Midcycle EBITDA leverage sustained above 3.5x. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Fitch expects to resolve the RWP upon completion of the transaction under the terms described; Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade Independent of the Transaction - Sustained positive FCF generation; - Improved liquidity from lower revolver utilization; - Demonstrated commitment to stated financial policy, including hedging program, resulting in sustained midcycle EBITDA leverage below 2.5x. Liquidity and Debt Structure At Sept. 30, 2025, Aethon had $588 million of undrawn capacity on its $1 billion RBL and $9.1 million of cash on the balance sheet. The borrowing base of $1.15 billion and elected commitment of $1 billion was re-affirmed in June 2025. With improved natural gas pricing in 2025, decreased capex and strong hedging, Fitch forecasts positive FCF generation throughout the forecast period. Positive FCF is expected to be used for further revolver repayment. Issuer Profile Aethon is an independent exploration & production company focused primarily on the development of natural gas properties in North Louisiana and East Texas' Haynesville shale formation. Aethon is one of the largest private natural gas producers operating in the basin. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. Climate Vulnerability Signals Aethon's revenue-weighted Climate.VS of 53 out of 100 by 2035 is toward the lower end of the range for North American oil and gas production companies, due to natural gas representing 100% of its production. Natural gas production is viewed as less vulnerable than oil production because of its lower carbon intensity and its use as a transition fuel. This signal reflects the potential risks related to policies that require lower carbon emissions over time and encourage reduced usage of fossil fuels in favor of renewable energy. These policies pose near-term risks due to higher costs associated with a greater focus on reducing emissions, and longer-term risks from declining demand for fossil fuels as the world transitions toward renewable fuels. Fitch believes a meaningful energy transition will play out over several decades. Key transition risks arise from potential reductions in demand driven by policies designed to reduce the use of oil and gas in the global economy and, in the shorter term, from policies designed to limit greenhouse gas (GHG) emissions from of oil and gas production. Currently, these risks do not have a material influence on the rating, given the very long timeframe over which the transition may take place, uncertainty regarding the extent and nature of changes, and how markets and companies may react to them. In its 2023 sustainability report, Aethon reiterated its goal of lowering carbon intensity by 85% by 2031. Aethon's emissions intensity in 2023 was 19% below its 2020 baseline. The company's focus for achieving these goals includes leak detection and repair, zero-emissions wellsite design, retrofitting pneumatic pumps, maintaining emissions inventories, controlling water tank emissions, optimizing drilling and completions energy sourcing, implementing carbon capture, eliminating acid gas removal venting, and addressing liquids unloading. Aethon has eliminated gas-pneumatic chemical injection pumps from its midstream system and maintains low methane and GHG intensity compared with a broad group of exploration and production peers. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Aethon United BR LP LT IDR B Rating Watch On B senior unsecured LT B+ Rating Watch On RR3 B+ ALL IN GRADING: Case Summary & Eight Unsecured Creditors -------------------------------------------------------- Debtor: All In Grading LLC 354 Countryside Road Kings Mountain, NC 28086 Business Description: All In Grading LLC provides excavation and site preparation services, including land grading, land clearing, and demolition work for residential and commercial projects, and operates in the construction and earthwork contracting industry. The company is based in Kings Mountain, North Carolina, and serves customers in surrounding areas within the state. Chapter 11 Petition Date: February 6, 2026 Court: United States Bankruptcy Court Western District of North Carolina Case No.: 26-40037 Judge: Hon. Ashley Austin Edwards Debtor's Counsel: Cole Hayes, Esq. COLE HAYES 601 S. Kings Drive Suite F - PMB# 411 Charlotte, NC 28204 E-mail: cole@colehayeslaw.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Andrew Counts as authorized representative of the Debtor. A full-text copy of the petition, which includes a list of the Debtor's eight unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/G465HNA/All_In_Grading_LLC__ncwbke-26-40037__0001.0.pdf?mcid=tGE4TAMA ALL-CITY TOWING: Gets Interim OK to Use Cash Collateral ------------------------------------------------------- All-City Towing, LLC and Bret's Towing, LLC received interim approval from the U.S. Bankruptcy Court for the Eastern District of Wisconsin to use cash collateral to fund operations. The court authorized the Debtors to use the cash collateral of its secured creditors until the final hearing set for March 12 to pay expenses in the amounts set forth in the interim budget, plus up to 10% in excess of those amounts. Any use exceeding 10% above the interim budget requires further court approval. Secured creditors with interest in the cash collateral will be granted replacement liens on the cash collateral with the same priority as existed immediately before the petition date. The creditors include Newtek Business Services Holdco 6, Inc. or NBL SPV II, LLC, Old National Bank, the U.S. Small Business Administration, AKF Inc., MCA Servicing Company, Aurum Funding Source, Panthers Capital, and TVT Capital Source. The Debtors are not authorized under the interim order to make the proposed "adequate protection" payments to Newtek or NBL SPV II, Old National Bank and the SBA. The Debtors' authority to use cash collateral terminates on the earlier of a trustee being appointed in place of the Debtor, the Chapter 11 case being dismissed, a permanent order permitting the use of cash collateral being entered, or as otherwise specified in a further order of the court. The Debtors, owned by Jeffrey J. Piller, operate auto repair, towing, and transportation businesses in Milwaukee and Sheboygan, Wisconsin, with ongoing operational needs, including payroll for 85 employees. The Debtors' cash and accounts as of January 31 included approximately $83,825 in All-City accounts and $35,634 in Bret's Towing accounts, with accounts receivable of $447,000 and $207,000, respectively. About All-City Towing LLC All-City Towing LLC operate auto repair, towing, and transportation businesses in Milwaukee and Sheboygan, Wisconsin. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Wisc. Case No. 26-20523) on February 1, 2026. In the petition signed by Jeff Piller, member/manager, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Rachel M. Blise oversees the case. Evan P. Schmit, Esq., at Kerkman & Dunn, represents the Debtor as legal counsel. AMPLE INC: Committee Hires Dundon Advisers as Financial Advisor --------------------------------------------------------------- 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 Dundon Advisers, LLC as financial advisor. The firm will render these services: (a) serve as financial advisor to the committee; (b) assist in the analysis, review, and monitoring of the restructuring process; (c) develop a complete understanding of the Debtors' businesses; (d) determine whether there are viable alternative paths for the disposition of the Debtors' assets from those currently or in the future proposed by any of them; (e) advise the committee on the marketing process of the Debtors' assets to any company; (f) assist in valuing any bids or term sheets received for the Debtors' assets; (g) monitor and, to the extent appropriate, assist the Debtors in efforts to develop and solicit transactions that would support unsecured creditor recovery; (h) assist the committee in identifying, valuing, and pursuing estate causes of action; (i) assist the committee to analyze, classify and address claims against the Debtors and to estimate the different claims pools; (j) assist the committee to identify, preserve, value, and monetize tax assets of the Debtors, if any; (k) advise the committee in negotiations with the Debtors, certain of their lenders, and third parties; (l) analyze and review the Debtors' financial reports; (m) assist the committee in reviewing the Debtors' cost/benefit analysis with respect to the assumption or rejection of various executory contracts and leases; (n) review and provide analysis of debtor-in-possession financing, actual-budget variances, and liquidity; (o) assist the committee in evaluating and analyzing avoidance actions; (p) review and provide analysis of any proposed disclosure statement and Chapter 11 plan and, if appropriate, assist the committee in developing an alternative Chapter 11 plan; (q) attend meetings and assist in discussions with the committee, the Debtors, the secured lender, the U.S. Trustee and other parties in interest and professionals; (r) present meetings and assisting in discussions with the committee, the Debtors, the secured lender, the U.S. Trustee and other parties in interest and professionals; (s) provide testimony on behalf of the committee as and when may be deemed appropriate; and (t) perform other advisory services for the committee as may be necessary or proper in these proceedings. The firm will be paid at a range of $350 to $1,090 per hour. In addition, the firm will seek reimbursement for expenses incurred. Joshua Nahas, a managing director at Dundon Advisers, 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: Joshua Nahas Dundon Advisers, LLC 10 Bank Street, Suite 1100 White Plains, NY 10606 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. AMPLE INC: Committee Seeks to Hire Dykema Gossett 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 Dykema Gossett, PLLC as co-counsel. The firm will provide these services: (a) advise the committee with respect to its rights, duties, and powers in these Chapter 11 cases; (b) participate in in-person and telephonic meetings of the committee and subcommittees formed thereby, if any; (c) assist and advise the committee in its meetings and negotiations with the trustee and other parties-in-interest regarding these Chapter 11 cases; (d) assist the committee in analyzing claims asserted against, and interests in, the Debtors, and in negotiating with the holders of such claims and interest and bringing, or participating in, objections or estimation proceedings with respect to such claims and interests; (e) assist the committee in analyzing the Debtors' assets and liabilities; (f) 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; (g) 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; (h) 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; (i) 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; (j) assist and advise the committee with respect to communications with the general creditor body regarding significant matters in these Chapter 11 cases; (k) respond to inquiries from individual creditors as to the status of, and developments in, these Chapter 11 cases; (l) represent the committee at hearings and other proceedings before the court and other courts or tribunals, as appropriate; (m) 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; (n) 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; (o) 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; (p) advise the committee with respect to applicable federal and state regulatory issues, as such issues may arise in these Chapter 11 cases; (q) 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; (r) take all necessary or appropriate actions as may be required in connection with the administration of the Debtors' estates; and (s) perform such other legal services as may be necessary or as may be requested by the committee in accordance with its powers and duties as set forth in the Bankruptcy Code. The firm will be paid at these hourly rates: William Hotze, Member $750 Nicholas Zugaro, Sernior Counsel $715 Dominique Douglas. Associate $550 In addition, the firm will seek reimbursement for expenses incurred. Mr. Hotze 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: William Hotze, Esq. Dykema Gossett PLLC 5 Houston Center, 1401 McKinney Street, Suite 1625 Houston, TX 77010 Telephone: (713) 904-6900 Facsimile: whotze@dykema.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. ANNE GREGORY: Unsecured Creditors Will Get 20% of Claims in Plan ---------------------------------------------------------------- Anne Gregory Couture, LLC filed with the U.S. Bankruptcy Court for the Western District of Pennsylvania a Plan of Reorganization for Small Business dated February 2, 2026. The was established in 2017 to operate a Bridal shop in the Mount Lebanon area of Pittsburgh. The Debtor specializes in high end designers and dresses. The Debtor operated its business successfully until several years ago when the principal encountered severe health issues which prevented his ability to personally operate the business. Furthermore, the pandemic caused several years of decreased revenue, which caused the Debtor to accrue unpaid liabilities and ultimately led to the financial distress which caused this Chapter 11 filing. The Debtor's case was necessitated by economic and business conditions and a dispute with the Debtor's Landlord. The Plan proposes to pay administrative and priority claims in full unless otherwise agreed. The Debtor estimates 20% will be paid on account of general unsecured claims pursuant to the Plan. Class 4 consists of General Unsecured Claims. The total amount of this class of creditors is $127,819.18. This class of Creditor will receive a distribution of 20% of their claim as set forth herein. The monthly amount paid to this class is $426.06. Payments will be made quarterly commencing on the Effective Date. This Class is impaired. Class 5 consist of disputed general unsecured claim of EJB Holding Company, LLC. This creditor has yet to file a Proof of Claim in this case. This creditor is the Debtor's landlord and there is a dispute regarding the amount of past due rent as well as the whether the lease was terminated, which the Debtor disputes. It is believed that the Claimant will assert past due rent of $43,925.79, which again the Debtor disputes. In addition to ongoing rent payments, the Debtor will make initial payments to this creditor in the amount of $500.00 per month until resolution of any claim dispute, at which point, any claim of this Creditor will be adjusted accordingly so that the creditor receives the same percentage of its unsecured claim as the Class 4 Claimants. The Plan will be funded through ongoing revenue generated by continued business operations. The Debtor has restructured its operations and has increased and secured projects to continue to fund its obligations and will continue to seek both commercial and residential projects to ensure ongoing cash flow and profitability to fund this plan. Through reorganization the Debtor will be able to increase available funds to purchase new inventory, equipment and supplies necessary to sustain its operations. The final Plan payment is expected to be paid on March 31, 2031. A full-text copy of the Plan of Reorganization dated February 2, 2026 is available at https://urlcurt.com/u?l=NsixLf from PacerMonitor.com at no charge. Counsel to the Debtor: David L. Fuchs, Esq. FUCHS LAW OFFICE, LLC 554 Washington Avenue, First Floor Carnegie, PA 15106 Telephone: (412) 223-5404 Facsimile: (412) 223-5406 E-mail: dfuchs@fuchslawoffice.com About Anne Gregory Couture, LLC Anne Gregory Couture, LLC was established in 2017 to operate a Bridal shop in the Mount Lebanon area of Pittsburgh. The Debtorsought protection under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Pa. Case No. 25-23006) on November 5, 2025. At the time of filing, the Debtor reported estimated assets of $0 to $50,000 and liabilities of $100,001 to $500,000. Judge Carlota M. BÃ¶hm oversees the case. Fuchs Law Office, LLC is the Debtor's proposed legal counsel. ARCHBLOCK LLC: Case Summary & 30 Largest Unsecured Creditors ------------------------------------------------------------ Six affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- Archblock LLC (Lead Case) 26-10152 FKA TrustLabs Inc. FKA ZenTrusts, Inc. FKA Win the Game Inc. PMB 1125 447 Sutter St., Ste. 405 San Francisco, CA 94108 Archblock (Cayman) 26-10155 FKA TrueTrading Walkers Corporate Limited 190 Elgin Avenue, George Town Grand Cayman, Cayman Islands KY1-9001 TrueCoin LLC 26-10154 490 Post St., Ste. 500 PMB 2057 San Francisco, CA 94102 TrueCoin II, LLC 26-10156 584 Castro St #2168 San Francisco, CA 94114-2512 TrustToken, Inc. 26-10153 5214F Diamond Heights Blvd #3394 San Francisco, CA 94131 TrueTrading 1 GP LLC 26-10157 2549 Irving St. #1006 San Francisco, CA 94122 Business Description: Archblock LLC, together with its affiliates Archblock (Cayman), TrueCoin LLC, TrueCoin II, LLC, TrustToken, Inc., and TrueTrading 1 GP LLC, operates in the blockchain and decentralized finance sector, focusing on the development of stablecoins, tokenized financial products, and related financial infrastructure. The group is associated with the issuance of the TrueUSD (TUSD) stablecoin and the development of TrueFi, a decentralized lending protocol, with operations centered in San Francisco, California, and international presence through its Cayman affiliate. TrueTrading 1 GP LLC serves as an affiliated investment vehicle supporting the group's financial and corporate activities. Chapter 11 Petition Date: February 6, 2026 Court: United States Bankruptcy Court District of Delaware Judge: Hon. Craig T Goldblatt Debtors' General Bankruptcy Counsel: William E. Chipman, Jr., Esq. CHIPMAN BROWN CICERO & COLE, LLP Hercules Plaza 1313 North Market Street, Suite 5400 Wilmington, DE 19801 Tel: (302) 295-0191 Email: chipman@chipmanbrown.com AND WOLLMUTH MAHER & DEUTSCH LLP Archblock LLC's Estimated Assets: $1 million to $10 million Archblock LLC's Estimated Liabilities: $100 million to $500 million The petitions were signed by Michael Bland as authorized person. Full-text copies of the petitions are available for free on PacerMonitor at: https://www.pacermonitor.com/view/5QNG3RA/Archblock_LLC__debke-26-10152__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/53XZ2UA/TrustToken_Inc__debke-26-10153__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/CCEBSDY/TrueCoin_LLC__debke-26-10154__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/CLLDL3Y/Archblock_Cayman__debke-26-10155__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/CRQRGNY/TrueCoin_II_LLC__debke-26-10156__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/CYMCGZY/TrueTrading_1_GP_LLC__debke-26-10157__0001.0.pdf?mcid=tGE4TAMA Consolidated List of Debtors' 30 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Internal Revenue Service Tax Liability $1,300,000 PO Box 7346 Philadelphia, PA 19101-7346 2. Sher Tremonte LLP Disputed $39,547 90 Broad Street Legal 23rd Floor Services New York, NY 10004 Kimo Peluso Email: KPeluso@shertremonte.com 3. Brown Rudnick LLP Legal Services $3,681 One Financial Center Boston, MA 02111 Brown Rudnick LLP One Financial Center Boston, MA 02111 Palley, Stephen D. Email: SPalley@brownrudnick.com 4. Reflexive LLC Legal Services $3,300 10291 Grand River Rd Ste F Brighton, MI 48116 Peter Samoray Email: psamoray@reliclawpllc.com 5. Ashby & Geddes Legal Services $1,771 500 Delaware Avenue Wilmington, DE 19899 6. Timely AS. Trade Vendor $7,862 Hausmannsgate 16 0182 Oslo, Norway 7. Orrick, Herrington & Disputed $89,670 Sutcliffe LLP Legal PO Box 848066 Services Los Angeles, CA 90084-8066 Joseph Perkins Email: jperkins@orrick.com 8. heyData GmbH Trade Vendor $8,272 Schutzenstrasse 5 Berlin, 10117 Germany 9. Daniel Jaiyong An Disputes Unknown Address on File 10. Celsius Network Limited Stablecoin Unknown The Corporation Trust Company Holder 1209 Orange Street Wilmington, DE 19801 11. Alameda Research LLC Potential $8,512,910 c/o GKL Registered Creditor Agents of DE, Inc 3500 S Dupont Hwy Dover, DE 19901 12. Oasis Pro, Inc. Potential $250,000 1 Thorndal Circle Creditor Darien, Connecticut 06982 13. Prime Trust LLC Dispute Unknown 330 S Rampart Blvd, Ste 260 Las Vegas, NV 89145 14. Pizzeys Patent & Trademark Legal Services Unknown Attorneys Pty Ltd. Level 15 241 Adelaide Street Brisbane, QLD 4000 Australia 15. Bend Law Group Legal Services Unknown 2181 Greenwich Street San Francisco, CA 94123 Doug Bend Email: doug@bendlawgroup.com 16. Techteryx Ltd. Disputes Unknown B101 Yaxinju Jinhui Xinyuan Huizhou City, Guagdong Province China 17. First Digital Trust Ltd. Dispute Unknown Room 4001; 40/F Tower 1, Lippo Centre Admiralty, Hong Kong Vincent Chok Email: v.chok@legacytrust.com.hk 18. State of Delaware, State Taxes $179,012 Secretary of State Division of Corporations PO Box 898 Dover, DE 19901 19. State of Delaware, State Taxes $860 Secretary of State Division of Corporations PO Box 898 Dover, DE 19901 20. Gadze Finance SEZC Loan Unknown 90 North Church St. George Town, Grand Cayman Email: mike@gadze.finance 21. Georgi Georgiev Loan Unknown Address on File 22. Marc Thalen Loan Unknown Address on File 23. Yi Chou Loan Unknown Address on File 24. Tomoaki Sato Loan Unknown Address on File 25. Ryan Yip (YIP CHUNG HONG) Loan Unknown Address on File 26. Daryl Choong Loan Unknown Address on File 27. Lee Tsun Ngai Loan Unknown Address on File 28. Wei-Chieh Hsia Loan Unknown Address on File 29. Tyler Kyle Loewen Loan Unknown Address on File 30. Mikko Matias Ohtamaa Stablecoin Holder Unknown Address on File ARIZONA HORSE: Hires May Potenza Baran & Gillespie as Counsel ------------------------------------------------------------- Arizona Horse Rescue & Adoption seeks approval from the U.S. Bankruptcy Court for the District of Arizona to employ May, Potenza, Baran & Gillespie, PC as counsel. The firm's services include: (a) prepare pleadings and motions and conduct of examinations incidental to estate administration; (b) advise the Debtor of its rights, duties, and obligations under Chapter 11 of the Bankruptcy Code; (c) take any and all other necessary action incident to the proper preservation and administration of the Chapter 11 estate; and (d) advise the Debtor in the formulation and presentation of a plan pursuant to Chapter 11 of the Bankruptcy Code, the disclosure statement and concerning any and all matters relating to the foregoing. The firm will be paid at these hourly rates: Grant Cartwright. Attorney $625 Andrew Harnisch, Attorney $625 Eric Moats, Attorney $550 Other Associates $515 Emma Smith, Attorney $330 Michelle Giordano, Paralegal $280 On January 23, 2026, the Debtor's principal, Shane Stephen provided the firm with a retainer of $4,667. Mr. Cartwright disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Grant L. Cartwright, Esq. May, Potenza, Baran & Gillespie, PC 1850 North Central Avenue, Suite 1600 Phoenix, AZ 85004 Telephone: (602) 252-1900 Facsimile: (602) 252-1114 Email: gcartwright@maypotenza.com About Arizona Horse Rescue and Adoption Arizona Horse Rescue and Adoption is an Arizona-based horse rescue organization that provides care, rehabilitation, and adoption services for at-risk horses. Arizona Horse Rescue and Adoption sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ariz. 25-12193) on December 17, 2025, with $100,001 to $500,000 in assets and $50,001 to $100,000 in liabilities. Judge Scott H. Gan oversees the case. Grant L. Cartwright, Esq., at May, Potenza, Baran & Gillespie, PC represents the Debtor as counsel. AVALON GLOBOCARE: Eliminates Majority Debt Through $2.6M Conversion ------------------------------------------------------------------- Avalon GloboCare Corp. converted the majority of its outstanding debentures, significantly strengthening its balance sheet. The debentures originated from a June 2024 institutional investor convertible note financing with an aggregate principal amount of $2.8 million. Of this amount, $288 thousand of principal was repaid in cash, while the remaining $2.6 million of principal was converted into shares of Avalon's common stock in accordance with the terms of the debentures, eliminating the majority of Avalon's outstanding debt. The Company believes that substantially all of the converted shares have been sold. The Company believes the debenture conversion removes a significant balance-sheet overhang, improves financial transparency, and supports long-term shareholder value creation as Avalon continues advancing its diagnostic, intellectual property, and AI-driven initiatives. "This conversion represents a meaningful milestone for Avalon," said Meng Li, Avalon's Interim Chief Executive Officer and Chief Operating Officer. "By substantially reducing debt, we have strengthened our capital structure, enhanced capital efficiency, and improved our overall financial flexibility. Importantly, this progress aligns with our recent return to compliance with Nasdaq's minimum stockholders' equity requirement and positions us to execute our strategic growth initiatives with greater confidence." About Avalon Globocare Avalon Globocare Corp., based in Freehold, New Jersey, develops and markets precision diagnostic consumer products and cellular therapy intellectual property. The Company currently sells the KetoAir breathalyzer, a U.S. FDA-registered Class I medical device, and plans to expand its diagnostic applications. It also owns and manages commercial real estate at its headquarters. In an audit report dated March 31, 2025, M&K CPAS, PLLC issued a "going concern" qualification citing that the Company has yet to achieve profitable operations, has negative cash flows from operating activities, and is dependent upon future issuances of equity or other financings to fund ongoing operations, all of which raises substantial doubt about its ability to continue as a going concern. As of September 30, 2025, the Company had $9.1 million in total assets, $13.6 million in total liabilities, and $4.5 million in total deficit. AW FARMS: Gets Interim OK to Use Cash Collateral ------------------------------------------------ AW Farms, LLC got the green light from the U.S. Bankruptcy Court for the Eastern District of Kentucky, Ashland Division, to use cash collateral to fund operations. The court issued an interim order authorizing the Debtor to use cash collateral in the amounts set forth in the budget. The Debtor is not allowed to vary said amounts more than 10% for any expenditure. Peoples Bank of Kentucky, Inc. and five other creditors will be granted a replacement lien, with the same priority and of the same type that each creditor possessed prior to the petition date. In addition, Peoples Bank of Kentucky will receive $3,000 for February, to be held in the Dennery, PLLC IOLTA account and disbursed to the bank on or before March 10. A final hearing is set for March 11. The order is available at https://is.gd/4vPu8P from PacerMonitor.com. AW Farms operates a meat-processing facility and retail meat business on approximately 10.93 acres in Greenup County, Kentucky, offering beef, pork, and hog processing, custom slaughter and cutting services, retail sales, and wholesale supply to local businesses. Revenues are primarily generated through retail and wholesale sales, largely settled via credit- and debit-card transactions deposited into the Debtor's operating accounts. The Debtor experienced liquidity constraints beginning in 2023, exacerbated by construction overruns for its Meat House, tightening meat margins, losses from a secondary retail outlet, and rising debt service. In March 2024, Peoples Bank of Kentucky terminated $78,000 in overdraft accommodations, further straining working capital, and in June 2025 filed a foreclosure action asserting defaults under multiple cross-collateralized loans, threatening immediate foreclosure of operating real estate. The Debtor generates approximately $30,000 per month in recurring cash receipts, with $25,000 needed for essential operating expenses, including payroll, utilities, feed, processing costs, and insurance. Peoples Bank of Kentucky holds a first-priority, perfected lien on substantially all cash collateral, including livestock, inventory, accounts, and deposit accounts, arising from blanket security agreements and UCC filings from 2019 to 2022. Other parties, including Middesk, Inc. (potentially representing OnDeck or SpotOn Capital), Kentucky Agricultural Development Board (KADB), and Critchfield Meats, Inc., hold interests junior to Peoples Bank of Kentucky and do not have valid claims to cash collateral for purposes of the motion. Peoples Bank of Kentucky is represented by: Adam R. Kegley, Esq. FBT GIBBONS LLP 325 West Main Street, Suite 301 Lexington, KY 40507 Tel: (859) 231-0000 Fax: (859) 231-0011 akegley@fbtgibbons.com About AW Farms LLC AW Farms, LLC operates a meat-processing facility and retail meat business in Greenup County, Kentucky. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Ky. Case No. 26-10034-dll) on February 2, 2026. In the petition signed by Tyler J. Wells, chief executive officer, the Debtor disclosed up to $1 million in assets and up to $10 million in liabilities. Judge Douglas L. Lutz oversees the case. J. Christian Dennery, Esq., at Dennery, PLLC, represents the Debtor as legal counsel. BAER & ASSOCIATES: Case Summary & 20 Largest Unsecured Creditors ---------------------------------------------------------------- Debtor: Baer & Associates, Inc 4121 W 83rd St, Ste 256 Prairie Village, KS 66208 Business Description: Baer & Associates, Inc., based in Prairie Village, Kansas, provides custom and innovative packaging solutions for manufacturers and businesses across various industries. The company offers sustainable and specialized packaging products, emphasizing supply chain support, food safety, and client-focused service. Founded in 1981, it serves both stock and custom packaging needs through its U.S. operations. Chapter 11 Petition Date: February 4, 2026 Court: United States Bankruptcy Court District of Kansas Case No.: 26-20151 Debtor's Counsel: Gary Mardian, Esq. WEISNER & FRACKOWIAK LC 6750 W 93rd Street, Suite 220 Overland Park, KS 66212 Tel: 913-381-7654 E-mail: garym@wflaw.net Estimated Assets: $100,000 to $500,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Patrick M. Loftus as president. A full-text copy of the petition, which includes a list of the Debtor's 20 largest unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/XJEEGOA/Baer__Associates_Inc__ksbke-26-20151__0001.0.pdf?mcid=tGE4TAMA BB RESTAURANT: Seeks to Hire Keery McCue as Bankruptcy Counsel -------------------------------------------------------------- BB Restaurant Group, LLC seeks approval from the U.S. Bankruptcy Court for the District of Arizona to employ Keery McCue, PLLC as counsel. The firm's services include: (a) prepare pleadings and applications; (b) conduct examinations incidental to administration; (c) advise the Debtor of its rights, duties, and obligations under Chapter 11 of the Bankruptcy Code; (d) take any and all other necessary action incident to the proper preservation and administration of this Chapter 11 estate; and (e) advise the Debtor in the formulation and presentation of a plan pursuant to Chapter 11 of the Bankruptcy Code, the disclosure statement and concerning any and all matters relating thereto. The firm's hourly rates range from $175 to $550. Martin McCue, Esq., an attorney at Keery McCue, 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: Martin J. McCue, Esq. Keery McCue, PLLC 6803 East Main Street, Suite 1116 Scottsdale, AZ 85251 Telephone: (480) 478-0709 Facsimile: (480) 478-0787 Email: mjm@keerymccue.com About BB Restaurant Group LLC BB Restaurant Group, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ariz. Case No. 26-01014) on Feb. 2, 2026, listing under $1 million in both assets and liabilities. Judge Brenda K. Martin oversees the case. Martin J. McCue, Esq., at Keery McCue, PLLC serves as the Debtor as counsel. BEAN BROTHERS: Plan Exclusivity Period Extended to April 2 ---------------------------------------------------------- Judge Ashley Austin Edwards of the U.S. Bankruptcy Court for the Western District of North Carolina extended Bean Brothers Landscaping, LLC's exclusive period to extend its exclusivity periods to file a plan of reorganization and obtain acceptance thereof to April 2 and May 15, 2026, respectively. In a court filing, the Debtor explains that cause exists to extend exclusivity period as the company has diligently worked toward reducing the size of its workforce to an appropriate and gainful level, continued profitable service contracts and identify the size of the equipment fleet needed in order to efficiently serve its customers. Moreover, the Debtor has been attentively working on its collection efforts regarding its accounts receivable. These continued collection efforts will aid in formulating an accurate Plan of Reorganization. The Debtor asserts that while it has been active with structuring adequate protection payments on its assets that may depreciate in value during the pendency of the case, overall, this case has been relatively minimal as it relates to contested matters. Consequently, the Debtor submits that its request is made in good faith and not for the purposes of delay, and that no party of interest will be harmed by the granting of the extension requested herein. About Bean Brothers Landscaping LLC Bean Brothers Landscaping, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D.N.C. Case No. 25-40201) on Sept. 25, 2025, listing up to $100,001 to $500,000 in both assets and liabilities. Judge Ashley Austin Edwards handles the case. The Debtor is represented by: John C. Woodman, Esq. Essex Richards, P.A. 1701 South Boulevard Tel: 704-377-4300 Fax: 704-372-1357 Email: jwoodman@essexrichards.com BEAUFORT MEMORIAL:S&P Affirms 'BB' LT Rating on 2024 Revenue Bonds ------------------------------------------------------------------ S&P Global Ratings affirmed its 'BB' long-term rating on the South Carolina Jobs-Economic Development Authority's million series 2024 health care revenue bonds, issued on behalf of Beaufort Memorial Hospital (Beaufort). The outlook is stable. S&P said, "We view environmental physical risk as elevated relative to our credit analysis given Beaufort's coastal location that may be prone to severe weather-related events, including hurricanes and flooding. In our view, Beaufort has systemwide policies and procedures in place in the event of emergency, including an ability to use its facilities to execute strategies that effectively offset some of these environmental challenges, thereby minimizing disruption to its overall operations. While the board of trustees is appointed by the Beaufort County Council and is not self-perpetuating, which we typically view as a best practice, we view governance risk as neutral in our credit analysis. Finally, we view social factors as neutral within our analysis. "The stable outlook reflects our expectation for steadily improved operating performance in fiscal 2026 given Beaufort's targeted revenue and expense initiatives in response to softer fiscal 2025 results. The outlook further reflects our expectation that Beaufort will improve its unrestricted reserve position from fiscal year-end 2025 levels with the aid of stabilized operating performance and minimal capital spending needs outside of the bond-funded Bluffton hospital. "We could revise the outlook to negative or lower the rating if Beaufort is unable to demonstrate meaningful operating improvement in fiscal 2026, when incorporating S&P Global Ratings' adjustments, or if unrestricted reserves do not rebound from fiscal year-end 2025 levels. We could also consider a negative rating action should the enterprise profile materially weaken. "Beyond the outlook period, we could consider a positive rating action if Beaufort establishes a track record of stable and consistent operations results, successfully onboards major capital projects, and meaningfully increases unrestricted reserves to levels comparable with those of higher-rated peers." BELL CANADA: S&P Rates Proposed Subordinated Notes 'BB+' -------------------------------------------------------- S&P Global Ratings assigned its 'BB+' issue-level rating to Bell Canada Inc.'s Canadian dollar-denominated fixed-to-fixed-rate subordinated 2056-D and E notes due 2056. Bell Canada is a wholly owned subsidiary of BCE Inc. (BBB/Stable/ A-2), which intends to use the net proceeds from these notes to fund upcoming maturities and for other general corporate purposes. BCE also plans to use C$500 million to buy back an equivalent amount of preferred shares over the next two-three years. S&P said, "We classify these notes as hybrid securities with intermediate equity content (50%). This reflects the offering's permanence, subordination, and deferability features. In line with our criteria, we will reclassify the notes as having minimal equity content after 2036, because the remaining period until maturity will be less than 20 years. We rate these securities two notches below our 'BBB' long-term issuer credit rating on BCE to reflect their subordination and management's ability to defer interest payments on the instrument. "At the same time, we will remove equity content on C$500 million preferred shares that will be redeemed in the next few years. Pro forma the transaction, the cumulative C$8.7 billion of hybrids (preferred shares and subordinated notes) receiving intermediate equity treatment is about 14%-15% of the company's capitalization on an S&P Global Ratings-adjusted basis. "The long-term nature of the subordinated debentures, along with the company's limited ability and lack of incentives to redeem the issuance, meets our standards for permanence. BCE has emphasized its willingness to maintain the instrument as part of its permanent capital structure. In the event BCE were to redeem either of the instruments before the effective maturity date, they must be replaced with an equivalent or stronger equity-content instrument issued up to or on the date the original hybrid is redeemed. The instruments are subordinated to all BCE's existing and future senior debt obligations, thereby satisfying the condition for subordination. In addition, the interest payments are deferrable up to five years, which fulfills the deferability element." BEYOND AIR: Four Key Proposals Approved at 2026 Annual Meeting -------------------------------------------------------------- Beyond Air, Inc. held its 2026 Annual Meeting of Stockholders. As of December 3, 2025, the date of record for determining the stockholders entitled to vote on the proposals presented at the Annual Meeting, there were 8,009,488 shares of common stock issued and outstanding and entitled to vote at the Annual Meeting. A total of 4,221,408 shares of common stock representing in aggregate 52.70% of the shares outstanding and eligible to vote and constituting a quorum, were represented in person or by valid proxies at the Annual Meeting. The final results for each of the matters submitted to a vote of the Company's stockholders at the Annual Meeting are as follows: Proposal 1. At the Annual Meeting, the terms of the members of the Board expired. Six (6) nominees for director were elected to serve until the next annual meeting of stockholders or until their successors are elected and qualified, or until such director's prior death, resignation or removal. The result of the votes to elect the six (6) directors was as follows: 1. Steven A. Lisi * For: 1,876,721 * Withheld: 140,584 * Broker non-votes: 2,204,103 2. Robert S. Goodman * For: 1,900,828 * Withheld: 116,477 * Broker non-votes: 2,204,103 3. Robert F. Carey * For: 1,889,919 * Withheld: 127,386 * Broker non-votes: 2,204,103 4. Dr. William Forbes * For: 1,302,760 * Withheld: 714,545 * Broker non-votes: 2,204,103 5. Yoori Lee * For: 1,259,067 * Withheld: 758,238 * Broker non-votes: 2,204,103 6. Erick J. Lucera * For: 1,294,661 * Withheld: 722,644 * Broker non-votes: 2,204,103 Proposal 2. At the Annual Meeting, the stockholders ratified the appointment of WithumSmith+Brown, PC as the Company's independent registered public accounting firm for the fiscal year ending March 31, 2026. The result of the votes to ratify the appointment of WithumSmith+Brown, PC was as follows: * For: 4,086,430 * Against: 20,603 * Abstain: 114,375 Proposal 3. At the Annual Meeting, the Company's stockholders approved the Eighth Amended and Restated 2013 Equity Incentive Plan to increase the number of shares reserved for issuance by 850,000. The result of the votes to approve the Eighth Amended and Restated 2013 Equity Incentive Plan: * For: 1,119,142 * Against: 884,509 * Abstain: 13,654 * Broker Non-Votes: 2,204,103 A full text copy of the Plan is available at https://tinyurl.com/mwzzm8xd Proposal 4. The Company's stockholders approved the adjournment of the Annual Meeting to a later date or dates, if necessary or appropriate, to permit further solicitation and vote of proxies in the event that there were insufficient votes for, or otherwise in connection with, the approval of any one or more of the foregoing proposals. However, since there were sufficient votes at the time of the Annual Meeting to approve Proposals 1, 2, and 3, such adjournment will not be necessary. The result of the votes to approve the adjournment was as follows: * For: 2,757,156 * Against: 1,431,611 * Abstain: 32,641 About Beyond Air Headquartered in Garden City, N.Y., Beyond Air, Inc. -- www.beyondair.net -- is a commercial-stage medical device and biopharmaceutical company developing a platform of nitric oxide generators and delivery systems (the "LungFit platform") capable of generating NO from ambient air. The Company's first device, LungFitPH, received premarket approval from the FDA in June 2022. The NO generated by the LungFit PH system is indicated to improve oxygenation and reduce the need for extracorporeal membrane oxygenation in term and near term (34 weeks gestation) neonates with hypoxic respiratory failure associated with clinical or echocardiographic evidence of pulmonary hypertension in conjunction with ventilatory support and other appropriate agents. East Hanover, New Jersey-based Marcum LLP, the Company's auditor since 2024, issued a "going concern" qualification in its report dated June 20, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended March 31, 2025, citing that the Company has suffered recurring losses from operations, has experienced negative cash flows from operating activities since inception, and has an accumulated deficit, that raise substantial doubt about its ability to continue as a going concern. As of September 30, 2025, the Company had $28.1 million in total assets, against $17.7 million in total liabilities. BLACK PEARL: Fitch Assigns 'BB-(EXP)' LongTerm IDR, Outlook Stable ------------------------------------------------------------------ Fitch Ratings has assigned Black Pearl Compute LLC's (Black Pearl or the issuer) a 'BB-(EXP)' expected Long-Term Issuer Default Rating (IDR). Fitch has also assigned Black Pearl's proposed $2.0 billion senior secured notes an expected 'BB-(EXP)' rating. The Rating Outlook is Stable. RATING RATIONALE The 'BB-(EXP)' IDR and senior secured notes ratings for Black Pearl's $2.0 billion issuance reflect elevated completion risk for its 300 MW (216 IT MW) high-performance computing (HPC) data center project in West Texas. Although the construction scope is relatively straightforward, the project is in the early construction stage, with final completion expected by the end of February 2027 across two phases and five sub-phases. The project is being developed by Black Pearl, a subsidiary of Cipher Mining Inc. (Cipher), in partnership with Quanta Services Inc. (BBB/Stable). Fitch views completion risk as elevated due to the developer's relatively modest experience in building HPC data centers, the tight implementation schedule and the absence of a fixed-price construction contract. Delays in any sub-phase beyond 120 days, plus a 30-day cure period, trigger tenant lease termination rights, which is relatively shorter than in similar transactions. The ratings also incorporate the issuer's ability to raise additional debt for expansion or new data center developments utilizing excess property or shared facilities, which is atypical for project finance structures. Additional debt is restricted to a loan-to-cost (LTC) ratio in line with the current issuance, and requires lease obligations to have a backstop, guarantee or lease from a creditworthy party equal to the lesser of the then rating of Amazon.com, Inc. (Amazon; AA-/Stable) or a rating of 'AA-'. Another mitigant is the fact that the existing site does not have any additional power capacity currently, which limits near-term expansion. However, potential expansions or new projects could face elevated completion risk due to currently unknown budgets and construction schedules. Furthermore, any new project is not required to maintain lease terms similar to the existing lease. Hence, Fitch views this allowance as an overall constraint on the rating. The ratings incorporate the project's strong contractual structure, supporting steady operating-phase cash flows under a 15-year lease with Amazon Data Services, Inc. (not rated), with rent and operating expenses guaranteed by Amazon. Non-recurring charges above $9.5 million/IT MW are the responsibility of the tenant but are not guaranteed by parent Amazon, Inc. Debt is sized to fully amortize during the initial lease term, reducing lease renewal risk. The financial metrics as reflected in DSCR and PLCR are strong, supported by reliable cash flows underpinned by guaranteed, triple-net lease payments from a strong off-taker. The IDR is equalized with the debt facilities' ratings given their equal senior position and lack of subordinate liabilities. KEY RATING DRIVERS Completion Risk - Weaker The assessment reflects the sponsor's relatively modest track record in developing HPC data centers, the absence of a fixed-price construction contract and an aggressive implementation schedule. Quanta is supporting construction and has experience in digital and energy infrastructure. However, significantly self-performed construction and lack of a fixed-price construction contract reduces the risk-transfer benefits in comparison to a traditional contractor model. The project will be delivered in two phases, with rent commencing as each of the five sub-phases is completed. The tenant will reimburse construction costs above the $9.5 million/IT MW as an allowable capital cost allowance, which provides a proxy cost cap, thereby mitigating cost overrun risk. Management indicates no permits are required within the county in which Black Pearl is located. These strengths are offset by the tight 13-month schedule, particularly where key equipment and interfaces are outside the developer's control, and by labor availability risk in the remote Texas location. The project is also exposed to delay risks relating to procurement and supply chain as only 54% of phase 1 and 38% of phase 2 long-lead equipment is secured as of January 2026. The lease allows for up to a four-month delay beyond the target completion date, with a 30-day cure period before the tenant can exercise its termination rights without compensation, resulting in a below-average schedule cushion. A debt service reserve account fully funded at financial close, sized to cover six months of interest and principal due post the target completion date, and phased completion provide some mitigation, but may not cover all costs in a prolonged delay scenario. Supply Risk - Midrange The assessment is supported by firm grid access and limited approval risk. Black Pearl is in West Texas, with power regulated under ERCOT. The project has a 300 MW facility extension agreement with Oncor Electric Delivery Company LLC (Oncor; LT IDR BBB+/Negative) that ERCOT has approved, with no pending approvals or load-profile restrictions. Power is delivered via an existing 138 kV interconnection and priced under Oncor's transmission service tariff. The site has one fully energized high to mid-voltage substation with an N+1 configuration. About 150 MW of infrastructure is operational for the bitcoin mining facility that was previously on the premises. However, this remains to be upgraded for the higher demand of an HPC data center. The project has no generators; if grid power is lost for reasons not caused by the tenant, the tenant cannot terminate the lease unless the outage lasts up to 180 consecutive days. This right lapses if power is restored before it is exercised. The project will have an on-site water treatment plant to treat water sourced from a third party, consistent with local practice for a remote area in Texas. Revenue Risk - Stronger The revenue risk profile is supported by a 15-year triple-net lease to Amazon Data Services, Inc., with three five-year extension options and 3% annual rent escalators. Lease payments are guaranteed by Amazon.com. Average net contracted net operating income (NOI) is about $367 million a year, or about $5.5 billion over the initial term. Rents flow through an agent-controlled lockbox and waterfall that prioritizes operating costs, mandatory amortization and interest, supporting deleveraging and aligning debt reduction with lease cash flows. Although the debt has a bullet maturity, it is sized to fully amortize within the initial 15 years lease term with no reliance on lease renewal leading to a 'Stronger' assessment, despite a relatively remote location and new market for data centers. Operation Risk - Stronger The assessment reflects the triple-net lease that passes 100% of the operating expenses, taxes, insurance premiums and any non-recurring costs related to tenant-driven change orders or cost overruns on the tenant. Lease payments and operating expenses are fully guaranteed by the tenant's parent, Amazon, but non-recurring charges are not guaranteed. Issuer/landlord obligations require diligent operation and upkeep of the substation, which has N+1 redundancies, but the lease does not include uptime, humidity or temperature service level agreements (SLAs). This offsets Cipher's relatively modest experience operating an HPC data center. Infrastructure Development & Obsolescence Risk - Neutral Fitch's assessment reflects a newly built and retrofitted modern facility with 300 MW of gross capacity (216 MW critical IT load) that is scheduled to commence operations in October 2026. Lifecycle replacement strategies were set during design and cover execution for future equipment swaps including risk assessments, routing, staffing, timing, lifting, transport and returns. Spare parts are held on-site or can be sourced within 48 hours under supplier agreements to limit downtime, and the design includes clearances, lighting and access platforms to support safe maintenance. Renewal and obsolescence risk is partly mitigated by debt scheduled to fully amortize within the initial 15-year lease term, broadly in line with typical 12- to 15-year replacement cycles for mission-critical M&E systems. Debt Structure - 1 - Weaker The assessment reflects that, in comparison to standard project finance structures, Black Pearl's documentation and allowances reflect a hybrid corporate framework with greater flexibility for additional debt under largely unknown conditions. This includes a basket equal to 50% of NOI (incorporated into Fitch's assumptions) as well as an additional project debt basket with no explicit cap for additional projects of similar nature utilizing excess property or shared facilities. Although restrictions apply to this additional project debt with respect to counterparty credit quality, maintenance of a loan-to-cost ratio, and presence of a lease with a creditworthy counterparty, the ability to incur an unknown amount of incremental debt with unknown terms introduces risks to the project and the existing notes, even after construction is complete. The lease and debt terms as well as completion and operating risk profiles of additional projects are unknown at this time and could be substantially weaker than the current project. This risk is partially mitigated because the current site has no additional power capacity, limiting near-term expansion, and the project's high coverage ratio could support some additional debt at the current rating. In addition, the project can invest in joint ventures or similar businesses but is subject to an aggregate net-debt-to-NOI ratio of 3x or less. Funding for such investments would have to be from existing debt availability; a separate permitted debt basket for these investments does not exist. The transaction consists of $2.0 billion of senior secured notes due 2031, thereby exposing the project to refinancing risk. Refinancing risk at the 2031 maturity is mitigated by the 15-year lease term, which supports full amortization. The notes are secured by a first-priority lien over substantially all assets, contracts, grid connections and cash flows, and supported by Amazon.com's lease payment guarantee. Liquidity is supported by a $140 million debt service reserve account (DSRA) funded at closing, sized to six months of debt service, and interest during construction is fully funded from note proceeds. Lease payments are paid into agent-controlled lockbox accounts and applied through a waterfall to de minimis operating expenses, then scheduled principal and interest before other permitted uses, including DSRA replenishment. The issuer is subject to special purpose entity (SPE) covenants, including distribution controls, debt incurrence limits, separateness provisions and restrictions on commingling and guarantees of parent obligations. Financial Profile The operating phase financial profile demonstrates strong performance post-completion for the current project. DSCRs under Fitch's rating case, which incorporates stressed refinancing rates, are above Fitch's 1.1x indicative criteria guidelines for a triple net lease structure with an average of 1.87x over the term of the lease. Fitch cases factor in the incurrence of additional debt as permitted by the debt documents. This additional credit facility is capped at 50% of the net operating income (trailing four quarters) and is estimated at $152MM and amortizing pari passu through the life of the lease. PLCR at year five (expected maturity) is 1.83x, which mitigates refinancing risk. While these metrics could support a higher rating, the rating remains constrained by completion risk as well as the project's ability to raise additional debt for an expansion or additional project. PEER GROUP Cipher Compute, LLC (BB-/Stable) is a comparable publicly rated peer developing a 300 MW (phase 1 with 244 MW plus phase 2 expansion with 56 MW) data center at Barber Lake, TX. The project faces elevated completion risk because, despite having a relatively straightforward scope of work, the project is in the early construction phase without a fully locked in price with contractor Quanta Infrastructure Solutions Group, LLC (a subsidiary of Quanta Services Inc.; BBB/Stable), exposing it to cost escalation risks. Cipher Compute's rating is also constrained by completion risk, lack of an operational track record in relation to HPC data centers, and the project's ability to raise additional debt for an expansion or additional project. The Cipher Compute project benefits from a 10-year initial lease term with Fluidstack and a Google backstop mechanism during the operating phase to cover Fluidstack's obligations under the lease. Cipher Compute's operating phase financial profile is strong, with an average DSCR of 1.40x over the initial lease term (2026-2036) and a PLCR at maturity (2030) of 1.60x under Fitch's rating case, which incorporates stressed operating costs and escalation. Operating revenues depend on one site including the initial phase and expansion, the latter of which will improve coverage ratios due to the higher lease rate compared to the initial phase rate due upon expansion. Google's backstop, together with a fully funded six-month debt service reserve, provides additional credit enhancement. WULF Compute, LLC (WULF; BB/Stable) is also a comparable rating and project. It is developing a 450 MW data center at the Lake Mariner campus in western New York state. The rating is constrained by completion risk and a limited operating track record, with additional risks from the absence of a fixed-price construction contract and an aggressive schedule. The project has an MG+E lease with Fluidstack for 10 years, with two five-year extension options, and benefits from Google's backstop during the operating phase, which is expected to cover Fluidstack's lease obligations or termination payments sufficient to repay outstanding debt in the event of a Fluidstack default or bankruptcy. WULF has three sites with staggered completion, each with its own backstop. WULF has an average DSCR 1.26x over the initial debt term (2026-2036) and a PLCR at maturity (year five) of 1.60x under Fitch's rating case, which incorporates stressed operating costs and escalation. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Construction delays for any of the two phases that exceed allowable times as indicated in the lease terms, leading to potential tenant termination; - Degradation of the financial performance leading to sustained DSCR below 1.1x; - The rating could be downgraded if any additional project faces elevated completion risk from delays or cost overruns, or if it raises the existing project's completion risk due to interface issues. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Positive rating action is unlikely due to the risk associated with potential additional project debt of unknown terms, completion and operating risk profiles. TRANSACTION SUMMARY Black Pearl, an indirect wholly owned subsidiary of Cipher, is issuing $2.0 billion of senior secured notes to fund construction of a 216 MW critical IT load (300 MW gross) purpose-built HPC data center in West Texas. Total budgeted project cost is about $2.3 billion, including about $2.1 billion of capex, capitalized interest during construction, a DSRA and financing fees, and includes about $171 million of contingency. Cipher has funded about $578 million of capex to date with equity; remaining costs are expected to be funded by net note proceeds and, if needed, other issuer cash. Sources and uses reflect an 85% LTC which results in $2.0 billion in debt and $346 million in equity contribution. The equity portions will partly reimburse a prior parent equity contribution of $578 million. Cipher also provides a parent completion guarantee. The notes have a five-year tenor through 2031, a fixed 7% coupon, and a first-priority lien on substantially all issuer assets, contracts and cash flows. The DSRA will be funded at closing for about $140 million, sized to around six months of post-construction debt service, along with a $125 million fund for capitalized interest during construction. The issuer is the sole guarantor, with SPE covenants restricting commingling and parent support. All lease payments are paid into a lockbox and agent-controlled accounts, with a waterfall that prioritizes operating expenses, mandatory amortization and debt service. All capacity is pre-leased under a 15-year triple-net sublease to tenant Amazon Data Services, Inc.; permitted payees are the issuer or, after an event of default, the collateral agent. The tenant's parent, Amazon.com, Inc., fully guarantees lease rent (including operating expenses), and the tenant provides construction cost certainty by covering costs above the $9.5 million/MW IT load allowance as non-recurring payments. For expected (EXP) ratings, Fitch has relied on the preliminary offering memorandum and description of notes (DON) and has not reviewed the transaction documents such as the indenture, security and collateral agreements. The terms of these documents are presented in the DON and Fitch expects the documents to remain consistent with these terms. The final ratings are contingent upon the receipt by Fitch of final documents conforming to information already received and reviewed as well as the final pricing of the bonds. SECURITY The debt is secured by all assets, revenues, and cash flows from the Amazon Data Services, Inc. lease, which benefits from a guarantee of rent payments and operating expenses payable through lease term from parent Amazon.com, Inc. Date of Relevant Committee 03-Feb-2026 Climate Vulnerability Signals The results of its Climate.VS screener did not indicate an elevated risk for Black Pearl Compute LLC. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating ----------- ------ Black Pearl Compute LLC LT IDR BB-(EXP) Expected Rating Black Pearl Compute LLC/Senior Secured Debt/1 LT LT USD 2 bln bond/note LT BB-(EXP) Expected Rating BLACKROCK TCP: Fitch Lowers LongTerm IDR to 'BB', On Watch Negative ------------------------------------------------------------------- Fitch Ratings has downgraded BlackRock TCP Capital Corp.'s (TCPC) Long-Term Issuer Default Rating (IDR), senior secured debt and senior unsecured debt to 'BB' from 'BB+'. Fitch has placed all the ratings on Rating Watch Negative (RWN). Key Rating Drivers Ratings Downgraded; Placed on RWN: The downgrade and RWN reflect the anticipated decrease of approximately 19% in TCPC's net asset value (NAV), which would result in a meaningful reduction in its asset coverage cushion and continued deterioration in asset quality which will pressure earnings and dividend coverage, as announced as part of a preliminary data release of year-end 2025 results. An inability to reduce leverage and enhance the asset coverage cushion near term could result in additional negative rating action. Elevated Leverage on NAV Decline: TCPC's leverage (par debt-to-equity) is expected to increase to 1.74x as of YE25 and net regulatory leverage is expected to increase to 1.45x, which would result in a meaningful decline in the asset coverage cushion. Fitch views TCPC's leverage as high for the portfolio risk profile. Fitch anticipates additional realized losses as underperforming investments are restructured and there is the potential for further markdowns of investments. TCPC's expected net regulatory leverage is outside its 0.9x-1.20x internal target and Fitch's anticipates it will require multiple quarters to move back into the range. Continued Deterioration in Asset Quality Metrics: TCPC's net realized losses (adjusted for merger accounting impacts) were 12.1% of the average portfolio at fair value for 9M25 and 4.6% in 2024. Both were well above the rated business development company (BDC) peer average. The 9M25 metric falls within Fitch's 'b' category benchmark range of above 5%. TCPC's preliminary expectations for non-accrual investments as of YE25 deteriorated to 4.0% of the debt portfolio at fair value and 9.6% at cost, reversing improvements in 3Q25. Fitch's sector outlook for BDCs in 2026 is deteriorating as continued elevated interest rates and the challenging macroeconomic backdrop are expected to pressure borrower performance. Fitch expects TCPC's asset quality metrics to remain weaker than its peers given elevated non-accruals and portfolio concentrations. Dividend Coverage Likely to be Pressured: TCPC faces additional earnings headwinds over the Rating Outlook horizon given tighter spreads, the potential for additional rate cuts and the expiration of the partial base management fee waiver after 4Q25. TCPC's net investment income (NII) coverage of regular dividends is expected to be pressured in 2026, absent an extension of the waiver and/or a reduction in the dividend. Management expects NII to be between $0.24 and $0.26 in 4Q25, compared to a prior quarterly dividend of $0.25. In addition, Fitch believes PIK income will remain elevated as weaker borrower performance drives additional amendment activity, further reducing cash earnings coverage of the dividend. PIK represented 10.9% of NII in 4Q25. Failure to enhance cash earnings coverage of the dividend could result in additional negative rating action. Reduced Liquidity Cushion Anticipated: TCPC has $325 million of unsecured notes maturing in February 2026, which the firm expects to refinance using its revolving facilities, as well as $22.2 million of SBA debentures maturing during the year. Borrowing capacity on revolving credit facilities amounted to $483 million at Dec. 31, 2025, and TCPC had $154 million of unfunded commitments as of Sept. 30, 2025. Fitch expects repayment of maturing debt with revolver capacity to weaken the liquidity position considerably and impair earnings capacity as repayment proceeds are retained to rebuild liquidity rather than redeployed. TCPC has SBA debentures maturing in 2027 and 2028, but the next meaningful term debt maturity is in 2029 when $325 million is due. Pro forma for the 2026 debt repayment, unsecured debt is expected to fall to approximately 30% of total debt — well below the peer average, but within Fitch's 'bb' category benchmark range of 10%-35%. Platform Affiliation Benefits: TCPC's ratings continue to reflect its affiliation with BlackRock, Inc. (BlackRock) and its senior secured investment focus. Fitch believes BlackRock's acquisition of HPS Investment Partners in July 2025 could improve deal flow over time and enhance investment resources across the platform. Competitive Underwriting Environment: Rating constraints for BDCs include the market impact on leverage, dependence on access to the capital markets to fund growth and limited ability to retain capital. Fitch believes BDCs will continue to face a competitive underwriting environment, weaker earnings and dividend coverage metrics, and deterioration in asset quality metrics throughout 2026. Rating Watch Negative: The RWN reflects Fitch's expectations that asset quality metrics will remain challenged over the near term, with amendment activity and restructurings yielding additional net realized losses. This will continue to pressure firm leverage, which is already elevated, and NII, which will be unlikely to cover the dividend without a cut or additional fee waivers. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Failure to revert leverage toward the targeted range or an inability to build an asset coverage cushion sufficient for the risk profile of the portfolio; - Further increases in non-accrual levels or additional realized losses, particularly those resulting from investments not currently on non-accrual; - Failure to maintain a sufficient liquidity cushion for unfunded commitments, near-term maturities and operating needs; - Further deterioration in cash-based NII coverage of the dividend or an increase in the PIK component of NII; - A sustained decline in the unsecured funding mix below 15% of total debt; - An elevation in the portfolio risk profile, including a material decline in first lien loans as a percentage of the portfolio. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade Positive rating momentum is unlikely over the near term given the recent deterioration in the firm's credit metrics. - A more material reduction in non-accrual levels without the recognition of meaningful losses; - A sustained increase in the asset coverage cushion to over 20% and maintenance of leverage levels commensurate with the risk profile of the portfolio; - Improvement in cash NII coverage of the dividend, even in the absence of management fee waivers; - Demonstrated economic access to unsecured funding that results in the maintenance of unsecured debt to total debt of at least 35%; - Demonstrated ability to leverage its relationship with the broader BlackRock platform (including HPS) to benefit from its competitive positioning in the market. Factors that Could, Individually or Collectively, Lead to Removal of the Rating Watch Negative and Assigning a Stable Outlook: - A material and sustained increase in the available liquidity cushion; - A decrease in reported net regulatory leverage to within TCPC's target range of 0.9x-1.2x; - A reduction in PIK as a percentage of interest and dividend income; - Demonstrated economic access to unsecured funding that results in the maintenance of unsecured debt to total debt of at least 25%, and ample liquidity and solid cash-based NII coverage of the dividend; - A significant decline in non-accrual levels without the recognition of meaningful realized losses; - Enhanced consistency of core earnings performance. DEBT AND OTHER INSTRUMENT RATINGS: KEY RATING DRIVERS TCPC's secured and unsecured debt ratings are aligned with its Long-Term IDR. This reflects Fitch's expectations for solid collateral coverage for all classes of debt given that TCPC is subject to a 150% asset coverage requirement. DEBT AND OTHER INSTRUMENT RATINGS: RATING SENSITIVITIES The secured and unsecured debt ratings are primarily linked to the Long-Term IDR and are expected to move in tandem. However, the notching could change if there is a shift in the funding mix or available asset coverage, which Fitch believes impacts the recovery prospects of the instruments in a stress scenario. ADJUSTMENTS The Standalone Credit Profile (SCP) has been assigned in line with the implied SCP. The Business Profile score has been assigned below the implied score due to the following adjustment reason(s): Historical and future developments (negative). The Asset Quality score has been assigned below the implied score due to the following adjustment reason(s): Concentrations; asset performance (negative), Historical and future metrics (negative). The Earnings & Profitability score has been assigned below the implied score due to the following adjustment reason(s): Historical and future metrics (negative). The Funding, Liquidity & Coverage score has been assigned below the implied score due to the following adjustment reason(s): Funding flexibility (negative), liquidity coverage (negative). ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Prior ----------- ------ ----- BlackRock TCP Capital Corp. LT IDR BB Downgrade BB+ senior unsecured LT BB Downgrade BB+ senior secured LT BB Downgrade BB+ BLEND COFFEE 1: Claims to be Paid From Available Cash and Income ---------------------------------------------------------------- The Blend Coffee 1, LLC and its affiliates filed with the U.S. Bankruptcy Court for the Middle District of Florida a Plan of Reorganization under Subchapter V dated February 2, 2026. The Debtors own and operate eight independent, women-owned coffee and cocktail establishments located across St. Petersburg, Tampa, Palmetto, Pinellas Park, and Largo, Florida. Stacha Madsen is the sole stockholder, director, and President of The Blend Enterprises, Inc., which is the sole member and manager of The Blend Holdings, LLC, which owns each of the Debtors. Ms. Madsen is also the authorized representative of each of the Debtors. Over the past year, the Debtors pursued rapid expansion to meet market demand, but several planned store openings were materially delayed, compressing projected revenue while fixed overhead and preopening costs continued to accrue. Concurrently, build-out expenses escalated beyond budget due to unanticipated Americans with Disabilities Act compliance requirements identified during permitting and inspections, necessitating redesigns, additional construction, and change orders that increased capital outlays and extended timelines. To bridge these timing gaps and fund critical obligations, the Debtors obtained short-term bridge financing at above-market rates and fees, which combined with the delayed revenue ramp and elevated construction costs, strained liquidity, and debt service capacity. After careful consideration of available options, the Debtors concluded that filing for Chapter 11 bankruptcy would provide an optimal framework to address their operational deficiencies, restructure their balance sheets, safeguard the interests of all stakeholders, and maximize distributions to creditors in accordance with the Bankruptcy Code's priority scheme. Class 12 consists of all non-priority unsecured claims. Each holder of an Allowed Class 12 Claim shall receive its pro rata share of the Debtors' projected disposable income as defined in Section 1191(c)(2)(A) and (d)(2) of the Bankruptcy Code, remaining after the payment of senior claims. Payments to Class 12 creditors shall be made monthly commencing after payment in full of all allowed administrative expenses claims and allowed lease/contract cure claims. Class 12 is impaired by the Plan and is entitled to vote. Class 13 consists of Equity Interests. The Blend Holdings, LLC shall retain its ownership interests in each of the Debtors. Class 13 is unimpaired by the Plan and is deemed to accept the Plan. Payments required under the Plan will be funded from: (i) the cash on hand on the Effective Date, and (ii) projected disposable income of the Debtors. A full-text copy of the Plan of Reorganization dated February 2, 2026 is available at https://urlcurt.com/u?l=jAKYLX from PacerMonitor.com at no charge. The Debtors' Counsel: Amy Denton Mayer, Esq. BERGER SINGERMAN LLP 101 E. Kennedy Boulevard Suite 1165 Tampa, FL 33602 Tel: (813) 498-3400 Email: amayer@bergersingerman.com About The Blend Coffee 1 LLC The Blend Coffee group comprises multiple affiliated limited liability companies under common ownership and control that operate coffeehouse and cocktail venues in St. Petersburg, Florida. The group provides espresso-based beverages, coffee flights, and mixed drinks across several locations. It functions as an integrated hospitality business with shared financial, administrative, and operational systems. The Blend Coffee 1 and its affiliates filed petitions under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Lead Case No. 25-08269) on November 4, 2025. At the time of the filing, Blend Coffee 1 listed up to $50,000 in assets and between $500,000 and $1 million in liabilities. Judge Roberta A. Colton presides over the cases. Amy Denton Mayer, Esq., at Berger Singerman, LLP represents the Debtors as legal counsel. BLUE DUCK: Claims to be Paid from Continued Operations ------------------------------------------------------ Jason A. Rae, Chapter 11 trustee of Blue Duck Energy, Ltd., filed with the U.S. Bankruptcy Court for the Northern District of Texas a Combined Disclosure Statement and Chapter 11 Plan for the Debtor dated February 2, 2026. The Debtor is a Texas limited partnership organized in May 2021 for the purpose of acquiring, owning, and operating oil and gas interests. The Debtor's original Interest holders were the Debtor's general partner, Blue Duck Energy GP, LLC, and its two equally situated limited partners, JetTexas Oil, LLC and Indian Territory Holdings, LLC. JetTexas is directly or indirectly owned and controlled by Garrett Johnson, and Indian Territory is directly or indirectly owned and controlled by Stewart Hoge. At some point, a dispute arose between Johnson and Hoge which ultimately led to litigation. On March 7, 2023, Hoge filed a petition in Dallas County District Court under Texas Rule of Civil Procedure 202, seeking pre-suit discovery against Johnson and others. On September 19, 2023, Johnson and JetTexas filed a second lawsuit in Dallas County District Court against Seth Wadley, Wadley Family Investments, LLC, Purple Dog Investments, LLC, and Hoge, which the Court consolidated with the first action. On the Petition Date (August 14, 2024), after more than a year of highly contentious litigation, the Debtor filed its Bankruptcy Case and removed the litigation to the Bankruptcy Court, thereby initiating the Adversary Proceeding. All filings from the Dallas County District Court suit were re-filed in the Adversary Proceeding and are therefore available for review. The Plan is structured so that it will not be Substantially Consummated until the Adversary Proceeding is resolved by Final Order, which requires the exhaustion of all appeals. Under these circumstances, therefore, several years may go by before the Plan is Substantially Consummated. Until then, the Bankruptcy Case will remain open, and the Trustee will remain in control of the Estate. On August 28, 2024, Johnson and JetTexas filed a Motion to Appoint Trustee or Examiner. The Bankruptcy Court conducted a lengthy and hotly contested hearing on this motion over two days on October 10 and 22, 2024. On November 7, 2024, the Bankruptcy Court entered its Order Granting Motion to Appoint Trustee or Examiner, granting the request to appoint a chapter 11 trustee. On November 15, 2024, the United States Trustee filed its Chapter 11 Notice of Appointment of Trustee and of Amount of Bond, identifying Jason A. Rae as the Trustee. The appointment of the Trustee divested the Debtor's management of any control over the Debtor, and the Trustee has managed the Debtor's business and affairs ever since. Class 3 consists of all Allowed General Unsecured Claims against the Debtor. The Plan leaves unaltered the legal, equitable, and contractual rights to which each Allowed General Unsecured Claim entitles the holder of such Allowed General Unsecured Claim. Class 3 is Unimpaired and deemed to accept the Plan. Class 4 consists of all Allowed Interests in the Debtor. Notwithstanding section 1141(d)(1)(B) of the Bankruptcy Code, the Plan leaves unaltered the legal, equitable, and contractual rights to which each Allowed Interest entitles the holder of such Allowed Interest, as determined in the Adversary Proceeding; provided, however, for the avoidance of doubt that, until the Adversary Proceeding is resolved by Final Order, Persons holding or claiming to hold Interests, which are currently Disputed and not Allowed, are prohibited from exercising the legal, equitable, and contractual rights to which an Allowed Interest otherwise would entitle the holder of such Allowed Interest. Unless otherwise set forth in the Plan, pursuant to section 1123 of the Bankruptcy Code and Bankruptcy Rule 9019, and in consideration for the classification, distributions, releases, and other benefits provided under the Plan, upon the Effective Date, the provisions of the Plan shall constitute a good-faith compromise and settlement of all Claims, Interests, Causes of Action, and controversies released, settled, compromised, discharged, or otherwise resolved pursuant to the Plan. Payments to creditors contemplated under this Plan shall be made from revenue generated from the Reorganized Debtor's continued business operations, including the operations of its subsidiary, MVR. A full-text copy of the Combined Disclosure Statement and Plan dated February 2, 2026 is available at https://urlcurt.com/u?l=zM5Dev from PacerMonitor.com at no charge. Counsel to the Chapter 11 Trustee: Thomas D. Berghman, Esq. Julian P. Vasek, Esq. Munsch Hardt Kopf & Harr P.C. 1717 West 6th Street, Suite 250 Austin, TX 78703 Telephone: (512) 391-6100 Facsimile: (512) 391-6149 Email: tberghman@munsch.com About Blue Duck Energy, Ltd. Blue Duck Energy Ltd. is a Texas limited partnership organized in May 2021 for the purpose of acquiring, owning, and operating oil and gas interests. The Debtor sought relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Tex. Case No. 24-20224) on August 14, 2024. In the petition filed by James Kondziela, as manager of the Debtor's general partner, it listed estimated assets and liabilities between $10 million and $50 million each. The Debtor is represented by Joshua N. Eppich, Esq. at BONDS ELLIS EPPICH SCHAFER JONES LLP. BLUE RIBBON: S&P Lowers ICR To 'D' on Credit Agreement Amendments ----------------------------------------------------------------- S&P Global Ratings lowered its issuer credit rating on U.S.-based Blue Ribbon LLC to 'D' (default) from 'CCC+', its issue-level rating on the term loan B to 'D' from 'CCC+', and its rating on its revolver and super-priority term loan A to 'D' from 'B'. S&P expects to reevaluate the amended capital structure shortly and raise the issuer credit rating to the 'CCC' category. Blue Ribbon LLC amended its credit agreements on Jan. 30, 2026, reducing most of its cash interest obligations and all of its principal amortization requirements through the earlier of Sept. 30, 2027, or the sale of its Irwindale, Calif., facility. The transaction also raises $35 million of new capital from owners. S&P views this transaction as tantamount to default because lenders on its super-priority term loan A, term loan B, and revolving credit facility receive less than promised because of a payment-in-kind (PIK) provision for most of its interest and amortization reduction. Despite no contractual default and improved liquidity, S&P views the amendments as tantamount to default. On Jan. 30, 2026, Blue Ribbon amended its credit agreements to include the option to convert to PIK most of its cash interest payments on all outstanding instruments and to pause amortization payments through the earlier of Sept. 30, 2027, or the Irwindale facility sale. Blue Ribbon also receives an additional $35 million cash injection to support operations, pari passu with the term loan B. Without the amendments, a covenant breach would have been likely. S&P said, "We expect Blue Ribbon to opt for PIK on its loans (most of its first- and second-lien debt), reducing cash interest requirements until at least the third quarter of 2027. The amortization payments pause would provide more than $18 million in cash interest savings annually. Although this transaction enhances Blue Ribbon's near-term liquidity, its current distressed credit condition (material cash flow deficits in fiscal 2025) lead us to view the amendment as a default because the interest and amortization terms indicate lenders will receive less favorable terms than previously agreed. "We intend to reevaluate our ratings on Blue Ribbon in the coming days. This will reflect the long-term viability of the capital structure and revised liquidity position, and creditworthiness. We will consider its ability to improve operating execution with its new contract brewer, Anheuser Busch Inbev, restore cash generation, and potentially generate proceeds by selling the Irwindale facility to reduce its debt burden." BLUE STAR: Gets Interim OK to Use Cash Collateral ------------------------------------------------- Blue Star Management Group, LLC received interim approval from the U.S. Bankruptcy Court for the District of Nevada to use cash collateral to fund operations. The court authorized the Debtor to use cash collateral from February 2 until the final hearing set for March 11 in accordance with its budget, subject to a 10% variance per month in the aggregate. As adequate protection, the court authorized the Debtor to make monthly payments of $3,500 to J.P. Morgan Chase Bank, N.A., and $1,996 to Range Rover Financial, beginning this month. In addition, J.P. Morgan will be granted a superpriority claim and replacement security interests in and liens on the Debtor's assets and proceeds thereof, to the extent of any diminution in the value of security interests resulting from the use of cash collateral. The interim order is available at https://is.gd/6kKMNO from PacerMonitor.com. Blue Star, a Las Vegas restaurant offering Halal Mediterranean cuisine, hookah, and cocktails, has been in business since 2013 and under current ownership since 2020. The bankruptcy filing, initiated on February 2 primarily aims to restructure outstanding business loans and merchant cash advances. The Debtor holds a line of credit with J.P. Morgan (about $201,868 owed) secured by substantially all business assets and a WebBank loan serviced through Toast Capital ($78,318 owed) with a security interest in credit card receipts, though unperfected by UCC-1 filing. Additional obligations include a vehicle loan ($119,782) and various QuickBooks Capital/Intuit loans ($58,707). The Debtor estimates the value of tangible assets such as furniture and kitchen equipment is well below amounts owed to J.P. Morgan. About Blue Star Management Group LLC Blue Star Management Group LLC, a Nevada limited liability company, d/b/a Azuza Hookah Lounge, operates a restaurant offering Halal Mediterranean cuisine, hookah, and cocktails in Las Vegas, Nevada. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Nev. Case No. 26-10688-abl) on February 2, 2026. In the petition signed by Nancy Bedwan, manager, the Debtor disclosed up to $50,000 in assets and up to $500,000 in liabilities. Judge August B. Landis oversees the case. Matthew C. Zirzow, Esq., at Larson & Zirzow, LLC, represents the Debtor as legal counsel. BLUE STAR: Seeks Approval to Hire Larson & Zirzow as Legal Counsel ------------------------------------------------------------------ Blue Star Management Group LLC, a Nevada liability company, doing business as Azuza Hookah Lounge, seeks approval from the U.S. Bankruptcy Court for the District of Nevada to employ Larson & Zirzow, LLC as counsel. The firm will render these services: (a) prepare on behalf of the Debtor, all necessary or appropriate legal papers in connection with the administration of its bankruptcy estate; (b) take all necessary or appropriate actions in connection with a plan of reorganization and all related documents, and such further actions as may be required in connection with the administration of the Debtor's estate; (c) take all necessary actions to protect and preserve the Debtor's estate; and (d) perform all other necessary legal services in connection with the prosecution of the Chapter 11 case. The firm will be paid at these following hourly rates: Matthew Zirzow, Principal $650 Benjamin Chambliss, Associate Attorney $500 Patricia Huelsman, Paralegal $295 In addition, the firm will seek reimbursement for expenses incurred. On Jan. 20, 2026, the firm received a pre-petition retainer of $25,000 from the Debtor. Mr. Zirzow disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Matthew C. Zirzow, Esq. Larson & Zirzow, LLC 850 E. Bonneville Ave. Las Vegas, NE 89101 Telephone: (702) 382-1170 Facsimile: (702) 382-1169 Email: mzirzow@lzlawnv.com About Blue Star Management Group LLC Blue Star Management Group LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Nev. Case No. 26-10688) on Feb. 2, 2026, listing under $1 million in both assets and liabilities. Judge August B. Landis oversees the case. Matthew C. Zirzow, Esq., at Larson & Zirzow, LLC serves as the Debtor's counsel. BOACKPEARL SALON: Unsecureds to Get 100 Cents on Dollar in Plan --------------------------------------------------------------- Boackpearl Salon and Day Spa, L.C. filed with the U.S. Bankruptcy Court for the District of Maryland a Subchapter V Plan dated February 2, 2026. The Debtor was formed on January 30, 2024, and acquired an existing salon located at 302 Harry S Truman Drive, Suite J, Annapolis, MD, 21401. The Debtor is a single-member limited liability company owned by La'Sonia NickMcGriff. Immediately after forming the Debtor and acquiring the salon, Ms. Nick McGriff began experiencing significant health problems, which required multiple surgeries from February 2024 through December of 2025. Due to Ms. Nick-McGriff's health issues, the business struggled with two part-time stylists. Ms. Nick-McGriff was unable to generate income as a stylist and was unable to recruit additional stylists to the salon. Ms. Nick-McGriff is also the sole member of an entity, Racole Extensions, LLC, which operates another salon in the Annapolis Mall, Salon M W. In February of 2026, Salon M W will be relocating to the property leased by the Debtor, and will pay the Debtor $4,000.00 per month rent for use of a portion of the space. In March of 2026, additional stylists will be added to the salon; some will be renting stations and others will be commissioned stylists. The term of this Plan begins on the date of confirmation of this Plan and ends on the 36th month subsequent to that date. The value of the property to be distributed under the Plan during the term of the Plan is not less than the Debtor's projected disposable income for that same period. Unsecured creditors holding allowed claims will receive distributions, which the Debtor has valued at approximately 100 cents on the dollar. The Plan also provides for the payment of secured, administrative, and priority claims in accordance with the Bankruptcy Code. Class 1 consists of General Unsecured Creditors. Payments commencing in month six of the plan and continuing as set forth in Appendix E of the plan until fully paid. The allowed unsecured claims total $102,907.00. This Class will receive a distribution of 100% of their allowed claims. This Class is unimpaired. The Debtor projects income based upon both rent and sales. The projections assume that the number of stylists will increase over the next twelve months until the salon reaches capacity and all of the stations are in regular use. The first increase in rent will occur at the time that Salon M W commences renting stations at the leased premises. All funds available for distribution will be generated either through rent of stations or through sales generated by either the owner, La'Sonia Nick McGriff or by stylists paid on a commission basis. A full-text copy of the Subchapter V Plan dated February 2, 2026 is available at https://urlcurt.com/u?l=lnY0nV from PacerMonitor.com at no charge. Counsel to the Debtor: Geri Lyons Chase, Esq. Law Office of Geri Lyons Chase 2007 Tidewater Colony Drive, Suite 2B Annapolis, MD 21401 Telephone: (410) 573-9004 E-mail: gchase@glchaselaw.com About Boackpearl Salon and Day Spa, L.C. Boackpearl Salon and Day Spa, L.C. was formed on January 30, 2024, and acquired an existing salon located at 302 Harry S Truman Drive, Suite J, Annapolis, MD, 21401. The Debtor filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Md. Case No. 25-19364) on October 7, 2025, listing up to $50,000 in assets and $50,001 to $100,000 in liabilities. Geri Lyons Chase, Esq. at Law Office Of Geri Lyons Chase represents the Debtor as counsel. BRIGHT MINDS: Todd Hennings Named Subchapter V Trustee ------------------------------------------------------ The Acting U.S. Trustee for Region 21 appointed Todd Hennings, Esq., at Macey, Wilensky & Hennings, LLP as Subchapter V trustee for Bright Minds Afterschool Program, LLC. Mr. Hennings will be paid an hourly fee of $450 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Hennings declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Todd E. Hennings, Esq. Macey, Wilensky & Hennings, LLP 5500 Interstate North Parkway, Suite 435 Sandy Springs, GA 30328 Phone: (404) 584-1222 Email: info@joneswalden.com About Bright Minds Afterschool Program Bright Minds Afterschool Program, LLC provides after-school care and educational enrichment services for children of various ages in Riverdale, Georgia, operating within the childcare and educational services industry. It offers structured programs designed to support learning, recreation, and social development outside of regular school hours. Bright Minds Afterschool Program filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Ga. Case No. 26-51447) on February 2, 2026, listing assets of up to $50,000 and liabilities of between $1 million and $10 million. Thomas T. McClendon, Esq., at Jones & Walden, LLC represents the Debtor as legal counsel. BUDDY MAC: Seeks to Hire Scarborough Commercial as Estate Broker ---------------------------------------------------------------- Buddy Mac Holdings, LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the Northern District of Texas to employ Scarborough Commercial Real Estate LLC as real estate broker. The Debtors need a real estate broker to market and sell their property located at 1404 W. Gentry, Tyler, Texas. The firm will receive a commission of 6 percent of the property's total sales price. Samuel Scarborough, president at Scarborough Commercial 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: Samuel Scarborough Scarborough Commercial Real Estate LLC 410 W. Erwin Tyler, TX 75702 Telephone: (903) 570-7366 Email: sam@scarboroughcre.com About Buddy Mac Holdings LLC Buddy Mac Holdings, LLC, together with its affiliates, operates a rent-to-own retail business selling home furnishings, electronics, and appliances, allowing customers to make periodic payments with the option to complete purchase or return the product at any time. The company began its rent-to-own operations in 2014 as a franchisee of Buddy's Home Furnishings and has expanded to operate 47 store locations across Arkansas, Florida, Illinois, Kansas, Missouri, New Mexico, Oklahoma, and Texas. It offers products under franchise agreements, with typical customer contracts spanning 12 to 18 months. Buddy Mac Holdings and its affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Lead Case No. 25-34839) on December 4, 2025. In the petition signed by William Ian MacDonald, manager, Buddy Mac Holdings disclosed up to $50 million in both assets and liabilities. John J. Kane, Esq., at Kane Russell Coleman Logan PC represents the Debtors as counsel. BURMAN'S TREE: Deborah Fish Named Subchapter V Trustee ------------------------------------------------------ The U.S. Trustee for Regions 3 and 9 appointed Deborah Fish, Esq., managing partner at Allard & Fish, P.C., as Subchapter V trustee for Burman's Tree Services, LLC. Ms. Fish 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. Fish declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Deborah L. Fish, Esq. Allard & Fish, P.C. 1001 Woodward Ave., Ste. 850 Detroit, MI 48226 Phone: (313) 961-6141 Email: dfish@allardfishpc.com About Burman's Tree Services LLC Burman's Tree Services, LLC provides tree care and related services, including tree removal, trimming, stump grinding, land clearing, arborist consultations, and emergency tree response, serving residential and commercial customers. Established in 2016, the company operates a 24-hour emergency response team and focuses on storm-related and hazardous tree clearing. It operates primarily in Southeast Michigan, including Jackson, Vandercook Lake, Spring Arbor, and Michigan Center. Burman's Tree Services filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. E.D. Mich. Case No. 26-41101) on February 2, 2026, with between $1 million and $10 million in both assets and liabilities. Donald C. Darnell, Esq., represents the Debtor as legal counsel. BURTON TRANSPORT: Unsecured Creditors to Split $60K over 60 Months ------------------------------------------------------------------ Burton Transport, Inc. filed with the U.S. Bankruptcy Court for the Western District of Missouri a Small Business Plan of Reorganization dated February 2, 2026. The Debtor operates an over-the-road trucking company that hauls non-hazmat dry van freight. The Debtor was incorporated in the State of Missouri in 2008. Larry Burton started as an owner/operator, and the business expanded first with family members and then with additional drivers. The Debtor currently employs 7 company drivers and 3 owner/operators. The Debtor had a significant decline in its business because of an attempted expansion. The Debtor acquired 8 new trucks, but freight prices declined. The Debtor also had significant equipment failures which reduced available revenue. The Debtor was facing collection actions from numerous creditors, including a lawsuit by Samson MCA, LLC d/b/a Samson Funding v. Debtor. Class 19 consists of General Unsecured Claims. This Class shall receive a monthly payment of $1,000.00 from May 1, 2026 to April 1, 2031 to be disbursed pro rata to the general unsecured creditors. The Debtor reserves the right to make annual payments to certain creditors if the creditor's pro-rata payments total $240.00 or less annually. No interest to be paid. This Class will receive a distribution of $60,000.00. This Class is impaired. The Debtor's Ch. 11 Plan will be implemented from ongoing business operations, collection against third parties, collection on insurance company, and contributions from the equity interest holder of the Debtor. The Debtor must submit all or such portion of the future earnings or other future income of the Debtor to the supervision and control of the Trustee as is necessary for the execution of the Plan. A full-text copy of the Plan of Reorganization dated February 2, 2026 is available at https://urlcurt.com/u?l=DGvUUJ from PacerMonitor.com at no charge. Counsel to the Debtor: Colin N. Gotham, Esq. Evans & Mullinix, P.A. 7225 Renner Road, Suite 200 Shawnee, KS 66217 Telephone: (913) 962-8700 Facsimile: (913) 962-8701 E-mail: cgotham@emlawkc.com About Burton Transport Inc. Burton Transport, Inc. provides freight transportation services across the United States, hauling a range of cargo including general freight, building materials, metal products, beverages, chemicals, paper goods, and agricultural supplies. The company operates from Mountain View, Missouri, with a fleet of tractors and trailers serving interstate shipping routes. It is registered as an authorized for-hire property carrier under the U.S. Department of Transportation. Burton Transport filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. W.D. Mo. Case No. 25-60719) on October 27, 2025, with $1,603,470 in assets and $1,801,184 in liabilities. Lucinda Burton, president of Burton Transport, signed the petition. Judge Brian T. Fenimore presides over the case. Colin N. Gotham, Esq., at Evans & Mullinix, P.A. represents the Debtor as legal counsel. CAPSTONE GREEN: Orin Hirschman, AIGH Capital Hold 9.9% Stake ------------------------------------------------------------ Orin Hirschman and AIGH Capital Management LLC, 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 2,280,000 shares of common stock -- held through managed funds and entities with sole voting and dispositive power; excludes 3,520,000 additional shares issuable upon exercise of warrants not currently exercisable due to beneficial ownership limitations -- of Capstone Green Energy Corporation's common stock, $0.001 par value per share, representing 9.9% 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 Orin Hirschman's SEC report is available at: https://tinyurl.com/3ahxf9s9 About Capstone Green Energy Capstone Green Energy builds microturbine energy systems and battery storage systems that allow customers to produce power on-site in parallel with the electric grid or stand-alone when no utility grid is available. Capstone Green offers microturbines designed for commercial, oil and gas, and other industrial applications. Los Angeles, Calif.-based CBIZ CPAs P.C., the Company's auditor since 2017 since 2017 (such date takes into account the acquisition of the attest business of Marcum LLP by CBIZ CPAs P.C. effective November 1, 2024), issued a "going concern" qualification in its report dated June 26, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended March 31, 2025, citing that the Company has a significant working capital deficiency, has incurred significant losses and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of September 30, 2025, the Company had $82.4 million in total assets, $89.7 million in total liabilities, and $39.4 million in total stockholders' deficit. CARBON HEALTH: Gets Interim OK for DIP Loan From Future Solution ---------------------------------------------------------------- Carbon Health Technologies, Inc. and its affiliated debtors received interim approval from the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division, to use cash collateral and obtain post-petition financing. The Debtors need a senior secured, superpriority debtor-in-possession financing facility to fund operations and a value-maximizing restructuring or sale following their Chapter 11 filings on February 2. The DIP facility is governed by a DIP financing agreement with certain lenders, with Future Solution Investments, LLC acting as administrative and collateral agent. On an interim basis, the Debtors may draw delayed-draw term loans up to an aggregate of $9 million, increasing to $19.5 million after entry of a final order, in each case subject to a 13-week approved budget. The loans accrue interest at 11.5% per annum, with a 3% default premium upon an event of default. The maturity date is the earliest of 35 days after the petition date if no final DIP order is entered; the effective date or substantial consummation of any plan; consummation of a sale of all or substantially all assets; six months from the DIP Financing Agreement; or earlier acceleration under the loan documents. The DIP obligations are secured by first-priority liens on all DIP collateral and accompanied by superpriority administrative claims, subject to a customary carveout for professional fees and U.S. Trustee and Clerk fees. DIP collateral broadly includes all personal property and other assets of each Debtor—accounts, inventory, equipment, intellectual property, deposit accounts, equity interests, proceeds, and, subject to a final order, avoidance action proceeds—excluding specified Excluded Assets and the avoidance actions themselves. Proceeds of the DIP facility and cash collateral may be used only in accordance with the Approved Budget to fund working capital, general corporate purposes, and administrative expenses. The pre-petition secured lenders, led by Future Solution Investments, under a loan and security agreement with approximately $77 million outstanding, will receive adequate protection in the form of replacement liens and superpriority claims, and a challenge period is provided for parties in interest to contest pre-petition liens and claims. The agreement includes reporting and budgeting covenants, sale and plan milestones, defined events of default, a modification of the automatic stay to effectuate the financing, and standard indemnities for the Agent and lenders. A final hearing is scheduled for February 27. Objections are due by February 20. The interim DIP order is available at https://is.gd/MfonLp from PacerMonitor.com. About Carbon Health Founded in 2015, Carbon Health Technologies Inc. is a modern healthtech company that offers in-person and virtual care for easier everyday health. Before the bankruptcy filing, CHTI operated 93 urgent care or primary care clinics in the states of Texas, Washington, California, Colorado, Kansas, Missouri, New Jersey and Massachusetts. On the Web: http://www.carbonhealth.com/ On Feb. 2, 2026, Carbon Health Technologies, Inc. and 28 affiliated debtors each filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code (Bankr. S.D. Texas Lead Case No. 26-90306). The cases are pending before the Honorable Christopher M. Lopez. Alvarez and Marsal serves as financial advisor to the Company and Pachulski Stang Ziehl & Jones LLP serves as bankruptcy counsel. Kroll is the claims agent. KTBS Law is representing Future Solution Investments LLC, the agent for the pre-petition lenders and the DIP lenders. CARBON HEALTH: Seeks to Hire Kroll as Claims and Noticing Agent --------------------------------------------------------------- Carbon Health Technologies, Inc. and its affiliates seek approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ Kroll Restructuring Administration LLC as claims, noticing, and solicitation agent. Kroll will oversee the distribution of notices and will assist in the maintenance, processing, and docketing of proofs of claim filed in the Chapter 11 cases of the Debtors. Prior to the petition date, the Debtors provided Kroll an advance in the amount of $50,000. Benjamin Steele, a managing director at Kroll, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Benjamin J. Steele Kroll Restructuring Administration LLC 1 World Trade Center, 31st Floor New York, NY 10007 Telephone: (212) 257-5450 About Carbon Health Technologies Inc. Carbon Health Technologies Inc. provides health care technology solutions. The Company designs and develops care delivery systems that enable physicians to focus on their patients health records, book appointments, make payments, and conduct a video visit. Carbon Health Technologies serves customers in the United States. Carbon Health Technologies sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 26-90306) on February 2, 2026. Judge Christopher M. Lopez presides over the case. The Debtors tapped Pachulski Stang Ziehl & Jones LLP and Wilson Sonsini Goodrich & Rosati as counsel and Alvarez & Marsal North America, LLC as financial advisor. Kroll Restructuring Administration LLC is the Debtors' claims, noticing, and solicitation agent. CASEY CALAVERAS: Voluntary Chapter 11 Case Summary -------------------------------------------------- Debtor: Casey Calaveras LLC 200 E. Basse, Suite 300 San Antonio, TX 78209 Business Description: Casey Calaveras LLC is a real estate holding and development entity based in San Antonio, Texas, associated with commercial real estate activities including property ownership and development projects. Chapter 11 Petition Date: February 6, 2026 Court: United States Bankruptcy Court Northern District of Texas Case No.: 26-90172 Judge: Hon. Edward L Morris Debtor's Counsel: Davor Rukavina, Esq. MUNSCH HARDT KOPF & HARR, P.C. 500 N. Akard St., Suite 4000 Dallas, TX 75201 Tel: 214-855-7500 Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Darren B. Casey as manager. A list of the Debtor's 20 largest unsecured creditors was not provided alongside the petition. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/YBRKH6I/Casey_Calaveras_LLC__txnbke-26-90172__0001.0.pdf?mcid=tGE4TAMA CENTER OF SPECIAL: Trustee Taps Ghiglieri & Company's as Consultant ------------------------------------------------------------------- Michael Goldberg, the trustee appointed in the Chapter 11 case of The Center for Special Needs Trust Administration, Inc., seeks approval from the U.S. Bankruptcy Court for the Middle District of Florida to employ Ghiglieri & Company's Invoices as banking law expert and litigation consultant. The firm will provide consulting services to bank board of directors and management on subjects including risk assessment, compliance with regulatory enforcement actions and director training. The firm's hourly rates range from $695 for review of documents and creation of an expert report to $795 for testimony at trial and or depositions, plus reimbursement for expenses incurred. Additionally, Ghiglieri requires an initial retainer of $5,000. Catherine Ghiglieri, president at Ghiglieri & Company Invoices, 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: Catherine A. Ghiglieri Ghiglieri & Company's Invoices 49 Glasgow Drive Pinehurst, NC 28374 Telephone: (512) 329-5101 Email: cathy@ghiglieri.com About The Center for Special Needs Trust Administration The Center for Special Needs Trust Administration, Inc. filed Chapter 11 petition (Bankr. M.D. Fla. Case No. 24-00676) on Feb. 9, 2024, with $100 million to $500 million in both assets and liabilities. Judge Roberta A. Colton oversees the case. Scott A. Stichter, Esq., at Stichter, Riedel, Blain & Postler, PA is the Debtor's legal counsel. On March 4, 2024, the U.S. Trustee appointed an official committee of unsecured creditors in this Chapter 11 case. The committee tapped Underwood Murray, PA as bankruptcy counsel and Gilbert Garcia Group, PA as special counsel. Michael Goldberg was appointed as trustee in this case. CHAMPION PARTY: Seeks to Hire Neeleman Law Group as Legal Counsel ----------------------------------------------------------------- Champion Party Supply, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Washington to employ Neeleman Law Group, PC as counsel. The firm's services include: (a) assist the Debtor in the investigation of the financial affairs of the estate; (b) provide legal advice and assistance to the Debtor with respect to matters relating to this case and creditor distribution; (c) prepare all pleadings necessary for proceedings arising under this case; and (d) perform all necessary legal services for the estate in relation to this case. The firm's counsel and paralegal will be paid at these hourly rates: Principals $600 Associate $475 Paralegal $250 In addition, the firm will seek reimbursement for expenses incurred. The Debtor agreed to pay the firm a retainer of $6,738. Jennifer Neeleman, Esq., an attorney at Neeleman Law Group, 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: Jennifer L. Neeleman, Esq. Neeleman Law Group PC 1403 8th Street Marysville, WA 98270 Telephone: (425) 212-4800 Facsimile: (425) 212-4802 Email: jennifer@neelemanlaw.com About Champion Party Supply LLC Champion Party Supply, LLC is engaged in the sale and distribution of party supplies and event-related products. Champion Party Supply sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Wash. Case No. 26-10039) on January 7, 2026, listing up to $100,000 in assets and up to $1 million in liabilities. Judge Timothy W. Dore oversees the case. The Debtor is represented by Jennifer L. Neeleman, Esq., at Neeleman Law Group, PC. CHOICE ELECTRIC: Taps Martin Vejvoda and Associates as Accountant ----------------------------------------------------------------- Choice Electric, LLC seeks approval from the U.S. Bankruptcy Court for the District of Colorado to employ Martin, Vejvoda and Associates as accountant. The firm will review and prepare the 2025 state and federal tax returns, and any necessary related accounting and consulting work. The firm will be paid at these hourly rates: Karl Vejvoda, CPA $275 Associates $200 - $275 Mr. Vejvoda 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: Karl Vejvoda, CPA Martin, Vejvoda and Associates 1114 W. 7th Avenue Denver, CO 80204 Telephone: (303) 388-2422 Email: info@agccolorado.org About Choice Electric Choice Electric, LLC, established in 1985, is a full-service electrical contractor serving the Greater Denver area, including Lakewood, Aurora, Littleton, and Boulder, Colorado. The Company specializes in commercial and industrial projects, providing design and installation, system upgrades and tenant improvements, new construction wiring, and ongoing maintenance, while also offering custom electrical solutions for high-end residential homes. It serves a range of sectors, including commercial and office buildings, warehouses, entertainment venues, retail spaces, community facilities, airports, hangars, and municipal buildings. Choice Electric filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Colo. Case No. 25-17873) on Dec. 1, 2025, listing up to $10 million in both assets and liabilities. The petition was signed by Eric Berger as general manager. Judge Thomas B. McNamara oversees the case. The Debtor tapped Jeffrey A. Weinman, Esq., at Michael Best & Friedrich LLP as counsel and Karl Vejvoda, CPA, at Martin, Vejvoda and Associates as accountant. CIVITAS RESOURCES: Fitch Affirms & Then Withdraws BB+ LongTerm IDR ------------------------------------------------------------------ Fitch Ratings has affirmed Civitas Resources, Inc.'s (Civitas) Long-Term Issuer Default Rating (IDR) at 'BB+'. Fitch has also affirmed Civitas' senior unsecured ratings at 'BB+' with a Recovery Rating of 'RR4' and the senior secured reserve-based revolving credit facility (RBL) at 'BBB-'/'RR1'. The Rating Outlook is Stable. Fitch has affirmed Civitas' ratings after SM Energy Company and Civitas Resources (CIVI) completed their announced definitive merger agreement in an all-stock transaction valued at approximately $12.8 billion, including both companies' net debt. The deal materially increases production scale and proved reserves. Fitch expects the deal to be accretive to post-dividend FCF. The deal also further diversifies production. The company's pro forma gross debt increased to around $8 billion with Fitch forecasting midcycle leverage of 1.7x. Fitch has simultaneously withdrawn the IDR of Civitas due to reorganization of the entity as it will no longer exist following the completion of the merger with SM Energy. Fitch has also withdrawn the rating on the senior secured RBL as it will be cancelled with the close of the transaction. Civitas' unsecured notes will be assumed by SM Energy. Key Rating Drivers SM Energy Merger Completion: Civitas' rating reflects the combined credit profile following the merger with SM Energy. The deal will materially increase production scale and proved reserves, be accretive to post-dividend FCF, and further diversify production. Pro forma midcycle leverage is forecast to be 1.7x under Fitch's oil and gas price assumptions. Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bb, Higher), Sector Characteristics (bb, Moderate), Market & Competitive Positioning (bbb-, Moderate), Diversification and Asset Quality (bb, Moderate), Company Operational Characteristics (bb, Moderate), Profitability (bbb-, Higher), Financial Structure (bbb+, Lower), and Financial Flexibility (bb, Moderate) - The quantitative financial subfactors are based on custom CRT financial period parameters: 10% weight for the historical year 2024, 10% for the forecast year 2025, 10% for the forecast year 2026, 15% for the forecast year 2027 and 55% for the forecast year 2028. - The Governance Impact assessment of 'Good' results in no adjustment. - The Operating Environment Impact assessment of 'a+' results in no adjustment. - The SCP is 'bb+'. RATING SENSITIVITIES Rating Sensitivities are not applicable as the ratings have been withdrawn. Issuer Profile Civitas is an oil and gas producer operating in Colorado's DJ and Permian Basins, with approximately 357,000 net acres in the DJ, 141,000 net acres in the Permian, and 798 million barrels of oil equivalent (Mmboe) of proved reserves as of Dec. 31, 2024. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. Climate Vulnerability Signals The 2024 revenue-weighted Climate.VS for Civitas is 51 out of 100, which is in line with its upstream North American oil and gas production peers. Key transition risks arise from potential reduction in demand driven by policies designed to reduce the use of oil and gas in the global economy and, in the shorter term, from policies designed to limit greenhouse gas (GHG) emissions from oil and gas production. At the moment, these risks do not have a material influence on the rating, given the very long-term time scale over which the transition may take place, uncertainty regarding the extent and nature of changes, and markets' and companies' reaction to them. Civitas has a dedicated plan to reduce emissions and carbon neutrality when compared to peers. Civitas is the first carbon neutral exploration and production (E&P) company on a Scope 1 and 2 bases in the state of Colorado, and the first goal is to remain carbon neutral. The company also has a target to reduce pneumatic emissions by 80% by 2025 (DJ - 2021 baseline) and 65% by 2030 (Permian - 2023 baseline). The company has invested beyond state regulations in projects such as comprehensively retrofitting natural gas-driven pneumatic devices, which has the potential to reduce total corporate emissions by 30% over a three-to-five year period. Another goal to maintain zero routine flaring in the DJ and achieve zero routine flaring in the Permian by 2030. The company also achieved their target to reduce Scope 1 GHG emissions by 2.5% annually from a 2019 Subpart W baseline. For all residual Scope 1 and 2 emissions, the company uses certified carbon offsets and renewable energy certificates. Civitas is targeting a 40% reduction in Scope 1 GHG emissions by 2030 (from a 2023 baseline) and is committed to achieving enterprise Scope 1 and 2 carbon neutrality beginning in 2026. ESG Considerations Following the withdrawal of the ratings for Civitas Resources, Fitch will no longer provide the associated ESG scores. Civitas Resources, Inc. has an ESG Relevance Score of '4' for Exposure to Social Impacts due to the oil and gas sector regulatory environment in Colorado and its exposure to social resistance, which has a negative impact on the credit profile, and is relevant to the ratings in conjunction with other factors. The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Civitas Resources, Inc. LT IDR BB+ Affirmed BB+ LT IDR WD Withdrawn senior secured LT BBB- Affirmed RR1 BBB- senior secured LT WD Withdrawn senior unsecured LT BB+ Affirmed RR4 BB+ CIVITAS RESOURCES: Moody's Withdraws 'Ba3' CFR on Debt Assumption ----------------------------------------------------------------- Moody's Ratings withdrew Civitas Resources, Inc.'s (Civitas) Ba3 Corporate Family Rating, Ba3-PD Probability of Default Rating, and SGL-2 Speculative Grade Liquidity (SGL) rating, and changed the outlook to rating withdrawn from stable. RATINGS RATIONALE Moody's withdrew Civitas' ratings because there are no longer any rated debt obligations at Civitas. On January 30, 2026, Civitas and SM Energy Company (SM, Ba3 stable) completed their merger, with SM as the surviving entity, and Civitas' senior unsecured notes were legally assumed by SM. Civitas' notes are guaranteed by Civitas' former subsidiaries, and Civitas' former subsidiaries will also become guarantors of SM's senior unsecured notes, within the time periods required by their indentures. SM's pre-existing subsidiaries do not guarantee its notes. The B1 ratings of Civitas' notes, which SM assumed, remain unchanged and are the same as the B1 ratings of SM's notes, as they will rank pari passu. All of the notes are effectively junior to SM's secured RBL revolving credit facility. SM, headquartered in Denver, Colorado, is a publicly traded independent exploration and production company operating in Colorado, New Mexico, Texas, and Utah. CLAROS MORTGAGE: Secures $500MM Term Loan From HPS Investment ------------------------------------------------------------- Claros Mortgage Trust, Inc. disclosed in a regulatory filing that it entered into a Term Loan Credit Agreement, as borrower, with the lenders party thereto and HPS Investment Partners, LLC, acting not individually but in its capacities as administrative agent for the lenders and collateral agent for the secured parties. The lenders are investment funds and accounts managed by HPS. A full text copy of Credit Agreement is available at https://tinyurl.com/9nu3zczv The Credit Agreement provides for a term loan credit facility consisting of an initial term loan in an aggregate principal amount of $500 million. The Company used the proceeds of the Term Loan, together with cash on hand, to repay in full the Company's existing secured term loan in the amount of approximately $556.2 million and to pay transaction fees and expenses. Under certain circumstances, the lenders may, in their discretion, make additional term loans to the Company. The Company's obligations under the Credit Agreement are guaranteed by certain subsidiaries of the Company and secured by liens on the assets and the equity of certain subsidiaries, in each case, subject to customary limitations and exceptions. The interest rate under the Credit Agreement is calculated at a per annum rate equal to the Term SOFR Rate plus 6.75% for Term Benchmark Loans, subject to a SOFR floor of 2.50%. The Term Loan has a maturity date of January 30, 2030. The outstanding amounts under the Credit Agreement may be prepaid at any time without premium or penalty, provided that upon the earlier of the maturity date and the repayment of the Term Loan in full, the Company will pay an exit fee equal to an amount necessary to meet a minimum multiple of invested capital on the Term Loan of 1.175x, and if the MOIC on the Term Loan exceeds 1.175x at such time, no exit fee will be payable. The Credit Agreement contains customary representations and warranties, conditions to borrowing and events of default, the occurrence of which would entitle lenders to accelerate the amounts outstanding. The Credit Agreement also contains covenants that provide for certain restrictions with respect to, among other things, the ability of the Company and its subsidiaries to incur indebtedness, create liens, make investments, merge or consolidate, dispose of assets, make restricted payments, repurchase common stock, and enter into certain transactions with affiliates. Upon satisfaction of certain conditions, including the paydown of the principal amount of the Term Loan to $250.0 million or less, certain of such covenants may become less restrictive. The Credit Agreement also requires the Company to maintain certain financial covenants, including: (A) a maximum total Debt to Equity Ratio of 3.50 to 1.00, (B) a minimum Tangible Net Worth of $1.0 billion plus 75% of the aggregate cash proceeds received from any equity issuances, capital contributions and/or subscriptions (net of any related costs) received by the Company after the Closing Date, and (C) a minimum Interest Coverage Ratio calculated on a trailing twelve-month basis: (i) that is waived from the fiscal quarter ended December 31, 2025 through the fiscal quarter ending June 30, 2027, (ii) of 1.10 to 1.00 for the fiscal quarters ending September 30, 2027 and December 31, 2027, (iii) of 1.20 to 1.00 for the fiscal quarters ending March 31, 2028 and June 30, 2028, and (iv) of 1.30 to 1.00 for the fiscal quarter ending September 30, 2028 and beyond. The Credit Agreement provides the lenders the right to appoint two non-voting observers to the Company's board of directors, each of whom must qualify as independent under the standards of the New York Stock Exchange and be reasonably satisfactory to the Company. The lenders have not yet exercised their right to appoint the Board Observers. The Credit Agreement provides additional governance rights upon the occurrence and continuance of a Material Event of Default, including the right to have the two Board Observers be automatically appointed to the Company's board of directors and to have such Designated Directors participate in a review of the Company's external manager, Claros REIT Management LP, and make a recommendation to the board of directors regarding whether or not to terminate the Manager. Amendments to Existing Facilities Effective as of the Closing Date, the Company and CMTG JP Finance LLC, a wholly owned subsidiary of the Company, entered into that certain Amendment No. 8 to the Amended and Restated Master Repurchase Agreement and Amendment No. 4 to Guarantee Agreement with JPMorgan Chase Bank, National Association, that provides for, among other things: (i) a waiver of the minimum interest coverage ratio financial covenant through the fiscal quarter ending June 30, 2027, (ii) a minimum interest coverage ratio of 1.10 to 1.00 for the fiscal quarters ending September 30, 2027 and December 31, 2027, (iii) a minimum interest coverage ratio of 1.20 to 1.00 for the fiscal quarters ending March 31, 2028 and June 30, 2028, (iv) a minimum interest coverage ratio of 1.30 to 1.00 for the fiscal quarter ending September 30, 2028 and beyond (clauses (i) through (iv), collectively, the "ICR Covenant Modifications"), and (v) a minimum tangible net worth financial covenant of $1.0 billion plus 75% of the aggregate cash proceeds received from any equity issuances, capital contributions and/or subscriptions (net of any related costs) received by the Company after the Closing Date (the "TNW Covenant Modification"). Effective as of the Closing Date, the Company and CMTG JNP Finance LLC, a wholly owned subsidiary of the Company, entered into that certain Amendment No. 2 to the Amended and Restated Master Repurchase Agreement with JPMorgan Chase Bank, National Association that provides for, among other things, the: (i) ICR Covenant Modifications and (ii) TNW Covenant Modification. Effective as of the Closing Date, the Company entered into that certain Amendment No. 6 to Guarantee Agreement in connection with that certain Master Participation and Administration Agreement by and among CMTG JPM Term Holdco LLC and CMTG JPM Term Funding LLC, wholly owned subsidiaries of the Company, and JPMorgan Chase Bank, National Association, that provides for, among other things: (i) the ICR Covenant Modifications and (ii) the TNW Covenant Modification. Effective as of the Closing Date, the Company and CMTG MS Finance LLC, a wholly owned subsidiary of the Company, entered into that certain Fourteenth Amendment to the Master Repurchase and Securities Contract Agreement and Fifth Amendment to Guaranty with Morgan Stanley Bank, N.A. that provides for, among other things: (i) the ICR Covenant Modifications, (ii) a minimum tangible net worth financial covenant of $1.0 billion, and (iii) a decrease in the maximum facility amount from $750 million to $250 million. Effective as of the Closing Date, the Company entered into that certain Amendment No. 5 to Guarantee Agreement in connection with that certain Master Repurchase and Securities Contract Agreement between CMTG WF Finance LLC, a wholly owned subsidiary of the Company, and Wells Fargo Bank, National Association that provides for, among other things, the: (i) ICR Covenant Modifications and (ii) TNW Covenant Modification. Full text copies of the amendments are available at https://tinyurl.com/3m9dwayu, https://tinyurl.com/fy56evb4, https://tinyurl.com/yr2p4bjv, https://tinyurl.com/mra22bxc and https://tinyurl.com/mvhphr9w. Warrants In accordance with, and as consideration for entering into, the Credit Agreement, on the Closing Date, the Company issued detachable warrants to the lenders party thereto, as initial holders of the Warrants, to purchase, in the aggregate, up to 7,542,227 shares of the Company's common stock, par value $0.01 per share, representing 5.00% of the Company's fully diluted shares outstanding, at an exercise price of $4.00 per share, subject to customary adjustments, pursuant to a Warrant Agreement, dated as of January 30, 2026. The Warrants are exercisable, at the holders' option at any time and from time to time, for ten years from issuance, subject to beneficial ownership and charter-based REIT ownership limits. The Warrants and the shares issuable upon exercise thereof were issued in a private placement exempt from registration pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended. The Company relied on this exemption from registration based in part on various representations, warranties and acknowledgments made by the initial holders. The Warrant exercise price of $4.00 per share represents an approximately 46% premium to the closing price per share of the Company's common stock on the Closing Date. Payment of the exercise price will be made either by cash or on a cashless basis by withholding shares of Common Stock issuable upon exercise. A full text copy of the Warrant Agreement is available at https://tinyurl.com/y9wk7czn Registration Rights Agreement The Company entered into a registration rights agreement with the initial holders of the Warrants listed on Schedule A thereto, dated as of January 30, 2026, pursuant to which the Company agreed to file with the Securities and Exchange Commission, as soon as practicable but in no event later than 60 days after the Closing Date, a shelf registration statement on Form S-3 covering resales of the shares of Common Stock underlying the Warrants, to use commercially reasonable efforts to cause such shelf registration statement to be declared effective as soon as practicable thereafter and to keep it continuously effective until such shares cease to be Registrable Securities (as defined in the Registration Rights Agreement), subject to certain black-out periods. The Registration Rights Agreement also provides that the Company will bear registration expenses and includes certain indemnification provisions. A full text copy of the Registration Rights Agreement is available at https://tinyurl.com/ycy5b7c5 Amendment to the Amended and Restated Management Agreement In accordance with the Credit Agreement, on the Closing Date, the Company entered into Amendment No. 1 to the Amended and Restated Management Agreement, dated as of August 2, 2022, with the Manager. The Amendment is effective only until the "Termination Date" under the Credit Agreement and provides the Company a right to terminate the Management Agreement without cause upon the occurrence and continuance of a Material Event of Default if the Company's Board of Directors decides in its sole discretion to terminate the Manager upon the recommendation of the Restructuring Committee in accordance with Section 5.16 of the Credit Agreement, without payment of any termination fee or penalty. A full text of such Amendment is available at https://tinyurl.com/5d7ec7vt Prior Loan Agreement On January 30, 2026, the Company used a portion of the proceeds from borrowing the Term Loan, together with cash on hand, to repay in full its outstanding obligations under its existing Term Loan Credit Agreement, dated as of August 9, 2019, by and among the Borrower, JPMorgan Chase Bank, N.A., as administrative agent and the lenders party thereto, as amended from time to time. The Prior Loan Agreement bore interest at the greater of: (i) SOFR plus a 0.10% credit spread adjustment, and (ii) 0.50%, plus a credit spread of 4.50%. The Prior Loan Agreement was scheduled to mature on August 9, 2026. Amended and Restated By-laws On January 30, 2026, the Board approved and adopted the Company's Amended and Restated By-laws, effective as of the Closing Date. The Amended and Restated By-laws amend and restate the Company's by-laws to give effect to certain governance arrangements in connection with the Credit Agreement, including: (i) to provide that upon the occurrence and continuance of a Material Event of Default, the size of the Board will automatically increase by two and the then-serving Board Observers will automatically be elected as Designated Directors to fill the vacancies created by such increase; (ii) to provide that upon the occurrence and continuance of a Material Event of Default, a committee of the Board shall automatically be formed and comprised of the two Designated Directors and one additional director chosen by a majority of the other directors then constituting the Board, and the Restructuring Committee shall make a recommendation to the Board as to whether or not the Company should terminate the Manager; and (iii) to provide that any amendment, alteration or repeal of the provisions of the Amended and Restated By-laws implementing the observer and related governance rights described above is subject to the consent of the administrative agent under the Credit Agreement for so long as there is any outstanding Indebtedness under the Credit Agreement. A full text of the Amended and Restated By-laws is available at https://tinyurl.com/3kbmdw2u Press Release On February 2, 2026, the Company issued a press release announcing certain of the transactions contemplated by the Credit Agreement. A copy of the press release is available at https://tinyurl.com/4pcvryct About Claros Mortgage Trust Inc. Claros Mortgage Trust Inc. -- https://www.clarosmortgage.com/ -- is a real estate investment trust that is focused primarily on originating senior and subordinate loans on transitional commercial real estate assets located in major markets across the U.S. CMTG is externally managed and advised by Claros REIT Management LP, an affiliate of Mack Real Estate Credit Strategies, L.P. As of September 30, 2025, the Company had $5.4 billion in total assets, $3.7 billion in total liabilities, and a total equity of $1.7 billion. * * * In Aug. 2025, S&P Global Ratings lowered its issuer credit rating on Claros Mortgage Trust Inc. and issue rating on the company's senior secured debt to 'CCC' from 'CCC+'. S&P doesn't think the company's existing liquidity is sufficient to repay its $714 million term loan, which matures in August 2026, absent an amendment or refinancing. As of Aug. 5, 2025, CMTG's total available liquidity increased to $323 million, up from $136 million on March 31, 2025, and $102 million as of year-end 2024. The outlook remains negative. CLEAR CHANNEL: S&P Places 'CCC+' ICR on CreditWatch Positive ------------------------------------------------------------ S&P Global Ratings placed all its ratings on Clear Channel Outdoor Holdings Inc. (CCOH), including the 'CCC+' issuer credit rating, on CreditWatch with positive implications. S&P expects to resolve the CreditWatch at the close of the transaction. At that time, it will likely raise its rating by at least one notch based on its expectation of positive free operating cash flow (FOCF) going forward. CCOH's announced that it will be acquired by a group of investors through a take-private transaction. S&P said, "We expect the transaction, which values the company at over $6 billion, will reduce the company's debt and interest expense. "We expect the transaction will improve credit metrics. CCOH announced it will be acquired by a consortium of investors, led by the UAE sovereign wealth fund Mubadala Capital. We expect the transaction, which values the company over $6 billion and includes over $2.9 billion in preferred and common equity, will reduce CCOH's leverage and interest expense. "As a result, we forecast the company will generate sustainably positive FOCF post-close. Based on this, we expect to raise our rating on CCOH by at least one notch--out of the 'CCC' category--following the close of the acquisition. We expect the transaction will close by the end of the third quarter this year. "The transaction will allow CCOH to accelerate investment in infrastructure modernization. The outdoor advertising industry has been focused on converting to digital billboards from static for the past several years. By relieving some of the debt burden on the company, we expect it can accelerate and increase this type of investments. Digital boards tend to have better profitability compared to static boards, which will improve earnings and cash flow. "The CreditWatch positive reflects our expectation that Clear Channel will use the proceeds from the take private transaction to reduce its leverage and interest expense, such that we expect the company to generate positive free cash flow post-close. We expect to raise the rating by at least one notch once the transaction closes, which we currently expect by the end of the third quarter." COAST GLOBAL: Voluntary Chapter 11 Case Summary ----------------------------------------------- Debtor: Coast Global Corporation 540 Pedricktown Road Swedesboro NJ 08085 Business Description: Coast Global Corporation is a veteran- and minority-owned logistics company with facilities in New Jersey and Pennsylvania, providing intermodal drayage, trucking, distribution, and warehousing services. The company operates across the Northeast and the U.S., serving ports including Philadelphia, Baltimore, and New York/New Jersey. Its operations include supply chain management, transloading, and inventory control. Chapter 11 Petition Date: February 5, 2026 Court: United States Bankruptcy Court District of New Jersey Case No.: 26-11322 Debtor's Counsel: Robert Johnson, Esq. ROBERT H JOHNSON LLC 1818 Old Cuthbert Road Suite 107 Cherry Hill NJ 08034 Tel: (856) 298-9328 E-mail: rjohnson@rhjlaw.com Estimated Assets: $0 to $50,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Joseph LaPaix as owner. The petition was filed without the Debtor's list of its 20 largest unsecured creditors. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/2ZJN56Y/Coast_Global_Corporation__njbke-26-11322__0001.0.pdf?mcid=tGE4TAMA COMMUNITY HEALTH: CHS Closes $623MM Clarksville Hospital JV Sale ---------------------------------------------------------------- Community Health Systems, Inc. disclosed in a regulatory filing that CHS/Community Health Systems, Inc., a wholly-owned subsidiary of the Company, and a subsidiary of CHS, completed the transactions contemplated by that purchase agreement dated as of October 30, 2025, with Vanderbilt University Medical Center and certain of its subsidiaries, Clarksville Health System, G.P., and Clarksville Physician Services, G.P. The entry into the Purchase Agreement was previously disclosed on a Current Report on Form 8-K filed by the Company with the Securities and Exchange Commission on October 31, 2025. Pursuant to the Purchase Agreement, at closing, Purchaser acquired the CHS Selling Entity's collective 80% ownership interest in the Joint Ventures, which own and operate Tennova Healthcare - Clarksville in Clarksville, Tennessee, and certain ancillary businesses. The purchase price paid to the CHS Selling Entity in connection with the closing of Transaction after giving effect to estimated working capital and purchase price adjustments and before certain transaction expenses, was $623 million in cash (subject to a post-closing working capital adjustment). In addition, contemporaneous with the closing of the Transaction, in connection with the balance of certain amounts due to the Joint Ventures from CHS and in accordance with the terms of the Purchase Agreement, subsidiaries of CHS distributed approximately $23 million in cash to the Purchaser for their share of amounts owed to the Joint Ventures by CHS. Prior to the Transaction, the Purchaser held a minority interest in the Joint Ventures and purchased the remaining interests through the Transaction. Leerink Partners acted as exclusive financial advisor to the Company for the transaction. The Transaction constituted a significant disposition. Accordingly, the pro forma information required is available at https://tinyurl.com/bb97brck A full text copy of the Purchase Agreement is available at https://tinyurl.com/bdcwwk4c About Community Health Systems Inc. Community Health Systems, Inc. -- http://www.chs.net/-- is a publicly traded hospital company and an operator of general acute care hospitals in communities across the country. Its affiliates provide healthcare services, developing and operating healthcare delivery systems in 40 distinct markets across 15 states. As of September 30, 2025, the Company had $13.2 billion in total assets, $14.2 billion in total liabilities, and $1.3 billion in total stockholders' deficit. * * * Egan-Jones Ratings Company on January 23, 2025, maintained its 'CCC+' foreign currency and local currency senior unsecured ratings on debt issued by Community Health Systems, Inc. CPV VALLEY: Moody's Cuts Rating on Secured First Lien Debt to Ba3 ----------------------------------------------------------------- Moody's Ratings has downgraded the first-time rating of CPV Valley Holdings, LLC's (CPV Valley or Project) backed senior secured 1st lien bank credit facility ratings to Ba3 from Ba2 following the announced plan to upsize its backed senior secured 1st lien term loan B (TLB) to $325 million from $300 million at initial transaction launch. The outlook is stable. The upsizing follows the launch of new senior secured bank credit facilities in January 2026. The senior secured bank credit facilities will now consist of a $325 million first lien TLB maturing in 2033; and a $100 million revolving credit facility due 2032. Proceeds from the TLB will be used to refinance $235 million of existing bank debt, pay transaction costs and fund a distribution to the Project sponsors. The revolving facility will be used for general working capital purposes and to issue letters of credit. RATINGS RATIONALE The rating action reflects the increase in CPV Valley's funded debt load to about $451 per KW from the previous level of $417 per kW at initial deal launch, weakening the Project's expected financial metrics relative to levels previously anticipated. Based on cash flow scenarios considered by us, Moody's anticipates that the higher debt load results in the Project's annual cash flow from operations (CFO) to debt ratio to average approximately between 14% to 21%, and the Project's annual debt to EBITDA ratio to average between 3.7x to 4.8x, during the initial 3 years after financial close. The weaker credit metrics, combined with slightly higher refinancing risk due to the higher debt quantum, are more supportive of a low Ba rating level for a predominantly merchant single asset merchant power project which is significantly more vulnerable to energy margin volatility including the impact of Regional Greenhouse Gas Initiative (RGGI) emissions costs. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS FACTORS THAT COULD LEAD TO AN UPGRADE The rating could be upgraded if the project's cash flow predictability enhances through incremental hedges being implemented. Upward rating pressure could arise if CPV Valley's CFO/debt ratio exceeds 22% on a sustained basis. FACTORS THAT COULD LEAD TO A DOWNGRADE The rating could be downgraded if its CFO/debt ratio consistently remains below 10%, on a sustained basis due to potential chronic operational disruptions, impact from weaker than-expected energy margins or due to a sharp decline in capacity prices in NYISO Zone G. PROFILE CPV Valley Holdings owns CPV Valley Energy Center which is a 720 MW combined cycle natural gas-fired power plant located within NYISO Zone G in Wawayanda, Orange County, New York. The principal methodology used in these ratings was Power Generation Projects published in June 2023. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. CREAMY TREATS: Mark Sharf Named Subchapter V Trustee ---------------------------------------------------- The U.S. Trustee for Region 17 appointed Mark Sharf, Esq., a practicing attorney in Los Angeles, as Subchapter V trustee for Creamy Treats, Inc. Mr. Sharf will charge $740 per hour for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Sharf declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Mark Sharf, Esq. 6080 Center Drive, 6th Floor Los Angeles, CA 90045 Telephone: (323) 612-0202 Email: mark@sharflaw.com About Creamy Treats Inc. Creamy Treats, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Calif. Case No. 26-30097) on February 2, 2026, listing assets of up to $50,000 and liabilities of between $100,001 and $500,000. Ryan C. Wood, Esq., at the Law Offices of Ryan C. Wood, Inc., represents the Debtor as bankruptcy counsel. CUSTOMBILT FIREARMS: Case Summary & Largest Unsecured Creditors --------------------------------------------------------------- Two affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- Custombilt Firearms Manufacturing LLC (Lead Case) 26-20160 6201 Robinson Street Overland Park, KS 66202 6201 Robinson Street, LLC 26-20161 6201 Robinson Street Overland Park, KS 66202 Business Description: Custombilt Firearms Manufacturing LLC operates The Bullet Hole, an indoor shooting range and training facility in the Kansas City area that provides firearm classes, rentals, and retail of firearm parts, accessories, and related gear. Its affiliate, 6201 Robinson Street, LLC, owns the commercial property housing The Bullet Hole. Chapter 11 Petition Date: February 6, 2026 Court: United States Bankruptcy Court District of Kansas Judge: Hon. Dale L Somers Debtors' General Bankruptcy Counsel: Ryan M. Graham, Esq. WM LAW, PC 15095 West 116th Street Olathe, KS 66062 Tel: (913) 422-0909 Fax: (913) 428-8549 Email: bankruptcy@wagonergroup.com Custombilt Firearms' Total Assets: $317,560 Custombilt Firearms' Total Liabilities: $1,890,038 6201 Robinson Street's Total Assets: $898,500 6201 Robinson Street's Total Liabilities: $1,737,172 The petitions were signed by James Anderson as president. Full-text copies of the petitions, which include lists of the Debtors' largest unsecured creditors, are available for free on PacerMonitor at: https://www.pacermonitor.com/view/DHJDNFI/Custombilt_Firearms_Manufacturing__ksbke-26-20160__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/AX6VT5Y/6201_Robinson_Street_LLC__ksbke-26-20161__0001.0.pdf?mcid=tGE4TAMA DM ELECTRICAL: Unsecureds Will Get 30.08% of Claims over 5 Years ---------------------------------------------------------------- DM Electrical and Construction, LLC filed with the U.S. Bankruptcy Court for the Southern District of Texas a Plan of Reorganization dated February 2, 2026. The Debtor was formed on June 30, 2014. Most of Debtor's operations are in commercial electrical contracting, but Debtor also performs residential projects. The Debtor elected to file a chapter 11 reorganization as the best means to resolve the current liabilities of the company and determine the secured portions of those creditors. Debtor turned to merchant cash advance lenders for working capital but, as is typical with these loan products, Debtor was unable to keep up with the repayments. The Debtor's operating account was frozen by Mercury Funding, requiring Ch.11 relief. Debtor's collections of receivables has been the primary challenge. Debtor has contracts and accrued receivables, but is working to collect on those receivables. The Debtor proposes to pay allowed unsecured based on the liquidation analysis and cash available. Debtor anticipates having enough business and cash available to fund the plan and pay the creditors pursuant to the proposed plan. It is anticipated that after confirmation, the Debtor will continue in business. Based upon the projections, the Debtor believes it can service the debt to the creditors. The Debtor will continue operating its business. The Debtor's Plan will break the existing claims into seven classes of Claimants. These claimants will receive cash repayments over a period of time beginning on or after the Effective Date. Class 6 consists of Allowed Unsecured Claims. All allowed unsecured creditors shall receive a pro rata distribution at zero percent per annum over the next five years according to the projections. The Debtor will distribute $1,303,200.00 to the general allowed unsecured creditor pool over the five-year term of the plan, including the under-secured claim portions. The Debtor's General Allowed Unsecured Claimants will receive 30.08% of their allowed claims under this plan. Any potential rejection damage claims from executory contracts that are rejected in this Plan will be added to the Class 6 unsecured creditor pool and will be paid on a pro-rata basis. The allowed unsecured claims total $4,331,851.05. Class 7 consists of Equity Interest Holders (Current Owners). The sole owner, David Hubbard, will receive no payments under the Plan; however, he will be allowed to retain ownership in the Debtor. Class 7 Claimants are not impaired under the Plan. The Debtor anticipates the continued operations of the business to fund the Plan. A full-text copy of the Plan of Reorganization dated February 2, 2026 is available at https://urlcurt.com/u?l=1J06kp from PacerMonitor.com at no charge. Counsel to the Debtor: Robert C. Lane, Esq. THE LANE LAW FIRM, PLLC 6200 Savoy, Suite 1150 Houston, TX 77036 Telephone: (713) 595-8200 Facsimile: (713) 595-8201 E-mail: notifications@lanelaw.com About DM Electrical and Construction LLC DM Electrical and Construction, LLC, formed on June 30, 2014, operates an electrical contracting business primarily focused on commercial projects while also providing residential electrical services. The Company's operations include new construction work under general contractors, maintenance contracts, residential generator and battery system installations, and whole-home electrical services across Texas. Its electricians are licensed by the Texas Department of Licensing and Regulation, and the company emphasizes safety, quality, and customer-focused project completion. DM Electrical and Construction filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-36621) on November 3, 2025, listing between $1 million and $10 million in assets and liabilities. Tom Howley, Esq., at Howley Law, PLLC serves as Subchapter V trustee. Judge Eduardo V. Rodriguez oversees the case. The Debtor tapped Lane Law Firm, PLLC as counsel and Tina Nguyen, CPA, as accountant. DON KEW: Unsecured Creditors Will Get 100% of Claims over 5 Years ----------------------------------------------------------------- Don Kew Inc. d/b/a Hangar Bar and Grill filed with the U.S. Bankruptcy Court for the Eastern District of New York a Disclosure Statement describing Plan of Reorganization dated February 2, 2026. The Debtor operates a restaurant located at 119 -11 Metropolitan Ave. Queens New York that under the name Hangar Bar and Grill. The restaurant serves a diverse American bar and grill style menu with dine-in, outside dining, and delivery services. The insider of the Debtor is William R. Alba who is the President and 100% owner. Mr. Alba also works full time at the Debtor's restaurant. The bankruptcy filing was necessitated primarily by taxes owed to New York State and amounts owed to the United States Small Business Administration. The Debtor fell behind with tax payments during the pandemic and through this Plan the Debtor will become current and will be paying tax creditors in full over 5 years. The plan will be funded by a $30,000 new value contribution to be made by William R. Alba. After payment of administrative and priority claims, unsecured creditors will be paid in full over a period of 5 years. Secured creditors will be paid in full pursuant to the terms of the loan documents, or over a period of 5 years. Class 3 consists of all general unsecured claims. These claims will be paid a distribution of 100% payable over a period of 5 years from the effective date. This Class is unimpaired. The Debtor's equity is owned 100% by William R. Alba who will retain his equity interests in exchange for a new value contribution in the total amount of $30,000.00. The new value contribution will be funded over a period of 6 months, commencing prior to the hearing on confirmation of the Plan. Under the absolute priority rule, equity interests cannot retain their interests unless all senior classes are either paid in full or vote to accept the plan. The "new value" doctrine is a common law exception to the absolute priority rule. The basic concept behind "new value" is that equity holders may retain their interest in a debtor when they provide contribution, often in the form of capital, to the reorganization. The Debtor believes that the contribution to the reorganization of capital in the amount of $30,000 satisfies the new value exception to the absolute priority rule. Payments and distributions under the Plan will be funded by a $30,000.00 contribution by the Debtor's principal William R. Alba as well as operations of the Debtor over a period of 5 years. A full-text copy of the Disclosure Statement dated February 2, 2026 is available at https://urlcurt.com/u?l=2ULML4 from PacerMonitor.com at no charge. Counsel to the Debtor: Lawrence F. Morrison, Esq. Brian J. Hufnagel, Esq. Morrison-Tenenbaum, PLLC 87 Walker Street, Second Floor New York, NY 10013 Telephone: (212) 620-0938 Email: lmorrison@m-t-law.com About Don Kew Inc Don Kew Inc operates a restaurant located at 119 -11 Metropolitan Ave. Queens New York that under the name Hangar Bar and Grill. The Debtor sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-41678) on April 4, 2025, listing up to $50,000 in assets and $100,001 to $500,000 in liabilities. Judge Elizabeth S Stong presides over the case. Lawrence Morrison, at Morrison-Tenenbaum PLLC, is the Debtor's counsel. DOUBLE S SIGNS: Unsecureds Will Get 5.84% of Claims over 5 Years ---------------------------------------------------------------- Double S Signs, LLC, submitted a First Amended Plan of Reorganization dated February 2, 2026. This Plan proposes to pay creditors from future income by continuing operations and reorganizing its current debts. The Debtor proposes to pay allowed unsecured based on the liquidation analysis and cash available. Debtor anticipates having enough business and cash available to fund the plan and pay the creditors pursuant to the proposed plan. It is anticipated that after confirmation, the Debtor will continue in business. Based upon the projections, the Debtor believes it can service the debt to the creditors. The Debtor will continue operating the businesses. The Debtor's Plan will break the existing claims into six classes of Claimants. These claimants will receive cash repayments over a period of time beginning on or after the Effective Date. Class 4 consists of Allowed Unsecured Claims. All allowed unsecured creditors shall receive a pro rata distribution at zero percent per annum over the next five years beginning not later than the 1st day of the first full calendar month following 30 days after the effective date of the plan and continuing every year thereafter on a monthly basis at 0.00% per annum. This Class is impaired. The Debtor will distribute $37,708.73 to the general allowed unsecured creditor pool over the 5-year term of the plan, includes the under-secured claim portions. The Debtor's General Allowed Unsecured Claimants will receive 5.84% of their allowed claims under this plan. The allowed unsecured claims total $690,117.24. Class 5 consists of Equity Interest Holders (Current Owners). The current owners will receive no payments under the Plan; however, they will be allowed to retain ownership in the Debtor. Class 5 Claimants are not impaired under the Plan. The Debtor anticipates the continued operations of the business to fund the Plan. A full-text copy of the First Amended Plan dated February 2, 2026 is available at https://urlcurt.com/u?l=4ECXGN from PacerMonitor.com at no charge. Counsel for the Debtor: Robert C. Lane, Esq. A. Zachary Casas, Esq. The Lane Law Firm 6200 Savoy, Suite 1150 Houston, Texas 77036 (713) 595-8200 Voice (713) 595-8201 Facsimile About Double S Signs LLC Double S Signs, LLC manages and operates a commercial sign company business. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Tex. Case No. 25-50110) on August 25, 2025, listing up to $1 million in assets and up to $10 million in liabilities. Jared Russell Sparks, president of Double S Signs, signed the petition. Judge Brenda T. Rhoades oversees the case. Robert C. Lane, Esq., at The Lane Law Firm, represents the Debtor as bankruptcy counsel. E.W. SCRIPPS: GAMCO Investors and Affiliates Hold 5.7% Stake ------------------------------------------------------------ GAMCO Investors, Inc. et al., Gabelli Funds LLC, GAMCO Asset Management Inc., Gabelli & Company Investment Advisers, Inc., MJG Associates, Inc., Teton Advisors, LLC, GGCP, Inc., Associated Capital Group, Inc., and Mario J. Gabelli, disclosed in a Schedule 13D filed with the U.S. Securities and Exchange Commission that as of February 2, 2026, they beneficially own 4,383,703 shares of Class A Common shares -- in aggregate across the Reporting Persons and their advisory clients/partnerships/funds; including GAMCO Asset Management Inc. with 2,621,187 shares, Gabelli Funds LLC with 1,315,016 shares, and others as detailed on the cover pages; increased through purchases since the prior filing using client funds and working capital -- of E.W. SCRIPPS Co's Class A Common shares, $.01 par value per share, representing 5.70% of the 76,869,408 shares outstanding, as reported by the Company in its most recently filed Form 10-Q for the quarterly period ended September 30, 2025. GAMCO Investors, Inc. may be reached through: David Goldman 191 Mason Street Greenwich, CT 06830 Tel: 914-921-5000 A full-text copy of GAMCO Investors, Inc.'s SEC report is available at: https://tinyurl.com/b6c2ze3w About Scripps The E.W. Scripps Company (NASDAQ: SSP) is a diversified media company focused on creating a better-informed world. As one of the nation's largest local TV broadcasters, Scripps serves communities with quality, objective local journalism and operates a portfolio of more than 60 stations in 40+ markets. Scripps reaches households across the U.S. with national news outlets Scripps News and Court TV and popular entertainment brands ION, ION Plus, ION Mystery, Bounce, Grit and Laff. Scripps is the nation's largest holder of broadcast spectrum. Scripps is the longtime steward of the Scripps National Spelling Bee. Founded in 1878, Scripps' long-time motto is: "Give light and the people will find their own way." As of September 30, 2025, the Company had $5.1 billion in total assets, $3.8 billion in total liabilities, and $1.3 million in total stockholders' equity. * * * In July 2025, S&P Global Ratings assigned its 'CCC+' issue-level rating and '3' recovery rating to The E.W. Scripps Co.'s proposed $650 million senior secured second-lien notes due 2030. The '3' recovery rating indicates its expectation for meaningful (50%-70%; rounded estimate: 50%) recovery for lenders in the event of a payment default. E.W. Scripps plans to use the proceeds from these notes to fully repay its 5.875% senior unsecured notes due 2027 ($426 million outstanding) and repay $220 million of its senior secured first-lien term loan B-2 maturing 2028 ($545 million outstanding). Moreover, in August 2025, Fitch Ratings has upgraded The E.W. Scripps Company's Long-Term Issuer Default Rating (IDR) to 'CCC' from 'CCC-'. Fitch has also upgraded Scripps' senior secured debt to 'B' with a Recovery Rating of 'RR1', from 'B-'/'RR1', and senior unsecured debt to 'CC'/'RR6' from 'C'/'RR6'. In addition, Fitch has assigned a 'CCC-'/'RR5' rating to Scripps' new senior secured second-lien debt. Moody's Ratings subsequently assigned a Caa2 rating to The Scripps (E.W.) Company's proposed $650 million senior secured second-lien notes due 2030. In connection with this rating action, Moody's affirmed the Caa1 corporate family rating, B2 ratings on the senior secured debt instruments and Caa3 ratings on the senior unsecured notes. Moody's also upgraded the probability of default rating to Caa1-PD from Caa2-PD and changed the outlook to stable from negative. Scripps' SGL-3 Speculative Grade Liquidity rating remains unchanged. EC CONSTRUCTION: Nathan Smith Named Subchapter V Trustee -------------------------------------------------------- The U.S. Trustee for Region 17 appointed Nathan Smith, Esq., as Subchapter V trustee for EC Construction, L.L.C. Mr. Smith, a partner at Malcolm & Cisneros, will be paid an hourly fee of $550 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Smith declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Nathan F. Smith, Esq. Malcolm & Cisneros 2112 Business Center Drive Irvine, CA 92612 Phone: (949) 252-9400 Email: nathan@mclaw.org About EC Construction L.L.C. EC Construction, L.L.C. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Nev. Case No. 26-50086) on January 29, 2026, with $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Stephen R. Harris, Esq., at Harris Law Practice, LLC represents the Debtor as bankruptcy counsel. EDDIE BAUER: Case Summary & 30 Largest Unsecured Creditors ---------------------------------------------------------- Lead Debtor: Eddie Bauer LLC 10401 Northeast 8th Street, Suite 500 Bellevue WA 98004 Business Description: Eddie Bauer LLC operates approximately 175 brick-and-mortar retail stores across the United States and Canada as the exclusive licensee of the Eddie Bauer brand for physical retail sales, offering men's and women's apparel, outerwear, footwear, accessories, gifts, sportswear, and outdoor gear. Eddie Bauer's intellectual property, wholesale, and e-commerce activities are managed separately from the in-store business. Chapter 11 Petition Date: February 9, 2026 Court: United States Bankruptcy Court District of New Jersey Five affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- Eddie Bauer LLC (Lead) 26-11422 13051269 Canada Inc. 26-11421 Eddie Bauer Gift Card Services LLC 26-11423 Eddie Bauer of Canada Corporation 26-11424 SPARC EB Holdings LLC 26-11425 Judge: Hon. Stacey L Meisel Debtors' General Co-Bankruptcy Counsel: Michael D. Sirota, Esq. Warren A. Usatine, Esq. Felice R. Yudkin, Esq. COLE SCHOTZ P.C. Court Plaza North, 25 Main Street Hackensack, New Jersey 07601 Tel: (201) 489-3000 Email: msirota@coleschotz.com wusatine@coleschotz.com fyudkin@coleschotz.com Debtors' Restructuring Counsel: Joshua A. Sussberg, P.C. Matthew C. Fagen, P.C. Oliver Pare, Esq. KIRKLAND & ELLIS LLP KIRKLAND & ELLIS INTERNATIONAL LLP 601 Lexington Avenue New York, New York 10022 Tel: (212) 446-4800 FaX: (212) 446-4900 Email: joshua.sussberg@kirkland.com matthew.fagen@kirkland.com oliver.pare@kirkland.com Debtors' Investment Banker: GBH SOLIC HOLDCO, LLC Debtors' Restructuring Advisor: BERKELEY RESEARCH GROUP, LLC Debtors' Claims & Noticing Agent: STRETTO, INC. Debtors' Real Estate Consultant: RETAIL CONSULTING SERVICES, INC. D/B/A REAL ESTATE ADVISORS Estimated Assets (on a consolidated basis): $100 million to $500 million Estimated Liabilities (on a consolidated basis): $1 billion to $10 billion The petitions were signed by Stephen Coulombe as co-chief restructuring offier. A full-text copy of the Lead Debtor's petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/RIWYICQ/Eddie_Bauer_LLC__njbke-26-11422__0001.0.pdf?mcid=tGE4TAMA Consolidated List of Debtors' 30 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount 1. GXO Logistics Supply Chain Inc. Trade Debt $6,935,833 4043 Piedmont Pkway High Point, NC 27265, USA Attn: Devin Russell Attn: Jorge Guanter Phone: 614 349 2050 Email: Devin.russell001@gxo.com Jorge.guanter@gxo.com 2. Bosideng International Trade Debt $3,425,995 Fashion LTD 99 Queen's Road, Unit 5709, 57/F Hong Kong, HK Attn: Charles Wang Email: Wang.lijun@bosideng.com Customercare@bosidengfashion.com 3. Shanghai Dongxia Industry & Trade Debt $2,555,476 Commerce Co LTD No. 53 Chuanxie Road, Hongmiao Industry Zone, Fengcheng Town, Fengxian District, Shanghai, 201411 China Attn: Helen Zhang Phone: +86 021 64069006*8006 Email: helen@shdongxia.cn 4. MTL Sourcing DMCC Trade Debt $2,404,238 HDS Business Centre Plot No. M1 Jumaira Lake Towers, Unit No 105, Dubai UAE Attn: Tarik Kareem Email: tarik@maliban.com 5. Vietsun Trade Debt $1,954,666 Lot III-3A, CN1 Street, Industrial Area No.III, Tan Binh Industrial Park, Tay Thanh Ward, Ho Chi Minh City, Vietnam Phone: +84 28 38472878 Email: vietsuncorp@vietsuncorp.com.vn 6. Martex Sourcing LLC Trade Debt $1,916,478 261 Siri Dhamma Mawatha Colombo 01000, Sri Lanka Attn: Azeem Ismile Phone: +94 112 668 000 Email: azeem@maliban.com 7. Google, Inc. Trade Debt $1,541,262 1600 Amphitheatre Parkway Mountain View, CA 94043, USA Email: collections@google.com 8. Dongxia Industrial Trade Debt $1,278,236 Lanka PVT LTD Lot 31 & 32 Bingiriya Export Processing Zone Dummalasuriya, 60450, Sri Lanka Attn: Helen Zhang Phone: +86 021 64069006*8006 Email: helen@shdongxia.cn 9. Meta Platforms Inc Trade Debt $1,130,945 1 Meta Way Menlo Park, CA 94025, USA Email: payment@meta.com 10. Ningbo Mengdi Imp. & Exp. Co Trade Debt $786,994 No. 8 Middle Jiangnan Road Xiaogang Street, Beilun District Ningbo, Zhejiang, China Attn: Oscar Le Phone: +86 574 26862126 Email: oscar@china-mengdi.com 11. South Asia Knitting Trade Debt $631,713 Factory Limited 108 How Ming Street Kwun Tong, Kowloon 17/F South Asia Building Hong Kong HK Attn: Leo Yeung Email: leoyeung@southasiagroup.com 12. Star Garments Group (PVT) LTD Trade Debt $628,682 PO Box 1, Ring Road 2, Phase 1, Investment Promotion Zone Katunyake 11450 Sri Lanka Attn: A. Sukumaran 0094114837000 Ext 4102 / 0094773501864 Email: suku@star.lk 13. Ross Glove Co Trade Debt $518,037 1032 Alabama Ave. Sheboygan WI 53081 USA Attn: Andy Ross Phone: +1 920 457 4331 Email: Andy.ross@earthlink.net 14. Yee Tung Garment – Direct Trade Debt $481,322 3/F, Chiap Luen Ind. Bldg., 30-32, Kung Yip Street Kwai Chung, N.T., Hong Kong Attn: May Wong Phone: 852 2211 0100 Email: may@yeetung.com 15. Eastman Exp Glo Clo PVT LTD Trade Debt $437,395 5/591, Sri Lakshmi Nagar, Pitchampalayam Pudur, Tirupur, Tamil Nadu, India Attn: Ritesh Kumar Email: ritesh@eastmanexports.com Phone: +91 421 430 1234 16. Washington Shoe Company Trade Debt $427,195 5530 S 266th St Kent, WA 98032 USA Attn: Kristin Raber Email: kristin@westernchief.com 17. United Parcel Service Inc. Trade Debt $390,369 55 Glenlake Parkway, N.E. Atlanta, GA 30328 USA Email: ACHDETAIL@UPS.COM 18. Forter Inc Trade Debt $381,169 575 5th Ave, 29th Floor New York, NY 10017, USA Attn: Michael Reiblat Email: michael@forter.com 19. Viet Thai Garment Export JSC Trade Debt $355,362 No. 142 Quang Trung Road- Tran Hung Dao Ward, Thai Binh City, Thai Binh, Vietnam Attn: Bach Nguyen Phone: +84 2273 831 686 Email: bachkd@vitexco-gar.com.vn 20. Accutech Packaging Inc Trade Debt $322,880 157 Green Street Foxboro, MA 02035, USA Attn: Michael Meneally Phone: +1 508 543 3800 Email: mkemeally@accutechpkg.com 21. Primary Color Systems Trade Debt $292,825 11130 Holder St, Cypress CA 90630 USA Phone: +1 949 660 7080 Email: payments@primarycolor.com 22. Dogree Fashions (USA) Inc Trade Debt $270,177 6445 de la Cote de Lisse Road Saint Laurent, Quebec, H4T 1E5 Canada Phone: +1 800 839 8808 Email: rtock@dogree.com 23. Infinity Global Inc. Trade Debt $257,563 501 Bridge Street Danville VA 24541, USA Phone: +1 434 793 7570 Email: infinityglobal@gmail.com 24. Noi Solutions LLC Trade Debt $249,607 132 W 36th Street, 4th Floor New York NY 10018 USA Attn: Saima Chowdhury Phone: +1 845 825 3156 Email: saima@noisolutionsllc.com 25. Pinterest Inc Trade Debt $241,070 651 Branna Street San Francisco, CA 94107, USA Email: support@pinterest-business.zendesk.com 26. Charmant USA Inc Trade Debt $211,953 400 The American Road Morris Plains NJ 07950 USA Attn: Masato Nakagaichi Phone: +1 973 538 1511 Email: MNakagaichi@charmant.com 27. Hansae Co., LTD Trade Debt $164,723 5F, 29, Eunhaeng-ro (Jeongwoo Bldg, Yeouido-dong), Yeongdeungpo-gu, Seoul, 07238, South Korea Attn: Jina Park Phone: +82 2 3779 0779 Email: jinpark@hansae.com 28. TMone LLC dba MCI BPO LC Trade Debt $157,408 2937 Sierra Court SW Iowa City, IA 52240 USA Email: info@mci.world Phone: +1 866 624 2622 29. Hadley Development, LLC Trade Debt $142,890 3629 N Hydraulic Street Wichita, KS 67219 USA Attn: A. Brunner Email: ABrunner@RealmBrands.com Phone: +1 316 821 9700 30. Fullcharm Knitters LTD Trade Debt $138,005 Plot # 1175 & 1179 Bashan Sarak, Vogra, National University 1704, Gazipur, Bangladesh Attn: Anar Kali Chowdhury Phone: 01716007397 Email: Commercial@fullraybd.com ELDER CONTRACTING: Trustee Hires The Cross Law Firm as Counsel -------------------------------------------------------------- James Cross, the trustee appointed in the Chapter 11 case of Elder Contracting, LLC, seeks approval from the U.S. Bankruptcy Court for the District of Arizona to employ The Cross Law Firm, PLC as counsel. The firm will provide these services: (a) give the trustee legal advice with respect to its powers and duties in these proceedings; (b) prepare on behalf of the trustee the necessary legal papers; and (c) perform all other legal services for the trustee which may be necessary herein, and is necessary for it to employ an attorney for such professional services. The firm will be paid at these hourly rates: Nathan Finch, Of Counsel $550 Kara Stewart, Paralegal $225 Mr. Finch 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: Nathan Finch, Esq. The Cross Law Firm, PLC 7301 N. 16th Street, Suite 102 Phoenix, AZ 85020 Telephone: (602) 412-4422 Email: nfinch@crosslawaz.com About Elder Contracting LLC Elder Contracting, LLC, is a construction company that provides residential and commercial construction. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ariz. Case No. 25-11296) on Nov. 24, 2025. In the petition signed by Ramon J. Patino, member, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Eddward P. Ballinger Jr. oversees the case. Michael Tafoya, Esq., at Law Office of Michael G. Tafoya, is the Debtor's counsel. On Jan. 29, 2026, James E. Cross was appointed as trustee in this Chapter 11 case. The trustee tapped The Cross Law Firm, PLC as counsel. ELLAS KOUZINA: Gets Interim OK to Use Cash Collateral ----------------------------------------------------- Ellas Kouzina, LLC received interim approval from the U.S. Bankruptcy Court for the Northern District of Georgia, Atlanta Division, to use cash collateral to fund operations. The court authorized the Debtor to use cash collateral from January 29 until a Chapter 11 trustee is appointed; the bankruptcy case is dismissed or converted; a default remains uncured; or further court order. As adequate protection, Fora Financial and the U.S. Small Business Administration will be granted a replacement lien on the Debtor's property with the same priority as their pre-bankruptcy liens. A final hearing is set for February 25. The interim order is available at https://is.gd/dCOGgy from PacerMonitor.com. Ellas Kouzina filed its Chapter 11 petition on January 29, 2025, and continues to operate as a debtor in possession. Founded in 2007 by manager and sole member, Vasilios Liakakos, the restaurant had generally been profitable but was harmed by the COVID-19 pandemic and later by increased competition, which reduced revenue and led to delinquencies. To consolidate debt, the Debtor entered into an Economic Injury Disaster Loan with the SBA in April 2024 and a purchase and sale of future receivables agreement with Fora Financial Warehouse 2024, LLC in April 2025. After falling behind on payments, Fora Financial filed a collection lawsuit in January, prompting the Debtor to seek bankruptcy protection to manage creditor actions and restructure its finances. Fora Financial and the SBA are secured creditors with potential interests in the cash collateral, holding estimated claims of $79,732 and $520,376, respectively, totaling approximately $600,108. By contrast, the Debtor estimates the value of its assets at roughly $51,500, consisting of about $20,000 in cash, $25,000 in equipment, $3,500 in liquor inventory, and $3,000 in food inventory. About Ellas Kouzina LLC Ellas Kouzina, LLC operates a Greek restaurant in Roswell, Georgia. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 26-51228) on January 29, 2026. In the petition signed by Vasilios Liakakos, manager, the Debtor disclosed up to $50,000 in assets and up to $1 million in liabilities. Paul Reece Marr, Esq., at Paul Reece Marr, P.C., represents the Debtor as legal counsel. ENVERIC BIOSCIENCES: Intracoastal, 2 Others Hold 4.99% Equity Stake ------------------------------------------------------------------- Mitchell P. Kopin, Daniel B. Asher, and Intracoastal Capital, LLC disclosed in a Schedule 13G (Amendment No. 1) filed with the U.S. Securities and Exchange Commission that as of January 27, 2026, they beneficially own 71,246 shares of common stock -- with shared voting and dispositive power; includes 33,800 shares held by Intracoastal Capital LLC and 37,446 shares issuable upon exercise of warrants subject to a 4.99% beneficial ownership blocker; excludes additional warrant shares due to blocker provisions preventing ownership exceeding 4.99% -- of Enveric Biosciences, Inc.'s common stock, par value $0.01 per share, representing 4.99% of 1,061,533 shares outstanding as of January 27, 2026, plus shares issued at closing of the SPA and warrant shares after blocker. Intracoastal Capital LLC may be reached through: Mitchell P. Kopin, Manager 245 Palm Trail Delray Beach, FL 33483 Tel: 847-562-9030 A full-text copy of Intracoastal Capital LLC's SEC report is available at: https://tinyurl.com/483852dm About Enveric Biosciences Enveric Biosciences (NASDAQ: ENVB) -- http://www.enveric.com/-- is a biotechnology company dedicated to the development of novel neuroplastogenic small-molecule therapeutics for the treatment of depression, anxiety, and addiction disorders. Leveraging its unique discovery and development platform, The Psybrary, the Company has created a robust intellectual property portfolio of new chemical entities for specific mental health indications. The Company's lead program, the EVM201 Series, comprises next generation synthetic prodrugs of the active metabolite, psilocin. The Company is developing the first product from the EVM201 Series "EB-002" for the treatment of psychiatric disorders. The Company is also advancing its second program, the EVM301 Series "EB 003" expected to offer a first-in-class, new approach to the treatment of difficult-to-address mental health disorders, mediated by the promotion of neuroplasticity without also inducing hallucinations in the patient. Morristown, New Jersey-based Marcum LLP, the Company's former auditor, issued a "going concern" qualification in its report dated March 28, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has incurred significant losses and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. Enveric Biosciences had total assets amounting to $3.5 million, total liabilities (all current) of $1.4 million, and total shareholders' equity of $2.2 million as of June 30, 2025. ESW MANUFACTURING: Taps Gerardo L. Santiago Puig as Legal Counsel ----------------------------------------------------------------- ESW Manufacturing, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Puerto Rico to employ Gerardo Santiago Puig, Esq., an attorney practicing in San Juan, Puerto, Rico, as counsel. The attorney will render these services: (a) prepare pleading and applications and conduct examinations incidental to administration; (b) develop the relationship of the status of the Debtor to the claims of creditors in this case; (c) advise the Debtor of its rights, duties, and obligations as debtor operating under Chapter 11 of the Bankruptcy Code; (d) take any and all other necessary action incident to the proper preservation and administration of this Chapter 11 estate; and (e) advise the Debtor and assist in the formulation and presentation of a plan pursuant to Chapter 11 of Bankruptcy Code, the disclosure statement and concerning any and all matters relating thereto. Mr. Santiago Puig will be billed at his hourly rate of $200. The Debtor agreed to pay the attorney in advance the amount of $5,162 as a retainer fee. Mr. Santiago Puig 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: Gerardo L. Santiago Puig, Esq. Pavia II Building, Suite 105 1449 Americo Salas St. San Juan, PR 00909 Telephone: (787) 593-3922 Email: gsantiagopuig@gmail.com About ESW Manufacturing Inc. ESW Manufacturing, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.P.R. Case No. 26-00084) on January 15, 2026, listing under $1 million in both assets and liabilities. Judge Enrique S. Lamoutte Inclan oversees the case. Gerardo L. Santiago Puig, Esq., represents the Debtor as counsel. FANATICS COLLECTIBLES: Moody's Withdraws 'Ba3' Corp. Family Rating ------------------------------------------------------------------ Moody's Ratings has withdrawn Fanatics Collectibles Intermediate Holdco, Inc.'s ("Fanatics Collectibles") ratings, including its Ba3 corporate family rating, B1-PD probability of default rating, and the Ba3 rating on its senior secured bank credit facility, currently comprised of a $1 billion revolving credit facility as the term loan has been repaid in full. Prior to withdrawal, the outlook was positive. RATINGS RATIONALE Moody's have decided to withdraw the rating(s) for Moody's own business reasons. Fanatics Collectibles is a global consumer products company focusing on licensing, producing, designing, selling and manufacturing physical and digital trading cards, sports memorabilia and other digital assets for sports and entertainment properties. FIREFLY NEUROSCIENCE: Windsor and Affiliates Hold 4.5% Stake ------------------------------------------------------------ WPC Management Services Inc., WPC GP I Inc., Windsor Private Capital LP, Jordan Kupinsky, HJRK Holdings Inc., Rocco Marcello, and John Cundari, disclosed in a Schedule 13D (Amendment No. 6) filed with the U.S. Securities and Exchange Commission that as of January 28, 2026, they beneficially own 605,421 shares of common stock -- directly held by Windsor Private Capital LP with shared voting and dispositive power; Jordan Kupinsky beneficially owns an aggregate 674,181 shares including 68,760 shares held by HJRK Holdings Inc.; percentage ownership based on 13,492,928 shares outstanding as of December 2, 2025; the Reporting Persons have ceased to be beneficial owners of more than 5% following sales of an aggregate 147,300 shares between December 31, 2025 and January 30, 2026 -- of Firefly Neuroscience, Inc.'s common stock, $0.0001 par value per share, representing 4.5% of the shares outstanding. Windsor Private Capital LP may be reached through: John Cundari, Partner 22 St. Clair Avenue East, Suite 202 Toronto, Ontario M4T 2S3, Canada Tel: (416) 515-2318 A full-text copy of Windsor Private Capital LP's SEC report is available at: https://tinyurl.com/yzyhh9p8 About Firefly Firefly Neuroscience, Inc. (NASDAQ: AIFF) (formerly WaveDancer, Inc.) is an Artificial Intelligence company developing innovative solutions that improve rain health outcomes for patients with neurological and mental disorders. The FDA-510(k)-cleared Brain Network Analytics (BNA) software platform is designed to advance diagnostic and treatment approaches for individuals with mental illnesses and cognitive disorders, such as depression, dementia, anxiety, concussions, and attention-deficit/hyperactivity disorder (ADHD). Toronto, Ontario, Canada-based Marcum Canada LLP, the Company's auditor since 2012, issued a "going concern" qualification in its report dated April 2, 2025, attached on the Company's Annual Report on Form 10-K for the year ended Dec. 30, 2024, citing that the Company has a significant working capital deficiency, has incurred significant losses and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of September 30, 2025, the Company had $12.4 million in total assets, $2.8 million in total liabilities, and $9.7 million in total stockholders' equity. FIRST QUANTUM: S&P Alters Outlook to Positive, Affirms 'B' LT ICR ----------------------------------------------------------------- S&P Global Ratings revised its outlook on First Quantum Minerals (FQM) to positive from negative and affirmed its 'B' long-term issuer credit rating on the company. The positive outlook reflects that S&P would likely raise the rating with FQM moving to a full ramp-up of Cobre Panama after receiving official approval to restart operations. Progress at Cobre Panama has been patient yet positive, and S&P anticipates FQM will reopen the mine in first-half 2026 and ramp up during the third quarter. At the same time, the company has been proactive in managing its liquidity position to address potential setbacks. S&P said, "We anticipate the Cobre Panama mine will reopen in second-quarter 2026. Recent developments, including statements from Panamanian President Jose Raul Mulino on Jan. 2, 2026, suggest a positive trajectory toward resuming operations, with the intention of approving the processing of low-grade stockpiles. While the relevant government ministries have yet to allow full production from the mine, we view the announcement as positive, along with several positive actions (such as selling idled inventory, the export of concentrate, restarting the power plant in the fourth quarter, and the audit progressing satisfactorily). We now anticipate the ramp-up period to begin in second-quarter 2026, with production ramping up by third-quarter 2026, providing about 120,000 tons of copper and 40,000 ounces (oz) of gold in fiscal 2026." FQM's credit profile will strengthen with the mine's restart. Positive rating momentum over the coming 18 months could stem from the formal approval to restart and the subsequent ramp-up of Cobre Panama. Once full commercial production has been established for some months, and the mine is operating at full capacity, S&P anticipates headroom could develop beyond a 'B+' rating, subject to the company maintaining adequate liquidity and deleveraging. S&P said, "Metal prices remain elevated, and we forecast benefits for FQM's S&P Global Ratings-adjusted EBITDA. We expect metal prices to remain robust throughout fiscal 2026, with copper at $10,500 per ton and gold at $3,300 per oz for the year (for more information, see “S&P Global Ratings' Metal Price Assumptions: Gold Powers Higher, Copper Jumps”, Oct 13, 2025). We anticipate FQM, as a primary producer of copper, will continue to benefit from this, with a $500 per ton increase in the copper price translating to an approximately $200 million S&P Global Ratings-adjusted EBITDA increase in 2026. Still, FQM partially hedges its production through copper and gold collars, which will limit the fully realized increased prices until they roll off from the derivatives. With about 50% of the first half-2026 production hedged at an average upside of $4.62 per pound by the end of second-quarter 2026, we estimate that should prices remain at current levels, FQM will lose about $100 million of S&P Global Ratings-adjusted EBITDA. However, we view the historical hedging program as positive for cash flow because it mitigates pricing volatility, as is common in the sector. "Given the uncertainty regarding Cobre Panama's production in 2026, we continue to not forecast metrics in our base-case scenario. Still, we estimate a full run rate EBITDA of over $5 billion once Cobre Panama is in full production (under copper prices of $10,500 per ton), which would translate into adjusted debt to EBITDA of under 2.0x (after netting excess cash above $1 billion). We view this ratio as commensurate with our aggressive financial risk profile, and won't constrain upside rating potential." The positive outlook reflects a change in the rating that would follow FQM moving to a full ramp-up of Cobre Panama after receiving FQM receiving an official approval to restart the mine's operations. S&P understands an announcement could come in the next three months. Under S&P's base-case scenario for 2026, it continues to assume limited contribution from Panama, so results would be driven by the company's operations in Zambia. Upside scenario An upgrade to 'B+' in the coming six months will be subject to the following: -- Processing of existing copper stockpiles and the successful export of materials outside the country (about 40,000 tons of copper concentrate a month) -- Obtaining government approval, and having a clear understanding of the business relationship between both parties (including rights, royalties, and ownership) -- A clear roadmap for reaching full production at Cobre Panama within 6-12 months -- Maintaining debt to EBITDA under 3x under S&P's current price assumptions (after accounting for excess cash above $1 billion) A further upgrade to 'BB-' would be subject to reaching full production at Cobre Panama, which could come as early as mid-2027. Downside scenario A negative outlook revision, or potentially a downgrade, could arise from a deadlock in the negotiation with the Panamanian government that would lead to material delays. In addition, pressure on the rating could rise, if the company's operations in Zambia faced unexpected challenges, leaving the company with significantly lower production and some pressure on its liquidity. FLOOD SPECIALISTS: Unsecureds Will Get 100% over 5 Years -------------------------------------------------------- Flood Specialists, Inc. filed with the U.S. Bankruptcy Court for the Northern District of Illinois a Subchapter V Plan of Reorganization dated January 30, 2026. The Debtor operates as a general contractor specializing in flood damage remediation in Long Grove, Illinois. This Plan proposes to pay creditors of Debtor from net cash flow from the operations of the Debtor. This Plan also provides for the payment of administrative and priority claims in incremental payments during the life of the Plan. Allowed claims of fully secured creditors will receive 100% of their allowed claims plus 3% simple interest. Non-priority unsecured creditors holding allowed claims of non-insiders will receive distributions which the Debtor has valued at approximately 100% of allowed claims. Non-priority unsecured creditors' claims of insiders and equity security holders will not receive a distribution under the Plan. Class 2 consists of General Unsecured Claims of Non-Insiders. Allowed claims shall receive an approximate 100% distribution pro rata pursuant to the Payment Schedule. Payments shall begin on the first anniversary of the Initial Distribution Date and shall be made on a pro rata basis pursuant during Years 2 through 5 of the Plan pursuant to the Payment Schedule. This Class is unimpaired. Class 3 consists of Equity Holders. Membership interest in the Debtor will be cancelled. The bidder for the shares in the reorganized debtor consists of Lucy Majewski (the "Bidder"), the mother of the current sole shareholder. The Bidder has offered to purchase 100% of the shares in the reorganized Debtor for a total of $19,000.00. In exchange for the consideration identified herein, Bidders will be issued shares in the post-confirmation Debtor ("Reorganized Debtor") as soon as is practical after the Effective Date. Competing bids will be offered at increments of $2,500.00. The successful bidder shall then be awarded 100% membership interests in Reorganized Debtor. Payment for the membership interests will be due on the fifteenth day after the Effective Date of the Plan and shall be tendered to Debtor's counsel. In the event that the successful bidder fails to make the required payment, then the bid will be deemed withdrawn, the earnest money will be deemed as forfeited to the Debtor, and the membership interests will be awarded to the next highest bidder. The purchase price will be considered and used as a capital contribution to aid in the funding of the Plan. The Plan will be funded with the Debtor's net income in the future. Mario Majewski shall serve as president of the reorganized Debtor. During the term of the Plan, shareholders of the Debtor shall not be entitled to any distributions in excess of $100.00, exclusive of all salaries, benefits, bonuses and expense reimbursement. A full-text copy of the Plan of Reorganization dated January 30, 2026 is available at https://urlcurt.com/u?l=bMVf6l from PacerMonitor.com at no charge. Counsel to the Debtor: Derek D. Samz, Esq. Beverly A. Berneman, Esq. Robert R. Benjamin, Esq. Golan Christie Taglia LLP 70 W. Madison, Ste. 1500 Chicago, IL 60602 Telephone: (312) 263-2300 Facsimile: (312) 263-0939 Email: ddsamz@gct.law baberneman@gct.law rrbenjamin@gct.law About Flood Specialists Flood Specialists, Inc. operates as a general contractor specializing in flood-damage remediation in Long Grove, Illinois. The Debtor filed a voluntary Chapter 7 petition (Bankr. N.D. Ill. Case No. 24-15634) on October 19, 2024. The case was converted to a Chapter 11 Subchapter V case on August 15, 2025. Judge Michael B. Slade presides over the case. The Debtor is represented by Derek D. Samz, Esq., at Golan Christie Taglia, LLP. FOUR DIRT: Case Summary & 20 Largest Unsecured Creditors -------------------------------------------------------- Debtor: Four Dirt LLC 7454 State Route 9 Hanoverton, OH 44423 Business Description: Four Dirt LLC, based in Hanoverton, Ohio, operates PlanetSXS.com, an e-commerce retailer of off-road vehicle parts and accessories, including UTVs, ATVs, and dirt bikes. The company sells products such as wheels, tires, lift kits, windshields, and protective gear through its online platform and maintains a physical warehouse/distribution hub at its Hanoverton location for order fulfillment and local pickup. Chapter 11 Petition Date: February 5, 2026 Court: United States Bankruptcy Court Northern District of Ohio Case No.: 26-40132 Judge: Hon. Tiiara NA Patton Debtor's Counsel: Charles Fitzpatrick, Esq. CHARLES E FITZTRICK IV ESQ LLC 250 South Chestnut Street, Suite 17 Ravenna, OH 44266 Tel: (330) 577-4002 E-mail: charles@fitzpatrickesq.com Estimated Assets: $100,000 to $500,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Ryan Snyder 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/2HRSYQQ/Four_Dirt_LLC__ohnbke-26-40132__0001.0.pdf?mcid=tGE4TAMA GAAT HOLDINGS: Case Summary & 17 Unsecured Creditors ---------------------------------------------------- Debtor: GAAT Holdings, LLC d/b/a Lakeland Liquidation d/b/a Casina Kitchen and Bath Design 2940 US Highway 92 E. Lakeland, FL 33801 Business Description: GAAT Holdings, LLC, doing business as Lakeland Liquidation and Casina Kitchen and Bath Design, operates a home improvement retail and design business in Lakeland, Florida. The company sells kitchen and bathroom cabinets, flooring, countertops, and related renovation materials and provides kitchen and bath design services through its showroom operations. Chapter 11 Petition Date: February 6, 2026 Court: United States Bankruptcy Court Middle District of Florida Case No.: 26-00963 Judge: Hon. Catherine Peek Mcewen Debtor's Counsel: Matthew B. Hale, Esq. STICHTER, RIEDEL, BLAIN & POSTLER, P.A. 110 E. Madison St. Suite 200 Tampa, FL 33602 Tel: (813) 229-0144 Email: mhale@srbp.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Brandon Brayboy as manager. A copy of the Debtor's list of its 17 unsecured creditors is available for free on PacerMonitor at: https://www.pacermonitor.com/view/5X4C7TA/GAAT_Holdings_LLC__flmbke-26-00963__0002.0.pdf?mcid=tGE4TAMA A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/5IAUSVY/GAAT_Holdings_LLC__flmbke-26-00963__0001.0.pdf?mcid=tGE4TAMA GARNET HEALTH: S&P Lowers Bond Rating to 'B-', Outlook Negative --------------------------------------------------------------- S&P Global Ratings lowered its long-term rating to 'B-' from 'BB-' on the Dormitory Authority of the State of New York's series 2015 and series 2017 bonds, issued for Garnet Health Medical Center (GHMC), N.Y. GHMC and two hospitals operated as Catskills (GHMC-C) are subsidiaries of Garnet Health (GH). The outlook is negative. The three-notch downgrade reflects GH's very rapidly deteriorating days' cash on hand and unrestricted reserves to long-term debt, as well as the magnitude of the projected operating loss in fiscal 2025, significantly short of budget expectations, with another sizable loss budgeted for fiscal 2026. Elevated labor and salary pressures have constrained GH's margins and increased its exposure to human capital-related social risks in our credit analysis. Furthermore, with approximately 80% of employees represented by unions, the organization has limited flexibility to implement rapid cost-containment measures. In addition, S&P views management and governance risk as elevated as a result of very limited liquidity to manage any unexpected events. S&P has analyzed GH's exposure to environmental factors and view them as neutral. S&P said, "The negative outlook reflects our expectation that GH's sizable and persistent operating losses will continue over the outlook period. The outlook also reflects our expectation of further balance sheet deterioration in the absence of a significant external cash infusion, as GH will likely need to continue drawing on unrestricted reserves to support weak operations. In addition, the negative outlook reflects very limited cushion above the forbearance agreement's financial requirements. "We could further lower the rating over the outlook period if GH fails to meaningfully reduce the scale of its operating losses while sustaining sufficient unrestricted reserves, or if it breaches the financial requirements of the forbearance agreement. Given GH's already elevated leverage, any additional debt issuance would likely pressure the rating. In addition, any negative changes to GH's market share or competitive position could also result in a downgrade. "We could revise the outlook to stable if GH demonstrates a trend of operating improvement while maintaining or incrementally improving key balance sheet metrics. In addition, should the transaction with MHS close, we believe there is upside rating potential in application of our GRM criteria, with the extent of upside dependent on the final details of the arrangement and our ultimate view of the pro forma combined Montefiore Health System and GH system credit profile." GLOBAL BUSINESS: Fitch Affirms 'BB' IDR, Outlook Positive --------------------------------------------------------- Fitch Ratings has affirmed the ratings for Global Business Travel Group, Inc. and GBT US III LLC. These actions follow Fitch's updates to its "Corporate Rating Criteria" and "Sector Navigators Addendum to the Corporate Rating Criteria" on Jan. 9, 2026. The criteria changes do not affect the companies' ratings or Outlooks. Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bb, Moderate), Sector Characteristics (bb-, Higher), Market and Competitive Positioning (bb+, Higher), Diversification and Asset Quality (bb, Moderate), Company Operational Characteristics (bb+, Lower), Profitability (bb+, Moderate), Financial Structure (bbb, Moderate), and Financial Flexibility (bbb+, Lower). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2024, 40% for the forecast year 2025 and 40% for the forecast year 2026. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'aa-' results in no adjustment. - The SCP is 'bb'. To derive the IDR: - Application of Fitch's Parent Subsidiary Linkage Rating Criteria supports a consolidated approach, resulting in IDRs of 'BB' for both Global Business Travel Group, Inc. and GBT US III LLC. Issuer Profile American Express Global Business Travel (Amex GBT) is a B2B travel platform, providing software and services to manage travel, expenses, meetings and events for companies of all sizes. RATING ACTIONS Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Global Business Travel Group, Inc. LT IDR BB Affirmed BB GBT US III LLC LT IDR BB Affirmed BB senior secured LT BBB- Affirmed RR1 BBB- HILLENBRAND INC: S&P Downgrades ICR to 'B', Outlook Stable ---------------------------------------------------------- S&P Global Ratings lowered its issuer credit rating on Hillenbrand to 'B' from 'BB' and removed its ratings on the company from CreditWatch, where it placed them with negative implications on Oct. 16, 2025. S&P said, "At the same time, we lowered our issue-level rating on Hillenbrand's senior unsecured notes to 'B-' from 'BB' and revised the recovery rating to '5', from '3'. The '5' recovery rating indicates our expectation for modest (10%-30%; rounded estimate: 15%) recovery for lenders in the event of a payment default. We plan to withdraw our ratings on the company's $700 million revolver and term loan A-1 once they are fully repaid. "The stable outlook reflects that, while LSF12 Helix's S&P Global Ratings-adjusted leverage will remain high at about 7x through 2026, we anticipate it will reduce its leverage toward the 6x-7x range while improving its free operating cash flow generation." On Feb. 10, 2026, LSF12 Helix Intermediate L.P. closed its acquisition of Hillenbrand Inc. Therefore, we now view Hillenbrand as a wholly owned subsidiary of LSF12 Helix. S&P said, "We lowered our issuer credit rating on Hillenbrand Inc. to equalize it with our rating on LSF12 Helix because we now view Hillenbrand as a core subsidiary of LSF12 Helix's group. "About $158 million total in Hillenbrand, Inc.'s notes ($19.4 million of the company's 3.75% notes due 2031 and $138.2 million of its 6.25% notes due 2029) will remain outstanding in the LSF12 Helix capital structure following close of the acquisition. Concurrently, we expect LSF12 Helix will reduce the commitments under its term loan by $158 million. "We lowered our issue-level rating on these notes in conjunction with the downgrade and to incorporate the provisions of LSF12 Helix's debt structure. Following the transaction, the Hillenbrand notes will be secured, though they will benefit from a less-comprehensive collateral package than the senior secured debt issued by LSF12 Helix (comprising a $420 million revolver, $1.8 billion term loan, and $500 million of senior secured notes). Specifically, the Hillenbrand notes will receive equity pledges from domestic entities but not foreign entities. Our ratings on LSF12 Helix Parent's debt are unchanged." HILMORE LLC: Updates Several Disputed Claims Pay ------------------------------------------------ Hilmore LLC submitted a Third Amended Disclosure Statement in support of Plan of Reorganization dated February 2, 2026. This is a reorganization plan. In other words, the Proponent seeks to accomplish payments under the Plan with family contributions to the Proponent. This Chapter 11 filing reflects Debtor's good faith effort to preserve its only real property asset, resolve lien disputes, and protect value for creditors and the Javidzad family. Debtor intends to propose a feasible reorganization plan that addresses these issues under current market conditions. Class 2 consists of the Dispute of Alleged Second Deed of Trust Creditor Strategic Acquisitions ("Zombie Lien"). Claim is disputed as a "zombie lien." No payments will be made absent proof of standing. Class 4 consists of the Dispute of Alleged Fourth Deed of Trust Creditor Dr. Mehran Javaherian. Claim is disputed since the claim has been satisfied in full through assignment of other properties; lien remains of record but is unenforceable. No payments will be made. Like in the prior iteration of the Plan, each member of Class 5 General Unsecured Claims shall be paid 100% of its claim over five years in equal monthly installments, due on the first day of each calendar month, without interest, starting on the Effective Date. The percentage is fixed: this Plan is a commitment to pay this percentage regardless of future revenues, expenses, or the total allowed claims. If Debtor is unable to pay this percentage then that will be a default under this Plan. The allowed unsecured claims total $33,149.55. Shahpour Shawn Javidzad and Shahrokh Steve Javidzad (CEO) hold 50% membership interest each. The existing shareholder will retain their equity interest, although no new value contributions will be offered under this plan. The plan will be funded by the ongoing capital contributions by the Javidzad Sons and other family. Evidence of Debtor's financial solvency is demonstrated by Debtor's current assets. The Debtor acknowledges that the continued use and occupancy of the Hilgard Property may change due to circumstances beyond Debtor's control, including the age and health-related circumstances of the current occupants. Accordingly, Debtor expressly reserves the right, in Debtor's sole discretion, to market and sell the Hilgard Property during the life of the Plan. Any such sale would be conducted for the purpose of maximizing value for the estate and ensuring the prompt payment in full of all allowed claims under the Plan, consistent with the Bankruptcy Code and the Plan. Because the continued use and occupancy of the Hilgard Property may change due to age and health-related circumstances of the current occupants, Debtor may determine that marketing and selling the Hilgard Property is necessary or advisable during the Plan term. If a sale occurs, Debtor intends to use the proceeds to satisfy Plan obligations and pay allowed creditor claims in full, consistent with the Plan and applicable bankruptcy law. The hearing on confirmation of the Plan will take place in Courtroom 1539 of the United States Bankruptcy Court, located at 255 East Temple Street, Los Angeles, California 90012 on April 14, 2026 at 10:00 AM. The deadline to vote for or against the Plan is March 13, 2026 before 5:00 PM. The deadline to file and serve objections to Plan confirmation is also March 13, 2026. A full-text copy of the Third Amended Disclosure Statement dated February 2, 2026 is available at https://urlcurt.com/u?l=OjTMzb from PacerMonitor.com at no charge. General Bankruptcy Counsel for Hilmore, LLC: Sheila Esmaili, Esq. LAW OFFICES OF SHEILA ESMAILI 10940 Wilshire Blvd., Suite 1600 Los Angeles, California 90024 T: 310.734.8209 | F: 877.738.6220 E: selaw@bankruptcyhelpla.com W: www.bankruptcyhelpla.com About Hilmore LLC Hilmore LLC is a single asset real estate debtor, as defined in 11 U.S.C. Section 101(51B). Hilmore LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-10481) on Jan. 22, 2025. In its petition, the Debtor estimated assets and liabilities between $1 million and $10 million each. The Debtor is represented by Raymond H. Aver, at LAW OFFICES OF RAYMOND H. AVER. HOME TEAM: Leo Congeni Named Subchapter V Trustee ------------------------------------------------- The Acting U.S. Trustee for Region 5 appointed Leo Congeni, Esq., at Congeni Law Firm, LLC as Subchapter V trustee for Home Team Medical Clinic, LLC. Mr. Congeni will be paid an hourly fee of $350 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Congeni declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Leo D. Congeni CONGENI LAW FIRM, LLC 650 Poydras Street, Suite 2750 New Orleans, LA 70130 Telephone: 504-522-4848 Facsimile: 504-910-3055 Email: leo@congenilawfirm.com About Home Team Medical Clinic LLC Home Team Medical Clinic, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. E.D. La. Case No. 26-10240) on February 2, 2026, with $50,001 to $100,000 in assets and $500,001 to $1 million in liabilities. Judge Meredith S. Grabill presides over the case. Robin R. DeLeo, Esq., represents the Debtor as legal counsel. HORIZON WEST: Seeks Approval to Hire BransonLaw as Legal Counsel ---------------------------------------------------------------- Horizon West Medical Group, PLLC seeks approval from the U.S. Bankruptcy Court for the Middle District of Florida to employ BransonLaw, PLLC as counsel. The firm will provide these services: (a) prosecute and defend any causes of action on behalf of the Debtor; prepare, on its behalf, all necessary legal papers; (b) assist in the formulation of a plan of reorganization; and (c) provide all other services of a legal nature. The firm's hourly rates range between $655 to $150. In addition, the firm will seek reimbursement for expenses incurred. The firm received a sum of $7,461 from the Debtor prior to the filing of this case. Jeffrey Ainsworth, Esq., an attorney at BransonLaw, 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 S. Ainsworth, Esq. Jacob D. Flentke, Esq. BransonLaw, PLLC 1501 E. Concord Street Orlando, FL 32803 Telephone: (407) 894-6834 Facsimile: (407) 894-8559 Email: jeff@bransonlaw.com jacob@bransonlaw.com About Horizon West Medical Group PLLC Horizon West Medical Group, PLLC is a Florida-based healthcare provider specializing in outpatient medical services. The company offers primary care, diagnostic services, and patient management programs to support the health and wellness of its local community. Horizon West Medical Group sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-08105) on December 14, 2025. In its petition, the Debtor reports estimated assets and estimated liabilities each in the range of $100,001 to $1 million. The case is assigned to Honorable Lori V. Vaughan. The Debtor is represented by Jeffrey Ainsworth, Esq., at BransonLaw PLLC. HOWARD HUGHES: Fitch Affirms 'BB' IDR, Outlook Stable ----------------------------------------------------- Fitch Ratings has affirmed Howard Hughes Holdings, Inc (HHH) and Howard Hughes Corporation's (HHC) Issuer Default Ratings (IDRs) at 'BB'. Fitch has also assigned a 'BB' rating with a Recovery Rating of 'RR4' to HHC's proposed unsecured notes and affirmed its existing unsecured notes at 'BB'/'RR4'. The Rating Outlook is Stable. The ratings reflect HHH's strong portfolio asset quality within its core markets, including master planned communities, as well as its strategic land portfolio, development capability and track record. However, this is offset by the fact that HHH's MPC land sales and strategic developments segments are less predictable, more lumpy and have less consistent contractual revenues than other Fitch-rated real estate companies and the company has relatively weak unencumbered asset coverage. Fitch expects the proceeds of the unsecured debt issuance to be used to repay the company's $750 million 5.375% senior unsecured notes due 2028 and for general corporate purposes. Key Rating Drivers Key Assets in Attractive Markets: HHH owns strategic asset positions in select Sun Belt and mid-Atlantic markets, which benefit from migration and job growth, but also face lower physical and zoning barriers to entry. Through its operating asset, MPCs and strategic development segments, the company can plan and grow its communities over multiyear periods, while increasing its base in recurring income. The company's MPCs total approximately 118,000 gross acres of land, with 21,000 residential acres of land remaining to be developed and 13,000 acres designated for commercial development or noncompete users. HHH's markets continue to experience elevated housing demand, leading to homebuilders' ongoing purchase of additional lots in the company's MPCs at appreciating prices Land and Condo Development Volatility: Fitch views HHH's rental income risk profile as weaker than those of its equity REIT peers, generally consistent with the high speculative-grade category. The company generated 25% of 2024 revenues through contractual rents from its operating portfolio properties, located in and near its master planned communities. This figure was lower than 43% in 2023 and more consistent with prior years; 2023 was the only year in a decade without significant condo sales. The company's development-for-sale segments provide incremental cash flow but are more volatile. After a high level of earnings in this segment in 2022, minimal deliveries occurred in 2023 but exhibited a strong rebound in 2024 with the delivery of Victoria Place. This volatility is primarily due to the timing of the future Ward Village condo development deliveries. High and Volatile Income-Based Leverage: HHH's net debt to recurring operating EBITDA leverage is high compared to investment-grade-rated equity REIT peers, partly due to its development focus and non-income producing assets. The company generates significant income from nonrecurring asset sales within its MPC and strategic developments segments, which Fitch views as more volatile than contractual rental income. HHH's net debt to recurring operating EBITDA leverage was 7.8x for the nine months ended Sept. 30, 2025 after coming in relatively lower in 2024 at 6.9x due to higher condo sales, after elevated leverage of 12.4x in 2023, up from 7.4x in 2022. Stable Leverage and Growth Outlook: Fitch expects HHH's leverage to sustain around the mid- to high-7x level over the forecast period, with anticipated consistent condo sales and strong but not as robust MPC sales beyond 2025. The Operating Asset segment NOI improved in 2024, and Fitch expects further increases based on low to mid-single-digit organic growth and stabilization of recent development projects. HHH's net debt/capital, a supplemental metric used to analyze homebuilders, was 62.4% for 3Q25 and 62.2% for 2024. Fitch expects this metric to sustain around the high 50% range through 2027. Increased Pershing Square Stake May Add Complexity: In May 2025, HHH sold 9 million shares of company stock to its largest shareholder, Pershing Square for an aggregate purchase price of $900 million, increasing Pershing Square's ownership in the company to 47.2%. On Dec. 18, 2025, the company announced an agreement to acquire Vantage Group Holdings Ltd., a privately held insurance company for $2.1 billion. The transaction is expected to close in 2Q26. Over time, Fitch expects HHH to transform into a diversified holding company, with the current portfolio of master planned communities at the foundation of its corporate structure. This shift could divert management attention from its historical real estate focus. Prefunded Development Mitigates Risk: The company prefunds all development with nonrecourse secured debt and begins construction only after obtaining necessary cash. Fitch views this strategy as mitigating unfunded development pipeline risk. As of Sept. 30, 2025, projects under construction totalled $3.57 billion, with $1.08 billion remaining to be spent, including $754 million in committed debt to be drawn. Unfunded development costs represented 2.2% of undepreciated assets, well below Fitch's 10% as a concern threshold. Weak Unencumbered Asset Coverage: Only approximately 22% of HHH's assets are unencumbered. This results in unencumbered asset coverage of net unsecured debt (UA/UD) of 0.4x as of 3Q25, substantially lower than the typical 2.0x UA/UD of an investment grade REIT and is therefore one of the contributing factors to HHH's below investment-grade rating. Speculative-Grade Capital Access: Prior to the proposed unsecured debt offering, HHC has demonstrated capital access to the unsecured bond market as the company issued $750 million and $1.3 billion senior unsecured notes in 2020 and 2021, respectively. Nonetheless, the company maintains secured debt at over 50% of total debt as it continues to refinance mortgages, which is more consistent with the capital structure of below-investment-grade real estate companies. Peer Analysis While HHH has not elected REIT status, Fitch views select U.S. equity REITs and, to a lesser extent, U.S. homebuilders as comparable peers, notwithstanding the company's differentiated business model. HHH owns multiple commercial property types in and around select MPCs. It also has high exposure to sales income from developed lots and merchant developments. In 2024, the company generated approximately 25% of its revenue from contractual rents from its operating portfolio properties, including office, multifamily and retail located in and adjacent to its MPCs. HHH's portfolio is more diversified by property type compared to its higher-rated, Sun Belt-focused multifamily REIT peers, Camden Property Trust (A-/Stable) and Mid-America Apartment Communities, Inc. (A-/Stable). However, HHH operates at considerably higher net debt to recurring operating EBITDA leverage and relies on noncontractual residential land sales. HHH's portfolio is somewhat similar to that of American Assets Trust, Inc. (AAT; BBB/Stable) in that it has a diversified portfolio of office, retail and multifamily assets with a U.S. West Coast focus and some additional Hawaii exposure. However, AAT's revenues are 100% derived from owned real estate. Fitch expects the company to operate at around 6x leverage through the forecast horizon. Fitch considers debt to capitalization as a secondary leverage measure given HHC's high level of non-income-producing land and homebuilding industry exposure. Fitch expects the company to operate with a debt capitalization ratio in the high 50% range over the forecast period, which is considerably above the 20%-25% range for homebuilding peer Toll Brothers, Inc. (BBB+/Stable). Fitch’s Key Rating-Case Assumptions - Operating Asset segment of mid-single-digit same-store (SS) NOI growth in 2025 and low- to mid-single-digit SSNOI growth through the remainder of the forecast period; - No incremental acquisitions or dispositions beyond what has been announced; - Strategic development revenues of approximately $320 million in 2025, $575 million in 2026 and $440 million in 2027; - Refinancing of any maturing debt. Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bbb-, Lower), Access to Capital (bb-, Moderate), Liability Profile (bbb, Moderate), Property Portfolio (bbb, Moderate), Rental Income Risk Profile (bb+, Higher), Profitability (a, Lower), Financial Structure (bb-, Higher), and Financial Flexibility (bbb-, Moderate). - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'aa-' results in no adjustment. - The SCP is 'bb'. To derive the IDR: - Application of Fitch's Parent Subsidiary Linkage Rating Criteria results in a consolidated approach. - No further adjustments made to SCP resulting in an IDR of 'BB'. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Fitch expectations of leverage (net debt to recurring operating EBITDA) sustaining above 8.5x and/or a net debt to capital ratio sustaining above 55%; - Expectations of REIT fixed-charge coverage sustaining below 1.5x; - Expectations of deteriorating access to capital markets. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Fitch expectations of leverage (net debt to recurring operating EBITDA) sustaining below 7x, assuming a similar or modestly greater percentage of NOI from contractual rents; - REIT fixed-charge coverage sustaining above 2.5x; - Growth in HHC's operating assets, resulting in NOI from recurring contractual rental income comprising 70% of net operating income; - Growth in unencumbered assets or unencumbered asset coverage of unsecured debt improves to 1.75x, or greater. Liquidity and Debt Structure Fitch estimates HHC's base case liquidity coverage at 1.1x through YE 2027, which improves to 1.4x, assuming 80% secured refinancing. This is before the proposed unsecured note issuance, which would improve liquidity to 1.3x and to 1.6x assuming 80% secured refinancing. The company's sources include approximately $1.57 billion in estimated retained cash flow, $515 million in availability on its secured Bridgeland notes facility and approximately $556 million of cash on hand. As of Sept. 30, 2025, projects under construction had an estimated total cost of $3.57 billion, with $1.08 billion remaining to be spent, including $754 million of committed debt to be drawn on existing development projects. Issuer Profile Howard Hughes Holdings Inc. owns, manages, and develops commercial, residential, and mixed-use properties in the United States. It operates through three segments: Operating Assets; Master Planned Communities and Strategic Developments. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. RATING ACTIONS Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- The Howard Hughes Corporation LT IDR BB Affirmed BB senior unsecured LT BB New Rating RR4 senior unsecured LT BB Affirmed RR4 BB Howard Hughes Holdings Inc. LT IDR BB Affirmed BB HOWARD HUGHES: Moody's Rates New Unsec. Notes Due 2032/2034 'Ba3' ----------------------------------------------------------------- Moody's Ratings assigned a Ba3 rating to The Howard Hughes Corporation's (Howard Hughes) proposed $500 million senior unsecured notes due 2032 and $500 million senior unsecured notes due 2034. Howard Hughes' other ratings, including its Ba3 Corporate Family Rating, and stable outlook remain unchanged. The proceeds of the new notes will be used to refinance the company's $750 million 5.375% senior unsecured notes due 2028 and related fees and expenses, as well as for general corporate purposes. Pro forma for the transaction debt to book capitalization will increase to about 64% from about 63% as of September 30, 2025. Despite the modest increase in debt, Howard Hughes' pro forma leverage remains in line with Moody's prior expectations as the company invests to support growth in the business. Furthermore, Moody's expects the company to maintain adequate liquidity, including a sizable unencumbered asset pool, high unrestricted cash balance of over $565 million as of September 30, 2025 and ample availability on its $600 million Secured Bridgeland Notes that matures in 2029. RATINGS RATIONALE Howard Hughes' Ba3 CFR reflects its strong gross margins, supported by a long held, low cost land base and ongoing value creation from developing its master planned communities. Steady development has increased land values and expanded its income producing real estate portfolio. However, these strengths are offset by high leverage, weak interest coverage, and rising debt needed to fund a large 2026 development pipeline. The company's credit profile is further constrained by reliance on its profitable but capital intensive Hawaii condo business, which has a limited remaining lifespan of about six years, and by geographic concentration in commercial assets across Houston, Las Vegas, and Columbia. Additionally, the office segment faces a challenging environment due to weaker demand from hybrid work trends. The Ba3 rating on Howard Hughes' proposed and existing senior unsecured notes is at the same level as the corporate family rating, reflecting the company's sizable unencumbered asset base. Despite the presence of a considerable amount of secured project financing in the capital structure, which totaled $3.1 billion as of September 30, 2025, the unsecured notes benefit from the company's valuable and low-cost basis land pool. The land pool is unencumbered and enhances recovery prospects in a default scenario. Although the project finance debt is non-recourse to Howard Hughes, Moody's assumes a degree of support to the project finance debt in Moody's loss given default analysis at around one year of interest payments. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS A ratings upgrade would reflect debt to book capitalization below 50% and EBITDA to interest expense plus capitalized interest above 2.0x on a sustained basis. An upgrade would also require maintenance of a stronger liquidity position. The ratings could be downgraded should the company's debt to book capitalization increase above 60% and EBITDA to interest expense plus capitalized interest dips below 1.5x. A ratings downgrade could also occur should the company experience any material asset impairments, reduction in unencumbered land value or deterioration in liquidity. The principal methodology used in these ratings was Homebuilding and Property Development published in September 2025. Headquartered in The Woodlands, Texas, HHC was spun off from General Growth Properties in November 2010. The company operates across three different segments: lot sales to homebuilders from its own master planned communities (MPC); rental and other income from developed mixed use properties (referred to as the Operating Assets segment); and Strategic Developments, which include mixed use properties held for future development and redevelopment. The company's parent, Howard Hughes Holdings, Inc., is publicly traded under ticker HHH on the New York Stock Exchange, however has a nearly 47% ownership concentration with Pershing Square. HUDSON VALLEY: Unsecureds to Get Share of Income for 5 Years ------------------------------------------------------------ Hudson Valley Lyo Mac, Inc. ("HVL") filed with the U.S. Bankruptcy Court for the Southern District of New York a Plan of Reorganization dated February 2, 2026. The Debtor was founded in 2014 and is located in Hudson (Columbia County), New York. HVL is a leading provider of high-performance, custom freeze dryers for multiple applications. HVL owns five trademarks for freeze dryer systems. Prior to the filing of this case, litigation was commenced against HVL by CSL Centro Sperimentale Del Latte USA, Inc. The subchapter V case under Chapter 11 of the Bankruptcy Code was filed to provide HVL with an opportunity to not only resolve the litigation but stabilize HVL's cash flow for the future and reorganize its obligations. Class 2 consists of all Allowed Unsecured Claims against the debtor not entitled to priority treatment. The Class 2 Claims shall be paid pro rata from the debtor's projected disposable income, on a quarterly basis, over a period of 5 years without interest, with payments commencing on the Effective Date of the Plan. The claims in Class 2 total the sum of approximately $60,000.00. Class 3 consists of the Disputed Unsecured Claim of CSL Centro. The Claim asserted by CSL Centro is disputed, contingent, and unliquidated. The Debtor has filed (or will file forthwith) a motion to estimate Claim No. 1 of CSL Centro. No payment or distribution shall be made on account of the CSL Centro Claim unless and until the Claim becomes an Allowed Claim by Final Order. If the Claim is allowed in whole or in part, such Allowed Claim shall be treated as a General Unsecured Claim under this Plan. The Debtor's Chapter 11 Plan will be implemented by revenues generated and received in the ordinary course and operation of the Debtor's business. The principal of the Debtor, Thomas Finck, will continue to manage the Debtor's business and retain the 100% ownership interest in the Debtor post-confirmation. A full-text copy of the Plan of Reorganization dated February 2, 2026 is available at https://urlcurt.com/u?l=Cutll1 from PacerMonitor.com at no charge. Counsel to the Debtor: Andrea B. Malin, Esq. Michelle L. Trier, Esq. Genova, Malin & Trier LLP Hampton Business Center 1136 Route 9 Wappingers Falls, NY 12590 Tel: (845) 298-1600 About Hudson Valley Lyo Mac Inc. Hudson Valley Lyo Mac, Inc., also known as Hudson Valley Lyomac, designs and manufactures freeze-dryers for pharmaceutical, biotechnology, diagnostic, food preservation, and industrial applications, operating from Hudson, New York. The Company offers both standard and custom systems ranging from benchtop units to large-capacity production models, along with installation, maintenance, and contract freeze-drying services. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-36156) on November 5, 2025, with $1 million to $10 million in assets and $100,000 to $500,000 in liabilities. Thomas Finck, president, signed the petition. Judge Kyu Young Paek presides over the case. Anne Penachio, Esq. at PENACHIO MALARA LLP represents the Debtor as legal counsel. INDY WHOLESALE: Voluntary Chapter 11 Case Summary ------------------------------------------------- Debtor: Indy Wholesale Direct, LLC 9770 Mayflower Park Dr. Carmel IN 46032 Business Description: Indy Wholesale Direct, LLC, based in Carmel, Indiana, operates a used car dealership offering cars, trucks, SUVs, convertibles, hatchbacks, and hybrids. The company serves customers in Indianapolis, Carmel, Zionsville, and nearby markets including South Bend, Fort Wayne, Chicago, Louisville, Dayton, Cincinnati, and St. Louis. It focuses on wholesale and retail sales of pre-owned vehicles across multiple price ranges. Chapter 11 Petition Date: February 5, 2026 Court: United States Bankruptcy Court Southern District of Indiana Case No.: 26-00575 Judge: Hon. Jeffrey J Graham Debtor's Counsel: KC Cohen, Esq. KC COHEN, LAWYER, PC 1915 Broad Ripple Ave. Indianapolis IN 46220 Tel: 317-715-1845 Email: kc@esoft-legal.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Benjamin Wheat as CEO. The Debtor filed a list of its 20 largest unsecured creditors, but all entries were left blank. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/SUICYMY/Indy_Wholesale_Direct_LLC__insbke-26-00575__0001.0.pdf?mcid=tGE4TAMA INSPIRED HEALTHCARE: Seeks to Tap Epiq as Claims and Noticing Agent ------------------------------------------------------------------- Inspired Healthcare Capital Holdings, LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the Northern District of Texas to employ Epiq Corporate Restructuring, LLC as claims, noticing and solicitation 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. Prior to the petition date, the Debtors provided Epiq with a retainer in the amount of $25,000. Alexander Warso, 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: Alexander Warso Epiq Corporate Restructuring, LLC 777 Third Avenue, 12th Floor New York, NY 10017 Telephone: (646) 282-2500 About Inspired Healthcare Capital Holdings Inspired Healthcare Capital Holdings, LLC owns senior living communities across the United States that provide independent living, assisted living, and memory care services. The Company operates in the senior housing and healthcare real estate sector, with day-to-day community operations managed by third-party operators under management agreements while the Company retains control over non-community business functions. Inspired Healthcare Capital Holdings and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Lead Case No. 26-90004) on Feb. 2, 2026. In the petitions signed by M. Benjamin Jones, chief restructuring officer, the Debtors listed up to $10 billion in both assets and liabilities. Judge Mark X. Mullin oversees the cases. The Debtors tapped McDermott Will & Schulte LLP as counsel, Ankura Consulting Group, LLC as financial advisor, and Raymond James & Associates, Inc. as investment banker. Epiq Corporate Restructuring, LLC is the Debtors' claims, noticing and solicitation agent. INSPIREMD INC: Aberdeen Group Holds 7.49% Equity Stake ------------------------------------------------------ Aberdeen Group plc and abrdn Inc., 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 3,173,364 shares of common stock -- held on behalf of underlying clients with shared voting and dispositive power; abrdn Inc. beneficially owns 5% or greater of the class as investment adviser, with Aberdeen Group plc as parent and abrdn Holdings Limited as intermediate holding company -- of InspireMD, Inc.'s common stock, $0.0001 par value per share, representing 7.49% of the shares outstanding. Aberdeen Group plc may be reached through: Frederic Osei, Major Shareholding Reporting Analyst 1 George Street Edinburgh United Kingdom EH2 2LL Tel: 0131 245 2552 A full-text copy of Aberdeen Group plc's SEC report is available at: https://tinyurl.com/5hyjeb6v About InspireMD Headquartered in Tel Aviv, Israel, InspireMD, Inc. -- http://www.inspiremd.com/-- is a medical device company focusing on the development and commercialization of its proprietary MicroNet stent platform technology for the treatment of complex vascular and coronary disease. A stent is an expandable "scaffold-like" device, usually constructed of a metallic material, that is inserted into an artery to expand the inside passage and improve blood flow. Its MicroNet, a micron mesh sleeve, is wrapped over a stent to provide embolic protection in stenting procedures. Tel-Aviv, Israel-based Kesselman & Kesselman, the Company's auditor since 2010, issued a "going concern" qualification in its report dated March 12, 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 and cash outflows from operating activities that raise substantial doubt about its ability to continue as a going concern. As of September 30, 2025, the Company had $78.5 million in total assets, $14.4 million in total liabilities, and $64.1 million in total equity. JIC CONTRACTING: Seeks to Hire Mark A. Berenato as Legal Counsel ---------------------------------------------------------------- JIC Contracting LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Pennsylvania to employ Mark Berenato, Esq., attorney practicing in Glen Mills, Pa., as counsel. The attorney will render these services: (a) provide legal advice and services with respect to the Debtor's powers and duties in the continued operation of its business; and (b) manage the Debtor's property and provide substantive and strategic advice on how to accomplish its goals in connection with the aforementioned. Mr. Berenato will be paid at a flat fee of $4,500. Mr. Berenato 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: Mark A. Barenato, Esq. 391 Wilmington Pike, #264 Glen Mills, PA 19342 Telephone: (610) 836-1874 About JIC Contracting LLC JIC Contracting, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Pa. Case No. 25-14873) on November 29, 2025, with up to $500,000 in assets and liabilities. Judge Derek J. Baker presides over the case. Mark A. Berenato, Esq., represents the Debtor as counsel. JJTA18 REAL: Seeks Approval to Tap BransonLaw as Bankruptcy Counsel ------------------------------------------------------------------- JJTA18 Real Properties LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of Florida to employ the BransonLaw, PLLC as counsel. The firm will render these services: (a) advise and consult the Debtor in connection with the Chapter 11 case; (b) attend meetings and negotiate with representatives of creditors and other parties in interest; (c) take necessary actions to protect and preserve the Debtor's estate; (d) prepare, on behalf of the Debtor, pleadings; and (e) perform all other necessary or otherwise beneficial legal services and provide legal advice to the Debtor in this Chapter 11 case. The firm's attorneys and paralegals will be paid at an hourly range of $655 to $150, plus reimbursement for expenses incurred. The sum of $1,956.50 was paid for legal services rendered prior to the filing of this case for the Debtor; $21,305.50 was taken into account by the firm as a retainer for post-petition attorney's fees, and $1,738 for the filing fee. Jeffrey Ainsworth, Esq., an attorney at BransonLaw, 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 S. Ainsworth, Esq. BransonLaw, PLLC 1501 E. Concord Street Orlando, FL 32803 Telephone: (407) 894-6834 Facsimile: (407) 894-8559 Email: jeff@bransonlaw.com About JJTA18 Real Properties JJTA18 Real Properties LLC owns and leases a single property at 5601 California Avenue in Jacksonville, Florida, generating revenue exclusively from leasing this property. It operates in the real estate industry under NAICS 5311 (Lessors of Real Estate). JJTA18 Real Properties LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-04534) on December 8, 2025. In its petition, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Jason A. Burgess oversees the case. The Debtor is represented by Jeffrey Ainsworth, Esq., at BransonLaw PLLC. KENNEDY CONSTRUCTION: Seeks to Extend Plan Exclusivity to Feb. 27 ----------------------------------------------------------------- Kennedy Construction Groups, LLC asked the U.S. Bankruptcy Court for the Middle District of Florida to extend its exclusivity period to file a plan of reorganization to February 27, 2026. The Debtor is continuing to operate its business and manage its financial affairs as a debtor-in-possession pursuant to Sections 1107(a) and 1108 of the Bankruptcy Code. Under Section 1121(d)(1) of the Bankruptcy Code, the Court may extend the Exclusivity Period upon the request of the Debtor, provided that the Exclusivity Period has not already expired. Presently, the Exclusivity Period is set to expire on February 7, 2026. The Debtor claims that it is not presently prepared to file its Chapter 11 plan. The Debtor is still trying to determine which assets to retain and which to surrender. Accordingly, in abundance of caution, the Debtor seeks to extend the Exclusivity Period to and through February 27, 2026. The additional week will hopefully allow the Debtor to deal with any unforeseen issues that might require a second brief extension of the Exclusivity Period. Kennedy Construction Groups, LLC is represented by: Buddy D. Ford, Esq. Jonathan A. Semach, Esq. Heather M. Reel, Esq. FORD & SEMACH, P.A. 9301 West Hillsborough Avenue Tampa, FL 33615-3008 Telephone: (813) 877-4669 E-mail: Buddy@tampaesq.com Jonathan@tampaesq.com Heather@tampaesq.com About Kennedy Construction Groups LLC Kennedy Construction Groups, LLC, operating as Kennedy Roofing, provides residential and commercial roofing, gutter, window, and carpentry services in Florida. Kennedy Construction Groups sought protection under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-07452) on October 9, 2025. At the time of the filing, the Debtor had estimated assets of between $500,001 and $1 million and liabilities of between $1 million and $10 million. Judge Roberta A. Colton oversees the case. Ford & Semach, P.A. serves as the Debtor's legal counsel. KENNISON STRATEGIC: Amends Secured Mortgage Claims Pay ------------------------------------------------------ Kennison Strategic Development Co, LLC, submitted a Disclosure Statement to accompany Amended Plan dated February 2, 2026. The Plan is to be implemented by the reorganized Debtor through a mortgage modification, together with increased bookings by the businesses renting Debtor's property, leading to increased collection of rent. Per the income projections filed along with the Disclosure Statement and Chapter 11 Plan, Debtor expects revenue to be sufficient to fund its Chapter 11 Plan, and does not anticipate any shortfall in revenue. However, in the event of a shortfall in revenue, the shortfall will be made up by The President's Pub and Grille. The Debtor has listed the property at 80-88 N. Main Street for sale, for a sale price of $1,000,000.00, which will significantly reduce overall debt payments. After the completion of a sale, Debtor will then seek to lease the property. Debtor has engaged Ean Miller and Keller Williams Realty as real estate broker. The sale of the property may be contingent upon the sale of non-debtor assets. Class 2 consists of Secured Mortgage Claims. This Class is impaired. * The secured mortgage claim of Bridgeway Capital secured against real estate and business assets in the amount of $1,066,652.85 shall be an anticipated lump sum of $650,000.00 upon the sale of real estate. The remaining $416,652.85 shall be paid at a 20-year term at 7% interest with monthly payments of $3,230.31. * The secured mortgage claim of Bridgeway Capital secured against real estate and business assets in the amount of $54,909.30 shall be paid over 20 years at 7% interest with monthly payments of $425.71. Class 4 consists of Secured Non-Tax Claims. This Class is impaired. The secured claim of Leasing Management Associates, Inc. secured against business assets in the amount of $69,000.00 shall be paid at a 30-year term at 7% interest with monthly payments of $399.18. Like in the prior iteration of the Plan, an annual distribution of $2,000.00 will be made to general unsecured creditors in Class 5. The unsecured claim of Zurich American Insurance Company in the amount of $1.00 shall be paid in full within 30 days of confirmation of Plan. Source of funds for plan payments will be derived from Debtor's Income. A full-text copy of the Disclosure Statement dated February 2, 2026 is available at https://urlcurt.com/u?l=OuhGHA from PacerMonitor.com at no charge. Kennison Strategic Development Co. LLC is represented by: Brian C. Thompson, Esq. Thompson Law Group, PC 125 Warrendale Bayne Road, Suite 200 Warrendale, PA 15086 Tel: (724) 799-8404 Fax: (724) 799-8409 Email: bthompson@thompsonattorney.com About Kennison Strategic Development Kennison Strategic Development Co. LLC is engaged in activities related to real estate. Kennison Strategic Development Co. LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Pa. Case No. 24-21944) on August 8, 2024. In the petition filed by Mark Kennison, as president, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities up to $50,000. The Debtor is represented by Brian C. Thompson, Esq. at Thompson Law Group, P.C. KID CITY: Seeks Approval to Tap Bruner Wright as Bankruptcy Counsel ------------------------------------------------------------------- Kid City USA Enterprises, Inc. seeks approval from the U.S. Bankruptcy Court for the Middle District of Florida to employ Bruner Wright, PA to handle its Chapter 11 case. The firm will be paid at these hourly rates: Robert Bruner, Attorney $475 Byron Wright III, Attorney $425 Samantha Kelley, Attorney $400 Paralegal $200 Prior to the filing of the case, the firm was paid a total of $100,000 from Kruz Holdings, LLC. Mr. Bruner disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Robert C. Bruner, Esq. Bruner Wright, PA 2868 Remington Green Circle, Suite B Tallahassee, FL 32308 Telephone: (850) 385-0342 Facsimile: (850) 270-2441 Email: twright@brunerwright.com About Kid City USA Enterprises Inc. Kid City USA Enterprises, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 26-00004) on January 2, 2026, listing between $1 million and $10 million in both assets and liabilities. Audrey Bruner, president of Kid City USA Enterprises, signed the petition. Judge Jason A. Burgess oversees the case. Robert C. Bruner, Esq., at Bruner Wright, PA is Debtor's counsel. KITO CROSBY: S&P Affirms 'B' ICR on Acquisition by Columbus ----------------------------------------------------------- S&P Global Ratings affirmed its 'B' issuer credit rating on Kito Crosby Ltd. (KCL) and removed the CreditWatch listing on all its ratings, including its issuer credit rating and issue-level ratings, where it placed them with positive implications on February 13, 2025. KCL's term loan was repaid concurrently with the transaction. S&P subsequently withdrew all our ratings on KCL including our issuer credit rating. On Feb.4, 2026, Columbus McKinnon Corp. a Charlotte, N.C.-based manufacturer of hoists and material handling products, announced the completion of its acquisition of Kito Crosby Ltd. (KCL). S&P said, "The 'B' issuer credit rating on KCL is in line with our rating on Columbus McKinnon. Columbus McKinnon completed its acquisition of KCL on Feb. 3, 2026, and repaid 100% of KCL's outstanding debt. We now consider KCL to be a core subsidiary of Columbus McKinnon. As such, we affirmed our issuer credit rating on KCL and removed it from CreditWatch, where we placed it on April 4, 2025." Columbus McKinon repaid the outstanding first-lien term loan on the same day the transaction closed. S&P subsequently withdrew its issuer credit rating on KCL. KRONOS WORLDWIDE: Moody's Cuts CFR to B2, Outlook Remains Negative ------------------------------------------------------------------ Moody's Ratings has downgraded Kronos Worldwide, Inc.'s ("Kronos") Corporate Family Rating to B2 from B1, Probability of Default Rating to B2-PD from B1-PD, and the rating on the senior secured notes and backed senior secured notes issued by Kronos International Inc. ("KII") to B3 from B2. Kronos' Speculative Grade Liquidity ("SGL") Rating is downgraded to SGL-3 from SGL-2. The outlook on both Kronos Worldwide, Inc. and Kronos International Inc. remains negative. RATINGS RATIONALE The B2 CFR reflects the ongoing unfavorable market conditions, Kronos' depressed earnings, high debt leverage and Moody's expectations that potential cash consumption could increase debt or reduce liquidity in the next 12-18 months. Moody's expects Kronos' adjusted debt/EBITDA will be substantially higher than Moody's earlier expectation of the low to mid-4x range for the next 12-18 months, as the challenging business conditions linger for a prolonged period in the titanium dioxide (TiO2) sector. Reduced operating rates, lower sales volumes and average selling prices reduced earnings in 2025 from 2024. Although the expected clearance of inventory in Q4 2025 will enable the company to improve operating rates and fixed cost absorption for 2026, weak demand from the downstream sectors such as housing, plastics and automotive and cheap imports continue to weigh on a recovery in TiO2 price. A return of Kronos' EBITDA to its historical average of close to $200 million p.a. is delayed and hindered by trade tensions and weak business sentiment. The shutdown of high-cost capacity and tariffs on Chinese imports by a number of countries present opportunities for the incumbent western producers such as Kronos, but these benefits are yet to materialize following three years of downturn. Based on current earnings forecast, Moody's expects the company to increase borrowings under the revolver to cover its cash consumption for business operations in the next 12-18 months, which could increase its outstanding debt. However, the large availability under its revolving credit facility, financial discipline and coordination with its majority owner, Contran, will support an adequate liquidity profile, as reflected in its SGL-3 Speculative Grade Liquidity Rating. The company completed several amendments in the last two years to raise the revolver commitment to $350 million and extended the maturity to July 2029. As of September 30, 2025, the company had about $300 million in liquidity, including $30 million cash on hand and $270 million availability under its $350 million revolver ($342 million borrowing base less $70 million outstanding), compared to $405 million total available liquidity at the end of 2024. Moody's expects the company to remain in compliance with the revolver's springing covenant of a fixed charge coverage ratio of at least 1.0x, which will only be tested if availability drops below the greater of 10% of the borrowing base and $27 million. Kronos' rating reflects its heavy exposure to the cyclical TiO2 industry and significant variability in the company's financial performance, including a propensity for cash consumption and significant increases in adjusted financial leverage during cyclical troughs. The rating also reflects Kronos' production capabilities for both sulfate and chloride technologies, modest geographic diversity with operations in North America and Europe, about 30% back integration into key raw material ilmenite. The company is exposed to the costs of major feedstocks including rutile and ilmenite for the non-integrated portion of its business operation. Moody's expects Kronos will maintain a relatively conservative financial philosophy given the cyclical nature of the industry. The EUR426 million 9.5% senior notes due in March 2029 issued by KII are rated B3. Most operating subsidiaries—excluding Louisiana Pigment Company, L.P.—are based outside the US, are not guarantors, and contribute only a 65% equity pledge as collateral for the Euro-denominated senior notes. This equity pledge is considered subordinate to non-debt liabilities, such as trade payables, pension commitments, and lease obligations at these overseas subsidiaries. Additionally, the Euro notes are subordinated to the $350 million revolver, which is secured by receivables and inventory at the US, Canadian, Belgian and German subsidiaries. As a result, the Euro notes are rated one notch below Kronos' B2 Corporate Family Rating. However, the EURO notes are senior to Contran-funded $54 million subordinated unsecured term loan due September 2029. Kronos' credit impact score of CIS-4 indicates the company's rating is lower than it would have been if ESG risk exposure did not exist. Governance risk is negative reflecting a debt level that results in very high leverage and stressed free cash flow at certain points in the TiO2 cycle. The majority of board members are independent but heavy concentration of ownership and subpar visibility leads to uncertainty in the company's long-term strategy. Risks associated with waste and pollution are very high due to the use of sulfuric acid and chlorine, water discharge and air emissions in TiO2 production. The negative outlook reflects the company's weak earnings and cash flow generation for the next several quarters given the challenging business conditions in the TiO2 sector. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS A downgrade could be triggered by negative free cash flow in multiple quarters or less than $100 million of available liquidity. An upgrade would require a lower level of debt and more conservative financial policies, considering significant earnings volatility. Adjusted financial leverage below 3.5x and retained cash flow to net debt above 10%, assuming mid-cycle TiO2 prices, would support an upgrade. Kronos Worldwide, Inc. ("Kronos"), headquartered in Dallas, TX, is a producer of titanium dioxide ("TiO2") pigments and is the fifth largest producer of TiO2 in the world. As of September 30, 2025, Valhi Inc. (NYSE: VHI) directly held approximately 50% of KRO's outstanding common stock and NL Industries, Inc. (NYSE: NL, 83% owned by VHI), held an additional 31% of KRO's common stock. Approximately 91% of Valhi's stock is held by Contran Corporation. Kronos operates six plants (four in Europe operated under Kronos International Inc. ("KII"), one in the US, one in Canada), owns the only ilmenite mine in Western Europe and reported revenues of $1.9 billion for the last twelve months ended September 2025. The principal methodology used in these ratings was Chemicals published in October 2023. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. L3DFX LLC: Matthew Brash of Newpoint Named Subchapter V Trustee --------------------------------------------------------------- The U.S. Trustee for Region 11 appointed Matthew Brash of Newpoint Advisors Corporation as Subchapter V trustee for L3DFX, LLC. Mr. Brash will be paid an hourly fee of $425 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Brash declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Matthew Brash Newpoint Advisors Corporation 655 Deerfield Road, Suite 100-311 Deerfield, IL 60015 Tel: (847) 404-7845 About L3DFX LLC L3DFX, LLC is an Illinois-based company engaged in designing and fabricating custom scenic elements, props, architectural features, and immersive environments for themed entertainment venues, museums, branded experiences, live events, and location-based attractions. It provides design and builds services for theming, structures, and interactive experiences within the entertainment and experiential design industry. L3DFX filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Ill. Case No. 26-01909) on February 2, 2026, listing assets of up to $50,000 and liabilities of between $1 million and $10 million. Scott R. Clar, Esq., at Crane, Simon, Clar & Goodman represents the Debtor as legal counsel. LITHOTYPE COMPANY: Case Summary & 20 Largest Unsecured Creditors ---------------------------------------------------------------- Debtor: Lithotype Company Inc. 2 Territorial Court, Suite B Bolingbrook, IL 60440 Business Description: Lithotype Company Inc., based in the Midwest, is an employee-owned flexible packaging printing and converting company supplying high-barrier pouches, sachets, seal bags, and printed roll stock to U.S. brands. Founded in 1963, the company provides web offset and flexography printing, laminating, slitting, and pouch conversion services. Lithotype operates under an Employee Stock Ownership Plan and maintains integrated pre-press, manufacturing, quality assurance, customer service, and warehousing capabilities. Chapter 11 Petition Date: February 6, 2026 Court: United States Bankruptcy Court Northern District of Illinois Case No.: 26-02207 Debtor's Counsel: Scott R. Clar, Esq. CRANE, SIMON, CLAR & GOODMAN Suite 3950 135 South LaSalle Street Chicago, IL 60603-4297 Tel: 312-641-6777 Fax: 312-641-7114 Email: sclar@cranesimon.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $10 million to $50 million The petition was signed by John E. Gerba as director of finance. 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/XXLGXZI/Lithotype_Company_Inc__ilnbke-26-02207__0001.0.pdf?mcid=tGE4TAMA LUMEN TECHNOLOGIES: Completes $5.75B Sale of FTTH Biz to AT&T ------------------------------------------------------------- Lumen Technologies has completed the sale of its Mass Markets fiber-to-the-home business in 11 states, including Quantum Fiber, to AT&T (NYSE: T) for $5.75 billion in cash. The sale includes substantially all of the related consumer fiber access network and customer relationships in those states, which serves more than 1 million fiber customers and reaches more than 4 million enabled fiber locations. The completed transaction is another strategic milestone in Lumen's transformation into the leading enterprise digital networking services company built for the multi-cloud, AI-driven economy. "The divestiture of our consumer fiber-to-the-home business marks a pivotal moment for Lumen. We are doubling down on where we are strongest and where the opportunity is greatest for us – powering the digital infrastructure that enterprises and public sector organizations need to win in the AI era," said Lumen CEO Kate Johnson. "With a stronger balance sheet and a clear path to sustainable growth, we are accelerating our efforts to modernize our network, scale our digital platform, and build the connected ecosystem that drives real outcomes for our customers and creates lasting value for shareholders." Lumen plans to apply approximately $4.8 billion of the transaction proceeds and cash on hand to retire all super priority debt, reducing the company's interest expense by approximately $300 million annually and accelerating its transformation strategy. The completed transaction is expected to reduce the company's debt to less than $13 billion with a net debt to adjusted EBITDA ratio of below 4x. As part of the completed transaction, Lumen will retain assets that will continue to serve as the foundation of its enterprise transformation, including all national, regional, state, and metro level fiber backbone network infrastructure, central offices and associated real estate. In addition, Lumen is retaining and caring for its copper-based consumer services, which continue to provide a strong ongoing financial contribution to Lumen. The enterprise and wholesale fiber customers will remain with Lumen in all geographies. Lumen also expressed its deep appreciation for Wes Gibson, who previously led Lumen's Mass Markets business and will lead NetworkCo, as well as for the entire team of employees transitioning to AT&T and its new subsidiaries. "We want to thank Wes and every Lumen colleague who is transferring as part of this transaction," Johnson said. "This team built a strong business and served our customers with dedication and pride. We're grateful for their contributions to Lumen and confident they will continue to serve the consumer market as part of the AT&T family." With the completed transaction, Lumen's growth strategy is centered on a differentiated set of capabilities built for large enterprises, global hyperscalers, and public sector organizations: * Physical Network: Building a high-capacity, low-latency fiber network designed to support AI, advanced cloud, and edge workloads. At the close of 2025, Lumen deployed 17 million intercity fiber miles and is on track to reach 47 million miles by the end of 2028, aimed at building a ubiquitous, high-capacity network fabric that optimizes GPU investment and improves the user experience. * Digital Platform: Cloudifying and agentifying Lumen's network to allow services through a networking fabric that interconnects data centers and public clouds and software-defined capabilities, to deliver more agile, automated, and consumption-based experiences. * Connected Ecosystem: Establishing a growing roster of technology partnerships, including Palantir, Meter, Commvault, QTS and Digital Realty, that extends Lumen's commercial reach and recognizes the value that a high-performing network can bring in a world where time-to-first-token has become the new measurement of success in the AI economy. Added Johnson: "These three components of our strategy – building the best physical network, a digital platform aimed at delivering ubiquitous connectivity with elegant customer experiences, and a rich, connected ecosystem of technology partners that extends our commercial reach – are how we will create value for our customers and return Lumen to growth." Lumen first announced its plan to sell its consumer business to AT&T on May 21, 2025. About Lumen Technologies Headquartered in Monroe, Louisiana, Lumen Technologies, Inc. -- https://lumen.com/ -- is a facilities-based technology and communications company that provides a broad array of integrated products and services to its domestic and global business customers and its domestic mass markets customers. The Company's platform empowers its customers to swiftly adjust digital programs to meet immediate demands, create efficiencies, accelerate market access, and reduce costs, which allows its customers to rapidly evolve their IT programs to address dynamic changes. As of September 30, 2025, the Company had $34.29 billion in total assets, $35.46 billion in total liabilities, and $1.17 billion in total stockholders' deficit. * * * In January 2026, Fitch Ratings has maintained the Long-Term Issuer Default Ratings (IDRs) of 'CCC+' on Rating Watch Positive (RWP) for Level 3 Parent, LLC, Level 3 Financing, Inc., Lumen Technologies, Inc., and Qwest Corporation. Fitch has also upgraded Level 3 Financing Inc.'s senior unsecured bonds to 'CCC' with a Recovery Rating of 'RR5' from 'CCC-'/'RR6', and Qwest Capital Funding, Inc.'s senior unsecured bonds to 'B+'/'RR1' from 'CCC-'/'RR6'. Fitch is withdrawing all ratings on Level 3 Financing Inc.'s senior secured second-lien bonds given all collateral was stripped as of Jan. 9, 2026. The upgrades reflect stronger recovery prospects following recent capital raises at Level 3 Financing. The company issued $1.9 billion in new unsecured bonds and used proceeds and cash to retire all outstanding senior second-lien secured bonds. The actions align with Fitch's Corporate Rating Criteria and Sector Navigators Addendum update dated Jan. 9, 2026. The RWP reflects anticipated large debt repayment tied to the Mass Market fiber asset sale to AT&T, Inc. (BBB+/RWN) by mid-2026, which is expected to reduce leverage by more than one turn by end-2026. Fitch will resolve the Rating Watch then. Fitch is withdrawing the rating of Level 3's second-lien bonds as it is no longer considered relevant to the Fitch's coverage because a de minimis amount of an issue or tranche remains outstanding. LUMINAR TECHNOLOGIES: Committee Taps Alvarez & Marsal as Advisor ---------------------------------------------------------------- The official committee of unsecured creditors appointed in the Chapter 11 cases of Luminar Technologies, Inc. and its affiliates seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ Alvarez & Marsal North America, LLC as financial advisor. The firm will render these services: (a) assist in the assessment and monitoring of cash flow budgets, liquidity and operating results; (b) assist in the review of court disclosures; (c) assist in the review of the Debtors' cost/benefit evaluations with respect to the assumption or rejection of executory contracts and/or unexpired leases; (d) assist in the analysis of any assets and liabilities and any proposed transactions for which court approval is sought; (e) attend meetings with the Debtors, their lenders and creditors, potential investors, the committee and any other official committees organized in these Chapter 11 cases, the U.S. trustee, other parties in interest, and professionals hired by the same, as requested; (f) assist in the review of any tax issues; (g) assist in the investigation and pursuit of causes of actions; (h) assist in the review of the claims reconciliation and estimation process; (i) assist in the review of the Debtors' business plan; (j) assist in the valuation of the Debtors' enterprise and equity, and the analysis of debt capacity; (k) assist in the review of the sales or dispositions of the Debtors' assets; (l) assist in the review and/or preparation of information and analysis necessary for the confirmation of a plan in these Chapter 11 cases; and (m) render such other general business consulting or such other assistance as the committee or its counsel may deem necessary, consistent with the role of a financial advisor and not duplicative of services provided by other professionals in these Chapter 11 cases. The firm will be paid at these following hourly rates: Managing Directors $1,200 - $1,600 Directors $900 - $1,175 Associates $650 - $875 Analysts $450 - $625 In addition, the firm will seek reimbursement for expenses incurred. Richard Newman, a managing director at Alvarez & Marsal North America, 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: Richard Newman Alvarez & Marsal North America, LLC 600 Madison Avenue, 8th Floor New York, NY 10022 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. The Debtors tapped Ronit J. Berkovich, Esq., and Stephanie Nicole Morrison, Esq., at Weil, Gotshal & Manges LLP as counsel; 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. Omni Agent Solutions, Inc. is the Debtors' claims and noticing agent. On December 30, 2025, the United States Trustee for the Southern District of Texas appointed an official committee of unsecured creditors in these Chapter 11 cases. The committee tapped Alvarez & Marsal North America, LLC as financial advisor and Paul Hastings LLP as counsel. LUMINAR TECHNOLOGIES: Committee Taps Paul Hasting as Legal Counsel ------------------------------------------------------------------ The official committee of unsecured creditors appointed in the Chapter 11 case of Luminar Technologies, Inc. and its affiliates seek approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ Paul Hastings LLP as counsel. The firm will assist, advise and represent the committee with respect to the following: (a) its rights, powers, and duties in the Chapter 11 cases; (b) general oversight of the Chapter 11 cases; (c) the committee's evaluation and negotiation of any post-petition financing, cash collateral usage, or exit financing; (d) the committee's analysis of the Debtors' capital structure, as well as other claims asserted against and their interests asserted; (e) the committee analysis of the assumption or rejection of the Debtors' executory contracts and unexpired leases, as well as any negotiations with respect to such contracts and leases; (f) the committee's review of the Debtors' Schedules, Statements of Financial Affairs, and other financial reports they filed; (g) the committee's analysis and investigation of the acts, conduct, assets, operations, and financial condition of the Debtors; (h) the committee's analysis and investigation of potential estate claims and causes of action; (i) the committee's evaluation, negotiation, and documentation of any proposed sale of all or a portion of the Debtors' assets or businesses; (j) the committee's evaluation, negotiation, confirmation, and implementation of any Chapter 11 plan, disclosure statement, and related documentation that may be filed in the Chapter 11 cases; (k) the preparation, on behalf of the committee, of any legal papers, and the review and analysis of all other pleadings filed in connection with the Chapter 11 cases; (l) appearances in hearings, trials, adversary proceedings, conferences, mediations, or other proceedings before this court (or any ancillary proceedings related to the Debtors before any other court) on behalf of the committee; (m) any consultations, meetings, and negotiations with the Debtors, creditors, and other parties-in-interest on behalf of the committee; (n) communications with the committee's constituents, consistent with Section 1102 of the Bankruptcy Code and otherwise; and (o) the performance of such other legal services as are necessary to assist the committee in discharging its duties and responsibilities in connection with the Chapter 11 cases. The firm's hourly rates are as follows: Partners $1,750 - $2,795 Of Counsel $1,625 - $2,450 Associates $825 - $1,695 Paralegals $325 - $730 In addition, the firm will seek reimbursement for expenses incurred. Erez Gilad, Esq., a partner at Paul Hastings, 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: Erez E. Gilad, Esq. Paul Hastings LLP 2001 Ross Avenue, Suite 2700 Dallas, TX 75201 Telephone: (972) 936-7500 Facsimile: (972) 936-7501 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. The Debtors tapped Ronit J. Berkovich, Esq., and Stephanie Nicole Morrison, Esq., at Weil, Gotshal & Manges LLP as counsel; 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. Omni Agent Solutions, Inc. is the Debtors' claims and noticing agent. On December 30, 2025, the United States Trustee for the Southern District of Texas appointed an official committee of unsecured creditors in these Chapter 11 cases. The committee tapped Alvarez & Marsal North America, LLC as financial advisor and Paul Hastings LLP as counsel. MAIN STREET: Amends Unsecureds & Secured Tax Claims Pay ------------------------------------------------------- Main Street at Tuttle Royale, LLC, and TLH-26 Giles submitted a Disclosure Statement describing Second Amended Joint Plan of Reorganization dated February 2, 2026. The Plan divides the Claims against, and Interests in, the Debtors into Classes. The treatment for those Classes depends on whether the Purchaser closes on the sale of the Real Properties (referred to as Track 1) or whether the Purchaser fails to close on the sale of the Real Properties (referred to as Track 2). The Debtors, Fuse, Ardent, and the Purchaser subsequently, on November 19, 2025, attended a judicial settlement conference under the good offices of the Honorable Corali Lopez-Castro. In connection with the settlement conference, the Debtors, Brian Tuttle and Fuse all agreed to a Plan as memorialized in the Restructuring Support Agreement. Pursuant to the Restructuring Support Agreement, the Debtors and Fuse have agreed to a two-track structure for the Plan, both of which ensure that Fuse is paid in Cash on the Effective Date of the Plan. Under Track 1, the Debtors will sell the Assets contemplated in the Purchase Agreement to the Purchaser for $60,000,000.00, and Fuse has agreed to a carveout for the General Unsecured Claim Reserve, as well as the Shraiberg Page Professional Fees Reserve. The remainder of the Cash available under the Purchase Agreement shall only be used to pay Secured Real Estate Taxes, with the remainder being distributed to Fuse in Cash on the Effective Date, unless Fuse expressly agrees to different treatment, so long as such different treatment does not affect the amounts distributed for Shraiberg Professional Fees, the General Unsecured Claims Reserve and the Secured Real Estate Taxes. The Holders of Claims and the Equity Interests and interested parties are strongly advised and encouraged to read the Purchase Agreement thoroughly and in its entirety for a full and complete understanding of the sale transaction. In the event, of a conflict between the terms of Plan and the Purchase Agreement, the Purchase Agreement shall control, except that it is the intention of the Debtors, Fuse and the Purchaser that the Purchaser is acquiring all of the Debtors' right title and interest in any and all real property owned by the Debtors and/or their estates and other assets except for the Excluded Assets set forth in the Purchase Agreement. In the event that the Court fails to enter the Sale Order in favor of the Purchaser pursuant to the Purchase Agreement and/or the Confirmation Order does not confirm and effectuate the sale to the Purchaser, the Purchaser shall be entitled to reimbursement for its actual out of pocket costs and expenses paid to third parties, including attorneys' fees, incurred in connection with the purchase and sale, and such amount is hereby Allowed and shall paid as an Administrative Expense under Section 503(b)(1)(A) and pursuant to an agreed upon carveout from Fuse ("Purchasers Administrative Claim"). If the Purchaser requires additional time to close on the sale, the Purchaser may send a notice to the Debtors no later than five business days prior to the Closing Date (as calculated pursuant to the Purchase and Sale Agreement) stating that the Purchaser requires additional time to close, and, upon the increase of the Deposit under the Purchase and Sale Agreement by $1,000,000.00, the Closing Date shall be extended through and including April 10, 2026. For avoidance of doubt, this provision shall be in addition to, and not in conflict with, the Purchased Agreement. Under Track 2, which shall only occur if the Purchaser fails to consummate the transactions contemplated in the Purchase Agreement, Ardent will acquire the 100% of the preferred equity of the Reorganized Debtor, and Fuse has agreed to accept Cash in the amount of $50,000,000.00 on the Effective Date in full satisfaction of its Claims against the Debtors. Classes 1A through 1M consist of the Allowed Secured Tax Claims, which are held by Ram Tax Lien Fund II LP, Mercury Funding LLC, Graymorr FL LLC, The Arsali Family Trust dated 12-13/2025, and Canal Tax. As of the date of filing the Plan, the Debtors estimate that the Allowed Secured Tax Claims total $438,406.85, consist of unpaid real property taxes for the calendar year 2024, and are secured by the Real Property. * Track 1: If the Purchaser closes on the sale of the Real Property, Classes 1A through 1M shall receive the following treatment: On the Effective Date, the holders of claims in Classes 1A through 1M shall receive, in full satisfaction, settlement, release, extinguishment, and discharge of such Claims, payment in full in Cash of the Allowed Class 1A through Class 1M Claims. * Track 2: If the Purchaser does not close on the sale of the Real Property as a result of the Purchaser's breach of the Purchase Agreement, Classes 1A through 1M shall receive the following treatment through Ardent's plan sponsorship: On the Effective Date, Classes 1A through Class 1M shall receive, in full satisfaction, settlement, release, extinguishment and discharge of such Claims: beginning one month after the Effective Date, 24 equal monthly payments equal to the Allowed Amounts of the Allowed Secured Tax Claims plus an applicable interest rate as established by the underlying tax certificates. Class 3 consists of the Allowed General Unsecured Claims, including the Invictus Deficiency Claim, the BC Architects Deficiency Claim, and the Southern Deficiency Claim. * Track 1: If the Purchaser closes on the sale of the Real Properties, the Class 3 claims shall receive the following treatment: Each holder of an Allowed Claim in Class 3 shall receive, in full satisfaction, settlement, release, extinguishment, and discharge of such Claim, a pro rata share of the GUC Unsecured Claims Reserve Amount, except with respect to the Allowed Unsecured Fuse Claim, which is waiving its distribution because the Allowed Unsecured Fuse Claim shall be calculated in accordance with the Restructuring Support Agreement, and Fuse's rights to collect the amount of the Allowed Unsecured Fuse Claim is preserved against non-Debtors, including Brian Tuttle. * Track 2: If the Purchaser does not close on the sale of the Real Property as a result of the Purchaser's breach of the Purchase Agreement, the Class 3 Claims shall receive the following treatment: Each holder of an Allowed Claim in Class 3, other than NEM LLC, shall receive, in full satisfaction, settlement, release, extinguishment and discharge of such Claim, distributions equal to 0.25% of each Allowed Claim in quarterly installments beginning on the Effective Date and subsequently on the first calendar day of each quarter thereafter until the Debtors complete the building of the Real Properties, sell the Real Properties, or refinance in full the Real Properties, at which time the Debtors shall pay the amount necessary such that each holder of an Allowed Claim in Class 3 receives 20% of each holder's Allowed Claim, except with respect to the Allowed Unsecured Fuse Claim, which is waiving its distribution because the Allowed Unsecured Fuse Claim shall be calculated in accordance with the Restructuring Support Agreement, and Fuse's rights to collect the amount of the Allowed Unsecured Fuse Claim is preserved against non-Debtors, including Brian Tuttle. Funds to be used to make cash payments under the Plan shall derive from the sale of the Real Property or from Ardent as plan sponsor. A full-text copy of the Disclosure Statement dated February 2, 2026 is available at https://urlcurt.com/u?l=Tk1K5E from PacerMonitor.com at no charge. Attorneys for the Debtors: Bradley S. Shraiberg, Esq. Samuel W. Hess, Esq. SHRAIBERG PAGE P.A. 2385 NW Executive Center Drive, #300 Boca Raton, FL 33431 Telephone: (561) 443-0800 Facsimile: (561) 998-0047 E-mail: bss@slp.law shess@slp.law About Main Street at Tuttle Royale LLC Main Street at Tuttle Royale LLC is a single asset real estate company. Main Street at Tuttle Royale LLC and affiliate sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-21129) on Sept. 23, 2025. In its petition, the Debtor estimated assets between $10 million and $50 million and liabilities between $50 million and $100 million. Honorable Bankruptcy Judge Mindy A. Mora handles the case. The Debtor is represented by Bradley S. Shraiberg, Esq. at Shraiberg Page PA. MARK D. BORNSTEIN: Andrew Layden Named Subchapter V Trustee ----------------------------------------------------------- The Acting U.S. Trustee for Region 21 appointed Andrew Layden as Subchapter V trustee for Mark D. Bornstein Podiatry, LLC. 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 Mark D. Bornstein Podiatry LLC Mark D. Bornstein Podiatry, LLC provides podiatric medical services, including diagnosis and treatment of foot and ankle conditions, and operates a medical practice in Orlando, Florida. Mark D. Bornstein Podiatry filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 26-00685) on February 1, 2026, listing assets of up to $50,000 and liabilities of between $1 million and $10 million. Judge Grace E. Robson presides over the case. Jeffrey Ainsworth, Esq., at Bransonlaw, PLLC represents the Debtor as bankruptcy counsel. MARYLAND HEALTH: Seeks to Extend Plan Exclusivity to June 5 ----------------------------------------------------------- Maryland Health Alliance, Inc., asked the U.S. Bankruptcy Court for the District of Maryland to extend its exclusivity period to file a plan of reorganization to June 5, 2026. The Debtor explains that this case involves a healthcare organization with complex revenue streams from multiple healthcare payors, including insurance companies and government healthcare programs. Unlike a typical small business debtor whose revenue derives from straightforward commercial transactions, the Debtor's revenue cycle involves billing, claims processing, and reimbursement from numerous third-party payors, each with distinct payment timelines, contractual terms, and regulatory requirements. Additionally, two creditors continued to withdraw funds from the Debtor's prepetition bank account post-petition, despite demand that they cease doing so. One of these creditors withdrew approximately $90,000 in post-petition funds, and the Debtor has been compelled to file an adversary proceeding against that creditor to recover those funds. The prosecution of this adversary proceeding adds an additional layer of complexity to the case and has necessarily diverted the Debtor's resources and attention. The Debtor claims that it requires additional time to complete the preparation of monthly operating reports, obtain a clear and accurate picture of its financial condition, and develop projections necessary to formulate a feasible plan of reorganization. The Debtor cannot responsibly propose a plan without the benefit of accurate financial data, which is being developed with the assistance of Mr. Strauss. Moreover, the resolution of the adversary proceeding against the creditor that wrongfully took approximately $90,000 in post petition funds is relevant to plan formulation, as the outcome of that proceeding will affect the assets available to the estate and the treatment of creditors under any proposed plan. The Debtor notes that it is a going concern that continues to operate and generate revenue from healthcare services. With the DIP account transition now complete, the adversary proceeding underway to recover wrongfully taken funds, and an accountant engaged and actively preparing monthly operating reports, the Debtor has reasonable prospects for proposing a viable plan of reorganization within the extended exclusivity period. The Debtor asserts that it is not seeking this extension to pressure creditors or to use exclusivity as a tactical weapon. Rather, the Debtor seeks additional time for the legitimate purpose of completing the administrative steps necessary to formulate a viable plan, including preparation of monthly operating reports and resolution of the adversary proceeding. This is the Debtor's first request for an extension of the exclusivity period. The Debtor further asserts that an unresolved contingency exists in the form of the pending adversary proceeding to recover the approximately $90,000 in post-petition funds wrongfully taken by a creditor. The resolution of this adversary proceeding will materially affect the estate's financial position and, consequently, the terms of any proposed plan of reorganization. Maryland Health Alliance Inc. is represented by: Eric S. Steiner, Esq. Steiner Law Group, LLC 3030 Greenmount Ave. Suite 300, PMB 83805 Baltimore, MD 21218-690 (410) 670-7060 (phone) (410) 834-1743 (fax) Email: info@steinerlawgroup.com About Maryland Health Alliance, Inc. Maryland Health Alliance Inc. operates as an outpatient mental health practice providing counseling and rehabilitation services to individuals and families in Maryland. The organization offers group therapy and psychiatric rehabilitation programs with an emphasis on culturally competent care and community engagement. It focuses on promoting personal growth, family well-being, and holistic approaches to mental health within the communities it serves. Maryland Health Alliance Inc. in Greenbelt, MD, sought relief under Chapter 11 of the Bankruptcy Code filed its voluntary petition for Chapter 11 protection (Bankr. D. Md. Case No. 25-19411) on Oct. 8, 2025, listing $500,000 to $1 million in assets and $1 million to $10 million in liabilities. Corey A. Williams as president, signed the petition. STEINER LAW GROUP, LLC, serves as the Debtor's legal counsel. MAWSON INFRASTRUCTURE: Adopts 1-Year Stockholder Rights Agreement ----------------------------------------------------------------- Mawson Infrastructure Group Inc. disclosed in a regulatory filing that the Board of Directors authorized and declared a dividend distribution of one right for each outstanding share of common stock, par value $0.001 per share, of the Company to stockholders of record as of the close of business on February 12, 2026. Each Right entitles the registered holder to purchase from the Company one one-thousandth of a share of Series C Junior Participating Preferred Stock, par value $1.00 per share, of the Company at an exercise price of $20.60, subject to adjustment. The complete terms of the Rights are set forth in a Rights Agreement, dated as of February 2, 2026, between the Company and Computershare Trust Company, N.A., a federally chartered trust company, as rights agent. The Board adopted the Rights Agreement to protect the interests of Company stockholders, and in response to the significant and rapid accumulation of the Company's common stock and covert campaign to take over the Company by Endeavor Blockchain, LLC, Joshua Kilgore, Cody Smith and PM Squared, LLC. In deciding to adopt the Rights Agreement, the Board considered, among other things, that: * Endeavor acquired more than 5% of the Company's Common Stock several weeks before filing an initial Schedule 13D with the Securities and Exchange Commission on December 22, 2025. * In the following days, Endeavor made additional significant acquisitions of Common Stock, and filed an amended Schedule 13D on January 6, 2026, reporting purported combined ownership of shares amounting to 31.6% of shares outstanding as of January 6, 2026 (which based on Mawson's records actually amounted to 19.5% of shares outstanding). * The initial Schedule 13D and the amended Schedule stated that Endeavor did not have "any present plan or proposal" that would result in an extraordinary corporate transaction or a change in the Board or management of the Company. * However, two days later, on January 8, 2026, Endeavor sent the Board a written proposal for a Tender Offer and Series A Preferred Equity Financing that would have resulted in Endeavor taking control of the Board and controlling the selection of a new CEO of the Company. * Following the Board's rejection of its proposal, Endeavor issued a letter to stockholders of Mawson on January 22, 2026, calling for a change in the Company's current leadership, strategy and equity capitalization, and announcing its intention to file a preliminary proxy statement to solicit votes for one or more director nominees at the Company's 2026 annual meeting of stockholders. * Endeavor has continued to acquire Common Stock since issuing the letter to stockholders, and reported purported combined ownership of shares amounting to 48.0% of shares outstanding as of January 28, 2026 (which based on Mawson's records actually amounted to 29.7% of shares outstanding). The Rights Agreement is similar to agreements adopted by other public companies in comparable circumstances, and is intended to enable Mawson's stockholders to realize the long-term value of their investment and protect its stockholders from the actions of third parties that the Board determines are not in the best interests of Mawson and its stockholders. The Rights Agreement does not preclude the Board from considering proposals, engaging in discussions or pursuing transactions that it believes are in the best interests of Mawson and its stockholders. In general terms, subject to certain enumerated exceptions, it works by imposing significant dilution upon any person or group that acquires beneficial ownership of 20% or more of the shares of Common Stock, or if a person or group with beneficial ownership of 20% or more at the time the adoption of the Rights Agreement is announced acquires any additional shares of Common Stock, without the prior approval of the Board. In general, any person will be deemed to beneficially own any securities: (a) as to which such person has any agreement, arrangement or understanding with another person for the purpose of acquiring, holding, voting or disposing of any shares of Common Stock or (b) that are the subject of a derivative transaction or constitute a derivative security. As a result, the overall effect of the Rights Agreement and the issuance of the Rights may be to render more difficult or discourage a merger, tender or exchange offer or other business combination involving the Company that is not approved by the Board. However, neither the Rights Agreement nor the Rights should interfere with any merger, tender or exchange offer or other business combination approved by the Board. A full text copy of the Rights Agreement and the Preferred Stock is available at https://tinyurl.com/5e6hjhbp and https://tinyurl.com/5e6hjhbp Distribution and Transfer of Rights; Rights Certificates The Board has declared a dividend of one Right for each outstanding share of Common Stock. Prior to the Distribution Date referred to below: * the Rights will be evidenced by and trade with the certificates for the Common Stock (or, with respect to any uncertificated Common Stock registered in book entry form, by notation in book entry), and no separate rights certificates will be distributed; * new Common Stock certificates issued after the Record Date will contain a legend incorporating the Rights Agreement by reference (for uncertificated Common Stock registered in book entry form, this legend will be contained in a notation in book entry); and * the surrender for transfer of any certificates for Common Stock (or the surrender for transfer of any uncertificated Common Stock registered in book entry form) will also constitute the transfer of the Rights associated with such Common Stock. Rights will generally accompany any new shares of Common Stock that are issued after the Record Date. Distribution Date Subject to certain exceptions specified in the Rights Agreement, the Rights will separate from the Common Stock and become exercisable following: (1) the 10th Business Day after the public announcement that: (a) a person or group of affiliated or associated persons has acquired beneficial ownership of 20% or more of the Common Stock or (b) a person or group of affiliated or associated persons (such person or group, a "Grandfathered Stockholder") with beneficial ownership of 20% or more at the time the adoption of the Rights Agreement is announced has acquired any additional shares of Common Stock (which acquisition shall render such Grandfathered Stockholder an Acquiring Person for purposes of the Rights Agreement) or, in the event the Board of Directors determines on or before such 10th Business Day to effect an exchange of the Rights and determines that a later date is advisable, such later date that is not more than 20 days after the Stock Acquisition Date; or (2) the 10th Business Day (or such later date as may be determined by the Board prior to such time as any person becomes an Acquiring Person) after a person or group announces a tender or exchange offer that would result in such person or group becoming an Acquiring Person. The date on which the Rights separate from the Common Stock and become exercisable is referred to as the "Distribution Date." After the Distribution Date, the Company will mail Rights certificates to the Company's stockholders as of the close of business on the Distribution Date and the Rights will become transferable and trade independently from the Common Stock. Thereafter, such Rights certificates alone will represent the Rights. Preferred Stock Purchasable Upon Exercise of Rights After the Distribution Date, each Right will entitle the holder to purchase, for the Exercise Price (i.e., $20.60) one one-thousandth of a share of Preferred Stock having economic and other terms similar to that of one share of Common Stock. This portion of a share of Preferred Stock is intended to give the stockholder approximately the same dividend, voting and liquidation rights as would one share of Common Stock, and should approximate the value of one share of Common Stock. Each one one-thousandth of a share of Preferred Stock, if issued, will: * not be redeemable; * entitle holders to quarterly dividend payments of $0.0001 per one one-thousandth of a share of Preferred Stock, or an amount equal to the dividend paid on one share of Common Stock, whichever is greater; * entitle holders upon liquidation either to receive $0.0001 per one one-thousandth of a share of Preferred Stock or an amount equal to the payment made on one share of Common Stock, whichever is greater; * have the same voting power as one share of Common Stock; and * entitle holders to a payment per one one-thousandth of a share of Preferred Stock equal to the payment made on one share of Common Stock if the Common Stock is exchanged via merger, consolidation or a similar transaction. Flip-In Trigger If an Acquiring Person obtains beneficial ownership of 20% or more of the Common Stock, or if a Grandfathered Stockholder acquires beneficial ownership of any additional shares of Common Stock, then each Right will entitle the holder thereof to purchase, for the Exercise Price, a number of shares of Common Stock (or, in certain circumstances, cash, property or other securities of the Company) having a then-current market value of twice the Exercise Price. Following the occurrence of an event set forth in the preceding paragraph, all Rights that are or, under certain circumstances specified in the Rights Agreement, were beneficially owned by an Acquiring Person and its affiliates and associates, and certain transferees of the foregoing will be void. Flip-Over Trigger If, after an Acquiring Person obtains beneficial ownership of 20% or more of the Common Stock or a Grandfathered Stockholder acquires beneficial ownership of any additional shares of Common Stock; (1) the Company merges into or consolidates with another entity, (2) an acquiring entity merges into the Company and the Common Stock is converted into other securities or property or (3) the Company transfers more than 50% of its assets, cash flow or earning power, then each Right (except for Rights that have previously been voided as set forth above) will entitle the holder thereof to purchase, for the Exercise Price, a number of shares of Common Stock of the person engaging in the transaction having a then-current market value of twice the Exercise Price. Redemption of the Rights The Rights will be redeemable at the Company's option for $0.0001 per Right (payable in cash, Common Stock or other consideration deemed appropriate by the Board) at any time on or prior to the time as any Person becomes an Acquiring Person. Immediately upon the action of the Board ordering redemption, the Rights will terminate and the only right of the holders of the Rights will be to receive the $0.0001 redemption price. The redemption price will be adjusted if the Company undertakes a stock dividend, stock split or reclassification of the Preferred Stock or Common Stock. Exchange Provision At any time after the date on which an Acquiring Person obtains beneficial ownership of 20% or more of the Common Stock or a Grandfathered Stockholder acquires beneficial ownership of any additional shares of Common Stock, and prior to the acquisition by the Acquiring Person or Grandfathered Stockholder of beneficial ownership of 50% or more of the Common Stock, the Board may exchange the Rights (except for Rights that have previously been voided as set forth above), in whole or in part, for Common Stock at an exchange ratio of one share of Common Stock per Right (subject to adjustment). In certain circumstances, the Company may elect to exchange the Rights for cash or other securities of the Company having a value approximately equal to one share of Common Stock. Term; Expiration of the Rights The Rights have a one-year term, unless the Rights are earlier redeemed, exchanged or terminated. Accordingly, the Rights expire on the earliest of (1) 5:00 p.m., Eastern time, on February 1, 2027 or (2) the redemption or exchange of the Rights as describe. Amendment of Terms of the Rights Agreement and Rights The terms of the Rights and the Rights Agreement may be amended without the consent of the holders of Rights certificates, Preferred Stock or Common Stock in order to cure any ambiguities, to correct or supplement any provision contained in the Rights Agreement which may be defective or inconsistent with any other provisions in the Rights Agreement, or make any other change, amendment or supplement to any provisions of the Rights Agreement which the Company may deem necessary or desirable. However, from and after such time as any Person becomes an Acquiring Person, the terms of the Rights and the Rights Agreement may not be amended to adversely affect the interests of the holders of Rights. Voting Rights; Other Stockholder Rights The Rights will not have any voting rights. Until a Right is exercised, the holder thereof, as such, will have no separate rights as a stockholder of the Company. Anti-Dilution Provisions The Board may adjust the Exercise Price, the number of shares of Preferred Stock issuable and the number of outstanding Rights to prevent dilution that may occur from a stock dividend, a stock split or a reclassification of the Preferred Stock or Common Stock. With certain exceptions, no adjustments to the Exercise Price will be made until the cumulative adjustments amount to at least one percent of the Exercise Price. No fractional shares of Preferred Stock (other than fractions that are integral multiples of one one-thousandth of a share of Preferred Stock) or Common Stock will be issued and, in lieu thereof, an adjustment in cash will be made based on the current market price of the Preferred Stock or Common Stock, as applicable. Taxes The distribution of Rights should not be taxable for federal income tax purposes. However, following an event that renders the Rights exercisable or upon redemption of the Rights, stockholders may recognize taxable income. Certificate of Designation In connection with the adoption of the Rights Agreement, on February 1, 2026, the Board approved a Certificate of Designation of Rights, Preferences and Privileges of Series C Junior Participating Preferred Stock, setting forth the rights, powers and preferences of the Preferred Stock and designating 10,000 shares of Preferred Stock. The Certificate of Designation was filed with the Secretary of State of the State of Delaware on February 2, 2026. A copy of the Certificate of Designation is available at https://tinyurl.com/5e6hjhbp About Mawson Infrastructure Group Mawson is a U.S.-based technology company that designs, builds, and operates next-generation digital infrastructure platforms. Previously, Mawson Infrastructure Group's creditors filed a Chapter 11 involuntary petition against the company (Bankr. D. Del. Case No. 24-12726) on Dec. 4, 2024. The petitioning creditors include W Capital Advisors Pty Ltd, Marshall Investments MIG Pty Ltd, and Rayra Pty Ltd. On November 4th, 2025, the United States Bankruptcy Court for the District of Delaware issued a written Order formalizing its ruling from the bench on October 21, 2025, dismissing with prejudice the involuntary bankruptcy petition filed against Mawson. The Order enables Mawson to pursue attorneys' fees and costs, any damages proximately caused by the involuntary petition, and potentially punitive damages against the petitioning creditors. Boston, Massachusetts-based Wolf & Company, P.C., the Company's auditor since 2023, issued a "going concern" qualification in its report dated March 28, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024, citing that the Company has incurred net losses since its inception, and had negative working capital and will need additional funding to continue operations. This raises substantial doubt about the Company's ability to continue as a going concern. As of September 30, 2025, the Company had $52 million in total assets, $61.4 million in total liabilities, and $9.4 million in total stockholders' deficit. MCDERMOTT ENTERPRISES: Taps Henkels & Baker as Bankruptcy Counsel ----------------------------------------------------------------- McDermott Enterprises, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Iowa to employ Henkels & Baker, PC as counsel. The firm will render these services: (a) give Debtor legal advice with respect to its powers and duties; (b) prepare the necessary schedules and plan; and (c) perform any and all other legal services for the Debtor which may be necessary herein. The firm will be paid at these hourly rates: Dustin Baker, Attorney $300 Jason Van Hemert, Attorney $250 Paralegal Staff $180 In addition, the firm will seek reimbursement for expenses incurred. Mr. Baker 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: Dustin A. Baker, Esq. Henkels & Baker, PC 40 Main Street, Suite 100 Dubuque, IA 52001 Telephone: (563) 556-4060 Email: dustin@henkelsbaker.com About McDermott Enterprises McDermott Enterprises, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Iowa Case No. 26-00092) on January 28, 2026. In its petition, Kim McDermott, sole owner, reported up to $10 million in both assets and liabilities. Dustin A. Baker, Esq., at Henkels & Baker, PC serves as the Debtor's counsel. MEADE PIPELINE: Fitch Affirms 'BB+' IDR, Outlook Stable ------------------------------------------------------- Fitch Ratings has affirmed 13 North American midstream pipeline companies and their related subsidiaries' ratings. These actions follow the update of Fitch's "Corporate Rating Criteria" and "Sector Navigators Addendum to the Corporate Rating Criteria" on Jan. 9, 2026. The companies' ratings and Outlooks are unaffected by the criteria changes. 1. Boardwalk Pipelines, LP 2. Texas Gas Transmission, LLC 3. Colonial Enterprises, Inc. 4. Colonial Pipeline Company 5. Columbia Pipelines Holding Company LLC 6. Columbia Pipelines Operating Company LLC 7. East Tennessee Natural Gas, LLC 8. Meade Pipeline Co LLC 9. MountainWest Pipeline, LLC 10. Northwest Pipeline LLC 11. Sabal Trail Transmission, LLC 12. South Bow Corporation 13. Southern Natural Gas Company, L.L.C. 14. Texas Eastern Transmission, LP 15. Transcontinental Gas Pipe Line Company, LLC 16. Whistler Pipeline LLC Corporate Rating Tool Inputs and Scores Boardwalk Pipelines, LP Texas Gas Transmission, LLC Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Sector Characteristics (bbb, Moderate), Market and Competitive Positioning (bbb+, Moderate), Diversification and Asset Quality (bbb, Lower), Company Operational Characteristics (bbb, Higher), Profitability (bbb, Moderate), Financial Structure (bbb, Higher), and Financial Flexibility (bbb+, Lower). - The quantitative financial subfactors are based on custom CRT financial period parameters: 20% weight for the forecast year 2026, 40% for the forecast year 2027 and 40% for the forecast year 2028. - The Governance Impact assessment of 'Good' results in no adjustment. - The Operating Environment Impact assessment of 'aa-' results in no adjustment. - The SCP is 'bbb'. To derive the IDR: - Application of Fitch's Parent Subsidiary Linkage Considerations Rating Criteria results in a consolidated approach. Colonial Enterprises, Inc. Colonial Pipeline Company Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Sector Characteristics (bbb+, Lower), Market and Competitive Positioning (bbb+, Moderate), Diversification and Asset Quality (bbb-, Moderate), Company Operational Characteristics (bbb+, Moderate), Profitability (a-, Moderate), Financial Structure (a, Higher), and Financial Flexibility (a, Lower). - The quantitative financial subfactors are based on custom CRT financial period parameters: 20% weight for the forecast year 2025, 40% for the forecast year 2026 and 40% for the forecast year 2027. - The Governance Impact assessment of 'Good' results in no adjustment. - The Operating Environment Impact assessment of 'aa-' results in no adjustment. - The SCP is 'a-'. To derive the IDR: - Application of Fitch's Parent Subsidiary Linkage Considerations Rating Criteria results in a consolidated profile+1 approach. Columbia Pipelines Holding Company LLC Columbia Pipelines Operating Company LLC Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Sector Characteristics (bbb+, Moderate), Market & Competitive Positioning (bbb+, Moderate), Diversification and Asset Quality (bbb, Lower), Company Operational Characteristics (bbb+, Higher), Profitability (a-, Moderate), Financial Structure (bb+, Higher), and Financial Flexibility (bbb-, Lower). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2024, 40% for the forecast year 2025 and 40% for the forecast year 2026. - The Governance Impact assessment of 'Good' results in no adjustment. - The Operating Environment Impact assessment of 'aa-' results in no adjustment. - The SCP is 'bbb'. To derive the IDR: - Application of Fitch's Parent Subsidiary Linkage Considerations Rating Criteria results in an equalized approach. East Tennessee Natural Gas, LLC Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Sector Characteristics (bbb+, Moderate), Market & Competitive Positioning (bbb, Moderate), Diversification and Asset Quality (bbb, Moderate), Company Operational Characteristics (a-, Higher), Profitability (a-, Moderate), Financial Structure (a+, Moderate), and Financial Flexibility (a, Lower). - The quantitative financial subfactors are based on custom CRT financial period parameters: 20% weight for the forecast year 2026, 40% for the forecast year 2027 and 40% for the forecast year 2028. - The Governance Impact assessment of 'Good' results in no adjustment. - The Operating Environment Impact assessment of 'aa-' results in no adjustment. - The SCP is 'a-'. To derive the IDR: - Application of Fitch's Parent Subsidiary Linkage Considerations Rating Criteria results in a consolidated profile+1 approach. Meade Pipeline Co LLC Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Sector Characteristics (bbb+, Moderate), Market & Competitive Positioning (bbb, Moderate), Diversification and Asset Quality (bbb, Lower), Company Operational Characteristics (bbb, Higher), Profitability (a-, Lower), Financial Structure (bb-, Higher), and Financial Flexibility (bbb-, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 40% weight for the forecast year 2025, 40% for the forecast year 2026 and 20% for the forecast year 2027. - The Governance Impact assessment of 'Good' results in no adjustment. - The Operating Environment Impact assessment of 'aa-' results in no adjustment. - The SCP is 'bb+'. To derive the IDR: - No adjustments made to SCP resulting in an IDR of 'BB+'. MountainWest Pipeline, LLC Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Sector Characteristics (bbb+, Moderate), Market & Competitive Positioning (bbb, Moderate), Diversification and Asset Quality (bbb+, Lower), Company Operational Characteristics (a-, Higher), Profitability (a-, Moderate), Financial Structure (a-, Higher), and Financial Flexibility (a, Lower). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2024, 40% for the forecast year 2025 and 40% for the forecast year 2026. - The Governance Impact assessment of 'Good' results in no adjustment. - The Operating Environment Impact assessment of 'aa-' results in no adjustment. - The SCP is 'a-'. To derive the IDR: - Application of Fitch's Parent Subsidiary Linkage Considerations Rating Criteria results in a consolidated profile+1 approach. Northwest Pipeline LLC Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Sector Characteristics (bbb+, Moderate), Market & Competitive Positioning (bbb+, Moderate), Diversification and Asset Quality (bbb, Lower), Company Operational Characteristics (a-, Higher), Profitability (a-, Moderate), Financial Structure (a+, Moderate), and Financial Flexibility (a, Lower). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2024, 40% for the forecast year 2025 and 40% for the forecast year 2026. - The Governance Impact assessment of 'Good' results in no adjustment. - The Operating Environment Impact assessment of 'aa-' results in no adjustment. - The SCP is 'a-'. To derive the IDR: - Application of Fitch's Parent Subsidiary Linkage Considerations Rating Criteria results in a consolidated profile+1 approach. Sabal Trail Transmission, LLC Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Sector Characteristics (bbb+, Moderate), Market & Competitive Positioning (bbb, Moderate), Diversification and Asset Quality (bbb, Moderate), Company Operational Characteristics (a-, Higher), Profitability (a-, Moderate), Financial Structure (bbb, Higher), and Financial Flexibility (a, Lower). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2024, 40% for the forecast year 2025 and 40% for the forecast year 2026. - The Governance Impact assessment of 'Good' results in no adjustment. - The Operating Environment Impact assessment of 'aa-' results in no adjustment. - The SCP is 'bbb+' To derive the IDR: - No adjustments made to SCP resulting in an IDR of 'BBB+'. South Bow Corporation Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Sector Characteristics (bbb+, Moderate), Market & Competitive Positioning (bbb+, Moderate), Diversification and Asset Quality (bbb, Moderate), Company Operational Characteristics (bbb, Higher), Profitability (a-, Moderate), Financial Structure (bb+, Higher), and Financial Flexibility (bbb-, Moderate). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2024, 40% for the forecast year 2025 and 40% for the forecast year 2026. - The Governance Impact assessment of 'Good' results in no adjustment. - The Operating Environment Impact assessment of 'aa-' results in no adjustment. - The SCP is 'bbb-'. To derive the IDR: - No adjustments made to SCP resulting in an IDR of 'BBB-'. Southern Natural Gas Company, L.L.C. Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Sector Characteristics (bbb+, Moderate), Market & Competitive Positioning (bbb, Moderate), Diversification and Asset Quality (bbb, Moderate), Company Operational Characteristics (bbb+, Higher), Profitability (a-, Moderate), Financial Structure (bbb+, Higher), and Financial Flexibility (a-, Lower). - The quantitative financial subfactors are based on custom CRT financial period parameters: 30% weight for the forecast year 2025, 30% for the forecast year 2026, 30% for the forecast year 2027 and 10% for the forecast year 2028. - The Governance Impact assessment of 'Good' results in no adjustment. - The Operating Environment Impact assessment of 'bbb+' results in no adjustment. - The SCP is 'bbb+'. To derive the IDR: - No adjustments made to SCP resulting in an IDR of 'BBB+'. Texas Eastern Transmission, LP Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Sector Characteristics (bbb+, Moderate), Market & Competitive Positioning (bbb, Moderate), Diversification and Asset Quality (bbb, Moderate), Company Operational Characteristics (a-, Higher), Profitability (a-, Moderate), Financial Structure (a+, Moderate), and Financial Flexibility (a-, Lower). - The quantitative financial subfactors are based on custom CRT financial period parameters: 20% weight for the forecast year 2025, 40% for the forecast year 2026 and 40% for the forecast year 2027. - The Governance Impact assessment of 'Good' results in no adjustment. - The Operating Environment Impact assessment of 'aa-' results in no adjustment. - The SCP is 'a-'. To derive the IDR: - Application of Fitch's Parent Subsidiary Linkage Considerations Rating Criteria results in a consolidated profile+1 approach. Transcontinental Gas Pipe Line Company, LLC Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Sector Characteristics (bbb+, Moderate), Market & Competitive Positioning (bbb+, Moderate), Diversification and Asset Quality (bbb+, Lower), Company Operational Characteristics (a-, Higher), Profitability (a-, Moderate), Financial Structure (a, Higher), and Financial Flexibility (a, Lower). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2024, 40% for the forecast year 2025 and 40% for the forecast year 2026. - The Governance Impact assessment of 'Good' results in no adjustment. - The Operating Environment Impact assessment of 'aa-' results in no adjustment. - The SCP is 'a-'. To derive the IDR: - Application of Fitch's Parent Subsidiary Linkage Considerations Rating Criteria results in a consolidated profile+1 approach. Whistler Pipeline LLC Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bbb, Moderate), Sector Characteristics (bbb+, Moderate), Market & Competitive Positioning (bb+, Moderate), Diversification and Asset Quality (bb-, Moderate), Company Operational Characteristics (bbb, Higher), Profitability (a-, Lower), Financial Structure (bbb-, Higher), and Financial Flexibility (bbb+, Moderate). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2024, 40% for the forecast year 2025 and 40% for the forecast year 2026. - The Governance Impact assessment of 'Good' results in no adjustment. - The Operating Environment Impact assessment of 'aa-' results in no adjustment. - The SCP is 'bbb-'. To derive the IDR: - No adjustments made to SCP resulting in an IDR of 'BBB-'. RATING ACTIONS Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Colonial Pipeline Company LT IDR BBB Affirmed BBB senior unsecured LT BBB Affirmed BBB Transcontinental Gas Pipe Line Company, LLC LT IDR BBB+ Affirmed BBB+ senior unsecured LT BBB+ Affirmed BBB+ Texas Eastern Transmission, LP LT IDR A- Affirmed A- senior unsecured LT A- Affirmed A- South Bow Corporation LT IDR BBB- Affirmed BBB- senior unsecured LT BBB- Affirmed BBB- Boardwalk Pipelines, LP LT IDR BBB Affirmed BBB senior unsecured LT BBB Affirmed BBB Texas Gas Transmission, LLC LT IDR BBB Affirmed BBB senior unsecured LT BBB Affirmed BBB Meade Pipeline Co LLC LT IDR BB+ Affirmed BB+ senior secured LT BBB- Affirmed RR1 BBB- Whistler Pipeline LLC LT IDR BBB- Affirmed BBB- senior unsecured LT BBB- Affirmed BBB- Sabal Trail Transmission, LLC LT IDR BBB+ Affirmed BBB+ senior unsecured LT BBB+ Affirmed BBB+ Northwest Pipeline LLC LT IDR BBB+ Affirmed BBB+ senior unsecured LT BBB+ Affirmed BBB+ Columbia Pipelines Operating Company LLC LT IDR BBB+ Affirmed BBB+ senior unsecured LT BBB+ Affirmed BBB+ Colonial Enterprises, Inc. LT IDR BBB Affirmed BBB ST IDR F2 Affirmed F2 senior unsecured LT BBB Affirmed BBB senior unsecured LT BBB Affirmed BBB senior unsecured ST F2 Affirmed F2 MountainWest Pipeline, LLC LT IDR BBB+ Affirmed BBB+ senior unsecured LT BBB+ Affirmed BBB+ Columbia Pipelines Holding Company LLC LT IDR BBB+ Affirmed BBB+ ST IDR F2 Affirmed F2 senior unsecured LT BBB+ Affirmed BBB+ senior unsecured ST F2 Affirmed F2 East Tennessee Natural Gas, LLC LT IDR A- Affirmed A- senior unsecured LT A- Affirmed A- Southern Natural Gas Company, L.L.C. LT IDR BBB+ Affirmed BBB+ senior unsecured LT BBB+ Affirmed BBB+ MEXCOL GROUP: Case Summary & 10 Unsecured Creditors --------------------------------------------------- Debtor: Mexcol Group LLC d/b/a Casa Real 21 S. Washington St. Oxford, MI 48371 Business Description: Mexcol Group LLC owns and operates a sit-down Mexican restaurant in Oxford, Michigan, and also holds the real estate at 21 S. Washington Street where the restaurant is located. Chapter 11 Petition Date: February 4, 2026 Court: United States Bankruptcy Court Eastern District of Michigan Case No.: 26-41179 Judge: Hon. Paul R Hage Debtor's Counsel: George E. Jacobs, Esq. BANKRUPTCY LAW OFFICES 2425 S. Linden Rd. Ste. C Flint, MI 48532 Tel: (810) 720-4333 E-mail: george@bklawoffice.com Total Assets: $1,011,750 Total Liabilities: $2,000,900 The petition was signed by Jose Alberto Pimental as owner. A copy of the Debtor's list of its 10 unsecured creditors is available for free on PacerMonitor at: https://www.pacermonitor.com/view/D4KJCAY/Mexcol_Group_LLC__miebke-26-41179__0003.0.pdf?mcid=tGE4TAMA A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/DXQA3QQ/Mexcol_Group_LLC__miebke-26-41179__0001.0.pdf?mcid=tGE4TAMA MONDORIVOLI LLC: Joli Lofstedt Named Subchapter V Trustee --------------------------------------------------------- The Acting U.S. Trustee for Region 19 appointed Joli Lofstedt, Esq., as Subchapter V trustee for Mondorivoli, LLC. 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 Mondorivoli LLC Mondorivoli, LLC operates in the real estate sector, managing property holdings and related business activities. The company is based in Durango, Colorado. Mondorivoli filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Colo. Case No. 26-10649) on February 3, 2026, with between $1 million and $10 million in both assets and liabilities. Judge Joseph G. Rosania, Jr. presides over the case. Bonnie Bell Bond, Esq., represents the Debtor as legal counsel. MOXADO INC: Salvatore LaMonica Named Subchapter V Trustee --------------------------------------------------------- The U.S. Trustee for Region 2 appointed Salvatore LaMonica, Esq., at LaMonica Herbst & Maniscalco, LLP, as Subchapter V trustee for Moxado, Inc. Mr. LaMonica will be paid an hourly fee of $725 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. LaMonica declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Salvatore LaMonica, Esq. LaMonica Herbst & Maniscalco, LLP 3305 Jerusalem Avenue, Suite 201 Wantagh, NY 11793 Phone: (516) 826-6500 Email: sl@lhmlawfirm.com About Moxado Inc. Moxado, Inc. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 26-70431) on January 29, 2026, with between $1 million and $10 million in both assets and liabilities. Judge Louis A. Scarcella presides over the case. MULTI-COLOR CORP: Jones Day & Wollmuth Advise Cross-Holder Group ---------------------------------------------------------------- An Ad hoc group of cross-holders to Multi-Color Corporation and its debtor-affiliates, represented by Jones Day and Wollmuth Maher & Deutsch LLP, filed with the United States Bankruptcy Court for the District of New Jersey a Verified Statement pursuant to Federal Rule of Bankruptcy Procedure 2019 to inform the Court of the Group's current members and the nature and amount of claims they held in the Debtors' cases. The Ad hoc group holds: (i) 10.50% senior unsecured notes due 2027 issued pursuant to an indenture, dated as of July 1, 2019, among LABL, Inc. as the issuer, the guarantors party thereto, and Wilmington Trust, National Association, as trustee; (ii) the 8.250% senior unsecured notes due 2029 issued pursuant to an indenture, dated as of October 29, 2021, among LABL, Inc. as the issuer, the guarantors party thereto, and Wilmington Trust, National Association, as trustee; (iii) the 5.875% senior secured notes due 2028 issued pursuant to an indenture, dated as of October 29, 2021, among LABL, Inc., as the issuer, the guarantors party thereto, and Wilmington Trust, National Association, as trustee and note collateral agent; (iv) the 9.500% senior secured notes due 2028 issued pursuant to the Secured Notes Indenture; (v) the 8.625% senior secured notes due 2031 issued pursuant to the Secured Notes Indenture; and (vi) the term loans made under a credit agreement, dated as of October 29, 2021, between LABL, Inc., as parent borrower, the subsidiary borrowers from time to time party thereto, as may be amended, restated, supplemented, or otherwise modified from time to time) According to the group's Verified Statement: 1. In October 2025, certain members of the Cross-Holder Ad Hoc Group retained Jones Day to represent them as counsel in connection first with an out-of-court restructuring, then in connection with the debtors in possession, certain members of the Cross-Holder Ad Hoc Group retained Counsel. 2. The provided information is based on information given to Counsel by each member of the Cross-Holder Ad Hoc Group, and may be updated from time to time by the filing of a further amended statement pursuant to Bankruptcy Rule 2019. 3. Counsel continues to represent the Cross-Holder Ad Hoc Group in connection with the Chapter 11 cases. Counsel does not represent or purport to represent any other person or entity with respect to these Chapter 11 cases. Counsel does not represent the Cross-Holder Ad Hoc Group as a "committee" and does not undertake to represent the interests of, and is not a fiduciary for, any other creditor, party in interest, or other entity. In addition, no member of the Cross-Holder Ad Hoc Group represents or purports to represent any other entity in connection with these Chapter 11 cases. 4. Upon information and belief formed after due inquiry, Counsel does not hold any disclosable economic interests in relation to the Debtors, other than claims for fees and expenses incurred in representing the Cross-Holder Ad Hoc Group. 5. Counsel submits this Statement out of an abundance of caution, and nothing should be construed as an admission that (i) the requirements of Bankrutpcy Rule 2019 apply to Counsel's representation of the Cross-Holder Ad Hoc Group or (ii) the Cross-Holder Ad Hoc Group constitutes a "group" including any group acting for the purpose of acquiring, holding, or disposing of securities. 6. Nothing contained in this Statement is intended or shall be construed to constitute: (i) a waiver or release of the rights of any Cross-Holder Ad Hoc Group member to have any final order entered by, or other exercise of the judicial power of the United States performed by, an Article III court; (ii) a waiver or release of the rights of any Cross-Holder Ad Hoc Group member to have any and all final orders in any and all non-core matters entered only after de novo review by a United States District Judge; (iii) consent to the jurisdiction of the Court over any matter; (iv) an election of remedy; (v) a waiver or release of any rights any Cross-Holder Ad Hoc Group member may have to a jury trial; (vi) a waiver or release of the right to move to withdraw the reference with respect to any matter or proceeding that may be commenced in the chapter 11 cases; or (vii) a waiver or release of any other rights, claims, actions, defenses, setoffs or recoupments to which any Cross-Holder Ad Hoc Group member is or may be entitled, in law or in equity, under any agreement or otherwise, with all such rights, claims, actions, defenses, setoffs or recoupments being expressly reserved. 7. Counsel reserves the right to further amend or supplement this Statement in accordance with the requirements of Bankruptcy Rule 2019 with any additional information that may become available. 8. The information contained herein is intended only to comply with Bankruptcy Rule 2019 and is not intended for any other use or purpose. 9. The Cross-Holder Ad Hoc Group reasserts its continuing objection to the venue of these Chapter 11 cases. The Cross-Holder Ad Hoc Group also objects to any amendment or modification of the venue disclosures included in the Voluntary Petition for Non-Individuals Filing for Bankruptcy, Official Form 201, made under penalty of perjury, signed by counsel, and filed by Multi-Color Corporation-Norwood LLC in the United States Bankruptcy Court for the District of New Jersey on January 29, 2026, under case number 26-10909. The names, addresses, nature, and amount of all disclosable economic interests of each member of the Cross-Holder Ad Hoc Group in relation to the Debtors as of February 2, 2026, are: 1. BTG Pactual Asset Management US LLC on behalf of its managed funds and accounts 399 Park Ave., 16th Floor New York, NY 10022 2027 Unsecured Notes $40,010,000.00 2029 Unsecured Notes $8,000,000.00 2028 5.875% Secured Notes - 2028 9.500% Secured Notes - 2031 Secured Notes - Term Loans - 2. Canyon Capital Advisors LLC, on behalf of its participating clients 2728 N. Harwood Street, 2nd Floor Dallas, TX 75201 2027 Unsecured Notes $174,290,000.00 2029 Unsecured Notes $77,665,000.00 2028 5.875% Secured Notes $8,000,000.00 2028 9.500% Secured Notes $2,000,000.00 2031 Secured Notes $41,584,000.00 Term Loans $1,984,496.12 3. Canyon CLO Advisors L.P., on behalf of its participating clients 2728 N. Harwood Street, 2nd Floor Dallas, TX 75201 2027 Unsecured Notes - 2029 Unsecured Notes $1,000,000.00 2028 5.875% Secured Notes - 2028 9.500% Secured Notes - 2031 Secured Notes - Term Loans $47,093,444.46 4. River Canyon Fund Management L.L.C., on behalf of its participating clients 2728 N. Harwood Street, 2nd Floor Dallas, TX 75201 2027 Unsecured Notes $27,749,000.00 2029 Unsecured Notes - 2028 5.875% Secured Notes - 2028 9.500% Secured Notes - 2031 Secured Notes - Term Loans - 5. Owl Creek Asset Management L.P., on behalf of its managed funds and accounts 640 Fifth Avenue, 20th Floor New York, NY 10019 2027 Unsecured Notes $28,000,000.00 2029 Unsecured Notes $5,500,000.00 2028 5.875% Secured Notes - 2028 9.500% Secured Notes - 2031 Secured Notes - Term Loans - 6. Shenkman Capital Management Inc., on behalf of its managed funds and accounts 151 West 42nd Street, 29th Floor New York, NY 10036 2027 Unsecured Notes $82,207,000.00 2029 Unsecured Notes - 2028 5.875% Secured Notes - 2028 9.500% Secured Notes - 2031 Secured Notes - Term Loans - 7. Third Point LLC, on behalf of its managed funds and accounts 55 Hudson Yards, 51st Floor New York, NY 10001 2027 Unsecured Notes $17,500,000.00 2029 Unsecured Notes - 2028 5.875% Secured Notes - 2028 9.500% Secured Notes - 2031 Secured Notes - Term Loans - Counsel for the Cross-Holder Ad Hoc Group Paul R. DeFilippo, Esq. James N. Lawlor, Esq. Joseph F. Pacelli, Esq. WOLLMUTH MAHER & DEUTSCH LLP 500 Fifth Avenue New York, NY 10110 Tel: (212) 382-3300 E-mail: pdefilippo@wmd-law.com jlawlor@wmd-law.com jpacelli@wmd-law.com - and - Bruce Bennett, Esq. JONES DAY 555 South Flower Street, Fiftieth Floor Los Angeles, California 90071 Tel: (213) 243-2382 Fax: (213) 243-2539 E-mail: bbennett@jonesday.com - and - Benjamin Rosenblum, Esq. Genna L. Ghaul, Esq. Andrew Butler, Esq. Benjamin C. Sandberg, Esq. JONES DAY 250 Vesey Street New York, NY 10281 Tel: (212) 326-8312 Fax: (212) 755-7306 E-mail: brosenblum@jonesday.com gghaul@jonesday.com abutler@jonesday.com bsandberg@jonesday.com About Multi-Color Corp. Multi-Color Corporation (MCC) provides prime label solutions to some of the world's most recognizable brands across a broad range of consumer-oriented end categories. Founded in 1916 and now headquartered in Atlanta, Georgia, the Company operates more than 90 facilities across over 25 countries, including 39 in North America, and employs approximately 12,800 people worldwide. Multi-Color Corp. and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Lead Case No. 26-10910) on January 29, 2026. In its petition, MCC listed assets between $1 billion and $10 billion, and liabilities of $5.9 billion. The Honorable Bankruptcy Judge Michael B. Kaplan handles the case. Kirkland & Ellis LLP and Cole Schotz P.C. are serving as legal counsel, Evercore is serving as the investment banker, AlixPartners is serving as a financial advisor, Quinn Emanuel Urquhart & Sullivan, LLP is serving as special counsel to the Special Committee of LABL, Inc. Board of Directors, and FGS Global is serving as strategic communications advisor to the Company. Kurtzman Carson Consultants, LLC, doing business as Verita Global, is the claims agent. Debevoise & Plimpton LLP and Latham & Watkins LLP are serving as legal counsel to CD&R and Moelis & Company LLC is serving as financial advisor. Milbank LLP and PJT Partners serve as legal counsel and financial advisor, respectively, to the ad hoc group of secured creditors. MULTI-COLOR CORP: Milbank Represents 1L Lenders & Noteholders ------------------------------------------------------------- An Ad hoc group of secured first lien lenders and noteholders to Multi-Color Corporation and its debtor-affiliates, represented by Milbank LLP as counsel, filed with the United States Bankruptcy Court for the District of New Jersey a Verified Statement pursuant to Federal Rule of Bankruptcy Procedure 2019 to inform the Court of the Group's current members and the nature and amount of claims they held in the Debtors' cases. The Ad hoc group holds: (i) the DIP Commitments; (ii) the Cash Flow Revolving Facility, U.S. Term Loan Facility, and European Term Loan Facility under the Cash Flow Credit Agreement; (iii) the 2028 5.875% Secured Notes issued pursuant to the Secured Notes Indenture; (iv) the 2028 9.500% Secured Notes issued pursuant to the Secured Notes Indenture; (v) the 2031 Secured Notes issued pursuant to the Secured Notes Indenture; (vi) the 2027 Unsecured Notes issued pursuant to the 2027 Unsecured Notes Indenture; and (vii) the 2029 Unsecured Notes issued pursuant to the 2029 Unsecured Notes Indenture. According to the group's Verified Statement: 1. In September 2025, the Secured Ad Hoc Group retained Milbank LLP as counsel in connection with any potential restructuring or refinancing of the Debtors. In January of 2026, in connection with the Debtors' filing of the chapter 11 cases, the Secured Ad Hoc Group also retained Chiesa Shahinian & Giantomasi PC. 2. Counsel represents only the Secured Ad Hoc Group and does not represent, or purport to represent, any entities other than the secured Ad Hoc Group in connection with the Debtors' chapter 11 cases. In addition, none of the members of the Secured Ad Hoc Group represents or purports to represent any other entities in connection with the Debtors' chapter 11 cases. 3. Each member of the Secured Ad Hoc Group has indicated to Counsel that they are Holders of or otherwise own disclosable economic interests in relation to the Debtors. 4. Nothing contained in this Verified Statement is intended to or should 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 Secured Ad Hoc Group or any of their respective affiliates, or (ii) an admission with respect to any fact or legal theory. Nothing herein should be construed as a limitation upon, or waiver of, any rights of any of the members of the Secured Ad Hoc Group or any of their respective affiliates to assert, file, and/or amend any claim or proof of claim filed in accordance with applicable law and any orders entered in these cases 5. The information contained is provided only for the purpose of complying with Bankruptcy Rule 2019 and is not intended for any other use or purpose. 6. Counsel reserves the right to amend this Verified 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 member of the Secured Ad Hoc Group in relation to the Debtors, are: 1. Anchorage Capital Advisors, L.P. 610 Broadway, 6th Floor New York, NY 10012 DIP Commitments: $16,433,205 Cash Flow Revolving Facility: $0 U.S. Term Loan Facility: $96,861,736 European Term Loan Facility: EUR91,349,571 2028 5.875% Secured Notes: $2,000,000 2028 9.500% Secured Notes: $0 2031 Secured Notes: $35,770,000 2027 Unsecured Notes: $0 2029 Unsecured Notes: $0 2. Apollo Capital Management, L.P. 9 West 57th Street, 41st Fl. New York, NY 10019 DIP Commitments: $45,084,318 Cash Flow Revolving Facility: $20,000,000 U.S. Term Loan Facility: $514,878,741 European Term Loan Facility: EUR57,793,642 2028 5.875% Secured Notes: $0 2028 9.500% Secured Notes: $57,479,000 2031 Secured Notes: $5,200,000 2027 Unsecured Notes: $0 2029 Unsecured Notes: $0 3. Ares Management LLC4 1800 Avenue of the Stars, Suite 1400 Los Angeles, CA 90067 DIP Commitments: $28,095,177 Cash Flow Revolving Facility: $0 U.S. Term Loan Facility: $331,672,154 European Term Loan Facility: EUR0 2028 5.875% Secured Notes: $9,000,000 2028 9.500% Secured Notes: $14,913,000 2031 Secured Notes: $59,018,000 2027 Unsecured Notes: $0 2029 Unsecured Notes: $0 4. Arini Capital Management Limited 2 Park Street London, W1K 2HX DIP Commitments: $27,329,069 Cash Flow Revolving Facility: $0 U.S. Term Loan Facility: $127,130,499 European Term Loan Facility: EUR71,862,603 2028 5.875% Secured Notes: $43,226,000 2028 9.500% Secured Notes: $1,500,000 2031 Secured Notes: $146,360,000 2027 Unsecured Notes: $0 2029 Unsecured Notes: $0 5. Benefit Street Partners L.L.C. / Alcentra Limited One Madison Avenue – Suite 1600 New York, NY 10010 DIP Commitments: $7,739,635 Cash Flow Revolving Facility: $0 U.S. Term Loan Facility: $75,867,121 European Term Loan Facility: EUR24,478,774 2028 5.875% Secured Notes: $9,600,000 2028 9.500% Secured Notes: $0 2031 Secured Notes: $0 2027 Unsecured Notes: $0 2029 Unsecured Notes: $0 6. Blackrock Financial Management, Inc. 50 Hudson Yards New York, NY 10001 DIP Commitments: $14,557,057 Cash Flow Revolving Facility: $0 U.S. Term Loan Facility: $76,578,792 European Term Loan Facility: EUR8,247,983 2028 5.875% Secured Notes: $26,663,000 2028 9.500% Secured Notes: $63,039,000 2031 Secured Notes: $38,877,000 2027 Unsecured Notes: $9,000,000 2029 Unsecured Notes: $0 7. J.P. Morgan Investment Management Inc. or JPMorgan Chase Bank, N.A. 1 East Ohio Street, Floor 6 Indianapolis, IN 46206 DIP Commitments: $7,046,003 Cash Flow Revolving Facility: $0 U.S. Term Loan Facility: $54,463,900 European Term Loan Facility: EUR0 2028 5.875% Secured Notes: $10,435,000 2028 9.500% Secured Notes: $486,000 2031 Secured Notes: $38,522,000 2027 Unsecured Notes: $523,000 2029 Unsecured Notes: $173,000 8. KKR Credit Advisors (US) LLC 555 California St, 51st Fl. San Francisco, CA 94104 DIP Commitments: $11,845,093 Cash Flow Revolving Facility: $6,666,667 U.S. Term Loan Facility: $0 European Term Loan Facility: EUR112,363,978 2028 5.875% Secured Notes: $8,302,000 2028 9.500% Secured Notes: $17,644,000 2031 Secured Notes: $9,673,000 2027 Unsecured Notes: $0 2029 Unsecured Notes: $0 9. Lord, Abbett & Co. LLC 30 Hudson Street Jersey City, NJ 07302 DIP Commitments: $8,013,670 Cash Flow Revolving Facility: $0 U.S. Term Loan Facility: $0 European Term Loan Facility: EUR0 2028 5.875% Secured Notes: $36,182,000 2028 9.500% Secured Notes: $16,367,000 2031 Secured Notes: $65,676,000 2027 Unsecured Notes: $0 2029 Unsecured Notes: $0 10. Principal Global Investors, LLC 711 High Street Des Moines, IA, 50392-0800 DIP Commitments: $5,747,991 Cash Flow Revolving Facility: $0 U.S. Term Loan Facility: $4,021,445 European Term Loan Facility: EUR0 2028 5.875% Secured Notes: $23,924,000 2028 9.500% Secured Notes: $21,248,000 2031 Secured Notes: $35,649,000 2027 Unsecured Notes: $0 2029 Unsecured Notes: $0 Co-Counsel for the Secured Ad Hoc Group Matthew E. Beck, Esq. Thomas M. Walsh, Esq. Sam Della Fera, Jr., Esq. CHIESA SHAHINIAN & GIANTOMASI PC 105 Eisenhower Parkway Roseland, NJ 07068 Tel: (973) 325-1500 Fax: (973) 325-1501 E-mail: mbeck@csglaw.com twalsh@csglaw.com sdellafera@csglaw.com - and - Evan R. Fleck, Esq. Matthew Brod, Esq. Alexander Lees, Esq. Justin Cunningham, Esq. MILBANK LLP 55 Hudson Yards New York, NY 10001-2163 Tel: (212) 530-5000 Fax: (212) 530-5219 E-mail: efleck@milbank.com mbrod@milbank.com alees@milbank.com jcunnin1@milbank.com About Multi-Color Corp. Multi-Color Corporation (MCC) provides prime label solutions to some of the world's most recognizable brands across a broad range of consumer-oriented end categories. Founded in 1916 and now headquartered in Atlanta, Georgia, the Company operates more than 90 facilities across over 25 countries, including 39 in North America, and employs approximately 12,800 people worldwide. Multi-Color Corp. and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Lead Case No. 26-10910) on January 29, 2026. In its petition, MCC listed assets between $1 billion and $10 billion, and liabilities of $5.9 billion. The Honorable Bankruptcy Judge Michael B. Kaplan handles the case. Kirkland & Ellis LLP and Cole Schotz P.C. are serving as legal counsel, Evercore is serving as the investment banker, AlixPartners is serving as a financial advisor, Quinn Emanuel Urquhart & Sullivan, LLP is serving as special counsel to the Special Committee of LABL, Inc. Board of Directors, and FGS Global is serving as strategic communications advisor to the Company. Kurtzman Carson Consultants, LLC, doing business as Verita Global, is the claims agent. Debevoise & Plimpton LLP and Latham & Watkins LLP are serving as legal counsel to CD&R and Moelis & Company LLC is serving as financial advisor. Milbank LLP and PJT Partners serve as legal counsel and financial advisor, respectively, to the ad hoc group of secured creditors. NINE ENERGY: Taps Epiq as Claims, Noticing and Solicitation Agent ----------------------------------------------------------------- Nine Energy Service, Inc. and its affiliates seek approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ Epiq Corporate Restructuring, LLC as claims, noticing, and solicitation agent. Epiq will oversee the distribution of notices and will assist in the maintenance, processing, and docketing of proofs of claim filed in the Chapter 11 cases of the Debtors. The firm represents no interest adverse to the Debtors or to their estate on the matters upon which it is to be engaged. The firm can be reached at: Epiq Corporate Restructuring, LLC 777 Third Avenue, 12th Floor New York, NY 10017 Telephone: (646) 282-2500 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. NOVA AT SUMMER: Seeks to Extend Plan Exclusivity to March 9 ----------------------------------------------------------- Nova at Summer Meadow Owner, LLC, asked the U.S. Bankruptcy Court for the Eastern District of North Carolina to extend its exclusivity periods to file a plan of reorganization to March 9, 2026. The Debtor explains that the size, complexity, amount of assets, and creditors involved, supply the requisite cause under Section 1121(d) of the Bankruptcy Code to support extension of the exclusivity period imposed by Section 1121(b) of the Bankruptcy Code by at least thirty days, up to and including March 9. The Debtor claims that the Bankruptcy Case is complex and, most recently, the Court approved, on an interim basis, debtor-in possession financing necessary to complete construction of the Debtor’s multi-family development located in Durham, North Carolina. Moreover, and as demonstrated by the record in the Bankruptcy Case, the substantial progress made by the Debtor in procuring interim approval of the financing necessary to complete construction of the Summer Meadow Development and ongoing negotiations with various creditors, provides the requisite cause to support extension of the exclusivity period set forth in Section 1121(b) of the Bankruptcy Code by an additional thirty days. The Debtor asserts that the extension requested herein is not for the purpose of delay nor would it prejudice any creditor or party in interest in the Bankruptcy Case. Nova at Summer Meadow Owner, LLC is represented by: Joseph Z. Frost, Esq. Buckmiller & Frost, PLLC 4700 Six Forks Road, Suite 150 Raleigh, NC 27609 Telephone: (919) 296-5040 Facsimile: (919) 977-7101 About Nova at Summer Meadow Owner Nova at Summer Meadow Owner, LLC is a Raleigh, North Carolina-based multifamily real estate holding company that owns the Nova at Summer Meadows apartment community. Nova at Summer Meadow Owner sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.C. Case No. 25-03953) on October 7, 2025. In its petition, the Debtor reported assets and liabilities between $10 million and $50 million. Judge Pamela W. Mcafee oversees the case. The Debtor is represented by Joseph Z. Frost, Esq., at Buckmiller & Frost, PLLC. ONLINE STORES PA: Voluntary Chapter 11 Case Summary --------------------------------------------------- Debtor: Online Stores PA LLC 766 East Pittsburgh Street Greenburg PA 15601 Business Description: Online Stores PA LLC, founded in 2002 and based in New Stanton, Pennsylvania, operates as a privately owned e-commerce company managing a portfolio of online stores including United-States-Flag.com, SafetyGear.com, EnglishTeaStore.com, LightUp.com, NorthlineExpress.com, and PlasticPlace.com. The company maintains a 110,000-square-foot warehouse and a team of over 100 employees to support operations, offering more than 40,000 products across multiple industries. It serves a global customer base, fulfilling thousands of daily shipments and providing a range of consumer goods through its market-focused brands. Chapter 11 Petition Date: February 5, 2026 Court: United States Bankruptcy Court District of New Jersey Case No.: 26-11351 Debtor's Counsel: Ilana Volkov, Esq. MCGRAIL & BENSINGER LLP 888-C 8th Avenue #107 New York NY 10019 Tel: 201-931-6970 E-mail: lvolkov@mcgrailbensinger.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $10 million to $50 million The petition was signed by Aharon M. Rosenberg as CEO. The Debtor failed to attach a list of its 20 largest unsecured creditors to the petition A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/SULTQRA/Online_Stores_PA_LLC__njbke-26-11351__0001.0.pdf?mcid=tGE4TAMA PARIS312 LLC: Unsecured Creditors to Split $150K over 60 Months --------------------------------------------------------------- Paris312, LLC filed with the U.S. Bankruptcy Court for the Northern District of Illinois an Amended Plan of Reorganization for Small Business dated January 30, 2026. The Debtor operates an online internet and brick and mortar party store offering décor and gift deliveries for every occasion. The Debtor is a manager managed limited liability company organized and operating under the laws of the State of Illinois since 2012 with its store located at 1900 West Hubbard, Chicago, Illinois. The member interests of the Debtor are owned by Alireza Shahanaghi (50%) and Niku Ghalkhani (50%), who are husband and wife, who are the managing members of the Debtor, and responsible for its day to-day business operations. In December 2024, Paris312 received a pre-approval indication for an SBA loan that was intended to stabilize the company's financial position and support continued growth. When the formal application was submitted in January 2025, the loan was denied. In an effort to bridge the gap while continuing to pursue traditional financing solutions, the company obtained short-term merchant cash advance (MCA) financing. The need for relief under Chapter 11 of the United States Bankruptcy Code was precipitated and prompted by the MCA loans and inability to service its debt obligations. Consequently, on October 15, 2025, the Debtor filed a Voluntary Petition for relief under Subchapter V of Chapter 11 of the United States Bankruptcy Code wherein it seeks to reorganize and pay secured and unsecured priority creditors, in full, and a dividend to general unsecured non-priority creditors over a term of sixty months. Since the filing of the Chapter 11 Case the Debtor has worked to examine and stabilize its business operations by increasing revenue, decreasing expenses to preserve the business as a going concern. In that regard, the Debtor has entered into an agreement with its landlord to surrender a portion of its leased space thereby decreasing its monthly rental obligation. The Debtor continues to focus on its marketing efforts and other avenues to increase its revenues. This Plan of Reorganization under Subchapter V of Chapter 11 of the United States Bankruptcy Code proposes to pay creditors of the Debtor from its business income. The Plan provides for payment of two classes of secured claims, and one class of general unsecured non-priority claims. General unsecured non-priority creditors holding allowed claims will receive payment through periodic cash distributions disbursed by the Debtor. The Plan also provides for the payment of administrative and priority claims including priority tax claims. Class 3 consists of Unsecured Claims. General Unsecured Non-Priority Claims aggregate $1,400,718.82, (which includes the Class 1 Claims that will be treated as general unsecured non-priority claims), as set forth on the Allowed Unsecured Non-Priority Claims Register attached to the Plan as Exhibit C (the "Claims Register"). Allowed Class 3 claims shall be paid a dividend in the amount of $150,000.00 (the "Unsecured Creditors Fund") through pro rata distributions of deferred cash payments to holders of allowed Class 3 Claims in bi-annual installments of $15,000.00 each over the period of sixty months, as follows: Year 2026 December 31, 2026 Year 2027 June 15, 2027, and December 31, 2027 Year 2028 June 15, 2028, and December 31, 2028 Year 2029 June 15, 2029, and December 31, 2029 Year 2030 June 15, 2030, and December 31, 2030 Year 2030 June 15, 2031 The bi-annual installments shall be distributed to allowed Class 3 Claims, pro rata, by the Debtor. Class 3 claimants may be prepaid without penalty or discount. Class 3 claims are impaired under the Plan. This Plan is self-executing. The Debtor shall not be required to execute any newly created documents to evidence the claims, liens, or terms of repayment to the holder of an Allowed Claim. The Plan shall be funded by proceeds from the Estate's available cash, cash equivalents, and proceeds generated from Debtor's business operations. The Debtor projects that its cash flow will be sufficient to make the Plan payments. A full-text copy of the Plan of Reorganization dated January 30, 2026 is available at https://urlcurt.com/u?l=xrTGUt from PacerMonitor.com at no charge. About Paris312 LLC Paris312, LLC operates an online and brick and mortar party store in Chicago offering décor and gift deliveries for every occasion. Paris312 sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-15872) on October 15, 2025, listing between $50,001 and $100,000 in assets and between $1 million and $10 million in liabilities. The petition was signed by Alireza Shahanaghi as managing member. The Debtor is represented by: Gregory K. Stern, Esq. Dennis E. Quaid, Esq. Monica C. O'Brien, Esq. Rachel S. Sandler, Esq. Gregory K. Stern, P.C. Tel: 312-427-1558 Email: greg@gregstern.com PENN HILLS: S&P Affirms 'BB' Rating on 2021A-B Revenue Bonds ------------------------------------------------------------ S&P Global Ratings affirmed its 'BB' long-term rating on the Allegheny County Industrial Development Authority, Pa.'s series 2021A and 2021B revenue bonds, issued for Penn Hills Charter School of Entrepreneurship (PHCSE). The outlook is negative. S&P said, "We analyzed the school's environmental, social, and governance factors and consider them neutral in our credit rating analysis. "The negative outlook reflects our view that there is a one-in-three chance that we could lower the rating within the outlook period if financial performance weakens resulting in pressured liquidity levels. "We may consider a negative rating action if the school's enrollment or demand profile weakens, or if the school continues to draw down cash to support operational or capital expenses, resulting in weakened liquidity metrics or a liquidity covenant breach. While not expected at this time, we could also consider a negative rating action if the school issues debt and financial metrics are no longer commensurate with the rating. "We may consider revising the outlook to stable if the school successfully renews its charter contract in the coming months, and is able to increase cash reserves while maintaining its demand profile." PEOPLES HEALTHCARE: John Whaley Named Subchapter V Trustee ---------------------------------------------------------- The Acting U.S. Trustee for Region 21 appointed John Whaley, a practicing accountant in Atlanta, Ga., as Subchapter V trustee for Peoples Healthcare. Mr. Whaley will be paid an hourly fee of $440 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Whaley declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: John T. Whaley, CPA P.O. Box 76362 Atlanta, GA 30358 Phone: 404-946-5272 Email: trustee@jtwcpa.net About Peoples Healthcare Peoples Healthcare sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 26-51280) on January 30, 2026, listing up to $50,000 in assets and $100,001 to $500,000 in liabilities. Judge Sage M. Sigler presides over the case. PEOPLES HOMECARE: John Whaley Named Subchapter V Trustee -------------------------------------------------------- The Acting U.S. Trustee for Region 21 appointed John Whaley, a practicing accountant in Atlanta, Ga., as Subchapter V trustee for Peoples Homecare AZ. Mr. Whaley will be paid an hourly fee of $440 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Whaley declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: John T. Whaley, CPA P.O. Box 76362 Atlanta, GA 30358 Phone: 404-946-5272 Email: trustee@jtwcpa.net About Peoples Homecare AZ Peoples Homecare AZ sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 26-51286) on January 30, 2026. PERFORMANCE FOOD: S&P Rates New $1.06BB Senior Unsecured Notes -------------------------------------------------------------- S&P Global Ratings assigned its 'BB' issue-level rating and '4' recovery rating to foodservice distributor Performance Food Group Inc.'s (PFG) proposed $1.06 billion senior unsecured notes due 2034. The '4' recovery rating indicates S&P's expectation for average (30%-50%; rounded estimate: 35%) recovery in the event of a payment default. The notes will rank pari passu with the company's existing senior unsecured notes. The company plans to use the net proceeds to repay its existing $1.06 billion 5.5% senior unsecured notes due in 2027 in a leverage-neutral transaction. S&P said, "All of our existing ratings on PFG are unchanged. Total case volume increased 3.4% during the second fiscal quarter (ended December 2025), with support from 5.3% organic independent restaurant case growth and 6.3% organic case growth in convenience. Adjusted EBITDA grew about 13% to $1.86 billion on a trailing-12-month basis, but profitability has lagged our expectations year to date, stemming from higher-than-expected operating costs associated with the Cheney Brothers acquisition and deflation in cheese and poultry. As a result, adjusted leverage declined to 4.3x from 4.8x at the end of the second quarter last year. Leverage is elevated due to the Cheney Brothers acquisition, but we expect it will improve through a combination of debt paydown and EBITDA growth. Our base case projects more than $2 billion in adjusted EBITDA with EBITDA margins near 3% and leverage declining to 3.9x. "Our 'BB' issuer rating on PFG reflects its position as a leading provider of broadline distribution services supported by strong customer and product diversity. The stable outlook reflects our expectation that PFG will successfully integrate its recent acquisitions and improve credit metrics through earnings growth and debt reduction. We expect expenses related to the Cheney acquisition will be a short-term headwind to profitability. That said, we believe the company will expand its free operating cash flow generation to over $800 million in fiscal 2026." Issue Ratings--Recovery Analysis Key analytical factors Pro forma for the transaction, PFG's capital structure will consist of the following: -- $5 billion asset-based lending (ABL) revolver due Sept. 9, 2029 (not rated); -- $1 billion senior unsecured notes due Aug. 1, 2029 -- $1 billion senior unsecured notes due Sept. 15, 2032; and -- Newly issued $1.06 billion senior unsecured notes due February 2034. The lead borrower for the group is PFG. Its obligations under the ABL are jointly and severally guaranteed by, and secured by the majority of the assets of, parent PFGC Inc. and all material domestic direct and indirect wholly owned subsidiaries of PFGC (other than the captive insurance subsidiary and other excluded subsidiaries). Its obligations under the senior unsecured notes are guaranteed on an unsecured basis by the same subsidiaries that guarantee the ABL. The company is a U.S. corporation headquartered in Richmond, Va. In the event of an insolvency proceeding, S&P anticipates it would file for bankruptcy protection under the auspices of the U.S. federal bankruptcy court system and would not involve other foreign jurisdictions. S&P said, "Our simulated default contemplates a protracted downturn that lowers consumer spending on food-away-from-home, escalating competition, customer attrition, and volatile input costs (including food and labor expenses). Elevated energy costs and reduced demand for tobacco products could also lead to lower spending in convenience stores and gas stations. Such factors lower profitability, thus reducing cash flows and liquidity and causing a payment default. "We believe creditors would receive maximum recovery in a payment default scenario if the company reorganizes instead of liquidates. This is because of the company's footprint and established customer relationships. Therefore, in evaluating the recovery prospects for debtholders, we assume the company continues as a going concern and arrive at our emergence enterprise value by applying a 6.5x multiple to our assumed emergence EBITDA." Simulated default assumptions -- Simulated year of default: 2030 -- EBITDA multiple: 6.5x (consistent with what we use for U.S.-based food service distributors.) -- EBITDA at emergence: $674 million Simplified waterfall -- Gross recovery value: $4.4 billion -- Net recovery value (after 5% administrative expenses): $4.1 billion -- Estimated priority claims: $2.9 billion -- Estimated senior unsecured debt claims: $3.1 billion --Unsecured debt recovery range: 30%-50% (rounded estimate: 35%) Note: All debt amounts include six months of prepetition interest. PLANET GREEN: Notes Unusual Trading Activity on NYSE ---------------------------------------------------- Planet Green Holdings Corp. announced that it had become aware of unusual trading activity in its common stock on the New York Stock Exchange American on January 30, 2026. The Company has made inquiries and has been unable to determine whether corrective actions are appropriate at this time. The Company is further announcing that there has been no material development in its business and affairs not previously disclosed or, to its knowledge, any other reason to account for the unusual market action. About Planet Green Planet Green Holdings Corp., headquartered in Flushing, New York, functions as a Nevada-incorporated holding company rather than an operating entity in mainland China. Its business operations are conducted through subsidiaries based in the PRC, Hong Kong, and Canada. The Company engages in diverse sectors, including consumer goods, chemical products, and online advertising. In an April 11, 2025 report, auditor YCM CPA Inc. issued a "going concern" qualification, citing Planet Green's accumulated deficit, working capital deficit, continued net losses, and 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, $12.9 million in total liabilities, and $573,528 in total stockholders' deficit. POTOMAC ENERGY: S&P Affirms 'BB-' Rating on Term Loan on Add-On --------------------------------------------------------------- S&P Global Ratings affirmed its 'BB-' rating in the term loan, including the add-on. The recovery rating is '3', which reflects its expectations of meaningful recovery in the event of default. The stable outlook reflects S&P's expectation the project will continue to operate in line with its historical performance and generate debt service coverage ratios (DSCRs) largely in the 1.4x-2.0x area through the life of the project, which includes the post-refinancing period. Potomac Energy is proposing a $201.3 million fungible incremental term loan add-on under its existing term loan B (TLB) structure. The proceeds will be distributed to the project owner Blackstone Energy Transition Partners IV L.P. The project is also upsizing its revolver by $30 million and will have a term loan balance of $700 million and revolver capacity of $110 million at the close of this transaction. Potomac Energy Center LLC also entered into 15-year energy and capacity contracts on 300 megawatts (MW) of capacity, which provides additional cash flow to support the incremental debt. Potomac Energy Center LLC owns an operating 774 MW natural-gas power plant in Leesburg, Va. The facility achieved commercial operations in April 2017 and consists of two Siemens SGT6-5000F combustion turbines. The facility only burns natural gas fuel. Kindle Energy, a Blackstone portfolio company, manages the asset. Potomac has contracted 300 MW of capacity, which covers a significant portion of forecasted generation during the contracted period and supports coverage of incremental debt. These contracts with North Carolina Electric Membership Corp., which expire in 2042, provide substantial locked-in margin on forecasted generation through a fixed premium, which covers power and capacity revenues and an additional premium on the reimbursement on fuel and operating costs over the contracted period. This materially reduces volatility for a substantial portion of the asset life. It provides an implied premium to S&P Global Ratings-forecasted margin relative to merchant generation, supporting the addition of incremental debt and improving resiliency to downside over the contract life. S&P said, "That said, the project remains exposed to merchant risk for the remainder of its capacity, including full merchant exposure at the tail of its asset life, which we consider to be through 2047. Under a weak-link approach, we consider this phase as the primary driver of the rating as contractual benefits are no longer applicable in our assessment of market risk and our forecast has around $79 million of debt remaining to be amortized during this five-year tail. Under current market conditions, power prices in the PJM-DOM have cleared at a premium relative to the broader PJM-RTO, resulting in clean spark spread expectations of $19-22/MWh on merchant generation over the asset life. However, power prices are difficult to predict and can exhibit volatility from period to period." Capacity prices in PJM continue to clear at capped rates, reflecting outsized load growth because of data center development and constrained supply additions. The 2027-2028 auction cleared at the PJM capacity price cap of $333/MW-d. S&P said, "We expect the price signal should be an incentive for investment in incremental dispatch. However, the PJM market has limited transmission capacity and long interconnection processes, resulting in high barriers to entry and delayed timing for new entrants. We anticipate capacity prices should come down as additional dispatch comes online in the next five years." Potomac is one of the most efficient gas plants in the PJM-Dominion Zone (DOM) supply stack, with a full baseload heat rate of about 7,136 Btu/kWh and relatively low marginal costs. Potomac has contractual arrangements to source its natural gas supply primarily from Eastern Gas South (formerly Dominion South) hub, which has exhibited a 20%-25% discount to Henry Hub and provides a competitive advantage relative to other CCGT plants that source from higher-cost regions. Its low heat rate and cost advantage puts it ahead of other plants in the PJM-DOM dispatch stack, but its position in the DOM does not isolate it from competition from neighboring zones. S&P anticipates data center demand growth and supply constraints should continue to support capacity factors of over 65% over the next five years under normal operating conditions. Historical capacity factors have largely remained in the 68%-76% range since 2021 under normal operating conditions. The project may be exposed to refinancing risk at the end of its debt term. S&P said, "We forecast the project will not have sufficient CFADS and cash on hand to repay debt outstanding at maturity in 2032. Prospects for debt repayment over the debt tenor under the TLB sweep structure are sensitive to changes in market-driven and regulatory variables, particularly for projects with merchant exposure such as Potomac. We estimate approximately $478 million, or 68% of issuance amount, will remain outstanding at the end of the debt term." The stable outlook recommendation reflects our expectation that Potomac will have dispatch levels in excess of 65% and spark spreads in the $19-$22/MWh range through the life of the TLB. S&P projects DSCRs in the 1.4x-2.0x area through the life of the project, which includes the post-refinancing period. S&P could lower the rating if it expects the project is unable to maintain a minimum DSCR of 1.30x on a sustained basis. This could result from factors such as lower-than-expected capacity factors, material reductions in power price, or if operational challenges such as forced outages result in lower plant availability. While unlikely within the next year or so due to the single-asset nature of the project, S&P could raise the rating if: -- S&P has a qualitative view that it could rate the project 'BB' given the project's single-asset nature and exposure to inherent power price volatility, operational risk, and refinancing risk; and -- S&P expects the project will maintain a minimum base-case DSCR greater than 1.80x in all years, including the post-refinancing period. PROAMPAC PG: S&P Affirms 'B-' Issuer Credit Rating, Outlook Stable ------------------------------------------------------------------ S&P Global Ratings affirmed its 'B-' issuer credit rating on flexible packaging solutions company ProAmpac PG Intermediate LLC. S&P said, "At the same time, we assigned our 'B-' issue-level rating and '3' recovery rating to the proposed $4.315 billion first-lien term loan. The '3' recovery rating reflects our expectation for meaningful (50%-70%; rounded estimate 55%) recovery in the event of a default. "The stable outlook reflects our expectation that ProAmpac will be able to successfully integrate its recent acquisitions and realize budgeted synergies over the outlook period, supporting S&P Global Ratings-adjusted leverage in the 7.5x-8.0x range in 2026, along with positive free operating cash flow (FOCF) generation. Additionally, we expect more stable volumes through 2026." ProAmpac PG recently announced a definitive agreement to acquire TC Transcontinental Packaging (TCB) for $1.51 billion (C$2.1 billion). To fund the transaction and refinance all existing debt, the company plans to issue a new $4.315 billion first-lien term loan due 2033, including a $500mm USD-equivalent EUR tranche, along with a new $600 million revolving credit facility due 2031. ProAmpac will also receive a $375 million common equity contribution and $200 million in preferred equity. S&P said, "We expect the transaction will improve ProAmpac's scale and increase overall exposure to resilient food and beverage end markets. TCP is a flexible packaging converter with a broad portfolio of flexible plastic products, primarily serving a diversified customer base in end markets such as dairy, coffee, meat and poultry, pet food, agriculture, beverage, home and personal care, consumer, and medical markets. ProAmpac expects the combination will help it advance its development across barrier films, mono-material structures, and fiber-based solutions. As a result, the pro-forma business will result in roughly 41% of net sales exposure to food and beverage and 17% to the growing ecommerce business. The acquisition is expected to result in roughly $4.1 billion in pro form revenues and $750 million in pro forma EBITDA. The company is budgeting for roughly $92 million in synergies, the bulk of which it expects within the first six to 12 months across procurement, internalization, manufacturing and warehouse consolidation, and SG&A. The company also believes there is significant cross-selling upside through the introduction of ProAmpac's fiber-based and woven bag technology across TCP's customer base, potentially supporting additional revenue synergies. ProAmpac has historically been acquisitive, most recently acquiring PAC Worldwide in August 2025, though we do believe the size of the TCP transaction creates additional integration risk over the outlook period." Further volume gains have led to strong revenue growth through the third quarter. ProAmpac reported revenue growth of 7.6% versus the prior year, driven by contributions from acquisitions, partially offset by pricing pressures, an unfavorable product mix, and increased internalization of paper and films production. Positive momentum within ProAmpac's fiber division continued given an increased push toward fiber-based flexible packaging, which S&P expects will continue through 2026. Performance was also strong within its e-commerce segment, with support from its recent acquisition with PAC Worldwide increasing overall exposure to protective mailers and e-commerce specialty packaging. S&P said, "We expect the transaction will lead to moderate deleveraging. The company will receive $375 million in common equity contributions as part of the transaction, along with forecasted synergies. We expect this will lead to S&P Global Ratings-adjusted leverage of 7.8x in 2026 before falling to 6.6x in 2027, which does not include additional acquisitions beyond TCP. This is down from above 8.0x historically, as the company has prioritized a number of debt-funded acquisitions. "We expect liquidity will remain adequate over the outlook period. The company built inventory through the first half of 2025 in response to tariffs, and we expect working capital will result in an outflow through year end. As a result, we're forecasting breakeven S&P Global Ratings-adjusted FOCF for the year before returning to positive FOCF in 2026. Capital expenditures are expected to remain at roughly 3.5% of revenues over the outlook period, with no additional ramp up anticipated from the acquisition. "The stable outlook reflects our expectation that ProAmpac will be able to successfully integrate its recent acquisitions and realize budgeted synergies over the outlook period, supporting S&P adjusted leverage in the 7.5-8.0x range in 2026, along with positive FOCF generation. Additionally, we expect more stable volumes through 2026. "We could lower our ratings on ProAmpac if its capital structure becomes unsustainable, which could be caused by a prolonged decline in its operating performance that constrains its liquidity position such that its interest coverage falls below 1.5x, it generates negative FOCF on a sustained basis, or its cash flows are insufficient to meet its ongoing debt obligations. "We could raise our ratings on ProAmpac if it reduces its debt leverage below 7.0x on a sustained basis while generating consistent positive FOCF. In conjunction with any improvement in its credit metrics, we would expect the company and its sponsor to maintain financial policies that support a higher rating after incorporating potential leveraging events, such as shareholder rewards or acquisitions." PULSE STAGE: Taps Collins Vella & Casello as Bankruptcy Counsel --------------------------------------------------------------- Pulse Stage Lighting, LLC seeks approval from the U.S. Bankruptcy Court for the District of New Jersey to employ Collins, Vella & Casello, LLC as counsel. The firm will provide these services: (a) file Chapter 11 petition; (b) advise the Debtor as to its duties; (c) review the Debtor's financial condition; (d) prepare a plan of reorganization; and (e) provide such other legal advice and services necessary to confirm a plan. Joseph Casello, Esq., the primary attorney in this representation, will be billed at his hourly rate of $500. The firm received a retainer of $7,500 and the filing fee of $1,738 from the Debtor. Mr. Casello 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: Joseph M. Casello, Esq. Collins, Vella & Casello, LLC 2430 Highway 34, B12 Manasquan, NJ 08736 Telephone: (732) 751-1766 About Pulse Stage Lighting LLC Pulse Stage Lighting LLC is a New Jersey company engaged in stage lighting and live event production services. The company offers lighting equipment, design, and technical support for concerts, performances, and corporate events. Pulse Stage Lighting, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 26-10188) on January 8, 2026, with $100,001 to $500,000 in assets and liabilities. Joseph Casello, Esq., at Collins, Vella & Casello represents the Debtor as counsel. QUANTUM CORP: Welcomes William H. White as Chief Financial Officer ------------------------------------------------------------------ Quantum Corporation disclosed in a regulatory filing the appointment of William H. White as the Company's Chief Financial Officer, effective February 2, 2026. In connection with his appointment, Mr. White will also assume the role of Principal Financial Officer. "Will brings an exceptional combination of financial discipline, operational leadership, and strategic vision to help drive Quantum's execution at this stage of our journey," said Hugues Meyrath, President and Chief Executive Officer of Quantum. "He has a proven ability to strengthen fundamentals while enabling growth, with invaluable experience scaling technology businesses. I look forward to working with him as we continue our efforts to deliver long-term value for customers, partners, and shareholders." Mr. White, 44, most recently served in various capacities at Emotive, a software development company, including as Chief Financial Officer and Head of Revenue Operations, from January 2024 to August 2025, and as Vice President of Finance and Head of Revenue Operations, from June 2022 to December 2023. From April 2021 to June 2022, Mr. White served as Fractional CFO and Strategic Finance Consultant at VUCA Strategies, a business consulting and services company. He served as Head of Revenue at Human AI Labs Inc. (dba Personal AI), an artificial intelligence technology company, from September 2020 to April 2021. Prior to that, Mr. White served as Director of Corporate Development & Finance at Affordify Inc., a financial services company, from 2017 to 2020. From 2009 to 2020, he held various roles at Goldbum Lentz & Co., an investment banking and business brokerage firm, including Investment Banking Partner from 2015 to 2020. Mr. White holds an MBA from the University of Denver and a B.A. from the University of Colorado Boulder. "I am excited to join Quantum at such a pivotal time," said White. "Quantum has a unique opportunity to lead in managing data across its entire lifecycle, especially as organizations are looking to retain all data to leverage AI. I look forward to working together with Hugues and the leadership team to strengthen execution, enhance financial performance, and support the company's long-term growth strategy." In connection with his appointment, Mr. White entered into an offer letter with the Company providing for: (a) an annual base salary of $375,000 and (b) participation in the Company's bonus program with a target bonus equal to 50% of his base salary, with the actual payout to be based on company and individual performance. In addition, as a material inducement to Mr. White entering into employment with the Company, the Leadership and Compensation Committee of the Company's board of directors approved the grant of: (a) 25,000 restricted stock units, which vest annually in three equal installments on each anniversary of the grant date, subject to continued employment, and (b) 25,000 performance-based RSUs, which vest based on the achievement of performance metrics approved by the Committee, subject to continued employment. The New Hire Grants are subject to the terms of the Company's 2021 Inducement Plan, as amended, and are expected to be effective as of March 2, 2026. Mr. White also entered into the Company's standard form of change of control agreement for its executive officers, under which, if a Change of Control (as defined in the Change of Control Agreement) of the Company occurs and within the period beginning three months prior to and ending 12 months following the Change of Control, Mr. White's employment with the Company ends as a result of an Involuntary Termination (as defined in the Change of Control Agreement), the Company will provide to Mr. White the following severance payments and benefits: * a lump sum cash payment equal to: (a) 12 months of his then-annual base salary, plus (b) 100% of his target annual bonus opportunity, * 100% accelerated vesting of his then-outstanding time-vested equity awards, and * a lump sum cash payment equal to twelve (12) months' worth of COBRA premiums. In addition, under the terms of the Offer Letter and outside of the Change of Control Period, if Mr. White's employment with the Company is Involuntarily Terminated, the Company will provide to Mr. White the following severance payments and benefits: * a lump sum cash payment equal to six months of his then-annual base salary, and * reimbursement of premiums for six months continued COBRA coverage for Mr. White and his eligible dependents (or such earlier date that Mr. White is no longer eligible for COBRA), subject to the terms set forth in the Offer Letter. The severance payments and benefits are subject to Mr. White entering into and not revoking a release of claims in favor of the Company. Full text copies of the Offer Letter and the Change of Control Agreement, are available at https://tinyurl.com/583kd3kd and https://tinyurl.com/5cu9cudr, respectively. Mr. White has also entered into the Company's standard form of indemnification agreement. There is no arrangement or understanding between Mr. White and any other person pursuant to which he was selected as an officer of the Company. There are no transactions between Mr. White and the Company that would be required to be reported under Item 404(a) of Regulation S-K. Additionally, there are no family relationships between Mr. White and any director or executive officer of the Company. About Quantum Corporation Quantum Corporation, together with its consolidated subsidiaries, stores and manages digital video and other forms of unstructured data, providing streaming performance for video and rich media applications, along with low-cost, long-term storage systems for data protection and archiving. The Company helps customers around the world capture, create and share digital data and preserve and protect it for decades. Bellevue, Wash.-based Grant Thornton LLP, the Company's auditor since 2013, issued a "going concern" qualification in its report dated August 26, 2025, attached to the Company's Annual Report on Form 10-K for the year ended March 31, 2025, citing that the Company believes it will be in violation of the net leverage coverage covenant for the quarter ended September 30, 2025. The Company's plan contemplates the Company negotiating waivers to these covenants and is evaluating strategies to restructure or refinance the existing term debt. If the Company is unable to obtain additional waivers, the term debt will become immediately due, and additional liquidity will be required to satisfy the obligations. The Company's ability to achieve the foregoing elements of its business, which may be necessary to permit the realization of assets and satisfaction of liabilities in the ordinary course of business, is uncertain and raises substantial doubt about its ability to continue as a going concern. As of September 30, 2025, the Company had $137.7 million in total assets, $298.2 million in total liabilities, and total deficit of $160.5 million. RXO INC: S&P Assigns 'BB' Rating on Proposed Unsecured Notes ------------------------------------------------------------ S&P Global Ratings assigned its 'BB' issue rating to truck brokerage services provider RXO Inc.'s (BB/Negative/--) proposed $400 million unsecured notes due in 2031. The recovery rating is '3', reflecting its expectation of meaningful recovery of 50%-70% (rounded estimate: 65%) in the event of a default. The company intends to use the proceeds to repay its $355 million unsecured notes maturing in 2027 and pay down approximately $35 million outstanding on its $450 million asset-based lending (ABL) revolving credit facility. This month, RXO also replaced its $600 million revolving credit facility with the lower priced ABL. The transaction is credit neutral, with a modest reduction estimated in interest expense. S&P said, "We will discontinue our rating on the 2027 notes upon receipt of confirmation that the facilities are no longer outstanding. "We expect 2026 leverage of 3.4x, similar to our earlier estimates and better than the adjusted 4.5x for 2025. Funds from operations (FFO) to debt will remain below 20% for most of 2026, we believe, before recovering to about 22% by year-end. Our negative outlook reflects elevated risk around RXO's ability to improve FFO to debt above 20%. In our view, this risk is mainly linked to ongoing weak freight market conditions and an upward bias in purchased transportation rates, which could offset improvement in RXO's cost base from various efficiency initiatives." RXO recently reported fourth quarter 2025 results modestly weaker than our expectations, highlighting the potential for underperformance this year. Issue Ratings--Recovery Analysis Key analytical factors -- S&P's simulated default scenario considers a default in 2031 due to a significant economic downturn that reduces demand and pricing for freight transportation. This constrains revenue and earnings, resulting in a payment default. -- S&P values the company as a going concern using a 5.5x EBITDA multiple, in line with its standard recovery assumptions for the sector. -- S&P arrives at a gross enterprise value of $767 million. It assumes that approximately 95% of this value relates to the company's U.S. operations and 5% to its foreign subsidiaries, which compose its Canadian and Mexican operations. -- S&P assumes that the company's ABL revolver is 60% drawn at default, based on total availability of $450 million. Simulated default assumptions -- Simulated year of default: 2031 -- Jurisdiction: U.S. -- EBITDA multiple: 5.5x Simplified waterfall -- EBITDA at emergence: $140 million -- Gross enterprise value: $767 million -- Valuation split (obligors/nonobligors): 95%/5% -- Net enterprise value (after 5% administrative costs): $729 million -- Value available to unsecured claims: $449 million -- Total unsecured claims: $413 million --Recovery expectations: 50%-70% (rounded estimate: 65%) All debt amounts include six months of prepetition interest. S & H SYSTEMS: Court OKs DIP Loan From Corporate Billing -------------------------------------------------------- S & H Systems, Inc. received interim approval from the U.S. Bankruptcy Court for the Eastern District of Arkansas to obtain debtor-in-possession financing to get through bankruptcy. The financing will be provided by Corporate Billing, a division of SouthState Bank, pursuant to a court-approved pre-bankruptcy client agreement, which is based on and incorporates a pre-bankruptcy loan agreement between the lender and S & H Systems. Corporate Billing has agreed to provide financial accommodations through the purchase of accounts from S & H Systems in accordance with the client agreement. S & H Systems intends to use the loan to fund payroll, insurance, ongoing operations, and project obligations, which are critical due to cash flow shortfalls caused by slow-paying clients and unexpected project costs. Corporate Billing will receive first priority, automatically perfected liens on all post-petition assets, including cash collateral, subject only to a carveout for professional fees and expenses not exceeding $150,000. Additionally, S & H Systems will be provided with adequate protection for its pre-bankruptcy collateral through replacement liens, superpriority administrative expense claims, and periodic payments, to offset any diminution in value resulting from the priming of pre-bankruptcy liens. The DIP obligations will enjoy superpriority status over all other administrative expenses under 11 U.S.C. Sections 364(c) and 364(d), with the carveout taking priority over all liens and claims. Pre-bankruptcy secured creditors with junior or unperfected claims, including ACE Funding Source and Fiji Funding will be subordinated. The DIP loan is due and payable on the earlier of (i) February 28, 2026, in the event the bankruptcy court has not entered the final DIP order by such date; (ii) the date on which the loan becomes due and payable at the election of the lender during the continuance of an event of default; (iii) the effective date of the confirmation by the bankruptcy court of any Chapter 11 plan (such date not to exceed 15 days from the date of such confirmation). Use of Cash Collateral The interim order also authorized S & H Systems to use cash collateral consistent with its budget and subject to the carveout. The Debtor's cash collateral does not include funds advanced by Corporate Billing. The Debtor's authority to use cash collateral will terminate 90 days after February 6, unless agreed upon by Corporate Billing. This termination may be extended by written agreement. Events of default under the interim order include the Debtor's failure to comply with the order and the DIP credit agreement; dismissal or conversion of the Debtor's Chapter 11 case; appointment of a trustee; and the termination of the order by its own terms, operation of law or further court order. The interim DIP order is available at https://is.gd/uX8qJZ from PacerMonitor.com. If objections are filed on or before the February 18 deadline, they will be heard on February 19. If no objections are filed, the interim order becomes final. About S & H Systems Inc. S & H Systems, Inc is a closely held Arkansas S-corporation specializing in customized material handling solutions for warehouse operations. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Ark. Case No. 3:26-bk-10365) on February 2, 2026. In the petition signed by Mark Donovan, chief financial officer, the Debtor disclosed up to $50 million in assets and up to $100 million in liabilities. Judge Phyllis M. Jones oversees the case. Kevin P. Keech, Esq., at Keech Law Firm, PA, represents the Debtor as legal counsel. S & H SYSTEMS: Seeks to Hire Keech Law Firm as Bankruptcy Counsel ----------------------------------------------------------------- S & H Systems, Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern District of Arkansas to employ Keech Law Firm, PA as counsel. The firm's services include: (a) represent the Debtor with regard to the filing of Chapter 11 petitions, schedules, and in the prosecution of its Chapter 11 case with respect to its powers and duties; and (b) perform all legal services for the Debtor which may be necessary in connection with its Chapter 11 case. The firm will be paid at these hourly rates: Kevin Keech, Attorney $400 Paralegals $175 Legal Assistants $125 The firm received a retainer of $25,000 from the Debtor. Mr. Keech 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: Kevin P. Keech, Esq. Keech Law Firm, PA 2011 S. Broadway Little Rock, AR 72201 Telephone: (501) 221-3200 Facsimile: (501) 221-3201 About S & H Systems S & H Systems, Inc. designs, installs, and maintains material handling and automation systems for distribution centers, warehouses, and manufacturing and fulfillment facilities, providing services that include operational analysis, systems design engineering and estimating, and controls and software integration. The Company delivers conveyor systems, goods-to-person solutions, automated storage and retrieval systems, autonomous mobile robotics, robotic and pick/put wall solutions, and warehouse control systems, supporting both new and retrofit operations across the United States. S & H Systems is headquartered in Jonesboro, Arkansas, and employs approximately 180 people. S & H Systems sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Ark. Case No. 26-10365) on February 2, 2026. In the petition signed by Mark Donovan, chief financial officer, the Debtor disclosed $41,717,420 in total assets and $62,495,282 in total liabilities. Judge Phyllis M. Jones oversees the case. The Debtor is represented by Kevin P. Keech, Esq., at Keech Law Firm, PA. S EASTERN BLVD: Case Summary & Five Unsecured Creditors ------------------------------------------------------- Debtor: S Eastern Blvd Investments, LLC 3715 Ramsey Street Fayetteville, NC 28311 Chapter 11 Petition Date: February 6, 2026 Court: United States Bankruptcy Court Eastern District of North Carolina Case No.: 26-00578 Judge: Hon. David M Warren Debtor's Counsel: Joseph Z. Frost, Esq. BUCKMILLER & FROST, PLLC 4700 Six Forks Road Suite 150 Raleigh, NC 27609 Tel: 919-296-5040 Fax: 919-977-7101 E-mail: jfrost@bbflawfirm.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Daniel Watson Brown as manager. A full-text copy of the petition, which includes a list of the Debtor's five unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/D4KJGTQ/S_Eastern_Blvd_Investments_LLC__ncebke-26-00578__0001.0.pdf?mcid=tGE4TAMA SAKS GLOBAL: Klestadt Winters Represents Richline Group et al. -------------------------------------------------------------- In the Chapter 11 bankruptcy cases of Saks Global Enterprises LLC and its debtor-affiliates, Klestadt Winters Jureller Southard & Stevens, LLP filed with the United States Bankruptcy Court for the Southern District of Texas, Houston Division, a Verified Statement pursuant to Bankruptcy Rule 2019. According to the Verified Statement: 1. Klestadt represents the creditors and parties-in-interest in the Chapter 11 cases with the Debtors: (a) B.H. Multi Com Corp. 15 West 46th St, 6th Fl New York, NY, 10036 Creditor of one or more of the Debtors and a consignor of certain consigned goods. B.H. Multi Com holds pre- and post-petition claims against the Debtors in an aggregate amount of not less than $6,656,812.00. Moreover, B.H. Multi Com believes that the Debtors currently remain in possession of consigned merchandise with an aggregate consignment price of approximately $11,147,120.00. (b) B.H. Multi Color Corp. 15 West 46th St, 6th Fl New York, NY, 10036 Creditor of one or more of the Debtors and a consignor of certain consigned goods. B.H. Multi Color holds pre- and post- petition claims against the Debtors in an aggregate amount of not less than $2,259,097.00. Moreover, B.H. Multi Color believes that the Debtors currently remain in possession of consigned merchandise with an aggregate consignment price of approximately $4,933,645.00 (c) Richline Group, Inc. 1385 Broadway, 12th Floor New York, NY 10018 Creditor of one or more of the Debtors and a consignor of certain consigned goods. Richline holds pre- and post-petition claims against the Debtors in an aggregate amount of not less than $6,066,392.00, inclusive of claims related to consignment merchandise currently at the Debtors. (d) Unique Designs, Inc. 425 Meadowlands Parkway Secaucus, NJ 07094 Creditor of one or more of the Debtors and a consignor of certain consigned goods. Unique Designs holds pre- and post-petition claims against the Debtors in an aggregate amount of not less than $7,100,000.00. Claims related to consignment merchandise has a total of approximately $15 million. (e) Zwilling J.A. Henckels LLC 270 Marble Avenue Pleasantville, NY 10570 Creditor of one or more of the Debtors. Zwilling holds pre-petition claims against the Debtors in an aggregate amount of not less than approximately $2 million. (f) 64Facets, Inc. 2945 Townsgate Rd., Suite 200 Westlake Village, CA 91361 Creditor of one or more of the Debtors and a consignor of certain goods. 64Facets holds pre- and post-petition claims against the Debtors in an aggregate amount of not less than approximately $979,982.00, inclusive of claims related to consignment merchandise at the Debtors. (g) Graff Diamonds (New York), Inc. 46 East 61st Street New York, NY 10065 Party to a concession arrangement with Saks & Company LLC and seeks to protect its rights in inventory and proceeds, among other claims relating to such arrangement. Graff Diamonds holds pre- and post-petition claims against the Debtors in an aggregate amount of not less than approximately $350,000. 2. The foregoing amounts are estimates based on currently available information and subject to further reconciliation. 3. Klestadt has been asked by B.H. Multi Com, B.H. Multi Color, Richline, Unique Designs, Zwilling, 64Facets, and Graff Diamonds to provide legal representation in the Chapter 11 Cases. 4. Klestadt does not own, nor has it owned, any claims against, or interests in, the Debtors. 5. Nothing contained in this Statement is intended or should be construed to constitute: (a) a waiver or release of any claims filed or to be filed against the Debtors held by B.H. Multi Com, B.H. Multi Color, Richline, Unique Designs, Zwilling, 64Facets, and Graff Diamonds or (b) an admission with respect to any fact or legal theory. Nothing should be construed as a limitation upon, or waiver of, any rights of B.H. Multi Com, B.H. Multi Color, Richline, Unique Designs, Zwilling, 64Facets, and Graff Diamonds to assert, file and/or amend any proof of claim in accordance with applicable law and any orders entered in the Chapter 11 Cases. 6. Klestadt reserves the right to revise, supplement and/or amend this verified statement as may be appropriate or necessary. Counsel to B.H. Multi Com, B.H. Multi Color, Richline, Unique Designs, Zwilling, 64Facets, and Graff Diamonds may be reached at: Ian R. Winters, Esq. Brendan M. Scott, Esq. Stephanie R. Sweeney, Esq. Kevin B. Collins, Esq. KLESTADT WINTERS JURELLER SOUTHARD & STEVENS, LLP 200 West 41st Street, 17th Floor New York, NY 10036-7023 Tel: (212) 972-3000 Fax: (212) 972-2245 Email: iwinters@klestadt.com bscott@klestadt.com ssweeney@klestadt.com kcollins@klestadt.com About Saks Global Enterprises LLC Saks Global is the largest multi-brand luxury retailer in the world, comprising Saks Fifth Avenue, Neiman Marcus, Bergdorf Goodman, Saks OFF 5TH, Last Call and Horchow. Its retail portfolio includes 70 full-line luxury locations, additional off-price locations and five distinct e-commerce experiences. With talented colleagues focused on delivering on our strategic vision, The Art of You, Saks Global is redefining luxury shopping by offering each customer a personalized experience that is unmistakably their own. By leveraging the most comprehensive luxury customer data platform in North America, cutting-edge technology, and strong partnerships with the world's most esteemed brands, Saks Global is shaping the future of luxury retail. Saks Global Properties & Investments includes Saks Fifth Avenue and Neiman Marcus flagship properties and represents nearly 13 million square feet of prime U.S. real estate holdings and investments in luxury markets. On Jan. 13, 2026, and Jan. 14, 2026, Saks Global Enterprises, LLC and 112 affiliated debtors filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code (Bankr. S.D. Texas Lead Case No. 26-90103). The jointly administered cases are pending before the Honorable Alfredo R. Perez. Willkie Farr & Gallagher LLP and Haynes and Boone, LLP are serving as legal counsel, PJT Partners LP is serving as investment banker, Berkeley Research Group is serving as financial advisor, and C Street Advisory Group is serving as strategic communications advisor to the Company. Stretto is the claim agent. Paul, Weiss, Rifkind, Wharton & Garrison LLP is serving as legal counsel, Lazard Freres & Co, LLC is serving as investment banker, FTI Consulting, Inc. is serving as financial advisor, and Kekst and Company, Inc., is serving as a strategic communications advisor to the Ad Hoc Group. Hilco Global Professional Services, LLC, is the real property advisor to the Ad Hoc Group. Bank of America, N.A., is the administrative agent and collateral agent under the $1.5 billion asset-based revolving credit facility. U.S. Bank Trust Company, National Association, is the administrative agent and collateral agent under the $2.56 billion SGUS DIP Facility, a term loan facility with new money and roll-up components. U.S. Bank is also the agent under the $1.75 billion OpCo DIP Facility, a term loan facility to be used for refinancing existing debt. Seward & Kissel LLP serves as counsel to the SGUS DIP Agent. Barclays Bank, PLC serves as fronting lender of the SGUS First Out DIP Loans. It is advised by Dentons US LLP. Otterbourg P.C., Morgan, Lewis & Bockius LLP, and Norton Rose Fulbright US LLP serve as counsel to the ABL DIP Agent; M3 Advisory Partners, LP, is the financial advisor to the ABL DIP Agent; and Great American serves as its inventory valuation consultant. SCILEX HOLDING: Invests $47.5MM in Quantum Scan via Note, Stock --------------------------------------------------------------- Scilex Holding Compan entered into a Convertible Promissory Note with Quantum Scan Holdings, Inc. Pursuant to the Note dated January 29, 2026, the Company loaned Q Scan an aggregate of $20 million. The Note had a maturity date of October 29, 2026 and would commence accruing interest at a rate of 3.66% per annum commencing on April 29, 2026. The Note converted in full into an aggregate of 140,379,226 shares of common stock of Q Scan on January 29, 2026. The Note contains customary representations and warranties of the Company and Q Scan, and customary covenants of Q Scan. The Company and Q Scan entered into a common stock purchase agreement, dated January 29, 2026, with Q Scan. Pursuant to the Stock Purchase Agreement, Q Scan agreed to sell to the Company, and the Company agreed to purchase from Q Scan, an aggregate of 193,021,436 shares of Common Stock for an aggregate purchase price of approximately $27.5 million. The closing of the Stock Purchase shall occur within five business days of written notice delivered by Q Scan to the Company. The Stock Purchase Agreement contains customary representations, warranties and covenants of the Company and Q Scan. Stephen Ma, the Company's Chief Financial Officer and a member of the Company's Board of Directors, has served as Q Scan's interim Chief Financial Officer since January 16, 2026. As of the date of this Current Report on Form 8-K, Mr. Ma has not received any cash, equity or other compensation from Q Scan in his capacity as Q Scan's interim Chief Financial Officer. The Company intends to file full text copies of the Note and the Stock Purchase Agreement as exhibits to the Company's Quarterly Report on Form 10-Q for the fiscal quarter ending March 31, 2026. About Scilex Holding Company Palo Alto, Calif.-based Scilex Holding Company -- www.scilexholding.com -- is an innovative revenue-generating company focused on acquiring, developing and commercializing non-opioid pain management products for the treatment of acute and chronic pain and, following the formation of its proposed joint venture with IPMC Company, neurodegenerative and cardiometabolic disease. Scilex targets indications with high unmet needs and large market opportunities with non-opioid therapies for the treatment of patients with acute and chronic pain, and is dedicated to advancing and improving patient outcomes. Scilex's commercial products include: (i) ZTlido (lidocaine topical system) 1.8%, a prescription lidocaine topical product approved by the U.S. Food and Drug Administration for the relief of neuropathic pain associated with postherpetic neuralgia, which is a form of post-shingles nerve pain; (ii) ELYXYB, a potential first-line treatment and the only FDA-approved, ready-to-use oral solution for the acute treatment of migraine, with or without aura, in adults; and (iii) Gloperba, the first and only liquid oral version of the anti-gout medicine colchicine indicated for the prophylaxis of painful gout flares in adults. In its report dated March 31, 2025, the Company's auditor, BMP LLP, issued a "going concern" qualification, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has suffered recurring losses from operations and has a net capital deficiency that raise substantial doubt about its ability to continue as a going concern. As of September 30, 2025, Scilex Holding had $275.9 million in total assets, $455.6 million in total liabilities, and a total stockholders' deficit of $179.7 million. SM ENERGY: Fitch Hikes LongTerm IDR to 'BB+', Outlook Stable ------------------------------------------------------------ Fitch Ratings has upgraded the Long-Term Issuer Default Rating (IDR) of SM Energy Company (SM) to 'BB+' from 'BB' and has also upgraded the unsecured note ratings to 'BB+' from 'BB' with a Recovery Rating of 'RR4'. Fitch has also affirmed the reserve-based revolving credit facility (RBL) at 'BBB-' with a Recovery Rating of 'RR1'. Fitch has removed SM's IDR and unsecured ratings from Rating Watch Positive and assigned a Stable Outlook. Civitas Resource Inc.'s existing unsecured notes will be assumed by SM Energy. The upgrade follows the completion of SM Energy's and Civitas Resources' (CIVI) definitive merger agreement in an all-stock transaction valued at approximately $12.8 billion, including both companies' net debt. The deal materially increases production scale and proved reserves, is expected to be accretive to post-dividend FCF, and further diversifies production. It is also modestly leveraging, as gross debt has increased to around $8 billion from approximately $2.7 billion. The Stable Outlook reflects expectations of debt reduction over the next few years and maintenance of production and reserves. Key Rating Drivers Modestly Leveraging Transaction: Fitch views the $12.8 billion stock-for-stock exchange between SM and CIVI favorably, given the fixed exchange ratio of 1.45 CIVI shares for each SM share. SM has a fairly conservative balance sheet, but adding CIVI's debt increases forecast pro forma leverage to 1.7x. Despite the higher gross debt, Fitch believes the FCF profile supports the post-close deleveraging plan, although it increases near-term execution risk. The company is also targeting at least $1 billion of divestitures within one year of closing, which should further accelerate debt reduction. SM has a leverage target of 1.0x and Fitch expects that the majority of FCF will be used toward debt reduction until meeting this target while maintaining a stable dividend with the potential for opportunistic share repurchases. Leverage is expected to remain above the 1.0x target at Fitch's current price deck. Scale and FCF Enhancing Transaction: The proposed acquisition will materially enhance SM's size and scale, with pro forma net acres of approximately 823,000 and total production of approximately 526 Mboepd. Production levels for the combined company are expected to be slightly lower, reflecting a slowdown in production and Fitch's oil and gas price assumptions. This transaction adds significant inventory in the Permian basin, which will account for 48% of production and 46% of estimated proved reserves. The transaction also adds inventory in the low-cost, high margin DJ basin, which supports FCF generation. Pro forma FCF is also expected to be enhanced by annual synergies of approximately $200 million, with the potential for further $100 million upside, by 2027 through reduced overhead and G&A costs, improved operational costs, and reduced cost of capital. Geographic Diversification; Integration Complexity: Although Fitch views geographic diversification as beneficial, the minimal overlap of the combined portfolio and expanded diversity across multiple states leads to limited upside for operational synergies and complicates integration. Fitch also sees execution risk on the ability to increase inventory life and address quality concerns on acquired DJ assets. Consistently Positive FCF: Fitch expects the combined company to continue to generate consistently positive FCF, despite increased combined capex, supporting credit strength. Fitch expects capex to support low- to mid-single-digit organic production growth and anticipates SM will use a material portion of expected positive FCF to repay debt over the rating horizon. Exposure to Colorado Regulatory Risk: Although approximately 48% of production is expected to come from the Permian, the merger with CIVI exposes SM to Colorado regulatory risk. Fitch considers Colorado's regulatory risk to be high compared to other hydrocarbon-producing states. However, a compromise between operators and the Colorado government has introduced a fee on all oil and gas production, while pausing new drilling-related ballot measures, providing clarity on DJ operations through 2027 and reducing near-term regulatory risk. Fitch believes the permitting process is challenging but navigable for producers. Peer Analysis SM's pro forma production profile of approximately 526mboepd is significantly larger than BB range peers Matador Resources Company (BB/Stable; 209mboepd) and Murphy Oil Corporation (BB+/Stable; 196mboepd). Pro forma production is also larger than peers APA Corporation (BBB-/Stable; 463.1mboepd) and Permian Resources Corporation (BBB-/Stable; 385.1mboepd) but is smaller than Occidental Petroleum Corp. (BBB-/Positive; 1,468mboepd) and Ovintiv Inc. (BBB-/Positive;630.4mboepd). Pro forma oil percentage of production is approximately 50%, which is higher than its peers except for Matador Resources, Occidental, and Ovintiv. The company has maintained Fitch-calculated unhedged cash netbacks around the peer average, and Fitch expects netbacks could improve following operational enhancements and execution on synergies. EBITDA of the combined company is expected to remain below its IG peers through Fitch's forecast years. Fitch forecasts pro forma leverage of 1.7x, which is on the higher end of the peer group but could improve following accelerated debt reduction. Fitch's Key Rating-Case Assumptions - West Texas Intermediate oil prices of $64/bbl in 2025, $58/bbl in 2026 and 2027, and $57/bbl thereafter; - Henry Hub natural gas prices of $3.50/mcf in 2025 and 2026, $3.00/mcf in 2027, and $2.75 thereafter; - Production growth of approximately 20% in 2025 (from a full year of XCL production); - Civitas merger completed in 1Q26, driving significant production growth in 2026, followed by stable production through the remainder of the forecast; - Capex in line with management expectations for 2025 and increasing in 2026 following merger with Civitas; - FCF prioritized for debt repayment; - Quarterly dividend of $0.20/share through the forecast; - Base interest rates applicable to the company's outstanding variable rate debt obligations reflects current SOFR forward curve. Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Sector Characteristics (bb+, Moderate), Market & Competitive Positioning (bbb, Moderate), Diversification and Asset Quality (bb+, Higher), Company Operational Characteristics (bb+, Moderate), Profitability (bb+, Higher), Financial Structure (a, Lower), and Financial Flexibility (bbb, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 10% weight for the historical year 2024, 10% for the forecast year 2025, 10% for the forecast year 2026, 15% for the forecast year 2027 and 55% for the forecast year 2028. - The Governance Impact assessment of 'Good' results in no adjustment. - The Operating Environment Impact assessment of 'a+' results in no adjustment. - The SCP is 'bb+'. RATING SENSITIVITIES Factors that Could Lead to Negative Rating Action/Downgrade - Failure to successfully integrate operations following merger; - A change in financial policy that leads to minimal gross debt reduction; - Material loss of operational momentum leading to lower-than-expected production volume over a sustained period; - Midcycle EBITDA leverage sustained above 2.5x. Factors that Could Lead to Positive Rating Action/Upgrade - Track record of a conservative financial policy, including debt repayment, RBL reduction, and equity-funded M&A; - Track record of operating at current scale and maintaining the production mix; - Improvement in economic drilling inventory, netbacks, and reserve life relative to peers; - Midcycle EBITDA leverage sustained below 2.0x. Liquidity and Debt Structure Fitch expects SM's pro forma liquidity profile will remain adequate and is supported by strong FCF. 3Q25, SM had $162 million of cash on hand and approximately $2 billion in available borrowing capacity on its reserve-based lending credit facility (RBL). The company entered into a new RBL credit facility following the transaction with elected commitments of $2.5 billion. The company has a manageable maturity schedule with upcoming maturities in 2026, which Fitch expects to be address with proceeds from planned divestitures and FCF. Issuer Profile SM is an independent E&P company that operates in the Permian Basin, South Texas, Uinta Basin, and DJ Basin. Pro forma the Civitas merger, the company has 823,000 net acres and over 500mboepd of production. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. Climate Vulnerability Signals SM's 2024 revenue-weighted Climate.VS of 52 by 2035 is in line with that of peers. SM's mix of oil, natural gas and natural gas liquids drives the level of this signal. The signal reflects the risks related to policies that require lower carbon emissions over time and encourage reduced usage of fossil fuels in favor of renewable fuels. These pose near-term risks from higher costs driven by the need for greater focus on reducing emissions and longer-term risks from lower demand for fossil fuels as the world transitions toward renewable fuels. Fitch believes meaningful energy transition will play out over several decades. SM has goals to reduce intensity-based Scope 1 and 2 greenhouse gas emissions by 50% by 2030 from a 2019 baseline. The company also targets zero routine flaring and non-routine flaring not to exceed 1% of natural gas production by 2023 based on the full-year average. SM seeks to maintain its already very low methane emissions at the company's 2020 level of 0.04 metric tonnes CH4/MBoe or better. These targets were announced in 2021 and relate to the company's Texas operations. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- SM Energy Company LT IDR BB+ Upgrade BB senior secured LT BBB- Affirmed RR1 BBB- senior unsecured LT BB+ Upgrade RR4 BB SOUTHERN TREE: Baker Donelson Represents Zaxis Financial et al. --------------------------------------------------------------- In the Chapter 11 bankruptcy cases of Southern Tree Professionals, LLC and its debtor-affiliates, Baker, Donelson, Bearman, Caldwell & Berkowitz, PC filed with the United States Bankruptcy Court for the Northern District of Georgia, Gainesville Division, a Verified Statement pursuant to Bankruptcy Rule 2019 to inform the Court of the firm's representation of multiple creditors in the bankruptcy case. The firm makes the following disclosure as counsel for multiple parties: 1. Baker Donelson represents Zaxis Financial Services Americas, LLC, a secured creditor of Debtor Southern Tree Professionals, LLC, based on certain pre-petition purchase money obligations secured by specific equipment used in the Debtor's business operations. 2. Baker Donelson also represents secured creditor Banc of America Leasing & Capital, LLC, on account of certain pre-petition purchase money obligations secured by specific equipment used in the Debtor's business operations. 3. Baker Donelson also represents HomeTrust Bank, a secured creditor of the Debtor based on certain pre-petition purchase money obligations secured by specific equipment used in the Debtor's business operations. 4. Baker Donelson also represents Regions Bank d/b/a Ascentium Capital, a secured creditor of the Debtor based upon certain pre-petition purchase money obligations secured by specific vehicles used in the Debtor's business operations. 5. Zaxis, BALC, HomeTrust, and Ascentium, and the respective collateral securing the pre-petition obligations of each, have no relationship to one another. 6. Upon information and belief, no conflicts arise out of Baker Donelson's representation of Zaxis, BALC, HomeTrust, and Ascentium in this Chapter 11 case. 7. Zaxis, BALC, HomeTrust, and Ascentium are aware of and consent to Baker Donelson's representation of multiple parties in the above-captioned bankruptcy case. Attorneys for Zaxis Financial Services Americas, LLC, Banc of America Leasing & Capital, LLC, and HomeTrust Bank Sean B. O'Donovan, Esq. BAKER, DONELSON, BEARMAN, CALDWELL & BERKOWITZ, P.C. 1500 Monarch Plaza 3414 Peachtree Road, N.E. Atlanta, GA 30326 Tel: (404) 577-6000 E-mail: sodonovan@bakerdonelson.com Counsel for Regions Bank, d/b/a Ascentium Capital Kevin A. Stine, Esq. BAKER, DONELSON, BEARMAN, CALDWELL & BERKOWITZ, P.C. 1500 Monarch Plaza 3414 Peachtree Road, N.E. Atlanta, GA 30326 Tel: (404) 577-6000 E-mail: kstine@bakerdonelson.com About Southern Tree Professionals LLC Southern Tree Professionals LLC provides tree removal, pruning, emergency response, land clearing, hauling, arborist services, and green-waste management for residential, commercial, and municipal clients across the Atlanta metropolitan area. The Company operates throughout communities such as Marietta, Roswell, Sandy Springs, Alpharetta, Smyrna, Buckhead, Brookhaven and Decatur, and works on large-scale projects involving clearing, grubbing, and debris haul-off and site preparation for commercial contractors and government entities, including GDOT. It offers additional services such as lightning-protection systems, mulch supply and excavating and demolition work as part of its broader operations in the tree services and the land-management sector. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-21754) on December 5, 2025. In the petition signed by Benjamin Townsend Ellis, owner, the Debtor disclosed up to $50,000 in assets and up to $50 million in liabilities. William Rountree, Esq. at Rountree, Leitman, Klein & Geer, LLC, represents the Debtor as legal counsel. SOUTHERN TREE: Kelley Law Represents UniFi and Stellify ------------------------------------------------------- In the Chapter 11 bankruptcy cases of Southern Tree Professionals LLC and its debtor-affiliates, Kelley Law, LLC filed with the United States Bankruptcy Court for the Northern District of Georgia, Atlanta Division, a Verified Statement pursuant to Bankruptcy Rule 2019 to inform the Court that the firm represents UniFi Equipment Finance, Inc. and Stellify Capital, LLC, which are secured creditors with a security interest in certain equipment owned by the Debtor. Rule 2019(b)(1) of the Federal Rules of Bankruptcy Procedure requires certain disclosures from, among others, any entity representing multiple creditors that are: (A) acting in concert to advance their common interests; and (B) not composed entirely of affiliates or insiders of one another. According to the Verified Statement, although UniFi and Stellify are both represented by Counsel, they are not acting in concert to advance their common interests, and no further disclosure or verification is required pursuant to Bankruptcy Rule 2019. The firm may be reached at: Charles N. Kelley, Jr., Esq. KELLEY LAW LLC P.O. Box 2758 Gainesville, GA 30503 Tel: (770) 531-0007 E-mail: charles@charleskelley.law About Southern Tree Professionals LLC Southern Tree Professionals LLC provides tree removal, pruning, emergency response, land clearing, hauling, arborist services, and green-waste management for residential, commercial, and municipal clients across the Atlanta metropolitan area. The Company operates throughout communities such as Marietta, Roswell, Sandy Springs, Alpharetta, Smyrna, Buckhead, Brookhaven and Decatur, and works on large-scale projects involving clearing, grubbing, and debris haul-off and site preparation for commercial contractors and government entities, including GDOT. It offers additional services such as lightning-protection systems, mulch supply and excavating and demolition work as part of its broader operations in the tree services and the land-management sector. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-21754) on December 5, 2025. In the petition signed by Benjamin Townsend Ellis, owner, the Debtor disclosed up to $50,000 in assets and up to $50 million in liabilities. William Rountree, Esq. at Rountree, Leitman, Klein & Geer, LLC, represents the Debtor as legal counsel. STILL HOPES: Fitch Affirms 'BB' IDR, Outlook Stable --------------------------------------------------- Fitch Ratings has affirmed the 'BB' rating on outstanding residential care facilities revenue bonds series 2017 and residential care facilities revenue and refunding bonds series 2018A issued by South Carolina Jobs-Economic Development Authority on behalf of South Carolina Episcopal Home at Still Hopes (Still Hopes). Fitch has also affirmed Still Hopes' Issuer Default Rating (IDR) at 'BB'. The Rating Outlook is Stable. Entity/Debt Rating Prior ----------- ------ ----- South Carolina Episcopal Home at Still Hopes (SC) LT IDR BB Affirmed BB South Carolina Episcopal Home at Still Hopes (SC) /General Revenues/1 LT LT BB Affirmed BB The affirmation reflects the expected stability of Still Hopes' financial profile through Fitch's base and stress case, factoring in Still Hopes recently completed 16-unit cottage expansion project. The rating is supported by gradually improving core operations, as Still Hopes has historically been characterized by weaker operating risk due to several years of increased capital spending form the WellPointe and HealthPointe projects and pandemic related cost pressures. Fitch expects operations to continue to stabilize as both recent projects mature and move-ins occur for the cottage expansion given the sufficient demand as indicated by a history of sound occupancy. SECURITY The bonds are secured by a gross revenue pledge and a mortgage on the community and a debt service reserve fund (DSRF). KEY RATING DRIVERS Revenue Defensibility - 'bbb' Sound Demand Across Service Lines Fitch's assesses revenue defensibility as 'Midrange', reflecting history of strong demand for a single-site community in West Columbia, SC. Over the last five years, independent living unit (ILU) occupancy averaged 91% (including unaudited FY25) with occupancy gradually improving over the last couple of years to pre-pandemic levels after a period of disrupted marketing and sales activity. At FYE 2025, ILU occupancy was a strong 94.2%. A majority of Still Hopes' residents come from its local primary market area of West Columbia. Still Hopes' weighted average entrance fees are approximately $331,000 for the 50% refundable contract, which a majority of residents have. Still Hopes has regular entrance fee and monthly service fee increases and a waitlist, which further support the midrange revenue defensibility assessment. Operating Risk - 'bb' Adequate Operations Still Hopes is a type C community that owns and operates a single-site life plan community (LPC). Over the last five years (including unaudited FY25) the operating ratio, net operating margin (NOM) and NOM-adjusted averaged approximately 106.5%, 6.2% and 19.5%, respectively. These metrics are in line with the current assessment. Fitch believes as the recent capex projects mature and pandemic-related and macro labor challenges dissipate margins will likely improve. Capital spending has been solid over the last five years, with capex to depreciation of 144%. This includes the WellPointe project which added a new tower of 80 ILUs and was completed in February 2021. Recent capex includes a 16-unit cottage expansion that was financed with bank debt. The project was complete at the end of calendar 2025; move-ins began in January (FY26) and will continue through 2Q26 (sept FYE). All 16 cottages were pre-sold. Total project costs are $12.2 million, with approximately $9 million of bank debt to be repaid with the initial entrance fee pool in 2026. In addition, management reports Still Hopes is working on plans to build a new middle market LPC adjacent to the current property. The new project will be aimed at a different population of prospective residents; as a result, Fitch does not expect cannibalization of the Still Hopes' current resident base. Management continues to analyze whether determining the start-up will be financed inside or outside of the obligated group and expects this to be determined in the next year. Fitch may incorporate it into its analysis as appropriate once those plans are clear. Still Hopes' capital-related metrics remain somewhat mixed, with revenue-only maximum annual debt service (MADS) coverage of 0.5x and MADS to revenue of 14.4% in FY25. Debt-to-net available cash flow averaged 10.1x over the last five years. Fitch believes these capital-related metrics will gradually moderate as the recent expansion projects mature and the related debt is repaid. Financial Profile - 'bb' Rating Stability Through the Cycle Fitch expects Still Hopes will maintain a financial profile that is consistent with the 'bb' assessment through Fitch's stress case. At FYE 2025, cash-to-adjusted debt was approximately 47.6% and MADS coverage of 1.6x. In addition, Still Hopes had 358 days cash on hand at FYE, which is neutral to the rating. Fitch's stress scenario shows Still Hopes maintaining key liquidity and leverage metrics that are consistent with a 'bb' financial profile assessment, assuming elevated capex in 2026 as Still Hopes completes its cottage expansion project. The scenario does not include any addition debt related to the potential middle market LPC. As details are finalized, Fitch will incorporate the potential project into the rating if applicable. Asymmetric Additional Risk Considerations There is no asymmetric risk factors associated with the rating. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - If the previously discussed new middle market LPC is financed within the obligated group it could negatively pressure the rating as a result of the related debt incurred; - Decline in core operating metrics that deteriorate the balance sheet and cash-to-adjusted debt. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Operating metrics show stronger cash flow generation and sustained increase in core profitability, resulting in an operating ratio consistently under 100%, NOM in the 5%-7% range, and NOMA approaching 20%. PROFILE Still Hopes is a South Carolina nonprofit LPC organized in 1975 located in West Columbia. The organization also provides home care services to residents on campus, as well as in Lexington and Richland Counties. Still Hopes is the only member of the obligated group. At Sept. 30, 2025, Still Hopes had 276 ILUs, 24 dementia ALUs, 22 ALUs, and 70 SNF beds, and generated total operating revenue of approximately $46 million. Sources of Information In addition to the sources of information identified in Fitch's applicable criteria specified below, this action was informed by data from DIVER by Solve. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. SUPERIOR INDUSTRIES: S&P Upgrades ICR to 'CCC-' on Debt Exchange ---------------------------------------------------------------- S&P Global Ratings raised its issuer credit rating on aluminum wheel manufacturer Superior Industries International Inc. to 'CCC-' from 'SD' (selective default). The outlook is negative. The negative outlook reflects our view that constrained liquidity could lead the company to undertake another distressed exchange or payment default in the next six months. Superior completed a debt exchange and converted most of its term loan and preferred stock to common equity. The transaction significantly reduces outstanding debt, but S&P expects liquidity will remain weak with free operating cash flow (FOCF) deficits due to customer losses in 2025. The $60 million revolving credit facility ($42.5 million outstanding) comes due June 30, 2026. Superior's liquidity remains weak and its capital structure unsustainable. Following the distressed exchange in December, the company reduced more than 60% of debt included in our adjusted calculation with the conversion of its first-lien term loan and preferred equity in the legacy business to common equity in the new company. S&P said, "However, liquidity is constrained, with its cash revolver due June 30, 2026 (we estimate $42.5 million outstanding). We anticipate Superior will have no capacity to borrow on the revolver and modest cash balances at the beginning of 2026, when it will be further strained due to working capital seasonality in the first quarter. Therefore, barring an external cash infusion from its owners, maturity extension, or other unforeseen benefits, we believe a default appears inevitable within six months." S&P said, "We estimate a reported FOCF deficit of $130 million-$150 million in 2025 and remaining significantly negative in 2026 due to reduced customer demand despite anticipated interest savings from the exchange. We anticipate liquidity sources will be less than uses over the next 12 months. "Our forecast is highly uncertain following the loss of customers in early 2025. We expect a 30%-35% revenue decline in 2025 from the loss of purchase orders from major North American automakers and about 15% in 2026 even as Superior attempts to replace customers. We also anticipate worsening fixed-cost absorption. With restructuring charges, S&P Global Ratings-adjusted EBITDA margin will be about negative 10% in 2025. Headcount reduction and facility rationalization in the lower demand environment will improve that to negative 1% in 2026. "We revised our business risk view to vulnerable from weak. This reflects customer attrition and weaker margins. Superior produces highly commoditized, nondifferentiated products with limited pricing power. Its revenue remains highly concentrated, and its customers have low switching costs, which could weaken operating results over the forecast. The revision captures customer losses in 2025, our expectation of Superior's declined market position and scale, and our belief that profitability and financial flexibility will remain weaker than historical performance. "The negative outlook reflects our view that Superior's constrained liquidity could lead to a distressed exchange or payment default in the next six months." S&P could lower its rating if: -- It misses--or announces it will miss--a contracted principal or interest payment; -- It announces a transaction that S&P views as distressed; or -- S&P believes a default is a virtual certainty. While unlikely, S&P could raise its rating if it no longer view a default scenario as highly probable over the next six months. This could occur if the company improves liquidity and cash flow such that S&P no longer anticipate material deficits. SWEETWATER BORROWER: Moody's Rates New First Lien Loans 'B2' ------------------------------------------------------------ Moody's Ratings assigned B2 ratings to Sweetwater Borrower, LLC's ("Sweetwater") proposed $825 million backed senior secured first lien term loan B due 2033 and $125 million backed senior secured first lien revolving credit facility due 2031. Sweetwater's existing ratings are unchanged, including its B2 corporate family rating and B2-PD probability of default rating. The outlook remains stable. Proceeds from Sweetwater's proposed $825 million term loan, along with $29 million of balance sheet cash, will be used to refinance its existing $556 million (outstanding) term loan due 2028, fund a $286 million distribution to shareholders and for fees and expenses. As part of this transaction, Sweetwater will also upsize its revolving credit facility to $125 million from $100 million. The new term loan and revolving credit facility will be guaranteed and secured on a pari passu basis under the credit agreement. Pro-forma for the transaction, debt/EBITDA increases to 5.5x from 3.9x for the LTM ended September 30, 2025, while EBITA/interest weakens to 1.9x from 2.4x for the same period. Moody's views the debt financed dividend and corresponding increase in leverage as a credit negative. However, the B2 CFR remains unchanged as both leverage and coverage remain within Moody's downgrade thresholds, and the B2 CFR already reflected an expectation for aggressive financial strategies. Moody's also expects credit metrics to improve over the next 12-18 months. This reflects Sweetwater's consistent earnings growth and established track record of reducing leverage. RATINGS RATIONALE Sweetwater's B2 corporate family rating reflects its high leverage and moderate coverage, risks associated with private equity ownership and the company's narrow focus on the discretionary musical instruments category. The company's exposure to imported products from China and potential profitability impact from tariffs also constrain the credit profile. Although Moody's expects demand pressures stemming from the difficult consumer spending environment to result in revenue and earnings headwinds, Moody's expects debt/EBITDA to improve to about 5.0x and EBITA/interest to increase to about 2.25x over the next 12 months. Partially offsetting these challenges are Sweetwater's strong, long-term track record of revenue and earnings growth driven by increasing e-commerce penetration in the musical products sector spanning both traditional retail, as well as commercial customers, and the company's good execution capabilities. Sweetwater's personalized customer interaction model led by extensively trained musician sales engineers differentiates it from competitors and drives high retention rates and lifetime customer value. The rating also benefits from its strong market position as the second largest musical instrument retailer in the US and largest online musical instrument retailer in the US. As an online only retailer, the company also has a variable cost model, limiting downside earnings risk. The stable outlook reflects Moody's expectations for good liquidity and improving credit metrics over the next 12-18 months despite tariff headwinds and the difficult consumer spending environment. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if the company maintains steady growth, good liquidity and a financial policy that balances shareholder and creditor interests. Quantitatively, the ratings could be upgraded if debt/EBITDA is maintained below 5.0x and EBITA/interest expense above 2.5x. The ratings could be downgraded if earnings or liquidity decline, or the company undertakes aggressive financial strategy actions. Quantitatively, the ratings could be downgraded if debt/EBITDA is maintained above 6.25x and EBITA/interest expense below 1.5x. The principal methodology used in these ratings was Retail and Apparel published in September 2025. Headquartered in Ft Wayne, Indiana, Sweetwater Borrower, LLC is the largest online music products retailer in the US. The company is controlled by funds affiliated with Providence Equity Partners LLC. Revenue for the LTM period ended September 30, 2025 was approximately $1.8 billion. TAWR PROPERTY: Case Summary & Six Unsecured Creditors ----------------------------------------------------- Lead Debtor: TAWR Property Owner, Ltd. 200 E. Basse, Suite 300 San Antonio, TX 78209 Business Description: The Debtors are affiliated real estate entities involved in the ownership, investment, and management of multifamily residential developments in Texas, including Tacara-branded apartment projects in the San Antonio and Pflugerville areas. The entities operate as property owners, general partners, holding companies, and investment partnerships structured to develop, own, and manage residential real estate assets. Chapter 11 Petition Date: February 3, 2026 Court: United States Bankruptcy Court Northern District of Texas Two affiliates that filed Chapter 11 bankruptcy petitions on February 2, 2026: Debtor Case No. ------ -------- C-5 Holdings, LLC 26-40512 C-5 Investors Mezz, LLC 26-40515 Nine affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code on Feb. 3, 2026: Debtor Case No. ------ -------- TAWR Property Owner, Ltd. 26-90162 TASH Property Owner, LLC 26-90163 TAWR Partnership, Ltd. 26-90164 Tacara Weiss Ranch Investors GP, LLC 26-90165 TAWR Preferred Partnership, LP 26-90166 Tacara at Weiss Ranch GP, LLC 26-90167 Tacara at Steubing Heights Holdings, LLC 26-90168 Tash Partnership Ltd. 26-90169 Tacara at Steubing Heights GP, LLC 26-90170 Judge: Hon. Edward L Morris Debtors' General Bankruptcy Counsel: Davor Rukavina, Esq. MUNSCH HARDT KOPF & HARR, P.C. 500 N. Akard St., Suite 4000 Dallas, TX 75201 Tel: 214-855-7500 TAWR Property Owner, Ltd.'s Estimated Assets: $50 million to $100 million TAWR Property Owner, Ltd.'s Estimated Liabilities: $10 million to $50 million TASH Property Owner, LLC's Estimated Assets: $50 million to $100 million TASH Property Owner, LLC's Estimated Liabilities: $10 million to $50 million Darren B. Casey executed the petitions for the Debtors in his capacity as manager or authorized representative of the general partner, manager, or sole member entities within the Debtors' organizational structure. Full-text copies of the petitions are available for free on PacerMonitor at: https://www.pacermonitor.com/view/EYQJ64Q/TAWR_Property_Owner_Ltd__txnbke-26-90162__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/MZVL4NY/TASH_Property_Owner_LLC__txnbke-26-90163__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/CHHR5VI/TAWR_Partnership_Ltd__txnbke-26-90164__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/RP4PMAI/Tacara_Weiss_Ranch_Investors_GP__txnbke-26-90165__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/56GIZ7Y/TAWR_Preferred_Partnership_LP__txnbke-26-90166__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/6RE7QYI/Tacara_at_Weiss_Ranch_GP_LLC__txnbke-26-90167__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/OZNSTFY/Tacara_at_Steubing_Heights_Holdings__txnbke-26-90168__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/PGFCJ6Q/TASH_Partnership_Ltd__txnbke-26-90169__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/X4CN2OQ/Tacara_at_Steubing_Heights_GP__txnbke-26-90170__0001.0.pdf?mcid=tGE4TAMA Full-text copies of the Debtors' lists of their largest unsecured creditors are available for free on PacerMonitor at: https://www.pacermonitor.com/view/LUHDI7A/TASH_Property_Owner_LLC__txnbke-26-90163__0004.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/LQY2WWA/TAWR_Partnership_Ltd__txnbke-26-90164__0004.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/L2DCWBQ/TAWR_Preferred_Partnership_LP__txnbke-26-90166__0004.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/IEJOJII/Tacara_at_Weiss_Ranch_GP_LLC__txnbke-26-90167__0004.0.pdf?mcid=tGE4TAMA List of TAWR Property Owner, Ltd.'s Six Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Ferguson Enterprises, Inc. Trade Debts $257,340 Po Box 847411 Dallas TX 75284-7411 2. Fource Communications, Ltd Trade Debts $57,628 1351 Regal Row Dallas TX 75247 3. Ryan, LLC Professional $28,896 Po Box 848351 Services Dallas TX 75284-8351 4. Humphreys & Partners Professional $12,993 Architects LP Services Po Box 640240 Dallas TX 75264 5. Technosun Inc Trade Debts $3,000 3857 Birch Street Suite 432 Newport Beach CA 92660 6. Land Strategies Inc. Trade Debts $984 1411 W 5th St Austin TX 78703 List of TASH Property Owner, LLC's Eight Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Ferguson Enterprises, Inc. Trade Debts $37,793 Po Box 847411 Dallas TX 75284-7411 2. ATKG Advisors, LLC Professional $7,025 19031 Ridgewood Parkway Services Ste 101 San Antonio TX 78259 3. Echnosun Inc. Trade Debts $3,000 3857 Birch Street Suite 432 Newport Beach CA 92660 4. Humphreys & Partners Professional $2,878 Architects LP Services Po Box 640240 Dallas TX 75264 5. LM Consultants, Inc. Professional $2,000 36 South Whitney Street Services Grayslake IL 60030 6. Darren M Fisk Trade Debts $1,500 240 Saint Paul Ste 400 Denver CO 80206 7. Open Studio Architecture PLLC Professional $105 6122 De Zevala Road Services San Antonio TX 78249 8. Alamo Title Trade Debts $100 950 E Basse Road San Antonio TX 78209 TECH READY: Seeks to Tap Frederic P. Schwieg as Bankruptcy Counsel ------------------------------------------------------------------ Tech Ready Mix, Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Ohio to employ Frederic P. Schwieg, Esq., an attorney practicing in Rocky River, Ohio, as counsel. The attorney will render these services: (a) prepare pleadings and services incidental thereto; (b) conduct examinations or depositions of witnesses; (c) participate in negotiations for the sale of assets of the estate; and (d) formulate a plan of reorganization and production of related documents. Mr. Schwieg will be compensated at an hourly rate of $370. He received $50,000 for prepetition fees and as security for services to be rendered. Mr. Schwieg 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: Frederic P. Schwieg, Esq. 19885 Detroit Rd. #239 Rocky River, OH 44116 Telephone: (440) 499-4506 Email: fschwieg@schwieglaw.com About Tech Ready Mix Tech Ready Mix, Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ohio Case No. 26-10413) on February 2, 2026. In the petition signed by Mark Perkins, president, the Debtor disclosed $5,750,280 in total assets and $11,041,817 in total liabilities. Judge Jessica E. Price Smith oversees the case. The Debtor is represented by Frederic P. Schwieg, Esq. TISDALE INVESTMENTS: Todd Hennings Named Subchapter V Trustee ------------------------------------------------------------- The Acting U.S. Trustee for Region 21 appointed Todd Hennings, Esq., at Macey, Wilensky & Hennings, LLP as Subchapter V trustee for Tisdale Investments & Rentals, LLC. Mr. Hennings will be paid an hourly fee of $450 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Hennings declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Todd E. Hennings, Esq. Macey, Wilensky & Hennings, LLP 5500 Interstate North Parkway, Suite 435 Sandy Springs, GA 30328 Phone: (404) 584-1222 Email: info@joneswalden.com About Tisdale Investments & Rentals Tisdale Investments & Rentals, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Ga. Case No. 26-40175) on February 2, 2026. The Debtor is represented by: Brad Fallon, Esq. Fallon Law, PC 1201 W. Peachtree St. NW, Suite 2625 Atlanta, GA 30309 Phone: (404) 849-2199 brad@fallonbusinesslaw.com TKC HOLDINGS: S&P Rates New $1BB Sr. Secured First-Lien Notes 'B-' ------------------------------------------------------------------ S&P Global Ratings assigned its 'B-' issue-level rating and '3' recovery rating to TKC Holdings Inc.'s proposed $1 billion senior secured first-lien notes due 2030. The '3' recovery rating indicates our expectation for meaningful (50%-70%; rounded estimate: 65%) recovery for lenders in the event of a default. We also assigned our 'CCC' issue-level rating and '6' recovery rating (rounded estimate: 0%) to TKC Holdings' proposed $575 million second-lien notes. The company plans to use the proceeds from these proposed notes along with borrowings from the previously announced $600 million first-lien term loan to refinance its existing capital structure, fund a $100 million distribution to shareholders, and pay financing-related fees and expenses. Issue Ratings--Recovery Analysis Key analytical factors -- TKC Holdings' proposed capital structure comprises a $75 million first-lien revolving credit facility maturing in 2031 (undrawn), a $600 million first-lien term loan maturing in 2030, $1 billion of first-lien notes due 2030, and $575 million of second-lien notes due 2031. -- S&P's simulated default assumes a default occurring in 2028 after TKC's operating performance and liquidity deteriorate due to unfavorable changes in government policy or quality and reputational damage leads to customer contract losses. -- S&P said, "We believe the company's business model would remain viable if it defaulted given its extensive products, established relationships in the corrections system, and the recurring need for these services. Therefore, we value the company on a going-concern basis using a 6x multiple of our projected emergence-level EBITDA." Simulated default assumptions -- Simulated year of default: 2028 -- EBITDA at emergence: About $200 million -- EBITDA multiple: 6x Simplified waterfall -- Net enterprise value: About $1.13 billion -- Estimated first-lien debt claims: $1.7 billion --Recovery expectations: 50%-70% (rounded estimate: 65%) -- Remaining value available to second-lien debt: None -- Estimated unsecured debt claims: About $600 million --Recovery expectations: 0%-10% (rounded estimate: 0%) Note: All debt amounts include six months of prepetition interest. TONIX PHARMACEUTICALS: The Vanguard Group Holds 5.02% Equity Stake ------------------------------------------------------------------ The Vanguard Group, disclosed in a Schedule 13G (Amendment No. 1) filed with the U.S. Securities and Exchange Commission that as of December 31, 2025, it beneficially owns 673,605 shares of common stock with shared voting power over 79,137 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 Tonix Pharmaceuticals Holding Corp's common stock, representing 5.02% 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/mrs33a6c About Tonix Pharmaceuticals Chatham, N.J.-based Tonix Pharmaceuticals Holding Corp., through its wholly owned subsidiary Tonix Pharmaceuticals, Inc., is a fully integrated biopharmaceutical company focused on developing and commercializing therapeutics to treat and prevent human disease and alleviate suffering. As of September 30, 2025, the Company had $252.4 million in total assets, $21.3 million in total liabilities, and $231.1 million in total stockholders' equity. Iselin, N.J.-based EisnerAmper LLP, the Company's auditor since 2023, issued a "going concern" qualification in its report dated March 18, 2025, citing that the Company has continuing losses and negative cash flows from operating activities that raise substantial doubt about its ability to continue as a going concern. TRANSDIGM INC: S&P Rates Proposed Senior Secured Term Loan 'BB-' ---------------------------------------------------------------- S&P Global Ratings assigned its 'BB-' issue-level rating and '4' recovery rating to TransDigm Inc.'s proposed $1.0 billion senior secured term loan due 2033. The '4' recovery rating indicates its expectation for average (30% to 50%) recovery for senior secured lenders in the event of a payment default. At the same time, S&P Global Ratings assigned its 'B' issue-level rating for the proposed $1.0 billion senior subordinated notes due 2034, with a recovery rating of '6', indicating its expectation for negligible (0%-10%; rounded estimate 0%) recovery in the event of a payment default. The 'BB-' and stable outlook on the company remain unchanged. The proposed term loan and subordinated notes, together with balance sheet cash, will fund acquisitions. TransDigm entered into a definitive agreement to acquire portfolio companies Jet Parts Engineering and Victor Sierra Aviation Holdings for about $2.2 billion in aggregate from Vance Street Capital. Jet Parts Engineering designs and manufactures aerospace aftermarket solutions and performs maintenance repair services. Victor Siera Aviation Holdings designs and manufacturers PMA-certified and other aftermarket parts to the aviation market. Both derive much of their revenue from aftermarket sales in addition to proprietary offerings, which complements TransDigm's merger and acquisition strategy. It also will acquire Stellant Systems, which was announced Dec. 31, 2025. S&P said, "Upon transaction close, we expect leverage of 5.75x-6.00x in fiscal 2026, which is appropriate for the rating but provides limited cushion for operational underperformance or more-aggressive financial policy. We forecast leverage will sustain below 6x after incorporating the announced acquisitions, special dividends, and share repurchases." Issue Ratings--Recovery Analysis Key analytical factors -- The company's capital structure consists of a $910 million revolver, a $725 million accounts receivable (AR) securitization facility, approximately $23.7 billion of secured debt, and $7.2 billion of subordinated notes on a pro forma basis to include the proposed facilities. -- Other default assumptions include SOFR at 3.5%, the revolver is 85% drawn at default, and the AR facility is 100% drawn and a priority claim. Simulated Default Assumptions -- Year of default 2030 -- EBITDA at emergence: $2.3 billion -- EBITDA multiple: 6x Simplified waterfall -- Net enterprise value (after 5% administrative costs): $12.4 billion -- Obligor/nonobligor split: 85%/15% -- Priority claims (AR facility): $739 million -- Value available to first-lien claim: $11.1 billion -- First-lien claims: $24.8 billion --Recovery expectations: 30%-50%; rounded estimate: 35% -- Value available for subordinated claims: $656 million -- Estimated subordinated claims: $7.9 billion --Recovery expectations: 0%-10%; rounded estimate: 0% TRANSOCEAN LTD: S&P Places 'CCC+' ICR on CreditWatch Positive ------------------------------------------------------------- S&P Global Ratings placed all ratings on offshore drilling contractor Transocean Ltd., including the 'CCC+' issuer credit rating, on CreditWatch with positive implications. The CreditWatch placement reflects the likelihood that S&P will raise its ratings by one notch on Transocean after the deal closes, assuming the transaction is completed as proposed and there are no substantial changes to our operating assumptions. Transocean Ltd. announced it will acquire Valaris Ltd. for $5.8 billion of stock and the assumption of Valaris' $1.1 billion of debt. The acquisition would improve leverage and cash flow metrics while also enhancing scale and diversification. S&P said, "The placement reflects the likelihood that we will raise our ratings on Transocean by one notch following the close of its acquisition of Valaris, which we anticipate will occur in the second half of 2026. On a combined basis, we forecast the company will generate positive free cash flow after debt amortization across the forecast period, and while leverage remains elevated relative to peers, we expect it to improve moderately after close. We anticipate the company will continue to manage a financial policy emphasizing debt reduction rather than shareholder returns as it works towards its stated debt target of 1.5x debt to EBITDA. Identified cost synergies of $200 million could provide further opportunities to delever beyond the regular amortization. "We also placed our issue-level and recovery ratings on CreditWatch positive, although the capital structure remains complex. Transocean is assuming Valaris' $1.1 billion secured notes due 2030 as part of the transaction. We include this in our recovery analysis, however we will assess the ratings impact once more information is available on the capital structure of the combined entity." The combined backlog is about $10 billion, compared to $5.9 billion standalone. The acquisition enhances Transocean's deepwater fleet while further consolidating the industry following Noble Corp's acquisition of Diamond Offshore in 2024, which could provide some pricing power and support day rates. However, the company is adding jackup rig exposure, which S&P views as less profitable than deepwater, but does provide product diversification. The deal will also expand Transocean's geographic exposure– most notably with a key customer, Saudi Aramco, in the Middle East through the Valaris ARO Drilling JV. At the close of the transaction, Transocean shareholders will own 53% of the combined company, with Valaris shareholders owning the remaining 47%. Transocean will control the board with nine board seats compared with two for Valaris, and we expect the Transocean management team will largely remain in place. The transaction has been unanimously approved by the boards of directors of both companies but remains subject to the approval of Transocean's and Valaris' shareholders, regulatory authorities, and other customary closing conditions. The CreditWatch placement reflects the likelihood that S&P will raise its ratings by one notch on Transocean after the deal closes, assuming the transaction is completed as proposed and there are no substantial changes to our operating assumptions. U4RIC INVESTMENTS: Seeks to Tap Nick Tortorelli as Estate Broker ---------------------------------------------------------------- U4Ric Investments, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of California to employ Nick Tortorelli Real Estate as real estate broker. The Debtor needs a broker to market and sell its property located at 11 East Laurel Drive, Salinas, California. The firm will receive a commission of 2 percent of the property's sales price. Nick Tortorelli, the firm's licensed real estate broker, 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: Nick Tortorelli Nick Tortorelli Real Estate 222 Main Street Salinas, CA 93901 Telephone: (831) 354-3910 About U4Ric Investments LLC U4Ric Investments, LLC is a single-asset real estate company that owns one income-producing property. U4Ric Investments sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Cal. Case No. 25-51980) on December 29, 2025. In the petition signed by John Filighera, managing member, the Debtor disclosed up to $10 million in both assets and liabilities. Honorable Bankruptcy Judge Dennis Montali handles the case. The Debtor is represented by Arasto Farsad, Esq., at Farsad Law Office, PC. UNITED AIRLINES: Fitch Assigns 'BB+' Rating on Sr. Unsecured Notes ------------------------------------------------------------------ Fitch Ratings assigned a 'BB+' rating with a Recovery Rating of 'RR4' to United Airlines Holdings, Inc.'s proposed senior unsecured notes. Fitch currently rates United Airlines Holdings, Inc. and United Airlines, Inc. at 'BB+'. The Rating Outlook is Stable. Fitch upgraded United's IDR in December 2025 to 'BB+'. The upgrade reflected United's solid execution on strategic initiatives that resulted in an improved market position and margin performance relative to peers. Fitch incorporated 2025 debt reduction, including the repayment of United's remaining loyalty program debt, and Fitch's expectation that United will continue to prioritize a healthy balance sheet in the upgrade. Fitch may consider positive rating actions in the next 12 months if United delivers its targeted margin expansion and continues to generate FCF through upcoming capital spending. The rating is constrained by heavy upcoming capital spending for United's fleet renewal, which will limit FCF generation. Key Rating Drivers Proposed Notes Issuance: United intends to issue senior unsecured notes and use proceeds for general corporate purposes, which may include the repayment of outstanding indebtedness. The notes will be issued by United Airlines, Holdings, Inc. and will be guaranteed by United Airlines, Inc. This follows United's $1 billion unsecured notes issuance announced on Jan. 26, 2026. While United's capital structure is expected to remain predominantly secured, a higher share of unsecured debt—resulting in a larger pool of unencumbered assets—would be credit positive over time. Fitch expects United's debt and leverage show continued improvement in 2026. Debt Reduction, Improving Credit Metrics: United's credit metrics are improving, driven by debt repayment and strategic initiatives. Fitch expects further gains as the operating environment strengthens after a soft 2025. EBITDAR leverage fell to 3.5x at YE 2025 from 3.8x at YE 2024, after United fully repaid its remaining $1.52 billion loyalty notes. Fitch's rating case projects leverage declining toward or below 3x over the next one to two years as debt balances fall. Upside exists if United achieves its margin expansion goals. United's liquidity remains high, resulting in net metrics roughly in line with higher-rated Delta Air Lines. However, Fitch expects Delta to have better FCF over the next several years. United is targeting adjusted net leverage below 2x, down from 2.3x at YE 2024. Healthy Cash Flows and Liquidity: United generated substantial FCF in 2025, driven by a healthy operating profits and reduced capital spending from delays in aircraft deliveries. FCF is likely to decline but remain positive in 2026 as aircraft deliveries increase. This expectation considers only measured margin improvement in Fitch's base case, with potential upside if United hits its margin expansion goals. Upcoming capex is well covered by United's projected cash flow generation and liquidity position, which remains above its peers. Initiatives Strengthen Market Position: United's investments in its network and loyalty program strengthen its market position in strategic hubs across the U.S. Leveraging its network and loyalty program, United provides customers with competitive travel offerings, including high-frequency routes across a wide range of destinations and comprehensive rewards and benefits. This combination of services attracts and retains a loyal customer base around its key hubs, allowing the company to benefit from premium pricing compared to its peers. Solid Profitability: Profit margins have declined modestly in the past three quarters but have consistently performed well compared with peers. Fitch expects a slight increase in margins in the next few years. Margin generation should result in sufficient cash flows to allow for continued credit metric improvement over time. Fitch believes there is potential upside to its forecast. Recent industry capacity cuts and benefits from United's ongoing United Next program may lead to more significant unit revenue gains in 2026. Improving Operating Environment: Fitch expects low-single-digit U.S. passenger growth in 2026, supported by solid 4Q25 booking trends and reduced economic uncertainty versus early 2025. Risks persist from consumer health pressures, particularly for budget travelers. Fitch expects premium travel to have sustained growth this year, driven by stable demand from higher-income segments. Business travel may improve further with ongoing return-to-office trends. Pullbacks from smaller airlines are likely to aid the domestic supply/demand balance. Peer Analysis United's 'BB+' rating is three notches above American Airlines (B+/Stable). The rating differential is driven by lower leverage at United and stronger profit margins. The differential is partly balanced by American's deleveraging prospects in coming years, driven by lower planned capital spending. Fitch also views United's more aggressive growth plans as carrying greater incremental execution risk than American's. United is rated one notch below Delta Air Lines (BBB-/Positive), with the difference driven by higher gross leverage at United, though the two are similar when compared on a net basis, as well as by Fitch's expectations of better near-term FCF generation at Delta. Delta also benefits from slightly higher operating margins and a pre-pandemic track record of FCF generation. United also compares well with network carriers outside of the U.S., including Air France (BBB-/Stable) and Deutsche Lufthansa (BBB-/Stable). United's gross leverage metrics are similar to Lufthansa's, and lower than Air France's. United also exhibits better fixed-charge coverage metrics than both peers. Fitch’s Key Rating-Case Assumptions - United grows available seat miles in the mid-single digits annually through the forecast period; - Load factors remain in the 82%-83.5% range; - Unit revenue turns positive in 2026 and increases in the low single digits annually through 2028; - Jet fuel prices average around $2.40/gallon through the forecast, consistent with current crude prices and crack spreads - Capital spending in line with the company's public guidance. Corporate Rating Tool Inputs and Scores To derive the IDR: Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Sector Characteristics (bb, Moderate), Market & Competitive Positioning (bbb, Moderate), Diversification and Asset Quality (bbb+, Higher), Company Operational Characteristics (bb-, Moderate), Profitability (bb, Moderate), Financial Structure (bb, Higher), and Financial Flexibility (bbb, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 20% weight for the historical year 2024, 30% for the forecast year 2025, 30% for the forecast year 2026 and 20% for the forecast year 2027. - The Governance Impact assessment of 'Good' results in no adjustment. - The Operating Environment Impact assessment of 'aa-' results in no adjustment. - The SCP is 'bb+'. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Adjusted debt/EBITDAR sustained above 3.3x or adjusted net debt/EBITDAR sustained above 2.3x; - EBITDAR margins deteriorating into the low-double-digit range; - Persistently negative or negligible FCF. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Adjusted debt/EBITDAR sustained below 2.7x, or adjusted net debt/EBITDAR sustained below 1.7x; - Sustained positive FCF generation; - EBITDAR margins expanding into the upper teens; - Progress toward United's fleet renewal efforts while maintaining financial flexibility, including maintaining or increasing unencumbered assets. Liquidity and Debt Structure United ended 4Q25 with cash and short-term investments totaling $12.2 billion and $3 billion available under its revolver, equivalent to 26% of United's LTM revenue. United's liquidity balance was higher than either of its major peers and provides a material amount of protection against potential economic pressure. Fitch expects the company's current liquidity balance, along with improving operating cash flows, to be more than sufficient to cover near-term obligations. Fitch expects United to direct cash toward aircraft deliveries and scheduled debt maturities. As such, unencumbered assets are expected to rise through its forecast period. Issuer Profile United Airlines is one of the largest airlines in the world. The company maintains hubs at Newark Liberty International Airport, Chicago O'Hare International Airport, Denver International Airport, George Bush Intercontinental Airport in Houston, and Los Angeles International Airport, among others. Date of Relevant Committee 20-Jan-2026 RATING ACTIONS Entity/Debt Rating Recovery ----------- ------ -------- United Airlines Holdings, Inc. senior unsecured LT BB+ New Rating RR4 VELOCITY COMMERCIAL: Fitch Rates $500MM 9.375% Unsec. Notes 'B' --------------------------------------------------------------- Fitch Ratings has assigned a final rating of 'B' with a Recovery Rating of 'RR4' to Velocity Commercial Capital, LLC's (VCC) $500 million, 9.375% senior unsecured notes maturing in February 2031 which are guaranteed by Velocity Financial, Inc.; (together, Velocity). Proceeds from the $500 million senior unsecured issuance are expected to be used for general corporate purposes, including repaying a portion of the borrowings under outstanding repurchase agreements (repos) and to repay $215 million senior secured notes due March 2027. The final debt rating is consistent with the expected rating assigned on Jan. 26, 2026, following the receipt of documents conforming to the information previously received and the completion of the senior unsecured debt issuance. Please see "Fitch Rates Velocity Financial, Inc. 'B'; Outlook Stable". Key Rating Drivers Niche Franchise Strength: Velocity's ratings reflect its differentiated franchise as an established financing provider for investor-owned residential rental and small-balance commercial properties, improving profitability, solid growth, strong portfolio diversity and low charge-offs through robust credit management. Leverage, Secured Funding are Constraints: Velocity's ratings are constrained by elevated leverage, a fully secured funding profile, reliance on short-duration repurchase agreements and warehouse lines for originations, dependence on the capital markets for long-term securitized funding, and the highly cyclical nature of the real estate industry. Stable Outlook: The Stable Outlook reflects Fitch's view that Velocity will maintain leverage consistent with its leverage target, sustain credit losses in line with historic trends and maintain pre-tax profitability at current levels. Fitch also expects the company to appropriately manage its debt maturity profile and maintain sufficient liquidity. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - A sustained increase in leverage above the firm's stated leverage target, which corresponds to 10.5x as calculated by Fitch; - Material deterioration in credit performance resulting in write-offs well-above long-term historical levels; - An inability to maintain sufficient liquidity relative to covenants, debt maturities, and unfunded commitments; - A sustained reduction in pre-tax ROAA below 1%. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Maintenance of leverage at or below 7.0x on a Fitch-calculated basis, including non-recourse debt; - A sustained increase in the proportion of unsecured debt approaching 10% of total debt; - Maintenance of strong asset quality performance; - Consistent core earnings performance with pretax ROAA in excess of 2.0%; - Maintenance of an adequate liquidity profile relative to near-term debt maturities and unfunded commitments. DEBT AND OTHER INSTRUMENT RATINGS: KEY RATING DRIVERS The senior unsecured debt rating of VCC is equalized with VCC's and Velocity's Long-Term IDR, reflecting the largely secured funding mix and the limited availability of unencumbered assets pro forma for the unsecured notes issuance, which indicates average recovery prospects for creditors under a stress scenario. DEBT AND OTHER INSTRUMENT RATINGS: RATING SENSITIVITIES The unsecured debt rating is primarily sensitive to changes in Velocity's Long-Term IDR and secondarily to recovery prospects for noteholders based on available unencumbered assets. SUBSIDIARY AND AFFILIATE RATINGS: RATING SENSITIVITIES VCC is a wholly owned, debt issuing entity of Velocity. Therefore, its Long-Term IDR is equalized with that of its parent. VCC's rating is sensitive to any change in Velocity's ratings and would be expected to move in tandem. ADJUSTMENTS - The Standalone Credit Profile (SCP) has been assigned below the implied SCP due to the following adjustment reason: Weakest Link - Capitalization & Leverage (negative). - The Business Profile score has been assigned below the implied score due to the following adjustment reason: Business model (negative). - The Asset Quality score has been assigned below the implied score due to the following adjustment reason: Risk profile and business model (negative). - The Funding, Liquidity & Coverage score has been assigned below the implied score due to the following adjustment reason: Funding flexibility (negative). Date of Relevant Committee 16-Jan-2026 Public Ratings with Credit Linkage to other ratings Not Applicable ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. VOICES OF FAITH: Hires Rountree Leitman Klein & Geer as Counsel --------------------------------------------------------------- Voices of Faith Ministries, Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Georgia to employ Rountree, Leitman, Klein & Geer, LLC as counsel. The firm will render these services: (a) give the Debtor legal advice with respect to its powers and duties in the management of its property; (b) prepare on behalf of the Debtor necessary legal papers; (c) assist in examination of the claims of creditors; (d) assist with formulation and preparation of the disclosure statement and plan of reorganization and with the confirmation and consummation thereof; and (e) perform all other legal services for the Debtor that may be necessary herein. The firm will be paid at these proposed hourly rates: William Rountree, Attorney $645 Will Geer, Attorney $645 Michael bargar, Attorney $555 Hal Leitman, Attorney $550 William Matthews, Attorney $445 David Klein, Attorney $545 Ceci Christy, Attorney $475 Shawn Eisenberg, Attorney $445 Elizabeth Childers, Attorney $445 Caitlyn Powers, Attorney $425 Dorothy Sideris, Paralegal $250 Megan Winokur, Paralegal $200 Catherine Williams, Paralegal $200 Angel-marie Gbaye, Paralegal $200 Ryley Jones, Paralegal $200 Catherine Smith, Paralegal $175 Law Clerk $200 In addition, the firm will seek reimbursement for expenses incurred. The firm received a pre-petition retainer of $100,000 from the Debtor. Mr. Geer disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Will B. Geer, Esq. Rountree Leitman Klein & Geer, LLC 2987 Clairmont Road, Suite 350 Atlanta, GA 30329 Telephone: (404) 584-1238 Email: wgeer@rlkglaw.com About Voices of Faith Ministries Inc. Voices of Faith Ministries, Inc. is a nonprofit organization established for religious and charitable purposes. The ministry provides faith-oriented programs and outreach services aimed at supporting spiritual development and community involvement, relying largely on donor support to sustain its operations. Voices of Faith Ministries, Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 26-50055) on January 2, 2026. In its petition, the debtor reported estimated assets ranging from $0 to $100,000 and estimated liabilities between $10 million and $50 million. Honorable Bankruptcy Judge Lisa Ritchey Craig handles the case. The Debtor is represented by Will B. Geer, Esq. of Rountree Leitman Klein & Geer LLC. VON ROHR: Seeks Court OK to Hire Bederson LLP as Accountant ----------------------------------------------------------- Von Rohr Equipment Corp. seeks approval from the U.S. Bankruptcy Court for the District of New Jersey to employ Bederson LLP as accountant. The firm will render these services: (a) assist with valuations and a liquidation analysis for the Debtor's plan of reorganization; (b) assist with regular updating of 13-week cash flow reports; (c) assist with monthly operating reports; (d) consult regarding preparation of tax returns both in bankruptcy and post-emergence; (e) consult regarding preparation of financial statements; (f) estimate and value the disputed and unliquidated claims; (g) assist with formulation of a Plan of Reorganization and reviewing claims; (h) provide financial projections for the Debtor's plan of reorganization; (i) assist in negotiations with creditors, related to both claims and Plan dividends; (j) testimony in court, as required; and (k) provide such other advice as may be necessary in connection with a Plan of reorganization; the Debtor's monthly operating reports, or otherwise in connection with the bankruptcy case and any related proceedings. The firm will be paid at these hourly rates: Partner $500 Director $380 Outside Senior Consultants $325 Managers $300 - $325 Supervisors $320 Senior Accountants $285 Outside Staff Consultants $250 Staff Accountant $150 - $210 IT Professionals 4195 Paraprofessionals $95 - $180 In addition, the firm will seek reimbursement for expenses incurred. Charles Persing, partner at Bederson, 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: Charles N. Persing Bederson LLP 100 Passaic Avenue, Suite 310 Fairfield, NJ 07004 About Von Rohr Equipment Corp. Von Rohr Equipment Corp. filed Chapter 11 petition (Bankr. D.N.J. Case No. 25-21662) on October 31, 2025, listing between $10 million and $50 million in assets and between $1 million and $10 million in liabilities. John Cancelliere, president and sole shareholder, signed the petition. Judge Stacey L. Meisel oversees the case. The Debtor tapped Anthony Sodono, III, Esq., at McManimon, Scotland & Baumann, LLC as counsel and Bederson LLP as accountant. WATERFRONT RESORT: Lender Seeks Chapter 11 Trustee Appointment -------------------------------------------------------------- TRT Lending, LLC asked the U.S. Bankruptcy Court for the Eastern District of New Yok to authorize the appointment of a trustee to take over Waterfront Resort Holdings, LLC's Chapter 11 case. TRT financed the 134-unit Allura Waterfront Condominium development, owned by Waterfront, through a loan to the company. In its motion, the lender questioned the company's ability to complete the sale of condominium units, the agreed source of repayment for the loan. TRT cited the small number of post-bankruptcy sale closings, stating it does not inspire confidence in the company's ability to maximize creditor recoveries. "Despite the recent closing of sales of a handful of units, the lender does not have any confidence in [Waterfront's] ability to make good on its plan to sell all or substantially all of the units, thus generating proceeds necessary to repay the loan," TRT said. The lender also questioned the company's unauthorized use of cash collateral, saying it justifies appointing a bankruptcy trustee. "[Waterfront's] failure to timely propose a reasonable budget for the use of cash collateral and obtain court authorization for such use has resulted in unnecessary delays and increased administrative expenses as well as unwarranted costs," TRT said in the motion. The motion is on the court's calendar for March 17. TRT is represented by: Brian Kinney, Esq. Sara Posner, Esq. Milbank LLP 55 Hudson Yards New York, NY 10005 Tel: 1 (212) 530-5000 BKinney@milbank.com SPosner@milbank.com About Waterfront Resort Holdings Waterfront Resort Holdings, LLC is the fee owner of 105 unsold units at the Allura Waterfront Condominium, as well as a parking unit, located at 109-09 15th Avenue, College Point, NY 11356. The current estimated value of the Debtor's interest in the property is approximately $80 million. Waterfront Resort Holdings sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-40041) on January 6, 2025. In its petition, the Debtor reported total assets of $80,006,241 and total liabilities of $70,500,000. Honorable Bankruptcy Judge Nancy Hershey Lord handles the case. Heath S. Berger, Esq., at Berger, Fischott, Shumer, Wexler & Goodman, LLP represents the Debtor as counsel. WHIRLPOOL CORP: Moody's Cuts CFR to 'Ba2', Outlook Remains Negative ------------------------------------------------------------------- Moody's Ratings downgraded Whirlpool Corporation's (Whirlpool) ratings including its Corporate Family Rating to Ba2 from Ba1, its Probability of Default Rating to Ba2-PD from Ba1-PD, and the senior unsecured notes ratings for Whirlpool and its guaranteed subsidiary borrowers, Whirlpool EMEA Finance S.a r.l. (WEF) and Whirlpool Finance Luxembourg S.a.r.l (WFL), to Ba3 from Ba1. In addition, Moody's affirmed Whirlpool's commercial paper ratings and its guaranteed subsidiary borrower Whirlpool Europe B.V.'s backed commercial paper rating at Not Prime. The outlook for Whirlpool, WEF and WFL remains negative, and Whirlpool's speculative grade liquidity rating was downgraded to SGL-3 from SGL-2. The ratings downgrade and negative outlook reflects Whirlpool's underperformance relative to Moody's expectations with declining profitability, higher financial leverage, and a continuing free cash flow deficit. The company's Major Domestic Appliances (MDA) segments, its largest and representing 85% of revenue in 2025, continues to face challenges on multiple fronts, with weak consumer demand, a soft US housing market, intense competition, and increased tariff costs. As a result, Whirlpool's operating profit recovery did not materialize and remains pressured in an industry environment with significant promotional activities that prevent margin recovery. The company reported an ongoing EBIT (as per company's calculation) decline of 17.8% year-over-year in fiscal 2025 on flat revenue. Given the decline in profitability, Whirlpool's financial leverage is very high with debt/EBITDA at 6.3x as of fiscal 2025, up from 6.1x in fiscal 2024. Leverage is elevated due to the October 2022 InSinkerator acquisition, share repurchases and the slowdown in the appliance market. In addition, the company reported a sizable free cash flow deficit (after dividends) of $221 million in 2025, pressured by the lower profitability, higher inventory on flat sales, and high dividend relative to earnings. This marks the third consecutive year of annual free cash flow at a deficit or at breakeven. Despite the operating challenges, Whirlpool's Small Domestic Appliances (SDA) Global segment is performing well, supported by new products and direct-to-consumer business growth. In addition, in North American MDA, the company launched new products at record levels that drove share gains in the second half of 2025, which offset share losses during the first half of the year and helped the company to gain incremental flooring space at retail. According to Whirlpool, intense promotional activities by competitors are showing signs of easing and competitors also started to increase prices to mitigate the tariff costs. Whirlpool's financial guidance for fiscal 2026 includes organic revenue growth of 5%, an ongoing EBIT margin percentage of 5.5% to 5.8% and free cash flow of $400 to $500 million before $200 million of dividends. The company also anticipates it will repay $400 million of debt, supported in part by proceeds from asset sales. The company's ability to meaningfully improve its profitability and free cash flow generation to reduce its elevated leverage will be difficult in the current challenging appliance industry conditions. Cumulative high inflation over recent years is pressuring consumer discretionary spending and US home sales remain weak due to low affordability. Moody's expects these demand pressures will persist in 2026, which combined with the intensified competitive landscape creates uncertainty around the company's ability to materially expand its operating profit margin and free cash flow. The speculative-grade liquidity rating downgrade to SGL-3 reflects Whirlpool's reliance on revolver to finance business seasonality and upcoming debt maturities if the company does not proactively refinance. Sources of liquidity consist of $669 million of cash and approximately $3.2 billion availability on the company's $3.5 billion revolver that expires in May 2027 as of December 31, 2025 and after accounting for approximately $340 million borrowings outstanding. These sources of liquidity provide Whirlpool with the ability to address the upcoming debt maturity of EUR500 million of notes due November 2026. The approaching expiration of the revolver, sizable debt maturities, and dividend distributions amid ongoing free cash flow deficits constrain liquidity. RATINGS RATIONALE Whirlpool's Ba2 CFR reflects its significant scale and strong market positions in North America and Latin America supported by well-known brand names with a good track record of product innovation. The ratings are constrained by the highly cyclical nature of the consumer appliance business and variability in raw material, labor, energy, and transportation costs that can result in sharply lower earnings and cash flow when demand softens. The cyclicality is only partially dampened by approximately 65% of sales being related to more resilient appliance replacement demand. The rating also reflects the challenges Whirlpool faces to reduce its current very high financial leverage. The company's financial policy includes a net debt-to-EBITDA leverage target of 2.0x (as per company's calculation) that indicates a willingness to reduce leverage over time, although the company is currently very far from this goal and a large dividend relatively to cash generation reduces the amount of cash available to reinvest and repay debt. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The negative outlook reflects Whirlpool's weak credit metrics with very high leverage and the uncertainty around the company's ability to sustainably improve its profitability, free cash flows and credit metrics amid a challenging operating environment. The ratings could be upgraded if Whirlpool generates consistent organic revenue growth while improving the operating profit margin and generating consistent and materially higher annual free cash flow. A ratings upgrade would also require debt/EBITDA sustained below 4.5x, free cash flow/debt sustained above 7.5%, and at least good liquidity. The ratings could be downgraded if Whirlpool is unable to improve operating earnings due to factors such as soft consumer appliance demand, market share declines, pricing or competitive pressures, or cost increases. The ratings could also be downgraded if debt/EBITDA is sustained above 5.0x, free cash flow does not improve to at least 5% of debt, or liquidity deteriorates LIST OF AFFECTED RATINGS Issuer: Whirlpool Corporation Affirmations: Commercial Paper, Affirmed NP Downgrades: LT Corporate Family Rating, Downgraded to Ba2 from Ba1 Probability of Default Rating, Downgraded to Ba2-PD from Ba1-PD Speculative Grade Liquidity Rating, Downgraded to SGL-3 from SGL-2 Senior Unsecured, Downgraded to Ba3 from Ba1 Outlook Actions: Outlook, Remains Negative Issuer: Whirlpool EMEA Finance S.a r.l. Downgrades: Backed Senior Unsecured, Downgraded to Ba3 from Ba1 Outlook Actions: Outlook, Remains Negative Issuer: Whirlpool Finance Luxembourg S.a.r.l Downgrades: Backed Senior Unsecured, Downgraded to Ba3 from Ba1 Outlook Actions: Outlook, Remains Negative Issuer: Whirlpool Europe B.V. Affirmations: Backed Commercial Paper, Affirmed NP The principal methodology used in these ratings was Consumer Durables published in December 2025. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. Headquartered in Benton Harbor, Michigan, Whirlpool Corporation is a publicly-traded company that manufactures and markets a full line of large home appliances and related products including laundry washers and dryers, refrigerators and freezers, dishwashers, cooking, and microwaves. Products are sold under various brands including Whirlpool, Maytag, KitchenAid, Indesit, Insinkerator and Jennair. Revenue in fiscal 2025 were $14.7 billion and pro forma for the deconsolidation of Whirlpool India's revenues. WHITEHALL TRUST: Hires Hoegen & Associates as Special Counsel ------------------------------------------------------------- Whitehall Trust and its affiliates seek approval from the U.S. Bankruptcy Court for the Eastern District of Pennsylvania to employ Hoegen & Associates PC as special counsel. The firm will provide the following services: (a) review of applicable statues; (b) research of case law; (c) interview and take statements of the witnesses; (d) take depositions; (e) retain the services of experts where necessary and consultations with them; (f) plan and prepare exhibits if necessary; (g) prepare pleadings; (h) court appearances (i) negotiate opposing counsel; (j) correspondence, meetings and telephone conversations. The firm will be paid at these hourly rates: Partners $395 Senior Associates $350 Junior Associates $300 Paralegal $150 In addition, the firm will seek reimbursement for expenses incurred. Francis Hoegen, Esq., an attorney at Hoegen & Associates, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Francis J. Hoegen, Esq. Hoegen & Associates PC 152 South Franklin Street Wilkes-Barre, PA 18703 Telephone: (570) 820-3332 Facsimile: (570) 820-3262 Email: HoegenLaw.com About Whitehall Trust Whitehall Trust sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Pa. Case No. 25-15241) on Dec. 26, 2025, listing up to $50,000 in assets and $100,001 to $500,000 in liabilities. Judge Patricia M. Mayer oversees the case. Michelle Lee, Esq., at Dilworth Paxson LLP serves as the Debtor's counsel. WHITEHALL TRUST: Seeks Approval to Hire Lukens & Wolf as Appraiser ------------------------------------------------------------------ Whitehall Trust and its affiliates seek approval from the U.S. Bankruptcy Court for the Eastern District of Pennsylvania to employ Lukens & Wolf, LLC, doing business as Valbridge Property Advisors, as appraiser. The Debtor needs an appraiser to determine the market value of its properties located at 1177 6th St., Whitehall Twp. and 1050 Main St., Hellertown, Pa. The firm will be paid at these hourly rates: Reaves Lukens, III, MAI, SRA $450 Richard Wolf, MAI, SRA, AI-GRS, CRE $450 Richard Hideck, MAI $300 David Koczirka, MAI $225 Nathaniel Ford, MAI $225 Other Licensed Appraisers $200 Reseachers/Appraiser Assistant $100 - $150 In addition, the firm will seek reimbursement for expenses incurred. Mr. Wolf 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: Richard Wolf MAI, SRA, AI-GRS, CRE Valbridge Property Advisors 900 W. Valley Rd., Suite 503 Wayne, PA 19087 About Whitehall Trust Whitehall Trust sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Pa. Case No. 25-15241) on Dec. 26, 2025, listing up to $50,000 in assets and $100,001 to $500,000 in liabilities. Judge Patricia M. Mayer oversees the case. Michelle Lee, Esq., at Dilworth Paxson LLP serves as the Debtor's counsel. WMB HOLDINGS: Moody's Raises CFR to Ba3 & Alters Outlook to Stable ------------------------------------------------------------------ Moody's Ratings upgraded the corporate family rating of WMB Holdings, Inc. (doing business as Corporation Service Company, or CSC) to Ba3 from B1 and the probability of default rating to Ba3-PD from B1-PD. Moody's also upgraded the instrument ratings on the senior secured first-lien bank credit facilities issued by Corporation Service Company to Ba3 from B1. The outlook for both WMB Holdings, Inc. and Corporation Service Company is changed to stable from positive. The rating action reflects continued organic revenue growth and stable margin performance, supported by a high proportion of recurring revenue across all business segments. In addition, governance considerations were a key driver of the rating action, reflecting the company's consistent track record of discretionary debt repayment, which Moody's expects to continue. As a result of earnings growth and ongoing debt reduction, leverage is expected to decline, consistent with management's stated objective of maintaining net leverage within its target range of 2.0x–2.5x (compared to around 3x on a Moody's adjusted basis for 2026). RATINGS RATIONALE The Ba3 CFR reflects the company's established position as a leading provider of global business administration and compliance solutions. CSC offers specialized administration services to alternative asset managers across a broad range of fund strategies; supports transactions involving capital markets participants in both public and private markets; and provides domain name system management, digital brand and fraud protection, and corporate tax software solutions. The company operates in the trust and corporate services ("T&CS") market and delivers a comprehensive suite of services spanning the full business life cycle, from entity formation to transaction execution and eventual wind-down. CSC has a long operating history in the sector and has expanded its capabilities through acquisitions that have enhanced its service offering. The services provided are essential to corporate operations, supporting a highly stable revenue base with a significant proportion of recurring revenue. Moody's expects CSC to maintain strong EBITDA margins of approximately 30% on gross revenue (around 35% on net revenue) and to reduce leverage to below 4.0x over the next 12–18 months. The ratings are constrained by the company's acquisitive growth strategy and exposure to cyclicality, given its dependence on merger and acquisition activity and fund formation volumes. While most acquisitions have been funded through internal cash flow and structured as bolt-on transactions, the company has executed several debt-financed acquisitions in the past. Additional rating constraints include exposure to legal and compliance risks, which are inherent to the T&CS sector. The stable outlook reflects Moody's expectations for organic revenue growth in the low-single digit range over the next 12-18 months and stable EBITDA margins in the low 30% area. Top line growth, stable profitability and debt amortization are expected to reduce leverage to below 4.0x over the next 12-18 months (Moody's adjusted). Moody's expects the demand for trust and corporate services and fund administration to remain stable given the essential nature of the business. The outlook also incorporates the assumption that the company will be able to maintain its market share in the industry, and that the company's financial policies will balance shareholder distributions with debt reduction, such that long-term debt/EBITDA will be sustained below 4.0x. Liquidity is very good, supported by cash and cash equivalents of approximately $200 million as of September 30, 2025. In addition, Moody's anticipates CSC will generate healthy free cash flow, with FCF/debt of around 10% over the next 12-18 months. CSC's uses of cash include annual stock buybacks and distributions to equity holders. Moody's do not expect the company to change its stock buyback or distribution policies from the existing policy. The company recently upsized and extended its revolver to $500 million with a maturity in September 2030. Moody's expects the revolver to be largely undrawn. The ratings for the first lien facilities incorporate CSC's overall probability of default, reflected in the Ba3-PD, and the loss given default assessments for the term loans. The first lien revolver, term loan A and term loan B are rated Ba3, which is at the same level as the CFR. These ratings also reflect the one class capital structure of the company. The facilities are secured by all stock and assets (with a threshold for real estate) of material US entities and 65% of stock on foreign subsidiaries. The facilities are guaranteed by the parent and wholly owned restricted subsidiaries in the US The guarantors account for approximately 62% of combined company revenue. The term loan B is not subject to any financial maintenance covenants. The revolver and term loan A are subject to a maximum Net First Lien Leverage of 4.75x with no step-downs. Moody's believes that the company will be able to comply with this covenant. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if: (i) revenue growth is sustained in the mid-single digit area and the scale of all segments increases, (ii) Moody's expects debt/EBITDA to be below 3.0x and FCF/debt approaches 15% (all metrics Moody's adjusted and after expensing software development costs in EBITDA and free cash flow is after distributions), (iii) financial policy is maintained with regards to distributions and (iv) strong liquidity is maintained. Ratings could be downgraded if: (i) organic revenue growth declines due to client losses or weakening competitive position, (ii) debt/EBITDA will be sustained above 4.0x and FCF/debt will be below 10% (all metrics Moody's adjusted and after expensing software development costs in EBITDA and free cash flow is after distributions), (iii) liquidity deteriorates meaningfully, and (iv) financial policies become more aggressive with higher tolerance for debt leverage. Headquartered in Wilmington, Delaware CSC provides business, legal, tax, and digital brand services to companies, law firms, and financial institutions around the world. CSC's operating model is designed to group complementary services into specialized business units, each supported by dedicated shared services. CSC's four business units include Corporate and Legal Solutions, Global Financial Solutions, Digital Brand Services, and Tax and Business Solutions. CSC is privately owned by three families. Moody's expects that CSC will generate approximately $2.3 billion in revenue in FY 2026. The principal methodology used in these ratings was Business and Consumer Services published in November 2021. ‘ The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. ZHU ELITE: Scott Seidel Named Subchapter V Trustee -------------------------------------------------- The U.S. Trustee for Region 6 appointed Scott Seidel as Subchapter V trustee for Zhu Elite Enterprises, Inc. Mr. Seidel will be paid an hourly fee of $520 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Seidel declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Scott Seidel 6505 West Park Blvd., Suite 306 Plano, TX 75093 214-234-2500-main 214-234-2503-direct Email: scott@scottseidel.com About Zhu Elite Enterprises Inc. Zhu Elite Enterprises, Inc. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Texas Case No. 26-40427) on January 30, 2026, with $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Richard G. Grant, Esq., at Cm Law, PLLC represents the Debtor as bankruptcy counsel. ZHU ELITE: Seeks Approval to Hire CM Law as Bankruptcy Counsel -------------------------------------------------------------- Zhu Elite Enterprises seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas to employ CM Law PLLC as counsel. The firm's services include: (a) advise the Debtor of its rights, powers and duties under the Bankruptcy Code; (b) perform all legal services for and on behalf of the Debtor that may be necessary or appropriate in the administration of this bankruptcy case and its business; (c) advise the Debtor concerning, and assist in, the negotiation and documentation of financing agreements and debt restructurings; (d) counsel the Debtor in connection with the formulation, negotiation, and consummation of a possible sale of its assets; (e) review the nature and validity of agreements relating to the Debtor's interests in real and personal property and advise of its corresponding rights and obligations; (f) advise the Debtor concerning preference, avoidance, recovery, or other actions that they may take to collect and to recover property for the benefit of the estate and its creditors, whether or not arising under Chapter I.A.7 of the Bankruptcy Code; (g) prepare on behalf of the Debtor all necessary and appropriate applications, motions, pleadings, draft orders, notices, schedules, and other documents and review all financial and other reports to be filed in this bankruptcy case; (h) advise the Debtor concerning, and prepare responses to, applications, motions, complaints, pleadings, notices, and other papers that may be filed and served in this bankruptcy case; (i) counsel the Debtor in connection with the formulation, negotiation, and promulgation of a plan of reorganization and related documents or other liquidation of the estate; (j) work with and coordinate efforts among other professionals to attempt to preclude any duplication of effort among those professionals and to guide their efforts in the overall framework of Debtor's reorganization or liquidation; and (l) work with professionals retained by other parties in interest in this bankruptcy case to attempt to structure a consensual plan of reorganization, liquidation, or other resolution for Debtor. The firm will be paid at these hourly rates: Richard Grant, Partner $500 Lindsay Morgan, Partner $490 Ryan Whitfill, Partner $490 In addition, the firm will seek reimbursement for expenses incurred. Prior to the petition date, the firm received three retainer deposits in the respective amounts of $5,000 (December 23, 2026), $25,000 (January 29, 2026) and $75,000 (January 30, 2026) for work to be performed by the firm during this bankruptcy case. Mr. Grant 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: Richard Grant, Esq. CM Law PLLC 13101 Preston Road, Suite 110-1510 Dallas, TX 75240 Telephone: (214) 210-2929 Email: rgrant@cm.law About Zhu Elite Enterprises Zhu Elite Enterprises sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 26-40427) on January 30, 2026, listing up to $500,000 in assets and up to $1 million in liabilities. Richard Grant, Esq., at CM Law PLLC serves as the Debtor's counsel. ZOMANO CAFES: Seeks to Tap Latham Luna Eden & Beaudine as Counsel ----------------------------------------------------------------- Zomano Cafes, Inc. seeks approval from the U.S. Bankruptcy Court for the Middle District of Florida to employ Latham, Luna, Eden & Beaudine, LLP as counsel. The firm will render these services: (a) advise the Debtor of its rights and duties in this Chapter 11 case; (b) prepare pleadings related to this case; and (c) take any and all other necessary action incident to the proper preservation and administration of this estate. The firm will be paid at this hourly rates: Daniel Velasquez, Attorney $275 - $495 Other Attorneys $500 Junior Paraprofessionals $125 Prior to the commencement of this case, the Debtor paid an advance fee of $26,738 for services and expenses to be incurred in connection with this case. Mr. Velasquez disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Daniel Velasquez, Esq. Latham, Luna, Eden & Beaudine, LLP Orlando, FL 32801 Telephone: (407) 481-5800 Facsimile: (407) 481-5801 Email: dvelasquez@lathamluna.com About Zomano Cafes Inc. Zomano Cafes, Inc. operates an upscale dining establishment located at 1790 Highway A1A, Suite 105-108, Satellite Beach, Florida. It conducts business under the name Cuizine Restaurant & Lounge. Zomano Cafes filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 26-00005) on January 2, 2026, with up to $500,000 in assets and up to $1 million in liabilities. Judge Tiffany P. Geyer oversees the case. Daniel A. Velasquez, Esq., at Latham, Luna, Eden & Beaudine, LLP represents the Debtor as counsel. [] Fitch Affirms 10 NA Diversified Midstream Issuer's Ratings ------------------------------------------------------------- Fitch Ratings has affirmed 10 North American diversified midstream companies and their related subsidiaries' ratings: 1. AmeriGas Partners, L.P. 2. Buckeye Partners, L.P. 3. Genesis Energy, L.P. 4. LOCAP LLC 5. LOOP LLC 6. Martin Midstream Partners, LP. 7. Martin Midstream Finance Corporation 8. Secure Waste Infrastructure Corp. 9. Sunoco LP 10. Sunoco Finance Corp. 11. NuStar Logistics, L.P. 12. TransMontaigne Partners LLC 13. TransMontaigne Operating Company L.P. 14. UGI Energy Services LLC These actions follow the update of Fitch's "Corporate Rating Criteria" and "Sector Navigators Addendum to the Corporate Rating Criteria" on Jan. 9, 2026. The companies' ratings and Outlooks are unaffected by the criteria changes. RATING ACTIONS Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Genesis Energy, L.P. LT IDR BB- Affirmed BB- senior unsecured LT BB- Affirmed RR4 BB- Martin Midstream Partners L.P. LT IDR B- Affirmed B- Senior Secured 2nd Lien LT B+ Affirmed RR2 B+ NuStar Logistics, L.P. senior unsecured LT BB+ Affirmed RR4 BB+ Martin Midstream Finance Corporation LT IDR B- Affirmed B- Senior Secured 2nd Lien LT B+ Affirmed RR2 B+ Buckeye Partners, L.P. LT IDR BB Affirmed BB senior unsecured LT BB Affirmed RR4 BB senior secured LT BBB- Affirmed RR1 BBB- LOCAP LLC LT IDR A- Affirmed A- ST IDR F2 Affirmed F2 senior unsecured ST F2 Affirmed F2 LOOP LLC LT IDR BBB+ Affirmed BBB+ ST IDR F2 Affirmed F2 senior unsecured LT BBB+ Affirmed BBB+ senior secured LT A- Affirmed A- Sunoco LP LT IDR BB+ Affirmed BB+ senior unsecured LT BB+ Affirmed RR4 BB+ preferred LT BB- Affirmed RR6 BB- TransMontaigne Partners LLC LT IDR B Affirmed B senior unsecured LT CCC+ Affirmed RR6 CCC+ SECURE Waste Infrastructure Corp. LT IDR BB- Affirmed BB- senior unsecured LT BB- Affirmed RR4 BB- UGI Energy Services, LLC LT IDR BB Affirmed BB senior secured LT BB+ Affirmed RR2 BB+ AmeriGas Partners, L.P. LT IDR B Affirmed B senior unsecured LT B Affirmed RR4 B TransMontaigne Operating Company L.P. LT IDR B Affirmed B senior secured LT BB- Affirmed RR2 BB- Sunoco Finance Corp. senior unsecured LT BB+ Affirmed RR4 BB+ Corporate Rating Tool Inputs and Scores AmeriGas Partners, L.P. Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (b, Moderate), Sector Characteristics (bb-, Lower), Market & Competitive Positioning (b, Moderate), Diversification and Asset Quality (b, Moderate), Company Operational Characteristics (b, Higher), Profitability (b, Moderate), Financial Structure (bb-, Moderate), and Financial Flexibility (b, Higher). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2025, 40% for the forecast year 2026 and 40% for the forecast year 2027. - The Governance Impact assessment of 'Good' results in no adjustment. - The Operating Environment Impact assessment of 'aa-' results in no adjustment. - The SCP is 'b'. To derive the IDR: - Application of Fitch's Parent Subsidiary Linkage Considerations Rating Criteria results in a(n) standalone approach. Buckeye Partners, L.P. Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bb, Moderate), Sector Characteristics (bbb, Lower), Market & Competitive Positioning (bb+, Moderate), Diversification and Asset Quality (bbb-, Moderate), Company Operational Characteristics (bb+, Higher), Profitability (bbb, Lower), Financial Structure (bb-, Higher), and Financial Flexibility (bb, Moderate). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2024, 40% for the forecast year 2025 and 40% for the forecast year 2026. - The Governance Impact assessment of 'Good' results in no adjustment. - The Operating Environment Impact assessment of 'aa-' results in no adjustment. - The SCP is 'bb'. To derive the IDR: - Application of Fitch's Parent Subsidiary Linkage Considerations Rating Criteria results in a(n) consolidated profile+1 approach. Genesis Energy, L.P. Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bbb-, Moderate), Sector Characteristics (bb+, Moderate), Market & Competitive Positioning (bbb-, Moderate), Diversification and Asset Quality (bbb-, Moderate), Company Operational Characteristics (bb, Higher), Profitability (bbb-, Lower), Financial Structure (b+, Higher), and Financial Flexibility (bb-, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 10% weight for the historical year 2024, 10% for the forecast year 2025, 40% for the forecast year 2026 and 40% for the forecast year 2027. - The Governance Impact assessment of 'Good' results in no adjustment. - The Operating Environment Impact assessment of 'aa-' results in no adjustment. - The SCP is 'bb-'. To derive the IDR: - No adjustments made to SCP resulting in an IDR of 'BB-'. LOCAP LLC Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bbb+, Lower), Sector Characteristics (bbb+, Moderate), Market & Competitive Positioning (bbb-, Moderate), Diversification and Asset Quality (bb-, Lower), Company Operational Characteristics (bbb+, Higher), Profitability (bbb, Moderate), Financial Structure (a+, Higher), and Financial Flexibility (a-, Moderate). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2024, 40% for the forecast year 2025 and 40% for the forecast year 2026. - The Governance Impact assessment of 'Good' results in no adjustment. - The Operating Environment Impact assessment of 'aa-' results in no adjustment. - The SCP is 'a-'. LOOP LLC Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bbb+, Moderate), Sector Characteristics (bbb, Moderate), Market & Competitive Positioning (bbb, Lower), Diversification and Asset Quality (bbb-, Higher), Company Operational Characteristics (bbb+, Moderate), Profitability (bbb-, Moderate), Financial Structure (a-, Higher), and Financial Flexibility (a-, Lower). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2024, 40% for the forecast year 2025 and 40% for the forecast year 2026. - The Governance Impact assessment of 'Good' results in no adjustment. - The Operating Environment Impact assessment of 'aa-' results in no adjustment. - The SCP is 'bbb+'. Martin Midstream Partners, L.P. Martin Midstream Finance Corporation Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (b, Moderate), Sector Characteristics (b, Moderate), Market & Competitive Positioning (b-, Higher), Diversification and Asset Quality (b, Moderate), Company Operational Characteristics (ccc+, Higher), Profitability (b-, Moderate), Financial Structure (bb+, Lower), and Financial Flexibility (b, Moderate). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2024, 40% for the forecast year 2025 and 40% for the forecast year 2026. - 'B+' to 'CC' considerations apply in its analysis and result in no adjustment. - The Governance Impact assessment of 'Some Deficiencies' results in no adjustment. - The Operating Environment Impact assessment of 'aa-' results in no adjustment. - The SCP is 'b-'. To derive the IDR: - Application of Fitch's Parent Subsidiary Linkage Considerations Rating Criteria results in a(n) same credit profile for both parent and subsidiary approach. Secure Waste Infrastructure Corp. Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Sector Characteristics (b+, Moderate), Market & Competitive Positioning (bb+, Moderate), Diversification and Asset Quality (bb, Moderate), Company Operational Characteristics (b+, Higher), Profitability (bb-, Higher), Financial Structure (a+, Moderate), and Financial Flexibility (a, Lower). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2024, 40% for the forecast year 2025 and 40% for the forecast year 2026. - The Governance Impact assessment of 'Good' results in no adjustment. - The Operating Environment Impact assessment of 'aa-' results in no adjustment. - The SCP is 'bb-'. To derive the IDR: - No adjustments made to SCP resulting in an IDR of 'BB-'. Sunoco LP Sunoco Finance Corp. NuStar Logistics, L.P. Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Sector Characteristics (bb+, Moderate), Market & Competitive Positioning (bb+, Moderate), Diversification and Asset Quality (bb+, Moderate), Company Operational Characteristics (bb+, Higher), Profitability (bb, Moderate), Financial Structure (bbb-, Higher), and Financial Flexibility (bbb, Lower). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2024, 40% for the forecast year 2025 and 40% for the forecast year 2026. - The Governance Impact assessment of 'Good' results in no adjustment. - The Operating Environment Impact assessment of 'aa-' results in no adjustment. - The SCP is 'bb+'. To derive the IDR: - Application of Fitch's Parent Subsidiary Linkage Considerations Rating Criteria results in a(n) standalone approach. TransMontaigne Partners LLC TransMontaigne Operating Company, L.P. Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bb-, Lower), Sector Characteristics (b+, Moderate), Market & Competitive Positioning (b, Higher), Diversification and Asset Quality (bb+, Lower), Company Operational Characteristics (bb, Moderate), Profitability (bb, Moderate), Financial Structure (b-, Higher), and Financial Flexibility (b, Moderate). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2024, 40% for the forecast year 2025 and 40% for the forecast year 2026. - The Governance Impact assessment of 'Good' results in no adjustment. - The Operating Environment Impact assessment of 'aa-' results in no adjustment. - The SCP is 'b'. To derive the IDR: - Application of Fitch's Parent Subsidiary Linkage Considerations Rating Criteria results in a(n) consolidated profile+1 approach. UGI Energy Services, LLC Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bb, Lower), Sector Characteristics (bb, Moderate), Market & Competitive Positioning (bb, Higher), Diversification and Asset Quality (bb, Moderate), Company Operational Characteristics (bb, Moderate), Profitability (bb, Higher), Financial Structure (a+, Moderate), and Financial Flexibility (bb+, Moderate). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2025, 40% for the forecast year 2026 and 40% for the forecast year 2027. - The Governance Impact assessment of 'Good' results in no adjustment. - The Operating Environment Impact assessment of 'aa-' results in no adjustment. - The SCP is 'bb'. [] Fitch Affirms Ratings on 11 North American Technology Companies ------------------------------------------------------------------ Fitch Ratings has affirmed the ratings of 11 North American technology companies and their related subsidiaries and affiliates: 1. Viavi Solutions Inc. 2. Motorola Solutions, Inc. 3. Qnity Electronics, Inc. 4. HP Inc. 5. Synaptics Incorporated 6. Dell Technologies Inc. 7. Entegris, Inc. 8. Hewlett Packard Enterprise Company 9. Keysight Technologies, Inc. 10. Arrow Electronics, Inc. 11. MIS Intermediate, LLC. These actions follow Fitch's updates to its "Corporate Rating Criteria" and the "Sector Navigators - Addendum to the Corporate Rating Criteria" on Jan. 9, 2026. The criteria changes do not affect the companies' ratings or Outlooks. Corporate Rating Tool Inputs and Scores For Viavi Solutions Inc. Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bb+, Moderate), Sector Characteristics (bb, Higher), Market & Competitive Positioning (bb, Moderate), Diversification and Asset Quality (bb, Moderate), Company Operational Characteristics (bbb-, Lower), Profitability (bbb-, Lower), Financial Structure (b+, Higher), and Financial Flexibility (bb, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 10% weight for the historical year 2024, 50% for the forecast year 2025 and 40% for the forecast year 2026. - The Governance Impact assessment of 'Good' results in no adjustment. - The Operating Environment Impact assessment of 'a' results in no adjustment. - The SCP is 'bb-'. For Motorola Solutions, Inc. Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Sector Characteristics (bbb, Higher), Market & Competitive Positioning (bbb+, Moderate), Diversification and Asset Quality (bbb, Moderate), Company Operational Characteristics (bbb, Moderate), Profitability (aa-, Lower), Financial Structure (bbb, Higher), and Financial Flexibility (bbb+, Moderate). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2024, 40% for the forecast year 2025 and 40% for the forecast year 2026. - The Governance Impact assessment of 'Good' results in no adjustment. - The Operating Environment Impact assessment of 'aa-' results in no adjustment. - The SCP is 'bbb'. For Qnity Electronics, Inc. Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Sector Characteristics (bbb-, Higher), Market and Competitive Positioning (bb+, Moderate), Diversification and Asset Quality (bb+, Moderate), Company Operational Characteristics (bbb, Lower), Profitability (a-, Lower), Financial Structure (bb+, Higher), and Financial Flexibility (bb, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 40% weight for the forecast year 2025, 40% for the forecast year 2026 and 20% for the forecast year 2027. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'a-' results in no adjustment. - The SCP is 'bb+'. For HP Inc. Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bbb, Moderate), Sector Characteristics (bb+, Moderate), Market and Competitive Positioning (bbb+, Higher), Diversification and Asset Quality (bbb+, Lower), Company Operational Characteristics (bbb+, Moderate), Profitability (bbb-, Moderate), Financial Structure (bbb+, Higher), and Financial Flexibility (bbb+, Moderate). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2025, 40% for the forecast year 2026 and 40% for the forecast year 2027. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'a+' results in no adjustment. - The SCP is 'bbb+'. For Synaptics Incorporated Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Sector Characteristics (bb, Higher), Market & Competitive Positioning (bb-, Moderate), Diversification and Asset Quality (b+, Moderate), Company Operational Characteristics (bbb, Lower), Profitability (bbb-, Moderate), Financial Structure (bb, Higher), and Financial Flexibility (bb+, Moderate). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2024, 40% for the forecast year 2025 and 40% for the forecast year 2026. - The Governance Impact assessment of 'Good' results in no adjustment. - The Operating Environment Impact assessment of 'a' results in no adjustment. - The SCP is 'bb'. For Dell Technologies Inc. (related subsidiaries Dell Inc., Dell International LLC, EMC Corp.) Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bbb, Moderate), Sector Characteristics (bbb, Higher), Market & Competitive Positioning (bbb+, Moderate), Diversification and Asset Quality (a-, Lower), Company Operational Characteristics (bbb+, Moderate), Profitability (bbb-, Moderate), Financial Structure (a-, Higher), and Financial Flexibility (bbb+, Moderate). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2024, 40% for the forecast year 2025 and 40% for the forecast year 2026. - The Governance Impact assessment of 'Good' results in no adjustment. - The Operating Environment Impact assessment of 'a+' results in no adjustment. - The SCP is 'bbb+'. To derive the IDR: - Application of Fitch's Parent and Subsidiary Linkage Rating Criteria results in a consolidated approach. For Entegris, Inc. Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Sector Characteristics (bbb-, Higher), Market & Competitive Positioning (bb+, Moderate), Diversification and Asset Quality (bb+, Moderate), Company Operational Characteristics (bbb, Lower), Profitability (bbb+, Lower), Financial Structure (bb-, Higher), and Financial Flexibility (bb+, Moderate). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2024, 40% for the forecast year 2025 and 40% for the forecast year 2026. - The Governance Impact assessment of 'Good' results in no adjustment. - The Operating Environment Impact assessment of 'a' results in no adjustment. - The SCP is 'bb'. For Hewlett Packard Enterprise Company (related subsidiary Juniper Networks, Inc.) Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bbb, Moderate), Sector Characteristics (bbb+, Higher), Market and Competitive Positioning (a-, Lower), Diversification and Asset Quality (bbb+, Moderate), Company Operational Characteristics (bbb+, Moderate), Profitability (bbb, Higher), Financial Structure (bbb+, Higher), and Financial Flexibility (bbb+, Moderate). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2025, 40% for the forecast year 2026 and 40% for the forecast year 2027. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'a+' results in no adjustment. - The SCP is 'bbb+'. To derive the IDR: - Application of Fitch's Parent and Subsidiary Linkage Rating Criteria results in a consolidated approach. For Keysight Technologies, Inc. Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bbb, Moderate), Sector Characteristics (bbb, Higher), Market & Competitive Positioning (bbb+, Moderate), Diversification and Asset Quality (bbb+, Moderate), Company Operational Characteristics (bbb, Moderate), Profitability (a+, Lower), Financial Structure (a, Higher), and Financial Flexibility (bbb+, Moderate). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2025, 40% for the forecast year 2026 and 40% for the forecast year 2027. - The Governance Impact assessment of 'Good' results in no adjustment. - The Operating Environment Impact assessment of 'a+' results in no adjustment. - The SCP is 'bbb+'. For Arrow Electronics, Inc. Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bbb-, Lower), Sector Characteristics (bbb-, Moderate), Market & Competitive Positioning (bbb-, Higher), Diversification and Asset Quality (bbb, Moderate), Company Operational Characteristics (bbb, Lower), Profitability (bb-, Moderate), Financial Structure (bbb-, Higher), and Financial Flexibility (bbb, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 20% weight for the historical year 2024, 20% for the forecast year 2025, 35% for the forecast year 2026 and 25% for the forecast year 2027. - The Governance Impact assessment of 'Good' results in no adjustment. - The Operating Environment Impact assessment of 'a' results in no adjustment. - The SCP is 'bbb-'. For MIS Intermediate, LLC (related subsidiary MIS Acquisition, LLC) Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - The SCP is 'b'. To derive the IDR: - Application of Fitch's Parent and Subsidiary Linkage Rating Criteria results in a consolidated approach. Public Ratings with Credit Linkage to other ratings Hewlett Packard International Bank's Long-Term IDR is driven by HPE's Long-Term IDR. HPE's rating is not driven by Hewlett Packard International Bank's rating. RATING ACTIONS Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- HP Inc. LT IDR BBB+ Affirmed BBB+ ST IDR F2 Affirmed F2 senior unsecured LT BBB+ Affirmed BBB+ senior unsecured ST F2 Affirmed F2 Hewlett Packard Enterprise Company LT IDR BBB+ Affirmed BBB+ ST IDR F2 Affirmed F2 senior unsecured LT BBB+ Affirmed BBB+ senior unsecured ST F2 Affirmed F2 Synaptics Incorporated LT IDR BB Affirmed BB senior unsecured LT BB Affirmed RR4 BB Motorola Solutions, Inc. LT IDR BBB Affirmed BBB ST IDR F2 Affirmed F2 senior unsecured LT BBB Affirmed BBB senior unsecured ST F2 Affirmed F2 Entegris, Inc. LT IDR BB Affirmed BB senior unsecured LT BB Affirmed RR4 BB senior secured LT BBB- Affirmed RR1 BBB- Keysight Technologies, Inc. LT IDR BBB+ Affirmed BBB+ senior unsecured LT BBB+ Affirmed BBB+ Dell Inc. LT IDR BBB+ Affirmed BBB+ senior unsecured LT BBB Affirmed BBB Viavi Solutions Inc. LT IDR BB- Affirmed BB- senior secured LT BB+ Affirmed RR2 BB+ senior unsecured LT BB- Affirmed RR4 BB- EMC Corp. LT IDR BBB+ Affirmed BBB+ ST IDR F2 Affirmed F2 senior unsecured LT BBB+ Affirmed BBB+ senior unsecured ST F2 Affirmed F2 MIS Acquisition, LLC LT IDR B Affirmed B senior secured LT B+ Affirmed RR3 B+ Dell International LLC LT IDR BBB+ Affirmed BBB+ ST IDR F2 Affirmed F2 senior unsecured LT BBB+ Affirmed BBB+ senior unsecured ST F2 Affirmed F2 Dell Technologies Inc. LT IDR BBB+ Affirmed BBB+ ST IDR F2 Affirmed F2 Qnity Electronics, Inc. LT IDR BB+ Affirmed BB+ senior secured LT BBB- Affirmed RR1 BBB- senior unsecured LT BB+ Affirmed RR4 BB+ Juniper Networks, Inc. LT IDR BBB+ Affirmed BBB+ senior unsecured LT BBB+ Affirmed BBB+ MIS Intermediate, LLC LT IDR B Affirmed B Arrow Electronics, Inc. LT IDR BBB- Affirmed BBB- ST IDR F3 Affirmed F3 senior unsecured LT BBB- Affirmed BBB- senior unsecured ST F3 Affirmed F3 [] Fitch Affirms Ratings on 7 NA Food Retails & Restaurant Cos. --------------------------------------------------------------- Fitch Ratings has affirmed the ratings for seven North American Food Retail and Restaurants companies and their related subsidiaries: 1. Costco Wholesale Corporation 2. Darden Restaurants, Inc. 3. Northeast Grocery, Inc., The Golub Corporation and Tops Market Corporation 4. Raising Cane's Restaurants, LLC 5. Sysco Corporation, Sysco Canada, Inc. and Sysco Global Holdings B.V. 6. Target Corporation 7. Walmart, Inc. These actions follow the update of Fitch's 'Corporate Rating Criteria' and the 'Sector Navigators Addendum to the Corporate Rating Criteria' on Jan. 9, 2026. The companies' ratings and Rating Outlooks are unaffected by the criteria changes. Corporate Rating Tool Inputs and Scores Fitch scored the issuers as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): Costco Wholesale Corporation - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Sector Characteristics (aa-, Moderate), Market and Competitive Positioning (aa, Higher), Diversification and Asset Quality (a, Moderate), Company Operational Characteristics (aa-, Moderate), Profitability (a-, Lower), Financial Structure (aa+, Higher), and Financial Flexibility (aa-, Moderate). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2025, 40% for the forecast year 2026 and 40% for the forecast year 2027. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'aa' results in no adjustment. - The SCP is 'aa'. To derive the IDR: - No adjustments made to SCP resulting in an IDR of 'AA'. Darden Restaurants, Inc. - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Sector Characteristics (bbb, Moderate), Market & Competitive Positioning (bbb, Higher), Diversification and Asset Quality (bbb, Lower), Company Operational Characteristics (bbb-, Moderate), Profitability (bbb-, Moderate), Financial Structure (bbb+, Higher), and Financial Flexibility (bbb+, Moderate). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for fiscal 2025 (ended May 2025), 40% for the forecast year 2026 and 40% for the forecast year 2027. - The Governance Impact assessment of 'Good' results in no adjustment. - The Operating Environment Impact assessment of 'aa-' results in no adjustment. - The SCP is 'bbb'. To derive the IDR: - No adjustments made to SCP resulting in an IDR of 'BBB'. Northeast Grocery, Inc., The Golub Corporation and Tops Market Corporation Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bb+, Moderate), Sector Characteristics (b, Higher), Market & Competitive Positioning (bb-, Moderate), Diversification and Asset Quality (ccc+, Moderate), Company Operational Characteristics (bb+, Moderate), Profitability (bb+, Lower), Financial Structure (bb+, Moderate), and Financial Flexibility (bb-, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 20% weight for the forecast year 2025, 40% for the forecast year 2026 and 40% for the forecast year 2027. - B+ to CC considerations apply in its analysis and result in no adjustment. - The Governance Impact assessment of 'Good' results in no adjustment. - The Operating Environment Impact assessment of 'aa-' results in no adjustment. - The SCP is 'b+'. To derive the IDR: - Application of Fitch's Parent Subsidiary Linkage Considerations Rating Criteria results in a consolidated approach. Raising Cane's Restaurants, LLC Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bbb- Moderate), Sector Characteristics (bbb+, Moderate), Market & Competitive Positioning (bbb-, Moderate), Diversification and Asset Quality (b+, Moderate), Company Operational Characteristics (bbb, Lower), Profitability (b-, Moderate, Financial Structure (bb-,Higher), and Financial Flexibility (bb+, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 20% for the forecast year 2025, 40% for the forecast year 2026 and 40% for the forecast year 2027. - The Governance Impact assessment of 'Good' results in no adjustment. - The Operating Environment Impact assessment of 'aa- results in no adjustment. - The SCP is 'bb-'. To derive the IDR: - No adjustments made to SCP resulting in an IDR of 'BB-' Sysco Corporation, Sysco Canada, Inc. and Sysco Global Holdings B.V. Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Sector Characteristics (bbb+, Moderate), Market & Competitive Positioning (a-, Moderate), Diversification and Asset Quality (bbb, Moderate), Company Operational Characteristics (bbb, Moderate), Profitability (bbb, Moderate), Financial Structure (bbb, Higher), and Financial Flexibility (a-, Moderate). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2025 (ended June 2025), 40% for the forecast year 2026 and 40% for the forecast year 2027. - The Governance Impact assessment of 'Good' results in no adjustment. - The Operating Environment Impact assessment of 'aa-' results in no adjustment. - The SCP is 'bbb'. To derive the IDR: - Application of Fitch's Parent Subsidiary Linkage Considerations Rating Criteria results in an equalized approach. Target Corporation Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bbb-, Lower), Sector Characteristics (a, Moderate), Market & Competitive Positioning (a, Higher), Diversification and Asset Quality (a-, Moderate), Company Operational Characteristics (a+, Moderate), Profitability (bbb, Lower), Financial Structure (a, Moderate), and Financial Flexibility (a+, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 20% weight for the forecast year 2025, 40% for the forecast year 2026 and 40% for the forecast year 2027. - The Governance Impact assessment of 'Good' results in no adjustment. - The Operating Environment Impact assessment of 'aa-' results in no adjustment. - The SCP is 'a'. To derive the IDR: - No adjustments made to SCP resulting in an IDR of 'A'. Walmart, Inc. Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Sector Characteristics (a+, Moderate), Market & Competitive Positioning (aa, Higher), Diversification and Asset Quality (aa, Moderate), Company Operational Characteristics (aa, Moderate), Profitability (a-, Lower), Financial Structure (aa-, Moderate), and Financial Flexibility (aa-, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 20% weight for the forecast year 2025, 40% for the forecast year 2026 and 40% for the forecast year 2027. - Assessments of the quantitative financial subfactors also include bespoke calculations. - The Governance Impact assessment of 'Good' results in no adjustment. - The Operating Environment Impact assessment of 'aa-' results in no adjustment. - The SCP is 'aa'. To derive the IDR: - No adjustments made to SCP resulting in an IDR of 'AA'. RATING ACTIONS Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Target Corporation LT IDR A Affirmed A ST IDR F1 Affirmed F1 senior unsecured LT A Affirmed A senior unsecured ST F1 Affirmed F1 The Golub Corporation LT IDR B+ Affirmed B+ senior secured LT BB+ Affirmed RR1 BB+ Sysco Corporation LT IDR BBB Affirmed BBB ST IDR F2 Affirmed F2 senior unsecured LT BBB Affirmed BBB senior unsecured ST F2 Affirmed F2 Sysco Global Holdings B.V. senior unsecured LT BBB Affirmed BBB senior unsecured ST F2 Affirmed F2 Northeast Grocery, Inc. LT IDR B+ Affirmed B+ senior secured LT BB+ Affirmed RR1 BB+ Walmart, Inc. LT IDR AA Affirmed AA ST IDR F1+ Affirmed F1+ senior unsecured LT AA Affirmed AA senior unsecured ST F1+ Affirmed F1+ Raising Cane's Restaurants, LLC LT IDR BB- Affirmed BB- senior secured LT BB+ Affirmed RR1 BB+ Tops Markets Corporation LT IDR B+ Affirmed B+ senior secured LT BB+ Affirmed RR1 BB+ Sysco Canada, Inc. LT IDR BBB Affirmed BBB senior unsecured LT BBB Affirmed BBB Darden Restaurants, Inc. LT IDR BBB Affirmed BBB ST IDR F2 Affirmed F2 senior unsecured LT BBB Affirmed BBB senior unsecured ST F2 Affirmed F2 Costco Wholesale Corporation LT IDR AA Affirmed AA senior unsecured LT AA Affirmed AA [] Fitch Affirms Ratings on Five Lodging Companies -------------------------------------------------- Fitch Ratings has affirmed five lodging companies' ratings using Fitch's Hotel Corporate Rating Tool. The companies are: 1. Hyatt Hotels Corporation: 2. Wyndham Hotels & Resorts Inc. 3. Host Hotels & Resorts, L.P. and Host Hotels & Resorts Inc. 4. Ryman Hospitality Properties, Inc. (RHP) and RHP Hotel Properties, LP 5. TRQ Sales These actions follow the update of Fitch's 'Corporate Rating Criteria' and the 'Sector Navigators Addendum to the Corporate Rating Criteria' on Jan. 9, 2026. The companies' ratings and Outlooks are unaffected by the criteria changes. Corporate Rating Tool Inputs and Scores Hyatt Hotels Corporation: Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bbb, Moderate), Sector Characteristics (bb+, Moderate), Market and Competitive Positioning (bbb+, Moderate), Diversification and Asset Quality (bbb, Moderate), Company Operational Characteristics (bbb+, Moderate), Profitability (bb+, Higher), Financial Structure (bb+, Higher), and Financial Flexibility (a-, Moderate). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2024, 40% for the forecast year 2025 and 40% for the forecast year 2026. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'a+' results in no adjustment. - The SCP is 'bbb-'. To derive the IDR: - No adjustments made to SCP, resulting in an IDR of 'BBB-'. Wyndham Hotels & Resorts Inc.: Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bb+, Higher), Sector Characteristics (bbb, Moderate), Market & Competitive Positioning (bb+, Moderate), Diversification and Asset Quality (bbb-, Moderate), Company Operational Characteristics (bb-, Higher), Profitability (a+, Moderate), Financial Structure (bbb-, Higher), and Financial Flexibility (a-, Moderate). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2024, 40% for the forecast year 2025 and 40% for the forecast year 2026. - The Governance Impact assessment of 'Good' results in no adjustment. - The Operating Environment Impact assessment of 'a+' results in no adjustment. - The SCP is 'bb+'. To derive the IDR: - No adjustments made to SCP, resulting in an IDR of 'BB+'. Host Hotels & Resorts, L.P. and Host Hotels & Resorts Inc.: Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bbb, Moderate), Sector Characteristics (b+, Moderate), Market & Competitive Positioning (bbb, Moderate), Diversification and Asset Quality (bb, Moderate), Company Operational Characteristics (bbb, Moderate), Profitability (bbb, Moderate), Financial Structure (bbb, Higher), and Financial Flexibility (a, Moderate). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2024, 40% for the forecast year 2025 and 40% for the forecast year 2026. - The Governance Impact assessment of 'Good' results in no adjustment. - The Operating Environment Impact assessment of 'aa-' results in no adjustment. - The SCP is 'bbb'. To derive the IDR: - No adjustments made to SCP, resulting in an IDR of 'BBB'. Ryman Hospitality Properties, Inc. (RHP) and RHP Hotel Properties, LP: Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bb, Moderate), Sector Characteristics (bb+, Higher), Market and Competitive Positioning (bbb-, Moderate), Diversification and Asset Quality (bb, Moderate), Company Operational Characteristics (bbb, Moderate), Profitability (bb-, Moderate), Financial Structure (bb-, Higher), and Financial Flexibility (bbb, Moderate). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2024, 40% for the forecast year 2025 and 40% for the forecast year 2026. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'aa-' results in no adjustment. - The SCP is 'bb'. To derive the IDR: - No adjustments made to SCP, resulting in an IDR of 'BB'. TRQ Sales: Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bb, Moderate), Sector Characteristics (b+, Moderate), Market and Competitive Positioning (bb-, Moderate), Diversification and Asset Quality (b+, Moderate), Company Operational Characteristics (bbb, Moderate), Profitability (bb, Higher), Financial Structure (b+, Higher), and Financial Flexibility (bb, Moderate). - The quantitative financial subfactors are assessed based on custom financial period parameters of 50% weight for the forecast year 2026 and 50% for the forecast year 2027. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'bb' results in no adjustment. - The SCP is 'bb-'. To derive the IDR: - No adjustments made to SCP, resulting in an IDR of 'BB-'. RATING ACTIONS Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Hyatt Hotels Corporation LT IDR BBB- Affirmed BBB- senior unsecured LT BBB- Affirmed BBB- TRQ Sales LLC LT IDR BB- Affirmed BB- senior secured LT BB- Affirmed RR4 BB- Ryman Hospitality Properties, Inc. LT IDR BB Affirmed BB Host Hotels & Resorts, L.P. LT IDR BBB Affirmed BBB senior unsecured LT BBB Affirmed BBB RHP Hotel Properties, L.P. LT IDR BB Affirmed BB senior unsecured LT BB Affirmed RR4 BB senior secured LT BBB- Affirmed RR1 BBB- Wyndham Hotels & Resorts Inc. LT IDR BB+ Affirmed BB+ senior unsecured LT BB+ Affirmed RR4 BB+ senior secured LT BBB- Affirmed RR1 BBB- Host Hotels & Resorts, Inc. LT IDR BBB Affirmed BBB [] Jean Chung Joins SEDA Experts as Managing Director ----------------------------------------------------- SEDA Experts LLC, a firm providing financial expert witness services, announced that Jean Chung joined the firm as Managing Director. “We are delighted that Jean will deepen our bench of superb Asian financial services experts,” said Peter Selman, Managing Partner of SEDA Experts. Jean Chung has over 25 years of experience in Asian private credit and distressed investing. He has held senior investment roles at Morgan Stanley, Citigroup, and Lehman Brothers, and currently serves as Chief Portfolio Manager of the Asia Debt Opportunities Fund. He is a qualified attorney and FINRA arbitrator. Mr. Chung oversees investment strategies across the Asian private credit landscape, with deep expertise in distressed assets and special situations. Over the course of his career, he has led investment teams and portfolio managers across debt, equity, foreign exchange, and special situations, managing both private and liquid credit strategies through multiple market cycles. He also oversees capital allocation into US/European markets for Asian insurance/pension money in private markets in both PC and PE firms. He also advises Japanese/Korean financial institutions to directly invest in US real estate properties in commercial, industrial, and residential markets. Earlier in his career, Mr. Chung served as a fund manager for Citigroup's Callisto distressed fund, where he focused on South Asian distressed investments during the IMF crisis. He subsequently held senior roles at Lehman Brothers, gaining extensive experience in Asian capital markets and cross-border transactions. He later managed proprietary capital at Morgan Stanley, where he served as Head of the Asia Proprietary Credit Group, leading regional credit and distressed strategies. Mr. Chung has spearheaded complex special situation transactions and non-performing loan portfolio acquisitions across North Asia, working closely with financial institutions and local counterparties. He continues to lead acquisitions, strategic investments, and manager selection initiatives globally, leveraging long-standing relationships across international financial markets. In addition to his investment career, Mr. Chung has held academic and advisory roles, including serving as an Adjunct Professor at The Cooper Union for the Advancement of Science and Art. He holds a Juris Doctor from Boston College Law School, attended Columbia Business School, and is a graduate of The Cooper Union. He also serves as a FINRA arbitrator. About SEDA Experts LLC SEDA is an expert witness firm specializing in financial services. 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Palkovic Bankr. E.D. Va. Case No. 26-50097 Chapter 11 Petition filed February 3, 2026 represented by: Paul Driscoll, Esq. PAUL A. DRISCOLL, PLLC In re Cynthia Joan Marcus Bankr. C.D. Calif. Case No. 26-10147 Chapter 11 Petition filed February 3, 2026 represented by: Dennise Henderson, Esq. In re Chris B. Comer and Melissa D. Comer Bankr. W.D. La. Case No. 26-80067 Chapter 11 Petition filed February 3, 2026 represented by: L. Henry, Esq. In re Paul Monroe Mielke, III Bankr. W.D.N.C. Case No. 26-30135 Chapter 11 Petition filed February 3, 2026 In re Jerry Donald Billingsley Bankr. M.D. Ala. Case No. 26-30319 Chapter 11 Petition filed February 3, 2026 In re Eric Corwyn McLendon Bankr. S.D.N.Y. Case No. 26-10229 Chapter 11 Petition filed February 3, 2026 represented by: Erica Aisner, Esq. In re Ricardo Luis Valencia Bankr. S.D. Tex. Case No. 26-30764 Chapter 11 Petition filed February 3, 2026 represented by: Susan Adams, Esq. In re Charles Edward Lincoln, III Bankr. D. N.M. Case No. 26-10131 Chapter 11 Petition filed February 2, 2026 represented by: Michael Tusken, Esq. In re Gloria Clark Bankr. C.D. Calif. Case No. 26-10984 Chapter 11 Petition filed February 2, 2026 represented by: Onyinye Anyama, Esq. In re Kim Ocasio Bankr. E.D.N.Y. Case No. 26-40580 Chapter 11 Petition filed February 2, 2026 represented by: Joshua Bronstein, Esq. In re Vanda Conti Bankr. E.D.N.Y. Case No. 26-40579 Chapter 11 Petition filed February 2, 2026 represented by: Elliot Schlissel, Esq. In re Jenny Chan Bankr. C.D. Calif. Case No. 26-10977 Chapter 11 Petition filed February 2, 2026 represented by: Leonard Pena, Esq. In re Tony Aundrey Alexander Bankr. S.D. Tex. Case No. 26-30735 Chapter 11 Petition filed February 2, 2026 represented by: Reese Baker, Esq. In re Carlos Alberto Garcia Manzanares Bankr. N.D. Calif. Case No. 26-30098 Chapter 11 Petition filed February 2, 2026 See https://www.pacermonitor.com/view/PSS5VLY/Carlos_Alberto_Garcia_Manzanares__canbke-26-30098__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Deyanira Terrazas Bankr. W.D. Tex. Case No. 26-50281 Chapter 11 Petition filed February 2, 2026 represented by: William Davis, Esq. LANGLEY & BANACK, INC. In re James Stacy Smith Bankr. N.D. Ga. Case No. 26-51435 Chapter 11 Petition filed February 2, 2026 Filed Pro Se In re Brian Victor Prendergast Bankr. D. Colo. Case No. 26-10626 Chapter 11 Petition filed February 2, 2026 See https://www.pacermonitor.com/view/GR36OVI/Brian_Victor_Prendergast__cobke-26-10626__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Adam Tyler Wright Bankr. E.D. Mich. Case No. 26-41086 Chapter 11 Petition filed February 2, 2026 Filed Pro Se In re Teresa Kuet Bankr. N.D. Calif. Case No. 26-30096 Chapter 11 Petition filed February 2, 2026 represented by: Robert Goldstein, Esq. In re William Marshall Castle Bankr. D. Md. Case No. 26-11062 Chapter 11 Petition filed February 2, 2026 represented by: Maurice VerStandig, Esq. THE VERSTANDIG LAW FIRM, LLC In re GMC MGMT LLC Bankr. N.D. Ga. Case No. 26-51487 Chapter 11 Petition filed February 3, 2026 Filed Pro Se In re Golden Image Graphics Inc Bankr. E.D.N.Y. Case No. 26-70454 Chapter 11 Petition filed February 1, 2026 See https://www.pacermonitor.com/view/TUIWTDQ/Golden_Image_Graphics_Inc__nyebke-26-70454__0001.0.pdf?mcid=tGE4TAMA represented by: Richard S. Feinsilver, Esq. RICHARD S. FEINSILVER, ESQ. E-mail: feinlawny@yahoo.com In re Home Team Medical Clinic LLC Bankr. E.D. La. Case No. 26-10240 Chapter 11 Petition filed February 2, 2026 See https://www.pacermonitor.com/view/6D2ZCOA/Home_Team_Medical_Clinic_LLC__laebke-26-10240__0001.0.pdf?mcid=tGE4TAMA represented by: Robin R. De Leo, Esq. THE DE LEO LAW FIRM, LLC E-mail: lisa@northshoreattorney.com In re A'leurer LLC Bankr. E.D.N.C. Case No. 26-00498 Chapter 11 Petition filed February 2, 2026 See https://www.pacermonitor.com/view/PYXV5DI/Aleurer_LLC__ncebke-26-00498__0001.0.pdf?mcid=tGE4TAMA represented by: JM Cook, Esq. J.M. COOK, P.A. E-mail: j.m.cook@jmcookesq.com In re Acevedo Medical Center LLC Bankr. D. P.R. Case No. 26-00406 Chapter 11 Petition filed February 2, 2026 See https://www.pacermonitor.com/view/UQCIL7Q/ACEVEDO_MEDICAL_CENTER_LLC__prbke-26-00406__0001.0.pdf?mcid=tGE4TAMA represented by: Carmen D. Conde Torres, Esq. C. CONDE & ASSOC. E-mail: condecarmen@condelaw.com In re Jennifer Emerson LLC Bankr. E.D. Tex. Case No. 26-40385 Chapter 11 Petition filed February 2, 2026 See https://www.pacermonitor.com/view/BVK7RCA/JENNIFER_EMERSON_LLC__txebke-26-40385__0001.0.pdf?mcid=tGE4TAMA represented by: Gary G Lyon, Esq. BAILEY JOHNSON & LYON, PLLC E-mail: glyon.attorney@gmail.com In re Salvatore Joseph Birittieri Bankr. S.D.N.Y. Case No. 26-22123 Chapter 11 Petition filed February 4, 2026 See https://www.pacermonitor.com/view/ZRWN3BY/Salvatore_Joseph_Birittieri__nysbke-26-22123__0001.0.pdf?mcid=tGE4TAMA represented by: Anne Penachio, Esq. PENACHIO MALARA LLP E-mail: anne@pmlawllp.com In re Sean Julio Garcia-Lourdes and Megan Marie Lourdes Bankr. S.D. Fla. Case No. 26-11449 Chapter 11 Petition filed February 4, 2026 represented by: Craig Kelley, Esq. In re Ross Eldon Cook and Thais Matos Cook Bankr. N.D. Fla. Case No. 26-50020 Chapter 11 Petition filed February 4, 2026 represented by: Byron Wright, Esq. In re Wendy Lai Wah Hui Bankr. N.D. Calif. Case No. 26-40215 Chapter 11 Petition filed February 4, 2026 In re Mohammed Ali Makki and Mohammed Ali Makki Bankr. E.D. Mich. Case No. 26-41160 Chapter 11 Petition filed February 4, 2026 represented by: George Jacobs, Esq. In re Jeffrey J. Piller and Candice A. Brecht Bankr. E.D. Wisc. Case No. 26-20532 Chapter 11 Petition filed February 1, 2026 represented by: Evan Schmit, Esq. KERKMAN & DUNN In re C-5 Investors Mezz, LLC Bankr. N.D. Tex. Case No. 26-40515 Chapter 11 Petition filed February 2, 2026 See https://www.pacermonitor.com/view/6NSSPZY/C-5_Investors_Mezz_LLC__txnbke-26-40515__0001.0.pdf?mcid=tGE4TAMA represented by: Davor Rukavina, Esq. MUNSCH HARDT KOPF & HARR, P.C. In re Antillana Super Food Meat Corp Bankr. S.D.N.Y. Case No. 26-10221 Chapter 11 Petition filed February 2, 2026 See https://www.pacermonitor.com/view/CHNI5XQ/Antillana_Super_Food_Meat_Corp__nysbke-26-10221__0001.0.pdf?mcid=tGE4TAMA represented by: Alla Kachan, Esq. LAW OFFICES OF ALLA KACHAN, P.C. E-mail: alla@kachanlaw.com In re Smart Fone Doctor Inc. Bankr. E.D. Pa. Case No. 26-10427 Chapter 11 Petition filed February 2, 2026 See https://www.pacermonitor.com/view/3FJIUVA/SMART_FONE_DOCTOR_INC__paebke-26-10427__0001.0.pdf?mcid=tGE4TAMA represented by: Tim Zearfoss, Esq. LAW OFFICE OF TIMOTHY ZEARFOSS E-mail: TZEARFOSS@AOL.COM In re Triple Point Defense Corp. Bankr. E.D.N.Y. Case No. 26-70479 Chapter 11 Petition filed February 2, 2026 See https://www.pacermonitor.com/view/NNQ3MCQ/Triple_Point_Defense_Corp__nyebke-26-70479__0001.0.pdf?mcid=tGE4TAMA represented by: Raymond W. Verdi, Jr., Esq. LAW OFFICE OF RAYMOND W. VERDI, JR. E-mail: rwvlaw@yahoo.com In re Team 31 Kashmere LLC Bankr. C.D. Calif. Case No. 26-10223 Chapter 11 Petition filed February 2, 2026 See https://www.pacermonitor.com/view/E5GGT2A/Team_31_Kashmere__cacbke-26-10223__0001.0.pdf?mcid=tGE4TAMA represented by: Stephen L. Burton, Esq. STEPHEN L. BURTON E-mail: steveburtonlaw@aol.com In re Young Realty, LLC Bankr. M.D. Fla. Case No. 26-00437 Chapter 11 Petition filed February 1, 2026 See https://www.pacermonitor.com/view/OGIWQNA/Young_Realty_LLC__flmbke-26-00437__0001.0.pdf?mcid=tGE4TAMA represented by: Bryan K. Mickler, Esq. LAW OFFICES OF MICKLER & MICKLER, LLP E-mail: bkmickler@planlaw.com In re Mak's Pipedream, LLC Bankr. W.D. Tex. Case No. 26-10199 Chapter 11 Petition filed February 2, 2026 See https://www.pacermonitor.com/view/RVSLRAY/Maks_Pipedream_LLC__txwbke-26-10199__0001.0.pdf?mcid=tGE4TAMA represented by: Manolo Santiago, Esq. HERRIN LAW, PLLC E-mail: Msantiago@herrinlaw.com In re Serenity Road Enterprises, LLC Bankr. N.D. Tex. Case No. 26-30506 Chapter 11 Petition filed February 2, 2026 See https://www.pacermonitor.com/view/I56OQCQ/Serenity_Road_Enterprises_LLC__txnbke-26-30506__0001.0.pdf?mcid=tGE4TAMA represented by: Manolo Santiago, Esq. HERRIN LAW, PLLC E-mail: Msantiago@herrinlaw.com In re BB Restaurant Group, LLC Bankr. D. Ariz. Case No. 26-01014 Chapter 11 Petition filed February 2, 2026 See https://www.pacermonitor.com/view/H4354FY/BB_Restaurant_Group_LLC__azbke-26-01014__0001.0.pdf?mcid=tGE4TAMA represented by: Patrick Keery, Esq. KEERY MCCUE, PLLC E-mail: pfk@keerymccue.com In re Centro De Bendicion Inc Bankr. S.D. Tex. Case No. 26-80061 Chapter 11 Petition filed February 2, 2026 See https://www.pacermonitor.com/view/4SYTW6Q/Centro_De_Bendicion_Inc__txsbke-26-80061__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re RM Imaging, Inc. Bankr. S.D. Fla. Case No. 26-11368 Chapter 11 Petition filed February 2, 2026 See https://www.pacermonitor.com/view/XMRFMSY/RM_Imaging_Inc__flsbke-26-11368__0001.0.pdf?mcid=tGE4TAMA represented by: Brian S. Behar, Esq. BEHAR, GUTT & GLAZER, P.A. E-mail: bsb@bgglaw.com In re Geremy Lamar Huff Bankr. D. S.C. Case No. 26-00526 Chapter 11 Petition filed February 4, 2026 represented by: Randy Skinner, Esq. In re Creamy Treats, Inc. Bankr. N.D. Calif. Case No. 26-30097 Chapter 11 Petition filed February 2, 2026 See https://www.pacermonitor.com/view/44PBLJA/Creamy_Treats_Inc__canbke-26-30097__0001.0.pdf?mcid=tGE4TAMA represented by: Ryan C. Wood, Esq. LAW OFFICES OF RYAN C. WOOD, INC. E-mail: Ryan@westcoastbk.com In re Blue Star Management Group LLC Bankr. D. Nev. Case No. 26-10688 Chapter 11 Petition filed February 2, 2026 See https://www.pacermonitor.com/view/NNMYRIY/BLUE_STAR_MANAGEMENT_GROUP_LLC__nvbke-26-10688__0001.0.pdf?mcid=tGE4TAMA represented by: Matthew C. Zirzow, Esq. LARSON & ZIRZOW, LLC E-mail: mzirzow@lzlawnv.com In re SCV Gemini II, LLC Bankr. N.D. Ga. Case No. 26-51440 Chapter 11 Petition filed February 2, 2026 Filed Pro Se In re Liv Taylor LLC Bankr. N.D. Ga. Case No. 26-51408 Chapter 11 Petition filed February 2, 2026 See https://www.pacermonitor.com/view/4FT2DFQ/Liv_Taylor_LLC__ganbke-26-51408__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re 234 Walnut Street LLC Bankr. N.D. Ga. Case No. 26-51396 Chapter 11 Petition filed February 2, 2026 Filed Pro Se In re 3310 Harrison Rd LLC Bankr. N.D. Ga. Case No. 26-51395 Chapter 11 Petition filed February 2, 2026 Filed Pro Se In re B & C Partners, LLC Bankr. E.D. Pa. Case No. 26-10413 Chapter 11 Petition filed February 2, 2026 See https://www.pacermonitor.com/view/LJ5PM6I/B__C_Partners_LLC__paebke-26-10413__0001.0.pdf?mcid=tGE4TAMA represented by: Ronald G. McNeil, Esq. MCNEIL LEGAL SERVICES E-mail: r.mcneil@verizon.net In re Dawkins Gardens LLC Bankr. N.D. Ga. Case No. 26-51480 Chapter 11 Petition filed February 3, 2026 See https://www.pacermonitor.com/view/FONPTEI/Dawkins_Gardens_LLC__ganbke-26-51480__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Aimal Glenna R. Siddiqi Bankr. E.D. Va. Case No. 26-30434 Chapter 11 Petition filed February 5, 2026 represented by: Paul Driscoll, Esq. PAUL A. DRISCOLL, PLLC In re Juan Raul Batista Bankr. M.D. Fla. Case No. 26-00783 Chapter 11 Petition filed February 5, 2026 represented by: Karla Lee Hue, Esq. In re Shabu P Kusuman and Lois J Kusuman Bankr. D. N.J. Case No. 26-11334 Chapter 11 Petition filed February 5, 2026 represented by: Daniel Straffi, Esq. In re Paul Matthew Redhead Bankr. D. Ore. Case No. 26-30390 Chapter 11 Petition filed February 5, 2026 represented by: Nicholas Henderson, Esq. In re Joseph John Delcalzo Bankr. D. N.J. Case No. 26-11343 Chapter 11 Petition filed February 5, 2026 represented by: Brian Hannon, Esq. In re Peter Andrew Reuther Bankr. D. N.J. Case No. 26-11345 Chapter 11 Petition filed February 5, 2026 represented by: Brian Hannon, Esq. In re Alan B Adams Bankr. W.D. Wash. Case No. 26-10373 Chapter 11 Petition filed February 5, 2026 In re Third Room, LLC Bankr. W.D.N.C. Case No. 26-10029 Chapter 11 Petition filed January 30, 2026 See https://www.pacermonitor.com/view/DXP5OCA/Third_Room_LLC__ncwbke-26-10029__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Aeroaqua Corp. Bankr. D. P.R. Case No. 26-00442 Chapter 11 Petition filed February 5, 2026 See https://www.pacermonitor.com/view/QZYUZSY/AEROAQUA_CORP__prbke-26-00442__0001.0.pdf?mcid=tGE4TAMA represented by: Leislha Vazquez-Murphy, Esq. LEISLHA G. VAZQUEZ MURPHY E-mail: lcdaleislha@gmail.com In re 200 Arpeggio Way LLC Bankr. N.D. Ga. Case No. 26-51499 Chapter 11 Petition filed February 3, 2026 See https://www.pacermonitor.com/view/JSI5HNA/200_Arpeggio_Way_LLC__ganbke-26-51499__0001.0.pdf?mcid=tGE4TAMA represented by: Paul Reece Marr, Esq. PAUL REECE MARR, P.C. E-mail: paul.marr@marrlegal.com In re JW Consulting, LLC Bankr. E.D. Pa. Case No. 26-10435 Chapter 11 Petition filed February 3, 2026 See https://www.pacermonitor.com/view/FOMNPJY/JW_Consulting_LLC__paebke-26-10435__0001.0.pdf?mcid=tGE4TAMA represented by: Demetrius Parrish, Esq. LAW OFFICES OF DEMETRIUS J. PARRISH E-mail: djpbkpa@gmail.com In re Jubilee Hospitality DTN Inc. Bankr. S.D.N.Y. Case No. 26-10238 Chapter 11 Petition filed February 4, 2026 See https://www.pacermonitor.com/view/BAROV6I/JUBILEE_HOSPITALITY_DTN_INC__nysbke-26-10238__0001.0.pdf?mcid=tGE4TAMA represented by: Satish K Bhatia, Esq. BHATIA & ASSOCIATES PLLC E-mail: satishbhatiaus@yahoo.com In re Nantucket Glass & Mirror, Inc Bankr. D. Mass. Case No. 26-10245 Chapter 11 Petition filed February 4, 2026 See https://www.pacermonitor.com/view/MAJTD4A/Nantucket_Glass__Mirror_Inc__mabke-26-10245__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Jerrod James Hayes Bankr. M.D. Fla. Case No. 26-00953 Chapter 11 Petition filed February 6, 2026 represented by: James Elliott, Esq. In re Benjamin Hrouda Bankr. D. Colo. Case No. 26-10718 Chapter 11 Petition filed February 6, 2026 represented by: Aaron Garber, Esq. WADSWORTH GARBER WARNER CONRARDY, P.C. E-mail: AGARBER@WGWC-LAW.COM In re Matthew James Kennedy Bankr. M.D. Fla. Case No. 26-00820 Chapter 11 Petition filed February 6, 2026 represented by: Daniel Velasquez, Esq. In re Donald Richard Bingham Bankr. W.D. Wisc. Case No. 26-10226 Chapter 11 Petition filed February 6, 2026 represented by: Tibby Madison, Esq. In re Michael Alan Jerkvoich Bankr. E.D. Calif. Case No. 26-10524 Chapter 11 Petition filed February 6, 2026 In re Ohel Bapaz LLC Bankr. E.D. Calif. Case No. 26-10478 Chapter 11 Petition filed February 4, 2026 See https://www.pacermonitor.com/view/CXDRYQQ/Ohel_Bapaz_llc__caebke-26-10478__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Bostic Enterprise Alliance Inc. Bankr. W.D. Ky. Case No. 26-30247 Chapter 11 Petition filed February 4, 2026 See https://www.pacermonitor.com/view/24AC4AQ/Bostic_Enterprise_Alliance_Inc__kywbke-26-30247__0001.0.pdf?mcid=tGE4TAMA represented by: Charity S. Bird, Esq. KAPLAN JOHNSON ABATE & BIRD LLP E-mail: cbird@kaplanjohnsonlaw.com In re Bear Country Colorado LLC Bankr. D. Colo. Case No. 26-10669 Chapter 11 Petition filed February 4, 2026 See https://www.pacermonitor.com/view/LIRUXLA/Bear_Country_Colorado_LLC__cobke-26-10669__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Clean Guaranteed, Inc. Bankr. N.D. Ill. Case No. 26-02092 Chapter 11 Petition filed February 4, 2026 See https://www.pacermonitor.com/view/KDNWD2Q/Clean_Guaranteed_Inc__ilnbke-26-02092__0001.0.pdf?mcid=tGE4TAMA represented by: David Freydin, Esq. LAW OFFICES OF DAVID FREYDIN E-mail: david.freydin@freydinlaw.com In re West Side Enterprises LLC Bankr. D. N.J. Case No. 26-11328 Chapter 11 Petition filed February 5, 2026 See https://www.pacermonitor.com/view/3KTY4CY/West_Side_Enterprises_LLC__njbke-26-11328__0001.0.pdf?mcid=tGE4TAMA represented by: Cassandra C Norgaard, Esq. NORGAARD OBOYLE HANNON E-mail: cnorgaard@norgaardfirm.com In re Queens Real Estate Holding, Inc. Bankr. E.D.N.Y. Case No. 26-40651 Chapter 11 Petition filed February 5, 2026 See https://www.pacermonitor.com/view/V4BGXAY/Queens_Real_Estate_Holding_Inc__nyebke-26-40651__0001.0.pdf?mcid=tGE4TAMA represented by: Elliot S. Schlissel, Esq. SCHLISSEL DECORPO LLP E-mail: Elliot@sdnylaw.com In re Pretty Petunia Waxing LLC Bankr. D. Colo. Case No. 26-10690 Chapter 11 Petition filed February 5, 2026 See https://www.pacermonitor.com/view/XCBWOTQ/Pretty_Petunia_Waxing_LLC__cobke-26-10690__0001.0.pdf?mcid=tGE4TAMA represented by: Aaron A. Garber, Esq. WADSWORTH GARBER WARNER CONRARDY, P.C. E-mail: agarber@wgwc-law.com In re Alabama Auto Top Specialist, Inc. Bankr. N.D. Ala. Case No. 26-00436 Chapter 11 Petition filed February 5, 2026 See https://www.pacermonitor.com/view/2ODLLJY/Alabama_Auto_Top_Specialist_Inc__alnbke-26-00436__0001.0.pdf?mcid=tGE4TAMA represented by: Frederick M. Garfield, Esq. SPAIN & GILLON, LLC Email: fgarfield@spain-gillon.com In re RCL 106 Bankr. E.D.N.Y. Case No. 26-40637 Chapter 11 Petition filed February 5, 2026 See https://www.pacermonitor.com/view/A5OLGEI/RCL_106__nyebke-26-40637__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re NMR Enterprises NJ LLC Bankr. D. N.J. Case No. 26-11349 Chapter 11 Petition filed February 5, 2026 See https://www.pacermonitor.com/view/EOU4SSQ/NMR_Enterprises_NJ_LLC__njbke-26-11349__0001.0.pdf?mcid=tGE4TAMA represented by: Ilana Volkov, Esq. MCGRAIL & BENSINGER LLP Email: ivolkov@mcgrailbensinger.com In re Barre Luxury LLC Bankr. E.D.N.Y. Case No. 26-40655 Chapter 11 Petition filed February 5, 2026 See https://www.pacermonitor.com/view/BKRCP6Q/Barre_Luxury_LLC__nyebke-26-40655__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Northwestern Learning Center Inc. Bankr. M.D. Fla. Case No. 26-00844 Chapter 11 Petition filed February 8, 2026 See https://www.pacermonitor.com/view/5FIGMYI/Northwestern_Learning_Center_Inc__flmbke-26-00844__0001.0.pdf?mcid=tGE4TAMA represented by: Eric Lanigan, Esq. LANIGAN & LANIGAN PL Email: eric.lanigan@laniganpl.com In re Pat's Home Services LLC Bankr. D. N.J. Case No. 26-11308 Chapter 11 Petition filed February 5, 2026 See https://www.pacermonitor.com/view/B2VC3ZY/Pats_Home_Services_LLC__njbke-26-11308__0001.0.pdf?mcid=tGE4TAMA represented by: Melinda Middlebrooks, Esq. MIDDLEBROOKS SHAPIRO, P.C. Email: middlebrooks@middlebrooksshapiro.com In re 109-111 North NJ Ave LLC Bankr. D. N.J. Case No. 26-11307 Chapter 11 Petition filed February 5, 2026 See https://www.pacermonitor.com/view/YG3UFIA/109-111_North_NJ_Ave_LLC__njbke-26-11307__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re First Investment Group, LLC Bankr. D. N.J. Case No. 26-11325 Chapter 11 Petition filed February 5, 2026 See https://www.pacermonitor.com/view/CNPXF6Y/First_Investment_Group_LLC__njbke-26-11325__0001.0.pdf?mcid=tGE4TAMA represented by: Demetrius Parrish, Esq. LAW OFFICES OF DEMETRIUS J. PARRISH Email: djpbkpa@gmail.com In re Bro Biz LLC Bankr. N.D. Calif. Case No. 26-10069 Chapter 11 Petition filed February 6, 2026 See https://www.pacermonitor.com/view/DBL3R7A/Bro_Biz_LLC__canbke-26-10069__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Madison Development LLC Bankr. E.D.N.Y. Case No. 26-40660 Chapter 11 Petition filed February 6, 2026 See https://www.pacermonitor.com/view/YGJQWOY/Madison_Development_LLC__nyebke-26-40660__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Yorkville Mansion Inc Bankr. S.D.N.Y. Case No. 26-10260 Chapter 11 Petition filed February 6, 2026 See https://www.pacermonitor.com/view/76BPDQI/Yorkville_Mansion_Inc__nysbke-26-10260__0001.0.pdf?mcid=tGE4TAMA represented by: Lawrence Morrison, Esq. MORRISON TENENBAUM PLLC Email: lmorrison@m-t-law.com In re R&R Pools and Construction, Inc. Bankr. W.D. Pa. Case No. 26-20361 Chapter 11 Petition filed February 6, 2026 See https://www.pacermonitor.com/view/FUGOWRI/RR_Pools_and_Construction_Inc__pawbke-26-20361__0001.0.pdf?mcid=tGE4TAMA represented by: Donald R. Calaiaro, Esq. CALAIARO VALENCIK Email: dcalaiaro@c-vlaw.com In re Westpointe Retail Center, L.L.C. Bankr. N.D. Tex. Case No. 26-90183 Chapter 11 Petition filed February 6, 2026 See https://www.pacermonitor.com/view/56VJC4A/Westpointe_Retail_Center_LLC__txnbke-26-90183__0001.0.pdf?mcid=tGE4TAMA represented by: Davor Rukavina, Esq. MUNSCH HARDT KOPF & HARR, P.C. In re Heavenly Pet Cremations, Inc. Bankr. E.D. Tex. Case No. 26-40446 Chapter 11 Petition filed February 9, 2026 See https://www.pacermonitor.com/view/CI56FFY/Heavenly_Pet_Cremations_Inc__txebke-26-40446__0001.0.pdf?mcid=tGE4TAMA represented by: Michael S. Mitchell, Esq. DEMARCO MITCHELL, PLLC Email: mike@demarcomitchell.com ********* On Thursdays, the TCR delivers a list of recently filed Chapter 11 cases involving less than $1,000,000 in assets and liabilities delivered to nation's bankruptcy courts. The list includes links to freely downloadable images of these small-dollar petitions in Acrobat PDF format. 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